In 2Q17, the market for IMS equipment (wireline + wireless/VoLTE) grew 3% Q/Q $665 M. The sequential increase was largely due to seasonal factors as well as the continued migration of voice to VoLTE and, to a lesser extent, wireline VoIP. The market was up 10% compared to the same quarter in 2016. The wireless/VoLTE segment rose 7% Q/Q to $555 M and accounted for 83% of the entire market. The segment was up 22% compared to 2Q16. The wireline segment decreased 12% Q/Q and 26% Y/Y to $110 M and accounted for the remaining 17% of the market. In 2016, the total market grew by 16% to reach $2.6 B, as wireless/VoLTE investments grew by 14% to $2.0 B and, after two years of largely flat results, wireline spending rebounded to grow 24% to $612 M. We expect that the migration away from legacy circuit- and NGN-based systems will continue in 2017 and that the market will grow by 12% to $2.9 B as the wireline contracts by 2% and wireless/VoLTE market grows by 16%.