In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) had a rough go of it in our Winter reporting period, dropping 6.2% in the past three months. This poor performance was in spite of a solid market backdrop, as both the S&P 500 and the NASDAQ were in positive territory for the three-month period. Unfortunately, the picture does not improve when we look at the 12-month period. The 5.6% drop in the CFTTI over this time frame compares poorly to 12 month gains of 5.7% in the S&P 500 and 4.2% in the NASDAQ. Sector multiples also are down compared to this same time last year. The CFTTI revenue multiple fell from 1.6x to 1.5x, while the EBITDA multiple dropped from 8.9x to 8.4x.