In public markets, the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) enjoyed its second straight reporting period in the black with a gain of 5.3% over the past three months. This performance outpaced the 3.5% gain in the S&P 500 and was essentially on par with the 5.4% gain in the NASDAQ. The CFTTI also is in positive territory for the year-long period, although it still trails the broader indices over this time frame. For the full year, the CFTTI is up 6.6%, compared to a 10.1% gain in the S&P 500 and a 9.1% gain in the NASDAQ. Multiples are up slightly compared to this same time last year. The sector revenue multiple inched up from 1.5x to 1.6x, while the sector EBITDA multiple went from 8.5x to 8.8x.