After a solid performance in our summer report, the FOCUS Telecom Business Services Index (TBSI) continued to make steady progress in the fall reporting period. The TBSI was up 4.5% in the past three months, which significantly outperformed both the 1.2% gain in the S&P 500 and the 0.1% drop in the NASDAQ over the corresponding time period. The sector also outperformed the broader indices for the full year period. The TBSI is up 10.7% in the past year, while the S&P 500 was only up 2.2% and the NASDAQ fell 0.6%. Sector multiple performance was mixed. The sector revenue multiple ticked up slightly compared to last year, increasing from 0.4x to 0.5x. However, the sector EBITDA multiple dropped from 10.0x a year ago to 9.4x currently.