Unfortunately in public markets, the FOCUS Telecom Business Services Index (TBSI) was unable to capitalize on the momentum from its gains in our winter reporting period and continue its upward march in the spring. Instead, the sector was caught up in the overall market turbulence and dropped 4.8% in the past three months. This loss underperformed both the 1.2% decline in the S&P 500 and the 2.3% gain in the NASDAQ over the corresponding time-period. This period’s losses also place the TBSI’s performance behind that of the larger indices for the full-year period. The S&P 500 and the NASDAQ are up 11.8% and 19.5%, respectively, over the full-year period. This compares to a 12-month gain for the TBSI of 11.5%. Multiples for the sector are flat to slightly down. The sector revenue multiple held constant at 0.4x compared to this time last year, while the sector EBITDA multiple dipped slightly from 9.2x a year ago to 8.9x currently.