In public markets, for the second straight reporting period the FOCUS Telecom Business Services Index (TBSI) both posted an increase and outperformed the broader indices. The TBSI gained 4.5% in our summer reporting period. This compared favorably to both the 1.9% gain in the S&P 500 and the 0.6% drop in the NASDAQ over the corresponding time frame. The picture is similar for the 12-month period, with the TBSI up 9.2% compared to a 1.7% gain in the S&P 500 and a 2.9% loss in the NASDAQ. Compared to the year-ago period, sector multiples are at to higher. The sector revenue multiple remained constant at 0.3x, while the sector EBITDA multiple expanded from 7.4x a year ago to 7.9x currently.