In public markets, after lagging the broader indices in our fall reporting period, the FOCUS Telecom Business Services Index (TBSI) handily outstripped the market in our winter reporting period with a three-month gain of 11.5%. This compares to gains in the S&P 500 and NASDAQ of 6.1% and 6.3%, respectively, over the same time period. The TBSI also enjoyed a strong year-over-year return of 26.3%. This was significantly better than the S&P 500’s 12-month gain of 19.4%, but lagged the 28.2% year-over-year gain in the NASDAQ. Sector multiples have improved compared to this same time last year. The sector revenue multiple increased from 0.4x to 0.5x, while the sector EBITDA multiple increased from 8.9x to 9.6x.