For the second straight reporting period the FOCUS Telecom Business Services Index (TBSI) both delivered a positive return and outperformed the broader indices. The sector shot up 14.9% in the past three months, which handily outperformed both the 8.5% gain in the S&P 500 and the 12.2% gain in the NASDAQ. The picture is even stronger for the full year with the TBSI up 43.6% over the last 12 months. This once again compares favorably to both the 28.9% gain in the S&P 500 and the 35.2% gain in the NASDAQ over the corresponding time period. Sector revenue and EBITDA multiples are also higher than what they were a year ago. The revenue multiple for the TBSI increased from 0.4x to 0.5x, while the EBITDA multiple grew from 8.7x to 10.5x.