In public markets, the FOCUS Communications Service Provider Index (CSPI) snapped its streak of positive performances with a sharp drop of 10.2% in our spring reporting period. Losses were across the board as every sub sector save one was in negative territory. The CSPI’s performance compared poorly to the broader indices as well, significantly underperforming the 1.2% drop in the S&P 500 and the 2.3% gain in the NASDAQ over the corresponding time-period. The losses this period pushed the sector’s year-over-year performance deeper into the red with a 12-month decline of 12.7%. Once again, this compares unfavorably to double-digit gains in the S&P 500 and NASDAQ over the same time frame. Sector multiples are down slightly compared to this time last year. The sector revenue multiple declined from 2.5x to 2.4x, while the sector EBITDA multiple dropped from 7.7x to 7.4x.