After a double digit gain in our spring reporting period, the Communications Service Provider Index (CSPI) enjoyed another strong return of 6.5% in this most recent three-month period. This handily outperformed both the 1.9% gain in the S&P 500 and the 0.6% drop in the NASDAQ over the same time frame. Impressively, gains were broad-based, as every single sub sector was in positive territory. The picture looks equally rosy for the full-year period. The 13.5% year-over-year gain in the CSPI is well above the broader indices. Despite these strong returns, sector multiples are mixed. While the sector revenue multiple increased from 2.4x to 2.6x compared to last year, the sector EBITDA multiple declined from 8.6x to 7.7x.