While public markets did not enjoy as strong a return as in our last two reporting periods, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) was still solidly in the black with a gain of 4.9% for the past three months. This gain looks even more impressive when measured against the broader indices. The S&P 500 dropped 6.2% in the past three months, while the NASDAQ dropped 4.7% over the same time frame. The EFTTI also delivered a stellar return of 26.6% over the year-long period. Once again, this return was significantly higher than both the S&P 500 (up 11.1% year-over-year) and the NASDAQ (up 16.8% year-over- year). Sector multiples also posted significant gains compared to this time last year. The EFTTI revenue multiple popped up from 3.1x to 4.0x, while the sector EBITDA multiple increased from 12.9x to 16.5x.