After a strong performance in our spring report, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) reversed course and dropped 2.8% in our summer reporting period. This was despite a favorable market backdrop where the S&P 500 gained 3.6% and the NASDAQ gained 5.0% over the corresponding time frame. Even after this period’s losses, the EFTTI still has a solid year-over-year gain of 9.1%. However, this period’s underperformance means that the EFTTI no longer outperforms the broader indices over the past 12 months. The S&P 500 was up 13.7% in the past year, while the NASDAQ was up more than 20% over the same time period. Sector multiples remain higher than they were a year ago. The EFTTI revenue multiple increased from 2.7x to 3.0x, while the EBITDA multiple increased from 11.3x to 12.4x.