In public markets, the FOCUS Enterprise-Focused Telecom Technology Index (EFTTI) snapped its string of positive performances and dipped 0.9% in our summer reporting period. This sent the EFTTI in the opposite direction of the broader indices as the S&P 500 and NASDAQ gained 6.3% and 8.6%, respectively, in the past three months. While the EFTTI lagged the broader indices this period, over the full year the sector continues to outperform the broader market by a wide margin. The EFTTI is up 29.5% over the past year, which compares favorably to both the 14.0% gain in the S&P 500 and the 20.9% gain in the NASDAQ over the same time period. Sector multiples are also markedly higher than they were a year ago. The sector revenue multiple increased from 3.0x to 3.9x, while the sector EBITDA multiple increased from 12.3x to 16.2x.