In public markets, the FOCUS Telecom Business Services Index (TBSI) finally saw its streak of three consecutive reporting periods with a positive return broken by the turmoil in the public markets. The TBSI was down 1.4% for the three-month period. On the bright side, even with this loss the sub sec- tor significantly outperformed both the S&P 500 (drop of 6.9%) and the NASDAQ (drop of 7.4%). The recent decline in the broader indices also puts the TBSI ahead of the overall market for the full year period. The TBSI has a year-over-year gain of 3.6%, while the S&P 500 and NASDAQ have year-over-year returns of -2.6% and 2.8%, respectively. The revenue multiple for the TBSI has held steady at 0.3x compared to last year. The sector EBITDA multiple has dropped slightly, from 7.5x in the year-ago period to 7.3x currently.