In public markets, the FOCUS Telecom Business Services Index (TBSI) roared back after a disappointing winter reporting period to post a strong gain in the spring. The sector was up 14.7% in the last three months, which outperformed the 13.1% gain in the S&P 500 but trailed the 16.5% gain in the NASDAQ over the corresponding time period. For the 12 month period, the sector is up 17.2%. This gain handily outperformed gains in the S&P 500 and NASDAQ of 7.3% and 9.4%, respectively. Sector multiples ended the period at levels that were roughly consistent with this same time last year. The sector revenue multiple remained unchanged at 0.4x, while the sector EBITDA multiple ticked up slightly from 8.7x to 9.2x.