In public markets, the FOCUS Communications Service Provider Index (CSPI) had its second straight three-month period in negative territory, dropping 4.6% in our summer reporting period. This was despite relatively healthy gains in both the S&P 500 (up 2.6%) and the NASDAQ (up 3.9%). The difference between the CSPI and the broader indices is even more pronounced over the 12-month period. During this time frame, the S&P 500 and NASDAQ both posted double digit increases, while the CSPI actually fell 4.0%. Even with the sector’s recent drop, multiples have remained relatively steady. The sector revenue multiple remained unchanged from a year ago at 2.5x, while the sector EBITDA multiple increased slightly from 7.6x a year ago to 7.8x at the end of the current period.