In public markets, the FOCUS Communications Service Provider Index (CSPI) had a second straight reporting period in the red, dropping 1.7% in the past three months. This meant that the CSPI underperformed the broader indices by a fairly wide margin, as the S&P 500 and the NASDAQ were up 2.9% and 6.3%, respectively, over the corresponding time period. The situation is even bleaker for the full year. Over this time frame, the CSPI dropped 10.0%, while the S&P 500 was up 12.2% and the NASDAQ was up 22.3%. As one might expect given these losses, multiples are down from a year ago. The sector revenue multiple declined from 2.5x to 2.4x, while the sector EBITDA multiple declined from 7.7x to 7.4x.