The FOCUS Telecom Business Services Index (TBSI) continued to alternate between positive and negative returns each reporting period. Unfortunately, this period was a negative return as the TBSI dropped 7.5% in the past three months.This underperformed the 5.0% drop in the S&P 500 but outperformed the 9.1% loss in the NASDAQ over the corresponding time period. Over the past 12 months the TBSI is in the black with a small gain of 2.3%. However, this return lags both the 14.0% gain in the S&P 500 and the 7.3% gain in the NASDAQ over the past year. Sector multiples are relatively unchanged from a year ago. The TBSI’s revenue multiple held steady at 1.0x, while the EBITDA multiple ticked up slightly from 10.7x a year ago to 10.9x at the end of the current reporting period.