In the current COVID-19 climate, we are replacing our analysis of M&A data in the most recent quarter (January-March) with an outlook for M&A activity through the remainder of 2020. The first quarter of 2020 seems a long time ago and has minimal influence on the current M&A environment. Conversely, we now have initial insights into the COVID-19 impact on the U.S. economy, specific industry sectors and the outlook for M&A.