Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from Mike McCormack, J.P. Morgan.
Mike McCormack – J.P. Morgan
Hey, guys. Thanks. Just looking, Joe, at some of the sequential revenue changes in both business and wholesale, it looks like you’ve got an improving trend at least sequentially. Is there some seasonality there or you’re actually seeing better decision making, quicker decision making and some grass roots improvement there? And then secondly, moving toward the 12% CapEx to revenue run rate this year, is that something we can expect going forward as well? Thanks.
Joe Euteneuer
Let me have Teresa answer the first question for you. And then I’ll come back on the second one.
Teresa Taylor
Okay. Thanks, Mike. As far as the activity in BMG and wholesale, I would say, yes. We are seeing some quicker decision making, and we’re seeing some activities that’s helping us pull that revenue up.
Joe Euteneuer
In regards to the capital, Mike, I think the way to look at it is look at our overall capital spend on an annual basis as a percent of revenue. If you look historically, we’ve been staying in that 12% to 14% range. And as we have been demonstrating, a very balanced approach to how we’ve been executing. And I think we’ll continue to do that on a going forward basis.
Mike McCormack – J.P. Morgan
So Joe, how variable would that be based on access line trends that we do start to see slackening of the competitive forces there? Would that have a direct impact or is it more related to business and wholesale changes?
Teresa Taylor
I would say it’s more related to business and wholesale changes.
Mike McCormack – J.P. Morgan
Okay. Great. Thanks, guys.
Joe Euteneuer
You're welcome.
Operator
Our next question comes from John Hodulik with UBS.
John Hodulik – UBS
Okay. Good morning. So you guys got a – it looks like about a 9% dividend yield, and given the new outlook for cash, it looks like a free cash flow yield of over 20%. It seems like you’ve got a lot – and you’re stockpiling cash on the balance sheet, it looks like over $2 billion. So what are the – what's the outlook for accelerating the return of cash, especially through buyback, which would seem to, given the yield on the stock, make a lot of sense compared to where your – what your bonds are yielding?
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