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Table of Contents

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Analysis |
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Capital Spending Sluggish Start to 2009, But
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Key Strategic Investments Funded |
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And Business Health Sustained |
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Mid-Year Guidance Update Confirms Spending Acceleration |
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Background and Context |

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The Impact |

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Conclusion |

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Appendix |

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Recommended Reading |
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List of Tables

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Table 1. |
2009 Capital Expenditure Guidance, Updated (Millions of Dollars) |
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Table 2. |
Revenue Growth of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 3. |
Cash Operating Expense Growth of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 4. |
OIBDA Margin of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 5. |
Cash Expenses/Revenue Ratio of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 6. |
Capital Expenditure as a Percentage of Revenue of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 7. |
Debt Ratio of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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Table 8. |
Free Cash Flow as a Percentage of Revenue of Leading Telecom Service Providers, North America, 1Q07-2Q09 |
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List of Figures

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Figure 1. |
Capital Expenditure of Leading Eight North American CSPs, 2007-2009 |
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Figure 2. |
Capital Expenditure, 1H09 |
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Figure 3. |
Free Cash Flow and Capital Spending Intensity, 1H09 |
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