CenturyLink 2006 Annual Report Download - page 17

C R E A T I N G S O L U T I O N S T H A T W O R K 15
3We have the financial
flexibility to succeed. 4We operate under unifying principles that
guide all our actions.
5We have a proven track
record of success.
CenturyTel has a successful history of generat-
ing strong cash flows. Our employees do an
excellent job of managing our operating costs
by helping to ensure our operations remain
efficient and competitive. As a result, we
generate sufficient cash to invest in growth
opportunities and maintain an optimal capital
structure. We use a disciplined approach to
acquisition opportunities and when reason-
able opportunities do not exist, we have
shown a strong commitment to return cash
to our shareholders. Over the past three years,
we returned more than $1.8 billion to our
shareholders through share repurchases and
dividend payments. As a result, we have the
financial flexibility to take appropriate actions
as technologies mature and regulatory issues
are resolved.
We have a clear set of values in our organiza-
tion. Our unifying principles are fairness, hon-
esty and integrity, commitment to excellence,
positive attitude, respect, faith and persever-
ance. We encourage our employees to live
our values each day. They are experienced
and truly care about our customers. Our
employees also own approximately five
percent of the outstanding stock of our com-
pany through our benefit plans. As a result,
employee interests are fully aligned with the
interests of our customers and shareholders.
We believe this alignment, along with our
unifying principles, creates an organization
that works efficiently and effectively to maxi-
mize shareholder value the right way – by
doing whatever it takes to provide our
customers with the best possible service.
We have a history of consistently executing
our business plans and delivering shareholder
value. We have provided communications
services for more than 75 years, beginning in
1930 when we served just 75 customers in
rural Louisiana. Now in 25 states, we continue
to align our strategies according to our cus-
tomers’ wants and needs. We have a strong
leadership team that has worked together
for many years. We have experienced and
dedicated employees who understand
advanced technologies and know how to
deliver them to our customers. The product
has been solid financial results and reliable
shareholder returns. We will build upon that
proven track record – and the knowledge
gained from it – as we work to create share-
holder value in the years ahead.