Capital should follow performance. It sounds obvious. Almost nobody actually does it.
Companies that hold excessive cash are not being prudent. They are being lazy. That cash belongs to shareholders.
The CFO's job is to allocate capital to its highest-return use. Everything else is commentary.
When stock prices are high, use shares as currency. When prices are low, buy shares back. It's arithmetic, not genius.
We are not going to do a deal just to do a deal. Every acquisition has to create long-term value for our shareholders and our customers.
Giving money away is harder than making it. You have to be as rigorous about impact as you are about returns.
Better not bigger. That is our strategy. We are focused on improving the quality of our revenue and delivering excellent returns to our shareowners.