Question-and-Answer Session
Operator
(Operator Instructions) First question comes from Frank Louthan.
Frank Louthan
When will you all consider returning cash to shareholders? Are you looking at buy backs? Are you still looking maybe, wait until you have had EMBARQ on your belt for a year or will you potentially look at that earlier than that? Then looking at potential M&A had a little change of strategy with Windstream buying a CLEC. I know you have much, the [wide] core assets have been beneficial to you. Is that something that you would be interested in especially now since you are in more urban markets looking at some pure plate CLEC assets as potential M&A candidates down the road? Thanks.
Stewart Ewing
Regarding returning cash to shareholders, that is something our board talks about on an almost continual basis. I believe it would be sometime next year before we really will address this issue or opportunity. As you know we've had a history of returning substantial amounts of our free cash flow to shareholders. If you think up to the (inaudible) acquisition, we returned about 90% of our free cash flow to shareholders over about a five year period.
We'll continue to look at those opportunities. Of course, several factors will come into play there. First of all we think it's important to remain investment grade. We'll look at our internal and external expansion opportunities that could drive shareholder value and then of course our dividend payout ratios will be considered. But it is an issue our board will be looking at in a month ahead and the key there is to how can we best drive long term shareholder value and that's what will drive our decision.
Glen Post
Regarding Windstream buying the CLEC and where does the fiber acquisitions? We don't see ourselves buying any CLEC in the foreseeable future. Right now of course, we are focused on successfully integrating the EMBARQ properties, getting this merger done right. We do offer CLEC services, I think in about 12 markets now across the country and they are doing well; almost every market is doing pretty well right now. So, we are in that business, we understand it well and as opportunities arise we'll look at those. But right now we are focused on integrating the EMBARQ properties.
Operator
Our next question comes from Simon Flannery.
Simon Flannery
You've had the EMBARQ transaction now for a couple of months. Perhaps you could give us an update on where you are feeling positive and maybe some issues still to work through on the integration. We've obviously seen some very good numbers on line loss as well. Perhaps you could just talk to what is driving some of that. Is that more on the gross ends, is it more about disconnects, is it more about the economy? Some color around there would be really helpful. Thanks.
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