This article first appeared on GuruFocus.

The famous quote "I skate to where the puck is going to be, not where it has been," and it's attributed to Wayne Gretzky, though some sources also credit his father, Walter Gretzky. The quote means that instead of reacting to current events or the immediate past, one should anticipate future developments and position themselves to capitalize on them. This strategy involves proactive thinking and positioning yourself for the future, rather than being stuck in the present or past.

Lumen Technologies may be presenting such an opportunity for investors who chose to look forward instead of backwards.

Lumen Technologies, headquartered in Monroe, Louisiana, traces its history back to 1930 when it was founded as the Oak Ridge Telephone Company. The company grew rapidly by acquiring and integrating regional phone and telecom businesses, incorporating as Central Telephone & Electronics in 1967 and rebranding as CenturyTel in 1998. A string of major acquisitions over the following decadesincluding Pacific Telecom in 1997, Embarq in 2009, Qwest Communications in 2011, and most importantly Level 3 Communications in 2017transformed it into a national player offering a wide suite of communications, internet, cloud, and networking services.

Level 3 Communications began as a subsidiary of Peter Kiewit Sons' Inc., shifting its focus toward telecommunications by rebranding from Kiewit Diversified Group to Level 3 in 1998. That year, the company completed a record-breaking IPO and set out to build an upgradeable international fiber-optic network optimized for internet protocol (IP). Level 3 quickly became a major provider of core network transport and IP services for ISPs, enterprises, and carriers, rapidly expanding its infrastructure and influence. Through aggressive acquisitions, including Genuity, WilTel, and Broadwing, Level 3 established itself as a leader in scalable communications and media delivery networks, weathering the industry's downturns post the internet bubble and remaining one of the world's largest internet backbone providers until its integration with CenturyTel/CenturyLink in 2017.

CenturyLink officially rebranded as Lumen Technologies in September 2020 to reflect a strategic shift toward next-generation fiber, cloud, and enterprise digital solutions while divesting traditional telecom and consumer segments to focus on these higher-growth areas. Most recently, Lumen sold 95% of its Quantum Fiber consumer business to AT&T in 2025, further sharpening its focus on business-to-business networking and enterprise services.