Haha. Well one of the big things is to first see how much cash is on hand. That will give a tell tale sign of what the company is doing with their cash. Next take a look at their debt (both long and short term). Are they increasing their debt but not paying it off? That seems to be the case with LVLT:
Net Cash Provided by (Used in) Financing Activities
2011 - 574 2010 - (101)
Unless I'm reading it wrong, it looks like LVLT is increasing their long term debt and has reduced the payments or repurchases of long term debt.
Gotta take a look at the cash flow statements. Is the company re-investing in itself? Or is majority of it going to operations?
Cash Flows from Operating Activities:
Net loss
$ (205) $ (238)
Although there is a net loss of $205mm, the company is reducing this number. It's a positive trend when reducing it in 2011 vs 2010 by 13.9%. I like that trend, although I would like it to be higher.
This is all I could write for now, have to go to a training event that I put together for 100 customers in a few minutes.
News 
Market Data 
Discover 
