This is the first page of a shareholder letter. It establishes the investor's stake, acknowledges the company's historical strengths, and introduces the core thesis of underperformance due to a deviation from free cash flow per share growth.

We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott” or “we”), which have an investment of more than $2.5 billion in Texas Instruments

The best measure to judge a company's performance over time is growth of free cash flow per share, and we believe that's what drives long-term value for our owners.

The document serves as the opening summary of a formal activist investor letter.