Texas Instruments (TXN)

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.

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Audience Definition slide · 60%

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

Executive summary slide · 90%

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.

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