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  "documentTitle": "Texas Instruments (TXN)",
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  "authorName": "Jesse Cohn",
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      "text": "As we consider the best path forward for TI today, it is instructive to review the actions that delivered this level of success.",
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      "text": "List of five quotes from 2015-2019 regarding the importance of free cash flow per share.",
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      "text": "TSR: 273%",
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      "text": "In the 13 years preceding the end of 2019 (starting from 2006, the first year in which TI reported Analog as a standalone segment), TI achieved many significant successes...",
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      "text": "As we consider the best path forward for TI today, it is instructive to review the actions that delivered this level of success. This begins with TI's “mantra” to investors that free cash flow per share is the “best measure” of business performance and returns to shareholders:",
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      "text": "\"We remain intent on excellence in execution, being disciplined in allocating our capital, and our firm belief that free cash flow per share is the best long-term indicator of shareholder value.\" — January 2015; \"If your competitive advantages are truly working, your free cash flow per share should outgrow your best competitors over the long term.\" — November 2016; \"As we have said, our capital management objective is to maximize long-term growth of free cash flow per share, which I believe is the best metrics to judge our financial performance and to drive higher intrinsic value for the owners of the company.\" — February 2017; \"As we have said, our objective is to maximize long-term growth of free cash flow per share, which we believe is the best metric to judge our financial performance and to drive higher intrinsic value for the owners of the company.\" — February 2018; \"It's been a key mantra for us for many, many years. Our focus is on free cash flow, and we think that is the way we increase the value to the owners of the company. In fact, free cash flow per share is the key component on that.\" — February 2019",
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      "text": "TSR Over / (Under) Performance vs Peers Through 2019",
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