WEST
PALM BEACH, Fla., Aug. 20,
2024 /PRNewswire/ -- Elliott Investment
Management L.P. (together with its affiliates "Elliott") today
released the following statement attributed to Managing Partner
Jesse Cohn and Partner Jason Genrich regarding Texas Instruments
(NASDAQ: TXN) ("TI" or the "Company"):
We commend Texas Instruments on today's
capital-allocation update, which re-affirms TI's long-standing
commitment to shareholders that long-term growth of free cash flow
per share is the Company's true north. During today's presentation,
Texas Instruments presented a path to robust free cash flow
generation across a range of revenue scenarios, including a path to
$12 per share of free cash flow in
2026.
Additionally, TI committed to a modular capex
plan, with significant flexibility to dynamically calibrate capex
beginning in 2026. As detailed in our May
28 letter to the Board, we are supportive of TI's strategy
to build the world's largest footprint of US-based, 300-mm analog
semiconductor capacity, and we believe today's update is well
aligned with Elliott's proposed approach. We appreciate our
ongoing, constructive dialogue with Texas Instruments, and we
believe today's off-cycle capital-management event is another
positive step toward the goal of long-term value creation for all
shareholders.
About Elliott
Elliott Investment Management L.P. (together with its
affiliates, "Elliott") manages approximately $69.7
billion of assets as of June 30, 2024. Founded in 1977,
it is one of the oldest funds under continuous management. The
Elliott funds' investors include pension plans, sovereign wealth
funds, endowments, foundations, funds-of-funds, high net worth
individuals and families, and employees of the firm.
Media Contact:
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com
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SOURCE Elliott Investment Management L.P.