Elliott Statement on Texas Instruments' Capital Management Event

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.