We continue to make progress on our strategic journey to create a stronger TI and to deliver sustained, long-term results. We are focusing our resources and investments on the best products, analog and embedded processing, and the best markets, industrial and automotive.
For many years, we have run our business with three overarching ambitions in mind. First, we will act like owners who will own the company for decades. Second, we will adapt and succeed in a world that’s ever changing. And third, we will be a company that we are personally proud to be a part of and that we would want as our neighbor.
Our business model is designed around four sustainable competitive advantages that we believe, in combination, provide tangible benefits and are difficult to replicate. These are:
- a strong foundation of manufacturing and differentiated technology
- a broad portfolio of differentiated analog and embedded processing products
- reach of our market channels, including our sales force and TI.com
- the diversity and longevity of our products, markets and customer positions.
Amount of our free cash flow we're committed to return to shareholders through dividends and stock repurchases.
We believe these competitive advantages will benefit us for years to come.
The combined effect of our ambitions, business model and sustainable competitive advantages is that we have continued to build a stronger company. Over time, we have gained market share in Analog and Embedded Processing and grown and returned all free cash flow* to our owners.
Long term, we believe the ability to generate cash, specifically free cash flow growth on a per-share basis, is what matters most to any business. We also believe that free cash flow will be valued only if it is productively reinvested in the business or returned to shareholders.
* Free cash flow = cash flow from operations less capital expenditures