The Walt Disney Company (NYSE: DIS) today reported earnings for
its fourth quarter and full year ended September 28, 2024.
Financial Results for the Quarter and
Full Year:
- Revenues increased 6% for Q4 to $22.6 billion from $21.2
billion in the prior-year quarter, and 3% for the year to $91.4
billion from $88.9 billion in the prior year.
- Income before income taxes declined 6% to $0.9 billion in Q4
from $1.0 billion in the prior-year quarter and increased 59% for
the year to $7.6 billion from $4.8 billion in the prior year.
- Diluted earnings per share (EPS) for Q4 increased 79% to $0.25
from $0.14 in the prior-year quarter, and for the year more than
doubled to $2.72 from $1.29 in the prior year.
Key Points:
- We achieved strong 23% growth in total segment operating
income([1]) for Q4 and 21% for the year, and 39% growth in adjusted
EPS(1) to $1.14 from $0.82 for Q4 and 32% to $4.97 from $3.76 for
the year.
- Entertainment segment operating income improved significantly,
to $1.1 billion, up $0.8 billion in Q4 versus the prior-year
quarter.
- Entertainment DTC delivered 14% ad revenue growth in Q4,
contributing to $253 million in operating income, and our combined
DTC streaming businesses improved their profitability in Q4, with
operating income(1) of $321 million.
- We ended the quarter with 174 million Disney+ Core and Hulu
subscriptions, and more than 120 million Disney+ Core paid
subscribers, an increase of 4.4 million over the prior
quarter.
- Pixar’s Inside Out 2 and Marvel’s Deadpool & Wolverine
broke numerous box office records and helped drive $316 million in
operating income at Content Sales/Licensing and Other in Q4.
- Sports segment operating income was $0.9 billion, a decline of
$0.1 billion compared to the prior-year quarter. Domestic ESPN
advertising revenue in Q4 grew 7% versus the prior-year
quarter.
- The Experiences segment had record revenue and operating income
for the full year. In Q4, Experiences revenue increased $0.1
billion, or 1%, and operating income of $1.7 billion was a decline
of $0.1 billion, or 6% compared to the prior-year quarter. Domestic
Parks & Experiences operating income increased in Q4, on
comparable attendance to the prior-year quarter, driven by higher
guest spending, partially offset by higher expenses and costs
related to new guest offerings driven by Disney Cruise Line.
International Parks & Experiences operating income declined in
Q4.
(1)
Diluted EPS excluding certain items (also
referred to as adjusted EPS), total segment operating income and
DTC streaming businesses operating income are non-GAAP financial
measures. The most comparable GAAP measures are diluted EPS, income
before income taxes and segment operating income for the
Entertainment segment and Sports segment, respectively. See the
discussion on pages 18 through 22 for how we define and calculate
these measures and a quantitative reconciliation thereof to the
most directly comparable GAAP measures.
Guidance and Outlook:
- We are confident in the long-term prospects for the business
and believe we are well positioned for growth.
- Fiscal 2025:
- High-single digit adjusted EPS(1) growth compared to fiscal
2024
- Approximately $15 billion in cash provided by operations
- Approximately $8 billion of capital expenditures
- Target dividend growth that tracks our earnings growth
- Targeting $3 billion in stock repurchases
- Entertainment: Double digit percentage segment operating income
growth compared to fiscal 2024, weighted to the first half of the
year
- Entertainment DTC operating income increase of approximately
$875 million versus fiscal 2024, which includes a comparison to an
adverse impact of our India DTC business of approximately $200
million on fiscal 2024 Entertainment DTC results
- Modest decline in Q1 Disney+ Core subscribers versus Q4
- Q1 Content Sales/Licensing and Other operating income
relatively in-line with Q4
- Sports: 13% segment operating income growth compared to fiscal
2024 on a reported basis. Adjusting for the impact of our India
business on Sports’ fiscal 2024 results, operating income is
expected to decrease approximately 10%
- Experiences: 6% to 8% segment operating income growth compared
to fiscal 2024, weighted to the second half of the year
- Q1 operating income adversely impacted by approximately $130
million due to Hurricanes Helene and Milton and approximately $90
million due to Disney Cruise Line pre-launch costs
- Fiscal 2026(2):
- Double digit adjusted EPS(1) growth
- Double digit growth in cash provided by operations
- When comparing to our fiscal 2025 guide, we expect:
- Entertainment: Double digit percentage segment operating income
growth; 10% operating margin for our Entertainment SVOD DTC
businesses (excluding our Hulu Live DMVPD service)(1)
- Sports: Low single digit percentage segment operating income
growth
- Experiences: High single digit percentage segment operating
income growth
- Fiscal 2027:
- Double digit adjusted EPS(1) growth
(1)
Diluted EPS excluding certain items (also
referred to as adjusted EPS) is a non-GAAP financial measure.
Operating margin for Entertainment SVOD DTC businesses (excluding
our Hulu Live DMVPD service) is calculated as operating income
divided by revenue. Operating income for Entertainment SVOD DTC
businesses (excluding our Hulu Live DMVPD service) is a non-GAAP
financial measure. The most comparable GAAP measures to these
non-GAAP measures are diluted EPS and Entertainment segment
operating income, respectively. See the discussion on pages 18
through 22 for how we define and calculate these measures and why
the Company is not providing forward-looking quantitative
reconciliations of diluted EPS excluding certain items and
operating income (and related margin) for our Entertainment SVOD
DTC businesses (excluding our Hulu Live DMVPD service) to the most
comparable GAAP measures.
(2)
Fiscal 2026 includes a 53rd week and these
segment operating income growth rates exclude the expected benefit
of the extra week.
Message From Our CEO:
“This was a pivotal and successful year for The Walt Disney
Company, and thanks to the significant progress we’ve made, we have
emerged from a period of considerable challenges and disruption
well positioned for growth and optimistic about our future,” said
Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
“Our solid performance in the fiscal fourth quarter reflected the
success of our strategic efforts to improve quality, innovation,
efficiency, and value creation. In Q4 we saw one of the best
quarters in the history of our film studio, improved profitability
in our streaming businesses, a record-breaking 60 Emmy Awards for
the company, the continued power of live sports, and the unveiling
of an impressive collection of new projects coming to our
Experiences segment. As a result of our strategies and our focus on
managing our businesses for both the near- and long-term, we are
differentiating ourselves from traditional competitors, leveraging
the deepest and broadest set of entertainment assets in the
industry to drive attractive returns and further advance our
goals.”
SUMMARIZED FINANCIAL RESULTS
The following table summarizes fourth quarter and full year
results for fiscal 2024 and 2023:
Quarter Ended
Year Ended
($ in millions, except per share
amounts)
Sept. 28, 2024
Sept. 30, 2023
Change
Sept. 28, 2024
Sept. 30, 2023
Change
Revenues
$
22,574
$
21,241
6
%
$
91,361
$
88,898
3
%
Income before income taxes
$
948
$
1,007
(6
)%
$
7,569
$
4,769
59
%
Total segment operating income(1)
$
3,655
$
2,976
23
%
$
15,601
$
12,863
21
%
Diluted EPS
$
0.25
$
0.14
79
%
$
2.72
$
1.29
>100 %
Diluted EPS excluding certain items(1)
$
1.14
$
0.82
39
%
$
4.97
$
3.76
32
%
Cash provided by operations
$
5,518
$
4,802
15
%
$
13,971
$
9,866
42
%
Free cash flow(1)
$
4,029
$
3,428
18
%
$
8,559
$
4,897
75
%
(1)
Total segment operating income,
diluted EPS excluding certain items and free cash flow are non-GAAP
financial measures. The most comparable GAAP measures are income
before income taxes, diluted EPS and cash provided by operations,
respectively. See the discussion on pages 18 through 22 for how we
define and calculate these measures and a reconciliation thereof to
the most directly comparable GAAP measures.
SUMMARIZED SEGMENT FINANCIAL RESULTS
The following table summarizes fourth quarter and full year
segment revenue and operating income for fiscal 2024 and 2023:
Quarter Ended
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Change
Sept. 28, 2024
Sept. 30, 2023
Change
Revenues:
Entertainment
$
10,829
$
9,524
14
%
$
41,186
$
40,635
1
%
Sports
3,914
3,910
—
%
17,619
17,111
3
%
Experiences
8,240
8,160
1
%
34,151
32,549
5
%
Eliminations(2)
(409
)
(353
)
(16
)%
(1,595
)
(1,397
)
(14
)%
Total revenues
$
22,574
$
21,241
6
%
$
91,361
$
88,898
3
%
Segment operating income:
Entertainment
$
1,067
$
236
>100 %
$
3,923
$
1,444
>100 %
Sports
929
981
(5
)%
2,406
2,465
(2
)%
Experiences
1,659
1,759
(6
)%
9,272
8,954
4
%
Total segment operating income(1)
$
3,655
$
2,976
23
%
$
15,601
$
12,863
21
%
(1)
Total segment operating income is
a non-GAAP financial measure. The most comparable GAAP measure is
income before income taxes. See the discussion on pages 18 through
22.
(2)
Reflects fees paid by Hulu to
ESPN and the Entertainment linear networks business for the right
to air their networks on Hulu Live and fees paid by ABC Network and
Disney+ to ESPN to program certain sports content on ABC Network
and Disney+.
DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS
Entertainment
Revenue and operating income for the Entertainment segment are
as follows:
Quarter Ended
Change
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Sept. 28, 2024
Sept. 30, 2023
Change
Revenues:
Linear Networks
$
2,461
$
2,628
(6
)%
$
10,692
$
11,701
(9
)%
Direct-to-Consumer
5,783
5,036
15
%
22,776
19,886
15
%
Content Sales/Licensing and Other
2,585
1,860
39
%
7,718
9,048
(15
)%
$
10,829
$
9,524
14
%
$
41,186
$
40,635
1
%
Operating income (loss):
Linear Networks
$
498
$
805
(38
)%
$
3,452
$
4,119
(16
)%
Direct-to-Consumer
253
(420
)
nm
143
(2,496
)
nm
Content Sales/Licensing and Other
316
(149
)
nm
328
(179
)
nm
$
1,067
$
236
>100 %
$
3,923
$
1,444
>100 %
The increase in Entertainment operating income in the current
quarter compared to the prior-year quarter was due to improved
results at Direct-to-Consumer and Content Sales/Licensing and
Other, partially offset by a decrease at Linear Networks.
Linear Networks
Linear Networks revenues and operating income are as
follows:
Quarter Ended
Change
($ in millions)
September 28, 2024
September 30, 2023
Revenue
Domestic
$
1,997
$
2,099
(5
)%
International
464
529
(12
)%
$
2,461
$
2,628
(6
)%
Operating income
Domestic
$
347
$
529
(34
)%
International
52
114
(54
)%
Equity in the income of investees
99
162
(39
)%
$
498
$
805
(38
)%
Domestic
Domestic operating income in the current quarter decreased
compared to the prior-year quarter due to:
- Higher marketing costs primarily resulting from more season
premieres in the current quarter reflecting the impact of guild
strikes in the prior-year quarter
- Lower affiliate revenue primarily attributable to fewer
subscribers including the impact of the non-renewal of carriage of
certain networks by an affiliate, partially offset by higher
effective rates
- A decline in advertising revenue resulting from a decrease in
impressions reflecting lower average viewership, partially offset
by higher rates
- Programming and production costs were comparable to the
prior-year quarter as higher average cost programming at ABC
Network, in part due to the impact of guild strikes in the
prior-year quarter, was largely offset by lower average cost
programming at our cable channels
International
The decrease in International operating income was attributable
to:
- Lower affiliate revenue primarily due to a decline in effective
rates and fewer subscribers
- Higher marketing costs
Equity in the Income of
Investees
Income from equity investees decreased due to lower income from
A+E Television Networks (A+E) attributable to decreases in
affiliate and advertising revenue.
Direct-to-Consumer
Direct-to-Consumer revenues and operating income (loss) are as
follows:
Quarter Ended
Change
($ in millions)
September 28, 2024
September 30, 2023
Revenue
$
5,783
$
5,036
15
%
Operating income (loss)
$
253
$
(420
)
nm
The improvement in operating results in the current quarter
compared to the prior-year quarter was due to:
- Subscription revenue growth attributable to higher effective
rates due to increases in retail pricing and subscriber growth,
partially offset by an unfavorable foreign exchange impact
- An increase in advertising revenue due to higher impressions,
partially offset by lower rates
- Lower marketing costs at Disney+
- Higher technology and distribution costs
- An increase in programming and production costs reflecting:
- Higher subscriber-based fees for programming the Hulu Live TV
service attributable to rate increases
- Lower costs for non-sports content attributable to a decrease
at Disney+, partially offset by an increase at Hulu
Key Metrics - Fourth Quarter of Fiscal
2024 Comparison to Third Quarter of Fiscal 2024
In addition to revenue, costs and operating income, management
uses the following key metrics(1) to analyze trends and evaluate
the overall performance of our Disney+ and Hulu direct-to-consumer
(DTC) product offerings, and we believe these metrics are useful to
investors in analyzing the business. The following tables and
related discussion are on a sequential quarter basis.
Paid subscribers at:
(in millions)
September 28, 2024
June 29, 2024
Change
Disney+
Domestic (U.S. and Canada)
56.0
54.8
2
%
International (excluding Disney+
Hotstar)
66.7
63.5
5
%
Disney+ Core(2)
122.7
118.3
4
%
Disney+ Hotstar
35.9
35.5
1
%
Hulu
SVOD Only
47.4
46.7
1
%
Live TV + SVOD
4.6
4.4
5
%
Total Hulu(2)
52.0
51.1
2
%
Average Monthly Revenue Per Paid Subscriber for the quarter
ended:
September 28, 2024
June 29, 2024
Change
Disney+
Domestic (U.S. and Canada)
$
7.70
$
7.74
(1
)%
International (excluding Disney+
Hotstar)
6.95
6.78
3
%
Disney+ Core
7.30
7.22
1
%
Disney+ Hotstar
0.78
1.05
(26
)%
Hulu
SVOD Only
12.54
12.73
(1
)%
Live TV + SVOD
95.82
96.11
—
%
(1)
See discussion on page 17—DTC
Product Descriptions and Key Definitions
(2)
Total may not equal the sum of
the column due to rounding
Domestic Disney+ average monthly revenue per paid subscriber
decreased from $7.74 to $7.70 due to a higher mix of subscribers to
ad-supported and wholesale offerings, partially offset by higher
advertising revenue.
International Disney+ (excluding Disney+ Hotstar) average
monthly revenue per paid subscriber increased from $6.78 to $6.95
due to higher retail pricing, partially offset by a higher mix of
subscribers to ad-supported and wholesale offerings and an
unfavorable foreign exchange impact.
Disney+ Hotstar average monthly revenue per paid subscriber
decreased from $1.05 to $0.78 due to lower advertising revenue.
Hulu SVOD Only average monthly revenue per paid subscriber
decreased from $12.73 to $12.54 primarily due to a higher mix of
subscribers to multi-product offerings and lower advertising
revenue.
Content Sales/Licensing and Other
Content Sales/Licensing and Other revenues and operating income
(loss) are as follows:
Quarter Ended
Change
($ in millions)
September 28, 2024
September 30, 2023
Revenue
$
2,585
$
1,860
39
%
Operating income (loss)
$
316
$
(149
)
nm
The improvement in operating results was primarily due to higher
theatrical distribution results reflecting the strong performance
of Inside Out 2 and Deadpool & Wolverine in the current
quarter. The prior-year quarter included Haunted Mansion.
Sports
Sports revenues and operating income (loss) are as follows:
Quarter Ended
Change
($ in millions)
September 28, 2024
September 30, 2023
Revenue
ESPN
Domestic
$
3,492
$
3,455
1
%
International
364
363
—
%
3,856
3,818
1
%
Star India
58
92
(37
)%
$
3,914
$
3,910
—
%
Operating income (loss)
ESPN
Domestic
$
936
$
987
(5
)%
International
(40
)
(34
)
(18
)%
896
953
(6
)%
Star India
20
12
67
%
Equity in the income of investees
13
16
(19
)%
$
929
$
981
(5
)%
Domestic ESPN
The decrease in domestic ESPN operating results in the current
quarter compared to the prior-year quarter was due to:
- Higher programming and production costs attributable to an
increase in college football rights costs and higher production
costs, partially offset by lower NFL rights costs as a result of
airing one fewer game in the current quarter
- Lower affiliate revenue due to fewer subscribers, partially
offset by higher effective rates
- Advertising revenue growth reflecting increases in rates and
sponsorship revenue, partially offset by lower average
viewership
- Growth in subscription revenue due to higher effective rates
attributable to an increase in retail pricing
Key Metrics - Fourth Quarter of Fiscal
2024 Comparison to Third Quarter of Fiscal 2024
In addition to revenue, costs and operating income, management
uses the following key metrics(1) to analyze trends and evaluate
the overall performance of our ESPN+ DTC product offering, and we
believe these metrics are useful to investors in analyzing the
business. The following table and related discussion are on a
sequential quarter basis.
September 28, 2024
June 29, 2024
Change
Paid subscribers at: (in millions)
25.6
24.9
3
%
Average Monthly Revenue Per Paid
Subscriber for the quarter ended:
$
5.94
$
6.23
(5
)%
(1)
See discussion on page 17—DTC
Product Descriptions and Key Definitions
The decrease in ESPN+ average monthly revenue per paid
subscriber was due to lower advertising revenue and a higher mix of
subscribers to wholesale and multi-product offerings.
Experiences
Experiences revenues and operating income are as follows:
Quarter Ended
Change
($ in millions)
September 28, 2024
September 30, 2023
Revenue
Parks & Experiences
Domestic
$
5,521
$
5,384
3
%
International
1,583
1,665
(5
)%
Consumer Products
1,136
1,111
2
%
$
8,240
$
8,160
1
%
Operating income
Parks & Experiences
Domestic
$
847
$
808
5
%
International
299
441
(32
)%
Consumer Products
513
510
1
%
$
1,659
$
1,759
(6
)%
Domestic Parks and Experiences
The increase in operating income at our domestic parks and
experiences reflected:
- Guest spending growth attributable to increases in per capita
guest spending at our theme parks and cruise line
- Lower sales of Disney Vacation Club units
- Higher costs primarily due to inflation, new guest offerings,
increased technology spending and higher operations support costs,
partially offset by the comparison to depreciation in the
prior-year quarter related to the closure of Star Wars: Galactic
Starcruiser
International Parks and
Experiences
International parks and experiences’ operating results decreased
compared to the prior-year quarter due to:
- Lower volumes attributable to declines in attendance
- An increase in costs primarily due to new guest offerings and
higher depreciation
- A decrease in guest spending due to lower theme park per capita
guest spending, partially offset by an increase in per room
spending at our resorts
OTHER FINANCIAL INFORMATION
DTC Streaming Businesses
Revenue and operating income (loss) for our combined DTC
streaming businesses, which consist of the Direct-to-Consumer line
of business at the Entertainment segment and ESPN+ at the Sports
segment, are as follows:
Quarter Ended
Change
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Sept. 28, 2024
Sept. 30, 2023
Change
Revenue
$
6,296
$
5,553
13
%
$
24,938
$
21,926
14
%
Operating income (loss) (1)
$
321
$
(387
)
nm
$
134
$
(2,612
)
nm
(1)
DTC streaming businesses operating income
(loss) is not a financial measure defined by GAAP. The most
comparable GAAP measures are segment operating income for the
Entertainment segment and Sports segment. See the discussion on
page 22 for how we define and calculate this measure and a
reconciliation of it to the most directly comparable GAAP
measures.
Corporate and Unallocated Shared
Expenses
Corporate and unallocated shared expenses increased $115 million
for the quarter, from $293 million to $408 million, driven by
increased professional fees and compensation costs.
Restructuring and Impairment
Charges
Restructuring and impairment charges were as follows:
Quarter Ended
($ in millions)
September 28, 2024
September 30, 2023
Impairments:
Goodwill(1)
$
584
$
721
Retail assets
328
—
Star India
210
—
Content(2)
187
137
Equity investments
165
141
Severance
69
22
$
1,543
$
1,021
(1)
In the current quarter, goodwill
impairment related to our general entertainment linear networks. In
the prior-year quarter, goodwill impairments related to our general
entertainment and international sports linear networks.
(2)
In the current and prior-year
quarters, content impairments related to strategic changes in our
approach to content curation.
Interest Expense, net
Interest expense, net was as follows:
Quarter Ended
($ in millions)
September 28, 2024
September 30, 2023
Change
Interest expense
$
(532
)
$
(501
)
(6
)%
Interest income, investment income and
other
171
219
(22
)%
Interest expense, net
$
(361
)
$
(282
)
(28
)%
The increase in interest expense was primarily due to lower
capitalized interest.
The decrease in interest income, investment income and other
reflected the impact of lower cash and cash equivalent balances,
partially offset by lower investment losses and a favorable
comparison of pension and postretirement benefit costs, other than
service cost.
Equity in the Income of
Investees
Equity in the income of investees was as follows:
Quarter Ended
($ in millions)
September 28, 2024
September 30, 2023
Change
Amounts included in segment results:
Entertainment
$
97
$
158
(39
)%
Sports
13
16
(19
)%
A+E gain(1)
—
56
(100
)%
Amortization of TFCF Corporation (TFCF)
intangible assets related to an equity investee
(3
)
(3
)
—
%
Equity in the income of investees
$
107
$
227
(53
)%
(1)
Restructuring and impairment
charges included the impact of a content license agreement
termination with A+E, which generated a gain at A+E. The Company’s
50% interest in this gain was $56 million (A+E gain) in the
prior-year quarter.
Income from equity investees decreased $120 million, to $107
million from $227 million, due to lower income from A+E.
Income Taxes
The effective income tax rate was as follows:
Quarter Ended
September 28, 2024
September 30, 2023
Income before income taxes
$
948
$
1,007
Income tax expense
384
313
Effective income tax rate
40.5
%
31.1
%
The increase in effective income tax rate was due to the impact
from adjustments related to prior years and an unfavorable impact
from higher non-tax deductible impairments in the current quarter
compared to the prior-year quarter. Adjustments related to prior
years were favorable in the prior-year quarter and unfavorable in
the current quarter.
Noncontrolling Interests
Net income attributable to noncontrolling interests was as
follows:
Quarter Ended
($ in millions)
September 28, 2024
September 30, 2023
Change
Net income attributable to noncontrolling
interests
$
(104
)
$
(430
)
76
%
The decrease in net income attributable to noncontrolling
interests was due to the comparison to the accretion of NBC
Universal’s interest in Hulu in the prior-year quarter as we had
accreted to the full guaranteed redemption value by December 2023.
The decrease was also due to lower results at Shanghai Disney
Resort and National Geographic.
Net income attributable to noncontrolling interests is
determined on income after royalties and management fees, financing
costs and income taxes, as applicable.
FULL YEAR CASH FLOW
Cash from Operations
Cash provided by operations and free cash flow were as
follows:
Year Ended
($ in millions)
September 28, 2024
September 30, 2023
Change
Cash provided by operations
$
13,971
$
9,866
$
4,105
Investments in parks, resorts and other
property
(5,412
)
(4,969
)
(443
)
Free cash flow(1)
$
8,559
$
4,897
$
3,662
(1)
Free cash flow is not a financial measure
defined by GAAP. The most comparable GAAP measure is cash provided
by operations. See the discussion on pages 18 through 22.
Cash provided by operations increased $4.1 billion to $14.0
billion in the current year from $9.9 billion in the prior year
driven by:
- Lower film and television production spending and the timing of
payments for sports rights
- Collateral receipts related to our hedging program in the
current year compared to collateral payments in the prior year
- Higher operating income at Entertainment
- A payment in the prior year related to the termination of
content licenses in fiscal 2022
- Higher cash tax payments in fiscal 2024 compared to fiscal
2023. Fiscal 2023 U.S. federal and California state tax payments
were deferred and paid in fiscal 2024 pursuant to relief provided
by the Internal Revenue Service and California State Board of
Equalization as a result of 2023 winter storms in California. In
addition, a portion of fiscal 2024 U.S. federal and Florida state
taxes was paid in fiscal 2024 and the remainder has been deferred
to fiscal 2025 pursuant to relief provided by the Internal Revenue
Service and Florida Department of Revenue as a result of 2024
hurricanes in Florida.
Capital Expenditures
Investments in parks, resorts and other property were as
follows:
Year Ended
($ in millions)
September 28, 2024
September 30, 2023
Entertainment
$
977
$
1,032
Sports
10
15
Experiences
Domestic
2,710
2,203
International
949
822
Total Experiences
3,659
3,025
Corporate
766
897
Total investments in parks, resorts and
other property
$
5,412
$
4,969
Capital expenditures increased to $5.4 billion from $5.0 billion
due to higher spend on cruise ship fleet expansion and new
attractions at the Experiences segment, partially offset by lower
spend on Corporate facilities.
Depreciation Expense
Depreciation expense was as follows:
Year Ended
($ in millions)
September 28, 2024
September 30, 2023
Entertainment
$
681
$
669
Sports
39
73
Experiences
Domestic
1,744
2,011
International
726
669
Total Experiences
2,470
2,680
Corporate
244
204
Total depreciation expense
$
3,434
$
3,626
THE WALT DISNEY COMPANY CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (unaudited; $ in millions,
except per share data)
Quarter Ended
Year Ended
September 28, 2024
September 30, 2023
September 28, 2024
September 30, 2023
Revenues
$
22,574
$
21,241
$
91,361
$
88,898
Costs and expenses
(19,829
)
(19,158
)
(79,447
)
(79,906
)
Restructuring and impairment charges
(1,543
)
(1,021
)
(3,595
)
(3,892
)
Other income (expense), net
—
—
(65
)
96
Interest expense, net
(361
)
(282
)
(1,260
)
(1,209
)
Equity in the income of investees
107
227
575
782
Income before income taxes
948
1,007
7,569
4,769
Income taxes
(384
)
(313
)
(1,796
)
(1,379
)
Net income
564
694
5,773
3,390
Net income attributable to noncontrolling
interests
(104
)
(430
)
(801
)
(1,036
)
Net income attributable to The Walt Disney
Company (Disney)
$
460
$
264
$
4,972
$
2,354
Earnings per share attributable to
Disney:
Diluted
$
0.25
$
0.14
$
2.72
$
1.29
Basic
$
0.25
$
0.14
$
2.72
$
1.29
Weighted average number of common and
common equivalent shares outstanding:
Diluted
1,819
1,833
1,831
1,830
Basic
1,814
1,831
1,825
1,828
THE WALT DISNEY COMPANY CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited; $ in millions,
except per share data)
September 28, 2024
September 30, 2023
ASSETS
Current assets
Cash and cash equivalents
$
6,002
$
14,182
Receivables, net
12,729
12,330
Inventories
2,022
1,963
Content advances
2,097
3,002
Other current assets
2,391
1,286
Total current assets
25,241
32,763
Produced and licensed content costs
32,312
33,591
Investments
4,459
3,080
Parks, resorts and other property
Attractions, buildings and equipment
76,674
70,090
Accumulated depreciation
(45,506
)
(42,610
)
31,168
27,480
Projects in progress
4,728
6,285
Land
1,145
1,176
37,041
34,941
Intangible assets, net
10,739
13,061
Goodwill
73,326
77,067
Other assets
13,101
11,076
Total assets
$
196,219
$
205,579
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued
liabilities
$
21,070
$
20,671
Current portion of borrowings
6,845
4,330
Deferred revenue and other
6,684
6,138
Total current liabilities
34,599
31,139
Borrowings
38,970
42,101
Deferred income taxes
6,277
7,258
Other long-term liabilities
10,851
12,069
Commitments and contingencies
Redeemable noncontrolling interests
—
9,055
Equity
Preferred stock
—
—
Common stock, $0.01 par value, Authorized
– 4.6 billion shares, Issued – 1.9 billion shares at September 28,
2024 and 1.8 billion shares at September 30, 2023
58,592
57,383
Retained earnings
49,722
46,093
Accumulated other comprehensive loss
(3,699
)
(3,292
)
Treasury stock, at cost, 47 million shares
at September 28, 2024 and 19 million shares at September 30,
2023
(3,919
)
(907
)
Total Disney Shareholders’ equity
100,696
99,277
Noncontrolling interests
4,826
4,680
Total equity
105,522
103,957
Total liabilities and equity
$
196,219
$
205,579
THE WALT DISNEY COMPANY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; $ in
millions)
Year Ended
September 28, 2024
September 30, 2023
OPERATING ACTIVITIES
Net income
$
5,773
$
3,390
Depreciation and amortization
4,990
5,369
Impairments of goodwill, produced and
licensed content and other assets
3,511
3,128
Net (gain)/loss on investments
5
(166
)
Deferred income taxes
(821
)
(1,346
)
Equity in the income of investees
(575
)
(782
)
Cash distributions received from equity
investees
437
720
Net change in produced and licensed
content costs and advances
1,046
(1,908
)
Equity-based compensation
1,366
1,143
Pension and postretirement medical cost
amortization
(96
)
4
Other, net
(52
)
137
Changes in operating assets and
liabilities
Receivables
(565
)
358
Inventories
(42
)
(183
)
Other assets
265
(201
)
Accounts payable and other liabilities
156
(1,142
)
Income taxes
(1,427
)
1,345
Cash provided by operations
13,971
9,866
INVESTING ACTIVITIES
Investments in parks, resorts and other
property
(5,412
)
(4,969
)
Proceeds from sales of investments
105
458
Purchase of investments
(1,506
)
—
Other, net
(68
)
(130
)
Cash used in investing activities
(6,881
)
(4,641
)
FINANCING ACTIVITIES
Commercial paper borrowings (payments),
net
1,532
(191
)
Borrowings
132
83
Reduction of borrowings
(3,064
)
(1,675
)
Dividends
(1,366
)
—
Repurchases of common stock
(2,992
)
—
Contributions from noncontrolling
interests
9
735
Acquisition of redeemable noncontrolling
interests
(8,610
)
(900
)
Other, net
(929
)
(776
)
Cash used in financing activities
(15,288
)
(2,724
)
Impact of exchange rates on cash, cash
equivalents and restricted cash
65
73
Change in cash, cash equivalents and
restricted cash
(8,133
)
2,574
Cash, cash equivalents and restricted
cash, beginning of year
14,235
11,661
Cash, cash equivalents and restricted
cash, end of year
$
6,102
$
14,235
DTC PRODUCT DESCRIPTIONS AND KEY
DEFINITIONS
Product offerings
In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered
as a standalone service or as part of various multi-product
offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+
is available in more than 150 countries and territories outside the
U.S. and Canada. In India and certain other Southeast Asian
countries, the service is branded Disney+ Hotstar. In certain Latin
American countries prior to July 2024, we offered Disney+ as well
as Star+, a general entertainment SVOD service, which was available
on a standalone basis or together with Disney+ (Combo+). At the end
of June 2024, we merged these services into a single Disney+
product offering. Depending on the market, our services can be
purchased on our websites or through third-party platforms/apps or
are available via wholesale arrangements.
Paid subscribers
Paid subscribers reflect subscribers for which we recognized
subscription revenue. Certain product offerings provide the option
for an extra member to be added to an account (extra member
add-on). These extra members are not counted as paid subscribers.
Subscribers cease to be a paid subscriber as of their effective
cancellation date or as a result of a failed payment method.
Subscribers to multi-product offerings in the U.S. are counted as a
paid subscriber for each of the Company's services included in the
multi-product offering and subscribers to Hulu Live TV + SVOD are
counted as one paid subscriber for each of the Hulu Live TV + SVOD,
Disney+ and ESPN+ services. In Latin America prior to July 2024, if
a subscriber had either the standalone Disney+ or Star+ service or
subscribed to Combo+, the subscriber was counted as one Disney+
paid subscriber. Subscribers include those who receive an
entitlement to a service through wholesale arrangements, including
those for which the service is available to each subscriber of an
existing content distribution tier. When we aggregate the total
number of paid subscribers across our DTC streaming services, we
refer to them as paid subscriptions.
International Disney+ (excluding Disney+
Hotstar)
International Disney+ (excluding Disney+ Hotstar) includes the
Disney+ service outside the U.S. and Canada.
Average Monthly Revenue Per Paid
Subscriber
Hulu and ESPN+ average monthly revenue per paid subscriber is
calculated based on the average of the monthly average paid
subscribers for each month in the period. The monthly average paid
subscribers is calculated as the sum of the beginning of the month
and end of the month paid subscriber count, divided by two. Disney+
average monthly revenue per paid subscriber is calculated using a
daily average of paid subscribers for the period. Revenue includes
subscription fees, advertising (excluding revenue earned from
selling advertising spots to other Company businesses), premium and
feature add-on revenue and extra member add-on revenue but excludes
Pay-Per-View revenue. Advertising revenue generated by content on
one DTC streaming service that is accessed through another DTC
streaming service by subscribers to both streaming services is
allocated between both streaming services. The average revenue per
paid subscriber is net of discounts on offerings that carry more
than one service. Revenue is allocated to each service based on the
relative retail or wholesale price of each service on a standalone
basis. Hulu Live TV + SVOD revenue is allocated to the SVOD
services based on the wholesale price of the Hulu SVOD Only,
Disney+ and ESPN+ multi-product offering. In general, wholesale
arrangements have a lower average monthly revenue per paid
subscriber than subscribers that we acquire directly or through
third-party platforms.
NON-GAAP FINANCIAL
MEASURES
This earnings release presents diluted EPS excluding certain
items (also referred to as adjusted EPS), total segment operating
income, free cash flow and DTC streaming businesses operating
income (loss). This earnings release also presents forward-looking
operating margin for Entertainment SVOD DTC businesses (excluding
our Hulu Live DMVPD service), which is calculated as operating
income divided by revenue. Diluted EPS excluding certain items,
total segment operating income, free cash flow, DTC streaming
businesses operating income (loss) and operating income for
Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD
service) are important financial measures for the Company but are
not financial measures defined by GAAP.
These measures should be reviewed in conjunction with the most
comparable GAAP financial measures and are not presented as
alternative measures of diluted EPS, income before income taxes,
cash provided by operations, Entertainment and Sports segment
operating income (loss) or Entertainment segment operating income
as determined in accordance with GAAP. Diluted EPS excluding
certain items, total segment operating income, free cash flow, DTC
streaming businesses operating income (loss) and operating income
(and related margin) for Entertainment SVOD DTC businesses
(excluding our Hulu Live DMVPD service) as we have calculated them
may not be comparable to similarly titled measures reported by
other companies.
Our definitions and calculations of diluted EPS excluding
certain items, total segment operating income, free cash flow and
DTC streaming businesses operating income (loss), as well as
quantitative reconciliations of each of these measures to the most
directly comparable GAAP financial measure, are provided below. In
addition, our definition of operating income (and related margin)
for Entertainment SVOD DTC businesses (excluding our Hulu Live
DMVPD service) is provided below.
The Company is not providing the forward-looking measure for
diluted EPS or Entertainment segment operating income (and related
margin), which are the most directly comparable GAAP measures to
diluted EPS excluding certain items and operating income (and
related margin) for Entertainment SVOD DTC businesses (excluding
our Hulu Live DMVPD service), respectively, or quantitative
reconciliations of forward-looking diluted EPS excluding certain
items and operating income (and related margin) for our
Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD
service) to those most directly comparable GAAP measures. The
Company is unable to predict or estimate with reasonable certainty
the ultimate outcome of certain significant items required for such
GAAP measures without unreasonable effort. Information about other
adjusting items that is currently not available to the Company
could have a potentially unpredictable and significant impact on
future GAAP financial results.
Diluted EPS excluding certain
items
The Company uses diluted EPS excluding (1) certain items
affecting comparability of results from period to period and (2)
amortization of TFCF and Hulu intangible assets, including purchase
accounting step-up adjustments for released content, to facilitate
the evaluation of the performance of the Company’s operations
exclusive of these items, and these adjustments reflect how senior
management is evaluating segment performance.
The Company believes that providing diluted EPS exclusive of
certain items impacting comparability is useful to investors,
particularly where the impact of the excluded items is significant
in relation to reported earnings and because the measure allows for
comparability between periods of the operating performance of the
Company’s business and allows investors to evaluate the impact of
these items separately.
The Company further believes that providing diluted EPS
exclusive of amortization of TFCF and Hulu intangible assets
associated with the acquisition in 2019 is useful to investors
because the TFCF and Hulu acquisition was considerably larger than
the Company’s historic acquisitions with a significantly greater
acquisition accounting impact.
The following table reconciles reported diluted EPS to diluted
EPS excluding certain items for the fourth quarter:
($ in millions except EPS)
Pre-Tax Income/
Loss
Tax Benefit/
Expense(1)
After-Tax Income/
Loss(2)
Diluted
EPS(3)
Change vs. prior-year period
Quarter Ended September 28, 2024
As reported
$
948
$
(384
)
$
564
$
0.25
79
%
Exclude:
Restructuring and impairment
charges(4)
1,543
(172
)
1,371
0.73
Amortization of TFCF and Hulu intangible
assets and fair value step-up on film and television costs(5)
395
(92
)
303
0.16
Excluding certain items
$
2,886
$
(648
)
$
2,238
$
1.14
39
%
Quarter Ended September 30, 2023
As reported
$
1,007
$
(313
)
$
694
$
0.14
Exclude:
Restructuring and impairment
charges(4)
965
(57
)
908
0.50
Amortization of TFCF and Hulu intangible
assets and fair value step-up on film and television costs(5)
429
(100
)
329
0.18
Excluding certain items
$
2,401
$
(470
)
$
1,931
$
0.82
(1)
Tax benefit/expense is determined
using the tax rate applicable to the individual item.
(2)
Before noncontrolling interest
share.
(3)
Net of noncontrolling interest
share, where applicable. Total may not equal the sum of the column
due to rounding.
(4)
Charges for the current quarter
included impairments of goodwill ($584 million), assets at our
retail business ($328 million), Star India ($210 million), content
($187 million) and equity investments ($165 million), and severance
costs ($69 million). Charges for the prior-year quarter included
impairments of goodwill ($721 million), an equity investment ($141
million) and licensed content ($137 million) and severance costs
($22 million), net of the A+E gain ($56 million).
(5)
For the current quarter,
intangible asset amortization was $326 million, step-up
amortization was $66 million and amortization of intangible assets
related to a TFCF equity investee was $3 million. For the
prior-year quarter, intangible asset amortization was $361 million,
step-up amortization was $65 million and amortization of intangible
assets related to a TFCF equity investee was $3 million.
The following table reconciles reported diluted EPS to diluted
EPS excluding certain items for the year:
($ in millions except EPS)
Pre-Tax Income/
Loss
Tax Benefit/
Expense(1)
After-Tax Income/
Loss(2)
Diluted
EPS(3)
Change vs. prior year
Year Ended September 28, 2024:
As reported
$
7,569
$
(1,796
)
$
5,773
$
2.72
>100 %
Exclude:
Restructuring and impairment
charges(4)
3,595
(293
)
3,302
1.78
Amortization of TFCF and Hulu intangible
assets and fair value step-up on film and television costs(5)
1,677
(391
)
1,286
0.68
Other expense(6)
65
(11
)
54
0.03
Income Tax Reserve Adjustments
—
(418
)
(418
)
(0.23
)
Excluding certain items
$
12,906
$
(2,909
)
$
9,997
$
4.97
32
%
Year Ended September 30, 2023:
As reported
$
4,769
$
(1,379
)
$
3,390
$
1.29
Exclude:
Restructuring and impairment
charges(4)
3,836
(717
)
3,119
1.69
Amortization of TFCF and Hulu intangible
assets and fair value step-up on film and television costs(5)
1,998
(465
)
1,533
0.82
Other income, net(6)
(96
)
13
(83
)
(0.05
)
Excluding certain items
$
10,507
$
(2,548
)
$
7,959
$
3.76
(1)
Tax benefit/expense is determined
using the tax rate applicable to the individual item.
(2)
Before noncontrolling interest
share.
(3)
Net of noncontrolling interest
share, where applicable. Total may not equal the sum of the column
due to rounding.
(4)
Charges for the current year
included impairments of Star India ($1,545 million), goodwill
($1,287 million), assets at our retail business ($328 million),
content ($187 million) and equity investments ($165 million), and
severance costs ($83 million). Charges for the prior year included
content impairments ($2,577 million), severance costs ($357
million), impairments of goodwill ($721 million) and an equity
investment ($141 million), and costs related to exiting our
businesses in Russia ($69 million), net of the A+E gain ($56
million).
(5)
For the current year, intangible
asset amortization was $1,394 million, step-up amortization was
$271 million and amortization of intangible assets related to a
TFCF equity investee was $12 million. For the prior year,
intangible asset amortization was $1,547 million, step-up
amortization was $439 million and amortization of intangible assets
related to a TFCF equity investee was $12 million.
(6)
For the current year, other
expense was due to a charge related to a legal ruling ($65
million). For the prior year, other income, net was due to a gain
on our investment in DraftKings ($169 million), partially offset by
a charge related to a legal ruling ($101 million).
Total segment operating income
The Company evaluates the performance of its operating segments
based on segment operating income, and management uses total
segment operating income (the sum of segment operating income from
all of the Company’s segments) as a measure of the performance of
operating businesses separate from non-operating factors. The
Company believes that information about total segment operating
income assists investors by allowing them to evaluate changes in
the operating results of the Company’s portfolio of businesses
separate from non-operational factors that affect net income, thus
providing separate insight into both operations and other factors
that affect reported results.
The following table reconciles income before income taxes to
total segment operating income:
Quarter Ended
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Change
Sept. 28, 2024
Sept. 30, 2023
Change
Income before income taxes
$
948
$
1,007
(6
)%
$
7,569
$
4,769
59
%
Add (subtract):
Corporate and unallocated shared
expenses
408
293
(39
)%
1,435
1,147
(25
)%
Restructuring and impairment charges
1,543
965
(60
)%
3,595
3,836
6
%
Other (income) expense, net
—
—
—
%
65
(96
)
nm
Interest expense, net
361
282
(28
)%
1,260
1,209
(4
)%
Amortization of TFCF and Hulu intangible
assets and fair value step-up on film and television costs
395
429
8
%
1,677
1,998
16
%
Total segment operating income
$
3,655
$
2,976
23
%
$
15,601
$
12,863
21
%
Free cash flow
The Company uses free cash flow (cash provided by operations
less investments in parks, resorts and other property), among other
measures, to evaluate the ability of its operations to generate
cash that is available for purposes other than capital
expenditures. Management believes that information about free cash
flow provides investors with an important perspective on the cash
available to service debt obligations, make strategic acquisitions
and investments and pay dividends or repurchase shares.
The following table presents a summary of the Company’s
consolidated cash flows:
Quarter Ended
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Sept. 28, 2024
Sept. 30, 2023
Cash provided by operations
$
5,518
$
4,802
$
13,971
$
9,866
Cash used in investing activities
(1,978
)
(1,382
)
(6,881
)
(4,641
)
Cash used in financing activities
(3,566
)
(597
)
(15,288
)
(2,724
)
Impact of exchange rates on cash, cash
equivalents and restricted cash
79
(101
)
65
73
Change in cash, cash equivalents and
restricted cash
53
2,722
(8,133
)
2,574
Cash, cash equivalents and restricted
cash, beginning of period
6,049
11,513
14,235
11,661
Cash, cash equivalents and restricted
cash, end of period
$
6,102
$
14,235
$
6,102
$
14,235
The following table reconciles the Company’s consolidated cash
provided by operations to free cash flow:
Quarter Ended
Year Ended
($ in millions)
Sept. 28, 2024
Sept. 30, 2023
Change
Sept. 28, 2024
Sept. 30, 2023
Change
Cash provided by operations
$
5,518
$
4,802
$
716
$
13,971
$
9,866
$
4,105
Investments in parks, resorts and other
property
(1,489
)
(1,374
)
(115
)
(5,412
)
(4,969
)
(443
)
Free cash flow
$
4,029
$
3,428
$
601
$
8,559
$
4,897
$
3,662
DTC Streaming Businesses
The Company uses combined DTC streaming businesses operating
income (loss) because it believes that this measure allows
investors to evaluate the performance of its portfolio of streaming
businesses and track progress against the Company’s goal of
reaching profitability at its combined streaming businesses.
The following tables reconcile Entertainment and Sports segment
operating income (loss) to the DTC streaming businesses operating
income (loss):
Quarter Ended
September 28, 2024
September 30, 2023
($ in millions)
Entertainment
Sports
DTC Streaming Businesses
Entertainment
Sports
DTC Streaming Businesses
Linear Networks
$
498
$
861
$
805
$
948
DTC streaming businesses
(Direct-to-Consumer and ESPN+ businesses)
253
68
$
321
(420
)
33
$
(387
)
Content Sales/Licensing and Other
316
—
(149
)
—
Segment operating income
$
1,067
$
929
$
236
$
981
Year Ended
September 28, 2024
September 30, 2023
Entertainment
Sports
DTC Streaming Businesses
Entertainment
Sports
DTC Streaming Businesses
Linear Networks
$
3,452
$
2,415
$
4,119
$
2,581
DTC streaming businesses
(Direct-to-Consumer and ESPN+ businesses)
143
(9
)
$
134
(2,496
)
(116
)
$
(2,612
)
Content Sales/Licensing and Other
328
—
(179
)
—
Segment operating income
$
3,923
$
2,406
$
1,444
$
2,465
Operating Income for Entertainment SVOD
DTC businesses (excluding our Hulu Live DMVPD service)
Operating income for Entertainment SVOD DTC businesses
(excluding our Hulu Live DMVPD service) consists of operating
income for the Direct-to-Consumer line of business at the
Entertainment segment less our Hulu Live DMVPD service.
The Company uses operating income (and related margin) for
Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD
service) as a measure of the performance of our Entertainment SVOD
direct-to-consumer services separate from our Hulu Live DMVPD
service, which we believe assists investors by allowing them to
evaluate the performance of these SVOD direct-to-consumer
services.
FORWARD-LOOKING STATEMENTS
Certain statements and information in this earnings release may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding our expectations, beliefs, plans, financial
prospects, trends or outlook and guidance; financial or performance
estimates and expectations (including estimated or expected
revenues, earnings, operating income, cash position and margins)
and expected drivers; direct-to-consumer prospects, including
expectations for subscriber growth; timing, availability or nature
of our offerings; future capital expenditures and investments,
including opportunities for growth and expansion; future capital
allocation, including dividends and share repurchases; value of our
intellectual property, content offerings, businesses and assets;
business and other plans; strategic priorities and initiatives;
consumer sentiment, behavior or demand and other statements that
are not historical in nature. Any information that is not
historical in nature included in this earnings release is subject
to change. These statements are made on the basis of management’s
views and assumptions regarding future events and business
performance as of the time the statements are made. Management does
not undertake any obligation to update these statements.
Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the
Company, including restructuring or strategic initiatives
(including capital investments, asset acquisitions or dispositions,
new or expanded business lines or cessation of certain operations),
our execution of our business plans (including the content we
create and IP we invest in, our pricing decisions, our cost
structure and our management and other personnel decisions), our
ability to quickly execute on cost rationalization while preserving
revenue, the discovery of additional information or other business
decisions, as well as from developments beyond the Company’s
control, including:
- the occurrence of subsequent events;
- deterioration in domestic and global economic conditions or
failure of conditions to improve as anticipated;
- deterioration in or pressures from competitive conditions,
including competition to create or acquire content, competition for
talent and competition for advertising revenue;
- consumer preferences and acceptance of our content, offerings,
pricing model and price increases, and corresponding subscriber
additions and churn, and the market for advertising sales on our
DTC streaming services and linear networks;
- health concerns and their impact on our businesses and
productions;
- international, political or military developments;
- regulatory and legal developments;
- technological developments;
- labor markets and activities, including work stoppages;
- adverse weather conditions or natural disasters; and
- availability of content.
Such developments may further affect entertainment, travel and
leisure businesses generally and may, among other things, affect
(or further affect, as applicable):
- our operations, business plans or profitability, including
direct-to-consumer profitability;
- demand for our products and services;
- the performance of the Company’s content;
- our ability to create or obtain desirable content at or under
the value we assign the content;
- the advertising market for programming;
- taxation; and
- performance of some or all Company businesses either directly
or through their impact on those who distribute our products.
Additional factors are set forth in the Company’s most recent
Annual Report on Form 10-K, including under the captions “Risk
Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” and “Business,” quarterly
reports on Form 10-Q, including under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” and subsequent filings with the
Securities and Exchange Commission.
The terms “Company,” “we,” and “our” are used in this report to
refer collectively to the parent company and the subsidiaries
through which our various businesses are actually conducted.
PREPARED EARNINGS REMARKS AND CONFERENCE CALL
INFORMATION
In conjunction with this release, The Walt Disney Company will
post prepared management remarks (Executive Commentary) at
www.disney.com/investors and will host
a conference call today, November 14, 2024, at 8:30 AM EST/5:30 AM
PST via a live Webcast. To access the Webcast go to www.disney.com/investors. The corresponding
earnings presentation and webcast replay will also be available on
the site.
([1]) Diluted EPS excluding certain items (also referred to as
adjusted EPS), total segment operating income and DTC streaming
businesses operating income are non-GAAP financial measures. The
most comparable GAAP measures are diluted EPS, income before income
taxes and segment operating income for the Entertainment segment
and Sports segment, respectively. See the discussion on pages 18
through 22 for how we define and calculate these measures and a
quantitative reconciliation thereof to the most directly comparable
GAAP measures.
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version on businesswire.com: https://www.businesswire.com/news/home/20241114719290/en/
David Jefferson Corporate Communications 818-560-4832
Carlos Gomez Investor Relations 818-560-1933
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