Walt Disney Company (the) · NYSE:DIS
Walt Disney Company (the) — The Walt Disney Company — Q2 2023 Earnings Presentation
18 slides from Walt Disney Company (the)'s earnings presentation, May 10, 2023
Slide 1: Q2'23 Earnings Presentation
Q2’23 EARNINGS PRESENTATION MAY 10, 2023 ©Disney Second Fiscal Quarter Ended April 1, 2023 0
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements and information in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future performance and growth; business plans, including nature, t
Slide 3: Business Results
BUSINESS RESULTS ©Disney Second Fiscal Quarter Ended April 1, 2023 2
Slide 4: Q2 Results for Fiscal 2023
Q2 Results for Fiscal 2023 (In Billions, Except Per Share Amounts) $3.7 $1.08 $21.8 $3.3 $19.2 $0.93 $2.1 $0.69 $1.1 $0.26 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Revenues Income from Continuing Total Segment Diluted EPS from Diluted EPS Operations Before Operating Income(1) cont
Slide 5: Recent Business Highlights
Recent Business Highlights Guardians of the Galaxy Vol. 3. topped the global box Season 3 of The Mandalorian is the most watched office in its opening weekend, earning $289 million series on Disney+ globally this year(1) The first round of the NBA playoffs was the most- Won 7 Peabody Awards after re
Slide 6: Q2 Media & Entertainment Distribution Results
Q2 Media & Entertainment Distribution Results (In Billions) Revenues Linear Networks • The decline in operating income vs. prior year was primarily driven by decreases of $7.1 $6.6 ~$800 million at our domestic linear networks and ~$160 million at our international Linear Networks $5.5 linear networ
Slide 7: DTC Quarterly Operating Income (Loss)
DTC Quarterly Operating Income (Loss) (In Billions) Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 • Q2 DTC operating losses improved sequentially by ($0.7) ~$400 million vs. the ($0.9) prior quarter driven by ($1.1) ($1.1) DTC OI (Loss) revenue growth and cost reductions. ($1.5) DTC Revenues and Expense Breakdown $
Slide 8: Q2 Disney+ Subscribers & ARPU
Q2 Disney+ Subscribers & ARPU (Paid Subscribers in Millions and Average Monthly Revenue per Paid Subscriber (ARPU) in USD) Q2’23 vs. Core Subscribers Q2’22 Q1’23 Disney+ Core 104.3 104.9 +17.3 +0.6 • Disney+ core subscribers grew modestly vs. the prior quarter. 87.6 • Disney+ core ARPU increased by
Slide 9: Q2 Hulu and ESPN+ Subscribers & ARPU
Q2 Hulu and ESPN+ Subscribers & ARPU (Paid Subscribers in Millions and Average Monthly Revenue per Paid Subscriber (ARPU) in USD) Q2’23 vs. Subscribers Q2’22 Q1’23 Hulu Total Hulu(1) 45.6 48.0 48.2 +2.6 +0.2 • Total Hulu subscribers increased slightly vs. the prior quarter. LiveTV + SVOD 4.1 4.5 4.4
Slide 10: Q2 Parks, Experiences & Products Results
Q2 Parks, Experiences & Products Results (In Billions) Revenues Domestic Parks & Experiences $5.6 +1.1 / +17% • Operating income increased 10% versus the prior year, driven Domestic Parks & $4.9 primarily by the continued post-pandemic recovery of our cruise line, Experiences partially offset by a c
Slide 11: Appendix
APPENDIX ©Disney Second Fiscal Quarter Ended April 1, 2023 10
Slide 12: Upcoming Theatrical Releases
Upcoming Theatrical Releases (Reflects publicly announced planned releases as of May 10, 2023) Date Title Brand May 26, 2023 The Little Mermaid Disney June 2, 2023 The Boogeyman 20th Century June 16, 2023 Elemental Pixar June 30, 2023 Indiana Jones and the Dial of Destiny Lucasfilm July 14, 2023 The
Slide 13: Key Upcoming Disney+ and Hulu Releases
Key Upcoming Disney+ and Hulu Releases (Reflects publicly announced planned domestic releases as of May 10, 2023; list is not exhaustive) Date Title Brand Platform Type May 12 Crater Disney Disney+ Scripted Feature May 19 White Men Can’t Jump 20th Century Studios Hulu Scripted Feature May 24 America
Slide 14: Upcoming Parks and Experiences Openings & Events
Upcoming Parks and Experiences Openings & Events (Reflects publicly announced planned openings and events as of May 10, 2023; list is not exhaustive) Date Attraction / Event Location May – Sep 2023 Silver Anniversary at Sea (25th Anniversary) Disney Cruise Line June 30, 2023 “Rogers: The Musical” St
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes diluted EPS excluding certain items and total segment operating income, both of which are important financial measures for the Company, but are not financial measures defined by GAAP. These measures should be reviewed in conjunction with the mos
Slide 16: Total Segment Operating Income
Total Segment Operating Income (In millions) The following are reconciliations of income from continuing operations before income taxes to total segment operating income (in millions): Quarter Ended April 1, 2023 April 2, 2023 Change $2,123 $1,102 Income from continuing operations before income taxe
Slide 17: Diluted EPS Excluding Certain Items
Diluted EPS Excluding Certain Items (In millions except EPS) The following table reconciles reported diluted EPS from continuing operations to diluted EPS excluding certain items: Pre-Tax Tax Benefit/ After-Tax Change vs. prior (in millions except EPS) (1) (2) Diluted EPS(3) Income/ Loss Expense Inc
Slide 18: DTC Product Descriptions and Key Definitions
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 together as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countri
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