Walt Disney Company (the) · NYSE:DIS
Walt Disney Company (the) — Q4 2024 Earnings Presentation
25 slides from Walt Disney Company (the)'s earnings presentation, Nov 14, 2024
Slide 1: Q4'24 Earnings Presentation
The at Dienep Company Q4'24 EARNINGS PRESENTATION
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation 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 guida
Slide 3: Recent Business Highlights
Recent Business Highlights College Football on ABC is off to its best start since Further improved profitability at our combined 2009, with ratings up 45% year-over-year |?) DTC streaming businesses,” and achieved profitability at our Entertainment Direct-to- Consumer streaming services 2024 was the
Slide 4: Our combined DTC streaming businesses were profitable in Q4
Our combined DTC streaming businesses were profitable in Q4 Quarterly Results (in Billions) Operating Income (Loss)')) $0.3 $0.0 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 (50.0) a In Q4’24, our combined DTC streaming businesses improved year over year by over $700 million to $321 million
Slide 5: Q4 Results for Fiscal 2024
Q4 Results for Fiscal 2024 (In Billions, Except Per Share Amounts) cen $22.6 $3.7 $1.14 $3.0 $0.82 $1.0 9 so $0.25 |] $0.14 |] Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Revenues Income Before Total Segment Diluted EPS Diluted EPS Income Taxes Operating Income") Excluding Certain It
Slide 6: Full Year Results for Fiscal 2024
Full Year Results for Fiscal 2024 (In Billions, Except Per Share Amounts) 91.4 if $88.9 $ 6 $4.97 $12.9 $3.76 $2.72 $7.6 $4.8 $1.29 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 Revenues Income Before Total Segment Diluted EPS Diluted EPS Income Taxes Operating Income") Excluding Certain Items"
Slide 7: Q4 Entertainment Results
Q4 Entertainment Results {In Billions) Linear Networks * Domestic operating income decreased vs. the prior year due to: Revenues Bien keti ts primarih line f racotimin igher marketing costs primarily resulting from more season premieres in the Linear Networks $5.8 current quarter reflecting the impa
Slide 8: Q4 Disney+ Core Subscribers & ARPU
Q4 Disney+ Core Subscribers & ARPU (Paid Subscribers in Millions and Average Monthly Revenue per Paid Subscriber (ARPU) in USD) 04/24 vs, “Penept Domestic!) Subscribers Gae ‘3023 Disney+ Domestic") 46.5 54.8 56.0 41.3 +95 * Subscribers increased 1.3 million vs. the prior quarter ¢ ARPU decreased by
Slide 9: Q4 Hulu Subscribers & ARPU
Q4 Hulu Subscribers & ARPU (Paid Subscribers in Millions and Average Monthly Revenue per Paid Subscriber (ARPU) in USD) lA ] . Q4'24 vs. UIU Subscribers aasamnongs 51.4 52.0 +0.9 43.5 Wed Hulu 48.5 ” 402 0 LiveTV + SVOD : SVOD only +0.7 +3.5 Q4'23 Q3'24 Q4'24 SVOD OnlyARPU $12.11 $12.73 $12.54 ($0.1
Slide 10: Q4 Sports Results
Q4 Sports Results {In Billions) ESPN Domestic * Operating income decreased vs. to the prior year due to: Revenues ESPN Domestic $3.5 $3.5 ¢ Higher programming and production costs attributable to an increase in college football rights costs and higher production costs, partially offset by lower NFL
Slide 11: Q4 Experiences Results
Q4 Experiences Results {In Billions) Domestic Parks & Experiences Revenues * Operating income increased vs. the prior year reflecting: Domestic Parks & $5.4 $5.5 Experiences * Guest spending growth attributable to increases in per capita guest spending at our theme parks and cruise line Int’l Parks
Slide 12: Appendix
APPENDIX Fourth Fiscal Quarter Ended September 28, 2024 | 11
Slide 13: Select Upcoming Theatrical Releases
©Disney Select Upcoming Theatrical Releases (Reflects publicly announced planned releases as of November 14, 2024; list is not exhaustive; subject to change) SS eS November 27, 2024 Moana 2 Disney December 6, 2024 Nightbitch Searchlight December 20, 2024 Mufasa: The Lion King Disney December 25, 202
Slide 14: Select Upcoming Disney+ and Hulu Releases
a ce November 12 November 14 November 19 November 21 November 22 November 22 November 29 December 3 December 9 December 11 December 13 December 20 January 29, 2025 February 19, 2025 March 4, 2025 April 22, 2025 Spring 2025 June 24, 2025 Release dates not yet announced; Titles listed in alphabetical
Slide 15: Fiscal 2025 — Selected Sports Timing Comparisons
Fiscal 2025 — Selected Sports Timing Comparisons (As of November 14, 2024; items are not exhaustive; subject to change) Ql Q2 Q3 Qa New SEC Deal One additional NFL MNF game No Stanley Cup Finals (began in Q4’24) due to timing (aired in FY24) Expanded College Football Playoff and No Major ICC Cricket
Slide 16: Upcoming Parks and Experiences Openings & Events
Upcoming Parks and Experiences Openings & Events (Reflects publicly announced planned openings and events as of November 14, 2024; list is not exhaustive) November 15, 2024 Tiana’s Bayou Adventure Disneyland Resort December 17, 2024 Island Tower at Disney’s Polynesian Village Resort Walt Disney Worl
Slide 17: 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 as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countries and te
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income, and combined DTC streaming businesses operating income (loss), all of which are important financial measures for the Company, but are not
Slide 19: Reconciliation of Diluted EPS Excluding Certain Items for Q4
Reconciliation of Diluted EPS Excluding Certain Items for Q4 (In Millions Except EPS) The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the fourth quarter: Pre-Tax Tax Benefit/ After-Tax a Change vs. Income/Loss Expense” Income/Loss” Diluted EPs' prior-ye
Slide 20: Reconciliation of Diluted EPS Excluding Certain Items for FY24
Reconciliation of Diluted EPS Excluding Certain Items for FY24 (In Millions Except EPS) The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the year: Pre-Tax Tax Benefit/ After-Tax ie er ‘Change vs. Income/Loss Expense Income/Loss. Diluted EPs' prior-year Y
Slide 21: Reconciliation of DTC Streaming Businesses
Reconciliation of DTC Streaming Businesses Operating Income (Loss) for Q4'22 — Q3'23 (In Millions) The following tables reconcile the Entertainment and Sports segment operating income (loss) to the DTC streaming businesses operating income (loss): Linear Networks DTC streaming businesses (Direct-to-
Slide 22: Reconciliation of DTC Streaming Businesses
Reconciliation of DTC Streaming Businesses Operating Income (Loss) for Q4'23 — Q3'24 (In Millions) The following tables reconcile the Entertainment and Sports segment operating income (loss) to the DTC streaming businesses operating income (loss): Linear Networks DTC streaming businesses (Direct-to-
Slide 23: Reconciliation of DTC Streaming Businesses
Reconciliation of DTC Streaming Businesses Operating Income (Loss) for Q4'24, FY24, and FY23 (In Millions) The following tables reconcile the Entertainment and Sports segment operating income (loss) to the DTC streaming businesses operating income (loss): Linear Networks DTC streaming businesses (Di
Slide 24: Reconciliation of Total Segment Operating Income for Q4
Reconciliation of Total Segment Operating Income for Q4 (In Millions) The following table reconciles income before income taxes to total segment operating income: Income before income taxes Add: Corporate and unallocated shared expenses Restructuring and impairment charges Interest expense, net Amor
Slide 25: Reconciliation of Total Segment Operating Income for FY24
Reconciliation of Total Segment Operating Income for FY24 (In Millions) The following table reconciles income before income taxes to total segment operating income: ©Disney Income before income taxes Add (subtract): Corporate and unallocated shared expenses Restructuring and impairment charges Other
Walt Disney Company (The) — Q4 2024 Earnings Presentation on 6ix