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While Nelson Peltz is a former director of The Procter & Gamble Company, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such company. Note: EBIT defined as Earnings before Interest and Taxes; EPS defined as Earnings Per Share. (1) The S&P 500 Total Return Index includes the price changes of all underlying stocks and all dividends reinvested. S&P 500 data was obtained from Bloomberg using the SPX ticker with the inclusion of dividend re-investment. 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Rarely have we ever been so incorrect in our forecasting of Disney profits.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:28.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06d93b0e-10a4-420c-b3ff-582dd7378ad3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "FY 2023 Guidance Raises Serious Questions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:28.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65e44505-aac3-4e3f-a62d-3d74fd452050", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "396b8646-f1ed-4959-8008-2e9e38047550", "evidence": "Revenue and Operating Income Guidance comparison between Consensus and Guidance", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:18:03.905007+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "The slide uses negative TSR values in parentheses to highlight underperformance relative to the S&P 500.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 4, "textChars": 1159, "nDataPoints": 36, "notes": "The slide uses negative TSR values in parentheses to highlight underperformance relative to the S&P 500.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:11:30.006+00", "seconds": 4.343, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-4341-70a8-ae60-d33743edda16/16", "deck": "/decks/019de074-4341-70a8-ae60-d33743edda16", "deckAnchor": "/decks/019de074-4341-70a8-ae60-d33743edda16#slide-16", "deckJson": "/decks/019de074-4341-70a8-ae60-d33743edda16.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.09 }, "kind": "list", "text": "While Bob Iger just \"re-joined\" the Board, he has essentially served on the Board since 2000 with only a short respite from January - October 2022 (~10 months)\nThere are still several current directors and members of management who oversaw and approved some of Disney's worst corporate governance and strategic failures, including overpaying for the Fox acquisition, the expanding streaming losses, and \"over-the-top\" compensation packages granted to Bob Iger", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35f281e0-6c81-4489-9959-efcd67714256", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: SEC filings, FactSet as of 1/10/23. Note: Board members shown represent Disney's current Board composition as of December 2022; Total Shareholder Return (\"TSR\") defined as the total return an investor would receive if they purchased one share of stock on the first day of the measured period, inclusive of share price appreciation and dividends paid. (1) TSR Measured from January 2000, when Iger was named President and Chief Operating Officer, as well as a member of Disney's Board of Directors. (2) Joined Disney's Board effective November 2022.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Capital Allocation: EPS cut in half despite $162bn spend; poor M&A judgment (Fox, Sky); increased leverage and dividend elimination. 2. Corporate Governance: Poor shareholder engagement; failed succession planning; excessive compensation. 3. Corporate Strategy: Flawed DTC strategy; lack of cost discipline; overearning in Parks to subsidize streaming.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff851dbc-b4c6-45b2-a7aa-1776814faa7c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC filings, FactSet, Trian analysis which can be found in subsequent pages. Note: (1) Represents the $71bn equity purchase price of Fox...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)\nThe Fox deal created a massive incremental goodwill balance of ~$50bn\nDisney had to rely on an ultra-aggressive $2bn synergy assumption, which would imply a doubling of Fox's EBITDA, to justify the deal\nWhile difficult to quantify, we believe that Fox's earnings power has deteriorated post-deal, implying an even higher multiple paid than the 26.5x paid at closing (see following pages)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:35.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b561321f-b329-4b7b-88b9-b52a906adb2f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.82 }, "kind": "source-note", "text": "(1) Represents median of un-edited precedent transactions analysis... (8) Hulu repurchased AT&T's 10.0% stake in April 2019 for $1.43bn, implying total Hulu valuation of $14.3bn. TFCF held a 30% stake at the time of its acquisition by Disney.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Fox EV $70.4 $4.0(5) 17.6x\n(-) RSN sale ($10.6) ($1.7) 6.2x(6)\n(-) Yes Network ($3.5) ($0.3)(7) 10.4x\nRemaining Fox EV $56.3 $2.0\n(-) Hulu Stake(8) ($4.3)\nFox Traditional Media EV (Film/TV) $52.1 $2.0 26.5x", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:35.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41e8b895-8ee8-4228-a030-db043e12e11a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Disney Materially Overpaid For The Fox Assets", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:35.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42017dcc-6f34-4a0b-b055-11c8859965a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3c715735-67c6-4aed-a933-69e7a07d739f", "evidence": "Table calculates EV/EBITDA multiple for an acquisition", "framework": null, "confidence": 0.9, "extraction": { 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"019de52d-002e-733e-b5cf-dd3beb6692cc", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:34.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cc8158e-9dc8-40f4-b9b0-eae1dff6fee5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "Disney's 2022 operating profit, excluding Parks, Experiences and Products (\"ex-DPEP\") of $3.1bn is 74% below the pro forma operating profit of $11.8bn at the time of the acquisition in 2018. Even excluding streaming losses, Disney's ex-DPEP operating profit appears to be $6bn lower today than the pro forma operating profit at the time of the acquisition. This begs the question, is there a large Fox write-down on the horizon?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:34.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6de4f86-0817-43c7-9ddc-d313bfe021ba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings. Note: (1) Includes Corporate. (2) Excludes $680mm equity in the loss of investees from Hulu. (3) Consolidated Hulu earnings based on the Unaudited Pro Forma Condensed Combined Statements of Income of The Walt Disney Company found in Disney's Form 8-K filed on 08/29/19.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "Disney Net Financial Leverage", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ab12d59-e619-45d5-a4a9-acef38280567", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "Investors are still paying for the Fox deal as Disney works to reduce its leverage\nDisney is also expected to buy Comcast's $9bn(1) stake in Hulu in 2024, which will keep its leverage profile well above historical levels for years", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad5a020-4dfc-4a84-beff-af1080584f8c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.07, "y": 0.3 }, "kind": "quote", "text": "That balance sheet is the balance sheet from hell...doing nothing about it, except for spending more than they have. - Jim Cramer, Nov 17, 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b9729dc-c62e-4949-9ab2-2752a9f97b87", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings, FactSet as of 1/10/23. 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This bid represented a 46% premium to Disney's original offer and a 104% premium to the Unaffected Sky share price - another example of poor M&A judgement", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:33.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52c06811-a0c5-42b2-b277-4a63dd2ca1ee", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney's asset mix or contribute to Disney's DTC transformation.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:33.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d0b19ca-4924-4ef1-b940-3361e9a984e1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "An Acquisition of Sky by Disney Would Have Permanently Impaired Shareholder Value...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:33.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0c49047-3610-401d-8046-40f3b937a253", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "appendix", "title": "Includes a table comparing Fox and Sky transaction metrics and a bar chart showing Disney's net leverage progression.", "function": "analyze_data", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 5, "textChars": 778, "nDataPoints": 24, "notes": "Includes a table comparing Fox and Sky transaction metrics and a bar chart showing Disney's net leverage progression.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:11:30.101+00", "seconds": 3.471, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-4341-70a8-ae60-d33743edda16/23", "deck": "/decks/019de074-4341-70a8-ae60-d33743edda16", "deckAnchor": "/decks/019de074-4341-70a8-ae60-d33743edda16#slide-23", "deckJson": "/decks/019de074-4341-70a8-ae60-d33743edda16.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.38, "x": 0.55, "y": 0.32 }, "kind": "chart", "text": "Disney Net Leverage chart showing Disney Standalone (0.9x), Disney + Fox & Sky (3.7x), and Pro forma FY 2022 (5.1x).", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecd55edf-765e-4250-af71-78945acf2baf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.09 }, "kind": "list", "text": "Had Disney purchased Sky on top of the Fox deal, Disney would have paid ~$100bn at a combined transaction multiple of ~20x EV/EBITDA. Pro forma, it would have added ~$67bn of net debt to its balance sheet. We estimate pro forma net leverage would be at ~5x today.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79ee232e-d8b9-4b06-a00b-a7ad8c111449", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.85 }, "kind": "source-note", "text": "Source: SEC filings, Company filings, FactSet. Note: (1) Sky valuation based on final reported bid... (2) Fox LTM EBITDA adjusted... (3) Pro forma net debt calculated as...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2791451-862b-4676-ae5a-03ed24d4a5ae", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.08, "y": 0.32 }, "kind": "table", "text": "Fox + Sky Transaction Overview (9/30/18 LTM) table with rows for Offer Price, Shares, Equity Purchase Price, Net Debt, Adj. 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"callout", "text": "We believe that Disney no longer values free cash flow and that needs to change", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b0a590-0c67-4b0c-9fbc-6350ffb1360f", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.52, "y": 0.12 }, "kind": "chart", "text": "Disney's Free Cash Flow – Consensus (FY)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b1e5f54-6562-4e92-9c12-3b6d4ba4a614", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.05, "y": 0.12 }, "kind": "chart", "text": "Disney's Adj. Diluted EPS – Consensus (FY)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87ebeeb9-d7fe-4235-9037-39735ca897cb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, FactSet Wall Street estimates as of 1/10/23.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:29.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf1aca1a-5a83-409e-9dae-be8a4bd3c79e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "422413c5-4c11-470e-8fcb-12bd82ff4f9e", "evidence": "Side-by-side charts comparing historical and projected financial metrics to a 2018 baseline.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:11:29.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "appendix", "title": "The chart shows a clear growth trend until 2019, followed by a sharp decline to zero in 2020-2022.", "function": "analyze_data", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 5, "textChars": 635, "nDataPoints": 13, "notes": "The chart shows a clear growth trend until 2019, followed by a sharp decline to zero in 2020-2022.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:11:30.506+00", "seconds": 3.579, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-4341-70a8-ae60-d33743edda16/25", "deck": "/decks/019de074-4341-70a8-ae60-d33743edda16", "deckAnchor": 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"bbox": { "h": 0.55, "w": 0.88, "x": 0.06, "y": 0.33 }, "kind": "chart", "text": "Disney's Historical Annual Dividend per Share (FY)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e32c4674-cd2e-492e-bf6a-65dc78aec23a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.11 }, "kind": "list", "text": "In 2020, Disney eliminated its dividend as it faced cash flow challenges caused by the COVID-19 pandemic, significant streaming investments and its over-levered balance sheet. Prior to 2020, Disney had paid a dividend for 57 straight years. Disney has not provided a timetable for restoring the dividend.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b025ff8-3888-4d8a-bb12-ca8c92ca3cc3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. 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After one short call with management, Disney rejected Nelson's request for a board seat outright. Notably, Disney did not even allow Nelson to meet any directors prior to turning down his request until we flagged that it was a highly questionable decision to jump to a decision without hearing us out", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.193+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "821c1faf-b7d3-4ddd-bb32-e670de6e9af8", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.48 }, "kind": "list", "text": "In November 2022, Trian started a discussion with Bob Chapek about the challenges and opportunities facing the Company and requested a board seat for Nelson", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.193+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84c19c47-4e69-4630-96ac-ba41e968625f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.26 }, "kind": "list", "text": "In our view, Disney's shareholder engagement process has been among the worst (if not the worst) of all the companies we have interacted with", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:30.193+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f1679ec-2f49-467c-aca0-7585ce65272e", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.06, "y": 0.35 }, "kind": "list", "text": "It's important for shareholders to know that Trian has a constructive history with Disney and Bob Iger. 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On November 20th, Disney announced that Bob Iger was rehired as CEO, effective immediately, less than three years after he stepped down. The fact that Bob Chapek was abruptly fired five months after the Board unanimously agreed to extend his contract by three years suggests the Board lacks a robust CEO succession process. 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In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob's leadership is key to achieving that goal. Bob [Chapek] is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3be530c0-6f37-4bad-94ac-d2b2849e9161", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.06, "y": 0.96 }, "kind": "source-note", "text": "Source: Company press releases, Bloomberg, CNBC", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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By continuing to extend Bob Iger's contract, rather than actively developing potential successors, we believe several well-regarded candidates left the Company, including Tom Staggs, Jay Rasulo and Kevin Mayer. Further, appointing Bob Iger as Executive Chairman for 2 years as an outgoing CEO in our view was a very risky corporate governance decision as it set up his successor to fail with the prior CEO constantly watching over their shoulders - this is exactly what transpired", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:36.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b43162c3-3b69-47df-93c1-39788bd9d6d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: SEC filings, Press releases, Bloomberg, CNBC.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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FY17 - FY21 ($mm)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f248bf7c-d6f1-480d-b5a5-978b748a603e", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.28, "x": 0.67, "y": 0.33 }, "kind": "chart", "text": "Total Compensation ($mm)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d89aeaa3-cffc-4cad-a51c-40e57a11484c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.09 }, "kind": "list", "text": "From FY17 - 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Iger's compensation would have been even higher had shareholders not voted against the pay package that he received in December 2017 as a \"reward\" for the Fox deal.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c1ac87f-ca19-47ca-94a3-a771e3678c11", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. Note: Total Shareholder Return (\"TSR\") defined as the total return an investor would receive if they purchased one share of stock on the first day of the measured period...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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While we believe Disney+ started as a niche DTC extension of Disney's franchise \"flywheel,\" it has rapidly shifted to the core distribution channel for the majority of Disney's IP, leading Disney to significantly ramp up investment to drive new subscriber growth at all costs. However, in our view, management failed to effectively communicate the financial rationale behind the strategic pivot, as the profitability guidance has not changed while the change in strategy put significant stress on Disney's balance sheet and cash flow profile.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8399fed-f925-43e1-98e7-0ba4f5f6e3ff", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Source: Company transcripts, Wall Street Research.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Rows: FY 2024 Subs (mm) (60-90 to 230-260, ~3x), FY 2024 Content Spend (~$2.5bn to $9bn+, ~4x), Profitability Guidance Year (FY 2024 to FY 2024, No Change).", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f52e0f8-6742-4952-9fc1-fa80b6bd5b5d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Disney's Streaming Strategy: Ready, Fire, Aim?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.736+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f10c940-12d1-4b9b-a4ba-7e833fad321e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0d7228a2-26f2-4ec1-863d-ea55c3a3744a", "evidence": "Mentioned in the text as 'Disney's franchise flywheel'", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:11:31.736+00", "model": 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losses and cumulative totals.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:11:30.521+00", "seconds": 2.456, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-4341-70a8-ae60-d33743edda16/31", "deck": "/decks/019de074-4341-70a8-ae60-d33743edda16", "deckAnchor": "/decks/019de074-4341-70a8-ae60-d33743edda16#slide-31", "deckJson": "/decks/019de074-4341-70a8-ae60-d33743edda16.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.84, "x": 0.08, "y": 0.21 }, "kind": "chart", "text": "Disney Cumulative DTC Segment Losses ($bn)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": 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As I mentioned, we're also using technology to reduce some of our operating costs, and that gives us a little bit of headroom also to absorb some inflation. But we're really trying to use our heads here to come up with a way to kind of mitigate some of these challenges that we have.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:31.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b40c787-5a64-46cf-a6a6-39bed2027191", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, transcripts. 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of Cast Members and other costs is good for the bottom line... however, we suspect it is short-term thinking that puts the brand value and long-term health of the business at risk", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:36.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1afc42b7-ac9b-4365-acfc-a9e31347f57b", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.55, "y": 0.4 }, "kind": "chart", "text": "Domestic Parks % of Disney Operating Income", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart (100%)", "slug": "bar-stacked-100pct", "status": "active", "canonId": "019de52c-ff14-71b8-8d88-860f8d7da84b", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked-100pct", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:36.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b2af57-cfd4-45ed-aeec-f070af195aec", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "chart", "text": "Domestic Parks Operating Income ($mm) and Operating Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:11:36.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1faf092-d9ba-4101-acfa-69b50e662815", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "list", "text": "Disney has historically relied on price to drive growth and margin at domestic Parks, which we believe is an unsustainable growth strategy. 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