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  "documentTitle": "2024 03 Investor Presentation",
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  "authorName": "The Walt Disney Company",
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      "text": "Given our strong balance sheet, commitment to cost cutting, and continued growth and improvement across our businesses, we are trending to exceed our FY24 free cash flow guidance of ~$8bn, a >60% year over year increase.",
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      "text": "SIGNIFICANTLY IMPROVING FCF PROFILE POST-COVID ($BN)",
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      "text": "AVERAGE RETURN OF CAPITAL DURING IGER'S CEO TENURE ($BN)",
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      "text": "Disney has long maintained a disciplined and balanced approach to capital allocation\nAs a result of the global pandemic, which we estimate caused billions in losses to cash from operations, we suspended our dividend in Spring 2020\nGiven our strong balance sheet, commitment to cost cutting, and continued growth and improvement across our businesses, we are trending to exceed our FY24 free cash flow guidance of ~$8bn, a >60% year over year increase that approaches levels we last achieved pre-pandemic\nAs a result, we have re-initiated our capital return program to shareholders\nPaid a cash dividend of $0.30 / share in January 2024, and the Board authorized an additional dividend of $0.45 / share (50% increase over prior dividend) to be paid in July 2024\nAnnounced a $3bn share repurchase target for FY24",
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      "text": "Free Cash Flow: $8bn",
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      "text": "Source: Company data, FactSet. 1 Free cash flow reflects cash provided by operations less investments in parks, resorts and other property. Free cash flow is a non-GAAP financial measure. The most comparable GAAP measure is cash provided by continuing operations, which is expected to total ~$14bn in FY24 representing a ~40% YoY increase. See page 2 for how we define and calculate this measure and the end of this presentation for a reconciliation to the most comparable GAAP measure; 2 Includes cash dividend paid in January 2024 and authorized cash dividend to be paid in July 2024 and share repurchase announced in February 2024; 3 Fiscal 2019 included the payment of approximately $7.6bn of non-recurring tax obligations that arose from the spin-off of Fox Corporation in connection with the TFCF acquisition",
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      "text": "Disney restored robust FCF, enabling capital return to shareholders",
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