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  "documentTitle": "2024 03 Investor Presentation",
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  "authorName": "The Walt Disney Company",
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      "text": "We have the highest-rated balance sheet in the sector with senior unsecured credit ratings of A2 / stable (Moody's) and A- / positive (S&P)",
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      "text": "Disney Leverage (Multiple of EBITDA)",
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      "text": "We have the highest-rated balance sheet in the sector with senior unsecured credit ratings of A2 / stable (Moody’s) and A- / positive (S&P)\nOur Q1 FY24 net debt and net leverage are consistent with post-TFCF deal closing levels in FY19 despite the significant impact of COVID on our businesses",
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      "text": "Net Leverage: 2.4x",
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      "text": "Each of Net Debt and Net Leverage is a non-GAAP financial measure. Please see page 2 for a definition of each of Net Debt and Net Leverage and why Disney is not providing forward-looking quantitative reconciliation to the most comparable GAAP measure and the end of this presentation for a reconciliation of historical measures to the most directly comparable GAAP measure; 2 EBITDA is a non-GAAP financial measure. The most comparable GAAP measure is segment operating income. Please see page 2 for a definition of EBITDA and why Disney is not providing forward-looking quantitative reconciliation to the most comparable GAAP measure and the end of this presentation for a reconciliation of historical measures to the most directly comparable GAAP measure; 3 Leverage metrics shown on LTM basis and based on latest reported debt and cash balances, including subsequent issuances and repayments disclosed to date",
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