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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "Includes a pull-quote from MoffettNathanson regarding the earnings call.",
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      "text": "Can management forecast appropriately?",
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      "text": "Revenue Guidance ($mm) and Operating Income Guidance ($mm) showing consensus vs guidance",
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      "text": "Can management forecast appropriately? Does Disney have the ability to effectively manage its business? Why didn't Disney's CFO issue a warning beforehand?",
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      "text": "Operating Income: 13%",
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      "text": "The biggest controversy from last night's Disney F4Q 2022 earnings call was management guidance that FY 2023 segment EBIT would grow in the high single digits vs. consensus growth of +25% and our own estimate of +34%. Rarely have we ever been so incorrect...",
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      "text": "The biggest controversy from last night's Disney F4Q 2022 earnings call was management guidance that FY 2023 segment EBIT would grow in the high single digits vs. consensus growth of +25% and our own estimate of +34%. Rarely have we ever been so incorrect in our forecasting of Disney profits. Given the company's confidence that Parks trends appear resilient, it appears that the culprit for the massive earnings downgrade is much higher than expected DTC losses and significant declines at Linear networks. — MoffettNathanson, November 9, 2022",
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