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  "docSlug": "f5c008b9a0d4",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-12 00:00:00",
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  "pageNumber": 20,
  "pageCount": 35,
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  "notes": "Uses a waterfall-bridge style to illustrate the gap between projected and actual performance.",
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      "kind": "callout",
      "text": "How does Disney explain ~$6bn of missing EBIT?",
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      "text": "Waterfall chart showing Disney ex-DPEP EBIT bridge from FY18 to FY22",
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      "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\nEven 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\nThis begs the question, is there a large Fox write-down on the horizon?",
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      "text": "operating profit: 74%",
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      "kind": "source-note",
      "text": "Source: SEC filings. Note: (1) Includes Corporate. (2) Excludes $580mm 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.",
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      "kind": "title",
      "text": "Fox Acquisition Has Not Delivered Promised Financial Benefits",
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