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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "The slide uses a combination of financial data and qualitative arguments about employee treatment to frame the company's current strategy as short-sighted.",
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      "kind": "callout",
      "text": "Disney may believe that price increases and “nickel-and-diming” 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",
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      "text": "Domestic Parks % of Disney Operating Income (FY 2019 vs FY 2022)",
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      "text": "Domestic Parks Operating Income and Margin (FY 2019 vs FY 2022)",
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      "text": "Disney has historically relied on price to drive growth and margin at domestic parks, which we believe is an unsustainable growth strategy. The recurring issues and complaints related to Disney “Cast Member” wages while the Parks business experiences rapid margin expansion further our concerns it is over-earning.",
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      "text": "Operating Margin: 26.8%",
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      "text": "“nearly 40% vs. fiscal 2019” — Disney Management (FY 2022 earnings call)",
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      "text": "Source: SEC filings and transcripts, Bloomberg, New York Post. Note: (1) Adds back $65mm operating income impact from Hurricane Ian to FY 2022 operating income and margin. (2) As reported by the New York Post in their article titled Why working at Disney, the 'Happiest Place on Earth,' is a misery for many, published 12/17/22.",
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      "kind": "title",
      "text": "We Fear Disney is “Over-earning” in Domestic Parks to Subsidize Streaming Losses",
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