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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 red dashed box to highlight the negative percentage changes, emphasizing the poor financial trajectory.",
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      "text": "Even Disney’s Last Twelve Months Financials Are Significantly Worse than Five Years Ago...",
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      "text": "Segment Operating Income: -13%",
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      "text": "We compared Disney’s financial results of Last Twelve Months (“LTM”) FQ1 2024 to the results in FY 2018, the year prior to the Fox acquisition and launch of Disney+. Disney has invested $214bn (in M&A, CapEx, and content spend) since FY 2018 through today – more than its current market capitalization.",
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      "text": "Source: SEC filings. Note: (1) Net Leverage calculation applies EBITDA and Net Debt calculated per Disney's reconciliation provided in the Company's DEFA14A filed 01/17/23.",
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