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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "Even Disney’s Last Twelve Months Financials Are Significantly Worse than Five Years Ago...",
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      "text": "GAAP Earnings per Share: -81%",
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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. EBITDA calculated as Segment Operating Income plus D&A (excl. TFCF and Hulu amortization of intangible assets) and Equity-Based Compensation less Minority Interest; Net Debt calculated as Total Borrowings less Net Debt Issuance Discounts, Costs and Purchase Accounting adjustments less Cash and Cash Equivalents.",
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