{
  "docId": "019dd923-622b-71dc-a6db-a8948f12a2f8",
  "docSlug": "83e53ed5ec0b",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 9,
  "pageCount": 133,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "comparison_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 33,
  "notes": "The slide highlights a $200bn investment vs. deteriorating performance metrics.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-a8948f12a2f8/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Significantly Worse Financials than Five Years Ago...",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d9-722b-853b-384a9a171644",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow: -50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d9-722b-853b-3f576410fdb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.08,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We compared Disney’s FY 2023 financial results to its FY 2018 results, the year prior to the Fox acquisition and launch of Disney+. Disney has invested $200bn (in M&A, CapEx, and content spend) since FY 2018 – nearly equivalent to its current market capitalization.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da7aead5-565f-4883-bcfe-8baad8d85504",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.08,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: SEC filings. Note: (1) Per Disney’s 2024 Definitive Proxy Statement...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14dd9f49-028b-46ca-96f4-24323244f6d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.85,
        "x": 0.08,
        "y": 0.32
      },
      "kind": "table",
      "text": "Financial comparison table between FY 2018 and FY 2023 across 11 metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbef6228-ef41-4c46-8c22-17531a973acc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "...But Disney’s Financial Results Have Deteriorated",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48b72918-2c76-4ca8-971e-0248dbcfaac1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4d0293ba-578e-45a2-b2b7-c708549f7f10",
      "evidence": "Direct comparison of FY 2018 vs FY 2023 financial performance",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}