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  "documentTitle": "Disney | Shareholder Engagement Presentation Deck | 16 slides",
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  "authorName": "Disney",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "Uses a combination of a bar chart and a bulleted list to contrast financial data with qualitative explanations of pandemic impact.",
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      "kind": "callout",
      "text": "Our temporary dividend suspension was driven by the pandemic, not the TFCF transaction",
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      "text": "DISNEY LEVERAGE (MULTIPLE OF EBITDA)",
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      "text": "Disney Cruise Line sailings were paused across 4 ship fleet for over 15 months",
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      "text": "Global pandemic in FY20 and FY21 dramatically impacted Disney, and as a result, we estimate that we lost billions in cash provided by operations",
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      "text": "Domestic and International Parks and Resorts closed for over 525 and 875 collective days, respectively",
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      "text": "After reopening, operating capacity was constrained domestically by COVID related restrictions through Q4 2021 and internationally through 2022",
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      "text": "Senior unsecured credit ratings are A2 / stable (Moodys), A- / stable (Fitch) and BBB+ / positive (S&P) ... and Peltz calls this a “balance sheet from hell”",
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      "text": "Our net leverage is effectively the same as post-TFCF deal closing in FY19 and only 1x higher than FY17 prior to TFCF",
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      "text": "Global theater chains closed or operated with limited capacity for thousands of collective days, limiting our ability to release films",
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      "text": "Non-GAAP measure reconciled... Nelson Peltz, CNBC interview... Domestic includes...",
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      "text": "Debt ($BN) Total 25 21 44 56 52 46 Net 21 17 39 39 36 35",
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