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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "notes": "Includes a pull-quote from MoffettNathanson regarding the earnings call controversy.",
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      "text": "Revenue and Operating Income Guidance comparison between Consensus and Guidance",
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      "text": "Source: SEC filings, Company transcripts, Wall Street research. Note: (1) Represents Wall Street Consensus mean estimates before Disney's FY 2022 earnings release as of 10/31/2022; (2) FY2023E Guidance assumes FY 2022A revenue and operating income grow at 'a high single-digit percentage rate versus fiscal 2022' per management commentary on Disney's FY 2022 earnings call held 11/08/2022; figures represent the midpoint of 7-9% growth.",
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      "text": "Can management forecast appropriately? Does Disney have the ability to effectively manage its business? Why didn't Disney's CFO issue a warning beforehand?",
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      "text": "The biggest controversy from last night's Disney F4Q 2022 earnings call was management guidance that FY 2023 segment EBIT would grow in the high single digits vs. consensus growth of +25% and our own estimate of +34%. Rarely have we ever been so incorrect in our forecasting of Disney profits.",
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      "text": "FY 2023 Guidance Raises Serious Questions",
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