{
  "docId": "019de074-4341-70a8-ae60-d33743edda16",
  "docSlug": "c0aa789673c99e95596853915cdc4823",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3324081,
  "pageNumber": 20,
  "pageCount": 35,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "problem_statement",
  "function": "frame_problem",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide uses a waterfall chart to bridge 2018 pro forma EBIT to 2022 actuals, questioning potential future write-downs.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-4341-70a8-ae60-d33743edda16/20",
  "deckHref": "/decks/019de074-4341-70a8-ae60-d33743edda16",
  "deckJsonHref": "/decks/019de074-4341-70a8-ae60-d33743edda16.json",
  "deckAnchorHref": "/decks/019de074-4341-70a8-ae60-d33743edda16#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.75,
        "y": 0.35
      },
      "kind": "callout",
      "text": "How does Disney explain ~$6bn of missing EBIT?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9894c3dd-69c4-4ab7-affe-25d8ef4df5c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Disney ex-DPEP EBIT waterfall chart showing decline from $11.8bn to $3.1bn",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cc8158e-9dc8-40f4-b9b0-eae1dff6fee5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "list",
      "text": "Disney's 2022 operating profit, excluding Parks, Experiences and Products (\"ex-DPEP\") of $3.1bn is 74% below the pro forma operating profit of $11.8bn at the time of the acquisition in 2018. Even excluding streaming losses, Disney's ex-DPEP operating profit appears to be $6bn lower today than the pro forma operating profit at the time of the acquisition. This begs the question, is there a large Fox write-down on the horizon?",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6de4f86-0817-43c7-9ddc-d313bfe021ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC filings. Note: (1) Includes Corporate. (2) Excludes $680mm equity in the loss of investees from Hulu. (3) Consolidated Hulu earnings based on the Unaudited Pro Forma Condensed Combined Statements of Income of The Walt Disney Company found in Disney's Form 8-K filed on 08/29/19.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05202a8a-adb4-433a-bad0-ce3bb39cb077",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Fox Acquisition Has Not Delivered Promised Financial Benefits",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36cf51f5-3b97-45a9-8465-3d82522db363",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "0ca6b50b-4869-4b56-8f2e-3e5e8ba8e44a",
      "evidence": "The chart visually bridges the 2018 pro forma EBIT to the 2022 actual EBIT.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}