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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses a combination of qualitative arguments and quantitative financial charts to support a bearish thesis on Disney's operational strategy.",
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      "kind": "callout",
      "text": "Disney may believe that price increases and \"nickel-and-diming\" of Cast Members and other costs is good for the bottom line... however, we suspect it is short-term thinking that puts the brand value and long-term health of the business at risk",
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      "text": "Domestic Parks % of Disney Operating Income",
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      "text": "Domestic Parks Operating Income ($mm) and Operating Margin",
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      "text": "Disney has historically relied on price to drive growth and margin at domestic Parks, which we believe is an unsustainable growth strategy. Before the COVID-19 pandemic, Disney's domestic Parks had grown per capita guest spend at a 6% CAGR (from 2011-2019) with more muted attendance growth...this has shifted dramatically with management noting that per capita spending grew \"nearly 40% vs. fiscal 2019\" on its FY 2022 earnings call. The recurring issues and complaints related to Disney \"Cast Member\" wages while the Parks business experiences rapid margin expansion further our concerns it is over-earning. Valuable employees are a crucial component of driving better guest experiences.",
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      "kind": "source-note",
      "text": "Source: SEC filings and transcripts, Bloomberg, New York Post. Note: (1) Adds back $65mm operating income impact from Hurricane Ian to FY 2022 operating income and margin. (2) As reported by the New York Post in their article titled 'Why working at Disney, the Happiest Place on Earth, is a misery for many', published 12/17/22.",
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      "kind": "title",
      "text": "We Fear Disney is \"Over-earning\" in Domestic Parks to Subsidize Streaming Losses",
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