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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 115 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 54,
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  "slideType": "problem_statement",
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a waterfall-style bar chart to show historical and projected operating income margins.",
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      "kind": "chart",
      "text": "Disney's DTC Operating Income Margin (1)",
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      "kind": "paragraph",
      "text": "Disney's DTC business has never been profitable. What is the sustainability of the profitable Q4 2024 that management is guiding towards? More than favorable accounting is required to keep real margins above 0%. Profitability issues stem from churn/subscription basis and sub-optimal pricing",
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      "kind": "source-note",
      "text": "Source: Company filings, website, Wall St. research and Company press releases. Note: (1) 2Q24E to 4Q24E are based on Wall St. research forecast.",
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      "kind": "title",
      "text": "PROFITABILITY IS A MAJOR ISSUE",
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