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  "docId": "019de076-f6c3-7560-9318-393addde1538",
  "docSlug": "f234f3e114e9b4da491dd4474928820d",
  "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": 71,
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses R&D spend as a proxy for innovation capability to argue that Disney is not currently operating as a technology firm.",
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  "slideHref": "/slides/019de076-f6c3-7560-9318-393addde1538/71",
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      "kind": "chart",
      "text": "Average Annual Research and Development Spend as % of Revenue",
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      "text": "Disney's disclosures on R&D initiatives are anemic. Perhaps this is because they know they are falling short\n\nDisney meaningfully underspends on research and development in comparison to its peers\n\nDisney will never be valued as a technology firm, until it begins to think like a technology firm",
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      "kind": "source-note",
      "text": "Source. Disney, Amazon, Netflix and Apple filings and Thales. Note: (1) Technology and Infrastructure expenses used as a proxy for Research and Development. (2) Technology and Infrastructure expenses used as a proxy for Research and Development.",
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      "kind": "title",
      "text": "DISNEY INNOVATES FAR LESS THAN PEERS",
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