{
  "docId": "019de077-1511-74ad-8779-d4a5bd51f53e",
  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 112,
  "pageCount": 129,
  "prevPage": 111,
  "nextPage": 113,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 11,
  "notes": "The chart uses a '?' to emphasize the uncertainty of FCF in 2025 and beyond.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-1511-74ad-8779-d4a5bd51f53e/112",
  "deckHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e",
  "deckJsonHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e.json",
  "deckAnchorHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e#slide-112",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.27,
        "x": 0.66,
        "y": 0.33
      },
      "kind": "callout",
      "text": "Disney should consider issuing a long-term free cash flow growth target beyond FY 2024 to anchor investors on a clearer strategic vision, improve investor outlook, and provide shareholders with a tangible commitment that the Company will allocate capital in a disciplined way to continually maximize long-term shareholder value",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "476afe3b-1230-4226-af59-3bd780f9dfad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.55,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "chart",
      "text": "A Free Cash Fow Growth Story Beyond FY 2024 Remains Elusive",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ae71831-6e41-43e1-86e1-ecdf268ff253",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "While Disney’s $8bn free cash flow guidance for FY 2024 helped build confidence in the short-term outlook, there are still so many “moving pieces” to Disney’s investment case that could impact its ability to sustainably grow long-term free cash flow from 2024 levels – a critical issue that must be addressed to establish a framework for attracting long-term investors.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c656163d-4466-48b2-9114-cd987b44066e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.75
      },
      "kind": "quote",
      "text": "The company’s FCF guidance for next year may be difficult to grow significantly in 2025 because of step-ups in NBA, higher capex in theme parks due to new cruise ship deliveries, and potential launch costs of ESPN streaming, in addition to continued declines in linear entertainment advertising.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f909913-cee3-46af-ac58-30e3a6df8713",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.08,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: SEC filings, Wall Street Equity Research. Note: (1) Per Disney’s 2024 Proxy Statement the Board decided to adjust after-tax free cash flow downward to exclude the content spend benefit of the Writers Guild of America and SAG-AFTRA work stoppages...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6506c51f-788e-453f-ad3a-68fcab74935e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Limited Visibility into Free Cash Flow Growth Beyond 2024 Keeps Many Investors on the Sidelines",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17cee0d7-cd81-4cac-943e-3e809c800dd6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "anchoring-bias",
      "slug": null,
      "matchId": "9c207381-c590-49e9-9702-5dd24d4cda24",
      "evidence": "The slide explicitly suggests issuing a target to 'anchor investors'",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 129,
      "from": 77,
      "beatId": "bb2c33c7-1b54-4e3b-a439-4c13d2a6f61f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes Trian Partners' nominees as a solution to restore the magic at Disney.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}