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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "Disney Experiences Financial Performance: Revenue and Operating Income FY18 vs FY23",
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      "text": "Tremendous Asset Quality: 8 of top 10 parks, 98% cruise occupancy, $62bn IP retail sales, >20% ROA",
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      "text": "Attractive Growth Prospects: $60bn investment plan, 1k acres for development, cruise expansion to 8 ships",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company press releases, investor presentations. Note: (1) AECOM, 2022 Global Attractions Attendance Report. (2) Disney Investor Presentation, 09/19/23. (3) https://www.licenseglobal.com/rankings-lists/top-150-leading-licensors. (4) FY 2023 Experiences segment revenue and operating income includes an estimated $585 million intersegment allocation of revenues from the consumer products business (reported within the Content Sales/Licensing segment). Analysis assumes the $585 million has been reallocated to Experiences segment in order to conform to the FY 2018 segment reporting methodology.",
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      "kind": "title",
      "text": "Experiences Is an Extremely Valuable and One-of-a-Kind Business Worthy of More Investment",
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