The Walt Disney Company (DIS) 14 Nov 242024 Q4 Earnings call transcript

Good day, everybody, and welcome to The Walt Disney Company Fourth Quarter and Full Year 2024 Financial Results Conference Call. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Carlos Gomez, Executive Vice President, Treasurer and Head of Investor Relations. Please go ahead.

Good morning. welcome Earnings The Call. to Fourth Disney pleasure XXXX Quarter my everyone Walt to Company's It's

are website Our be will posted being well issued website and as prepared our release, webcast. made remarks on press Form and the quarter after were available earlier XX-K And a the this on transcript call fourth www.disney.com/investors. all Today's at and replay management's available call. is our as morning presentation earnings

as may statement a this acceptance, drivers take that under plans, other such content statements statements note estimates please regarding earnings, begin, cost constitute cautionary website. on forward-looking investment, securities expectations not our our laws. statements or allocation demand, we offerings call, cash in Relations historical forward-looking and Investor revenues, are and statements and Before guidance nature future structure or profitability, our on of subscribers, financial statements Certain about position, and capital including

our and We and them. make these views any we do performance the And future business obligation regarding we make these not assumptions time statements update statements. on undertake at the basis to of events

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will non-GAAP Relations our can comparable to are refer website. to Also when A we found this of non-GAAP and on that Investor on be most GAAP discussing our measures. measures referred measures reconciliation to note call outlook, that results the

Financial Joining me Johnston, Disney's Officer. Executive Iger, Officer; this and Vice and Chief morning Executive are Bob Hugh Chief Senior President

Bob, be remarks to introductory will take from happy Following we your questions.

now I will that, over with to So the turn Bob. call

Good morning.

the years the company, proud considerable period and progress We've to reflect we've emerged I'm challenges since for X I a from we're made. I much how and growth. of As on positioned of well disruption, incredibly returned

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programming rights bringing new sports we when sports time exciting live flagship ESPN's ESPN. as beginning sports sports contributing moves Disney+ U.S. the we the And value many era to to portfolio to at And XXXX. of to step Disney. of the most years an for in have for early secured launch fall a this to in offering is of full undeniable, prepare integrated experience DTC This the of streaming of offering industry-leading is of an come the for us popular one for a closer

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And now be take your happy we'll to questions.

[Operator And with are Instructions] ready first Bob. the to operator, question. Thanks, we that, take

Swinburne Ben Morgan from comes Stanley. question first with Today's Instructions] [Operator

the like I I Bob, of after that it in growth side. in It be streaming big to is, strategic were of sort year many will ways, you've first product. assets on the last sports accomplished already your the interesting of you ESPN launch OI entertainment content was pivot know to feel that flagship guiding guys 'XX. the

the You absorb. NBA also have to costs

obviously, the to how seeing You ball the some what challenges that the us ESPN for on as for you sorry the talked for to this be side. forward, look the on customer moves going get in prepared but sports give morning, terms are OI what And product beyond sense sort color that fans, in of pun, right give and can acceleration helpful. 'XX? 'XX in out about drives just now, do [indiscernible] for the certainly known you don't bit a is that know bad a I would in expecting us release you could little it linear it experience Experiences ESPN you Because well fans? if of And think we're segment I from ultimately

question that you asked. Ben. I'll ESPN address Thanks, the

to the sports ESPN and But services, have the of many, commentary. it betting like appeared I flagship, not has as meaning shows live is you for is it'll only other it fully think which coverage never consumer, look basic integrated. that studio have ESPN consider before at you features and it have will like particularly many

almost of things But technology sports, I that been to think hasn't one presentation apply the when you yet the -- possible. appreciated anything of is is that is

able So tailor AI-driven way. a not to sports being feature, just your as essentially a sports experience, imagine watching center, an in sports thoroughly instance. personalized personalized Imagine but center for

serve in most ESPN I has ever way the think consumer. compelling essentially, the it served designed will be the consumer to

think is extremely being The about I you live to other look in to at and extremely, today terms thing sports, that just in advertisers migration live optimistic the attractive particular. have of is

in So if also that compelling. our linear ad is the our -- you can at we're world, with at look an and the very in from and you then be not app-based continuing will what with just we've we going value not already what's to to you not but at do that that just advertisers technology and advertisers viewers on improve, but consider customers, interest can deliver ratings, just world, today, look a built or

and So opinion, highly features customized, best of the integrated product in sports. highly has consumer all with my kinds mobile, fully in the seen ever

of for of for cost course, Obviously, QX well Experiences of prelaunch Hugh. combination by why as it's impacted, negatively year, Ben, be guided the to hurricanes X the will the for Treasure. as to X the we the X

QX be negative. So will

further course QX strengthening the the we'll year, of move year. As the through then we move and of the over see to positive in course

are that. cost obviously, one, the continued number drivers QX we overlap in, that labor our we'll from is The two, see Resort. strengthening Disneyland and are, on Treasure coming Number in

a a of year. from do we the strengthen And be through to expect course then gradually consumer will positive lapse number that the So perspective. the three,

year also that now. back we positive We the have the are know of in bookings half right the that

we into the optimistic we're are back looking of year. get next bookings So about how as half

So hopefully, that's helpful.

And our Ehrlich Reif Jessica Securities. next question with comes BofA from

and have advertising hand, have so linear the consolidated you And tool mentioned, opposite you on an sports capabilities, streaming. you You in tech But the end, on coming chest growth like growth outlook have ad and provide one entertainment of years? many you Can Bob. tools in on the as challenge. your complete

And modestly color then looks down. secondly, flow could free us will some it like cash on CapEx be because year give you next

what's who in just some I the global for spoke on the company with market. color get to on Rita Ferro, ad going sales yesterday, up-to-the-minute or flavor runs

that linear One things strong the is of now. is right by the very that she way, said,

terms a for we because One the -- it is from those also the us that, programming businesses, differentiated integrate not provides much but And enables to in and by audience reasons of business even just way deeper in linear gives leverage perspective than offer live a some way, a advertisers provides the streaming. and advertising perspective us or interesting from of technology broader, avails. offering perspective, the an

is also So integrated combination for working of them it's us. We're the programming an in basically both way.

to the ESPN nights ABC uses at on a football. of in look you if college way, So NFL simulcast that Monday amount the program significant fact

when presence on continue a You'll the will note season opens, to NBA ABC. have great

Bottom to on line, the platforms. you're consumer but and offering live, offering that, sports advertiser only on audience not Hugh? differentiated you're a ability mute, also it's So You're meaning working. Hugh. multiple the watch the

Sorry.

that yes, well. So to add Jessica, as I'll

As were X%. know, advertising in you XXXX,

or that enter we We as XXXX. expect to at be than stronger

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ability optimistic in based gain our to So feel about share that. advertising we certainly on

selling inventory basically well enables don't Google those way, And a one to I a to audience buy platforms our think ad that and advertisers is the YouTube, that. we're tech with differentiated mechanism. working thing appreciated By do obviously desk is also through us trade offering

Fishman Our today MoffettNathanson. next comes Robert question with from

Great. from impact share can fiscal double-digit the 'XX? streaming your Hulu other Bob, help since hiring you Adam in Disney+ that And products? because about of just YouTube, priorities XX% Live, think then, can in share achieving about strong DTC in future beyond and product, please? the us you his the how include confidence And of Hugh, margins future that maybe that doesn't the just maybe guidance or can Smith anything

got One, question. the he's priorities. technology a across of our and making at hard Thanks already improving the businesses. progress flagship. for number of is streaming in obviously, all work Adam And is

ESPN noted on on Another we is, launching December comments an earlier, tile as our that we're X. Disney+ in

on he's So that. working

to addition that, improve In personalization, to initially designed engagement. customization,

on adding engagement capabilities engine in very basically recommendation home a short Just increased the we're by seeing page, period already of a time. stronger

in XXX password approximately going at He's -- week, now countries. think, anti-password LatAm sharing. we sharing We or have initiatives, we sharing password this and after I launched are just over

So that's list. his on also

unifying and a designed and customer create increase including media better churn. engagement ad stacks, across lot basically Obviously, is to reduce to tech a not entire Hulu we're but and experience, We're doing only more. here Disney+ and our serving stack what

achieving your back go the of of it's terms how to get the sort confidence in answer Robert, probably best there. we on And as blocks Yes. double-digit around margins, to building to

subscriber have. ways in that we a characteristics the in one, I'd lot incremental Number because of very as you remind the to many attached of them it's business shares regard, has the given where of to we're subscribers point thing a incremental looking continue grow DTC that high software we're very, to business the that margins relatively low cost. an And

So continuing number to subscribers, grow one.

a the the right value because to to content consumers. now that's TV the movie that's and line with we the lot we're out Number two, increase coming seeing proprietary And that look certainly of of content. the our pricing both studios we're to exceptional that of is providing obviously in continue growth

to increase over So that us will time. pricing certainly enable

Bob as just certainly Adam's that built. benefit going reduce updates three, priorities discussing engine, is to we've including Number churn, of will mentioned, increase features growth, as and engagement product with to ad tech our recommendation a that was improving increasing a our ad be I around and the lot monetization, the

And course, continues then, to opportunity. of -- is significant be international a

in So add we we if we that all you have guidance that delivering. of give confidence wouldn't together, the did didn't

question with Wells Fargo. Cahall next comes from Our Steven

so pieces the So there a since multiyear really impressive, guide many moving are and is it's helpful of segment.

prior management. think investor I experience the has X times under been at guidance with or Over mixed years Disney last so,

to it some broad terms, in. in just fiscal to the think launches EPS basically how we that sort is acceleration fiscal from and growth here that guidance the So 'XX, the in just of thing? about you've conservatism as of the and approach baked the to comping ideological that hurricane relates is And wondering 'XX should flagship

And about what to that you think launch maybe be able And we then that product just could on the costs ARPU product? how of get be? to X what do year do might are, flagship, just when you think breakeven on the

Sure.

considerable So improvement money we've don't driven about amount of the terms way why by it, building where it's invested handle is the guide? obviously of things. a of significant one a that In DTC, that couple product. in the thinking Number in we're I really

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those So very, as we've feel we about results. very obviously talked about results those positively investments, And about the seen. we that thought we've

on hence, but very expectation guidance it also you not to also given was to as it a give although was an we detail, we've investments of return, thought the think, than to overall I we results, expect just segment rather give these good just what focus investors company. you, to it But the fair operational narrow to we thought picture pieces, important the

appropriate multiyear feel it's for multiyear we've a philosophically, we So invested, are to do these because nature. because obviously in like us look give investments you

it. it. to and confidence we We In guidance our got we've Otherwise, it, confidence that terms the of why wouldn't it's delivering in know in give, that's obviously, we've it. important do deliver given we

think pay us to in flagship, bit that 'XX. think relates XXXX additive a product be I ARPU looking the of it investment, XXXX. to there'll will quickly on early to an to then guide. as back part about So it's And talking flagship. that in that's be yes, We be we're But do investment, relatively

have movies is up, prior to that as the To one on one add we success prior in out, the coming on film pipeline -- goes films we've that's have when we feature or And of spikes consumption even to been platform. visibility that, is things our considerable significantly have a the success, content that lately the there seen that basically is well. that expected of when made heartening

us go for to I the Marvel Deadpool on So at if as hit the came a happening raising were what's It's with you & And first X's for Out Inside on. Moana could what's look in Inside consumption. since interesting of of film out. number Out trailer happening Wolverine or quite X properties with or numbers and terms

that then of and So which Moana as at and Star and 'XX Zootopia Avatar. the going a film, and in end is live-action Avengers you you look on. Wars I film, on ahead, and Mandalorian got noticed a of version we look films consider we've to some with And 'XX,

one, those the well that putting have as currently sense ability and We our in to out. we're we we're enable confident feel commercially; that to qualitatively to that films we're both serve in execute a way with significantly as well, our a performance will they're strengthen going that seeing us two, us streaming films strong and

And comes with Hodulik John UBS. next question today our from

Two, could. if I

cable spinoff that more sort Bob, industry something of part on with you past, maybe And to First the looked the of looks is guys have as ahead I move? similar side. move revisit either could something you that the going it of a sort entertainment in Is networks. guys all, of at of Comcast like linear know the

And then change does change in does maybe more broadly, that your with sort M&A? the view the on administration, opportunities to regard of

like quarter, is the Universe and Hugh, the this And your looks view the that the just get guys as secondly, impact going launch but Experiences. an that sort that's acceleration in just question how know give an I summer us business, midyear early just of to to maybe Epic on in then have. of that expecting It every the update acceleration sort for impact on and going you're expect you parks of to hit of sort you

question John, XXXX, XXXX consolidation take from Hugh we mentioned we announced both relates consolidation. Fox, the of that Century front. streaming. the it we on were and divestitures to start late we I when acquiring I'll XXth that or initially doing specifically lens -- were will In assets through so as the

that much came could we when instance, I we when talk that about talked talk and and not talk was XX a We to or of saw tremendous acquisition. knew for with -- that distribution. we about you when about just streaming of And that needed Emmy's, only amount on a with from more -- as that world came proliferate, go came where more but going acquisition so Avatar content it content. we from We've on.

Hulu. well is has we of the Disney+ XXX well, ownership of an with that, numbers global through achieve In subscribers and achieved, of and distribution lens. which ability approximately see a integrated that enabled control to future million came very us to really people with into the to have That -- streaming forget, ultimately Hulu addition with packaged optimistic

I already opportunistically We either a we've opportunities or basically we'll a shy way, disruptive a don't past, content while away in to more media from from always And already the right thrive have look at those. perspective proven many distribution from in world. really we've consolidated. So in respects, We, we assets certainly now, think a consolidated. as don't need in

the And on divestiture your as answer Epic. John, well question I'll as piece

a to PepsiCo divestitures, see a Regarding And things when time the one was CFO and just divestitures. first I value through of create an of from as here there candidly, take I I spent opportunity studying came of first at perspective. did to whether was in I a financial one, look it considerable didn't amount

the of day, And sort math to are creation. consider. frictional there's play But there's sort of easy it's look like two, the And spreadsheets is, the and to then would things operationally make end prices always Number cost one assets? separating those with the what of the what's X of value get? at number you

on I they through with Disney. me it they that opportunity can't Disney. I have. as for pretty opportunities see math not speak the companies have went And was the to there But value-creating what assets and absolutely to wasn't both, other for a did clear that I

that the we Epic, experiences model outlook. for into did Regarding expectations our

summer bookings mentioned have earlier, the we As positive. I are that next early actually

positive indicator. So that's a certainly

other up to and opening We also attractions history looked up in the Florida. other us. been And parks beneficial generally it's at opening of

we in captured guide much provided. that very all is that So the

from Michael Guggenheim. comes question next of our Morris And

questions. of couple A

-- content have into with maybe the both that? in you to been focused going just of spend beyond you you've strengthening growth and are the on of 'XX about production, business. over in growth as How been pipeline the you've thinking quantity forward, First, that content pace quality sort core of respect been

listing of And side. new the the then on Experiences have you secondly, the projects that appreciate

a U.S. You in footprint have especially of expansions, the number

return these capacity new So these expanding when of power investments, have more maybe that the and you longer-term pricing about accommodating parks attractions? the driven think great guests driving how much because the is on at you really by versus

need side. take notably outside our us for opportunities a even grow look We in to believe some will a in United the have as content EMEA business, APAC. But to feel and there we the we States, production investing great do I'll selective streaming we hand. and be

then investment in technology in reality, fact, return which use until overall the technology to slowed get We've we markets. the our doing if investment we down because our is we And we're being in increasing in what right, reduce technology those can churn, until about content. we're our investment clearly, we're already we're careful improve doing,

confident And that the we markets United business don't prioritizing But the we that be don't content we're our that markets strategy. part content those to States -- of investments. on we we those the want to get can as grow spend outside will know so look returns streaming necessary on side we with specific in until

the because consider has by should you think enormous imagination that be know application. making content that don't to stretch nature global I those we're investments we in any of

it's not you at But some look the as franchise -- mentioned markets, spend for instance, as as just movies markets. not to I but work If as in the much all of that we our movies there's And have value. just don't competitors. that in most

become successful, well. as they they drive more more value As obviously,

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on and question [indiscernible], your Regarding both. is the in what of we particularly pricing the versus projected parks balance Experiences a

on want I it. So to specific numbers get into don't

it not it's to reasonably balanced at I it's have modeled we They'll into But ability flex be both. assuming just our to to a it. just And that price [indiscernible]. think we've be or way learn conservatively. as we're the But frankly, got we'll going going be

question JPMorgan. comes our next David Karnovsky with from today And

business that was how to about understand you on One Interested that understandably less the multiyear better guess the received I the forecast. built outlook focus managing years. network. several area linear talk over next

forward should template how as recent important some think deal the Call in structure impact other First post And agreement. then you Disney, DIRECTV to versus of you've we going past done Charter? a a speak to any like relatedly, deals Can that just

that I'll handle David. one,

that Regarding beauty linear, in hedge find decline. ourselves way right to bit the is million modeled with of portfolio operates. XXX have continue in position natural our roughly now The we we that we streaming a would consumers a it of the

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And the service, most frankly, think with that the we've put on to inside a what on of put things have plans and platform we in we're service must-have what sort ways, more households. I the many of

they're like DIRECTV, of these situation particular of the to uniquely partner. deals, Regarding all that basically crafted

into other any So deals. try I that read of any wouldn't to through

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deal I it's good somewhat But generally about to bespoke. a for going both be these I good and things are feel where them, we think gone. think we've

with Yoon Laurent from comes today question Bernstein. next Our

promising. of color on course, streaming, to margin much future see in of that in and growth, comments foreseeable -- continuing building you that around Building expansion is and momentum XXXX, some block very growth of provide pricing versus in the XXXX is the growth year on fiscal great how subscriber particular. your It's story certainly could the

we to paramount on see markets. competitors very our content increase language And content platforms. on so important engagement see And than perhaps a Disney question, we local local what expanding more in seems related local

mean with have expansion content. So tailored more aggressive? international more locally to plans you do be I

those. address to Happy Sure.

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the invest until that But level. we like have the as we'll there right don't too to Bob we with mentioned, comfortable want we're feel operating at product such heavily churn

expectation. my that's So

add had The X to those only actually that. We over all industry. box I'll world. garnered the office so that this the in far billion-dollar the movies came X from year, movies

markets. those those So movies resonate in

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the So XX% support going United advertiser right about buying services, now, new in States, all streaming of or our -- subs are are to AVOD.

are I in I subs think U.S. and of now, subs XX% right and the total think in AVOD it's XX% the U.S. XX% globally.

more and because interest place, people the So the which was direction AVOD grown. we in ARPU pricing, it from advertisers to move and put in the pricing increased actually has into we recently that has streaming know

question And Macquarie. comes Tim our next with today Nollen from

mentioned make in assets topic there's the please anything a India? wonder in the of India? adjustments to you divestitures to you address just incorporate if add the for of should we lines that few in Could I the think guidance those. more sale I

is And then what going -- business relatedly, retain think for a India? like are the you're the going you Reliance. in with stake what look to I to

about your post little in please? partial the a or sale, bit presence Just the India talk divestiture

presence India. company happy Reliance. terrific huge address and a deal excited they Yes, that. have the in to with Obviously, were very, about very We're

a ownership... will Going have forward, we percentage

to disclose was AVOD [indiscernible] numbers. supposed those

the will percentage a be high of in And obviously, managing have XXs. ownership business. ownership We'll with the the share Reliance their people

it To that, closing. included have out. the got anticipate model can Disney's of questions terms specific Investor implications detailed We've you the we more help In team you sure I'm the degree that the on did that financials, Relations guidance. in around

will final Bank. with today's question Kraft Deutsche come And Bryan from

just one ask to Disney+. on one on wanted parks I and

parks, August. So back is expected better on domestic you performance than behind the you softness in seems when It there you point? like this reported was in at

softness new side, And on showed seems the international parks. there some that XQ the in was it up international in like

of how we going light just growth I in international So about think to forward? should ask wanted that,

really core in coming is And Was was in know XQ my sub has in this I was 'XX strong Disney+ there subs. a the on growth some it relationship then question online? other international wholesale like there or the do factor? quarter, in with chunky similar Or seasonality? jump quarter the a was which to anything

Sure. to those, take Happy Bryan.

domestic, consumer is like certainly strengthening. right. we In You're feel the

positively parks earlier, growth domestic very about I we As in and certainly feel mentioned obviously saw that.

the forward in -- gradual So and strengthening that's a expectation our consumer. is going

X factors. whenever our this in we typically and we the Paris a terms that's there is what we back indicated is Number in coming, call park, [indiscernible], attendance international, one, Olympics expectation. we that saw. the Regarding QX an in to which We see Olympics you exactly city that on saw of why have that an the

In addition term bounce to concerning But the that, be to the regarding consumer that back expect in for as be parks. expect we we Shanghai. should long softness that to temporary, we that Candidly, and saw some was well. nothing it

This Regarding subscriber international solid chunky. good no, the subs, international. in base was nothing to additions

success and had obviously in in we So came off considerable adding QX. of QX subs

good us, questions. a your the for for everyone, thanks, and thank day. again We everyone rest you joining of and Bryan, want Thanks, to wish

you all This concludes today's we and conference thank attending today's presentation. you. Thank call, for

You have may now lines, and your wonderful day. disconnect a