On layoffs, very bad attendance, and Iger's legacy being one of disgrace

ImperfectPixie

ImperfectPixie

Well-Known Member
Tom P. said:
The United States system of taxes is so convoluted as well that it's difficult to do an apples-to-apples comparison. Sure, someone with a low income and even many people with decent middle class incomes don't end up paying much in federal income tax, or even get refunds due to refundable tax credits. But you have to think about Medicare and Social Security withholding also at the federal level. And then you have to think about all the state and local taxes that vary so much from one place to the next. Property tax, sales tax, state income tax, city income tax, city fees, personal property tax, etc. In the end, it is incredibly difficult for someone to accurately know just how much they are paying in taxes. Which is, unfortunately, I think by design.
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I was speaking simply in terms of what gets taken directly out of paychecks in MA. Federal taxes, state taxes, medicare, and social security. I was NOT counting health insurance.
 
bryanfze55

bryanfze55

Well-Known Member
ImperfectPixie said:
I was speaking simply in terms of what gets taken directly out of paychecks in MA. Federal taxes, state taxes, medicare, and social security. I was NOT counting health insurance.
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You also can’t totally just go based on what is taken out of a paycheck. It depends how much withholding one prefers to have; if a lot gets withhold, they may get a big refund. True tax burden has nothing to do with withholding or refunds.

The average middle class American household probably pays between 12-15% in federal tax and FICA combined. And I mean “median-income-American middle class”, not “WDWMagic middle class”. People who go to Disney 18 times a year probably skew high. This is based on W2 employment, not self-employment. States and localities will vary. Of course you also have property taxes, sales taxes and other misc taxes, but Canada and other Western nations have those as well.
 
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brianstl

Well-Known Member
The Walt Disney Company today reported earnings for its third fiscal quarter ended June 27, 2020. Diluted earnings per share (EPS) from continuing operations for the quarter was a loss of $2.61 compared to income of $0.79 in the prior-year quarter
 
hopemax

hopemax

Well-Known Member
ParentsOf4 said:
Parks, Experiences and Products revenue was $983M, down 85%.

The segment lost $1.96 Billion.

"We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $3.5 billion."
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I feel like Disney got lucky when they decided to roll Consumer Products into P&R. But not for the reasons they originally intended. No reporting a 90%+ drop like Universal & Sea World, thanks to some CP buoys.
 
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brianstl

Well-Known Member
pheneix said:
Read the report. Nothing illegal. All this stuff is totally above boards now.

If you include everything they marked off as an exclusion, this company lost close to $2 a share.
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It is complete legal, but it is just an accounting trick that they were able to do because of cost associated with buying Fox.
 
ParentsOf4

ParentsOf4

Well-Known Member
HauntedMansionFLA said:
Waiting for your awesome charts to break things down.
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I already posted the below on another thread. If I decide to do a detailed analysis, you can already see what the lead will be.

Domestic theme park capex was $1.857M for the first 9 months of the current fiscal year, down from $2.491M for the same 9 months last year.

For the quarter, Domestic capex was $308M, down from last year's $813M.

With domestic depreciation at $426M for the quarter, this means that Disney effectively shut down all theme park investment.
 
rk03221

rk03221

Well-Known Member
Wow Disney pulled this off really well but uh yeah, it’s going to suck for the parks in the coming years. Will they even do anything for the 50th at this point? Other than sell merch?
 
hopemax

hopemax

Well-Known Member
pheneix said:
Whats McCarthy's definition of "net positive contribution" from WDW operations.

This went from "hey it's not so bad" to "ughhhh stop listening now this is the legally required disclosure"
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Last earnings call, it was revenue coming in > operating expenses from being open, excluding depreciation.

They are losing less money being open. So they likely aren't going to re-close, without government mandates.
 

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