Disney’s Fiscal Full Year and Q4 2019 Earnings Webcast

HauntedPirate

HauntedPirate

Park nostalgist
Premium Member
bartholomr4 said:
You subscribe separately to Hulu, Disney+, and ESPN+. Disney is suppose to be coming out with a bundle package for all three. I don't know what the price will be for the bundle.....
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Didn't they announce a price that basically meant ESPN+ was "free", like a $13.99/month bundle for all three? IIRC, it smelled like a cheap way to boost ESPN+ subscriber numbers for the stock analysts.
 
bartholomr4

bartholomr4

Well-Known Member
bartholomr4 said:
For Comparison purposes, Comcast released their earnings statement this morning. Their SEC filings show the following performance of the company and its Theme Parks.

Theme Parks
  • Theme Park Revenue up year over year from $1.53 Billion to 1.63 Billion (6.8%)
  • Theme Park Earnings up 6 million dollars from $725 million to $731 million (less than 1%)
  • Capital investments in the parks up from $308 last year to $505 million this year ($257 million of this for Universal Beijing)
  • The company quotes "severe weather and natural disasters that negatively impacted attendance in Japan [in 2018]" as part of the reason for flat performance (Not sure why a 6.8% increase in revenue equates to a less than 1% increase in profit).
As a Company Comcast
  • 21.2 % increase in revenue due to the Sky purchase this year, not on books last year
  • Cash provided by operations down to $5.2 Billion from $6.0 Billion in Q3 2018
  • Free Cash Flow after expenses down to $2.1 Billion from $3.1 Billion in Q3 2018
  • Long Term Debt down to $99.8 Billion from $107.3 Billion (Third highest debt level of any publicly traded company)
  • Interest charges up to $2.8 Billion from $886 million in Q3 2018
  • Investments in Cable Networks up to $4.8 Billion from $4.3 Billion Q3 2018
  • Investments in Sky $110 Million vs $109 Million Q3 2018 (Pro-Forma)
Observations
  • No evidence of a big investment yet in the new Orlando Theme Park
  • Interest expense appears to be a big burden and debt reduction of $8 Billion (almost ) YOY appears to be the company focus.
  • Company is getting ready to swap older higher interest rate debt for new in an effort to reduce interest expense.
  • Even though Revenue at parks increased, profit was flat in the parks.
  • With price increases factored in, it looks as though Park attendance (i.e. number of belly buttons through the turn styles) was flat to no growth.
  • This should be viewed as the control for Disney comparisons with recent price increases and attendance theories.
  • The company is investing big in its existing Cable networks, much more than NBCU. ($4.8 Billion vs $505 Million)
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As an FYI, Comcast refinanced about $4.8 Billion in debt yesterday. It issued new bonds, due in 2030, 2039 and 2050, and is using the proceeds to retire the long term debt due in 2021, 2022 and part of what is due in 2023. This will save on interest expense as the average reduction in rates is approximately 480 basis points (4.8% lower in annual interest charges).

From SEC.gov: "On November 5, 2019 Comcast Corporation (“Comcast”) consummated the issuance and sale of $1,600,000,000 aggregate principal amount of its 2.650% Notes due 2030, $1,350,000,000 aggregate principal amount of its 3.250% Notes due 2039 and $1,800,000,000 aggregate principal amount of its 3.450% Notes due 2050 (collectively, the “Notes”), pursuant to an underwriting agreement dated October 29, 2019"
 
L

Lilofan

Well-Known Member
Chef Mickey said:
Great report.

$1.07 vs $0.95 EXPECTED EPS
$19.1B vs $19.04B EXPECTED REV

  • 8% Parks growth.
  • 52% Studios growth.
  • Consumer products excellent.
Disney+ “ready to go” accordingly to Iger and testing has gone well.

Stock up 4.1% to $138.50.
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Company admitted "recent events" in Hong Kong impacted HKDL. Company stock rising and Dow Jones and Nasdaq at record levels. Looks like POTUS will take the credit for the incredible run of the markets and making investors happy.
 
Chef Mickey

Chef Mickey

Well-Known Member
monothingie said:
That is a VERY disappointing number for them. It should have been well into the double digits. (or at least that's what they wanted it to be)
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As an investor, I disagree. Calendar Q3 is slower because of summer ending and people seemed to be waiting for Galaxy’s Edge crowds to pass. Hurricane Dorian and issues in Hong Kong didn’t help either.

Look for solid numbers in the current quarter.
 
Chef Mickey

Chef Mickey

Well-Known Member
Lilofan said:
Company admitted "recent events" in Hong Kong impacted HKDL. Company stock rising and Dow Jones and Nasdaq at record levels. Looks like POTUS will take the credit for the incredible run of the markets and making investors happy.
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Guy in charge gets all the credit and blame. Tax cuts have certainly been a driver in the overall economy, which POTUS championed.

Hard to argue with the current state of economy. Great markets. Great employment. Low inflation. Strong dollar.
 
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monothingie

monothingie

Nakatomi Plaza Christmas Eve 1988. Never Forget.
Premium Member
Chef Mickey said:
As an investor, I disagree. Calendar Q3 is slower because of summer ending and people seemed to be waiting for Galaxy’s Edge crowds to pass. Hurricane Dorian and issues in Hong Kong didn’t help either.

Look for solid numbers in the current quarter.
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peter11435 said:
I’m sure they were hoping for higher. But remember GE at WDW was only open for one month of the reported quarter.
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The numbers aren’t bad on their own if there nothing changed from last year. But SWGE in DL and in Florida didn’t move the needle. Again they squeezed out an ok result through cuts and price increases, but from an internal standpoint it is a major disappointment.
 

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