Disney’s Q1 FY21 Earnings Results Webcast - February 11, 2021

havoc315

Well-Known Member
Recent studies suggest 80% of Americans want the vaccine, let’s wait until we start getting open appointments before assuming most won’t. More then ever, I’m optimistic that most Americans will opt for one.

I certainly hope that's true, but every poll and study I've seen has the number much lower:


This most recent poll has it as an "all time high" of 71% of adults willing to get vaccinated.

Herd immunity estimates are typically been in the 70-90% range of all Americans. It's still unclear what role vaccination of children will play in reaching herd immunity. For now, children don't get vaccinated at all.

So if we vaccinate 71% of adults by end of July... that's only about 60% of all Americans.... Would that be enough to get us to herd immunity? Maybe, but not according to most estimates. If we need a total vaccination rate of 75-85% to reach herd immunity, and if we still aren't vaccinating kids, that would mean we would need 85-95% of adults to get vaccinated. I doubt we are getting there by the fall with purely voluntary vaccination. (It will become a heated political debate, but I suspect we will eventually debate things like needing a vaccination passport in order to board an airplane; like large employers requiring vaccination, etc).
 

dreday3

Well-Known Member
Recent studies suggest 80% of Americans want the vaccine, let’s wait until we start getting open appointments before assuming most won’t. More then ever, I’m optimistic that most Americans will opt for one.

I am too.

Seeing others getting the vaccines in January, February and March are only going to increase demand for it as people get more comfortable with the idea.

I guess this is funny?
 
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GoofGoof

Premium Member
I certainly hope that's true, but every poll and study I've seen has the number much lower:


This most recent poll has it as an "all time high" of 71% of adults willing to get vaccinated.

Herd immunity estimates are typically been in the 70-90% range of all Americans. It's still unclear what role vaccination of children will play in reaching herd immunity. For now, children don't get vaccinated at all.

So if we vaccinate 71% of adults by end of July... that's only about 60% of all Americans.... Would that be enough to get us to herd immunity? Maybe, but not according to most estimates. If we need a total vaccination rate of 75-85% to reach herd immunity, and if we still aren't vaccinating kids, that would mean we would need 85-95% of adults to get vaccinated. I doubt we are getting there by the fall with purely voluntary vaccination. (It will become a heated political debate, but I suspect we will eventually debate things like needing a vaccination passport in order to board an airplane; like large employers requiring vaccination, etc).
The 71% represents the number of Americans who say they would get the vaccine today if it was available to them. Of the 29% who said no 31% of them said the reason was they wanted to see if the vaccine was safe or effective. That means they will likely get vaccinated since it’s proven both safe and effective already and that’s unlikely to change. That represents 9% more of the total population polled so 80% of Americans polled will get the vaccine (eventually). The other 20% are still saying no. Assuming an average efficacy of 90% including all 3 vaccines that‘s roughly 72% immune.

In addition we know 8% of the population has been naturally infected with confirmed Covid tests but that number could be 2 to 3 times higher considering asymptomatic spread. For argument sake let’s assume 20% naturally immune by the summer. Assuming those infected have the same 80/20 vaccine split (meaning 20% of those naturally infected don‘t get the vaccine) that’s another 4% of the population who is naturally immune but not vaccinated (20% of 20%). That brings the total immune to 76%.

If you do all the same math but assume only 71% vaccine acceptance that’s 64% immune from the vaccine and 6% from natural immunity due to infection (30% of 20%) getting us to 70% immune. So even if the none of the people who say they wouldn’t get the vaccine right now eventually get it we should reach 70% immune. Kids are still not approved, but likely in a month or so we will be down to 12+. There are roughly 60M kids under 12 who won’t be eligible. So factoring in younger kids we likely get to the low 60s as a percent of total population immune.

On herd immunity, nobody knows. This summer before any vaccines results were announced the consensus seems to be much lower. Estimates in the 40-60% range were frequently thrown around. I get that certain health officials like Fauci have bumped up their estimates to make sure enough people get the vaccine. Ideally we get as many people as possible in to get the shots. The more contagious covid is the higher % we need to reach herd immunity, but the more contagious it is the more asymptomatic cases we have likely had so the number of natural immune also goes up. I think this is why the consensus seems to be that a ballpark number of 70% vaccinated is likely to get us there.


Edit: on timing if we get 80% acceptance of the 270M 12 years and up Americans likely to be authorized by Spring thats 216M total vaccinated. Pfizer and Moderna alone have committed to delivering enough doses for 200M Americans by end of May and JnJ is 100M by end of June or sooner. So more than enough doses to meet total demand by end of May. Then we see how long it takes to finish driving cases down. Could see major impacts by summer 2021.
 
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havoc315

Well-Known Member
The 71% represents the number of Americans who say they would get the vaccine today if it was available to them. Of the 29% who said no 31% of them said the reason was they wanted to see if the vaccine was safe or effective. That means they will likely get vaccinated since it’s proven both safe and effective already and that’s unlikely to change. That represents 9% more of the total population polled so 80% of Americans polled will get the vaccine (eventually). The other 20% are still saying no. Assuming an average efficacy of 90% including all 3 vaccines that‘s roughly 72% immune.

In addition we know 8% of the population has been naturally infected with confirmed Covid tests but that number could be 2 to 3 times higher considering asymptomatic spread. For argument sake let’s assume 20% naturally immune by the summer. Assuming those infected have the same 80/20 vaccine split (meaning 20% of those naturally infected don‘t get the vaccine) that’s another 4% of the population who is naturally immune but not vaccinated (20% of 20%). That brings the total immune to 76%.

If you do all the same math but assume only 71% vaccine acceptance that’s 64% immune from the vaccine and 6% from natural immunity due to infection (30% of 20%) getting us to 70% immune. So even if the none of the people who say they wouldn’t get the vaccine right now eventually get it we should reach 70% immune. Kids are still not approved, but likely in a month or so we will be down to 12+. There are roughly 60M kids under 12 who won’t be eligible. So factoring in younger kids we likely get to the low 60s as a percent of total population immune.

On herd immunity, nobody knows. This summer before any vaccines results were announced the consensus seems to be much lower. Estimates in the 40-60% range were frequently thrown around. I get that certain health officials like Fauci have bumped up their estimates to make sure enough people get the vaccine. Ideally we get as many people as possible in to get the shots. The more contagious covid is the higher % we need to reach herd immunity, but the more contagious it is the more asymptomatic cases we have likely had so the number of natural immune also goes up. I think this is why the consensus seems to be that a ballpark number of 70% vaccinated is likely to get us there.


Edit: on timing if we get 80% acceptance of the 270M 12 years and up Americans likely to be authorized by Spring thats 216M total vaccinated. Pfizer and Moderna alone have committed to delivering enough doses for 200M Americans by end of May and JnJ is 100M by end of June or sooner. So more than enough doses to meet total demand by end of May. Then we see how long it takes to finish driving cases down. Could see major impacts by summer 2021.

All I’m going to say, there are a LOT of unknowns. I definitely think it’s possible we reach herd immunity on the earlier side... but I also recognize the possibility we reach it on the much later side. My personal bet is a pretty non-committal something in the middle, with very low confidence in that bet.
 

marni1971

Park History nut
Premium Member
Parks and Cruise have been getting $4B in capex per year for several years. That's why all these new park entrances and resort renovations and E-Ticket rides are coming from. Last year, they reduce park/cruise capex by about a billion I think. So this year, it will be the same reduced, but still pretty high number. It's not like they're in a position to start building new lands.

The capex amount will be reevaluated in October. If the parks are back to business thanks to vaccines, it could lead to bringing park/cruise capex back up.
I dare say any decision in October will be deferred until next year. In 12 months there will be a better idea of where things stand.

Due to Covid I don’t see any great changes until well into 2022. Even then it will be a new normal for everyone.
 

HauntedPirate

Park nostalgist
Premium Member
No way. With all the marvel shows finally on the way. The numbers should only be going up. Definitely a weird decision.

Ehhh... with all the shows, I suspect many people will wait to subscribe, binge what they want to watch, then drop it. I know Disney thinks people will subscribe and their weekly release schedule will string people along, but there’s a short shelf life for that strategy, IMHO.
 

GoofGoof

Premium Member
All I’m going to say, there are a LOT of unknowns. I definitely think it’s possible we reach herd immunity on the earlier side... but I also recognize the possibility we reach it on the much later side. My personal bet is a pretty non-committal something in the middle, with very low confidence in that bet.
Yes, nothing set in stone for sure. This is also not a light switch either. It will be a gradual decline in cases that starts long before we reach the formal definition of herd immunity. For Disney and other aspects of life we don’t necessarily need to reach full herd immunity to see the relaxing of restrictions and more of a return to something normal. I think Israel should be a good case study. They are up to 27% of the population with both doses and 42% with at least one. Looking at the trajectory of their cases should give us an idea of where we are heading. It’s still too soon to see the impact there, but in a month or so we should have a good idea if vaccinating a significant percentage that‘s still less than herd immunity levels results in a significant drop in cases or not.
 

doctornick

Well-Known Member
Ehhh... with all the shows, I suspect many people will wait to subscribe, binge what they want to watch, then drop it. I know Disney thinks people will subscribe and their weekly release schedule will string people along, but there’s a short shelf life for that strategy, IMHO.

we’ll see but I don’t agree. Especially the MCU shows which will be interconnected to movies (that themselves are very popular) which might make it tough to “keep up” if one signs up periodically.

the weekly release schedule is so much better for online discussion, theories, anticipation, etc. a lot of people don’t have time to binge watch a lot of stuff and risk getting spoiled easily. I actually think it’s a better setup than dumping the whole season at once though I do think D+ needs more total content so each week has a couple of new things.
 

doctornick

Well-Known Member
No way. With all the marvel shows finally on the way. The numbers should only be going up. Definitely a weird decision.
Subscription numbers will certainly still keep climbing- especially considering the ongoing build out internationally - but they likely won’t be as dramatic quarter to quarter and they probably only want to make real impressive announcements for Wall Street. Yearly will sound more exciting will bigger jumps. Of course they can always announce at any time if it’s big numbers and they it out.
 

havoc315

Well-Known Member
Yes, nothing set in stone for sure. This is also not a light switch either. It will be a gradual decline in cases that starts long before we reach the formal definition of herd immunity. For Disney and other aspects of life we don’t necessarily need to reach full herd immunity to see the relaxing of restrictions and more of a return to something normal. I think Israel should be a good case study. They are up to 27% of the population with both doses and 42% with at least one. Looking at the trajectory of their cases should give us an idea of where we are heading. It’s still too soon to see the impact there, but in a month or so we should have a good idea if vaccinating a significant percentage that‘s still less than herd immunity levels results in a significant drop in cases or not.

All true. And my initial thoughts were that WDW would normalize as cases dropped.
But Chapek’s most recent comments suggest to me that WDW will wait until after we reach hers immunity to take the biggest steps to normalization. He talked of an overlapping period where we may have herd immunity but masking and social distancing remains in place.
I’m sure we will continue to see some small gradual steps to normalization (modified park hopping has returned, modified FOTLK this summer, more resorts opening) but it appears WDW will move very slowly with the big stuff.

The main thing to compare to Israel, is just how far behind we are. Way behind where the Trump administration had suggested we would be.
The optimistic projections all assume a rapid acceleration of vaccine deployment over the next 30-60 days. There is reason to believe it’s coming. (JNJ, Pfizer and Moderna speeding up production). But there was also reason to believe we’d be far ahead of our current rate already.
 

Crunchie9

Well-Known Member
All true. And my initial thoughts were that WDW would normalize as cases dropped.
But Chapek’s most recent comments suggest to me that WDW will wait until after we reach hers immunity to take the biggest steps to normalization. He talked of an overlapping period where we may have herd immunity but masking and social distancing remains in place.
I’m sure we will continue to see some small gradual steps to normalization (modified park hopping has returned, modified FOTLK this summer, more resorts opening) but it appears WDW will move very slowly with the big stuff.

The main thing to compare to Israel, is just how far behind we are. Way behind where the Trump administration had suggested we would be.
The optimistic projections all assume a rapid acceleration of vaccine deployment over the next 30-60 days. There is reason to believe it’s coming. (JNJ, Pfizer and Moderna speeding up production). But there was also reason to believe we’d be far ahead of our current rate already.

Currently the USA has 10-15% shots completed. Canada... we are so far behind, when you search Canadian vaccine shots it gives you an aggregate number. (Not daily shots) When you filter over to daily shots... it looks pitiful. One day in February we had a grand total of 0 shots. 0. This wasn’t in the first few day’s either. This is what happens when you appoint people for virtue signalling and not putting them in with their qualifications.

we are 58th in the world for distribution

we have a history major as head of finance

we have a law professor as head of procurement

we have a Bachelors of Arts major as our prime minister

we have a vaccine contract shortage

we could have produced domestically, and we declined to give them contracts.

Myself as a 36 year old male an estimated to get my last shot in August. 2021.
 

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