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

[ParentsOf4]

Waiting for your awesome charts to break things down.

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.

 

[hopemax]

Mulan offered to Disney+ subscribers on Sept 4 for $29.99.

 

[Mouse Trap]

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.

Then your comparison to Enron couldn't be more off base -- was a big accusation, so worth asking.

 

[pheneix]

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"

 

[rk03221]

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]

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"

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.

 

[mwf5555]

When? What date will drive this?

 

[pheneix]

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.

Yeah.....

 

[hopemax]

$23 Billion cash on hand.

 

[hopemax]

WDW positive contribution is "less than we expected" due to FL being a virus disaster area.

 

[mkt]

Not a huge percentage. About a 1/4 of your pay goes to taxes. The majority of Canadians get money back from income tax. It evens out in the end. The U.S. Costco top wage is $26. Its not that much less then ours.

Last year in Sweden, I compared paystubs with a colleague there.

His take home - as a percent of his salary - was within a few dollars of mine.

Meanwhile he doesn't have to worry about health copays, deductibles, etc.

 

[pheneix]

"COVID struck again" - Bob Chapek, 2020

 

[pheneix]

Chapek preaching truth rn, as we have discussed.

WDW's demand is quite muted. But they'll be in good shape when consumer confidence returns.

Also uh, um, and eh.....

 

[hopemax]

50% local market, 50% long distance travelers.

Demand was strong when bookings opened 6 weeks before opening, tightened up, lots of cancellations when FL's numbers went bad.

 

[pheneix]

Shanghai is losing money on its operations too.

 

[pheneix]

Btw.... where's Bob Iger?

 

[Mrtko]

Shanghai is losing money on its operations too.

What does "Net Positive" mean? Didn't they say variable revenue exceeded variable cost, so the admissions pay the salaries, but the fixed costs still keep it in the negative? I think I got that right so how is it a net positive?

 

[hopemax]

Btw.... where's Bob Iger?

Sir not appearing in this conference call.

 

[Rteetz]

Btw.... where's Bob Iger?

Not required to be there as chairman of the board. He did his hand holding last quarter.

 

[drew81]

Question of the day from Chase:

“So WDW demand isn’t as strong as you thought it would be?”

@realBobChapek:

“Yes, we’ve royally screwed over Annual Passholders by blocking them from parks with the reservation system, all the while letting resort/day ticket guests have full access. We’re still figuring out the AP refund algorithm too. Day ticket guests aren’t actually knocking down the door. Even so, we can’t honor or give Annual Passholders what they actually paid for. We’re hoping that extra month will shut them up.”