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Financial fraud is often uncovered by exploring financial statements. This is easier with a public company than a private one, as we will see by

Financial fraud is often uncovered by exploring financial statements. This is easier with a public company than a private one, as we will see by studying the fall of health technology cor- poration Theranos.

This case studys pre-work article takes a close look at the startup Theranos which was founded and run by Elizabeth Holmes. It is a tale of a 19 year old female startup founder that led her company to a $6 billion evaluation by some in Silcon

Valley that turned into a story of lies and corruption. This lesson is designed to help students become more fluent in interpreting financial statement ratios in order to learn more about a company. Using Theranos as a lens, the class activity examines how to construct an income statement and balance sheet. Well dive deeper into these statements and the value they can bring to investors. Youll learn through reading the pre-work article the value of these statements to investors and

what happens when they are largely ignored. The homework Case Study asks students to dissect the finan-

cial statements of The Walt Disney Company and describe its structure and drivers. You will be tasked with using the Bloomberg terminal to answer a set of 3 questions that are meant to prove an understanding of financial statements and how they can impact a persons understanding of a comapny.

FINANCIAL STATEMENTS / BLOOMBERG BUSINESSWEEK CASE STUDY

DISNEYS BUSINESS SUMMARY

The following text is an edited summary from Disneys 2018 annual report (10-K) submitted by the company to the SEC.

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments:

Media Networks Parks, Experiences & Consumer Products Studio Entertainment Direct-to-Consumer & International (DTCI)

MEDIA NETWORKS

The Media Networks segment includes cable and broadcast tele- vision networks, television production and distribution oper- ations, domestic television stations and radio networks and stations. The Company also has investments in entities that operate programming, distribution and content management services, including television networks, which are accounted for under the equity method of accounting.

The businesses in the Media Networks segment principally generate revenue from the following:

Fees charged to cable, satellite, telecommunications and digital over-the-top service providers
The sale to advertisers of time in programs for commer- cial announcements (ad sales)
Licensing fees for the right to use Disneys programs, productions, and content (program sales)

Operating expenses primarily consist of programming and pro- duction costs, participations and residuals expense, technical support costs, operating labor and distribution costs.

PARKS, EXPERIENCES & CONSUMER PRODUCTS

Parks & Experiences Disney owns and operates the Walt Disney World Resort in Florida; the Disneyland Resort in California; Disneyland Paris; Aulani, a Disney Resort & Spa in Hawaii; the Disney Vacation Club; the Disney Cruise Line; and Adventures by Disney. The Company manages and has effective ownership interests of 47% in Hong Kong Disneyland Resort and 43% in Shanghai Disney Resort, both of which are consolidated in our financial state- ments. Disney also licenses intellectual property to a third party to operate the Tokyo Disney Resort in Japan. The Companys Walt Disney Imagineering unit designs and develops new theme park concepts and attractions as well as resort properties.

Consumer Prodcuts The Consumer Products sub-segment licenses Disneys trade names, characters and visual and literary properties to vari- ous manufacturers, game developers, publishers and retail- ers throughout the world. The sub-segment is also responsible for the sale of branded merchandise through retail, online and wholesale businesses. Disney also develops and publishes books, magazines, comic books, and games. As of the end of

fiscal 2018, Disney had substantially exited the vertical games development business.

The Parks, Experiences & Consumer Products segment gener- ates revenue primarily from:

Sale of tickets for admission to theme parks Merchandise, food and beverages at theme park resorts

and cruise ships Hotel rooms, cruise vacations, and sales and rentals of

vacation club properties Royalties from IP licensing and sales of merchandise at

The Disney Stores, branded internet shipping sites, and

wholesalers Revenues from sponsorships and co-branding oppor-

tunities, real estate rent and sales, and royalties from Tokyo Disney Resort

Significant costs include labor, costs of goods sold, infrastruc- ture, supplies, commissions, and entertainment offerings.

STUDIO ENTERTAINMENT

The Studio Entertainment segment produces and distributes under the Walt Disney Pictures, Pixar, Marvel, Lucasfilm, and Touchstone banners. The segment is also involved in the devel- opment, production, and licensing of live entertainment events on Broadway and around the world.

The businesses in the Studio Entertainment segment gener- ate revenue from distribution of films in the theatrical distribu- tion, home entertainment, and TV/SVOD markets. This includes rentals from licensing motion pictures to theaters, sale of motion pictures to retailers and distributors, and other revenues col- lected from licensing and ticket sales.

Significant operating expenses include amortization of pro- duction, participations and residuals costs, marketing and sales costs, distribution expenses and costs of sales.

DIRECT-TO-CONSUMER & INTERNATIONAL (DTCI)

The Direct-to-Consumer & International segment includes Disney and ESPN branded international television networks and channels, Direct-to-Consumer (DTC) businesses like ESPN+ Disney+, and Hulu streaming services, and equity investments. The equity investments include a 21% effective ownership in Vice Group Holdings.

The businesses in the DTCI segment generate revenue from fees charged to MVPDs for the right to deliver Disneys International Channels to their customers, ad sales on International Channels, and subscription fees charged to cus- tomers/subscribers for Disneys DTC streaming services.

Operating expenses primarily consist of programming and production costs, technical support costs, operating labor, and distribution costs.

Case Questions

1 Using the information on the previous page, identify how Disney makes money, i.e. where it earns its revenue.

2- Using the Terminal Tutorial at the end of the case study, calculate each business segments contribution to Disneys total revenue and operating income.

3 Using the information on the previous page and the data from question 2, what is the primary driver of revenue for each of Disneys segments.

( if you do zoom the pic will be clear or if watch it form your phone it would be clear. sorry but I tried many time to make it clear and this is a result )

Disney.xlsx Q Search Sheet View 1 Ep Wrap Text General D e Insert + Share A. DO 5 = Home Insert Page Layout Formulas Data Review * Calibri 11 A- A = = = BIULA A1 x fx A C * Delete Paste + Merge & Center - % ) 0 .00 Conditional Format Formatting as Table Cell Styles Format Sort & Filter D E F G H I J K L FY 2010 10/02/2010 FY 2011 10/01/2011 FY 2012 09/29/2012 FY 2013 09/28/2013 FY 2014 09/27/2014 FY 2015 10/03/2015 FY 2016 10/01/2016 FY 2017 09/30/2017 FY 2018 09/29/2018 FY 2019 09/28/2019 ||||||| IIIIIII IIIIII |||||| |||||| IIIIIII |||||| IIIIIIII |||||| 24,701.01 6,758.0 -4,146.00 2,198.00 6.00 8.00 24,701.01 9,468.0 -3,258.0 -990.0 -1,024.0 -962.0 -1,557.0 -1,636.0 -1,457.0 -766.0 -558.0 -738.0 4 In Millions of USD except Per Share 5 12 Months Ending 6 Parks, Experiences and Products 7 Revenue 8 Operating Income 9 Capital Expenditures 10 Depreciation 11 Revenue Growth % 12 Operating Income Growth % 13 Revenue Including Intersegment Revenue 14 Reconciliation 15 Revenue 16 Operating Income 17 Studio Entertainment 18 Revenue 19 Operating Income Capital Expenditures 21 Depreciation Revenue Growth % 23 Operating Income Growth % Revenue Including Intersegment Revenue Assets Goodwill 27 Revenue - Supplementary Breakdown 28 Revenue Growth - Supplemental Breakdow 29 Total Operating Expense 30 Amortization of Intangible Assets Sheet1 + Ready 10,065.00 2,686.0 -88.0 20 6,701.0 693.0 - 102.0 56.0 9.00 100.00 6,351.0 618.0 - 118.0 53.0 -5.00 - 11.00 5,825.0 722.0 -79.0 48.0 -8.00 17.00 5,979.0 661.0 -78.0 54.0 3.00 -8.00 7,278.0 1,549.0 -63.0 48.0 22.00 100.00 7,366.0 1,973.0 -107.0 55.0 1.00 27.00 9,441.00 2,703.0 -86.0 51.0 28.00 37.00 8,379.0 2,355.0 -85.0 50.0 - 11.00 -13.00 9,987.0 2,980.0 -96.0 55.0 19.00 27.00 74.00 22 11.00 52.00 10,065.0 24 26 12,742.01 5,268.0 6,701.0 9.00 -3,469.0 12,221.0 5,284.0 6,351.0 -5.00 3,253.0 79.00 12,928.0 5,680.0 5,825.0 -5.00 2,908.0 94.00 14,750.0 6,591.0 5,979.0 3.00 3,012.0 107.01 15,162.0 6,856.0 7,278.0 22.00 3,137.0 88.00 15,334.0 6,836.0 7,366.0 1.00 3,050.0 84.0 15,359.0 6,830.0 9,441.0 -11.00 3,991.0 74.0 16,307.0 6,817.0 8,379.0 - 11.00 3,667.0 65.0 17,154.0 7,164.0 9,987.0 19.00 4,326.0 64.0 33.0 @ - + 135% DO 5 = Disney.xlsx Q Search Sheet + Share E Insert 2' 49 Wrap Text Merge & Center General % F 17DA Conditional Format Cell ) O * Delete Format Sort & E F G H I J |||||||| TIITTI |||||||| ||||||| |||||||| ||||||| ||||||| 3,414.0 -1,814.00 -468.00 207.0 100.00 - 100.00 3,414.0 31,900.00 Home Insert Page Layout Formulas Data Review View * Calibri 11 A- A = = = d.9 Pastel B i U S A . = 3 3 A1 x fx C D 31 Direct-to-Consumer & International 32 Revenue 33 Operating Income 34 Capital Expenditures 35 Depreciation 36 Revenue Growth % 37 Operating Income Growth % 38 Revenue Including Intersegment Revenue 39 Number of Subscribers (end of period) - Sul 40 Media Networks 41 Revenue 42 Operating Income 43 Capital Expenditures 44 Depreciation 45 Revenue Growth % 46 Operating Income Growth % 47 Revenue Including Intersegment Revenue 48 Corporate 49 Capital Expenditures - 137.0 -275.0) 50 Depreciation 142.0 148.0 51 Revenue Growth % 52 Operating Income Growth % 53 Assets 5,281.0 6,336.0 Goodwill 55 Amortization of Intangible Assets 56 Consumer Products and Interactive Media 57 Revenue 58 Operating Income Sheet1 TTTTTTTTTTTTTT TTTTTTTTTTTTTT |||||||| ||||||| ||||||| ||||||| ||||||| ||||||| 21,922.0 7,479.0 -174.0 191.0 13.00 2.00 21,922.00 -471.0) 182.0 -287.0 220.0 -252.0 239.0 -269.0 249.0 -253.0 251.0 -178.01 252.0 -179.00 218.0 -210.00 167.0 - 100.00 -100.00 1 5,417.0 5,991.0 6,391.0 6,361.0 7,022.0 1,379.0 8,519.0 3,600.0 6,082.0 0.0 54 0.0 1 0.0 | | | IT 5,673.00 1,884.00 5,528.0 1,965.0 4,833.0 1,744.0 4,651.0 1,632.00 + Ready @ - + 135% Format Tools Data Window Help 89% () A Sun Mar 29 10:26 AM Q E Excel File Edit View Insert ... Doboz Disney.xlsx Q Search Sheet = E Wrap Text General - % Insert Sex Delete L' A , T' Ex Delete + Merge & Center ) 0 .00 Conditional Format Formatting as Table Cell Styles Format Sort & Filter o E F IIIIIIIII IIIIIIIIII IIIIIIIII IIIIIIIIII IIIIIIIII 9,678.0 -87.0 2,966.0 69.0 5,673.0 13.00 9,332.0 -53.0 4,344.0 63.0 5,528.0 -3.00 4.00 -13.00 2,263.0 112.0 8,996.0 -30.0 4,393.0 63.0 4,833.0 -13.00 -11.00 - 13.00 1,904.0 116.0 8,793.0 -18.0 4,426.0 69.0 4,651.0 -4.00 -6.00 -4.00 1,882.0 123.0 29.00 114.0 X Calibri 11 A- A = = Paste BIU1A A1 x fox c 59 Assets 60 Capital Expenditures 61 Goodwill 62 Depreciation 63 Revenue - Supplementary Breakdown 64 Revenue Growth % 65 Operating Income Growth % 66 Revenue Growth - Supplemental Breakdow 67 Total Operating Expense 68 Amortization of Intangible Assets 69 Parks and Resorts 70 Revenue 10,761.00 71 Operating Income 1,318.0 72 Assets 17,529.0 73 Capital Expenditures -1,533.0 74 Goodwill 171.0 75 Depreciation 1,139.0 76 Revenue - Supplementary Breakdown 10,761.0 77 Revenue per Available Room 234.00 78 Revenue Growth % 1.00 Occupancy Rate 82.00 80 Operating Income Growth % -7.00 81 Revenue Growth - Supplemental Breakdow 1.00 82 Total Operating Expense -6,787.0 83 Amortization of Intangible Assets 0.0 84 Media Networks 85 Revenue 17,162.00 86 Operating Income 5,132.0 Sheet1 + Ready IIIIIIIIIIIII|||||| 11,797.01 1,553.0 19,530.0 -2,723.0 172.0 1,165.0 11,797.0 253.00 10.00 83.00 18.00 10.00 7,383.0 0.0 12,920.01 1,902.0 20,951.0 -2,883.0 172.0 1,241.00 12,920.00 266.00 10.00 82.00 22.00 10.00 7,928.0 0.0 14,087.00 2,220.0 22,056.0 -2,110.0 253.0 1,368.0 14,087.0 276.00 9.00 80.00 17.00 9.00 8,537.0 2.0 15,099.0 2,663.0 23,297.0 -2,688.0 291.0 1,470.0 15,099.0 289.00 7.00 82.00 20.00 7.00 9,106.0 2.0 16,162.0 3,031.0 25,510.01 -3,604.0 291.0 1,514.0 16,162.0 295.00 7.00 86.00 14.00 7.00 9,730.00 3.0 16,974.0 3,298.0 28,275.0 -4,215.0 291.0 1,718.0 16,974.0 301.00 5.00 87.00 9.00 8.00 10,039.0 3.0 18,415.0 3,774.0 29,492.0 -3,191.0 291.0 1,996.0 18,415.0 312.00 8.00 86.00 14.00 8.00 10,667.0 3.0 20,296.0 4,469.0 30,670.0 -3,883.0 291.0 2,152.0 20,296.0 334.00 10.00 87.00 18.00 10.00 11,590.0 4.0 18,714.01 6,146.0 19,436.0 6,619.0 20,356.0 6,818. 0 7 21,152.0 ,321.0 23,264.00 7,793.0 23,689.00 7,158.0 23,510.00 6,558.0 24,500.0 6,494.0 # @ - + 135% Excel File Edit View Insert Format Tools Data Window Help 89% () A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet = = = 2 E Insert L' A Wrap Text Merge & Center General % D E Cell Styles ** Delete - ) 0 L Conditional Format Formatting as Table .0 Z Sort & Filter Format 35,899.0 289.0 27,112.01 -224.0 15,737.0 213.0 17,162.0 6.00 8.00 6.00 -9,888.00 9.0 27,244.0 -307.01 15,728.0 229.0 18,714.0 9.00 20.00 9.00 10,282.0 8.0 28,660.00 -255.0 16,131.0 241.0 19,436.0 4.00 4.00 9.00 10,535.00 17.0 28,627.01 -263.00 16,071.0 238.0 20,356.0 5.00 3.00 5.00 11,261.0 13.0 29,566.0 -260.00 16,378.0 238.0 21,152.0 4.00 7.00 4.00 11,794.0 12.0 30,638.0 -198.01 16,354.00 245.0 23,264.0 10.00 6.00 10.00 13,150.0 21.00 32,706.01 - 166.00 16,345.0 237.0 23,689.0 2.00 0.00 -1.00 13,571.0 18.0 32,475.00 -139.00 16,325.0 225.0 23,510.0 -1.00 -11.00 -1.00 14,068.0 12.01 19,388.0 264.0 24,500.0 4.00 -4.00 4.00 14,928.0 62.0 X Calibri 11 A- A Paste BI USA A1 x fx 87 Assets 88 Capital Expenditures 89 Goodwill 90 Depreciation 91 Revenue - Supplementary Breakdown 92 Revenue Growth % 93 Operating Income Growth % 94 Revenue Growth - Supplemental Breakdo 95 Total Operating Expense 96 Amortization of Intangible Assets 97 A+E 98 Number of Subscribers (end of period) 99 Disney 100 Number of Subscribers (end of period) 101 Freeform 102 Number of Subscribers (end of period) 103 ESPN-Domestic 104 Number of Subscribers (end of period) 105 International Channels 106 Number of Subscribers (end of period) 107 Viceland 108 Number of Subscribers (end of period) 109 ESPN 110 Number of Subscribers (end of period) 111 ABC Family 112 Number of Subscribers (end of period) 113 Disney Channels Worldwide 114 Number of Subscribers (end of period) Sheet1 + IIIIIIIIII l l l l l 517,000.00 526,000.00 446,000.00 453,000.00 507,000.00 504,000.0 405,000.0 405,000.0 387,000.0 238,000.0 238,000.0 229,000.0 90,000.0 90,000.0 88,000.0 DIT 368,000.0 368,000.00 357,000.0 645,000.0 645,000.00 669,000.0 70,000.00 70,000.00 67,000.0 394,000.00 376,000.0 374,000.00 381,000.00 542,000.00 540,000.0 99,000.0 98,000.0 97,000.00 98,000.00 94,000.00 93,000.0 100,000.0l 240,000.0 253,000.0) 271,000.0 282,000.0 290,000.0 Ready B -- + 135% Excel File Edit View Insert Format Tools Data Window Help 90% [] A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet = = = 2 Insert 2 E General Wrap Text Merge & Center Ex Delete % ) 0 .0 Conditional Format Formatting as Table Cell Styles Sort & Format - Filter C D E F G H I J K L 78,000.0 80,000.00 82,000.0 80,000.00 78,000.0 | 91,000.0 95,000.00 106,000.00 115,000.00 123,000.0 TTTI 58,000.0 52,000.0 63,000.0 74,000.0 74,000.0 | 73,000.0 97,000.00 108,000.00 130,000.0 | I X Calibri 11 A- A Paste BI UBA A1 x fx 115 Disney XD - Domestic 116 Number of Subscribers (end of period) 117 Disney XD-International 118 Number of Subscribers (end of period) 119 Disney Junior - Domestic 120 Number of Subscribers (end of period) 121 Disney Junior-International Channels 122 Number of Subscribers (end of period) 123 Consumer Products 124 Revenue 125 Operating Income 126 Assets 127 Capital Expenditures 128 Goodwill 129 Depreciation 130 Revenue - Supplementary Breakdown 131 Revenue Growth % 132 Operating Income Growth % 133 Revenue Growth - Supplemental Breakdow 134 Total Operating Expense 135 Amortization of Intangible Assets 136 Interactive 137 Revenue 138 Operating Income 139 Assets 140 Capital Expenditures 141 Goodwill 142 Depreciation Sheet1 + 2,678.0 677.0 4,786.0 -97.0 1,805.01 33.0 2,678.0 10.00 11.00 10.00 -1,236.0 45.0 3,049.0 816.0 4,992.0 - 115.0 1,797.0 48.0 3,049.0 14.00 21.00 14.00 1,452.0 57.0 3,252.0 937.0 5,016.0 -69.0 1,794.0 55.0 3,252.0 7.00 15.00 14.00 1,384.0 60.0 3,555.0 1,112.0 7,506.0 -45.0 2,942.0 57.0 3,555.0 9.00 19.00 9.00 1,566.0 89.0 3,985.0 1,356.0 7,526.0 -43.0 2,967.0 59.0 3,985.0 12.00 22.00 12.00 1,683.0 109.0 IIIIIIIIIIIIIIIII TTTTTIIIIIIIIIIIII| ||||||||||| |||||||||| TTTTTTTTTTTTIIIII| 761.0 -234.0 1,756.0 -17.0 1,119.0 982.0 -308.0 1,801.0 -21.00 1,164.0 845.0 -216.0 1,926.0 -27.0 1,333.0 17.01 1,064.0 -87.0 2,311.0 -13.0 1,467.0 1,299.0 116.0 2,199.0 -5.0 1,389.0 10.01 |||||| |||||| 19.01 16.01 20.01 Ready - 135% Excel File Edit View Insert Format Tools Data Window Help 90% [] A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet X = = = 2 E General | P a ge Insert A . Wrap Text + Merge & Center Ex Delete Paste - % ) 0 .00 Calibri 11 A- A BIU1A fx Conditional Format Formatting as Table Cell Styles Format Sort & Filter A1 x G H 20.0 19.0 761.0 7.00 21.00 7.00 -581.0 24.0 16.0 982.0 29.00 -32.00 7.00 17.0 845.0 -14.00 30.00 29.00 583.0 32.0 142 Depreciation 143 Revenue - Supplementary Breakdown 144 Revenue Growth % 145 Operating Income Growth % 146 Revenue Growth - Supplemental Breakdow 147 Total Operating Expense 148 Amortization of Intangible Assets 149 SOAPnet 150 Number of Subscribers (end of period) 151 Source: Bloomberg 152 153 10.0 1,299.0 22.00 0.00 22.00 1,064.0 26.00 60.00 26.00 658.0 24.0 675.0 700.0 38.0 13.0 76,000.0 74,000.00 66,000.0 67,000.0 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 Sheet1 + Ready O - + 135% Disney.xlsx Q Search Sheet View 1 Ep Wrap Text General D e Insert + Share A. DO 5 = Home Insert Page Layout Formulas Data Review * Calibri 11 A- A = = = BIULA A1 x fx A C * Delete Paste + Merge & Center - % ) 0 .00 Conditional Format Formatting as Table Cell Styles Format Sort & Filter D E F G H I J K L FY 2010 10/02/2010 FY 2011 10/01/2011 FY 2012 09/29/2012 FY 2013 09/28/2013 FY 2014 09/27/2014 FY 2015 10/03/2015 FY 2016 10/01/2016 FY 2017 09/30/2017 FY 2018 09/29/2018 FY 2019 09/28/2019 ||||||| IIIIIII IIIIII |||||| |||||| IIIIIII |||||| IIIIIIII |||||| 24,701.01 6,758.0 -4,146.00 2,198.00 6.00 8.00 24,701.01 9,468.0 -3,258.0 -990.0 -1,024.0 -962.0 -1,557.0 -1,636.0 -1,457.0 -766.0 -558.0 -738.0 4 In Millions of USD except Per Share 5 12 Months Ending 6 Parks, Experiences and Products 7 Revenue 8 Operating Income 9 Capital Expenditures 10 Depreciation 11 Revenue Growth % 12 Operating Income Growth % 13 Revenue Including Intersegment Revenue 14 Reconciliation 15 Revenue 16 Operating Income 17 Studio Entertainment 18 Revenue 19 Operating Income Capital Expenditures 21 Depreciation Revenue Growth % 23 Operating Income Growth % Revenue Including Intersegment Revenue Assets Goodwill 27 Revenue - Supplementary Breakdown 28 Revenue Growth - Supplemental Breakdow 29 Total Operating Expense 30 Amortization of Intangible Assets Sheet1 + Ready 10,065.00 2,686.0 -88.0 20 6,701.0 693.0 - 102.0 56.0 9.00 100.00 6,351.0 618.0 - 118.0 53.0 -5.00 - 11.00 5,825.0 722.0 -79.0 48.0 -8.00 17.00 5,979.0 661.0 -78.0 54.0 3.00 -8.00 7,278.0 1,549.0 -63.0 48.0 22.00 100.00 7,366.0 1,973.0 -107.0 55.0 1.00 27.00 9,441.00 2,703.0 -86.0 51.0 28.00 37.00 8,379.0 2,355.0 -85.0 50.0 - 11.00 -13.00 9,987.0 2,980.0 -96.0 55.0 19.00 27.00 74.00 22 11.00 52.00 10,065.0 24 26 12,742.01 5,268.0 6,701.0 9.00 -3,469.0 12,221.0 5,284.0 6,351.0 -5.00 3,253.0 79.00 12,928.0 5,680.0 5,825.0 -5.00 2,908.0 94.00 14,750.0 6,591.0 5,979.0 3.00 3,012.0 107.01 15,162.0 6,856.0 7,278.0 22.00 3,137.0 88.00 15,334.0 6,836.0 7,366.0 1.00 3,050.0 84.0 15,359.0 6,830.0 9,441.0 -11.00 3,991.0 74.0 16,307.0 6,817.0 8,379.0 - 11.00 3,667.0 65.0 17,154.0 7,164.0 9,987.0 19.00 4,326.0 64.0 33.0 @ - + 135% DO 5 = Disney.xlsx Q Search Sheet + Share E Insert 2' 49 Wrap Text Merge & Center General % F 17DA Conditional Format Cell ) O * Delete Format Sort & E F G H I J |||||||| TIITTI |||||||| ||||||| |||||||| ||||||| ||||||| 3,414.0 -1,814.00 -468.00 207.0 100.00 - 100.00 3,414.0 31,900.00 Home Insert Page Layout Formulas Data Review View * Calibri 11 A- A = = = d.9 Pastel B i U S A . = 3 3 A1 x fx C D 31 Direct-to-Consumer & International 32 Revenue 33 Operating Income 34 Capital Expenditures 35 Depreciation 36 Revenue Growth % 37 Operating Income Growth % 38 Revenue Including Intersegment Revenue 39 Number of Subscribers (end of period) - Sul 40 Media Networks 41 Revenue 42 Operating Income 43 Capital Expenditures 44 Depreciation 45 Revenue Growth % 46 Operating Income Growth % 47 Revenue Including Intersegment Revenue 48 Corporate 49 Capital Expenditures - 137.0 -275.0) 50 Depreciation 142.0 148.0 51 Revenue Growth % 52 Operating Income Growth % 53 Assets 5,281.0 6,336.0 Goodwill 55 Amortization of Intangible Assets 56 Consumer Products and Interactive Media 57 Revenue 58 Operating Income Sheet1 TTTTTTTTTTTTTT TTTTTTTTTTTTTT |||||||| ||||||| ||||||| ||||||| ||||||| ||||||| 21,922.0 7,479.0 -174.0 191.0 13.00 2.00 21,922.00 -471.0) 182.0 -287.0 220.0 -252.0 239.0 -269.0 249.0 -253.0 251.0 -178.01 252.0 -179.00 218.0 -210.00 167.0 - 100.00 -100.00 1 5,417.0 5,991.0 6,391.0 6,361.0 7,022.0 1,379.0 8,519.0 3,600.0 6,082.0 0.0 54 0.0 1 0.0 | | | IT 5,673.00 1,884.00 5,528.0 1,965.0 4,833.0 1,744.0 4,651.0 1,632.00 + Ready @ - + 135% Format Tools Data Window Help 89% () A Sun Mar 29 10:26 AM Q E Excel File Edit View Insert ... Doboz Disney.xlsx Q Search Sheet = E Wrap Text General - % Insert Sex Delete L' A , T' Ex Delete + Merge & Center ) 0 .00 Conditional Format Formatting as Table Cell Styles Format Sort & Filter o E F IIIIIIIII IIIIIIIIII IIIIIIIII IIIIIIIIII IIIIIIIII 9,678.0 -87.0 2,966.0 69.0 5,673.0 13.00 9,332.0 -53.0 4,344.0 63.0 5,528.0 -3.00 4.00 -13.00 2,263.0 112.0 8,996.0 -30.0 4,393.0 63.0 4,833.0 -13.00 -11.00 - 13.00 1,904.0 116.0 8,793.0 -18.0 4,426.0 69.0 4,651.0 -4.00 -6.00 -4.00 1,882.0 123.0 29.00 114.0 X Calibri 11 A- A = = Paste BIU1A A1 x fox c 59 Assets 60 Capital Expenditures 61 Goodwill 62 Depreciation 63 Revenue - Supplementary Breakdown 64 Revenue Growth % 65 Operating Income Growth % 66 Revenue Growth - Supplemental Breakdow 67 Total Operating Expense 68 Amortization of Intangible Assets 69 Parks and Resorts 70 Revenue 10,761.00 71 Operating Income 1,318.0 72 Assets 17,529.0 73 Capital Expenditures -1,533.0 74 Goodwill 171.0 75 Depreciation 1,139.0 76 Revenue - Supplementary Breakdown 10,761.0 77 Revenue per Available Room 234.00 78 Revenue Growth % 1.00 Occupancy Rate 82.00 80 Operating Income Growth % -7.00 81 Revenue Growth - Supplemental Breakdow 1.00 82 Total Operating Expense -6,787.0 83 Amortization of Intangible Assets 0.0 84 Media Networks 85 Revenue 17,162.00 86 Operating Income 5,132.0 Sheet1 + Ready IIIIIIIIIIIII|||||| 11,797.01 1,553.0 19,530.0 -2,723.0 172.0 1,165.0 11,797.0 253.00 10.00 83.00 18.00 10.00 7,383.0 0.0 12,920.01 1,902.0 20,951.0 -2,883.0 172.0 1,241.00 12,920.00 266.00 10.00 82.00 22.00 10.00 7,928.0 0.0 14,087.00 2,220.0 22,056.0 -2,110.0 253.0 1,368.0 14,087.0 276.00 9.00 80.00 17.00 9.00 8,537.0 2.0 15,099.0 2,663.0 23,297.0 -2,688.0 291.0 1,470.0 15,099.0 289.00 7.00 82.00 20.00 7.00 9,106.0 2.0 16,162.0 3,031.0 25,510.01 -3,604.0 291.0 1,514.0 16,162.0 295.00 7.00 86.00 14.00 7.00 9,730.00 3.0 16,974.0 3,298.0 28,275.0 -4,215.0 291.0 1,718.0 16,974.0 301.00 5.00 87.00 9.00 8.00 10,039.0 3.0 18,415.0 3,774.0 29,492.0 -3,191.0 291.0 1,996.0 18,415.0 312.00 8.00 86.00 14.00 8.00 10,667.0 3.0 20,296.0 4,469.0 30,670.0 -3,883.0 291.0 2,152.0 20,296.0 334.00 10.00 87.00 18.00 10.00 11,590.0 4.0 18,714.01 6,146.0 19,436.0 6,619.0 20,356.0 6,818. 0 7 21,152.0 ,321.0 23,264.00 7,793.0 23,689.00 7,158.0 23,510.00 6,558.0 24,500.0 6,494.0 # @ - + 135% Excel File Edit View Insert Format Tools Data Window Help 89% () A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet = = = 2 E Insert L' A Wrap Text Merge & Center General % D E Cell Styles ** Delete - ) 0 L Conditional Format Formatting as Table .0 Z Sort & Filter Format 35,899.0 289.0 27,112.01 -224.0 15,737.0 213.0 17,162.0 6.00 8.00 6.00 -9,888.00 9.0 27,244.0 -307.01 15,728.0 229.0 18,714.0 9.00 20.00 9.00 10,282.0 8.0 28,660.00 -255.0 16,131.0 241.0 19,436.0 4.00 4.00 9.00 10,535.00 17.0 28,627.01 -263.00 16,071.0 238.0 20,356.0 5.00 3.00 5.00 11,261.0 13.0 29,566.0 -260.00 16,378.0 238.0 21,152.0 4.00 7.00 4.00 11,794.0 12.0 30,638.0 -198.01 16,354.00 245.0 23,264.0 10.00 6.00 10.00 13,150.0 21.00 32,706.01 - 166.00 16,345.0 237.0 23,689.0 2.00 0.00 -1.00 13,571.0 18.0 32,475.00 -139.00 16,325.0 225.0 23,510.0 -1.00 -11.00 -1.00 14,068.0 12.01 19,388.0 264.0 24,500.0 4.00 -4.00 4.00 14,928.0 62.0 X Calibri 11 A- A Paste BI USA A1 x fx 87 Assets 88 Capital Expenditures 89 Goodwill 90 Depreciation 91 Revenue - Supplementary Breakdown 92 Revenue Growth % 93 Operating Income Growth % 94 Revenue Growth - Supplemental Breakdo 95 Total Operating Expense 96 Amortization of Intangible Assets 97 A+E 98 Number of Subscribers (end of period) 99 Disney 100 Number of Subscribers (end of period) 101 Freeform 102 Number of Subscribers (end of period) 103 ESPN-Domestic 104 Number of Subscribers (end of period) 105 International Channels 106 Number of Subscribers (end of period) 107 Viceland 108 Number of Subscribers (end of period) 109 ESPN 110 Number of Subscribers (end of period) 111 ABC Family 112 Number of Subscribers (end of period) 113 Disney Channels Worldwide 114 Number of Subscribers (end of period) Sheet1 + IIIIIIIIII l l l l l 517,000.00 526,000.00 446,000.00 453,000.00 507,000.00 504,000.0 405,000.0 405,000.0 387,000.0 238,000.0 238,000.0 229,000.0 90,000.0 90,000.0 88,000.0 DIT 368,000.0 368,000.00 357,000.0 645,000.0 645,000.00 669,000.0 70,000.00 70,000.00 67,000.0 394,000.00 376,000.0 374,000.00 381,000.00 542,000.00 540,000.0 99,000.0 98,000.0 97,000.00 98,000.00 94,000.00 93,000.0 100,000.0l 240,000.0 253,000.0) 271,000.0 282,000.0 290,000.0 Ready B -- + 135% Excel File Edit View Insert Format Tools Data Window Help 90% [] A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet = = = 2 Insert 2 E General Wrap Text Merge & Center Ex Delete % ) 0 .0 Conditional Format Formatting as Table Cell Styles Sort & Format - Filter C D E F G H I J K L 78,000.0 80,000.00 82,000.0 80,000.00 78,000.0 | 91,000.0 95,000.00 106,000.00 115,000.00 123,000.0 TTTI 58,000.0 52,000.0 63,000.0 74,000.0 74,000.0 | 73,000.0 97,000.00 108,000.00 130,000.0 | I X Calibri 11 A- A Paste BI UBA A1 x fx 115 Disney XD - Domestic 116 Number of Subscribers (end of period) 117 Disney XD-International 118 Number of Subscribers (end of period) 119 Disney Junior - Domestic 120 Number of Subscribers (end of period) 121 Disney Junior-International Channels 122 Number of Subscribers (end of period) 123 Consumer Products 124 Revenue 125 Operating Income 126 Assets 127 Capital Expenditures 128 Goodwill 129 Depreciation 130 Revenue - Supplementary Breakdown 131 Revenue Growth % 132 Operating Income Growth % 133 Revenue Growth - Supplemental Breakdow 134 Total Operating Expense 135 Amortization of Intangible Assets 136 Interactive 137 Revenue 138 Operating Income 139 Assets 140 Capital Expenditures 141 Goodwill 142 Depreciation Sheet1 + 2,678.0 677.0 4,786.0 -97.0 1,805.01 33.0 2,678.0 10.00 11.00 10.00 -1,236.0 45.0 3,049.0 816.0 4,992.0 - 115.0 1,797.0 48.0 3,049.0 14.00 21.00 14.00 1,452.0 57.0 3,252.0 937.0 5,016.0 -69.0 1,794.0 55.0 3,252.0 7.00 15.00 14.00 1,384.0 60.0 3,555.0 1,112.0 7,506.0 -45.0 2,942.0 57.0 3,555.0 9.00 19.00 9.00 1,566.0 89.0 3,985.0 1,356.0 7,526.0 -43.0 2,967.0 59.0 3,985.0 12.00 22.00 12.00 1,683.0 109.0 IIIIIIIIIIIIIIIII TTTTTIIIIIIIIIIIII| ||||||||||| |||||||||| TTTTTTTTTTTTIIIII| 761.0 -234.0 1,756.0 -17.0 1,119.0 982.0 -308.0 1,801.0 -21.00 1,164.0 845.0 -216.0 1,926.0 -27.0 1,333.0 17.01 1,064.0 -87.0 2,311.0 -13.0 1,467.0 1,299.0 116.0 2,199.0 -5.0 1,389.0 10.01 |||||| |||||| 19.01 16.01 20.01 Ready - 135% Excel File Edit View Insert Format Tools Data Window Help 90% [] A Sun Mar 29 10:26 AM Q E Disney.xlsx Q Search Sheet X = = = 2 E General | P a ge Insert A . Wrap Text + Merge & Center Ex Delete Paste - % ) 0 .00 Calibri 11 A- A BIU1A fx Conditional Format Formatting as Table Cell Styles Format Sort & Filter A1 x G H 20.0 19.0 761.0 7.00 21.00 7.00 -581.0 24.0 16.0 982.0 29.00 -32.00 7.00 17.0 845.0 -14.00 30.00 29.00 583.0 32.0 142 Depreciation 143 Revenue - Supplementary Breakdown 144 Revenue Growth % 145 Operating Income Growth % 146 Revenue Growth - Supplemental Breakdow 147 Total Operating Expense 148 Amortization of Intangible Assets 149 SOAPnet 150 Number of Subscribers (end of period) 151 Source: Bloomberg 152 153 10.0 1,299.0 22.00 0.00 22.00 1,064.0 26.00 60.00 26.00 658.0 24.0 675.0 700.0 38.0 13.0 76,000.0 74,000.00 66,000.0 67,000.0 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 Sheet1 + Ready O - + 135%