Walt Disney Company Q3 Earnings Report

[Vern60]

If I'm reading the earnings release right, the $8 a month you pay for ESPN, mostly. According to the release ESPN made money hand over fist in the quarter as they didn't have to spend anything to cover live events nor did they have to pay the NBA etc for games that didn't get played.

Ahhh, that makes sense, nice for them.

 

[rteetz]

https://twitter.com/x/status/1290745389252055040

 

[Brianstl]

They lost $4.8 billion on continuing operations.

 

[rteetz]

Disney up to 119.4 in after hours trading.

 

[rteetz]

Disney up to 119.4 in after hours trading.

And quickly back down to 117 lol

 

[rteetz]

Here we go!

 

[Brianstl]

I will be shocked if they don't get question on this in the call.

During the current and prior-year quarters, the Company recorded charges totaling $5,047 million and $207 million, respectively. The current quarter charges included $4,953 million of impairments of goodwill and intangible assets at our International Channels business and $94 million of restructuring costs. The impairment of goodwill and intangible assets reflected the impacts of COVID-19 and of the ongoing shift of film and television distribution from licensing of linear channels to a direct-to-consumer business model on the International Channel businesses. Restructuring costs were primarily for severance and contract termination charges in connection with the integration of TFCF.

So they you an accounting trick with their purchase of Fox this quarter to make it look like it wasn't as bad as it was.

 

[rteetz]

Chapek reading a statement about current times.

 

[skeeter31]

Chapek reading a statement about current times.

Definitely not a great public speaker.

 

[butterscotchcollins]

I'm here

Chapek needs waaaayyyyy better PR coaching. He sounds like a bad robot. The Animatronics in his parks are literally more animated and convincing.

 

[rteetz]

Chapek noting the sports in the "Walt Disney World Bubble"

 

[rteetz]

As of yesterday they have passed 60.5 million subscribers on Disney+

 

[Brianstl]

The company actually turned a profit from an operations perspective. They booked a $5 BILLION DOLLAR impairment charge, related to "international channels business", which is the reason they show a $4 billion dollar loss for the quarter.

The impairment charged gets booked as a credit. Normally spread out over multiple quarters after a major purchase like Fox. They lost $4.8 billion on continuing operations.

 

[rteetz]

Disney+ HotStar debuts in September in Indonesia

 

[rteetz]

https://twitter.com/x/status/1290749469928161280

 

[Iowamomof4]

My gosh, it's like listening to a bad version of William Shatner.

 

[JacknSally]

Surprised not to hear Iger mentioned as being on the call. Chapek's flying solo on this one.

 

[anthony2k7]

$18B borrowed can inflate a capital/cash reserve.

It can, but they're gonna need a whole lot more Disney+ subscribers if that's gonna be the main incoming serving that debt for the near future.

 

[butterscotchcollins]

Surprised not to hear Iger mentioned as being on the call. Chapek's flying solo on this one.

They need a fall guy.

 

[CastAStone]

Surprised not to hear Iger mentioned as being on the call. Chapek's flying solo on this one.

It would be really unusual for a non-executive Chairman to participate in an earnings call. It would make Bob C look weak.