DIS - The Walt Disney Company (DIS) Q1 2024 Earnings Call Transcript

2024-02-07 20:48:02 ET

The Walt Disney Company (DIS)

Q1 2024 Earnings Conference Call

February 7, 2024, 04:30 PM ET

Company Participants

Alexia Quadrani - EVP, IR

Bob Iger - CEO

Hugh Johnston - EVP and CFO

Conference Call Participants

Ben Swinburne - Morgan Stanley

Michael Nathanson - MoffettNathanson

Jessica Reif Ehrlich - Bank of America Merrill Lynch

Steven Cahall - Wells Fargo

Bryan Kraft - Deutsche Bank

Michael Morris - Guggenheim Securities

Presentation

Operator

Good day and welcome to The Walt Disney Company's First Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded.

I would now like to turn the conference over to Alexia Quadrani, Executive Vice President, Investor Relations. Please go ahead.

Alexia Quadrani

Good afternoon. It's my pleasure to welcome everybody to The Walt Disney Company's first quarter 2024 earnings call. Our press release was issued about 25 minutes ago and is available on our website at www.disney.com/investors. Today's call is being webcast, and a replay and transcript as well as the first quarter earnings presentation will all be made available on our website after the call.

Joining me for today's call are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Hugh, we'll be happy to take some of your questions.

So with that, let me turn the call over to Bob to get started.

Bob Iger

Thanks, Alexia, and good afternoon, everyone. Just one year ago, we outlined an ambitious plan to return to a period of sustained growth and shareholder value creation. And our strong performance this past quarter demonstrates we have turned the corner and entered a new era. As previously noted, we're focused on transitioning ESPN into the preeminent digital sports platform, building streaming into a profitable growth business, reinvigorating our film studios and turbocharging growth in our parks and experiences.

Before we dive deeper into our results, let me start by making a number of significant announcements that represent important and exciting steps forward. First, we announced yesterday the full suite of ESPN's channels will now be available direct-to-consumer as part of a new joint venture with Fox and Warner Brothers Discovery to create a new streaming sports service launching this fall. This brings together content from all of these companies' combined assets, including all the major professional sports leagues and college sports.

And in the fall of 2025, we'll be offering ESPN as a stand-alone streaming option with innovative digital features, creating a one-stop sports destination unlike anything available in the marketplace today. ESPN is also adding a sports icon to its lineup with Coach Nick Saban joining the network as an on-air commentator later this year. We're excited to share that in November, we will release a feature-length animated sequel to Moana, which joins a very robust lineup of upcoming theatrical releases....

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