Exhibit 99.1
FOR IMMEDIATE RELEASE
August 8, 2017
THE WALT DISNEY COMPANY REPORTS
THIRD QUARTER AND NINE MONTHS EARNINGS FOR FISCAL 2017
BURBANK, Calif. – The Walt Disney Company today reported quarterly earnings for its third fiscal quarter ended July 1, 2017. Diluted earnings per share (EPS) for the quarter decreased 5% to $1.51 from $1.59 in the prior-year quarter. Excluding certain items affecting comparability(1), EPS for the quarter decreased 2% to $1.58 from $1.62 in the prior-year quarter. Diluted EPS for the nine months ended July 1, 2017 decreased to $4.55 from $4.63. Excluding certain items affecting comparability(1), EPS for the nine months increased to $4.63 from $4.61.
“Today we announced a strategic shift in the way we distribute our content. The media landscape is increasingly defined by direct relationships between content creators and consumers, and our control of BAMTech’s full array of innovative technology will give us the power to forge those connections, along with the flexibility to quickly adapt to shifts in the market,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the Company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands.”
“Our results for the quarter reflect the underlying strength of our brands and franchises, and our continued investment in high-quality content. Our ability to successfully execute on our core strategy, coupled with our plans for new direct-to-consumer offerings, give us continued confidence in our ability to drive shareholder value,” said Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company.
The following table summarizes the third quarter and nine-month results for fiscal 2017 and 2016 (in millions, except per share amounts): 
 
Quarter Ended
 
 
 
Nine Months Ended
 
 
 
July 1,
2017
 
July 2,
2016
 
Change
 
July 1,
2017
 
July 2,
2016
 
Change
Revenues
$
14,238

 
$
14,277

 
 %
 
$
42,358

 
$
42,490

 
 %
Segment operating income (1)
$
4,011

 
$
4,456

 
(10)
 %
 
$
11,963

 
$
12,545

 
(5)
 %
Net income (2)(3)
$
2,366

 
$
2,597

 
(9)
 %
 
$
7,233

 
$
7,620

 
(5)
 %
Diluted EPS (2)(3)
$
1.51

 
$
1.59

 
(5)
 %
 
$
4.55

 
$
4.63

 
(2)
 %
EPS excluding certain items affecting comparability (1)(3)
$
1.58

 
$
1.62

 
(2)
 %
 
$
4.63

 
$
4.61

 
 %
Cash provided by operations
$
4,133

 
$
3,630

 
14
 %
 
$
8,831

 
$
9,615

 
(8)
 %
Free cash flow (1)
$
3,328

 
$
2,495

 
33
 %
 
$
6,103

 
$
5,924

 
3
 %
(1) 
EPS excluding certain items affecting comparability, segment operating income and free cash flow are non-GAAP financial measures. See the discussion on pages 7 through 9. For the quarter and nine month periods ended July 1, 2017, items affecting comparability related to a charge, net of committed insurance recoveries, incurred in connection with the settlement of litigation ($177 million).
(2) 
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling interests.
(3) 
Includes an income tax benefit related to the adoption of new accounting rules for the tax effects of employee share-based awards (see further discussion under Income Taxes on page 5).

1

The following information was filed by Twdc Enterprises 18 Corp. on Tuesday, August 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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