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Walt Disney Co (DIS) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, October 1, 2022

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CIK: 1744489 Ticker: DIS
FOR IMMEDIATE RELEASE
Exhibit 99.1
November 8, 2022
THE WALT DISNEY COMPANY REPORTS
FOURTH QUARTER and FULL YEAR EARNINGS FOR FISCAL 2022
BURBANK, Calif. – The Walt Disney Company today reported earnings for its fourth quarter and fiscal year ended October 1, 2022.
•Revenues for the quarter and year grew 9% and 23%, respectively.
•Diluted earnings per share (EPS) from continuing operations for the quarter was comparable to the prior-year quarter at $0.09. Excluding certain items(1), diluted EPS for the quarter decreased to $0.30 from $0.37 in the prior-year quarter.
•Diluted EPS from continuing operations for the fiscal year ended October 1, 2022 increased to $1.75 from $1.11 in the prior year. Excluding certain items(1), diluted EPS for the year increased to $3.53 from $2.29 in the prior year.
“2022 was a strong year for Disney, with some of our best storytelling yet, record results at our Parks, Experiences and Products segment, and outstanding subscriber growth at our direct-to-consumer services, which added nearly 57 million subscriptions this year for a total of more than 235 million,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “Our fourth quarter saw strong subscription growth with the addition of 14.6 million total subscriptions, including 12.1 million Disney+ subscribers. The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate. By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future. And as we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead.”(2)
The following table summarizes the fourth quarter and full year results for fiscal 2022 and 2021:
 Quarter EndedYear Ended
(in millions, except per share amounts)October 1,
2022		October 2,
2021		ChangeOctober 1,
2022		October 2,
2021		Change
Revenues$20,150  $18,534  9  %$82,722  $67,418  23  %
Income from continuing operations before income taxes$376  $290  30  %$5,285  $2,561  >100  %
Total segment operating income(1)
$1,597  $1,587  1  %$12,121  $7,766  56  %
Net income from continuing operations(3)
$162  $160  1  %$3,193  $2,024  58  %
Diluted EPS from continuing operations(3)
$0.09  $0.09  —  %$1.75  $1.11  58  %
Diluted EPS excluding certain items(1)
$0.30  $0.37  (19) %$3.53  $2.29  54  %
Cash provided by continuing operations$2,524  $2,632  (4) %$6,002  $5,566  8  %
Free cash flow(1)
$1,376  $1,522  (10) %$1,059 $1,988 (47) %
(1)Diluted EPS excluding certain items, total segment operating income and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS from continuing operations, income from continuing operations before income taxes, and cash provided by continuing operations, respectively. See the discussion on page 2 and on pages 12 through 15 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.
(2)In addition to economic considerations, our expectations about losses and profitability are based on assumptions regarding consumer preferences and acceptance of our content, offerings, pricing models and price increases and the market for advertising sales on our direct-to-consumer (DTC) services.
(3)Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of income attributable to noncontrolling interests.
1
The following information was filed by Walt Disney Co (DIS) on Tuesday, November 8, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Walt Disney Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Shareholders' Equity
(Loss) Income Before Income Taxes (Detail)
Acquisitions Changes In Carry Amount Of Goodwill (Details)
Adjustments Related To Cross Currency Swap Hedges Included In Net Interest Expense In Condensed Consolidated Statements Of Income (Details)
Amortization Of Produced And Licensed Content Costs (Details)
Balances Of Produced And Licensed Content Costs (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings Bank Facilities To Support Commercial Paper Borrowings (Details)
Borrowings Commercial Paper Activity (Details)
Borrowings Including The Impact Of Interest Rate And Cross-Currency Swaps (Detail)
Borrowings Total Borrowings Excluding Market Value Adjustments, Scheduled Maturities (Detail)
Capital Expenditures, Depreciation And Amortization By Segment (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Contractual Commitments For Broadcast Programming Rights, Creative Talent And Other Commitments (Detail)
Components Of Lease Costs (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Detail)
Derivative Instruments - Adjustments Related To Fair Value Hedges Included In Net Interest Expense In Consolidated Statements Of Income (Detail)
Derivative Instruments - Carrying Amount And Cumulative Basis Adjustment For Fair Value Hedges (Details)
Derivative Instruments - Effect Of Foreign Currency Cash Flow Hedges On Aoci (Details)
Derivative Instruments - Gross Fair Value Of Derivative Positions (Detail)
Derivative Instruments - Net Gains Or Losses Recognized In Costs And Expenses On Economic Exposures Associated With Foreign Currency Exchange Rates (Detail)
Description Of Business And Segment Information - Additional Information (Detail)
Description Of The Business And Segment Information
Description Of The Business And Segment Information (Tables)
Detail Of Certain Balance Sheet Accounts
Detail Of Certain Balance Sheet Accounts (Tables)
Detail Of Certain Balance Sheet Accounts - Accounts Payable And Other Accrued Liabilities (Detail)
Detail Of Certain Balance Sheet Accounts - Current Receivables (Detail)
Detail Of Certain Balance Sheet Accounts - Intangible Assets (Detail)
Detail Of Certain Balance Sheet Accounts - Other Long-Term Liabilities (Detail)
Detail Of Certain Balance Sheet Accounts - Parks, Resorts And Other Property, At Cost (Detail)
Equity
Equity (Tables)
Equity Changes In Accumulated Other Comprehensive Loss, Before Tax (Detail)
Equity Changes In Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Equity Changes In Accumulated Other Comprehensive Loss, Tax (Details)
Equity Details About Aoci Components Reclassified To Net Income (Details)
Equity Dividends Paid (Details)
Equity In The Income Of Investees Included In Segment Operating Results Footnote (Details)
Equity Method Investment And Intangible Assets Included In Identifiable Assets By Segment Footnote (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Additional Information (Detail)
Equity-Based Compensation - Impact Of Stock Options/Rights And Restricted Stock Units On Income And Cash Flows (Detail)
Equity-Based Compensation - Information About Restricted Stock Unit Transactions (Detail)
Equity-Based Compensation - Information About Stock Option Transactions (Detail)
Equity-Based Compensation - Information About Stock Options Vested And Expected To Vest (Detail)
Equity-Based Compensation - Weighted Average Assumptions Used In Option-Valuation Model (Detail)
Expected Amortization Of Produced And Licensed Content (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Assets And Liabilities Measured At Fair Value (Detail)
Financial Information By Operating Segments (Details)
Identifiable Assets By Segment (Details)
Income Tax Expense / (Benefit) (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Deferred Tax Assets And Liabilities (Parenthetical) (Details)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits, Excluding Related Accrual For Interest (Detail)
Income Taxes - Reconciliation Of Effective Income Tax Rate To Federal Rate (Detail)
Income Taxes - Summary Of Valuation Allowance (Details)
International Theme Parks
International Theme Parks (Tables)
International Theme Parks - Additional Information (Detail)
International Theme Parks Impact Of Consolidating Balance Sheets Of International Theme Parks (Detail)
International Theme Parks Impact Of Consolidating Income Statements Of International Theme Parks (Detail)
Investments
Investments (Detail)
Investments (Tables)
Investments - Additional Information (Detail)
Lease Liability Maturities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Long-Lived Assets By Geographical Markets (Details)
New Accounting Pronouncements
Other Income (Expense), Net
Other Income (Expense), Net (Detail)
Other Income , Net (Tables)
Other Income, Net - Additional Information (Details)
Pension And Other Benefit Programs
Pension And Other Benefit Programs (Tables)
Pension And Other Benefit Programs - Accumulated Other Comprehensive Loss, Before Tax, Not Yet Recognized In Net Periodic Benefit Cost (Detail)
Pension And Other Benefit Programs - Additional Information (Detail)
Pension And Other Benefit Programs - Benefit Obligations, Assets, Funded Status And Balance Sheet Impacts Associated With Pension And Postretirement Medical Benefit Plans Based Upon Actuarial Valuations (Detail)
Pension And Other Benefit Programs - Contribution Into Multiemployer Pension Plans And Health And Welfare Plans (Detail)
Pension And Other Benefit Programs - Defined Benefit Plan Assets Measured At Fair Value (Detail)
Pension And Other Benefit Programs - Defined Benefit Plan Assets Measured At Fair Value (Parenthetical) (Detail)
Pension And Other Benefit Programs - Estimated Future Benefit Payments (Detail)
Pension And Other Benefit Programs - Estimated Future Benefit Payments (Parenthetical) (Detail)
Pension And Other Benefit Programs - Key Assumptions (Detail)
Pension And Other Benefit Programs - Long-Term Rate Of Return On Plan Assets (Detail)
Pension And Other Benefit Programs - Net Periodic Benefit Cost (Detail)
Pension And Other Benefit Programs - One Percentage Point (Ppt) Change On Projected Benefit Obligations (Detail)
Pension And Other Benefit Programs - Plan Assets Investment Policy Ranges For Major Asset Classes (Detail)
Produced And Acquired/Licensed Content Costs And Advances
Produced And Acquired/Licensed Content Costs And Advances (Tables)
Produced And Acquired/Licensed Content Costs And Advances - Additional Information (Detail)
Reconciliation Of Revenue From Segments To Consolidated (Details)
Reconciliation Of Segment Operating Income To Income Before Income Taxes (Details)
Reconciliation Of Segment Operating Income To Income Before Income Taxes Footnote (Details)
Restructuring And Impairment Charges
Restructuring And Impairment Charges (Tables)
Restructuring And Impairment Charges - Additional Information (Detail)
Restructuring And Impairment Charges Restructuring Reserves (Details)
Revenues
Revenues (Tables)
Revenues - Additional Information (Details)
Revenues And Segment Operating Income By Geographical Markets (Details)
Revenues Contract With Customer, Asset And Liability (Details)
Revenues Disaggregation Of Revenue By Geographical Markets (Details)
Revenues Disaggregation Of Revenue By Major Source (Details)
Summary Of Cash Flows Arising From Lease Transactions (Details)
Summary Of Right-Of-Use Assets And Lease Liabilities On The Balance Sheet (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Depreciation Computed On Straight-Line Method Over Estimated Useful Lives (Detail)
Summary Of Significant Accounting Policies - Expected Aggregate Annual Amortization Expense For Existing Amortizable Intangible Assets (Detail)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents And Restricted Cash Reported In The Consolidated Balance Sheet That Sum To The Total Amount In The Statement Of Cash Flow (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Weighted Average Number Of Common And Common Equivalent Shares Outstanding And Number Of Awards Excluded From Diluted Earnings Per Share (Detail)
Ticker: DIS
CIK: 1744489
Form Type: 10-K Annual Report
Accession Number: 0001744489-22-000213
Submitted to the SEC: Tue Nov 29 2022 5:03:15 PM EST
Accepted by the SEC: Tue Nov 29 2022
Period: Saturday, October 1, 2022
Industry: Miscellaneous Amusement And Recreation

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