The Walt Disney Company Reports Third Quarter and Nine Month Earnings for Fiscal 2014

  The Walt Disney Company Reports Third Quarter and Nine Month Earnings for
  Fiscal 2014

Business Wire

BURBANK, Calif. -- August 5, 2014

The Walt Disney Company (NYSE: DIS) today reported third quarter earnings,
which are a record for any quarter. Diluted earnings per share (EPS) for the
third quarter increased 27% to $1.28 from $1.01 in the prior-year quarter.
Excluding certain items affecting comparability^(1), EPS for the quarter
increased 24% to $1.28 from $1.03 in the prior-year quarter. Diluted EPS for
the nine months ended June28, 2014 increased 30% to $3.40 compared to $2.61
in the prior-year period. Excluding certain items affecting comparability, EPS
for the nine months increased 31% to $3.43.

“Our strategy of building strong brands and franchises continues to create
great value across our company,” said Robert A. Iger, chairman and CEO of The
Walt Disney Company. “This quarter we delivered the highest EPS in the
company’s history, and we’ve now generated greater EPS in the first three
quarters of FY 2014 than we have in any previous full fiscal year. We’re
extremely pleased with these results and we are also thrilled with the
spectacular performance of Guardians of the Galaxy, which holds great promise
as a new franchise for our company and once again reinforces the tremendous
value of Marvel.”

The following table summarizes the third quarter and nine-month results for
fiscal 2014 and 2013 (in millions, except per share amounts):

             Quarter Ended                    Nine Months Ended
              June 28,   June 29,   Change    June 28,   June 29,   Change
              2014        2013                  2014        2013
Revenues      $ 12,466    $ 11,578    8   %     $ 36,424    $ 33,473    9    %
Segment
operating     $ 3,857     $ 3,351     15  %     $ 10,230    $ 8,240     24   %
income ^(2)
Net income    $ 2,245     $ 1,847     22  %     $ 6,002     $ 4,742     27   %
^(3)
Diluted EPS   $ 1.28      $ 1.01      27  %     $ 3.40      $ 2.61      30   %
^(3)
Cash                                      )                                  )
provided by   $ 2,936     $ 3,413     (14 %     $ 6,675     $ 6,717     (1   %
operations
Free cash     $ 2,047     $ 2,723     (25 )     $ 4,427     $ 4,908     (10  )
flow ^(2)                                 %                                  %
                                                                             

^(1) See reconciliation of reported EPS to EPS excluding certain items
affecting comparability on page 8.
^(2) Aggregate segment operating income and free cash flow are non-GAAP
financial measures. See the discussion of non-GAAP financial measures that
follows.
^(3) Reflects amounts attributable to shareholders of The Walt Disney Company,
i.e. after deduction of noncontrolling interests.

SEGMENT RESULTS

The following table summarizes the third quarter and nine-month segment
operating results for fiscal 2014 and 2013 (in millions):

               Quarter Ended                    Nine Months Ended       
                June 28,    June 29,     Change   June 28,    June 29,     Change
                2014         2013                  2014         2013
Revenues:
Media           $ 5,511      $ 5,352      3   %    $ 15,935     $ 15,410     3   %
Networks
Parks and       3,980        3,678        8   %    11,139       10,371       7   %
Resorts
Studio          1,807        1,590        14  %    5,500        4,473        23  %
Entertainment
Consumer        902          775          16  %    2,913        2,551        14  %
Products
Interactive     266         183         45  %    937         668         40  %
                $ 12,466    $ 11,578    8   %    $ 36,424    $ 33,473    9   %
                                                                                 
Segment operating income
(loss):
Media           $ 2,296      $ 2,300      —   %    $ 5,884      $ 5,376      9   %
Networks
Parks and       848          689          23  %    1,976        1,649        20  %
Resorts
Studio          411          201        >100 %     1,295        553          >100 %
Entertainment
Consumer        273          219          25  %    977          765          28  %
Products
Interactive     29          (58      )   nm       98          (103     )   nm
                $ 3,857     $ 3,351     15  %    $ 10,230    $ 8,240     24  %
                                                                                 

Media Networks

Media Networks revenues for the quarter increased 3% to $5.5 billion and
segment operating income was relatively flat at $2.3 billion. The following
table provides further detail of the Media Networks results (in millions):

              Quarter Ended                  Nine Months Ended       
               June 28,   June 29,    Change   June 28,    June 29,     Change
               2014        2013                 2014         2013
Revenues:                
Cable          $ 3,942     $ 3,884     1   %    $ 11,334     $ 10,880     4   %
Networks
Broadcasting   1,569      1,468      7   %    4,601       4,530       2   %
               $ 5,511    $ 5,352    3   %    $ 15,935    $ 15,410    3   %
Segment
operating
income:
Cable          $ 1,942     $ 2,087     (7  )    $ 5,193      $ 4,763      9   %
Networks                                   %
Broadcasting   354        213        66  %    691         613         13  %
               $ 2,296    $ 2,300    —   %    $ 5,884     $ 5,376     9   %
                                                                              

Cable Networks

Operating income at Cable Networks decreased 7% to $1.9 billion for the
quarter due to a decrease at ESPN, partially offset by an increase at ABC
Family. The decrease at ESPN was due to higher programming and production
costs, decreased recognition of previously deferred revenue and the absence of
ESPN UK, which was sold in the fourth quarter of the prior year. These
decreases were partially offset by affiliate fee contractual rate increases
and higher advertising revenue. Programming and production costs increases
were driven by a contractual rate increase for Major League Baseball and the
addition of FIFA World Cup soccer, partially offset by the absence of X Games
events in the current quarter. ESPN recognized $98 million less of previously
deferred revenue during the quarter as a result of changes in contractual
provisions related to annual programming commitments. ESPN advertising revenue
increased due to higher rates and more units sold. Higher rates reflected the
benefit of FIFA World Cup soccer in the current quarter, partially offset by
two less NBA finals games this year. The increase at ABC Family was driven by
lower programming costs, reflecting fewer hours of original scripted
programming due to the timing of premieres, and higher affiliate fees due to
rate increases.

Broadcasting

Operating income at Broadcasting increased 66% to $354 million for the quarter
due to an increase in affiliate fees and higher income from program sales. The
increase in affiliate revenues was due to contractual rate increases and new
contractual provisions. Increased operating income from program sales was
driven by a lower average expense amortization rate and higher revenues led by
Marvel's Agents of S.H.I.E.L.D.

Parks and Resorts

Parks and Resorts revenues for the quarter increased 8% to $4.0 billion and
segment operating income increased 23% to $848 million. Operating income
growth for the quarter was driven by an increase at our domestic operations,
partially offset by a decrease at Disneyland Paris. Parks and Resorts results
include a favorable impact due to a shift in the timing of the Easter holiday
relative to our fiscal periods.

Higher operating income at our domestic operations was due to increased guest
spending and higher attendance, partially offset by higher costs. Guest
spending growth reflected higher average ticket prices for admissions at our
theme parks and for sailings at our cruise line and increased food, beverage
and merchandise spending. Higher costs were driven by MyMagic+ and labor and
other cost inflation, partially offset by lower pension and postretirement
medical costs.

The decrease in operating income at Disneyland Paris was due to higher
operating costs, decreased attendance and occupied room nights and lower
special event revenue, partially offset by higher average ticket prices.

Studio Entertainment

Studio Entertainment revenues for the quarter increased 14% to $1.8 billion
and segment operating income increased to $411 million from $201 million.
Higher operating income was due to increases in worldwide home entertainment
and international theatrical distribution, partially offset by a decrease in
domestic theatrical distribution.

The increase in worldwide home entertainment was driven by lower per unit
costs, higher net effective pricing and unit sales growth reflecting the
success of Frozen.

Higher international theatrical distribution results reflected the performance
of Frozen, Captain America 2: The Winter Soldier and Maleficent in the current
quarter compared to Iron Man 3, Wreck-It-Ralph, Oz The Great and Powerful and
Monsters University in the prior-year quarter.

Lower results in domestic theatrical distribution were due to the success of
Iron Man 3 and Monsters University in the prior-year quarter compared to
Captain America 2: The Winter Soldier, Maleficent and Million Dollar Arm in
the current quarter.

Consumer Products

Consumer Products revenues for the quarter increased 16% to $902 million and
segment operating income increased 25% to $273 million. Higher operating
income was due to increases at our Retail and Merchandise Licensing
businesses.

At our Retail business, higher operating income for the quarter was driven by
comparable store sales growth in all of our key markets.

The increase in operating income at Merchandise Licensing was due to the
performance of merchandise based on Frozen, Disney Channel properties,
Spider-Man and Planes partially offset by lower Monsters University revenue.
Additionally, Merchandise Licensing results benefited from lower acquisition
accounting impacts, which reduced revenue recognition in the prior-year
quarter. These increases were partially offset by higher third-party
royalties.

Interactive

Interactive revenues for the quarter increased 45% to $266 million and segment
operating results improved from a loss of $58 million to income of $29
million. Improved results were due to strong game sales growth, lower product
development costs and higher licensing fees from our mobile phone business in
Japan. The increase in game sales was driven by Disney Infinity, which was
released in the fourth quarter of the prior year, and the success of the Tsum
Tsum and Frozen Free Fall mobile games. The decrease in product development
costs was due to fewer titles in development and the benefit of restructuring
activities.

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $22 million to $137
million primarily due to higher incentive compensation costs, the timing of
allocations to operating segments and higher charitable contributions.

Interest Income/(Expense), net

Interest income/(expense), net was as follows (in millions):

                                Quarter Ended       
                                 June 28,  June 29,   Change
                                 2014       2013
Interest expense                 $  (74 )   $  (93 )   20  %
Interest and investment income   24        10        >100 %
Interest income/(expense), net   $  (50 )   $  (83 )   40  %
                                                           

The decrease in interest expense for the quarter was primarily due to lower
effective interest rates, partially offset by higher average debt balances.
The increase in interest and investment income for the quarter was primarily
due to gains on sales of investments.

Income Taxes

The effective income tax rate was as follows:

                           Quarter Ended       
                            June 28,  June 29,   Change
                            2014       2013
Effective Income Tax Rate   34.1  %    34.2  %    0.1  ppt
                                                        

Noncontrolling Interests

                                                 Quarter Ended       
                                                  June 28,  June 29,   Change
                                                  2014       2013
Net income attributable to noncontrolling         $  174     $  187     7   %
interests
                                                                            

The decrease in net income attributable to noncontrolling interests for the
quarter was driven by a decrease in operating results at ESPN.

Net income attributable to noncontrolling interests is determined on income
after royalties and management fees, financing costs and income taxes.

Cash Flow

Cash provided by operations and free cash flow were as follows (in millions):

                                             Nine Months Ended     
                                              June 28,   June 29,    Change
                                              2014        2013
Cash provided by operations                   $ 6,675     $ 6,717     $ (42  )
Investments in parks, resorts and other       (2,248  )   (1,809  )   (439   )
property
Free cash flow ^(1)                           $ 4,427    $ 4,908    $ (481 )
                                                                             

^(1) Free cash flow is not a financial measure defined by GAAP. See the
discussion of non-GAAP financial measures that follows.

Cash provided by operations for the first nine months of fiscal 2014 was
comparable to the first nine months of fiscal 2013 at $6.7 billion. The
benefit from higher segment operating results was offset by higher television
programming and production spending, increased income tax payments and a
larger build in receivables at Studio Entertainment and Media Networks. The
increase in receivables at Studio Entertainment was driven by higher revenues
due to Frozen while the increase at Media Networks was due to the timing of
collections.

Capital Expenditures and Depreciation Expense

Investments in parks, resorts and other property were as follows (in
millions):

                                                        Nine Months Ended
                                                         June 28,   June 29,
                                                         2014        2013
Media Networks
Cable Networks                                           $ 101       $  111
Broadcasting                                             52         43
Total Media Networks                                     153        154
Parks and Resorts
Domestic                                                 809         752
International                                            1,056      623
Total Parks and Resorts                                  1,865      1,375
Studio Entertainment                                     44          41
Consumer Products                                        23          27
Interactive                                              3           11
Corporate                                                160        201
Total investments in parks, resorts and other property   $ 2,248    $  1,809
                                                                        

Capital expenditures increased from $1.8 billion to $2.2 billion due to higher
construction spending for the Shanghai Disney Resort.

Depreciation expense was as follows (in millions):

                            Nine Months Ended
                             June 28,   June 29,
                             2014        2013
Media Networks
Cable Networks               $ 101       $  105
Broadcasting                 70         74
Total Media Networks         171        179
Parks and Resorts
Domestic                     832         781
International                259        242
Total Parks and Resorts      1,091      1,023
Studio Entertainment         37          39
Consumer Products            47          43
Interactive                  7           13
Corporate                    177        161
Total depreciation expense   $ 1,530    $  1,458
                                            

Non-GAAP Financial Measures

This earnings release presents EPS excluding the impact of certain items
affecting comparability, free cash flow and aggregate segment operating
income, all of which are important financial measures for the Company, but are
not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the relevant GAAP
financial measures and are not presented as alternative measures of EPS, cash
flow or net income as determined in accordance with GAAP. EPS excluding
certain items affecting comparability, free cash flow and aggregate segment
operating income as we have calculated them may not be comparable to similarly
titled measures reported by other companies.

EPS excluding certain items affecting comparability – The Company uses EPS
excluding certain items to evaluate the performance of the Company’s
operations exclusive of certain items affecting comparability of results from
period to period. The Company believes that information about EPS exclusive of
these impacts is useful to investors, particularly where the impact of the
excluded items is significant in relation to reported earnings, because the
measure allows for comparability between periods of the operating performance
of the Company’s business and allows investors to evaluate the impact of these
items separately from the impact of the operations of the business.

The following table reconciles reported EPS to EPS excluding certain items
affecting comparability:

                   Quarter Ended                 Nine Months Ended   
                    June 28,  June 29,   Change  June 28,  June 29,   Change
                    2014       2013                2014       2013
Diluted EPS as      $ 1.28     $ 1.01     27  %    $ 3.40     $ 2.61     30  %
reported
Exclude:
Restructuring and
impairment          —          0.02       nm       0.03       0.04       (25 )%
charges ^(1)
Favorable tax
adjustments
related to          —          —          nm       —          (0.06  )   nm
pre-tax earnings
of prior years
Tax benefit from
prior-year
foreign earnings
indefinitely        —          —          nm       —          (0.04  )   nm
reinvested
outside the
United States
^(2)
Hulu Equity
Redemption charge   —          —          nm       —          0.02       nm
^(3)
Other
income/(expense),            —         nm       0.01      0.04      (75  )%
net ^(4)
Diluted EPS
excluding certain   $ 1.28    $ 1.03    24  %    $ 3.43    $ 2.62    31   %
items affecting
comparability^(5)
                                                                              

^(1) Charges for the current quarter and nine-month period totaled $0 million
and $67 million (pre-tax), respectively, driven by severance costs. Charges
for the prior-year quarter and nine-month period totaled $60 million and $121
million (pre-tax), respectively, driven by severance costs.
^(2) The prior-year nine-month period includes a tax benefit due to an
increase in prior-year earnings from foreign operations indefinitely
reinvested outside the United States and subject to tax rates lower than the
federal statutory income tax rate ($64 million).
^(3) Our share of expense associated with an equity redemption at Hulu LLC
($55 million pre-tax).
^(4) Significant items in the current nine-month period include a loss from
Venezuelan foreign currency translation ($143 million pre-tax and before
noncontrolling interest), a gain on the sale of property ($77 million pre-tax)
and income related to a portion of a settlement of an affiliate contract
dispute ($29 million pre-tax). Significant items in the prior-year nine-month
period include the Celador litigation charge ($321 million pre-tax) and a gain
on the sale of our interest in ESPN STAR Sports ($219 million pre-tax and
before noncontrolling interest).
^(5) May not equal the sum of the rows due to rounding.

Free cash flow – The Company uses free cash flow (cash provided by operations
less investments in parks, resorts and other property), among other measures,
to evaluate the ability of its operations to generate cash that is available
for purposes other than capital expenditures. Management believes that
information about free cash flow provides investors with an important
perspective on the cash available to service debt, make strategic acquisitions
and investments and pay dividends or repurchase shares.

Aggregate segment operating income – The Company evaluates the performance of
its operating segments based on segment operating income, and management uses
aggregate segment operating income as a measure of the performance of
operating businesses separate from non-operating factors. The Company believes
that information about aggregate segment operating income assists investors by
allowing them to evaluate changes in the operating results of the Company’s
portfolio of businesses separate from non-operational factors that affect net
income, thus providing separate insight into both operations and the other
factors that affect reported results.

A reconciliation of segment operating income to net income is as follows (in
millions):

                               Quarter Ended          Nine Months Ended
                                June 28,   June 29,    June 28,    June 29,
                                2014        2013        2014         2013
Segment operating income        $ 3,857     $ 3,351     $ 10,230     $ 8,240
Corporate and unallocated       (137    )   (115    )   (408     )   (367    )
shared expenses
Restructuring and impairment    —           (60     )   (67      )   (121    )
charges
Other income/(expense), net     —           —           (31      )   (92     )
Interest income/(expense),      (50     )   (83     )   61           (209    )
net
Hulu Equity Redemption charge   —          —          —           (55     )
Income before income taxes      3,670       3,093       9,785        7,396
Income taxes                    (1,251  )   (1,059  )   (3,406   )   (2,303  )
Net income                      $ 2,419    $ 2,034    $ 6,379     $ 5,093 
                                                                             

CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will host a
conference call today, August5, 2014, at 5:00 PM EST/2:00 PM PST via a live
Webcast. To access the Webcast go to www.disney.com/investors. The discussion
will be available via replay through August 19, 2014 at 7:00 PM EDT/4:00 PM
PDT.

FORWARD-LOOKING STATEMENTS

Management believes certain statements in this earnings release may constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995.These statements are made on the basis of
management’s views and assumptions regarding future events and business
performance as of the time the statements are made. Management does not
undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied.Such
differences may result from actions taken by the Company, including
restructuring or strategic initiatives (including capital investments or asset
acquisitions or dispositions), as well as from developments beyond the
Company’s control, including:

  *changes in domestic and global economic conditions, competitive conditions
    and consumer preferences;
  *adverse weather conditions or natural disasters;
  *health concerns;
  *international, political, or military developments; and
  *technological developments.

Such developmentsmay affect travel and leisure businesses generally and may,
among other things, affect:

  *the performance of the Company’s theatrical and home entertainment
    releases;
  *the advertising market for broadcast and cable television programming;
  *expenses of providing medical and pension benefits;
  *demand for our products; and
  *performance of some or all company businesses either directly or through
    their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K
for the year ended September28, 2013 under Item1A, “Risk Factors,” and
subsequent reports.

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions, except per share data)
                                                    
                             Quarter Ended             Nine Months Ended
                             June 28,    June 29,     June 28,    June 29,
                             2014         2013         2014         2013
Revenues                     $ 12,466     $ 11,578     $ 36,424     $ 33,473
Costs and expenses           (8,968   )   (8,574   )   (27,280  )   (26,182  )
Restructuring and            —            (60      )   (67      )   (121     )
impairment charges
Other income/(expense),      —            —            (31      )   (92      )
net
Interest income/(expense),   (50      )   (83      )   61           (209     )
net
Equity in the income of      222         232         678         527      
investees
Income before income taxes   3,670        3,093        9,785        7,396
Income taxes                 (1,251   )   (1,059   )   (3,406   )   (2,303   )
Net income                   2,419        2,034        6,379        5,093
Less: Net income
attributable to              (174     )   (187     )   (377     )   (351     )
noncontrolling interests
Net income attributable to
The Walt Disney Company      $ 2,245     $ 1,847     $ 6,002     $ 4,742  
(Disney)
                                                                             
Earnings per share
attributable to Disney:
Diluted                      $ 1.28      $ 1.01      $ 3.40      $ 2.61   
Basic                        $ 1.30      $ 1.02      $ 3.43      $ 2.64   
                                                                             
Weighted average number of
common and common
equivalent shares
outstanding:
Diluted                      1,748       1,821       1,767       1,816    
Basic                        1,732       1,802       1,748       1,794    
                                                                             
Dividends declared per       $ —         $ —         $ 0.86      $ 0.75   
share
                                                                             

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in millions, except per share data)
                                                              
                                                    June 28,     September 28,
                                                    2014         2013
ASSETS
Current assets
Cash and cash equivalents                           $ 4,090      $  3,931
Receivables                                         7,543        6,967
Inventories                                         1,425        1,487
Television costs and advances                       1,095        634
Deferred income taxes                               480          485
Other current assets                                572         605        
Total current assets                                15,205       14,109
Film and television costs                           5,025        4,783
Investments                                         2,858        2,849
Parks, resorts and other property
Attractions, buildings and equipment                41,934       41,192
Accumulated depreciation                            (23,615  )   (22,459    )
                                                    18,319       18,733
Projects in progress                                3,441        2,476
Land                                                1,253       1,171      
                                                    23,013       22,380
Intangible assets, net                              7,268        7,370
Goodwill                                            27,924       27,324
Other assets                                        2,430       2,426      
Total assets                                        $ 83,723    $  81,241  
                                                                            
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities      $ 6,379      $  6,803
Current portion of borrowings                       3,216        1,512
Unearned royalties and other advances               3,756       3,389      
Total current liabilities                           13,351       11,704
                                                                            
Borrowings                                          12,920       12,776
Deferred income taxes                               4,360        4,050
Other long-term liabilities                         4,480        4,561
Commitments and contingencies
Equity
Preferred stock, $.01 par value                     —            —
Authorized – 100 million shares, Issued – none
Common stock, $.01 par value
Authorized – 4.6 billion shares, Issued – 2.8       34,123       33,440
billion shares
Retained earnings                                   52,235       47,758
Accumulated other comprehensive loss                (1,169   )   (1,187     )
                                                    85,189       80,011
Treasury stock, at cost, 1.1 billion shares at
June 28, 2014 and                                   (39,669  )   (34,582    )
1.0 billion shares at September 28, 2013
Total Disney Shareholders' equity                   45,520       45,429
Noncontrolling interests                            3,092       2,721      
Total equity                                        48,612      48,150     
Total liabilities and equity                        $ 83,723    $  81,241  
                                                                            

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in millions)
                                                      
                                                        Nine Months Ended
                                                        June 28,   June 29,
                                                        2014        2013
OPERATING ACTIVITIES
Net income                                              $ 6,379     $ 5,093
Depreciation and amortization                           1,698       1,633
Gains on sales of investments and dispositions          (285    )   (245    )
Deferred income taxes                                   304         163
Equity in the income of investees                       (678    )   (527    )
Cash distributions received from equity investees       538         526
Net change in film and television costs and advances    (993    )   (357    )
Equity-based compensation                               308         305
Other                                                   33          249
Changes in operating assets and liabilities:
Receivables                                             (543    )   (3      )
Inventories                                             61          78
Other assets                                            (73     )   (3      )
Accounts payable and other accrued liabilities          (288    )   (328    )
Income taxes                                            214        133     
Cash provided by operations                             6,675      6,717   
                                                                            
INVESTING ACTIVITIES
Investments in parks, resorts and other property        (2,248  )   (1,809  )
Sales of investments/proceeds from dispositions         382         367
Acquisitions                                            (402    )   (2,310  )
Other                                                   (24     )   90      
Cash used in investing activities                       (2,292  )   (3,662  )
                                                                            
FINANCING ACTIVITIES
Commercial paper borrowings/(repayments), net           1,253       (2,000  )
Borrowings                                              2,180       3,900
Reduction of borrowings                                 (1,549  )   (817    )
Dividends                                               (1,508  )   (1,324  )
Repurchases of common stock                             (5,087  )   (2,694  )
Proceeds from exercise of stock options                 348         518
Other                                                   273        (19     )
Cash used in financing activities                       (4,090  )   (2,436  )
                                                                            
Impact of exchange rates on cash and cash equivalents   (134    )   (74     )
                                                                            
Increase in cash and cash equivalents                   159         545
Cash and cash equivalents, beginning of period          3,931      3,387   
Cash and cash equivalents, end of period                $ 4,090    $ 3,932 
                                                                            

Contact:

The Walt Disney Company
Zenia Mucha
Corporate Communications
818-560-5300
or
Lowell Singer
Investor Relations
818-560-6601
 
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