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Disney Q2 2020 Earnings Financial Summary

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Disney Q2 2020 Earnings Financial Summary

What is a 10-Q filing? Is 10-Q filing audited as 10-K (annual financial statements? To what period does the Q2 2020 (mmddyyyy-mmddyyy)?

  • 10-Q filing is unaudited comprehensive quarterly financial report submitted by public companies to the Securities and Exchange Commission. It consists primarily the quarterly financial statements as well as disclosure of analyzed management decisions.
  • 10-Q filing is not audited as 10-K and it is done quarterly while 10-K filing is audited and it is done annually.
  • In Walt Disney Company the Q2 covers from January 1st, 2020 to March 28th, 2020.

How much is Disney’s revenue for Q2 2020? Net income? Earnings per share? Operating cash flow? How do these numbers compare the Q2 2019?

Q2 2020 in US$

Q2 2019 in US$

Change

 

Revenue

18,009

14,922

21%

 

Net Income

2,416

3,816

(37%)

 

Earning per share

0.60

1.61

(63%)

 

Free cash flow

1,910

2,720

(30%)

 

What are the four segments at Disney? Which segment has the largest revenue (net income)? Which segment do you thing is the strategic focus of Disney?

  • The four segments at Disney include Media Networks, Parks, Experiences and Products, Studio Entertainment and direct-to-Consumer and International.
  • Media Networks: Q2 2020 revenue was $7.3 billion net income was $2.4 billion.
  • Parks, Experiences and Products: Q2 2020 was $5.5 billion and net income was $639 million.
  • Studio Entertainment: Q2 2020 revenue was $2.8 billion and net income was $466 million.
  • Direct-to-Consumer and International: Q2 2020 revenue was $4.1 billion and net loss was $812 million.
  • Therefore, Media Networks Segment had the highest revenue and net income.
  • From the segment performance results, the strategic sector for Disney to focus on is the Media networks because the segment is the most profitable.

What is an earnings conference call? Who participated in Disney’s earnings conference call?

  • An earning conference call happens when management of public company announce and discuss quarterly or annual fiscal report through a teleconferencing tool.
  • Participants of Disney’s earnings conference call included Ben Swinburne from Morgan Stanley, Doug Mitchelson from Credit Suisse, Michael Nathanson from MoffettNathanson, John Hodulik from UBS, Steve Cahall from Wells Fargo, Alexia Quadrani from JP Morgan, Jason Bazinet from Citi, Jessica Ehlich from Bank of America Securities and John Janedis from Wolfe Research.

How does Disney discuss the impact of COVID-19 in the press release (or 10-Q or earnings call)?

  • There has been disruptions leading to closure of theme parks and retail stores as well as suspension of cruise ships and guided tours.
  • The pandemic has led to cancellation and suspension of stage performances at studio entertainment. The impact has also affected both the media networks and direct-to-consumer and international segments through disruption, suspension or cancellation of film and television content production as well as certain sport events.
  • The closure of parks due to COVID-19 has led to an approximated loss of $ 1billion, with operating income from all the business activities being at $1.4 billion.

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