Christine McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company, participating in a question-and-answer session at the Citi 2020 Global Technology Conference on Wednesday, September 9, 2020.
*The transcript includes clarifications, which apply to both the transcript and webcast replay.
Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding The Walt Disney Company and its subsidiaries’ (“our”) business or financial prospects, position, strategy, plans, investments, resiliency or growth; financial or performance estimates or expectations; estimates of the financial or business impact of certain items, accounting treatment, events or circumstances; the anticipated availability, timing or nature of, or offerings (such as content) included within, our products or services; future resumption of operations and related impacts, timing, conditions, precautions or market responses; future consumer sentiment or demand; workforce matters; the continuation of external circumstances (including COVID-19); and other statements that are not historical in nature. 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, asset acquisitions or dispositions, integration initiatives and timing of synergy realization new or expanded business lines or cessation of certain operations) or other business decisions, 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, regulatory, political, or military developments;
- technological developments;
- labor markets and activities; and
- and each such risk includes the current and future impacts of, and is amplified by, COVID-19 and related mitigation efforts.
Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):
- the performance of the Company’s theatrical and home entertainment releases;
- the advertising market for broadcast and cable television programming;
- demand for our products and services;
- expenses of providing medical and pension benefits;
- income tax expense;
- performance of some or all company businesses either directly or through their impact on those who distribute our products; and
- achievement of anticipated benefits of the TFCF transaction.
Additional factors are set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2020 and subsequent reports.
Reconciliations of non-GAAP measures to closest equivalent GAAP measures can be found at www.disney.com/investors.