Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2024
Financial Results for the Quarter:
Revenues for the quarter increased to $22.1 billion from $21.8 billion in the prior-year quarter. Diluted earnings per share (EPS) was a loss of $0.01 for the current quarter compared to income of $0.69 in the prior-year quarter. Diluted EPS decreased to a nominal loss due to goodwill impairments in the quarter, partially offset by higher operating income at Entertainment and Experiences. Excluding certain items(1), diluted EPS for the quarter increased to $1.21 from $0.93 in the prior-year quarter.
Key Points:
In the second fiscal quarter of 2024, we achieved strong double digit percentage growth in adjusted EPS(1), and met or exceeded our financial guidance for the quarter. As a result of outperformance in the second quarter, our new full year adjusted EPS(1) growth target is now 25%. We remain on track to generate approximately $14 billion of cash provided by operations and over $8 billion of free cash flow(1) this fiscal year. We repurchased $1 billion worth of shares in the second quarter and look forward to continuing to return capital to shareholders. The Entertainment Direct-to-Consumer business was profitable in the second quarter. While we are expecting softer Entertainment DTC results in Q3 to be driven by Disney+ Hotstar, we continue to expect our combined streaming businesses to be profitable in the fourth quarter, and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025. Disney+ Core subscribers increased by more than 6 million in the second quarter, and Disney+ Core ARPU increased sequentially by 44 cents. Sports operating income declined slightly versus the prior year, reflecting the timing impact of College Football Playoff games at ESPN, offset by improved results at Star India. The Experiences business was also a growth driver in the second quarter, with revenue growth of 10%, segment operating income growth of 12%, and margin expansion of 60 basis points versus the prior year. Although the third quarter's segment operating income is expected to come in roughly comparable to the prior year, we continue to expect robust operating income growth at Experiences for the full year.
_________________________________
Message From Our CEO:
"Our strong performance in Q2, with adjusted EPS(1) up 30% compared to the prior year, demonstrates we are delivering on our strategic priorities and building for the future," said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. "Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.
"Looking at our company as a whole, it's clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results. We have a number of highly anticipated theatrical releases arriving over the next few months; our television shows are resonating with audiences and critics alike; ESPN continues to break ratings records as we further its evolution into the preeminent digital sports platform; and we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments."
SUMMARIZED FINANCIAL RESULTS
The following table summarizes second quarter results for fiscal 2024 and 2023:
Quarter Ended Six Months Ended
---------------------------------------- ----------------------------------------
($ in millions, except per share amounts) March 30, April 1, Change March 30, April 1, Change
2024 2023 2024 2023
---------- ---------- -------------------- ---------- ---------- --------------------
Revenues $ 22,083 $ 21,815 1% $ 45,632 $ 45,327 1%
Income before income taxes $ 657 $ 2,123 (69)% $ 3,528 $ 3,896 (9)%
Total segment operating income(1) $ 3,845 $ 3,285 17% $ 7,721 $ 6,328 22%
Diluted EPS $ (0.01) $ 0.69 nm $ 1.03 $ 1.39 (26)%
Diluted EPS excluding certain items(1) $ 1.21 $ 0.93 30% $ 2.44 $ 1.91 28%
Cash provided by operations $ 3,666 $ 3,236 13% $ 5,851 $ 2,262 >100%
(1)Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.
SUMMARIZED SEGMENT FINANCIAL RESULTS
The following table summarizes second quarter segment revenue and operating income for fiscal 2024 and 2023:
Quarter Ended Six Months Ended
-------------------------------------------------------------------------------- --------------------------------------------------------------------------------
($ in millions) March 30, April 1, Change March 30, April 1, Change
2024 2023 2024 2023
------------------------------ ------------------------------ -------------------- ------------------------------ ------------------------------ --------------------
Revenues:
$ 9,796 $ 10,309 (5)% $ 19,777 $ 20,984 (6)%
Entertainment
4,312 4,226 2% 9,147 8,866 3%
Sports
8,393 7,646 10% 17,525 16,191 8%
Experiences
(418) (366) (14)% (817) (714) (14)%
Eliminations(2)
-------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
Total revenues $ 22,083 $ 21,815 1% $ 45,632 $ 45,327 1%
==================== ========== ==================== ========== ==================== ========== ==================== ==========
Segment operating income (loss):
$ 781 $ 455 72% $ 1,655 $ 800 >100%
Entertainment
778 794 (2)% 675 630 7%
Sports
2,286 2,036 12% 5,391 4,898 10%
Experiences
-------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ----------
(1)Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 17 through 21.
DISCUSSION OF SECOND QUARTER SEGMENT RESULTS
Entertainment
Revenue and operating income for the Entertainment segment are as follows:
Quarter Ended Change Six Months Ended
-------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------
($ in millions) March 30, April 1, March 30, April 1, Change
2024 2023 2024 2023
------------------------------ ------------------------------ ---------------------------------------- ---------------------------------------- --------------------
Revenues:
$ 2,765 $ 2,999 (8)% $ 5,568 $ 6,201 (10)%
Linear Networks
5,642 4,983 13% 11,188 9,805 14%
Direct-to-Consumer
1,389 2,327 (40)% 3,021 4,978 (39)%
Content Sales/Licensing and Other
-------------------- ---------- -------------------- ---------- -------------------- -------------------- -------------------- --------------------
$ 9,796 $ 10,309 (5)% $ 19,777 $ 20,984 (6)%
==================== ========== ==================== ========== ==================== ==================== ==================== ====================
Operating income (loss):
$ 752 $ 959 (22)% $ 1,988 $ 2,289 (13)%
Linear Networks
47 (587) nm (91) (1,571) 94%
Direct-to-Consumer
(18) 83 nm (242) 82 nm
Content Sales/Licensing and Other
-------------------- ---------- -------------------- ---------- -------------------- -------------------- -------------------- --------------------
The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer, partially offset by declines at Linear Networks and Content Sales/Licensing and Other.
Linear Networks
Linear Networks revenues and operating income are as follows:
Quarter Ended Change
--------------------------------------------------------------------------------
($ in millions) March 30, April 1,
2024 2023
------------------------------ ------------------------------
Revenue
$ 2,269 $ 2,440 (7)%
Domestic
496 559 (11)%
International
-------------------- ---------- -------------------- ----------
$ 2,765 $ 2,999 (8)%
==================== ========== ==================== ==========
Operating income
$ 520 $ 635 (18)%
Domestic
92 165 (44)%
International
140 159 (12)%
Equity in the income of investees
-------------------- ---------- -------------------- ----------
Domestic
The decrease in domestic operating income in the current quarter compared to the prior-year quarter was due to:
Lower affiliate revenue primarily due to a decrease in subscribers including the impact of the non-renewal of carriage of certain networks by an affiliate, partially offset by higher contractual rates A decline in advertising revenue attributable to a decrease in impressions reflecting lower average viewership, partially offset by higher rates
International
Lower international operating income was due to a decrease in affiliate revenue primarily attributable to fewer subscribers and contractual rate decreases.
Equity in the Income of Investees
Income from equity investees decreased due to lower income from A+E Television Networks (A+E) attributable to decreases in advertising and affiliate revenue.
Direct-to-Consumer
Direct-to-Consumer revenues and operating income (loss) are as follows:
Quarter Ended Change
--------------------------------------
($ in millions) March 30, April 1,
2024 2023
--------- ---------
Revenue $ 5,642 $ 4,983 13%
==== ===== ==== =====
The improvement in operating results in the current quarter compared to the prior-year quarter was due to:
Subscription revenue growth attributable to higher rates due to increases in retail pricing across our streaming services, and subscriber growth at Disney+ Core Lower distribution costs An increase in advertising revenue due to higher impressions, partially offset by lower rates Higher marketing costs An increase in programming and production costs due to more programming on our services and higher subscriber-based fees for programming the Hulu Live TV service, partially offset by lower average costs per hour of content available on our services The increase in Hulu Live TV subscriber-based fees was due to rate increases and more subscribers
Second Quarter of Fiscal 2024 Comparison to First Quarter of Fiscal 2024
In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings(1), and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.
Paid subscribers(1) at:
(in millions) March 30, December 30, Change
2024 2023
-------------------- -------------------- --------------------
Disney+
54.0 46.1 17%
Domestic (U.S. and Canada)
63.6 65.2 (2)%
International (excluding Disney+ Hotstar)(1)
-------------------- --------------------
117.6 111.3 6%
Disney+ Core(2)
==================== ====================
36.0 38.3 (6)%
Disney+ Hotstar
==================== ====================
Hulu
45.8 45.1 2%
SVOD Only
4.5 4.6 (2)%
Live TV + SVOD
-------------------- --------------------
Average Monthly Revenue Per Paid Subscriber(1) for the quarter ended:
March 30, December 30, Change
2024 2023
------------------------------ ------------------------------ --------------------
Disney+
$ 8.00 $ 8.15 (2)%
Domestic (U.S. and Canada)
6.66 5.91 13%
International (excluding Disney+ Hotstar)(1)
7.28 6.84 6%
Disney+ Core
0.70 1.28 (45)%
Disney+ Hotstar
Hulu
11.84 12.29 (4)%
SVOD Only
(1)See discussion on page 16--DTC Product Descriptions and Key Definitions
Domestic Disney+ average monthly revenue per paid subscriber decreased from $8.15 to $8.00 due to a higher mix of wholesale subscribers, partially offset by increases in retail pricing.
International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $5.91 to $6.66 due to increases in retail pricing and a lower mix of subscribers to promotional offerings.
Disney+ Hotstar average monthly revenue per paid subscriber decreased from $1.28 to $0.70 due to lower advertising revenue.
Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.29 to $11.84 due to lower advertising revenue, partially offset by increases in retail pricing.
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $93.61 to $95.01 due to increases in retail pricing and a lower mix of subscribers to promotional offerings, partially offset by lower advertising revenue.
Content Sales/Licensing and Other
Content Sales/Licensing and Other revenues and operating income (loss) are as follows:
Quarter Ended Change
--------------------------------------
($ in millions) March 30, April 1,
2024 2023
--------- ---------
Revenue $ 1,389 $ 2,327 (40)%
==== ===== ==== =====
The decrease in operating results was due to:
Lower theatrical distribution results as there were no significant titles released in the current quarter compared to Ant-Man and the Wasp: Quantumania in the prior-year quarter. The prior-year quarter also included the benefit of the ongoing performance of Avatar: The Way of Water, which was released in December 2022. Higher film cost impairments in the current quarter
Sports
Sports revenues and operating income (loss) are as follows:
Quarter Ended Change
--------------------------------------------------------------------------------
($ in millions) March 30, April 1,
2024 2023
------------------------------ ------------------------------
Revenue
ESPN
$ 3,866 $ 3,733 4%
Domestic
341 366 (7)%
International
-------------------- ---------- -------------------- ----------
4,207 4,099 3%
105 127 (17)%
Star India
-------------------- ---------- -------------------- ----------
$ 4,312 $ 4,226 2%
==================== ========== ==================== ==========
Operating income (loss)
ESPN
$ 780 $ 858 (9)%
Domestic
19 19 -- %
International
-------------------- ---------- -------------------- ----------
799 877 (9)%
(27) (99) 73%
Star India
6 16 (63)%
Equity in the income of investees
-------------------- ---------- -------------------- ----------
Domestic ESPN
Lower domestic ESPN operating results in the current quarter compared to the prior-year quarter were due to:
An increase in programming and production costs attributable to higher costs for College Football Playoff (CFP) programming as a result of airing an additional game in the current quarter due to timing. In the current quarter, we aired the championship game, two semi-final games and one host game compared to the airing of the championship game and two host games in the prior-year quarter. Lower affiliate revenue driven by fewer subscribers, partially offset by contractual rate increases Advertising revenue growth primarily due to increases in rates and, to a lesser extent, average viewership. These increases include benefits from the additional CFP game and an additional NFL playoff game in the current quarter. Growth in ESPN+ subscription revenue due to higher rates
Star India
The decrease in operating loss at Star India was due to lower programming and production costs attributable to the non-renewal of Board of Control for Cricket in India rights, partially offset by an increase in costs for Indian Premier League matches due to more matches aired in the current quarter compared to the prior-year quarter.
Second Quarter of Fiscal 2024 Comparison to First Quarter of Fiscal 2024
In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering(1), and we believe these metrics are useful to investors in analyzing the business. The following table and related discussion are on a sequential quarter basis.
March 30, December 30, Change
2024 2023
------------------------ -------------------------- ------
Paid subscribers(1) at: (in millions) 24.8 25.2 (2)%
(1)See discussion on page 16--DTC Product Descriptions and Key Definitions
The increase in ESPN+ average monthly revenue per paid subscriber was due to increases in retail pricing and higher advertising revenue.
Experiences
Experiences revenues and operating income are as follows:
Quarter Ended Change
--------------------------------------------------------------------------------
($ in millions) March 30, April 1,
2024 2023
------------------------------ ------------------------------
Revenue
Parks & Experiences
$ 5,958 $ 5,572 7%
Domestic
1,522 1,184 29%
International
913 890 3%
Consumer Products
-------------------- ---------- -------------------- ----------
$ 8,393 $ 7,646 10%
==================== ========== ==================== ==========
Operating income
Parks & Experiences
$ 1,607 $ 1,519 6%
Domestic
292 156 87%
International
387 361 7%
Consumer Products
-------------------- ---------- -------------------- ----------
Domestic Parks and Experiences
The increase in operating income at our domestic parks and experiences was due to higher results at Walt Disney World Resort and Disney Cruise Line, partially offset by lower results at Disneyland Resort.
At Walt Disney World Resort, higher results in the current quarter compared to the prior-year quarter were due to: Increased guest spending attributable to higher average ticket prices Higher costs due to inflation, partially offset by lower depreciation and cost saving initiatives Growth at Disney Cruise Line was due to an increase in average ticket prices, partially offset by higher costs The decrease in operating results at Disneyland Resort was due to: Higher costs driven by inflation An increase in guest spending attributable to higher average ticket prices and daily hotel room rates Higher volumes due to attendance growth, partially offset by lower occupied room nights
International Parks and Experiences
Higher international parks and experiences' operating results were due to:
An increase in operating results at Hong Kong Disneyland Resort attributable to: Guest spending growth due to increases in average ticket prices and food, beverage and merchandise spending Higher volumes resulting from increases in attendance and occupied room nights. Volume growth benefitted from additional days of operations in the current quarter as well as the opening of World of Frozen in November 2023 Increased costs driven by inflation and new guest offerings
Consumer Products
The increase in consumer products operating results was driven by higher games licensing revenue.
OTHER FINANCIAL INFORMATION
DTC Streaming Businesses
Revenue and operating loss for our combined DTC streaming businesses, which consist of the Direct-to-Consumer line of business at the Entertainment segment and ESPN+ at the Sports segment, are as follows:
Quarter Ended Change
--------------------------------------
($ in millions) March 30, April 1,
2024 2023
--------- ---------
Revenue $ 6,188 $ 5,514 12%
==== ===== ==== =====
(1)DTC streaming businesses operating loss is not a financial measure defined by GAAP. The most comparable GAAP measures are segment operating income for the Entertainment segment and Sports segment. See the discussion on page 21 for how we define and calculate this measure and a reconciliation of it to the most directly comparable GAAP measures.
Corporate and Unallocated Shared Expenses
Corporate and unallocated shared expenses increased $112 million for the quarter, from $279 million to $391 million, primarily attributable to:
Higher costs related to our proxy solicitation and annual shareholder meeting Increased compensation costs Other cost inflation
Restructuring and Impairment Charges
In the current quarter, the Company recorded charges of $2,052 million due to goodwill impairments related to Star India and entertainment linear networks. The impairment at Star India was a result of the Company entering into a binding agreement in the current quarter to contribute our Star India operations into a new joint venture. In the prior-year quarter, the Company recorded charges of $152 million primarily for severance.
Other Income, net
In the prior-year quarter, the Company recorded a $149 million gain to adjust its investment in DraftKings, Inc. to fair value.
Interest Expense, net
Interest expense, net was as follows:
Quarter Ended
----------------------------------------------------------------------
($ in millions) March 30, April 1, Change
2024 2023
------------------------- ------------------------- --------------------
Interest expense $ (501) $ (504) 1%
Interest income, investment income and other 190 182 4%
-------------------- ----- -------------------- -----
Equity in the Income of Investees
Equity in the income of investees was as follows:
Quarter Ended
--------------------------------------------------------------------------------
($ in millions) March 30, April 1, Change
2024 2023
------------------------------ ------------------------------ --------------------
Amounts included in segment results:
$ 138 $ 160 (14)%
Entertainment
6 16 (63)%
Sports
Amortization of TFCF intangible assets related to equity investees (3) (3) -- %
-------------------- ---------- -------------------- ----------
Income from equity investees decreased $32 million, to $141 million from $173 million, due to lower income from A+E.
Income Taxes
The effective income tax rate was as follows:
Quarter Ended
------------------------------------------------------------------------------------------------------------
March 30, April 1,
2024 2023
------------------------------------------- ---------------------------------------------
Income before income taxes $ 657 $ 2,123
Income tax expense 441 635
The increase in the effective income tax rate was due to an unfavorable impact from the goodwill impairments recognized in the current quarter, which are not tax deductible, partially offset by the benefit from adjustments related to prior years, which were favorable in the current quarter and unfavorable in the prior-year quarter.
Noncontrolling Interests
Net income attributable to noncontrolling interests was as follows:
Quarter Ended
---------------------------------
($ in millions) March 30, April 1, Change
2024 2023
------- ------ -------------------
The increase in net income attributable to noncontrolling interests was primarily due to improved results at Hong Kong Disneyland Resort, partially offset by the comparison to the accretion of NBC Universal's interest in Hulu in the prior-year quarter with no accretion in the current quarter as we had fully accreted to the amount paid in December 2023.
Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.
Cash Flow
Cash provided by operations and free cash flow were as follows:
Six Months Ended
----------------------------------------------------------------------------------------------------------------
($ in millions) March 30, April 1, Change
2024 2023
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Cash provided by operations $ 5,851 $ 2,262 $ 3,589
Investments in parks, resorts and other property (2,558 ) (2,430 ) (128 )
-------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
(1)Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 17 through 21.
Cash provided by operations increased $3.6 billion to $5.9 billion in the current period from $2.3 billion in the prior-year period. The increase was due to lower film and television production spending and the timing of payments for sports rights. The increase also reflected lower collateral payments related to our hedging program, a payment in the prior-year period related to the termination of content licenses in fiscal 2022 and higher operating income at Experiences. These increases were partially offset by payment in the current period of fiscal 2023 federal and California income taxes, which were deferred pursuant to relief provided by the Internal Revenue Service and California State Board of Equalization as a result of 2023 winter storms in California.
Capital Expenditures and Depreciation Expense
Investments in parks, resorts and other property were as follows:
Six Months Ended
--------------------------------------------------------------------------------
($ in millions) March 30, April 1,
2024 2023
------------------------------ ------------------------------
Entertainment $ 522 $ 541
Sports 1 7
Experiences
1,198 1,024
Domestic
466 410
International
-------------------- ---------- -------------------- ----------
1,664 1,434
Total Experiences
Corporate 371 448
-------------------- ---------- -------------------- ----------
Capital expenditures increased to $2.6 billion from $2.4 billion due to higher spend on new attractions and cruise ship fleet expansion at the Experiences segment.
Depreciation expense was as follows:
Six Months Ended
--------------------------------------------------------------------------------
($ in millions) March 30, April 1,
2024 2023
------------------------------ ------------------------------
Entertainment $ 332 $ 304
Sports 22 29
Experiences
850 907
Domestic
353 333
International
-------------------- ---------- -------------------- ----------
1,203 1,240
Total Experiences
Corporate 105 100
-------------------- ---------- -------------------- ----------
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; $ in millions, except per share data)
Quarter Ended Six Months Ended
------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------
March 30, April 1, March 30, April 1,
2024 2023 2024 2023
------------------------------------------------------ ----------------------------------------------- ------------------------------------------------------ -----------------------------------------------
Revenues $ 22,083 $ 21,815 $ 45,632 $ 45,327
Costs and expenses (19,204 ) (19,540 ) (39,817 ) (41,059 )
Restructuring and impairment charges (2,052 ) (152 ) (2,052 ) (221 )
Other income, net -- 149 -- 107
Interest expense, net (311 ) (322 ) (557 ) (622 )
Equity in the income of investees 141 173 322 364
-------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Income before income taxes 657 2,123 3,528 3,896
Income taxes (441 ) (635 ) (1,161 ) (1,047 )
-------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Net income 216 1,488 2,367 2,849
Net income attributable to noncontrolling interests (236 ) (217 ) (476 ) (299 )
-------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Net income (loss) attributable to The Walt Disney Company (Disney) $ (20 ) $ 1,271 $ 1,891 $ 2,550
==================== ============== ==================== ==================== ======= ==================== ==================== ============== ==================== ==================== ======= ====================
Earnings (loss) per share attributable to Disney:
$ (0.01 ) $ 0.69 $ 1.03 $ 1.39
Diluted
==================== ============== ==================== ==================== ======= ==================== ==================== ============== ==================== ==================== ======= ====================
$ (0.01 ) $ 0.70 $ 1.03 $ 1.40
Basic
==================== ============== ==================== ==================== ======= ==================== ==================== ============== ==================== ==================== ======= ====================
Weighted average number of common and common equivalent shares outstanding:
1,834 1,831 1,838 1,829
Diluted
==================== ============== ==================== ==================== ======= ==================== ==================== ============== ==================== ==================== ======= ====================
THE WALT DISNEY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; $ in millions, except per share data)
March 30, September 30,
2024 2023
------------------------------------------------------ ------------------------------------------------------
ASSETS
Current assets
$ 6,635 $ 14,182
Cash and cash equivalents
12,026 12,330
Receivables, net
1,948 1,963
Inventories
1,921 3,002
Content advances
2,106 1,286
Other current assets
-------------------- -------------- -------------------- -------------------- -------------- --------------------
24,636 32,763
Total current assets
Produced and licensed content costs 32,590 33,591
Investments 3,007 3,080
Parks, resorts and other property
72,173 70,090
Attractions, buildings and equipment
(44,065 ) (42,610 )
Accumulated depreciation
-------------------- -------------- -------------------- -------------------- -------------- --------------------
28,108 27,480
6,243 6,285
Projects in progress
1,174 1,176
Land
-------------------- -------------- -------------------- -------------------- -------------- --------------------
35,525 34,941
Intangible assets, net 11,474 13,061
Goodwill 73,914 77,067
Other assets 13,964 11,076
-------------------- -------------- -------------------- -------------------- -------------- --------------------
$ 195,110 $ 205,579
Total assets
==================== ============== ==================== ==================== ============== ====================
LIABILITIES AND EQUITY
Current liabilities
$ 18,798 $ 20,671
Accounts payable and other accrued liabilities
6,789 4,330
Current portion of borrowings
7,287 6,138
Deferred revenue and other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
32,874 31,139
Total current liabilities
Borrowings 39,510 42,101
Deferred income taxes 6,860 7,258
Other long-term liabilities 12,103 12,069
Commitments and contingencies
Redeemable noncontrolling interests -- 9,055
Equity
-- --
Preferred stock
58,028 57,383
Common stock, $0.01 par value, Authorized - 4.6 billion shares, Issued - 1.9 billion shares at March 30, 2024 and 1.8 billion shares at September 30, 2023
46,649 46,093
Retained earnings
(3,509 ) (3,292 )
Accumulated other comprehensive loss