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Old 05-15-2022, 12:11 PM   #1
One Bedroom
Join Date: Aug 2010
Posts: 308
Default Disney 2Q Earnings Call Transcript Pointer

This is three days late: sorry, but I couldn't get to it until the weekend.


The Motley Fool's transcript is interesting in many ways: e.g., the words "Reedy" and "Creek" do not appear in it, per electronic search. There was a lot of air time (in part reflecting financial analyst questions) on ESPN and Disney+.

Park commentary was quite positive. Both as shareholder and potential guest, I was pleased to see the following comment by Mr. Chapek:

"I'd like to share a few highlights from the quarter that illustrate these strengths, and then Christine will go through the details of our results. As I said, our domestic parks were a standout. They continue to fire on all cylinders, powered by strong demand coupled with customized and personalized guest experience enhancements that grew per capita spending by more than 40% versus 2019. Response to next-generation storytelling like Star Wars: Galactic Starcruiser has been phenomenal. In fact, guest ratings for this immersive experience, which opened March 1, are incredibly high and in line with our best-in-class offerings. Demand is strong, and we expect 100% utilization through the end of Q3." [Emphasis added.]

I also call attention to the reservation system motivation (and consequent prognosis):

"So we're very, very encouraged by the continuation of the trends that we're seeing in terms of the number of people. For example, that sign-up for Genie+, plus the willingness to come to our parks with our balanced reservation system, which really helps us sort of manage our price per day, if you will.

So that domestic yield strategy has really structurally allowed us to increase that per-capita spending meaningfully without having to rely solely on raising ticket prices, and we don't see any end in sight for that." [Emphasis added.]

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