Disney Shareholder Engagement Presentation Deck
EBITDA, net debt and leverage reconciliation
($BN)
Income from continuing operations before income taxes
(+) Content license early termination
(+) Corporate and unallocated shared expenses
(+) Restructuring and impairment charges
(+) Other (income) expense, net
(+) Interest expense, net
(+) Amort. of TFCF/Hulu intangible assets & fair value step-up on film & TV costs
(+) Impairment of equity investments
Segment operating income
(-) Corporate and unallocated shared expenses
(+) Depreciation and amortization¹
(+) Equity-based compensation
(-) Minority interest
EBITDA
Debt
(+) Total borrowings
(-) Net debt issuance discounts, costs and purchase accounting adjustments
Total debt
(-) Cash and cash equivalents
Net debt
Total leverage
Net leverage
Source: Company filings. ¹ Excludes TFCF and Hulu amortization of intangible assets
FY2017A
$13.8
0.0
0.6
0.1
(0.1)
0.4
0.0
0.0
$14.8
(0.6)
2.8
0.4
(0.4)
$17.0
$25.3
$25.3
(4.0)
$21.3
1.5x
1.3x
FY2018A
$14.7
0.0
0.7
0.0
(0.6)
0.6
0.0
0.2
$15.7
(0.7)
3.0
0.4
(0.5)
$17.9
$20.9
(0.1)
$20.8
(4.2)
$16.6
1.2x
0.9x
FY2019A
$13.9
0.0
1.0
1.2
(4.4)
1.0
1.6
0.5
$14.9
(1.0)
3.1
0.7
(0.5)
$17.2
$47.0
(2.5)
$44.5
(5.4)
$39.1
2.6x
2.3x
FY2020A
($1.7)
0.0
0.8
5.7
(1.0)
1.5
2.8
0.0
$8.1
(0.8)
3.4
0.5
(0.4)
$10.9
$58.6
(2.2)
$56.4
(17.9)
$38.5
5.2x
3.5x
FY2021A
$2.6
0.0
0.9
0.7
(0.2)
1.4
2.4
0.0
$7.8
(0.9)
3.4
0.6
(0.5)
$10.3
$54.4
(2.1)
$52.3
(16.0)
$36.3
5.1x
3.5x
FY2022A
$5.3
1.0
1.2
0.2
0.7
1.4
2.4
0.0
$12.1
(1.2)
3.5
1.0
(0.4)
$15.0
$48.4
(1.9)
$46.5
(11.6)
$34.9
3.1x
2.3x
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