The Walt Disney Company (NYSE:DIS) today reported quarterly
earnings for its second fiscal quarter ended April 1, 2017.
Diluted earnings per share (EPS) for the quarter increased 15% to
$1.50 from $1.30 in the prior-year quarter. Excluding certain items
affecting comparability(1), EPS for the quarter increased 10% to
$1.50 from $1.36 in the prior-year quarter. EPS for the six months
ended April 1, 2017 increased to $3.05 from $3.04 in the
prior-year period. Excluding certain items affecting
comparability(1), EPS for the six months increased 2%.
“Disney delivered another quarter of double-digit EPS growth,
driven by the strong performance of our Studio and Parks and
Resorts,” said Robert A. Iger, Chairman and Chief Executive
Officer, The Walt Disney Company. “Our continued strong performance
is a direct result of our proven strategic focus on great branded
content, innovative technology and global growth. We’re pleased
with our results in Q2 and remain confident in our ability to
continue to deliver significant shareholder value over the long
term.”
The following table summarizes the second quarter and six-month
results for fiscal 2017 and 2016 (in millions, except per share
amounts):
Quarter Ended Six Months Ended April 1,
April 2, April 1, April 2, 2017 2016 Change 2017 2016
Change Revenues $ 13,336 $ 12,969 3 % $ 28,120 $ 28,213
--
%
Segment operating income (1)
$ 3,996 $ 3,822 5 % $ 7,952 $ 8,089 (2 )% Net income (2)(3) $ 2,388
$ 2,143 11 % $ 4,867 $ 5,023 (3 )% Diluted EPS (2)(3) $ 1.50 $ 1.30
15 % $ 3.05 $ 3.04
--
%
EPS excluding certain items affecting comparability (1)(3) $ 1.50 $
1.36 10 % $ 3.05 $ 3.00 2 % Cash provided by operations $ 3,438 $
3,529 (3 )% $ 4,698 $ 5,985 (22 )% Free cash flow (1) $ 2,555 $
2,379 7 % $ 2,775 $ 3,429 (19 )%
(1)
EPS excluding certain items affecting comparability, segment
operating income and free cash flow are non-GAAP financial
measures. See the discussion on pages 7 through 9.
(2)
Reflects amounts attributable to shareholders of The Walt Disney
Company, i.e. after deduction of noncontrolling interests.
(3)
Includes an income tax benefit related to the adoption of new
accounting rules for the tax effects of employee share-based awards
(see further discussion under Income Taxes on page 5).
SEGMENT RESULTS
The following table summarizes the second quarter and six-month
segment operating results for fiscal 2017 and 2016 (in
millions):
Quarter Ended Six Months Ended April 1,
April 2, April 1, April 2, 2017 2016 Change 2017 2016
Change Revenues: Media Networks $ 5,946 $ 5,793 3 % $ 12,179 $
12,125
--
% Parks and Resorts 4,299 3,928 9 % 8,854 8,209 8 % Studio
Entertainment 2,034 2,062 (1 )% 4,554 4,783 (5 )% Consumer Products
& Interactive Media 1,057 1,186 (11 )% 2,533
3,096 (18 )% $ 13,336 $ 12,969 3 % $
28,120 $ 28,213
--
% Segment operating income: Media Networks $ 2,223 $ 2,299 (3 )% $
3,585 $ 3,711 (3 )% Parks and Resorts 750 624 20 % 1,860 1,605 16 %
Studio Entertainment 656 542 21 % 1,498 1,556 (4 )% Consumer
Products & Interactive Media 367 357 3 % 1,009
1,217 (17 )% $ 3,996 $ 3,822 5 % $
7,952 $ 8,089 (2 )%
Media Networks
Media Networks revenues for the quarter increased 3% to $5.9
billion and segment operating income decreased 3% to $2.2
billion.
The following table provides further detail of the Media
Networks results (in millions):
Quarter Ended Six Months Ended April 1,
April 2, April 1, April 2, 2017 2016 Change
2017 2016 Change Revenues: Cable Networks $ 4,062 $ 3,955 3 % $
8,490 $ 8,476 -- % Broadcasting 1,884 1,838 3 % 3,689
3,649 1 % $ 5,946 $ 5,793 3 % $ 12,179
$ 12,125 -- % Segment operating income: Cable
Networks $ 1,791 $ 1,846 (3 )% $ 2,655 $ 2,821 (6 )% Broadcasting
344 302 14 % 723 597 21 % Equity in the income of investees 88
151 (42 )% 207 293 (29 )% $ 2,223
$ 2,299 (3 )% $ 3,585 $ 3,711 (3 )%
Cable Networks
Cable Networks revenues for the quarter increased 3% to $4.1
billion and operating income decreased 3% to $1.8 billion. The
decrease in operating income was due to a decrease at ESPN,
partially offset by increases at the Disney Channels and
Freeform.
The decrease at ESPN was due to higher programming costs,
partially offset by affiliate and advertising revenue growth. The
programming cost increase was due to the shift in timing of College
Football Playoff (CFP) bowl games relative to our fiscal quarter
end and contractual rate increases for NBA programming. One CFP
game was aired in the second quarter of the prior year, whereas
four CFP games were aired in the current quarter. Affiliate revenue
growth was due to contractual rate increases, partially offset by a
decline in subscribers. Higher advertising revenue was due to
higher rates, which included the benefit of the CFP timing shift,
partially offset by lower impressions.
Higher results at the Disney Channels and Freeform were driven
by lower programming costs and higher affiliate fees, partially
offset by lower Freeform advertising revenue due to a decrease in
impressions. Lower programming costs at the Disney Channels and
Freeform was due to the timing of airing new seasons and a lower
cost mix of Freeform programming. Affiliate revenue growth was due
to contractual rate increases, partially offset by a decline in
subscribers.
Broadcasting
Broadcasting revenues for the quarter increased 3% to $1.9
billion and operating income increased 14% to $344 million. The
increase in operating income was due to higher program sales
income, affiliate revenue growth and a decrease in primetime
marketing costs. These operating income increases were partially
offset by lower advertising revenue and higher programming costs.
Higher operating income from program sales was driven by the sale
of Iron Fist and higher sales of How to Get Away with Murder in the
current quarter compared to the sale of Daredevil in the prior-year
quarter. Additionally, results benefited from a lower cost mix of
programs sold in the current quarter. These increases were
partially offset by an unfavorable impact from foreign currency
translation. Affiliate revenue growth was due to contractual rate
increases. The decrease in advertising revenues included lower
network impressions and lower political advertising at our owned
television stations, partially offset by higher network rates.
Higher programming costs were due to a higher cost mix of
programming and contractual rate increases for acquired
content.
Equity in the Income of Investees
Equity in the income of investees decreased 42% to $88 million
due to a higher loss from Hulu, lower income at A+E Television
Networks (A+E) and a loss at BAMTech, which was acquired in August
2016. The decrease at Hulu was due to higher content, marketing and
labor costs, partially offset by higher advertising and
subscription revenue. The decrease at A+E was due to lower
advertising revenue.
Parks and Resorts
Parks and Resorts revenues for the quarter increased 9% to $4.3
billion and segment operating income increased 20% to $750 million.
Operating income growth for the quarter was due to the opening of
Shanghai Disney Resort in the third quarter of the prior year and
an increase at our domestic parks and resorts. Segment results were
adversely impacted by the timing of the Easter holiday, which
occurred in the second quarter of the prior year compared to the
third quarter of the current year. This impact was partially offset
by the shift of the New Year’s holiday relative to our fiscal
periods. The New Year’s holiday fell in the second quarter of the
current year whereas it fell in the first quarter of the prior
year.
Operating income growth at our domestic parks and resorts was
due to higher volumes, driven by increased attendance and guest
spending on food and beverage, as well as higher operating
participant income from Disney Springs. These increases were
partially offset by higher costs. Higher costs were due to labor
and other cost inflation, increased marketing spend and higher
expenses for new guest offerings, partially offset by efficiency
initiatives.
Studio Entertainment
Studio Entertainment revenues for the quarter decreased 1% to
$2.0 billion and segment operating income increased 21% to $656
million. Higher operating income was driven by growth in TV/SVOD
distribution, lower film cost impairments and an increase in home
entertainment results. These increases were partially offset by a
lower revenue share from the Consumer Products & Interactive
Media segment.
Higher TV/SVOD distribution results were driven by international
growth and higher domestic rates, partially offset by the timing of
domestic title availabilities.
The increase in home entertainment results was due to higher
average net effective pricing reflecting a higher sales mix of new
release and Blu-ray titles. New releases in the quarter included
Moana and Doctor Strange compared to The Good Dinosaur in the
prior-year quarter. This increase was partially offset by lower
unit sales of Star Wars Classic titles.
Theatrical distribution results were comparable to the
prior-year quarter. The current quarter benefited from lower
pre-release marketing costs and the strong performance of Beauty
and the Beast. However, these benefits were offset by the
performance of Star Wars: The Force Awakens and Zootopia in the
prior-year quarter compared to Rogue One: A Star Wars Story and
Moana in the current quarter. Zootopia was released in the second
quarter of the prior year, whereas Moana was released in the first
quarter of the current year.
The decrease in revenue share with the Consumer Products &
Interactive Media segment was due to stronger performance of
merchandise based on Star Wars and Frozen in the prior-year
quarter.
Consumer Products & Interactive
Media
Consumer Products & Interactive Media revenues for the
quarter decreased 11% to $1.1 billion and segment operating income
increased 3% to $367 million. Higher operating income was due to an
improvement at our games business driven by a favorable impact from
the discontinuation of our Infinity console game business in the
prior-year quarter. This benefit was largely offset by lower
licensing results and a decline at our retail business.
The decrease in licensing results was due to lower revenue from
products based on Star Wars and Frozen and an unfavorable impact
from foreign currency translation. These decreases were partially
offset by a decrease in revenue share with the Studio Entertainment
segment in the current quarter and a benefit from licensee
settlements.
Lower operating income at our retail business was due to lower
comparable store sales, reflecting higher sales of Frozen and Star
Wars merchandise in the prior-year quarter. This decrease was
partially offset by sales of Moana merchandise in the current
quarter.
OTHER FINANCIAL INFORMATION
Interest expense, net
Interest expense, net was as follows (in millions):
Quarter Ended April 1, April 2, 2017 2016
Change Interest expense $ (115 ) $ (81 ) (42 ) % Interest and
investment income 31 14 >100 % Interest expense,
net $ (84 ) $ (67 ) (25 ) %
The increase in interest expense for the quarter was due to
lower capitalized interest and higher average interest rates.
Capitalized interest was lower due to the completion of the
majority of construction at Shanghai Disney Resort in the
prior-year third quarter.
The increase in interest and investment income for the quarter
was primarily due to gains on sales of investments in the current
quarter.
Income Taxes
The effective income tax rate was as follows:
Quarter Ended April 1, April 2, 2017 2016
Change Effective income tax rate 32 .3 % 34 .0 % 1 .7 ppt
The decrease in the effective income tax rate for the quarter
was primarily due to the favorable impact from the adoption of a
new accounting pronouncement ($53 million). In the first quarter of
the current year, the Company adopted new accounting guidance,
which requires that excess tax benefits or tax deficiencies on
employee share-based awards be included in “Income taxes” in the
Condensed Consolidated Statement of Income. These amounts were
previously recorded in “Common stock” in the Condensed Consolidated
Balance Sheet. An excess tax benefit arises when the value of an
employee share-based award on the exercise or vesting date is
higher than the fair value on the grant date. A tax deficiency
arises when the value on the exercise or vesting date is lower than
the grant date fair value.
Noncontrolling Interests
Quarter Ended April 1, April 2, (in millions)
2017 2016 Change Net income attributable to noncontrolling
interests $ 151 $ 133 (14
)%
The increase in net income attributable to noncontrolling
interests for the quarter was driven by an improvement at Shanghai
Disney Resort and the impact of the Company’s increased ownership
interest in Disneyland Paris, partially offset by the impact of
lower net income at ESPN.
Net income attributable to noncontrolling interests is
determined on income after royalties and management fees, financing
costs and income taxes.
Cash Flow
Cash provided by operations and free cash flow were as follows
(in millions):
Six Months Ended April 1, April 2, 2017 2016
Change Cash provided by operations $ 4,698 $ 5,985 $ (1,287 )
Investments in parks, resorts and other property (1,923 ) (2,556 )
633 Free cash flow (1) $ 2,775 $ 3,429 $ (654
) (1) Free cash flow is not a financial measure
defined by GAAP. See the discussion on pages 7 through 9.
Cash provided by operations for the first six months of fiscal
2017 decreased by $1.3 billion from $6.0 billion in the prior-year
quarter to $4.7 billion in the current quarter. The decrease was
due to higher pension plan contributions and film and television
production spending in fiscal 2017.
Capital Expenditures and Depreciation
Expense
Investments in parks, resorts and other property were as follows
(in millions):
Six Months Ended April 1, April 2, 2017 2016 Media
Networks Cable Networks $ 60 $ 33 Broadcasting 33 44 Total
Media Networks 93 77 Parks and Resorts Domestic 1,093 1,131
International 579 1,172 Total Parks and Resorts 1,672
2,303 Studio Entertainment 47 44 Consumer Products &
Interactive Media 8 20 Corporate 103 112 Total investments
in parks, resorts and other property $ 1,923 $ 2,556
Capital expenditures decreased by $633 million to $1.9 billion
due to lower spending at Shanghai Disney Resort.
Depreciation expense was as follows (in millions):
Six Months Ended April 1, April 2, 2017 2016 Media
Networks Cable Networks $ 71 $ 74 Broadcasting 46 45 Total
Media Networks 117 119 Parks and Resorts Domestic 650 636
International 313 170 Total Parks and Resorts 963 806
Studio Entertainment 23 24 Consumer Products & Interactive
Media 31 30 Corporate 129 124 Total depreciation expense $
1,263 $ 1,103
Non-GAAP Financial
Measures
This earnings release presents EPS excluding the impact of
certain items affecting comparability, free cash flow and aggregate
segment operating income, all of which are important financial
measures for the Company, but are not financial measures defined by
GAAP.
These measures should be reviewed in conjunction with the
relevant GAAP financial measures and are not presented as
alternative measures of EPS, cash flow or net income as determined
in accordance with GAAP. EPS excluding certain items affecting
comparability, free cash flow and aggregate segment operating
income as we have calculated them may not be comparable to
similarly titled measures reported by other companies.
EPS excluding certain items affecting
comparability – The Company uses EPS excluding certain items
to evaluate the performance of the Company’s operations exclusive
of certain items affecting comparability of results from period to
period. The Company believes that information about EPS exclusive
of these items is useful to investors, particularly where the
impact of the excluded items is significant in relation to reported
earnings, because the measure allows for comparability between
periods of the operating performance of the Company’s business and
allows investors to evaluate the impact of these items separately
from the impact of the operations of the business.
The following table reconciles reported EPS to EPS excluding
certain items affecting comparability for the quarter.
Pre-Tax
Tax
After-Tax Change vs. Income/
Benefit/
Income/ prior year (in millions except EPS) Loss
Expense (1)
Loss (2)
EPS (3)
period Quarter Ended April 1, 2017: As reported $ 3,751 $ (1,212 )
$ 2,539 $ 1.50 Quarter Ended April 2, 2016: As reported $
3,446 $ (1,170 ) $ 2,276 $ 1.30 15 % Exclude(4):
Infinity Charge
147 (53 ) 94 0.06 Excluding certain items
affecting comparability(3) $ 3,593 $ (1,223 ) $ 2,370
$ 1.36 10 % Six Months Ended April 1, 2017: As
reported $ 7,476 $ (2,449 ) $ 5,027 $ 3.05 Six Months Ended
April 2, 2016: As reported $ 7,804 $ (2,618 ) $ 5,186 $ 3.04 — %
Exclude(4): Vice Gain (332 ) 123 (209 ) (0.13 ) Infinity Charge 147
(53 ) 94 0.06 Restructuring and impairment charges 81 (30 )
51 0.03 Excluding certain items affecting
comparability(3) $ 7,700 $ (2,578 ) $ 5,122 $ 3.00
2 % (1) Tax benefit/expense adjustments are
determined using the tax rate applicable to the individual item
affecting comparability. (2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total
may not equal the sum of the column due to rounding. (4) Items
affecting comparability during the quarter ended April 2, 2016
included a $147 million charge in connection with the
discontinuation of our Infinity console game business (Infinity
Charge). For the six-month period ended April 2, 2016, items
affecting comparability included the Company’s share of a net gain
recognized by A+E Television Networks in connection with their
acquisition of an interest in Vice Group Holding, Inc. (Vice Gain),
the Infinity Charge and restructuring and impairment charges due to
an investment impairment ($54 million pre-tax) and contract
termination and severance costs ($27 million pre-tax).
Free cash flow – The Company uses
free cash flow (cash provided by operations less investments in
parks, resorts and other property), among other measures, to
evaluate the ability of its operations to generate cash that is
available for purposes other than capital expenditures. Management
believes that information about free cash flow provides investors
with an important perspective on the cash available to service debt
obligations, make strategic acquisitions and investments and pay
dividends or repurchase shares.
Aggregate segment operating income
– The Company evaluates the performance of its operating segments
based on segment operating income, and management uses aggregate
segment operating income as a measure of the performance of
operating businesses separate from non-operating factors. The
Company believes that information about aggregate segment operating
income assists investors by allowing them to evaluate changes in
the operating results of the Company’s portfolio of businesses
separate from non-operational factors that affect net income, thus
providing separate insight into both operations and the other
factors that affect reported results.
A reconciliation of segment operating income to net income is as
follows (in millions):
Quarter Ended Six Months Ended April 1, April
2, April 1, April 2, 2017 2016 2017 2016 Segment operating
income $ 3,996 $ 3,822 $ 7,952 $ 8,089 Corporate and unallocated
shared expenses (161 ) (162 ) (293 ) (298 ) Restructuring and
impairment charges — — — (81 ) Interest expense, net (84 ) (67 )
(183 ) (91 ) Vice Gain — — — 332 Infinity Charge(1) — (147 )
— (147 ) Income before income taxes 3,751 3,446 7,476 7,804
Income taxes (1,212 ) (1,170 ) (2,449 ) (2,618 ) Net income $ 2,539
$ 2,276 $ 5,027 $ 5,186 (1)
The Infinity Charge was primarily due to an inventory
write-down. The charge also included severance and other asset
impairments and was reported in "Cost of products" in the Condensed
Consolidated Statement of Income.
CONFERENCE CALL INFORMATION
In conjunction with this release, The Walt Disney Company will
host a conference call today, May 9, 2017, at 4:30 PM EDT/1:30
PM PDT via a live Webcast. To access the Webcast go to www.disney.com/investors. The discussion will be
archived.
FORWARD-LOOKING STATEMENTS
Management believes certain statements in this earnings release
may constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. 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 or asset acquisitions or
dispositions), 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, political, or military
developments; and
- technological developments.
Such developments may affect entertainment, travel and
leisure businesses generally and may, among other things,
affect:
- 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; and
- performance of some or all company
businesses either directly or through their impact on those who
distribute our products.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K for the year ended October 1, 2016 under
Item 1A, “Risk Factors,” and subsequent reports.
THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (unaudited; in millions, except per
share data) Quarter Ended Six Months Ended
April 1, April 2, April 1, April 2, 2017 2016 2017
2016 Revenues: Services $ 11,487 $ 11,171 $ 23,893 $ 23,793
Products 1,849 1,798 4,227 4,420 Total
revenues 13,336 12,969 28,120 28,213 Costs and expenses: Cost of
services (exclusive of depreciation and amortization) (5,839 )
(5,566 ) (12,859 ) (12,622 ) Cost of products (exclusive of
depreciation and amortization) (1,130 ) (1,298 ) (2,516 ) (2,865 )
Selling, general, administrative and other (1,941 ) (2,137 ) (3,926
) (4,162 ) Depreciation and amortization (676 ) (605 ) (1,363 )
(1,212 ) Total costs and expenses (9,586 ) (9,606 ) (20,664 )
(20,861 ) Restructuring and impairment charges — — — (81 ) Interest
expense, net (84 ) (67 ) (183 ) (91 ) Equity in the income of
investees 85 150 203 624 Income before
income taxes 3,751 3,446 7,476 7,804 Income taxes (1,212 ) (1,170 )
(2,449 ) (2,618 ) Net income 2,539 2,276 5,027 5,186 Less: Net
income attributable to noncontrolling interests (151 ) (133 ) (160
) (163 ) Net income attributable to The Walt Disney Company
(Disney) $ 2,388 $ 2,143 $ 4,867 $ 5,023
Earnings per share attributable to Disney: Diluted $
1.50 $ 1.30 $ 3.05 $ 3.04 Basic
$ 1.51 $ 1.31 $ 3.07 $ 3.06
Weighted average number of common and common equivalent shares
outstanding: Diluted 1,591 1,643 1,597 1,655
Basic 1,580 1,633 1,586 1,643
Dividends declared per share $ — $ — $
0.78 $ 0.71
THE WALT DISNEY
COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
April 1, October 1, 2017 2016 ASSETS Current assets
Cash and cash equivalents $ 3,800 $ 4,610 Receivables 9,293 9,065
Inventories 1,304 1,390 Television costs and advances 1,133 1,208
Other current assets 740 693 Total current assets
16,270 16,966 Film and television costs 6,974 6,339 Investments
4,155 4,280 Parks, resorts and other property Attractions,
buildings and equipment 50,785 50,270 Accumulated depreciation
(27,646 ) (26,849 ) 23,139 23,421 Projects in progress 3,023 2,684
Land 1,237 1,244 27,399 27,349 Intangible assets, net
6,845 6,949 Goodwill 27,831 27,810 Other assets 2,333 2,340
Total assets $ 91,807 $ 92,033
LIABILITIES AND EQUITY Current liabilities Accounts payable and
other accrued liabilities $ 8,077 $ 9,130 Current portion of
borrowings 4,865 3,687 Unearned royalties and other advances 4,423
4,025 Total current liabilities 17,365 16,842
Borrowings 16,788 16,483 Deferred income taxes 4,006 3,679 Other
long-term liabilities 6,381 7,706 Commitments and contingencies
Equity Preferred stock, $.01 par value, Authorized – 100 million
shares, Issued – none — — Common stock, $.01 par value,Authorized –
4.6 billion shares, Issued – 2.9 billion shares 36,100 35,859
Retained earnings 69,708 66,088 Accumulated other comprehensive
loss (3,880 ) (3,979 ) 101,928 97,968 Treasury stock, at cost, 1.3
billion shares (58,144 ) (54,703 ) Total Disney Shareholders’
equity 43,784 43,265 Noncontrolling interests 3,483 4,058
Total equity 47,267 47,323 Total liabilities
and equity $ 91,807 $ 92,033
THE
WALT DISNEY COMPANY CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited; in millions) Six
Months Ended April 1, April 2, 2017 2016 OPERATING
ACTIVITIES Net income $ 5,027 $ 5,186 Depreciation and amortization
1,363 1,212 Deferred income taxes 126 797 Equity in the income of
investees (203 ) (624 ) Cash distributions received from equity
investees 397 383 Net change in film and television costs and
advances (428 ) 35 Equity-based compensation 189 205 Other 261 320
Changes in operating assets and liabilities: Receivables (284 )
(542 ) Inventories 90 218 Other assets 103 63 Accounts payable and
other accrued liabilities (1,934 ) (746 ) Income taxes (9 ) (522 )
Cash provided by operations 4,698 5,985
INVESTING ACTIVITIES Investments in parks, resorts and other
property (1,923 ) (2,556 ) Acquisitions (557 ) (400 ) Other 90
(82 ) Cash used in investing activities (2,390 ) (3,038 )
FINANCING ACTIVITIES Commercial paper borrowings, net 914
709 Borrowings 2,053 3,766 Reduction of borrowings (1,233 ) (626 )
Dividends (1,237 ) (1,168 ) Repurchases of common stock (3,500 )
(4,391 ) Proceeds from exercise of stock options 186 160 Other (232
) (654 ) Cash used in financing activities (3,049 ) (2,204 )
Impact of exchange rates on cash and cash equivalents (69 ) 3
Change in cash and cash equivalents (810 ) 746 Cash
and cash equivalents, beginning of period 4,610 4,269
Cash and cash equivalents, end of period $ 3,800 $ 5,015
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509006667/en/
The Walt Disney CompanyZenia MuchaCorporate
Communications818-560-5300orLowell SingerInvestor
Relations818-560-6601
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