$DIS RESULTS: Q1 🔸 ADJ EPS $1.76 vs. $1.22 y/y, EST $1.42 🔸 Revenue $24.69B, +4.8% y/y, EST $24.57B 🔸 Entertainment revenue $10.87B, +8.9% y/y, EST $11B 🔸 Sports revenue $4.85B, +0.3% y/y, EST $4.7B 🔸 Experiences revenue $9.42B, +3.1% y/y, EST $9.3B 🔸 Eliminations revenue -$447M, -12% y/y, EST -$391.5M 🔸 Total segment operating income $5.06B, +31% y/y, EST $4.28B 🔸 Entertainment operating income $1.70B, +95% y/y, EST $1.45B 🔸 Sports operating income $247M vs. loss $103M y/y 🔸 Experiences operating income $3.11B, +0.2% y/y, EST $2.99B 🔸 Total Disney+ subscribers 124.6M vs 125.3M q/q 🔸 Domestic Disney+ subscribers 56.8M, EST 55.67M 🔸 International Disney+ subscribers 67.8M, EST 63.77M 🔸 Total Hulu subscribers 53.6M, EST 52.34M 🔸 Hulu SVOD Only Subscribers 49M, EST 47.26M 🔸 Hulu Live TV + SVOD subscribers 4.6M, EST 4.63M 🔸 Hulu SVOD only ARPU $12.52, EST $12.84 🔸 Hulu Live TV + SVOD ARPU $99.22, EST $97.98 YEAR FORECAST 🔸 Still sees high-single digit adjusted EPS growth y/y, estimate +8.1% 🔸 Still sees cash flow from operations about $15B, estimate $15.09B 🔸 Sees entertainment operating income growth double-digit percentage, estimate +15.7% 🔸 Sees entertainment direct-to-consumer operating income of about $875M 🔸 Sees sports operating income growth +13%, estimate +11.8% 🔸 Sees experiences operating income growth +6% to +8%, estimate +6.1% 🔸 Sees Disney Cruise line pre-opening expense of about $200M 🔸 Sees equity loss of about $300M due to purchase accounting of Star India deconsolidation