RUSH TRANSCRIPT Stuart all ░░░░░░░░ They thought for a ░░░░░░░░ mickey mouse was in ░░░░░░░░ but earnings report past ░░░░░░░░ in terms of revenue ░░░░░░░░ even parks a thought ░░░░░░░░ be compromised by prices ░░░░░░░░ were so high That ░░░░░░░░ not the case stock ░░░░░░░░ up appreciably 12 as ░░░░░░░░ speak I don t ░░░░░░░░ lily is one of ░░░░░░░░ to say I told ░░░░░░░░ so but she could ░░░░░░░░ as easily have said ░░░░░░░░ the CEO who wasn ░░░░░░░░ where of the changes ░░░░░░░░ Disney and the strength ░░░░░░░░ the consumer and the ░░░░░░░░ and that is all ░░░░░░░░ the nest of the ░░░░░░░░ We are seeing what ░░░░░░░░ when you have good ░░░░░░░░ from a fiscally responsible ░░░░░░░░ cutting the tate billion ░░░░░░░░ back to pre pandemic ░░░░░░░░ flow levels but also ░░░░░░░░ strategic focus that is ░░░░░░░░ putting the customer at ░░░░░░░░ center with the streaming ░░░░░░░░ investment of one 9 ░░░░░░░░ tapping into that youthful ░░░░░░░░ that videogames are taking ░░░░░░░░ from mass media It ░░░░░░░░ smart to see that ░░░░░░░░ and I want to ░░░░░░░░ the executive team because ░░░░░░░░ stayed focused and delivered ░░░░░░░░ won Bob Iger was ░░░░░░░░ like he was staggering ░░░░░░░░ a while he talked ░░░░░░░░ cutting prices for visitors ░░░░░░░░ parks I don t ░░░░░░░░ if that was reflected ░░░░░░░░ the latest score because ░░░░░░░░ park attendance was still ░░░░░░░░ strong people paying through ░░░░░░░░ nose to get in ░░░░░░░░ that is probably not ░░░░░░░░ but it is a ░░░░░░░░ to the strength of ░░░░░░░░ consumer Tell us about ░░░░░░░░ Consumer one of those ░░░░░░░░ numbers in all the ░░░░░░░░ we analyzed it despite ░░░░░░░░ the consumer is strong ░░░░░░░░ still have aftermath PTSD ░░░░░░░░ Covid and the desire ░░░░░░░░ live experiences They ve ░░░░░░░░ smart at packaging the ░░░░░░░░ experiences that you have ░░░░░░░░ pay for the cookies ░░░░░░░░ all this other stuff ░░░░░░░░ is unbelievable that families ░░░░░░░░ still going into debt ░░░░░░░░ go to Disney Stuart ░░░░░░░░ you hear the consumer ░░░░░░░░ like crazy but doing ░░░░░░░░ on credit slapping on ░░░░░░░░ We ve always heard ░░░░░░░░ before I don t ░░░░░░░░ if it s different ░░░░░░░░ time What do you ░░░░░░░░ Are seeing the debt ░░░░░░░░ it is defaulting payment ░░░░░░░░ The economy will hopefully ░░░░░░░░ back and tell us ░░░░░░░░ different story but I ░░░░░░░░ to underscore something on ░░░░░░░░ They know who they ░░░░░░░░ consumer is One interesting ░░░░░░░░ you hear me talk ░░░░░░░░ the Hispanic or diverse ░░░░░░░░ here The population under ░░░░░░░░ is already majority minority ░░░░░░░░ and Disney knows that ░░░░░░░░ you look at the ░░░░░░░░ of content and talent ░░░░░░░░ story lines not just ░░░░░░░░ when the movie came ░░░░░░░░ the stuff they do ░░░░░░░░ holidays the packages at ░░░░░░░░ parks they are very ░░░░░░░░ and culturally intelligent move ░░░░░░░░ are layering on top ░░░░░░░░ good execution and great ░░░░░░░░ I know some people ░░░░░░░░ Disney who know this ░░░░░░░░ a key strategy especially ░░░░░░░░ Hispanic children and families ░░░░░░░░ are bigger on average ░░░░░░░░ the typical household Stuart ░░░░░░░░ they need contract with ░░░░░░░░ Swift What do you ░░░░░░░░ Get ahead of the ░░░░░░░░ Bowl Everyone is making ░░░░░░░░ for her She is ░░░░░░░░ the NFL is seeing ░░░░░░░░ success attracting younger female ░░░░░░░░ A tailwind of that ░░░░░░░░ movie coming out The ░░░░░░░░ is loving it Swift ░░░░░░░░ are loving it Who ░░░░░░░░ that having this brand ░░░░░░░░ she is a brand ░░░░░░░░ going to increase viewership ░░░░░░░░ 10 That is the ░░░░░░░░ grail especially for the ░░░░░░░░ How do you cross ░░░░░░░░ How do you invite ░░░░░░░░ viewers The last number ░░░░░░░░ saw 832 million with ░░░░░░░░ value since we saw ░░░░░░░░ walking in New York ░░░░░░░░ hands as a couple ░░░░░░░░ there are all sorts ░░░░░░░░ ways of looking at ░░░░░░░░ how many times CBS ░░░░░░░░ away she s coming ░░░░░░░░ will probably make it ░░░░░░░░ that s getting weird ░░░░░░░░ are a lot of ░░░░░░░░ diehards who say quit ░░░░░░░░ to Taylor Swift in ░░░░░░░░ sky box but ratings ░░░░░░░░ up people love those ░░░░░░░░ shots and they get ░░░░░░░░ watch the game The ░░░░░░░░ sales of grown 400 ░░░░░░░░ became a top five ░░░░░░░░ item Same thing with ░░░░░░░░ Swift Every time you ░░░░░░░░ to her we marketers ░░░░░░░░ that is earned media ░░░░░░░░ value of the millisecond ░░░░░░░░ keep those viewers who ░░░░░░░░ t care about the ░░░░░░░░ but care about her ░░░░░░░░ to the game You ░░░░░░░░ to see her again ░░░░░░░░ stretches the engagement which ░░░░░░░░ 20 drives up your ░░░░░░░░ It is smart to ░░░░░░░░ cutting I have friends ░░░░░░░░ the NFL that know ░░░░░░░░ is big might as ░░░░░░░░ ride the wave and ░░░░░░░░ s keeping those new ░░░░░░░░ these Neil what if ░░░░░░░░ break up All that ░░░░░░░░ just fritters away Some ░░░░░░░░ the swiftys jumping up ░░░░░░░░ down for a game ░░░░░░░░ never watched before will ░░░░░░░░ around and that will ░░░░░░░░ the challenge for the ░░░░░░░░ They are figuring out ░░░░░░░░ messy factor what if ░░░░░░░░ leaves What if she ░░░░░░░░