The Walt Disney Company (NYSE:DIS) is one of the stocks Jim Cramer recently talked about. During the episode, a caller asked if the stock is a buy, sell, or hold. In response, Cramer said: “I think Disney’s a hold, and I say that because… I think it’s too cheap to give away, but I felt higher prices that I just wanted to say, you know what? This thing could go to $95. Maybe I take a look at it there, but it doesn’t have the earnings. It had a quarter that everyone thought was good, and it was just hated. ...

Core Viewpoint - Yangaroo Inc. reported its thirteenth consecutive quarter of positive Normalized EBITDA, reflecting strong operational focus and cost management despite a challenging geopolitical environment [3][6]. Financial Performance - Total revenue for Q3 2025 was $1,572,017, a decline of $370,508 or approximately 19% year-over-year, attributed to increased tariff-related costs and a cautious spending environment [4][13]. - The company recorded an operating loss of $95,609 and Normalized EBITDA of $152,906 for Q3 2025, compared to an operating income of $348,983 and Normalized EBITDA of $466,458 in Q3 2024 [5][13]. - For the nine months ended September 30, 2025, the company reported an operating loss of $89,860 and Normalized EBITDA of $638,066, down from operating income of $477,056 and Normalized EBITDA of $1,041,857 in the same period of 2024 [5]. Revenue Breakdown - Revenue decreased by $276,245 or 21% in Advertising and $94,263 or 15% in Entertainment compared to Q3 2024 [13]. - Revenue decreased by $79,424 or 5% compared to Q2 2025, primarily due to lower Advertising and Music revenue [13]. - Awards revenue increased by $65,294 or 29% due to seasonality, as the third quarter typically represents a strong period for Awards shows [13]. Operating Expenses - Operating expenses in Q3 2025 were $1,667,626, an increase of $74,084 or 5% compared to Q3 2024, driven by higher depreciation and legal fees [13]. - Operating expenses decreased by $2,593 or 1% compared to Q2 2025, attributed to cost control initiatives [13]. Strategic Focus - The company maintained strong service levels, added new clients, and expanded its U.S. and Canadian clearance service capabilities despite the softening advertising volumes [7]. - Yangaroo continues to support major U.S. and Canadian Awards Shows and invest in platform improvements to enhance configurability and onboarding timelines [8][10]. Legal Matters - The company reached a settlement agreement of $150,000 related to the acquisition of Digital Media Services Inc. and anticipates a receipt of $550,000 from a finalized legal settlement [15]. Shares for Services - Yangaroo will issue a total of 101,662 common shares under a Shares for Services Arrangement for the months of August through October 2025 [16].

Forward Thinking Future Focused Investor Presentation November 2025 Forward Looking Statement This presentation contains "forward-looking information" or may be "forward-looking statements" for the purposes of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "plan", "project", "should", "believe", "intend", or similar expressions concerning matters ...

Core Insights - Disney announced a 50% increase in its annual dividend to $1.50 for fiscal Q4 2025, which led to a selloff in its stock [1] - The company had previously increased its dividends by 33% in December 2024, with semi-annual dividends rising from $0.30 to $0.75 since reinstating them in late 2023, marking a 1.5-fold increase [2] - Despite the recent hikes, Disney's dividend yield remains low at approximately 1.42%, comparable to the average S&P 500 Index [5] Dividend History - Disney suspended its dividends in 2020 and only restored them in late 2023, which was a longer suspension period compared to other companies like Ford and General Motors [3] - The initial semi-annual dividend of $0.30 is still below the pre-pandemic level of $0.88, indicating a slow recovery from the impacts of COVID-19 [4] Stock Performance - Disney has underperformed significantly, with a decline of over 6% in the last 10 years, contrasting sharply with the S&P 500 Index, which has more than tripled during the same period [6] - The stock is projected to underperform the S&P 500 Index again in 2025, continuing a trend observed in three of the last four years [6]

Core Insights - MediaCo Holding Inc. reported a year-to-date Net Revenue of $94.7 million, reflecting an increase of $31.9 million or 51% compared to the previous year, primarily driven by new assets from the Audio and Video segment following the Estrella Acquisition in April 2024 [1] - The company experienced a year-to-date Net Loss of $33.9 million, a significant decline from a Net Income of $2.9 million in the prior year, mainly attributed to changes in the fair value of warrant shares liability [1]

Financial Data and Key Metrics Changes - The company reported a net loss of approximately $7.9 million for Q3 2025, or minus $2.02 per share, compared to a net loss of $9.2 million, or minus $3.92 per share in Q3 2024, indicating an improvement in loss per share [19] - Adjusted EBITDA for Q3 2025 was approximately negative $650,000, compared to negative $1 million in Q3 2024, representing a 38% year-over-year improvement [20] - Year-to-date net loss for 2025 was approximately $14.7 million, or minus $5.06 per share, compared to a net loss of $15.3 million, or minus $6.82 per share in the prior year [21] Business Line Data and Key Metrics Changes - Net licensing revenues for Q3 2025 were $1.1 million, down from $1.5 million in Q3 2024, primarily due to cautious consumer spending and lower performance in the Halston license [14][15] - Direct operating costs for Q3 2025 were $2.2 million, down 23% from the prior year quarter, reflecting cost reduction actions taken over the past two years [15][16] Market Data and Key Metrics Changes - The company noted that the transition of HSN to QVC's Pennsylvania studios disrupted sales for brands like Tower Hill by Christie Brinkley and SeaWonder, but these issues have since been resolved [11][30] - The company is focusing on domestic sourcing for new influencer-led brands to mitigate tariff impacts, particularly in food and pet products [10][25] Company Strategy and Development Direction - The company is working on new business opportunities with UTG, including leveraging their sourcing platform and retail distribution in China [9] - The launch of five new influencer-led brands is expected to drive revenue growth into 2026, with a focus on expanding into new categories [40][41] - The company is exploring potential acquisitions to enhance its brand portfolio and drive future growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for Q4 2025 due to tariff impacts on QVC, HSN, and licensees, but remains optimistic about the potential for growth in 2026 [11][12] - The company believes it is well-positioned to capitalize on the shift from linear TV to digital streaming and social commerce [9] Other Important Information - The company closed a $2 million net equity offering in Q3 2025, with proceeds used to pay down loans and for general working capital [8] - As of September 30, 2025, the company had stockholders' equity of approximately $17 million and unrestricted cash of approximately $1.5 million [22] Q&A Session Summary Question: Importance of hiring Olin Lancaster as Chief Revenue Officer - Management highlighted the significance of Olin Lancaster's extensive experience and the long-standing relationship that facilitated his hiring [24] Question: Mitigation of tariff impact through domestic sourcing - Management discussed the successful signing of licenses for domestic products, which helps mitigate tariff risks [25][26] Question: Resolution of disruption with SeaWonder and Christie - Management confirmed that the issues related to vendor disruptions and HSN's relocation have been resolved [30] Question: Updates on product roadmap and brand rollouts - Management indicated that new products will start hitting the market in Q1 2026, with a focus on food products and pet accessories [32] Question: Revenue ramp expectations for the next 12 months - Management outlined a roadmap for launching new influencer-led brands and expanding into new sales channels to drive revenue growth [40][41] Question: Potential revenue outlook for 2026 - Management refrained from providing specific guidance but referenced analyst reports for potential revenue expectations [47] Question: Long-term revenue targets and brand potential - Management reaffirmed the potential for significant revenue growth from new brands, particularly in the pet and lifestyle categories [51][52]

Core Insights - The company reported strong earnings for the fourth quarter and the full fiscal year, with a 19% increase in EPS for the year and a consistent CAGR of 19% over the last three years, indicating a focus on being an earnings compounder [2] Fiscal Year 2026 Expectations - The company provided guidance for fiscal '26, projecting double-digit EPS growth, excluding the impact of a 53rd week, and also anticipates double-digit EPS growth for fiscal '27 [1] Strategic Initiatives - The company is optimistic about its film slate for the upcoming year, indicating confidence in its content pipeline [3]

Summary of The Walt Disney Company FY Conference Call (November 19, 2025) Company Overview - **Company**: The Walt Disney Company (NYSE: DIS) - **Fiscal Year**: 2025 - **Key Speaker**: Hugh Johnston, Chief Financial Officer Key Points and Arguments Financial Performance - **Earnings Growth**: Full year EPS increased by 19%, with a CAGR of 19% over the last three years [4][5][6] - **Future Guidance**: Expected double-digit EPS growth for fiscal 2026 and 2027, excluding the 53rd week [3][4] Film and Content Strategy - **Strong Film Slate**: Upcoming films include Zootopia 2, Avatar, Devil Wears Prada 2, and a Moana movie [4] - **DTC Business Growth**: Aiming for double-digit growth in Direct-to-Consumer (DTC) business, with a focus on achieving double-digit margins by 2026 [5][28] Parks and Experiences - **Parks Performance**: Domestic parks saw an 8% increase in operating income, reaching $10 billion for the first time [8] - **Attendance Trends**: Domestic parks attendance declined by 1% for the year, with a 2% decline in Q4, but bookings are up by 3% [8][10][12] - **Yield-Based Approach**: Focus on generating incremental revenue through ticket prices, food, beverage, and merchandise [17] Cruise Operations - **Expansion Plans**: Two new cruise ships are set to launch, with significant investments in the parks and attractions [21][22] - **Market Share**: Currently low market share in cruises, with plans to expand capacity to 13 ships by 2031 [26] Direct-to-Consumer (DTC) Strategy - **Subscriber Growth**: Currently at 195 million global subscribers, with plans for further expansion [28] - **Content Strategy**: Focus on local content to enhance engagement and retention, while maintaining a balance between sports and entertainment content [38][39] Capital Allocation and Cash Flow - **Strong Cash Flow**: Projected cash flow of $10 billion for fiscal 2026, with a 50% increase in dividends and a doubling of share repurchase to $7 billion [6][58][60] - **Investment Priorities**: Focus on business investments, dividend increases, and potential tuck-in acquisitions [61] M&A Strategy - **No Major M&A Plans**: The company is satisfied with its current portfolio and does not see the need for significant mergers or acquisitions [64] Additional Important Insights - **Technological Integration**: Ongoing efforts to unify the app experience for consumers, enhancing engagement and retention [34][36] - **Content Spend**: Content budget for the year is $24 billion, with a focus on quality over quantity [37][39] - **NFL Deal**: The acquisition of a 10% stake in ESPN and the NFL network is expected to enhance content offerings and financial performance [53][54] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on growth, innovation, and capital management.

Core Insights - The RiverPark Large Growth Fund reported strong performance in Q3 2025, with the S&P 500 Total Return Index rising 8.12% and the Russell 1000 Growth Index returning 10.51% [1] - The fund itself returned 4.73% during the same period, indicating a positive but narrower market leadership primarily driven by mega-cap tech and consumer companies [1] Company Performance - The Walt Disney Company (NYSE:DIS) was highlighted as a top five detractor for the fund despite reporting solid Q3 2025 results [3] - Disney's revenue for the quarter was $23.65 billion, which slightly missed consensus estimates, but segment operating income of $4.6 billion and EPS of $1.61 exceeded forecasts [3] - Management raised full-year EPS guidance to $5.85 from $5.75, driven by an improved Direct-to-Consumer EBIT outlook of $1.3 billion and stronger expected Experiences growth at 8% year-over-year [3] - Despite these positive indicators, Disney's stock declined due to mixed performance in the Parks segment, with domestic attendance remaining flat against expectations of 3-4% growth [3] Market Context - The third quarter saw Information Technology, Consumer Discretionary, and Communication Services leading sector performance, while Energy and Utilities lagged behind [1] - The overall market environment was characterized by strong AI innovation, benefiting a select group of companies [1]

Core Insights - Leading video podcast creators have achieved seven-figure monetization, with brands seeking partnerships with budgets exceeding one million yuan [1] - The rapid evolution of video podcasts has attracted both celebrity creators and mid-tier creators, indicating a growing interest in this format [2][3] - Video podcasts are seen as a new marketing frontier, providing brands with innovative ways to engage audiences [11] Group 1: Industry Growth and Trends - The video podcasting industry is experiencing significant growth, with notable creators like 罗永浩 and 鲁豫 gaining substantial followings and viewership [6][9] - Mid-tier creators are also benefiting from the rise of video podcasts, with increased engagement and follower growth compared to traditional audio formats [7][9] - The format allows for longer content, with creators reporting higher viewer retention and interaction rates compared to audio podcasts [5][6] Group 2: Brand Engagement and Marketing - Brands are increasingly investing in video podcasts, with successful campaigns reported, such as a female care brand achieving a 78% increase in new user engagement through a podcast episode [9] - New marketing strategies are emerging, including brand sponsorships and collaborations that integrate products into the content naturally [12][13] - Video podcasts are seen as a flexible marketing tool, allowing brands to convey their messages in a more engaging and less intrusive manner [14] Group 3: Content Creation and Challenges - The transition from audio to video podcasts presents challenges, particularly in guest selection and production quality, but creators are finding ways to manage costs effectively [3][4] - The content format is described as a blend of casual conversation and informative dialogue, appealing to audiences seeking depth in discussions [4][5] - Creators are exploring various content strategies, including weekly updates and thematic discussions, to maintain audience interest [3][4]