The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2017

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).
 

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