The Walt Disney Company (NYSE:DIS) Q3 2024 Earnings Conference Call August 7, 2024 8:30 AM ET

Company Participants

Alexia Quadrani - Investor Relations
Robert Iger - Chief Executive Officer
Hugh Johnston - Senior Executive Vice President and Chief Financial Officer

Conference Call Participants

Jessica Reif Ehrlich - Bank of America
Benjamin Swinburne - Morgan Stanley
Robert Fishman - MoffettNathanson
Steven Cahall - Wells Fargo
David Karnovsky - JPMorgan
John Hodulik - UBS
Michael Morris - Guggenheim
Bryan Kraft - Deutsche Bank
Kannan Venkateshwar - Barclays

Operator

Good day and welcome to The Walt Disney Company Third Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After some brief introductory remarks, there will be an opportunity to ask questions. [Operator Instructions] Please note today's event is being recorded.

I would now like to turn the conference over to Alexia Quadrani, Vice President, Investor Relations. Please go ahead.

Alexia Quadrani

Good morning. It's my pleasure to welcome everybody to The Walt Disney Third Quarter 2024 Earnings Call. Our press release, Form 10-Q and management's prepared remarks were issued earlier this morning and are available on our website at www.disney.com/investors.

Today's call is being webcast and a replay and transcript as well as the third quarter earnings presentation will all be made available on our website after the call. As we previously announced, today's call will follow a new format consisting only of a question-and-answer session.

Joining me this morning are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. As we start the Q&A session, we ask that you please try to limit yourself to one question in order to help us get to as many analysts as possible today.

And with that, operator, we're ready for the first question.

Question-and-Answer Session

Operator

Yes, ma'am. [Operator Instructions] Today's first question comes from Jessica Reif Ehrlich with Bank of America. Please go ahead.

Jessica Reif Ehrlich

Thank you. I'm going to try to squeeze in two, one on theme parks and one on NBA. So first on theme parks, there's really a lot of moving pieces here. Can you provide color on global park demand and where you expect this protracted weakness? Maybe include the benefit from cruise ships, since you have three ships coming on over the next, I guess, 18 months or so. And with the stated fiscal Q4 mid-single-digit decline and the expectation that this will last for several quarters, is that the right level to think about OI as we think about fiscal '25? And on the NBA, with the rights now complete, you'll likely have several hundred million dollar step-up when the new contract begins in fiscal '26. Are there incremental monetization drivers, including maybe WNBA growth that can make the new contract profitable in the early years? Thank you.