Today's presentation may include forward-looking statements that we make pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including regarding the company's future business plans, prospects, and financial performance, are not historical in nature and are based on management's assumptions regarding the future and are subject to change. Additional information concerning factors and risks that could cause results to differ from those in the forward-looking statements are set forth in the company's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. Please welcome Chairman of the Board of The Walt Disney Company, James Gorman. I call this meeting to order, and the polls are now open. It's my pleasure to welcome you to The Walt Disney Company's annual meeting of shareholders. Disney's Chief Legal and Compliance Officer, Horacio Gutierrez, is designated to conduct the business portion of our meeting. On behalf of your Board of Directors, I want to thank you for joining us today and for your investment. Disney is a global leader in creative excellence and world-class entertainment, and we are fortunate to have your support. Before we get started, I'd like to acknowledge our independent directors, all of whom are joining us today: Mary Barra, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, Maria Elena Lagomasino, Calvin McDonald, and Derica Rice. I'm proud to work alongside these leaders, who each bring a wealth of experience and expertise to their service on the board. Today, we're committed to the continued success of this remarkable company, which brings joy to people around the world through creative storytelling and groundbreaking innovation. On behalf of the entire board, we're grateful to Bob Iger and the company's exceptional management team for their leadership, as well as Disney's employees and cast members for their dedication. We're grateful to you, our shareholders, for your continued trust and confidence. Thank you again for joining us, and please enjoy the meeting. Hello, and welcome to our annual shareholder meeting, and thanks for being with us today. One of the best aspects of my job is getting the chance to visit many of the places our people work, seeing and hearing about their exciting projects, and watching them create the magic that thrills people the world over. A few weeks ago, I was at Pixar reviewing their upcoming films, and just last week, I was at Walt Disney World, which is such a magical and wonderful place. Next week, I'll be at our gleaming new headquarters in New York. Today, I'm here at the headquarters of Walt Disney Imagineering in California, where right now, some of the world's greatest creative minds are dreaming up extraordinary new ways for our guests to experience the Disney stories and characters they love. Since the company's earliest years under Walt, technology has always been viewed as a powerful storytelling tool, and innovation has been in our DNA since the start. This perfect marriage of exceptional creativity and groundbreaking technology achievement is what has always set Disney apart, and I can't think of a better example than these little guys. How you doing, guys? Great to see you again. These are our BDX droids, created by Imagineering Research and Development, and as you can see, they have a lot of personality. In many ways, these droids are the direct descendants of the earliest Audio-Animatronics that Walt and his team first introduced to the world more than 60 years ago, and we've come a long way since then. The droids you see here can maneuver through rough terrain and even dance without losing their balance. Not bad. They can show a wide range of behaviors and emotions, from sadness... to anger... to joy. That's better. Seems like we've got some Inside Out 2 fans here. Imaginative technology like this allows us to expand our creative abilities and tell our stories in compelling new ways, both in our parks and in our films and series. Audiences will soon see these BDX droids on the big screen in The Mandalorian and Grogu from Lucasfilm, coming in theaters in 2026. All right, guys, time to take a break. Today, I'd like to take you deeper into how we're executing our strategic priorities. Let's start with our creative studios, which produce the stories and characters that are foundational to all we do. Our theatrical business had an outstanding year at the global box office following our reorganization that restored creativity to the center of our studios. Disney's success in 2024 was fueled by our popular franchises and IP, including the top three movies of the year: Pixar's Inside Out 2, Marvel's Deadpool & Wolverine, and Moana 2 from Walt Disney Animation Studios. Our renewed focus on quality over quantity has also resulted in outstanding critical success. We won a record-breaking 60 Emmy Awards, led by Shogun and The Bear. Shogun also swept all of its nominated categories at the Golden Globes, with FX breaking its previous record for wins. We received 15 Oscar nominations this year, with Kieran Culkin winning Best Supporting Actor for his performance in Searchlight's A Real Pain. Looking ahead, we're excited about our titles coming to theaters this year, including Snow White, which opens tomorrow, followed by Pixar's Elio, Thunderbolts, and The Fantastic Four: First Steps from Marvel Studios, Zootopia 2, and the spectacular third installment of the Avatar franchise, Avatar: Fire and Ash. Having seen an early cut of the film, I can tell you that it is absolutely breathtaking. This year, we're also bringing audiences a live-action reimagining of the animated classic Lilo & Stitch, and today, I'm thrilled to share this special extended look. Oh, why do I have to be at your work? I'm sick. Because someone got kicked out of Hulu. See. Here. Boring here. No dogs on the table. Why not? Because people eat off them. Nani! Who cares? They're only covering what? Bird pills. Lilo. Nani! Here. Lilo, how's it going? Look, David, I got a dog. You sure that's a dog? Mm-hmm. Yeah. Oh, okay. Stitch. There you are. Oh, stop that. No. Oh, stop that. No. Stitch, put it down. Luza. Yes. Like that. Yeah. No, no, no. Pizza sauce. Thank you, Pop. Then it's a... No. I'm going to give you to the count of three, Stitch. Oh. Why not? Why not? I'm also pleased to announce that a sequel to the Academy Award-winning film Coco is in the works from Pixar. While the film is just in the initial stages, we know it will be full of humor, heart, and adventure, and we can't wait to share more soon. Turning to our television series, many of our fan favorites are returning with new seasons this year, including The Bear, Only Murders in the Building, and Percy Jackson and the Olympians. What all of these films and shows have in common is that ultimately, they will all be accessible on Disney+, expanding our rich library of a century's worth of storytelling. By giving subscribers the option to watch what they love most from across the worlds of Disney, all in one place, we are turning Disney+ into the ultimate streaming destination. With the recent additions of the Hulu and ESPN tiles on Disney+, we have created a seamless streaming experience that is both convenient and user-friendly, resulting in higher engagement for our bundle subscribers. When ESPN's flagship direct-to-consumer offering launches in early fall, subscribers will have the option to access the full suite of ESPN's networks, as well as ESPN+, from inside Disney+. Meanwhile, the most passionate and dedicated sports fans will be able to fully immerse themselves in a new digital destination unlike anything available in the marketplace today, with all of ESPN's content enhanced by highly interactive and personalized features, all housed within the ESPN app. Nothing compares to the excitement and drama of live sports, which is why audiences have turned to ESPN for the best in sports programming for more than 40 years. We can't wait to deepen this connection with fans by providing an unparalleled digital sports experience. Beyond the digital world, we continue to captivate audiences in the physical world as well, and no one does that better than our experiences businesses. Last year, we talked about our plans to turbocharge growth in this segment through strategic investments. Today, I'm proud to share some of what we've been up to. Right now, we have more projects underway around the world than at any time in our history. Magic Kingdom is undergoing the largest expansion ever, including a new area inspired by Cars and the much-anticipated Villains-themed land. A Monsters, Inc.-themed land is coming to Hollywood Studios. A new Tropical Americas land is coming to Disney's Animal Kingdom with attractions themed to Encanto and Indiana Jones. We're doubling the size of Avengers Campus with two new attractions at Disney California Adventure. A ride-through attraction themed to Coco is also coming to Disney California Adventure, as is the long-awaited Avatar-themed destination. At Disneyland Paris, we are creating the first-ever ride-through attraction themed to the Lion King. Today, I'm thrilled to pull back the curtain here at Walt Disney Imagineering to give you the first look at the large-scale model of this stunning new attraction. Once completed, the majestic Pride Rock will serve as the gateway to an adventure-filled water attraction that will follow Simba on his journey from cub to king, and we can't wait for guests to experience this retelling of the classic animated film. Guests are going to love the many new offerings coming to our theme parks, and we're proud of the positive economic impact these projects will have in the communities in which we operate, including creating thousands of new jobs in Florida and California. Disney Cruise Line is also growing, allowing us to double our capacity to reach millions more people around the world. Last year, we launched the spectacular Disney Treasure, the sixth ship in our fleet. There are another seven cruise ships in development, including the Disney Destiny and the Disney Adventure, which are scheduled to launch later this year. All of these projects, as well as our $1.5 billion investment in Epic Games to bring a transformational new games and entertainment universe to Fortnite, reinforce how we are giving consumers the opportunity to experience our popular IP in exciting and innovative ways. At Disney, we've always believed it's important to be one of the world's most admired companies, not only for what we create, but for the positive impact we have. In the wake of the devastating wildfires in Southern California, we committed $15 million to the recovery efforts. It's been especially inspiring to see how our employees have stepped up to assist their neighbors in need, with the Disney Volunteers team quickly mobilizing to put on one of the largest disaster relief drives in our company's history. Disney also remains committed to supporting veterans through our Heroes Work Here program and our recent $1 million donation to Student Veterans of America to support a new career center. We're enormously proud of our continued relationship with Make-A- Wish. We remain the number one wish granter in the world for children facing critical illness, and on average, Disney grants a child's wish every hour of every day. In addition, last year, we fulfilled our $100 million commitment to enhance the children's hospital experience for both patients and their families. Walt believed deeply in the power of happiness and imagination to lift children's spirits even in the most difficult times, and that continues to guide us today. Only Disney shares such a powerful connection with generations of audiences all over the world, and we take that responsibility seriously. Every day, our more than 230,000 employees and cast members come to work with one goal, and that's to entertain you by telling great stories. Thanks to modern technology, there has never been a better time to be a storyteller. Today, we have the ability to greatly enhance the quality of our storytelling and to reach more people in more places in more ways than ever before. It was Walt who said, "We must keep our aim constantly focused on the future." As you reflect on everything we've shared with you today, from the renewed creative momentum at our studios to the bold direction of our streaming and sports strategies, to the focused investments we're making in our experiences business, to how we are expertly leveraging technology in all that we do, I hope you are inspired and energized by the limitless possibilities before us. I know I am. Thank you for your continued belief in this extraordinary company and the wonderful things we make for the world. Disney Company Horacio Gutierrez. The meeting is being conducted in conformity with the laws of Delaware and the company's charter and bylaws. If you have already voted by proxy, you don't need to vote again now. For those in attendance on the virtual meeting website, if you haven't yet voted or if you want to change your vote, you may do so during this meeting by clicking "Vote Here" on the virtual meeting website and following the instructions there. Please note that you must submit any vote by ballot before the polls close at today's meeting in order for your vote to be counted. The rules of conduct for the meeting have been posted on the virtual meeting website, and I would ask that everyone please respect the rules. The notice of this meeting was distributed to shareholders of record as of the record date. As stated in the notice of this meeting, we have six items on the agenda today, including three shareholder proposals. I will introduce each of the first three items, and shareholder representatives will present each of the shareholder proposals. The polls will close, and we will hear a preliminary report from the Inspector of Elections and adjourn the business portion of the meeting. The Inspector of Elections, Jason Graham of First Coast Results Incorporated, has signed an oath of inspector of election and is present today at this meeting. I would now like to ask Mr. Graham to report on the number. As of the close of business on January 21st, 2025, the record date for this meeting, there were 1,808,459,797 shares of common stock outstanding, each of which is entitled to one vote. There are at least stock represented by proxy at this meeting, which represents at least 51% of the total number of shares entitled to vote. Thank you. Based on this report, I declare that a quorum is present and that this meeting is qualified to proceed. The first item is the election of 10 members of the board of directors. Each director holds office for a term of one year. The following 10 directors are nominated for election at this meeting by the company: Mary Barra, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, James Gorman, Bob Iger, Maria Elena Lagomasino, Calvin McDonald, and Derica Rice. All of the company's nominees have been duly nominated. The board recommends a vote for the election of the 10 company. PricewaterhouseCoopers LLP as the company's independent registered public accountants for the current fiscal year, as recommended by the audit committee of the board of directors. Bob Schwartz, representative of PricewaterhouseCoopers, is here today to respond to any questions. The board recommends a vote for the ratification of the appointment of PricewaterhouseCoopers as the company's independent registered public accountants for fiscal 2025. The next item is the advisory vote on executive compensation. We are seeking advisory shareholder approval of the compensation of our named executive officers, and the board recommends a vote for this proposal. The next item is a shareholder proposal by James McRitchie ROTH IRA. The full text of the proposal is set forth in the proxy statement. I understand that Grant Bradski, as representative of the shareholder, is here to present this proposal, and I would like to invite him to do so. I would ask that he limit the presentation to two minutes at most. Good morning. Thank you for the opportunity to present this proposal. I'm Grant Bradski from the shareholder representative, As You Sow. This shareholder resolution is of the utmost importance as it asks the critical question, how. Change poses material risk to retirement plan beneficiaries. CDP reports that 215 global companies, including Disney, have almost 1. In the company's BlackRock default target date option, which is heavily exposed to high carbon and deforestation-intensive industries. These investments contribute to climate change, create systemic portfolio risk, and are poor long-term investments for the company's retirement plan beneficiaries. Disney could also face reputational risks from the cognitive dissonance between the company's mission to inspire young people around the world while at the same time jeopardizing their future. At the same time, directing over $897 million of our employee 401(k) savings into fossil fuels and burning down the Amazon. These investments undermine the company's climate goals, expose employee savings to financial. Just as Disney has taken operational climate action, shareholders ask that Disney now begin to address its target date funds and the millions of dollars of our employee retirement plan funds invested in fossil fuels. This will not only protect our company from the economic impacts of climate change, but also. Recommended a vote against this proposal for the reasons set out in the proxy statement. The next item is a shareholder proposal by the National Center for Public Policy Research. The full text of the proposal is set forth in the proxy statement. Stefan Padfield will now present the proposal. Operator, please proceed with the statement by Stefan Padfield. The Free Enterprise Project, which is part of the National Center for Public Policy Research. The National Center is the proponent of the proposal asking Disney to reconsider its participation in the Human Rights Campaign's Corporate Equality Index. Why should Disney stop participating in HRC's CEI? Because, as noted by Tyler O'Neil, senior editor at The Daily Signal, the Human Rights Campaign acts as a kind of mafia, forcing companies to embrace gender ideology in exchange for a high rating in the Corporate Equality Index. Specifically, as noted by Robbie Starbuck in a post on X, the HRC leverages corporations to support its work to legalize child sex changes and men in girls' locker rooms. Accordingly, it is not surprising that in recent months, 19 name brand companies totaling over $4 trillion in market cap have. Polaris, Indian Motorcycle, Lowe's, Ford, Coors, Stanley. Taking puberty blockers or even undergoing experimental surgeries, sometimes behind the back of their parents, is bad for business. You can help Disney get out of that business by voting in favor of our proposal. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. The next item is a shareholder proposal by Dana Tuggle. The full text of the proposal is set forth in the proxy statement. Jerry Bowyer will now present the proposal. Operator, please. Bowyer Research. I represent the proponent for proposal number six, and I'm here to ask for your vote on that proposal, asking Disney to commit to politically neutral ad policies. Companies from Meta to McDonald's are. Where everyone belongs. If it's committed to everyone belonging, it's common sense that Disney would want political. In its ad policies, Disney needs to take tangible steps to restore trust that its ad policies aren't biased against right-of-center media figures and outlets. In the name of political. Of proposal number six. The board of directors has recommended a vote against this proposal for the reasons set forth in the proxy statement. Will not consider ballots, proxies, or votes, or any changes or revocations thereof submitted after the closing of the polls. We will pause to give anyone a final chance to vote. It is now 10:31 A.M. Pacific time, and the polls for each matter to be voted at this meeting are now closed. I would ask the Inspector of Election to give us his report based on. Preliminary report, please. Thank you, Mr. Gutierrez. For item one, the election of the directors, we have received proxies voting for each director representing at least 96% of the votes cast of shares voting to approve the resolution. For item four, relating to a report on climate risk to retirement plan beneficiaries, we have received proxies for approximately 7% of shares voting to approve the proposal. For item five, relating to consideration of participation in the Human Rights Campaign's Corporate Equality Index, we have received proxies for approximately 1% of shares voting to approve the proposal. For item six, 1% of shares voting to approve the proposal. That concludes my report, Mr. Gutierrez. Thank you. Based on that report and subject to the counting of ballots presented at the meeting and final confirmation of voting results by the Inspector of Elections, I declare that all the nominees for election for the board have been duly elected, that proposals two and three have. Final vote results will be included in the Form 8-K that will be filed within four business days after this meeting. That concludes the business portion of the meeting. We'll now begin the shareholder question and answer portion of the meeting. Our first question is, "Creativity is the foundation that drives Disney. What are you doing to prioritize the importance of creativity across the company, and how will you utilize your IP to fuel expansion? Agree. Creativity is, in fact, the center of the Disney universe. It's really our heart and soul. When you think about it, just about every transaction that occurs in our company emanates from some form of creativity. With that in mind, when I returned two years ago, we reorganized the company, and we restored accountability to our creative teams, thus empowering them to do their best work. In fact, it's working, as was cited in my earlier introduction, with our recent box office successes like Inside Out 2 and Deadpool & Wolverine and Mufasa and Moana 2, and our creative and commercial successes in television, including having won all of those Emmys last year. Our creativity is, in fact, soaring, and we're really very excited about what lies ahead, such as films like Lilo & Stitch. We saw that trailer earlier today, Freakier Friday, The Amateur, Fantastic Four, Avatar: Fire and Ash, Zootopia 2, Toy Story 5, The Mandalorian, and The Avengers. I could go on and on. On the television side, Alien Earth and new seasons of Andor, Handmaid's Tale, Only Murders in the Building, Abbott Elementary, and so on and so on. Creativity is, in fact, flourishing at this company. To your question about how we used it across, we've been able to thrive for over 100 years since we were founded in 1923. We tell stories in movie theaters, on our networks and streaming platforms, consumer products, publishing, games, and of course, in our theme parks and our cruise ships. In essence, our creativity lives not just across all of our businesses, but across regions of the world, across time and generations. This incredible ecosystem is one of the things that, as a company, sets us apart from all our companies in our industry and makes us extremely proud. Thank you for your question. Next question, please. What is your strategic vision for growing the company? That we've done over the past few years has been entirely focused on growth and on the future and on delivering more shareholder value. From our film slate improvements, our turnaround in streaming and the path we're on to grow that business, to the increased investments in our parks and expansion in our experiences business, both parks, resorts, and cruise ships, to the work that we're doing to turn ESPN into the preeminent digital sports platform, we have numerous strategies in place that position us very well for growth. As we look ahead on these paths and lean more heavily into deploying technology, reaching younger audiences, and continuing to look for more ways to operate more efficiently, we believe we have reason to be very optimistic about our future and our ability to grow and improve shareholder value. Thank you. Next question, please. The domestic theme parks have not been able to keep up with rising attendance. What are your plans to expand capacity? Given recent price increases, is the company concerned about the afford. Thank you very much. That's a great question and one that I think about all the time. In fact, I was just at Walt Disney World on actually a weekday in March, and the place was really busy, really across the whole property in Pandora, our Avatar land, Galaxy's Edge, Story land, and at Disney Springs, which is our great retail, dining, and entertainment destination. The value, in fact, is tremendous, particularly when you compare with other forms of entertainment like sporting events and concerts. The additions and expansions that we've made to our parks worldwide, like those that I just referenced, actually not only provide more capacity, but they provide more value to our guests. We have more being designed, developed, and built today than at any other point in the 70 years since we've been in the theme park business. Seventy years ago, this year, in fact, Disneyland opened. We also appreciate that our parks create lifelong memories for families. With that in mind, we're constantly considering and developing and implementing new ways to make the experiences that we offer both more enjoyable, but of equal importance, more accessible. We provide several options for families looking to spend less, including our lowest price ticket to Disneyland, which we've kept at the same level since before the COVID pandemic. Two years ago, when I returned, we tripled the number of days that that low price ticket was available. With strong guest satisfaction scores and intent to visit ratings very high, our parks remain the most popular offering in the industry and a solid growth business for the company as we continue to introduce the new experiences that I just referenced. Thank you very much. Next question, please. Are you considering expanding the theme parks business to new strategic locations internationally? Thank you for that question. We're mostly focused on expanding in places that we currently operate. We've talked a lot about that today. We are also expanding our cruise ship fleet, as was noted earlier, where we're adding seven more ships this coming year. We take our stories, actually, in the cruise ship business to many people in places around the world. In effect, we go to where people are, not only do people just have to come to us. We are building and expanding in every location that we operate, adding more cruise ships, as I just noted, including the Adventure that will call Singapore its home, and of course, more ships after that. There are plenty of opportunities to expand where we currently operate in our cruise ship business. We appreciate your question. Thank you. Next question. When will the company, quote, "return to the magic," end quote, and focus its entertainment on its core customers of kids and families? Thank you for that question. As has been noted many times this morning, our primary mission as a company is to entertain. In our recent successes in both television and films, I think is ample proof that audiences are applauding our efforts. As I've said, the strength of our company is in creating experiences and telling stories that appeal to global audiences. Doing so has enabled us to thrive for over 100 years. We must continue to put high-quality entertainment at the center of our endeavors. Very, very aggressively for the last couple of years. As I noted, we believe that it's working. Thank you very much. Will the board of directors be considering an increase in the dividend payout in the near future? Just last December, the board of directors approved a $1 dividend, which was a 33% increase year- to- year. I think you can expect that management will continue to recommend to our board dividend increases, which you should think should be generally in line with our earnings growth. Additionally, we also return capital to shareholders in other ways, such as share repurchases, which totaled $3 billion in fiscal 2024 and will likely be around that number this fiscal year. Thank you. What are the commercial benefits of the arrangement, and when will the new universe launch? I don't have a date yet to announce in terms of when it will launch, but I can say this is an extremely exciting initiative, and I think for many reasons. What we're creating is an entirely new entertainment universe, one that will exist parallel to and interoperable with Fortnite, eventually providing users with the ability to play games, create games, watch content, create content, buy digital and physical goods, and actually interact with one another. You should think about Epic as a game platform, a streaming platform, a creator platform. And much more to come. Thank you. How has Disney implemented AI, and are there initiatives in progress to utilize AI in amusement parks? Technology that our company has ever seen, including its ability to enhance and enable consumers to access, experience, and enjoy our entertainment. It's also already enabling our company to be more efficient, and we're only just taking great care to make sure of three things. One, that our IP is being protected. That's incredibly important. Second, that our creators are being respected. And last, that our customers are being considered and valued, particularly as this technology emerges rapidly. Thank you very much for that question. Would the company consider using Figment in other parts of the business, such as creating a film based on the character? I think this is my 24th shareholder call. My 18th as CEO. I think the question about Figment's been asked about 15 times. I call him good old Figment. We know that he's popular with shareholders because of the fact that they ask questions about him all the time. We also know that he's popular at Epcot, where you can meet him and journey into imagination. I'll tell you what, I've been asked this so many times that I am going to ask our creative teams to consider making some form of series or short form videos of Figment, because obviously he's more popular than just a walk-around character in our parks and resorts. Aulani-style regional hotels and resorts business to new international locations where you don't have amusement parks? We like Aulani a lot, and we know that our guests do as well. It is quite popular and quite beautiful and a lot of fun. We are not currently looking at more Aulani-like projects. As I noted earlier, we are expanding in our current locations. By adding new ships, we are actually creating more opportunities and more places for people to experience Disney. Thank you very much. Thank you for joining us. That concludes our annual meeting. You may now disconnect.