The Walt Disney Company’s primary financial goals are to maximize its earnings and cash flow and to allocate capital wisely towards profitable growth initiatives. The company tracks three primary financial measures of success in this regard: a) growth in earnings b) increasing free cash flow and c) improving returns on invested capital.

We believe that the strategic priorities essential to achieving these goals include fostering the competitive advantage the company derives from its strong and differentiated brands, creating and growing enduring franchises that can be leveraged across our diverse set of businesses, and using technological innovation to enhance and better distribute the company’s content. Just as importantly, we believe that maximizing value to shareholders over the long term requires adherence to the highest standards of integrity in our business practices, including financial controls and reporting.