$DIS RESULTS: Q1 ADJ EPS $1.76 vs. $1.22 y/y, EST $1.42 Revenue $24.69B, +4.8% y/y, EST $24.57B Entertainment revenue $10.87B, +8.9% y/y, EST $11B Sports revenue $4.85B, +0.3% y/y, EST $4.7B Experiences revenue $9.42B, +3.1% y/y, EST $9.3B Eliminations revenue -$447M, -12% y/y, EST -$391.5M Total segment operating income $5.06B, +31% y/y, EST $4.28B Entertainment operating income $1.70B, +95% y/y, EST $1.45B Sports operating income $247M vs. loss $103M y/y Experiences operating income $3.11B, +0.2% y/y, EST $2.99B Total Disney+ subscribers 124.6M vs 125.3M q/q Domestic Disney+ subscribers 56.8M, EST 55.67M International Disney+ subscribers 67.8M, EST 63.77M Total Hulu subscribers 53.6M, EST 52.34M Hulu SVOD Only Subscribers 49M, EST 47.26M Hulu Live TV + SVOD subscribers 4.6M, EST 4.63M Hulu SVOD only ARPU $12.52, EST $12.84 Hulu Live TV + SVOD ARPU $99.22, EST $97.98 YEAR FORECAST Still sees high-single digit adjusted EPS growth y/y, estimate +8.1% Still sees cash flow from operations about $15B, estimate $15.09B Sees entertainment operating income growth double-digit percentage, estimate +15.7% Sees entertainment direct-to-consumer operating income of about $875M Sees sports operating income growth +13%, estimate +11.8% Sees experiences operating income growth +6% to +8%, estimate +6.1% Sees Disney Cruise line pre-opening expense of about $200M Sees equity loss of about $300M due to purchase accounting of Star India deconsolidation