DIS
#I'm not going to talk about separating those assets.
We fully expected that our media assets are going to continue to contribute to our growth.
We also are designed, as a Company, to leverage intellectual property across a lot of our businesses, or to leverage the collection of brands nicely in the marketplace.
And that also is reflected in the way we operate the businesses from an expense perspective, with consolidation in many different areas.
So if you look at the profile of the Company, interestingly enough, since 2009, look at the growth profile, the Company has grown on a compounded basis by 14%.
The media networks have driven about 8% compounded a year, and the rest of the Company grew 23%.
So 8% a year is pretty strong.
23% is extraordinary.
14%, pretty damn strong, too.
I think that what that says is really, is that over the period of time, we've actually diversified our ability to generate growth and profitability, and that was very purposeful.
These investments that we made it Pixar and Marvel and in Lucasfilm, and the investments that we've made in our parks were designed for us to diversify our bottom line or our growth.
And that was not just across businesses, but really across the world, because a lot of these businesses are global in nature, unlike some of our media assets.
<UNK>, thanks for the question.
Operator, next question, please.
Thank you, <UNK>.
The way we buy back our stock, we do keep an eye on our intrinsic value.
So obviously, the amount of stock we bought isn't an indication that we believe that our stock is a great investment, and it is well below that intrinsic value.
The strength of the balance sheet does afford us a lot of flexibility, so we're able to react to these opportunities, especially when the market dislocates in our name or the market overall.
So we have taken opportunities to be aggressive so far this year, and we intend to do it going forward for the balance of the year.
Thank you, <UNK>.
Operator, next question, please.
You should think nothing but happy thoughts about this Company.
I don't know what else to say.
(Laughter) We're not going to give any guidance whatsoever.
We believe that we've distinguished ourselves in the media sector, not only with our growth these last number of years, but with the assets that we've collected and with the growth potential that we've created for this Company going forward.
And we will leave it at that.
I didn't take it as unfair, but as you know, we're not going to go there.
But I do think it's important ---+ and I don't mean to be too wordy ---+ but if you look at the profile of the Company, we have four businesses that are going to deliver growth for this Company, Parks and Resorts, Media Networks, the Studio, and Consumer Products.
And there was a time not that long ago where we were getting growth really from just a couple of them, and some, like the Studio, was somewhat lumpy in nature, meaning there were good years and there were bad, based on the slate.
I'm not suggesting that every year we grow, because there will be ups and downs in some cases, but they will be much flatter in nature, meaning you can expect that the bottom line contribution from the businesses will continue on essentially a more consistent basis than you saw in the past.
No, I don't think there's anything I can add to that.
Sorry.
Thanks, <UNK>.
Operator, next question, please.
Do you want to address that.
All right, Mike.
Thank you for the question.
Operator, we have time for one more question today.
Well, <UNK>, I think the context that I'd give you on that is, first of all, you've seen how we've successfully grown our advertising revenues.
And especially with the branded services and programming that we have, we continue to get a great response from advertisers, both on our linear channels and on new platforms.
So that looks good, and I think that trend will continue.
And I think we've discussed the affiliate side of the equation.
The only other thing to keep in mind is that as new sports contracts kick in, next year as an example, that will sometimes cause a shift in terms of how the growth is coming, but the overall growth story is in tact.
So I think that gives you what color is available there.
<UNK>, thank you for the question.
And thanks again, everyone, for joining us today.
Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.
Let me also remind you that certain statements on this call may constitute forward-looking statements under the securities laws.
We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.
Forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K and in our other filings with the Securities and Exchange Commission.
This concludes today's call.
Have a great rest of the day, everyone.
