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DREAMWORKS ANIMATION FINANCIAL MANAGEMENT ANALYSIS Siede Coleman, David Ferialdi, Chris Ramirez, Chinvee Lim, Isaac Rosales

Transcript of DREAMWORKS ANIMATION - Movienomicsmovienomics.com/wp-content/uploads/2013/07/Movie...DreamWorks...

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DREAMWORKS ANIMATION FINANCIALMANAGEMENT ANALYSIS SiedeColeman,DavidFerialdi,ChrisRamirez,ChinveeLim,IsaacRosales

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CONTENTS

Overview

CorporateGovernance

FinancialAnalysis

WorkingCapitalManagement

CorporateDebt

CostofCapital

StockValuations

Mergers&Acquisitions

MultinationalOperations

CorporateTaxation

InvestorRelations

ExecutiveSuggestion

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MAJORCOMPETITORS

DWA'scompetitorsareinvolvedinbothanimationandlive‑action•

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COMPOSITIONOFBOARDMEMBERS

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COMPOSITIONOFBOARDMEMBERS

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COMPOSITIONOFBOARDMEMBERS

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GOVERNANCERECOMMENDATIONS

Requireindependentdirectorstodecideexecutivecompensationandnewdirectornominations

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JeffreyKatzenbergandDavidGeffencombinedcontrol68%ofthevotingpowerandasaresultthatcouldbeperceivedasaconflictofinterest/weaknessalthoughitislegal.

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Anotherweaknessconcerns"grayareas"regardingboardmembers'independence.Theboarddetermineswhetherindependenceismaterialornot.Forexample,formerboardmemberJudsonGreenhadassociationswithcompanies(HewittAssociates,Nokia)thatwereengagedinbusinesswithDreamWorksandtheboarddeemedthisconnectionsimmaterial.

Createanexecutivecommitteetoimplementtrueboardmemberindependenceand"controlledcompanyexemption"onmembervoting

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FINANCIALANALYSIS

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AREASOFSIGNIFICANTWEAKNESS

Netincomedecreasedfromyear2011to2012whileSG&Aincreasedfrom2011to2012.

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Thedecreaseinnetincomefrom2011to2012isdueinparttothedeclineinDVDunitssold,whichacceleratedbetweentheyears(AnnualReport2011,pg15).

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WORKING CAPITAL MANAGEMENT

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WORKINGCAPITALMANAGEMENT

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RECOMMENDEDACTIONS

Inordertoreducethecashconversioncycle,DreamWorksneedstosignificantlyreduceitsinventory.Thefilmindustryisveryvolatileandprojectingdemandforcertainmaterialmaybedifficult.DreamWorkshashighinventoryrepresentativeofproductionscosts.Asrevenueisearnedonreleases,DreamWorkscapitalizesthecostsassociatedwitheachoftheirmoviesanditsamortizedovera10‑yearperiod.Iftheyrestructuredthisprocessthentheirinventoryconversionwouldimprovesignificantlythusimprovingtheircashconversioncycle.

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Inregardstoearningsmadebydistributors,DreamWorkswillfurtheramortizeinventoryandcostofproductionasdistributorsmakeearningsandcontributionsarepaidtoDreamWorks.

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RECOMMENDEDACTIONS

However,therehasbeenarecenttrendformoredigitalcontentwherecustomersareconsumingcontentattheirowndemand,whenevertheywant,andhasslowedgrowthintangibleproducts.Lionsgateontheotherhandhas0inventory,meaningtheydon’thaveanytangibleproductionsandoutsourceinventoryandcontentforothercompanies.Therefore,DreamWorksshouldfocusonimplementingtheircontentintoamoredigitalform,soastocreateareal‑time,build‑to‑ordersystemfordemand,whichcanbeintangible“inventory.”

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ItisalsoimportanttonotethatDreamWorks’DaysPayableOutstanding(DPO)ishigherat220comparedtoLionsgate149DPO.DreamWorksisinabettercashpositionandhasalotmorenegotiatingpowerandcandelaypaymentstoitssuppliers.

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CORPORATE DEBT

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DEBTREVIEW

DreamWorksAnimationSKGonlyhasdebtin2012.Mostoftheliabilitiesareduetoaccountspayable.ThematuritydateofthisrevolvingcreditfacilityisAugust2017.AsoftheNewCreditAgreement,DreamWorksisallowedtohaveoutstandingborrowingupto$400millionatanyonetime.

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DEBTREVIEW

Payacommitmentfeeonundrawnamountsatanannualrateof0.375%.

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Interestonborrowedamounts(perdraw)•

Lendingbank'sbaserate+1.50%perannum.▪

LondonInterbankOfferedRate(LIBOR)+2.50%perannum.▪

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DEBTREQUIREMENT

BorrowingssecuredbyallDreamWorksassets•

Maintainaspecifiedratiooftotaldebttototalcapitalizationratio

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Maintainaspecifiedratioofnetremainingultimatestofacilityexposure

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ProhibitDWAtakingcertainactions,suchasgrantingliens,enteringintoanymerger,modifyingorganizationaldocuments,etc.

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ProhibitDWApayingdividendsonitscapitalstock•

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DEBTTOEQUITY

Debt/EquityRatio:2012:$165,000/$1,345,616=0.12

DebtInstruments:Notespayableisthelargestportionandasmallportioniscurrentliabilities.

Bank:J.P.MorganChase

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ISDEBTTOEQUITYRATIOAPPROPRIATE?

YESDWA'sabilitytoremaindebtfreeduringateeteringeconomyhasallowedthecompanytoavoidinterestpaymentsandexpandits

assets,announcingathemeparkandadditionalstudioopeningthispastyear.

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WILLDREAMWORKSMEETTHEIROBLIGATIONS?

YESTheinterestexpenseismuchlowerthancashandcashequivalents.

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DreamWorksratedasAAAcreditratingadecadeago,yet,todaythecompanycreditratingstillA+.

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DEBTRECOMMENDATIONS

Thecompanyisnottakingenoughadvantagefromtheirfinancialleverage.Sincedebtischeaperthanequity,takeonsomedebttopurchasebacksomestock.Thisisanopportunetimeconsidering,stockpricesareattheirall‑timelowest,givingthecompanyanopportunitytoresellthestocktheyreceivefromtreasury.

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COSTOFCAPITAL

DWAStockPrice:$19.17

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Sharesoutstanding:84,228

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PreferedStock:0

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Debt:$165,000•

CommonEquity:84,228*19.17=1,614,6501614,650/1,779,650=91%

Debt:165,000/1,779,650=9%

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WHYDREAMWORKSREPORTNETLOSS?

Movieindustryisvolatile.•

Thereisnopredictionofafilm'ssuccess.•

Amajorityofafilm'srevenuecomesfromweekendboxofficereleases.Competitiveenvironmentorlowturnoutcangreatlymakeanegativedifferenceingrossrevenue.

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PiracyiscommonoverseasandinUnitedStates.•

Familyfilmsuccessesaredependentonfranchises‑wellknownstorieswillattractlargeraudiencesthanoriginalstoriesifmarketedincorrectly.

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DreamWorkssubsidizesmealsfortheiremployeesattheStudio,whichKatzenbergrefusestodecreaseevenintimesofshrinking

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WHYPRODUCTCOSTDECLINE?

TheirearningsreportstatesthatDreamWorkswilladoptanewtechnologythatwillreducetheircostsby$120millionpermovie.

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InpartneringwithTwentiethCenturyFoxdistribution,DreamWorkshasalsolimitedit'sreleaseslateto3filmsperyear,whereasthecompanyaimedfor4filmsin2013and2014beforethepartnership.

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STOCKVALUATIONWORKSHEET

MorningStarStockAnalysts1.SalesgrowthratefromMorningStar,webelievethisworksheetismorepragmatic.

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Bloomberg2.SalesgrowthratefromBloombergterminal.▪

Althoughthesharepriceishigher,itisnotconsistentwithstockanalystsprediction.

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Salesgrowthrateistoofluctuate.▪

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FUTUREFORECASTOFCASHFLOWS

$17.40basedonthefutureforecastofcashflow.•

Salesgrowthtoaverage1%annuallyforthenextfiveyears.•

Costofsalesas80%,productcostwilldecrease.•

Producemoremovieseveryyear.•

Releaseatleastonesequelsfilmeveryyear(lessrisky,increaseprofitthroughhomevideosales,merchandising,andlicensing)

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Averageoperatingprofitmarginincreaseto20%forthenext5yearsbecauseofincreaseinfilmrelease.

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Cashconversioncycleshouldbedecreaseasthedaysofinventoryisveryhigh,ifcashconversioncycledecreas,stockpricewillincrease.

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FUTURECASHFLOWSANALYSIS

Fairvalueestimatesis$17pershare,astheythinkthatthecompany'srevenuewillbemorestablethaninthepast.

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Revenuegrowthtoaverage1%annuallyforthenext5years.•

Sales4%in2013.•

Averageoperatingprofitmargindecreaseto15%forthenextfiveyearsbecauseofthedeclineinthehomevideomarketdragonprofitability.

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Upsidecase Downsidecase

$26persharefairvalue▪7%averageannualgrowth▪21%averageoperatingmargins

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$14persharefairvalue▪2%averageannualsalesdecrease

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14%averageoperatingmargins

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DWASHAREPRICECONSISTENTWITHSTOCK ANALYSTSPREDICTION

DWA'ssharepriceisconsistentwithStockanalystsprediction•

TheuncertaintransitionfromDVDstodigitaldistributiondragonprofitability.NumberofDVDssales

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Thefilm'slibraryofcontentandfranchisescouldmakeitanattractivetakeovertarget.

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Reshapedthebusinessbycreatingmorefilmsperyear.•

Releaseatleastonesequelfilmeveryyear.Forexample,2filmsin2013,3filmsin2014,4filmsin2015and3filmsin2016.

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DWASHAREPRICECONSISTENTWITHSTOCK ANALYSTSPREDICTION

PartnershipwithaRussianThemeParkmakertolicensetheircharactersforathemepark.DWAdoesn'thaveexpense,onlyrevenue.

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Inventorydecrease,carryingthecostofTheCroodsandTurbo.•

PopularityofcheaprentaloptionsfromNetflixandRedbox.However,partnershipwithNetflixistoreleaseananimatedshowbasedonTurboexclusivelyforNetflix.

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Thecomputer‑generatedanimationtechnologieslowertheentrybarriers.

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HOWTOMAXIMIZEDWA'SSHAREPRICE?

Increasetotalrevenue,tonothavehighdependencyonDVDsalesandpenetratethedigitalmediamarket.Forinstance,DreamWorksacquiredYouTubechannelAwesomenessTVonMay1st,2013thatsuccessfullyentertonextgenerationmediaplatform.DreamWorkshasfurtherenteredthisplatformwithitspartnershipwithNetflixtocreateoriginalcontentbasedon"Turbo",anemergingDreamWorksfranchise.

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DreamWorkscanoutsourceportionsoftheirproductiontodecreasethetimetoproduceananimatedfilm.

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Outsourcingproductiontoothercountriescanalsoprovideacheaperalternativetoproductionscosts.

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HOWTOMAXIMIZEDWA'SSHAREPRICE?

Increasecompanydebtfinancing.DreamWorksAnimationishighlyfundingthecompanybyusingEquityfinancing;however,DreamWorksdefinitelyshouldbalancetheircostofcapitalbyincreasingtheirdebtfinancingtodecreaseWeightedAverageCostofCapital(WACC).

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Decreasethecashconversioncycledaysbydecreasingtheinventory.AfterDreamWorkslaunchesanewfilm,ittakesaroundthreeyearstowriteofftheinventories.Thus,findingawayforDreamWorkstoreturnthecashfasterthanthreeyears.

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MERGERS& ACQUISITIONS

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CLASSICMEDIA

ClassicMediaacquiredfor$155million•

ClassicMediahasoneofthemostrobustportfoliosofintellectualpropertyfeaturingmanyofthebestknownandmostenduringfranchisesinalloffamilyentertainment

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TheacquisitioncombinesDWA’shit‑drivenbusinessandClassicMedia’sextensiveandsustainablelibraryrevenuestream

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CLASSICMEDIA

Itseemstooearlytotellifthe$155millionpricetagwastoohigh;however,itseemsfavorabletoshareholdervalueformanyreasons.

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ClassicMediaisoneofthelargestlibrariesofanimatedcharacters.Thisbringrevenueopportunitiesinformoncharacterrecreation,licensing,merchandise,andadaptations.

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Inaddition,thelibraryofcharactersisexpectedtoriserevenuestreamduringtheholidayseason,whichisagreatassetinsuchavolatileindustry.

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Itseemstooearlytovaluebecauseonlyoneholidayseasonhaspassedsincetheacquisition.Theirstockpricetooksharpdeclinefollowingtheacquisitionandhasslowlyincreasedsincethen.

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CLASSICMEDIA

Astudio’sbiggestassetistheirlibraryofcontent

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TheadvantageofhavingatheentirelibraryofClassicMediacomesfromanewrevenuecreationopportunityfromstreamingservices

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ThisisespeciallyimportantinthenewstreamingmodelofNeflix,Hulu,Amazon,Vudu,etc.Itisverysignificantinanerawhereallthestreamingcompaniesareallcompetingtohaveexclusiveaccesstolibrarycontent

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ORIENTALDREAMWORKS

February,2012:The$350millionjointventurebetweenChinaMediaCapital&ShanghaiMediaGroup&ShanghaiAllianceInvestment,Ltd

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DreamWorkstocreateandhave45.45%equityinOrientalDreamWorks,anewanimationcompanythatwillfocusprimarilyoncreatingoriginalfilmandtelevisionanimationcontentforChinaandtherestoftheworld.Theother55%willbesplitamongtheChinesepartners

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JointventureispositionedtobetheleadingChina‑focusedbased•

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ORIENTALDREAMWORKS

Thisjointventureistooearlytotellbutshouldbepositiveforshareholders.

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ChinahasstrongboxofficerevenuesandisfairlyuntappedintheHollywoodmarket.

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PartnershavealsobeenproventobeleadingentertainmentfirmsinChinesemarket.

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ORIENTALDREAMWORKS‑DREAMCENTER

PartnersadditionallyagreedondevelopmentofDreamCenterinAugust2012,aShanghaiEntertainmentDistrictprojectcosting$3.1billion.

DreamCenterwillcoversixlargecityblocksandwillstrengthenthenation’smediaindustrywhilesatisfyingthedemandingtastesofthegrowingmiddleclass.

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Itwillbecomeanentertainmentzonefeaturingtheworld’slargestIMAX,andamultitudeoftheaters

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FLUCTUATIONSINSTOCKPRICEAFTERCLASSIC MEDIA

DWA'ssharepricedeclinedafterClassicMediaacquisition.Thisisforseveralreasons:

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1.Thecharactersbeingacquiredthroughthisdealareolder(most“datebacktothe1950s”)andpreviousattemptstorelaunchthesecharacters(Speedracer,Rocky&Bullwinkle,etc.)were“largedisappointments”

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2.ClassicMediawasconsideredanovervaluedacquisition.Inthebiddingprocess,DWAfaroutbidtheotherprospectivebuyers,andthefinalpurchasepricewasover8timestheactualvalueof

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PROFITABILITYIMPROVEMENTTHROUGH ACQUISITIONS

TheClassicMediaacquisitionwillbringrecurringrevenueeachholidaywithoutadditionalcosts.NewgraphictechnologyadoptionwillsaveDWA$120Mpermovie+decreasedserviceandoverheadlabor.

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ClassicMediaaswellaspotentialTVlicensingrevenueinfutureyearsestimatesfairvalueto$20persharefrom$18aftermakingpositiveadjustmentsforfuturecashflow.

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MULTINATIONAL OPERATIONS

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INTERNATIONALSUMMARY ChinaInShanghai,China,DWAhasformedajointventurecalledOrientalDreamWorkswithseveralChinesecompanies.Thisventurewill“conductsignificantoperationsinChina,includingthedevelopmentandexploitationoforiginalcontent.”*DWAhasalsojoineditsChinesepartnersforthereleaseofanentertainmentdistrictin2016,withatotalinvestmentamountof20billionyuan($3.14billion).IndiaInBangalore,India,DWAhasastudiowithabout200artistsandproductionstaff.ThecompanyhaspartneredwithThomson/Technicolortobuildan“animationenterprise.“RussiaDWAhaslicenseditscharacterstoRegionsGC,aRussiancompanywithplanstobuildthemeparksinMoscow,St.Petersburg,andYekaterinburgLondon,EnglandOfficeobtainedthroughClassicMedia *DWA201210‑K(FiledFeb27,2013),

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IDENTIFYANDANALYZE

TheatricalDistributiongrowthrates(fromthe201210Kreportpage37).

Domestic49%to56%•

International37%to44%•

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INTERNATIONALISSUES PoliticalTheinstabilityofforeigneconomiesandgovernmentswarandactsofterrorism

SocialDifferingculturaltastesandattitudes,includingvariedcensorshiplawsandtheregulationofmediabusinesses

RegulatorytheForeignCorruptPracticesActandsimilarlawsregulatinginteractionsanddealingswithforeigngovernmentofficialsotherlawsandpoliciesaffectingtrade,investmentandtaxes,includinglawsandpoliciesrelatingtotherepatriationoffundsandwithholdingtaxesandchangesintheselawsdifferingdegreesofprotectionforpatentrightsandotherintellectualpropertyrights *DWA201210‑K(FiledFeb27,2013),

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INTERNATIONALISSUES(CONT.)

RISKS:Successisdependentonaudienceacceptanceofourfilms,whichisextremelydifficulttopredictand,therefore,inherentlyrisky.Limitednumberofreleaseseachyear.Revenuecomesfromasinglesource,productionofanimatedfamilyentertainment.Animatedfilmsareexpensivetoproduce;uncertaintiescanleadtofilmsthatareabandonedordelayed.Oursuccessdependsoncertainkeyemployees(SuchasJeffreyKatzenburg)

DWAiscurrentlyintheprocessofdevelopinganumberofprojectsthatarenotfeaturefilms,whichwillinvolveupfrontandongoingexpensesandmaynotultimatelybesuccessful.

*DWA201210‑K(FiledFeb27,2013),

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INTERNATIONALISSUES(CONT.) Ourhomeentertainmentbusinessisexperiencingsignificantchangesasaresultofrapidtechnologicalchangeandshiftingconsumerpreferencesandbehavior.Piracyofmotionpictures,includingdigitalandInternetpiracy,maydecreaserevenuereceivedfromtheexploitationofourfilms.

•

WearedependentonFOXandParamountforthedistributionandmarketingofourfeaturefilmsandrelatedproducts.

•

Wedependonourdistributorstoremitmostofourrevenueandinformationtous

•

FoxandParamountdistributeourfeaturefilmsandrelatedproducts,andtheresponsibilityfordistributingandpromotingourfilmfranchiseswillbesplitbetweenFoxandParamount

•

*DWA201210‑K(FiledFeb27,2013),

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INTERNATIONALISSUES(CONT.) Marketingcostshavesignificantlyincreasedandmayincreaseinthefuture,

makingitmoredifficultforafilmtogenerateaprofitorcompeteagainstotherfilms.Wecompeteforaudiencesbasedonanumberoffactors,manyofwhicharebeyondourcontrol.GlobaleconomicconditionsadverselyaffecttheprofitabilityofourbusinessTheseasonalityofourbusinessescouldexacerbatenegativeimpactsonouroperations

OurChinaJointVenturefacesrestrictionsinChinaandmaynotsucceed

MediaandentertainmentbusinessesinChinaarecurrentlysubjecttoavarietyofrestrictions,includingprohibitionsontheconductofcertainactivitiesbyforeign‑ownedentities.

•

TherearerestrictionsontherepatriationoffundsearnedinChina.•

Therecanbenoassurancesthatthejointventurewillbeabletoobtaintheappropriateauthorizationstoengageinallcontemplatedaspectsofitsbusinessor,ifsuchlicensesareobtained,thatthejointventurewillbesuccessful

•

*DWA201210‑K(FiledFeb27,2013),

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SHAREHOLDERVALUE

DreamWorksAnimationisenhancingitsshareholdervalueinitsinternationaloperationsbyenlargingitsfilmlibrary.OntheIncomestatement,theDWARevenuehasincreasedandacloserexaminationrevealsthatamajorityoftherevenuegeneratedbythe“Library”categorywasearnedprimarilyintheinternationaltelevisionmarketandworldwidehomeentertainment.

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EFFECTIVETAXRATE

DWAlossbeforeincometaxesfortheyearendedDecember31,2012,thecompanyeffectivetaxratewaslessthanthe35%statutoryfederaltaxrateduetoanincreaseintheirforeignvaluationallowance.Inaddition,DWA’sabilitytobenefitfromcertainprioryeartaxdeductionsandthenettaxbenefitsrecognizedfromtheTaxBasisIncreaseisabletoreduceitseffectivetaxrateaswell.Moreover,thebenefitfromincometaxesrecognizedduring2010wasprimarilyaresultofthereleaseofsubstantiallyallofthecompanyvaluationallowancepreviouslyheldagainstcompanydeferredtaxassets.

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STRUCTURE,RATE,3YRTREND

DreamWorksshouldfocusoncityandstatetaxcreditsbyprovidingfinancialincentivesandfuturegrowthopportunitiestostrategicoperatinglocations.

Ingeneral,theforeignboxofficenowaccountsformorethanthedomesticboxofficerevenue.DreamWorksshouldrestructuretheirrateusingforeignopportunities.ForinstancetheycanshiftR&DtoSignaporeorCaymanandproductiontoIndia.Thiscanallowthemtochargeroyaltiesandmanagementfees.ThusdecreasingUSincomeandincreasingforeignincome.

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MESSAGETOINVESTORS

DWAisstillbestinclassforgeneratinganimatedhits.DWAisfocusingontransitioningtraditionalDVDtodigitalsales.

•

Viacom'sdealendingin2012isreplacedwithTwentiethCenturyFoxbeginning2013.DWAhasstrongperformanceinAsiaandpartneringwithFoxisagoodstrategicfit.

•

AcquisitionwithClassicMedia,DWAhastheabilitytoextractadditionalvaluefromsomeofClassicMedia'sfranchises.

•

JeffreyKatzenberg,CEO,analyzesthecompetitivemarketlandscapeandacknowledgesDWAlossesProvideslline‑upshiftsandlaborforcereductiontomakeDWAmoreefficient.

•

LarryWasserman,CFO,providedfinancialinformationonindividualfilmsaswellastheearningsguidancepolicy.

•

F

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DISCLOSURE

MoreinformationcouldhavebeenprovidedregardingwhatcausedfailureofRiseoftheGuardiansandwhatcanbedonetopreventsuchfailures.Itseemsliketheyjustwroteitoffwithouttakingmeasuressomethinglikethiswouldhappenagain.DWAdoesmentionthatRiseoftheGuardiansmanagedtosurpassexpectationsintermsofDVDsales,butthecompanycouldstandtoexplainthisevenfurther,asmanyofthequestionsaskedintheQ12013ConferenceCallwereaboutthissuddenchangeinfortuneforRiseoftheGuardians.

•

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EARNINGSGUIDANCEPOLICY

DWAhasastrongfutureliquidityposition.DWAprovidedrevenueandcapitalspendingestimatesforthereleaseoftheir2014films.DWAhasanewcost‑cuttingprogramtosave$120million/filmaswellasnewlicensingandmerchandisingpartnershipsinprogress.Futurepositiveearningsguidancewillalsobeattributedthroughdigitalcontentforachildren’sdevelopmentseriesthroughaNetflixalliance

•

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EARNINGSGUIDANCEPOLICY

FromtheClassicMediaacquisitionaswellaspotentialTVlicensingrevenueinfutureyears,thefairvalueestimateto$20persharefrom$18aftermakingsomepositiveadjustmentsforfuturecashflow.

•

ThedistributionfeepaidtoFoxforglobalboxofficeandhomevideorentalwillbe6%whichislowerthanthepreviouslypaidtoViacom8%.$18fairvalueestimateforDWAisunchanged.

•

DWAtendtotakealongertermperspectiveandputlessemphasisonquarterlyresultsgiventheunevennatureofthemoviebusiness.

•

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ACCESSIBILITYTOINVESTORS

DWAprovidesinvestorswithnecessarydisclosuresontheirwebsite.

•

DWAisextremelytransparentwiththeirpreviouslossesandtheirearningsguidancepolicyisverytransparentforshareholders.Questions,concerns,andfeedbackareencouragedamongstinvestorsthroughtheirconferencecalls,andvariousboardmembersareactiveinrespondingtothequestions.

•

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SUGGESTIONSFORIMPROVEMENT

Bemoreconsistentwithfilmreleaseschedules.Itsimperativetoreleaseacertainnumberoffilms/year.Onpage11ofthe201210KDWAnotesthat"theunexpecteddelayinreleaseorcommercialfailureofjustoneofthesefilmscouldhaveasignificantadverseimpactonourresultsofoperationsandcashflowsinboththeyearofreleaseandinthefuture";DWAisfallingthroughfor2013.

•

Thetwofilms,Mr.PeabodyandShermanwerewrittenofffor2013.Botharebackindevelopment.

–

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EXECUTIVESUGGESTIONS

Inordertoimprovefinancialperformanceandshareholdervalue,DreamWorksAnimationshouldcontinuefocusingonexpandingtheirnewgraphictechnologytocutproductioncosts.Inventoryrestructuringwillalsopromoteahealthiercashflowcycle.Movingforward,DWAcanfurthertheirglobalexpansionandbusiness

developmentopportunitiesinemergingcountries.DWAshouldfocusondevelopingnewfranchisesfromtheirnewlyacquiredClassicMedia.PartnershipswithNetflix,YouTubeandotherdigitaloutletscanoffernewdistributionchannels.DWAisveryliquidandcouldeventuallyverticallyintegratebycreatingtheirowndigitaldistributionplatformtofurtherexpandandprofitfromtheirsoon‑to‑berobust

libraryoforiginalliveentertainmentandanimationcontent.


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