“Our expense base in fiscal 2024 is expected to only increase slightly versus the prior year as these efficiencies and strike savings will mostly offset the year's planned volume-related growth and inflation.”

In context

“ntly planning to make further large-scale reductions to our workforce, we are taking significant concrete steps to continue addressing the cost basis of the overall company. We have increased our annualized efficiency target for total company SG&A and other operating expenses to $3 billion versus $2.5 billion previously, excluding the strike impacts. Approximately $2 billion of these efficiencies were achieved in fiscal 2023. Naturally, we also saw inflation and volume-related cost increases throughout the year, including higher content amortization and costs related to expanded operations at International Parks and Cruise, which were impacted by closures and limited operating capacity in the prior year. The remainder of these savings are expected to be achieved by the end of fiscal 2024. Our expense base in fiscal 2024 is expected to only increase slightly versus the prior year as these efficiencies and strike savings will mostly offset the year's planned volume-related growth and inflation. Adding the new $4.5 billion cash content spend reduction target to the $3 billion expense target brings our total annualized target to $7.5 billion as Bob announced earlier. All of these factors, in addition to continued growth and improvement across our underlying businesses are expected to come together over the coming fiscal year to result in free-cash flow generation of roughly $8 billion, a significant year-over-year increase and approaching levels we last achieved pre-pandemic. This continued robust free-cash flow growth alongside our strong balance sheet will position us well to address our investment and shareholder returns goals for the year and going-forward. To that end, we will be recommending to the Board that they declared dividend by the end of this calendar year. While thi”