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1、Coca-Cola Reports Fourth Quarter and Full Year 2024 ResultsGlobal Unit Case Volume Grew 2%for the Quarter and 1%for the Full YearNet Revenues Grew 6%for the Quarter and 3%for the Full Year;Organic Revenues(Non-GAAP)Grew 14%for the Quarter and 12%for the Full Year Operating Income Grew 19%for the Qua

2、rter and Declined 12%for the Full Year;Comparable Currency Neutral Operating Income(Non-GAAP)Grew 22%for the Quarter and 16%for the Full YearFourth Quarter EPS Grew 12%to$0.51;Comparable EPS(Non-GAAP)Grew 12%to$0.55;Full Year EPS Declined Slightly to$2.46;Comparable EPS(Non-GAAP)Grew 7%to$2.88Cash F

3、low from Operations was$6.8 Billion for the Full Year,Down 41%;Free Cash Flow(Non-GAAP)was$4.7 Billion for the Full Year,Down 51%;Free Cash Flow Excluding the IRS Tax Litigation Deposit(Non-GAAP)was$10.8 Billion for the Full Year,Up 11%Company Provides 2025 Financial OutlookATLANTA,Feb.11,2025 The C

4、oca-Cola Company today reported fourth quarter and full year 2024 results.“Our all-weather strategy is working,and we continue to demonstrate our ability to lead through dynamic external environments,”said James Quincey,Chairman and CEO of The Coca-Cola Company.“Our global scale,coupled with local-m

5、arket expertise and the unwavering dedication of our people and our system,uniquely position us to capture the vast opportunities ahead.”HighlightsQuarterly/Full Year Performance Revenues:For the quarter,net revenues increased 6%to$11.5 billion,and organic revenues(non-GAAP)grew 14%,driven by 9%grow

6、th in price/mix and a 5%increase in concentrate sales.Concentrate sales were 3 points ahead of unit case volume,primarily driven by two additional days and the timing of concentrate shipments.For the full year,net revenues grew 3%to$47.1 billion,and organic revenues(non-GAAP)grew 12%,driven by 11%gr

7、owth in price/mix and 2%growth in concentrate sales.Concentrate sales were 1 point ahead of unit case volume,primarily due to the timing of concentrate shipments.Operating margin:For the quarter,operating margin was 23.5%versus 21.0%in the prior year,while comparable operating margin(non-GAAP)was 24

8、.0%versus 23.1%in the prior year.For the full year,operating margin was Exhibit 99.1 121.2%versus 24.7%in the prior year,while comparable operating margin(non-GAAP)was 30.0%versus 29.1%in the prior year.For both the quarter and the full year,operating margin performance included items impacting comp

9、arability,as well as currency headwinds.Full year operating margin included a charge of$3.1 billion related to the remeasurement of the contingent consideration liability to fair value in conjunction with the acquisition of fairlife,LLC(“fairlife”)in 2020.For both the quarter and the full year,compa

10、rable operating margin(non-GAAP)expansion was primarily driven by strong organic revenue(non-GAAP)growth and the impact of refranchising bottling operations,partially offset by higher input costs,higher operating expenses and currency headwinds.Earnings per share:For the quarter,EPS grew 12%to$0.51,

11、while comparable EPS(non-GAAP)grew 12%to$0.55.EPS performance included the impact of a 1-point currency headwind,while comparable EPS(non-GAAP)performance included the impact of an 11-point currency headwind.For the full year,EPS declined slightly to$2.46,while comparable EPS(non-GAAP)grew 7%to$2.88

12、.EPS and comparable EPS(non-GAAP)performance both included the impact of a 9-point currency headwind.Market share:For both the quarter and the full year,the company gained value share in total nonalcoholic ready-to-drink(“NARTD”)beverages.Cash flow:For the full year,cash flow from operations and fre

13、e cash flow(non-GAAP)were$6.8 billion and$4.7 billion,respectively.Both decreased versus the prior year,primarily due to a$6.0 billion deposit made to the U.S.Internal Revenue Service(“IRS”)related to ongoing tax litigation(“IRS tax litigation deposit”).Free cash flow excluding the IRS tax litigatio

14、n deposit(non-GAAP)was$10.8 billion,an increase of$1.0 billion versus the prior year,largely due to strong business performance and working capital benefits,partially offset by higher other tax payments and higher capital expenditures.Company Updates Offering a brand portfolio across compelling pack

15、age offerings:The company,in close alignment with its bottling partners,continues to exemplify leadership in revenue growth management(“RGM”)by offering relevant global and local brands in a variety of packages at the right price points to meet consumer needs.Returnable glass bottles offer a unique

16、competitive advantage,having an expansive footprint for the company across more than 110 countries and,in 2024,added 1.6 billion unit cases to total company volume performance,with a growth rate that outpaced total company volume growth.Returnable glass bottles are important to the companys RGM capa

17、bilities,serving as both an affordable and premium package that can be tailored to local market needs.In developed markets across Western Europe,the bottle is a key premium package in away-from-home channels.In certain developing and emerging markets,returnable glass bottles are an affordable offeri

18、ng that enables the company to recruit consumers and develop the commercial beverage industry.In 2018,the company launched a universal returnable glass bottle in Latin America,aimed at further reducing input costs,increasing collectability and expanding beverage offerings.The universal bottle has qu

19、ickly expanded to markets around the world,including Germany,South Africa and Vietnam,with more opportunities ahead.Stepping up key execution levers to drive recruitment:The companys global franchise system is increasing outlet coverage and accelerating the placement of cold-drink equipment across l

20、ocal markets to drive consumer recruitment and long-term balanced revenue growth.In 2024,the Coca-Cola system increased availability by adding more than 250,000 net new outlets and nearly 600,000 new coolers.Increasing cold-drink equipment is critical to drive transactions and expand the consumer ba

21、se,as coolers are one of the strongest enablers for transaction growth,especially in traditional trade channels where approximately 90%of NARTD beverages are served cold.These actions contributed to the company growing volume and gaining value share for both the quarter and the full year.2Operating

22、Review Three Months Ended December 31,2024Revenues and VolumePercent ChangeConcentrate Sales1Price/MixCurrency ImpactAcquisitions,Divestitures and Structural Changes,NetReported Net RevenuesOrganic Revenues2Unit Case Volume3Consolidated59(3)(5)6142Europe,Middle East&Africa611(11)06170Latin America32

23、3(15)010252North America4120016151Asia Pacific6(5)80916Global Ventures410(7)20533Bottling Investments420(30)(23)7(26)Operating Income and EPSPercent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency ImpactComparable Currency Neutral Operating Income2Consolidated1911(14)22Europe,Mi

24、ddle East&Africa27(20)14Latin America241(24)46North America293026Asia Pacific2435(5)(6)Global Ventures14419Bottling Investments874(3)Percent ChangeReported EPSItems Impacting ComparabilityCurrency ImpactComparable Currency Neutral EPS2Consolidated12(1)(11)23Note:Certain rows may not add due to round

25、ing.1 For Bottling Investments,this represents the percent change in net revenues attributable to the increase(decrease)in unit case volume computed based on total sales(rather than average daily sales)in each of the corresponding periods after considering the impact of structural changes,if any.2 O

26、rganic revenues,comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures.Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.3 Unit case volume is computed based on average daily sales.4 Due to the combination of multipl

27、e business models in the Global Ventures operating segment,the composition of concentrate sales and price/mix may fluctuate materially from period to period.Therefore,the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating s

28、egment.3Operating Review Year Ended December 31,2024Revenues and VolumePercent ChangeConcentrate Sales1Price/MixCurrency ImpactAcquisitions,Divestitures and Structural Changes,NetReported Net RevenuesOrganic Revenues2Unit Case VolumeConsolidated211(5)(4)3121Europe,Middle East&Africa(1)17(16)01160Lat

29、in America321(14)011253North America1100011110Asia Pacific22(3)0241Global Ventures34(3)20212Bottling Investments55(2)(28)(21)9(23)Operating Income and EPSPercent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency ImpactComparable Currency Neutral Operating Income2Consolidated(12)(1

30、7)(11)16Europe,Middle East&Africa(2)1(16)14Latin America10(2)(18)31North America(2)(16)014Asia Pacific56(6)5Global Ventures9118Bottling Investments(14)1(1)(15)Percent ChangeReported EPSItems Impacting ComparabilityCurrency ImpactComparable Currency Neutral EPS2Consolidated0(8)(9)17Note:Certain rows

31、may not add due to rounding.1 For Bottling Investments,this represents the percent change in net revenues attributable to the increase(decrease)in unit case volume after considering the impact of structural changes,if any.2 Organic revenues,comparable currency neutral operating income and comparable

32、 currency neutral EPS are non-GAAP financial measures.Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.3 Due to the combination of multiple business models in the Global Ventures operating segment,the composition of concentrate sales and price/mix may fluctuate materially

33、from period to period.Therefore,the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segmentIn addition to the data in the preceding tables,operating results included the following:Consolidated Unit case volume grew 2%for

34、 the quarter,led by China,Brazil and the United States.For the full year,unit case volume grew 1%,led by Brazil,India and Mexico.4Unit case volume performance included the following:Sparkling soft drinks grew 2%for both the quarter and the full year.For the quarter,performance was driven by growth a

35、cross all geographic operating segments and,for the full year,growth was driven by Latin America,Asia Pacific and North America.Trademark Coca-Cola grew 2%for both the quarter and the full year,driven by growth in Latin America,Asia Pacific and North America.Coca-Cola Zero Sugar grew 13%for the quar

36、ter and 9%for the full year,both driven by growth across all geographic operating segments.Sparkling flavors grew 2%for the quarter and 1%for the full year,both primarily driven by growth in Asia Pacific and North America.Juice,value-added dairy and plant-based beverages declined 1%for the quarter a

37、nd were even for the full year,as growth in North America was offset by declines in Europe,Middle East and Africa.Water,sports,coffee and tea grew 2%for the quarter and declined 1%for the full year.Water grew 2%for the quarter and declined 2%for the full year.For the quarter,water performance was pr

38、imarily driven by growth in Europe,Middle East and Africa,Latin America and Asia Pacific and,for the full year,growth in Latin America and Europe,Middle East and Africa was more than offset by a decline in Asia Pacific.Sports drinks declined 2%for the quarter and 1%for the full year as growth in Eur

39、ope,Middle East and Africa was more than offset by declines in North America and Asia Pacific.Coffee declined 1%for the quarter and 3%for the full year,primarily due to the performance of Costa coffee in the United Kingdom.Tea grew 5%for the quarter and 4%for the full year.For the quarter,growth was

40、 driven by all geographic operating segments and,for the full year,growth was driven primarily by Asia Pacific and Europe,Middle East and Africa.Price/mix grew 9%for the quarter and 11%for the full year.For the quarter,approximately 4 points were driven by pricing from markets experiencing intense i

41、nflation,with the remainder driven by pricing actions in the marketplace and favorable mix.Concentrate sales were 3 points ahead of unit case volume,primarily due to two additional days and the timing of concentrate shipments.For the full year,approximately 5 points were driven by pricing from marke

42、ts experiencing intense inflation,with the remainder driven by pricing actions in the marketplace and favorable mix.Concentrate sales were 1 point ahead of unit case volume,primarily due to the timing of concentrate shipments.Operating income grew 19%for the quarter and declined 12%for the full year

43、,which included items impacting comparability and currency headwinds.Comparable currency neutral operating income(non-GAAP)grew 22%for the quarter and 16%for the full year.For the quarter,comparable currency neutral operating income(non-GAAP)performance was driven by organic revenue(non-GAAP)growth

44、across all operating segments,partially offset by higher input costs and operating expenses.For the full year,performance was driven by organic revenue(non-GAAP)growth across all operating segments,partially offset by an increase in marketing investments,higher input costs and higher operating expen

45、ses.Europe,Middle East&Africa Unit case volume was even for the quarter as growth in water,sports,coffee and tea and sparkling flavors was offset by a decline in juice,value-added dairy and plant-based beverages.Price/mix grew 11%for the quarter,primarily driven by pricing from markets experiencing

46、intense inflation as well as pricing actions across operating units,partially offset by unfavorable mix.For the quarter,concentrate sales were 6 points ahead of unit case volume,primarily due to the timing of concentrate shipments and two additional days.Operating income grew 2%for the quarter,which

47、 included items impacting comparability and a 13-point currency headwind.Comparable currency neutral operating income(non-GAAP)grew 14%for the quarter,primarily driven by strong organic revenue(non-GAAP)growth,partially offset by higher input costs and marketing investments.5 For the full year,the c

48、ompany gained value share in total NARTD beverages,led by share gains in Nigeria,Romania and France.Latin America Unit case volume grew 2%for the quarter,primarily driven by growth in Trademark Coca-Cola.Price/mix grew 23%for the quarter.More than half of the growth was driven by the impact of infla

49、tionary pricing in Argentina,with the remainder driven by favorable mix and pricing actions in the marketplace.For the quarter,concentrate sales were 1 point ahead of unit case volume,primarily due to two additional days,partially offset by the timing of concentrate shipments.Operating income increa

50、sed 24%for the quarter,which included items impacting comparability and an 18-point currency headwind.Comparable currency neutral operating income(non-GAAP)grew 46%for the quarter,primarily driven by strong organic revenue(non-GAAP)growth and marketing efficiencies,partially offset by higher operati

51、ng expenses.For the full year,the company gained value share in total NARTD beverages,led by share gains in Colombia,Brazil and Mexico.North America Unit case volume grew 1%for the quarter,primarily driven by growth in sparkling flavors,juice,value-added dairy and plant-based beverages,and Trademark

52、 Coca-Cola.Price/mix grew 12%for the quarter,driven by pricing actions in the marketplace and favorable mix.For the quarter,concentrate sales were 3 points ahead of unit case volume,primarily due to two additional days and the timing of concentrate shipments.Operating income grew 29%for the quarter,

53、which included items impacting comparability and a 2-point currency tailwind.Comparable currency neutral operating income(non-GAAP)grew 26%for the quarter,primarily driven by strong organic revenue(non-GAAP)growth,partially offset by higher input costs and marketing investments.For the full year,the

54、 company gained value share in total NARTD beverages,driven by share gains in Trademark Coca-Cola and juice,value-added dairy and plant-based beverages.Asia Pacific Unit case volume grew 6%for the quarter,primarily driven by growth in Trademark Coca-Cola and sparkling flavors.Price/mix declined 5%fo

55、r the quarter,driven by unfavorable mix,partially offset by pricing actions in the marketplace.For the quarter,concentrate sales were in line with unit case volume.Operating income grew 24%for the quarter,which included items impacting comparability and a 31-point currency tailwind.Comparable curren

56、cy neutral operating income(non-GAAP)declined 6%for the quarter,as organic revenue(non-GAAP)growth was more than offset by higher input costs and an increase in marketing investments.For the full year,total NARTD beverages value share for the company was even,as growth in the Philippines,South Korea

57、 and Japan was offset by declines in Indonesia and Bangladesh.6Global Ventures Net revenues grew 5%and organic revenues(non-GAAP)grew 3%for the quarter,primarily driven by product mix.Operating income grew 14%for the quarter,which included items impacting comparability and a 1-point currency tailwin

58、d.Comparable currency neutral operating income(non-GAAP)grew 9%for the quarter,driven by product mix.Bottling Investments Unit case volume declined 26%for the quarter,largely due to the impact of refranchising bottling operations.Price/mix grew 2%for the quarter,driven by pricing actions across mark

59、ets.Operating income grew 8%for the quarter,which included items impacting comparability,a 5-point currency tailwind and the impact of refranchising bottling operations.Comparable currency neutral operating income(non-GAAP)declined 3%for the quarter.Capital Allocation Update Reinvesting in the busin

60、ess:The company continued to invest in its various lines of business and spent$2.1 billion on capital expenditures in 2024,an increase of 11%versus the prior year.Continuing to grow the dividend:The company paid dividends totaling$8.4 billion during 2024.The company has increased its dividend in eac

61、h of the last 62 years.M&A initiatives:In 2024,the company did not make any significant acquisitions.The company continues to evaluate inorganic growth opportunities through brands and capabilities.In 2024,with respect to divestitures,the company made progress towards refranchising company-owned bot

62、tling operations.Share repurchases:In 2024,the company issued$0.7 billion of shares in connection with the exercise of stock options by employees and purchased$1.8 billion of shares.Consequently,net share repurchases(non-GAAP)were$1.1 billion.The companys remaining share repurchase authorization is

63、approximately$4.9 billion.OutlookThe 2025 outlook information provided below includes forward-looking non-GAAP financial measures,which management uses in measuring performance.The company is not able to reconcile full year 2025 projected organic revenues(non-GAAP)to full year 2025 projected reporte

64、d net revenues,full year 2025 projected comparable net revenues(non-GAAP)to full year 2025 projected reported net revenues,full year 2025 projected underlying effective tax rate(non-GAAP)to full year 2025 projected reported effective tax rate,full year 2025 projected comparable currency neutral EPS(

65、non-GAAP)to full year 2025 projected reported EPS,or full year 2025 projected comparable EPS(non-GAAP)to full year 2025 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions,di

66、vestitures and structural changes throughout 2025;the exact timing and exact amount of items impacting comparability throughout 2025;and the exact impact of fluctuations in foreign currency exchange rates throughout 2025.The unavailable information could have a significant impact on the companys ful

67、l year 2025 reported financial results.Full Year 2025The company expects to deliver organic revenue(non-GAAP)growth of 5%to 6%.For comparable net revenues(non-GAAP),the company expects a 3%to 4%currency headwind based on the current rates and including the impact of hedged positions,in addition to a

68、 slight headwind from acquisitions,divestitures and structural changes.7The companys underlying effective tax rate(non-GAAP)is estimated to be 20.8%versus 18.6%in 2024.This includes the impact of several countries enacting the global minimum tax regulations and does not include the impact of ongoing

69、 tax litigation with the IRS,if the company were not to prevail.The company expects to deliver comparable currency neutral EPS(non-GAAP)growth of 8%to 10%.The company expects comparable EPS(non-GAAP)growth of 2%to 3%,versus$2.88 in 2024.Comparable EPS(non-GAAP)percentage growth is expected to includ

70、e a 6%to 7%currency headwind based on the current rates and including the impact of hedged positions,in addition to a slight headwind from acquisitions,divestitures and structural changes.The company expects to generate free cash flow excluding the fairlife contingent consideration payment(non-GAAP)

71、of approximately$9.5 billion.This consists of cash flow from operations excluding the fairlife contingent consideration payment(non-GAAP)of approximately$11.7 billion,less capital expenditures of approximately$2.2 billion.First Quarter 2025 Considerations Comparable net revenues(non-GAAP)are expecte

72、d to include a 3%to 4%currency headwind based on the current rates and including the impact of hedged positions,in addition to a 2%to 3%headwind from acquisitions,divestitures and structural changes.Comparable EPS(non-GAAP)percentage growth is expected to include a 5%to 6%currency headwind based on

73、the current rates and including the impact of hedged positions,in addition to a 2%to 3%headwind from acquisitions,divestitures and structural changes.The first quarter has two fewer days compared to first quarter 2024.NotesAll references to growth rate percentages and share compare the results of th

74、e period to those of the prior year comparable period,unless otherwise noted.All references to volume and volume percentage changes indicate unit case volume,unless otherwise noted.All volume percentage changes are computed based on average daily sales in the fourth quarter,unless otherwise noted,an

75、d are computed on a reported basis for the full year.“Unit case”means a unit of measurement equal to 192 U.S.fluid ounces of finished beverage(24 eight-ounce servings),with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of

76、 transactions.“Unit case volume”means the number of unit cases(or unit case equivalents)of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.“Concentrate sales”represents the amount of concentrates,syrups,beverage bases,source waters and

77、 powders/minerals(in all instances expressed in unit case equivalents)sold by,or used in finished beverages sold by,the company to its bottling partners or other customers.For Costa non-ready-to-drink beverage products,“concentrate sales”represents the amount of beverages,primarily measured in numbe

78、r of transactions(in all instances expressed in unit case equivalents)sold by the company to customers or consumers.In the reconciliation of reported net revenues,“concentrate sales”represents the percent change in net revenues attributable to the increase(decrease)in concentrate sales volume for th

79、e geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes,if any.For the Bottling Investments operating segment for the fourth quarter,this represents the percent change in net revenues attributable to the increase(decrease)in unit c

80、ase volume computed based on total sales(rather than average daily sales)in each of the corresponding periods after considering the impact of structural changes,if any.For the Bottling Investments operating segment for the full year,this represents the percent change in net revenues attributable to

81、the increase(decrease)in unit case volume after considering the impact of structural changes,if any.The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.8“Price/mix”represents the change in net operating revenues caused by factors such as price c

82、hanges,the mix of products and packages sold,and the mix of channels and geographic territories where the sales occurred.First quarter 2024 financial results were impacted by one less day as compared to first quarter 2023,and fourth quarter 2024 financial results were impacted by two additional days

83、 as compared to fourth quarter 2023.Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.Conference CallThe company is hosting a conference call with investors and analysts to discuss fourth quarter and full y

84、ear 2024 operating results today,Feb.11,2025,at 8:30 a.m.ET.The company invites participants to listen to a live webcast of the conference call on the companys website,http:/www.coca-,in the“Investors”section.An audio replay in downloadable digital format and a transcript of the call will be availab

85、le on the website within 24 hours following the call.Further,the“Investors”section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the companys results as reported under GAAP,which may be used during the call when discussing financial r

86、esults.Contacts:Investors and Analysts:Robin Halpern,koinvestorrelationscoca-Media:Scott Leith,sleithcoca- 9THE COCA-COLA COMPANY AND SUBSIDIARIESConsolidated Statements of Income(In millions except per share data)Three Months EndedDecember 31,2024December 31,2023%ChangeNet Operating Revenues$11,544

87、$10,849 6 Cost of goods sold 4,613 4,634 0 Gross Profit 6,931 6,215 12 Selling,general and administrative expenses 4,046 3,799 7 Other operating charges 176 143 24 Operating Income 2,709 2,273 19 Interest income 204 267 (24)Interest expense 431 413 5 Equity income(loss)net 338 361 (6)Other income(lo

88、ss)net(14)(6)(120)Income Before Income Taxes 2,806 2,482 13 Income taxes 593 496 20 Consolidated Net Income 2,213 1,986 11 Less:Net income(loss)attributable to noncontrolling interests 18 13 23 Net Income Attributable to Shareowners of The Coca-Cola Company$2,195$1,973 11 Basic Net Income Per Share1

89、$0.51$0.46 12 Diluted Net Income Per Share1$0.51$0.46 12 Average Shares Outstanding 4,306 4,317 0 Effect of dilutive securities 11 13 (12)Average Shares Outstanding Assuming Dilution 4,317 4,330 0 Note:Certain growth rates may not recalculate using the rounded dollar amounts provided.1 Calculated ba

90、sed on net income attributable to shareowners of The Coca-Cola Company.10THE COCA-COLA COMPANY AND SUBSIDIARIESConsolidated Statements of Income(In millions except per share data)Year EndedDecember 31,2024December 31,2023%ChangeNet Operating Revenues$47,061$45,754 3 Cost of goods sold 18,324 18,520

91、(1)Gross Profit 28,737 27,234 6 Selling,general and administrative expenses 14,582 13,972 4 Other operating charges 4,163 1,951 113 Operating Income 9,992 11,311 (12)Interest income 988 907 9 Interest expense 1,656 1,527 8 Equity income(loss)net 1,770 1,691 5 Other income(loss)net 1,992 570 249 Inco

92、me Before Income Taxes 13,086 12,952 1 Income taxes 2,437 2,249 8 Consolidated Net Income 10,649 10,703 (1)Less:Net income(loss)attributable to noncontrolling interests 18 (11)Net Income Attributable to Shareowners of The Coca-Cola Company$10,631$10,714 (1)Basic Net Income Per Share1$2.47$2.48 0 Dil

93、uted Net Income Per Share1$2.46$2.47 0 Average Shares Outstanding 4,309 4,323 0 Effect of dilutive securities 11 16 (27)Average Shares Outstanding Assuming Dilution 4,320 4,339 0 Note:Certain growth rates may not recalculate using the rounded dollar amounts provided.1 Calculated based on net income

94、attributable to shareowners of The Coca-Cola Company.11THE COCA-COLA COMPANY AND SUBSIDIARIESConsolidated Balance Sheets(In millions except par value)December 31,2024December 31,2023ASSETSCurrent AssetsCash and cash equivalents$10,828$9,366 Short-term investments 2,020 2,997 Total Cash,Cash Equivale

95、nts and Short-Term Investments 12,848 12,363 Marketable securities 1,723 1,300 Trade accounts receivable,less allowances of$506 and$502,respectively 3,569 3,410 Inventories 4,728 4,424 Prepaid expenses and other current assets 3,129 5,235 Total Current Assets 25,997 26,732 Equity method investments

96、18,087 19,671 Deferred income tax assets 1,319 1,561 Property,plant and equipment net 10,303 9,236 Trademarks with indefinite lives 13,301 14,349 Goodwill 18,139 18,358 Other noncurrent assets 13,403 7,796 Total Assets$100,549$97,703 LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable and accr

97、ued expenses$21,715$15,485 Loans and notes payable 1,499 4,557 Current maturities of long-term debt 648 1,960 Accrued income taxes 1,387 1,569 Total Current Liabilities 25,249 23,571 Long-term debt 42,375 35,547 Other noncurrent liabilities 4,084 8,466 Deferred income tax liabilities 2,469 2,639 The

98、 Coca-Cola Company Shareowners EquityCommon stock,$0.25 par value;authorized 11,200 shares;issued 7,040 shares 1,760 1,760 Capital surplus 19,801 19,209 Reinvested earnings 76,054 73,782 Accumulated other comprehensive income(loss)(16,843)(14,275)Treasury stock,at cost 2,738 and 2,732 shares,respect

99、ively(55,916)(54,535)Equity Attributable to Shareowners of The Coca-Cola Company 24,856 25,941 Equity attributable to noncontrolling interests 1,516 1,539 Total Equity 26,372 27,480 Total Liabilities and Equity$100,549$97,703 12THE COCA-COLA COMPANY AND SUBSIDIARIESConsolidated Statements of Cash Fl

100、ows(In millions)Year EndedDecember 31,2024December 31,2023Operating ActivitiesConsolidated net income$10,649$10,703 Adjustments to reconcile consolidated net income to net cash provided by operating activities:Depreciation and amortization 1,075 1,128 Stock-based compensation expense 286 254 Deferre

101、d income taxes(11)(2)Equity(income)loss net of dividends(802)(1,019)Foreign currency adjustments(110)175 Significant(gains)losses net(1,737)(492)Other operating charges 4,000 1,741 Other items(311)(43)Net change in operating assets and liabilities(6,234)(846)Net Cash Provided by Operating Activities

102、 6,805 11,599 Investing Activities Purchases of investments(5,640)(6,698)Proceeds from disposals of investments 6,589 4,354 Acquisitions of businesses,equity method investments and nonmarketable securities(315)(62)Proceeds from disposals of businesses,equity method investments and nonmarketable secu

103、rities 3,485 430 Purchases of property,plant and equipment(2,064)(1,852)Proceeds from disposals of property,plant and equipment 40 74 Collateral(paid)received associated with hedging activities net 235 366 Other investing activities 194 39 Net Cash Provided by(Used in)Investing Activities 2,524 (3,3

104、49)Financing Activities Issuances of loans,notes payable and long-term debt 12,061 6,891 Payments of loans,notes payable and long-term debt(9,533)(5,034)Issuances of stock 747 539 Purchases of stock for treasury(1,795)(2,289)Dividends(8,359)(7,952)Other financing activities(31)(465)Net Cash Provided

105、 by(Used in)Financing Activities(6,910)(8,310)Effect of Exchange Rate Changes on Cash,Cash Equivalents,Restricted Cash and Restricted Cash Equivalents(623)(73)Cash,Cash Equivalents,Restricted Cash and Restricted Cash Equivalents Net increase(decrease)in cash,cash equivalents,restricted cash and rest

106、ricted cash equivalents during the year 1,796 (133)Cash,cash equivalents,restricted cash and restricted cash equivalents at beginning of year 9,692 9,825 Cash,Cash Equivalents,Restricted Cash and Restricted Cash Equivalents at End of Year 11,488 9,692 Less:Restricted cash and restricted cash equival

107、ents at end of year 660 326 Cash and Cash Equivalents at End of Year$10,828$9,366 13THE COCA-COLA COMPANY AND SUBSIDIARIESOperating Segments and Corporate(In millions)Three Months EndedNet Operating Revenues1Operating Income(Loss)December 31,2024 December 31,2023%Fav./(Unfav.)December 31,2024 Decemb

108、er 31,2023%Fav./(Unfav.)Europe,Middle East&Africa$1,791$1,690 6$816$798 2 Latin America 1,643 1,492 10 985 797 24 North America 4,679 4,040 16 1,174 910 29 Asia Pacific 1,216 1,115 9 388 313 24 Global Ventures 850 813 5 135 119 14 Bottling Investments 1,551 2,013 (23)199 185 8 Corporate 22 31 (31)(9

109、88)(849)(16)Eliminations(208)(345)40 Consolidated$11,544$10,849 6$2,709$2,273 19 Note:Certain growth rates may not recalculate using the rounded dollar amounts provided.1 During the three months ended December 31,2024,intersegment revenues were$156 million for Europe,Middle East&Africa,$2 million fo

110、r North America,$48 million for Asia Pacific and$2 million for Bottling Investments.During the three months ended December 31,2023,intersegment revenues were$181 million for Europe,Middle East&Africa,$2 million for North America,$160 million for Asia Pacific and$2 million for Bottling Investments.14

111、THE COCA-COLA COMPANY AND SUBSIDIARIESOperating Segments and Corporate(In millions)Year EndedNet Operating Revenues1Operating Income(Loss)December 31,2024 December 31,2023%Fav./(Unfav.)December 31,2024 December 31,2023%Fav./(Unfav.)Europe,Middle East&Africa$8,122$8,078 1$4,125$4,202 (2)Latin America

112、 6,459 5,830 11 3,780 3,432 10 North America 18,649 16,774 11 4,336 4,435 (2)Asia Pacific 5,546 5,455 2 2,148 2,040 5 Global Ventures 3,129 3,064 2 359 329 9 Bottling Investments 6,223 7,860 (21)496 578 (14)Corporate 97 126 (23)(5,252)(3,705)(42)Eliminations(1,164)(1,433)19 Consolidated$47,061$45,75

113、4 3$9,992$11,311 (12)Note:Certain growth rates may not recalculate using the rounded dollar amounts provided.1 During the year ended December 31,2024,intersegment revenues were$680 million for Europe,Middle East&Africa,$9 million for North America,$467 million for Asia Pacific and$8 million for Bott

114、ling Investments.During the year ended December 31,2023,intersegment revenues were$686 million for Europe,Middle East&Africa,$8 million for North America,$731 million for Asia Pacific and$8 million for Bottling Investments.15The company reports its financial results in accordance with accounting pri

115、nciples generally accepted in the United States(“GAAP”or referred to herein as“reported”).To supplement our consolidated financial statements reported on a GAAP basis,we provide the following non-GAAP financial measures:“comparable net revenues,”“comparable currency neutral net revenues,”“organic re

116、venues,”“comparable operating margin,”“underlying operating margin,”“comparable operating income,”“comparable currency neutral operating income,”“comparable EPS,”“comparable currency neutral EPS,”“underlying effective tax rate,”“net share repurchases,”“cash flow from operations excluding the IRS tax

117、 litigation deposit,”“projected cash flow from operations excluding the fairlife contingent consideration payment,”“free cash flow,”“free cash flow excluding the IRS tax litigation deposit”and“projected free cash flow excluding the fairlife contingent consideration payment”each of which is defined b

118、elow.Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends.Further,management believes these non-GAAP financial measures also enhance investors a

119、bility to compare period-to-period financial results.Non-GAAP financial measures should be viewed in addition to,and not as an alternative for,the companys reported results prepared in accordance with GAAP.Our non-GAAP financial measures do not represent a comprehensive basis of accounting.Therefore

120、,our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.Reconciliations of each of these non-GAAP financial measures to GAAP information are also included below.Management uses these non-GAAP financial measures in making financial,operating,com

121、pensation and planning decisions and in evaluating the companys performance.Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.DEFINITIONS“Currency ne

122、utral operating results”are determined by dividing or multiplying,as appropriate,our current period actual U.S.dollar operating results,by the current period actual exchange rates(that include the impact of current period currency hedging activities),to derive our current period local currency opera

123、ting results.We then multiply or divide,as appropriate,the derived current period local currency operating results by the foreign currency exchange rates(that also include the impact of the comparable prior period currency hedging activities)used to translate the companys financial statements in the

124、 comparable prior year period to determine what the current period U.S.dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period.“Structural changes”generally refer to acquisitions and divestitures of bottling operations,inc

125、luding the impact of intercompany transactions between our operating segments.In January 2023,the company refranchised our bottling operations in Vietnam.The impact of this refranchising has been included in acquisitions,divestitures and structural changes in our analysis of net revenues on a consol

126、idated basis as well as for the Bottling Investments and Asia Pacific operating segments for the year ended December 31,2024.In January,February and December 2024,the company refranchised our bottling operations in certain territories in India,and in February 2024,the company refranchised our bottli

127、ng operations in Bangladesh and the Philippines.The impact of each of these refranchisings has been included in acquisitions,divestitures and structural changes in our analysis of net revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the

128、 three months and year ended December 31,2024.“Comparable net revenues”is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability(discussed further below).“Comparable currency neutral net revenues”is a non-GAAP financial measure that excludes or ha

129、s otherwise been adjusted for items impacting comparability(discussed further below)as well as the impact of fluctuations in foreign currency exchange rates.Management believes the comparable net revenues(non-GAAP)growth measure and the comparable currency neutral net revenues(non-GAAP)growth measur

130、e provide investors with useful supplemental information to enhance their understanding of the companys revenue performance and trends by improving their ability to compare our period-to-period results.“Organic revenues”is a non-GAAP financial measure that excludes or has otherwise been adjusted for

131、 the impact of acquisitions,divestitures and structural changes,as applicable,and the impact of fluctuations in foreign currency exchange rates.Management believes the organic revenue(non-GAAP)growth measure provides users with useful supplemental information regarding the companys ongoing revenue T

132、HE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures 16performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions,divestitures and structural changes.The adjustments related to acquisitions

133、,divestitures and structural changes for the three months and year ended December 31,2024 included the structural changes discussed above.Additionally,in May 2023,the company acquired certain brands in Asia Pacific.The impact of acquiring these brands has been included in acquisitions,divestitures a

134、nd structural changes in our analysis of net revenues on a consolidated basis as well as for the Asia Pacific operating segment for the year ended December 31,2024.“Comparable operating income”is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparabil

135、ity(discussed further below).“Comparable currency neutral operating income”is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability(discussed further below)and the impact of fluctuations in foreign currency exchange rates.“Comparable operating ma

136、rgin”is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability(discussed further below).“Underlying operating margin”is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability(discussed further b

137、elow),the impact of fluctuations in foreign currency exchange rates,and the impact of acquisitions,divestitures and structural changes,as applicable.Management uses these non-GAAP financial measures to evaluate the companys performance and make resource allocation decisions.Further,management believ

138、es the comparable operating income(non-GAAP)growth measure,comparable currency neutral operating income(non-GAAP)growth measure,comparable operating margin(non-GAAP)measure and underlying operating margin(non-GAAP)measure enhance its ability to communicate the underlying operating results and provid

139、e investors with useful supplemental information to enhance their understanding of the companys underlying business performance and trends by improving their ability to compare our period-to-period financial results.“Comparable EPS”and“comparable currency neutral EPS”are non-GAAP financial measures

140、that exclude or have otherwise been adjusted for items impacting comparability(discussed further below).Comparable currency neutral EPS(non-GAAP)has also been adjusted for the impact of fluctuations in foreign currency exchange rates.Management uses these non-GAAP financial measures to evaluate the

141、companys performance and make resource allocation decisions.Further,management believes the comparable EPS(non-GAAP)and comparable currency neutral EPS(non-GAAP)growth measures enhance its ability to communicate the underlying operating results and provide investors with useful supplemental informat

142、ion to enhance their understanding of the companys underlying business performance and trends by improving their ability to compare our period-to-period financial results.“Underlying effective tax rate”is a non-GAAP financial measure that represents the estimated annual effective income tax rate on

143、income before income taxes,which excludes or has otherwise been adjusted for items impacting comparability(discussed further below).“Net share repurchases”is a non-GAAP financial measure that reflects the net amount of purchases of stock for treasury after considering proceeds from the issuances of

144、stock,and as applicable,the net change in stock issuance receivables(related to employee stock options exercised but not settled prior to the end of the period)and the net change in treasury stock payables(for treasury shares repurchased but not settled prior to the end of the period).“Cash flow fro

145、m operations excluding the IRS tax litigation deposit”is a non-GAAP financial measure that represents net cash provided by operating activities excluding the companys IRS tax litigation deposit that was paid in 2024.“Free cash flow”is a non-GAAP financial measure that represents net cash provided by

146、 operating activities less purchases of property,plant and equipment.“Free cash flow excluding the IRS tax litigation deposit”is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property,plant and equipment and excludes the companys IRS tax lit

147、igation deposit that was paid in 2024.“Projected cash flow from operations excluding the fairlife contingent consideration payment”is a non-GAAP financial measure that represents net cash provided by operating activities excluding the companys latest estimate of the fairlife contingent consideration

148、 payment that will be paid in 2025.“Projected free cash flow excluding the fairlife contingent consideration payment”is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property,plant and equipment and excludes the companys latest estimate of t

149、he fairlife THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures 17contingent consideration payment that will be paid in 2025.Management uses these non-GAAP financial measures to evaluate the companys performance and make resource allocation decisions.ITEMS IM

150、PACTING COMPARABILITYThe following information is provided to give qualitative and quantitative information related to items impacting comparability.Items impacting comparability are not defined terms within GAAP.Therefore,our non-GAAP financial information may not be comparable to similarly titled

151、measures reported by other companies.We determine which items to consider as“items impacting comparability”based on how management views our business;makes financial,operating,compensation and planning decisions;and evaluates the companys ongoing performance.Items such as charges,gains and accountin

152、g changes which are viewed by management as impacting only the current period or the comparable period,but not both,or as pertaining to different and unrelated underlying activities or events across comparable periods,are generally considered“items impacting comparability.”Items impacting comparabil

153、ity include,but are not limited to,asset impairments,transaction gains/losses including associated costs,and charges related to restructuring initiatives,in each case when exceeding a U.S.dollar threshold.Also included are our proportionate share of similar items incurred by our equity method invest

154、ees,timing differences related to our economic(non-designated)hedging activities,and timing differences related to unrealized mark-to-market adjustments of equity securities and trading debt securities,regardless of size.In addition,we provide the impact that fluctuations in foreign currency exchang

155、e rates had on our financial results(“currency neutral operating results”defined above).Asset ImpairmentsDuring the three months and year ended December 31,2024,the company recorded charges of$39 million and$126 million,respectively,related to the impairment of a trademark in Latin America,which was

156、 primarily driven by revised projections of future operating results and changes in macroeconomic conditions.During the year ended December 31,2024,the company recorded a charge of$760 million related to the impairment of our BODYARMOR trademark,which was primarily driven by revised projections of f

157、uture operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.Additionally,the company recorded an other-than-temporary impairment charge of$34 million related to an equity method investee in Latin America.During the three months and

158、year ended December 31,2023,the company recorded an other-than-temporary impairment charge of$39 million related to an equity method investee in Latin America.Equity InvesteesDuring the three months and year ended December 31,2024,the company recorded net charges of$47 million and$92 million,respect

159、ively.During the three months and year ended December 31,2023,the company recorded net charges of$27 million and$159 million,respectively.These amounts represent the companys proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.Transa

160、ction Gains/LossesDuring the three months and year ended December 31,2024,the company recorded charges of$88 million and$3,109 million,respectively,related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife.During the three mo

161、nths and year ended December 31,2024,the company recorded net gains of$13 million and$303 million,respectively,related to the refranchising of our bottling operations in certain territories in India,including the impact of post-closing adjustments.Additionally,during the year ended December 31,2024,

162、the company incurred$7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India.During the year ended December 31,2024,the company recorded a net gain of$595 million related to the refranchising of our bottling operations in the Philippines

163、,including the impact of post-closing adjustments.Additionally,the company recorded a net gain of$506 million related to the sale of our ownership interest in an equity method investee in Thailand,including the impact of post-closing adjustments.The company also recorded a net gain of$338 million an

164、d transaction costs of$2 million related to the sale of a portion of our interest in Coca-Cola Consolidated,Inc.(“Coke Consolidated”),an equity method investee,to Coke Consolidated.THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures 18During the year ended De

165、cember 31,2024,the company recorded a gain of$6 million related to the sale of our ownership interest in one of our equity method investees in Latin America and recorded a loss of$7 million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023.During

166、 the three months and year ended December 31,2023,the company recorded charges of$82 million and$1,702 million,respectively,related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife.Additionally,the company recorded a gain of

167、$82 million related to the sale of our ownership interest in our equity method investee in Pakistan.During the year ended December 31,2023,the company recognized a gain of$342 million related to the sale of a portion of our ownership interest in an unconsolidated bottling operation.Additionally,the

168、company recorded gains of$439 million and$3 million related to the refranchising of our bottling operations in Vietnam and Cambodia,respectively.RestructuringDuring the three months and year ended December 31,2024,the company recorded charges of$31 million and$133 million,respectively.During the thr

169、ee months and year ended December 31,2023,the company recorded charges of$55 million and$164 million,respectively.The costs incurred were primarily related to certain initiatives designed to further simplify and standardize our organization as part of our productivity and reinvestment program.During

170、 the three months and year ended December 31,2023,the company recorded charges of$1 million and$27 million,respectively,primarily related to severance costs associated with the restructuring of our North America operating unit.Other ItemsEconomic(Non-Designated)HedgesThe company uses derivatives as

171、economic hedges primarily to mitigate the foreign exchange risk for certain currencies,certain interest rate risk,and the price risk associated with the purchase of materials used in our manufacturing processes as well as the purchase of vehicle fuel.Although these derivatives were not designated an

172、d/or did not qualify for hedge accounting,they are effective economic hedges.The changes in fair values of these economic hedges are immediately recognized in earnings.The company excludes the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses for settled hedge

173、s from our non-GAAP financial information until the period in which the underlying exposure being hedged impacts our consolidated statement of income.Management believes this adjustment provides meaningful information related to the impact of our economic hedging activities.During the three months a

174、nd year ended December 31,2024,the net impact of the companys adjustment related to our economic hedging activities resulted in decreases of$162 million and$138 million,respectively,to our non-GAAP income before income taxes.During the three months and year ended December 31,2023,the net impact of t

175、he companys adjustment related to our economic hedging activities resulted in increases of$107 million and$42 million,respectively,to our non-GAAP income before income taxes.Unrealized Gains and Losses on Equity and Trading Debt SecuritiesThe company excludes the net impact of unrealized gains and l

176、osses resulting from mark-to-market adjustments on our equity and trading debt securities from our non-GAAP financial information until the period in which the underlying securities are sold and the associated gains or losses are realized,unless individually significant.Management believes this adju

177、stment provides meaningful information related to the impact of our investments in equity and trading debt securities.During the three months and year ended December 31,2024,the net impact of the companys adjustment related to unrealized gains and losses on our equity and trading debt securities res

178、ulted in an increase of$58 million and a decrease of$206 million,respectively,to our non-GAAP income before income taxes.During the three months and year ended December 31,2023,the net impact of the companys adjustment related to unrealized gains and losses on our equity and trading debt securities

179、resulted in a decrease of$163 million and an increase of$15 million,respectively,to our non-GAAP income before income taxes.THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures 19OtherDuring the three months and year ended December 31,2024,the company recorded

180、 net charges of$2 million and$19 million,respectively,related to restructuring our manufacturing operations in the United States.Additionally,the company recorded charges of$4 million and$15 million,respectively,for the amortization of noncompete agreements related to the BODYARMOR acquisition in 20

181、21.During the three months ended December 31,2024,the company recorded a net charge of$1 million due to tax litigation expense and during the year ended December 31,2024,the company recorded a net benefit of$2 million related to a revision of managements estimates for tax litigation expense.During t

182、he three months and year ended December 31,2024,the company recorded a charge of$13 million related to an indemnification agreement entered into as a part of the refranchising of certain bottling operations.During the three months and year ended December 31,2023,the company recorded a net charge of$

183、61 million due to pension and other postretirement benefit plan settlement charges.The company also recorded net charges of$35 million and$50 million,respectively,related to restructuring our manufacturing operations in the United States.Additionally,the company recorded charges of$4 million and$15

184、million,respectively,for the amortization of noncompete agreements related to the BODYARMOR acquisition.The company also recorded charges of$1 million and$8 million,respectively,related to tax litigation expense.During the year ended December 31,2023,the company recorded charges totaling$35 million

185、related to the discontinuation of certain manufacturing operations in Asia Pacific.Certain Tax Matters During the three months and year ended December 31,2024,the company recorded$1 million and$62 million,respectively,of excess tax benefits associated with the companys stock-based compensation arran

186、gements and net income tax expense of$17 million and$50 million,respectively,primarily associated with return to provision adjustments.The company also recorded net income tax expense of$39 million and a net income tax benefit of$2 million,respectively,for changes to our uncertain tax positions,incl

187、uding interest and penalties,as well as for various discrete tax items.Additionally,the company recorded net income tax expense of$19 million and$103 million,respectively,related to the resolution of certain foreign tax matters and recorded expense of$2 million and$24 million,respectively,for other

188、costs directly related to those matters.During the three months and year ended December 31,2024,the company also recorded net income tax expense of$15 million related to U.S.regulations issued during the year.During the three months and year ended December 31,2023,the company recorded$7 million and$

189、40 million,respectively,of excess tax benefits associated with the companys stock-based compensation arrangements and net income tax benefits of$10 million and$87 million,respectively,primarily associated with return to provision adjustments.During the year ended December 31,2023,the company recorde

190、d a net income tax benefit of$90 million related to a change in tax law in a certain foreign jurisdiction and a net income tax benefit of$111 million for changes to our uncertain tax positions,including interest and penalties,as well as for various discrete tax items.THE COCA-COLA COMPANY AND SUBSID

191、IARIESReconciliation of GAAP and Non-GAAP Financial Measures 20THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions except per share data)Three Months Ended December 31,2024Net operating revenuesCost of goods soldGross profitGross marginSelling,gen

192、eral and administrative expensesOther operating chargesOperating incomeOperating marginReported(GAAP)$11,544$4,613$6,931 60.0%$4,046$176$2,709 23.5%Items Impacting Comparability:Asset Impairments (39)39 Equity Investees Transaction Gains/Losses (88)88 Restructuring (31)31 Other Items(140)13 (153)(18

193、)(135)Certain Tax Matters (2)2 Comparable(Non-GAAP)$11,404$4,626$6,778 59.4%$4,044$2,734 24.0%Three Months Ended December 31,2023Net operating revenuesCost of goods soldGross profitGross marginSelling,general and administrative expensesOther operating chargesOperating incomeOperating marginReported(

194、GAAP)$10,849$4,634$6,215 57.3%$3,799$143$2,273 21.0%Items Impacting Comparability:Asset Impairments Equity Investees Transaction Gains/Losses (82)82 Restructuring (56)56 Other Items 99 (17)116 (5)121 Certain Tax Matters Comparable(Non-GAAP)$10,948$4,617$6,331 57.8%$3,799$2,532 23.1%Net operating rev

195、enuesCost of goods soldGross profitSelling,general and administrative expensesOther operating chargesOperating income%Change Reported(GAAP)601272419%Currency Impact(3)(2)(3)(2)(5)%Change Currency Neutral(Non-GAAP)9215924%Change Comparable(Non-GAAP)40768%Comparable Currency Impact(Non-GAAP)(5)(2)(7)(

196、2)(14)%Change Comparable Currency Neutral(Non-GAAP)9214922Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.21THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions exc

197、ept per share data)Three Months Ended December 31,2024Interest expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1 Effective tax rate Net income3Diluted net income per share Reported(GAAP)$431$338$(14)$2,806$593 21.1%$2,195$0.51 Items Impacting Comparability:Ass

198、et Impairments 39 10 29 0.01 Equity Investees 47 47 47 0.01 Transaction Gains/Losses (13)75 19 56 0.01 Restructuring 31 7 24 0.01 Other Items 7 58 (84)(23)(61)(0.01)Certain Tax Matters 2 (89)91 0.02 Comparable(Non-GAAP)$438$385$31$2,916$517 17.7%2$2,381$0.55 Three Months Ended December 31,2023Intere

199、st expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1 Effective tax rateNet income3Diluted net income per share Reported(GAAP)$413$361$(6)$2,482$496 20.0%$1,973$0.46 Items Impacting Comparability:Asset Impairments 39 39 39 0.01 Equity Investees 27 27 1 26 0.01

200、Transaction Gains/Losses (82)(39)39 0.01 Restructuring 56 15 41 0.01 Other Items 6 (70)45 16 29 0.01 Certain Tax Matters 17 (17)Comparable(Non-GAAP)$419$388$(119)$2,649$506 19.1%$2,130$0.49 Interest expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1Net income3D

201、iluted net income per share%Change Reported(GAAP)5(6)(120)13201112%Change Comparable(Non-GAAP)4(1)1021212 Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.1 The income tax adjustments are the calculated income tax ben

202、efits(charges)at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.2 This does not include the impact of the ongoing tax litigation with the U.S.Internal Revenue Service,if the company were not to prevail.3 This represents

203、 net income attributable to shareowners of The Coca-Cola Company.22THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions except per share data)Year Ended December 31,2024Net operating revenuesCost of goods soldGross profitGross marginSelling,general

204、 and administrative expensesOther operating chargesOperating incomeOperating marginReported(GAAP)$47,061$18,324$28,737 61.1%$14,582$4,163$9,992 21.2%Items Impacting Comparability:Asset Impairments (886)886 Equity Investees Transaction Gains/Losses (3,118)3,118 Restructuring (133)133 Other Items(164)

205、(70)(94)(26)(68)Certain Tax Matters (24)24 Comparable(Non-GAAP)$46,897$18,254$28,643 61.1%$14,558$14,085 30.0%Year Ended December 31,2023Net operating revenuesCost of goods soldGross profitGross marginSelling,general and administrative expensesOther operating chargesOperating incomeOperating marginR

206、eported(GAAP)$45,754$18,520$27,234 59.5%$13,972$1,951$11,311 24.7%Items Impacting Comparability:Asset Impairments Equity Investees Transaction Gains/Losses 11 (1,702)1,691 Restructuring (191)191 Other Items 30 (55)85 (58)143 Certain Tax Matters Comparable(Non-GAAP)$45,784$18,465$27,319 59.7%$13,983$

207、13,336 29.1%Net operating revenuesCost of goods soldGross profitSelling,general and administrative expensesOther operating chargesOperating income%Change Reported(GAAP)3(1)64113(12)%Currency Impact(5)(3)(6)(4)(11)%Change Currency Neutral(Non-GAAP)82128(1)%Change Comparable(Non-GAAP)2(1)546%Comparabl

208、e Currency Impact(Non-GAAP)(5)(3)(7)(4)(11)%Change Comparable Currency Neutral(Non-GAAP)8212816Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.23THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GA

209、AP Financial Measures(In millions except per share data)Year Ended December 31,2024Interest expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1 Effective tax rate Net income3Diluted net income per share Reported(GAAP)$1,656$1,770$1,992$13,086$2,437 18.6%$10,631$

210、2.46 Items Impacting Comparability:Asset Impairments 34 920 222 698 0.16 Equity Investees 92 92 2 90 0.02 Transaction Gains/Losses (1,741)1,377 332 1,045 0.24 Restructuring 133 33 100 0.02 Other Items 25 (206)(299)(70)(229)(0.05)Certain Tax Matters 24 (104)128 0.03 Comparable(Non-GAAP)$1,681$1,862$7

211、9$15,333$2,852 18.6%2$12,463$2.88 Year Ended December 31,2023Interest expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1 Effective tax rateNet income3Diluted net income per share Reported(GAAP)$1,527$1,691$570$12,952$2,249 17.4%$10,714$2.47 Items Impacting Comp

212、arability:Asset Impairments 39 39 39 0.01 Equity Investees 159 159 14 145 0.03 Transaction Gains/Losses (855)836 27 809 0.19 Restructuring 191 48 143 0.03 Other Items 25 108 226 71 138 0.03 Certain Tax Matters 328 (328)(0.08)Comparable(Non-GAAP)$1,552$1,850$(138)$14,403$2,737 19.0%$11,660$2.69 Inter

213、est expenseEquity income(loss)netOther income(loss)netIncome before income taxesIncome taxes1Net income3Diluted net income per share%Change Reported(GAAP)8524918(1)0%Change Comparable(Non-GAAP)816477 Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate using the

214、rounded dollar amounts provided.1 The income tax adjustments are the calculated income tax benefits(charges)at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.2 This does not include the impact of the ongoing tax litigat

215、ion with the U.S.Internal Revenue Service,if the company were not to prevail.3 This represents net income attributable to shareowners of The Coca-Cola Company.24THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial MeasuresDiluted Net Income Per Share:Three Months Ended

216、 December 31,2024%Change Reported(GAAP)12%Currency Impact(1)%Change Currency Neutral(Non-GAAP)13%Impact of Items Impacting Comparability(Non-GAAP)(1)%Change Comparable(Non-GAAP)12%Comparable Currency Impact(Non-GAAP)(11)%Change Comparable Currency Neutral(Non-GAAP)23Year Ended December 31,2024%Chang

217、e Reported(GAAP)0%Currency Impact(9)%Change Currency Neutral(Non-GAAP)8%Impact of Items Impacting Comparability(Non-GAAP)(8)%Change Comparable(Non-GAAP)7%Comparable Currency Impact(Non-GAAP)(9)%Change Comparable Currency Neutral(Non-GAAP)17Note:Certain columns may not add due to rounding.25THE COCA-

218、COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions)Net Operating Revenues by Operating Segment and Corporate:Three Months Ended December 31,2024Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateElim

219、inationsConsolidatedReported(GAAP)$1,791$1,643$4,679$1,216$850$1,551$22$(208)$11,544 Items Impacting Comparability:Other Items(30)(26)(14)(70)(140)Comparable(Non-GAAP)$1,761$1,617$4,665$1,146$850$1,551$22$(208)$11,404 Three Months Ended December 31,2023Europe,Middle East&AfricaLatin AmericaNorth Ame

220、ricaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidatedReported(GAAP)$1,690$1,492$4,040$1,115$813$2,013$31$(345)$10,849 Items Impacting Comparability:Other Items 34 19 3 43 99 Comparable(Non-GAAP)$1,724$1,511$4,043$1,158$813$2,013$31$(345)$10,948 Europe,Middle East&Afric

221、aLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated%Change Reported(GAAP)6101695(23)(31)406%Currency Impact(11)(15)0820(1)(3)%Change Currency Neutral (Non-GAAP)17251513(23)(30)9%Acquisitions,Divestitures and Structural Changes00000(30)0(5)%Chan

222、ge Organic Revenues (Non-GAAP)172515137(30)14%Change Comparable(Non-GAAP)2715(1)5(23)(31)4%Comparable Currency Impact (Non-GAAP)(15)(18)0(2)20(1)(5)%Change Comparable Currency Neutral(Non-GAAP)17251513(23)(30)9Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate

223、using the rounded dollar amounts provided.26THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions)Net Operating Revenues by Operating Segment and Corporate:Year Ended December 31,2024Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlo

224、bal VenturesBottling InvestmentsCorporateEliminationsConsolidatedReported(GAAP)$8,122$6,459$18,649$5,546$3,129$6,223$97$(1,164)$47,061 Items Impacting Comparability:Other Items(46)(46)(14)(58)(164)Comparable(Non-GAAP)$8,076$6,413$18,635$5,488$3,129$6,223$97$(1,164)$46,897 Year Ended December 31,2023

225、Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidatedReported(GAAP)$8,078$5,830$16,774$5,455$3,064$7,860$126$(1,433)$45,754 Items Impacting Comparability:Other Items 1 4 25 30 Comparable(Non-GAAP)$8,079$5,834$16,774$5,480$

226、3,064$7,860$126$(1,433)$45,784 Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated%Change Reported(GAAP)1111122(21)(23)193%Currency Impact(16)(14)0(3)2(2)0(5)%Change Currency Neutral (Non-GAAP)16251141(19)(23)8%Acquisiti

227、ons,Divestitures and Structural Changes00000(28)0(4)%Change Organic Revenues (Non-GAAP)162511419(23)12%Change Comparable(Non-GAAP)0101102(21)(23)2%Comparable Currency Impact (Non-GAAP)(16)(15)0(4)2(2)0(5)%Change Comparable Currency Neutral(Non-GAAP)16251141(19)(23)8Note:Certain columns may not add d

228、ue to rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.27THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial Measures(In millions)Operating Income(Loss)by Operating Segment and Corporate:Three Months Ended December 31,2024Eur

229、ope,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidatedReported(GAAP)$816$985$1,174$388$135$199$(988)$2,709 Items Impacting Comparability:Asset Impairments 39 39 Transaction Gains/Losses 88 88 Restructuring 31 31 Other Items(30)(26)(27)(70

230、)(4)3 19 (135)Certain Tax Matters 2 2 Comparable(Non-GAAP)$788$998$1,147$318$131$202$(850)$2,734 Three Months Ended December 31,2023Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidatedReported(GAAP)$798$797$910$313$119$185$(849)$2,27

231、3 Items Impacting Comparability:Asset Impairments Transaction Gains/Losses 82 82 Restructuring 1 55 56 Other Items 34 19 3 43 16 6 121 Certain Tax Matters Comparable(Non-GAAP)$832$816$914$356$119$201$(706)$2,532 Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling I

232、nvestmentsCorporateConsolidated%Change Reported(GAAP)2242924148(16)19%Currency Impact(13)(18)231152(5)%Change Currency Neutral(Non-GAAP)154227(7)133(18)24%Impact of Items Impacting Comparability(Non-GAAP)7133547411%Change Comparable(Non-GAAP)(5)2226(11)101(20)8%Comparable Currency Impact(Non-GAAP)(2

233、0)(24)0(5)142(14)%Change Comparable Currency Neutral(Non-GAAP)144626(6)9(3)(23)22Note:Certain columns may not add due to rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.28THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial M

234、easures(In millions)Operating Income(Loss)by Operating Segment and Corporate:Year Ended December 31,2024Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidatedReported(GAAP)$4,125$3,780$4,336$2,148$359$496$(5,252)$9,992 Items Impacting

235、Comparability:Asset Impairments 126 760 886 Transaction Gains/Losses 3,118 3,118 Restructuring 133 133 Other Items(46)(46)56 (58)(2)1 27 (68)Certain Tax Matters 3 21 24 Comparable(Non-GAAP)$4,082$3,860$5,152$2,090$357$497$(1,953)$14,085 Year Ended December 31,2023Europe,Middle East&AfricaLatin Ameri

236、caNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidatedReported(GAAP)$4,202$3,432$4,435$2,040$329$578$(3,705)$11,311 Items Impacting Comparability:Asset Impairments Transaction Gains/Losses 1,691 1,691 Restructuring 26 165 191 Other Items 1 4 48 60 8 22 143 Certain Tax Ma

237、tters Comparable(Non-GAAP)$4,203$3,436$4,509$2,100$329$586$(1,827)$13,336 Europe,Middle East&AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated%Change Reported(GAAP)(2)10(2)59(14)(42)(12)%Currency Impact(15)(17)0(2)1(1)1(11)%Change Currency Neutral(N

238、on-GAAP)1427(3)78(14)(43)(1)%Impact of Items Impacting Comparability(Non-GAAP)1(2)(16)611(35)(17)%Change Comparable(Non-GAAP)(3)121409(15)(7)6%Comparable Currency Impact(Non-GAAP)(16)(18)0(6)1(1)2(11)%Change Comparable Currency Neutral(Non-GAAP)14311458(15)(9)16Note:Certain columns may not add due t

239、o rounding.Certain growth rates may not recalculate using the rounded dollar amounts provided.29THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP and Non-GAAP Financial MeasuresOperating Margin:Three Months Ended December 31,2024Three Months Ended December 31,2023Basis Point Growth(Declin

240、e)Reported Operating Margin(GAAP)23.47%20.95%252 Items Impacting Comparability(Non-GAAP)(0.49)%(2.17)%Comparable Operating Margin(Non-GAAP)23.96%23.12%84 Comparable Currency Impact(Non-GAAP)(1.82)%0.00%Comparable Currency Neutral Operating Margin(Non-GAAP)25.78%23.12%266 Impact of Acquisitions,Dives

241、titures and Structural Changes on Comparable Currency Neutral Operating Margin(Non-GAAP)0.01%(0.07)%Underlying Operating Margin(Non-GAAP)25.77%23.19%258 Year Ended December 31,2024Year Ended December 31,2023Basis Point Growth(Decline)Reported Operating Margin(GAAP)21.23%24.72%(349)Items Impacting Co

242、mparability(Non-GAAP)(8.80)%(4.41)%Comparable Operating Margin(Non-GAAP)30.03%29.13%90 Comparable Currency Impact(Non-GAAP)(1.36)%0.00%Comparable Currency Neutral Operating Margin(Non-GAAP)31.39%29.13%226 Impact of Acquisitions,Divestitures and Structural Changes on Comparable Currency Neutral Opera

243、ting Margin(Non-GAAP)0.11%(0.57)%Underlying Operating Margin(Non-GAAP)31.28%29.70%158 Free Cash Flow(In millions):Year Ended December 31,2024Year Ended December 31,2023$Change%ChangeNet Cash Provided by Operating Activities(GAAP)$6,805$11,599$(4,794)(41)Purchases of Property,Plant and Equipment(GAAP

244、)(2,064)(1,852)(212)11 Free Cash Flow(Non-GAAP)4,741 9,747 (5,006)(51)Plus:IRS Tax Litigation Deposit 6,041 6,041 Free Cash Flow Excluding the IRS Tax Litigation Deposit(Non-GAAP)$10,782$9,747$1,035 11 Net Share Repurchases(In millions):Year Ended December 31,2024Issuances of Stock(GAAP)$747 Purchas

245、es of Stock for Treasury(GAAP)(1,795)Net Change in Stock Issuance Receivables1(GAAP)(7)Net Share Repurchases(Non-GAAP)$(1,055)1 Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the period.Projected 2025 Free Cash Flow Excluding

246、the fairlife Contingent Consideration Payment(In billions):Year Ending December 31,2025Projected GAAP Net Cash Provided by Operating Activities$5.6 Plus:fairlife Contingent Consideration Payment 6.1 Projected Cash Flow from Operations Excluding the fairlife Contingent Consideration Payment(Non-GAAP)

247、11.7 Projected GAAP Purchases of Property,Plant and Equipment(2.2)Projected Free Cash Flow Excluding the fairlife Contingent Consideration Payment(Non-GAAP)$9.5 30About The Coca-Cola CompanyThe Coca-Cola Company(NYSE:KO)is a total beverage company with products sold in more than 200 countries and te

248、rritories.Our companys purpose is to refresh the world and make a difference.We sell multiple billion-dollar brands across several beverage categories worldwide.Our portfolio of sparkling soft drink brands includes Coca-Cola,Sprite and Fanta.Our water,sports,coffee and tea brands include Dasani,smar

249、twater,vitaminwater,Topo Chico,BODYARMOR,Powerade,Costa,Georgia,Fuze Tea,Gold Peak and Ayataka.Our juice,value-added dairy and plant-based beverage brands include Minute Maid,Simply,innocent,Del Valle,fairlife and AdeS.Were constantly transforming our portfolio,from reducing sugar in our drinks to b

250、ringing innovative new products to market.We seek to positively impact peoples lives,communities and the planet through water replenishment,packaging recycling,sustainable sourcing practices and carbon emissions reductions across our value chain.Together with our bottling partners,we employ more tha

251、n 700,000 people,helping bring economic opportunity to local communities worldwide.Learn more at www.coca- and follow us on Instagram,Facebook and LinkedIn.The information contained on,or that may be accessed through,our website or social media channels is not incorporated by reference into,and is n

252、ot a part of,this document.31Forward-Looking StatementsThis press release may contain statements,estimates or projections that constitute“forward-looking statements”as defined under U.S.federal securities laws.Generally,the words“believe,”“expect,”“intend,”“estimate,”“anticipate,”“project,”“will”and

253、 similar expressions identify forward-looking statements,which generally are not historical in nature.Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Companys actual results to differ materially from its historical experience and our present e

254、xpectations or projections.These risks include,but are not limited to,unfavorable economic and geopolitical conditions,including the direct or indirect negative impacts of the conflict between Russia and Ukraine and conflicts in the Middle East;increased competition;an inability to be successful in

255、our innovation activities;changes in the retail landscape or the loss of key retail or foodservice customers;an inability to expand our business in emerging and developing markets;an inability to successfully manage the potential negative consequences of our productivity initiatives;an inability to

256、attract or retain a highly skilled and diverse workforce;disruption of our supply chain,including increased commodity,raw material,packaging,energy,transportation and other input costs;an inability to successfully integrate and manage our acquired businesses,brands or bottling operations or an inabi

257、lity to realize a significant portion of the anticipated benefits of our joint ventures or strategic relationships;failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities;an inability to renew collective bargaining agreement

258、s on satisfactory terms,or we or our bottling partners experience strikes,work stoppages,labor shortages or labor unrest;obesity and other health-related concerns;evolving consumer product and shopping preferences;product safety and quality concerns;perceived negative health consequences of certain

259、ingredients,such as non-nutritive sweeteners and biotechnology-derived substances,and of other substances present in our beverage products or packaging materials;failure to digitalize the Coca-Cola system;damage to our brand image,corporate reputation and social license to operate from negative publ

260、icity,whether or not warranted,concerning product safety or quality,workplace and human rights,obesity or other issues;an inability to successfully manage new product launches;an inability to maintain good relationships with our bottling partners;deterioration in our bottling partners financial cond

261、ition;an inability to successfully manage our refranchising activities;increases in income tax rates,changes in income tax laws or the unfavorable resolution of tax matters,including the outcome of our ongoing tax dispute or any related disputes with the U.S.Internal Revenue Service(“IRS”);the possi

262、bility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the IRS could significantly change;increased or new indirect taxes;changes in laws and regulations relating to bev

263、erage containers and packaging;significant additional labeling or warning requirements or limitations on the marketing or sale of our products;litigation or legal proceedings;conducting business in markets with high-risk legal compliance environments;failure to adequately protect,or disputes relatin

264、g to,trademarks,formulas and other intellectual property rights;changes in,or failure to comply with,the laws and regulations applicable to our products or our business operations;fluctuations in foreign currency exchange rates;interest rate increases;an inability to achieve our overall long-term gr

265、owth objectives;default by or failure of one or more of our counterparty financial institutions;impairment charges,and risks regarding potential additional impairments;an inability to protect our information systems against service interruption,misappropriation of data or cybersecurity incidents;fai

266、lure to comply with privacy and data protection laws;evolving sustainability regulatory requirements and expectations;increasing concerns about the environmental impact of plastic bottles and other packaging materials;water scarcity and poor quality;increased demand for food products,decreased agric

267、ultural productivity and increased regulation of ingredient sourcing due diligence;climate change and legal or regulatory responses thereto;adverse weather conditions;and other risks discussed in our filings with the Securities and Exchange Commission(“SEC”),including our Annual Report on Form 10-K

268、for the year ended December 31,2023,and subsequently filed Quarterly Reports on Form 10-Q,which filings are available from the SEC.You should not place undue reliance on forward-looking statements,which speak only as of the date they are made.We undertake no obligation to publicly update or revise any forward-looking statements.32