The Coca-Cola Company: Reconciliation of Non-GAAP Financial Measures for the 2019 Deutsche Bank Global Consumer Conference

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

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Microsoft Corporation
Intel Corporation
Pfizer, Inc.
General Electric Company
Wal-Mart Stores, Inc.
(UNAUDITED)

(In millions)

Net Operating Revenues:

Year Ended

December 31, 2016

Reported (GAAP)

$

41,863

Items Impacting Comparability:

Other Items

(9)

Comparable (Non-GAAP)

$

41,854

Year Ended

December 31, 2015

Reported (GAAP)

$

44,294

Items Impacting Comparability:

Other Items

(37)

Comparable (Non-GAAP)

$

44,257

Year Ended

December 31, 2016

% Change - Reported (GAAP)

(5)

% Currency Impact

(3)

% Change - Currency Neutral (Non-GAAP)

(3)

% Acquisitions, Divestitures and Structural Items

(6)

% Change - Organic Revenues (Non-GAAP)

3

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

1

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Revenues:

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 31, 2017

June 30, 2017

September 29, 2017

December 31, 2017

Reported (GAAP)

$

9,118

$

9,702

$

9,078

$

7,512

Items Impacting Comparability:

Other Items

14

7

(15)

-

Comparable (Non-GAAP)

$

9,132

$

9,709

$

9,063

$

7,512

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

April 1, 2016

July 1, 2016

September 30, 2016

December 31, 2016

Reported (GAAP)

$

10,282

$

11,539

$

10,633

$

9,409

Items Impacting Comparability:

Other Items

47

(15)

(7)

(34)

Comparable (Non-GAAP)

$

10,329

$

11,524

$

10,626

$

9,375

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 31, 2017

June 30, 2017

September 29, 2017

December 31, 2017

% Change - Reported (GAAP)

(11)

(16)

(15)

(20)

% Currency Impact

(1)

(2)

0

0

% Change - Currency Neutral (Non-GAAP)

(10)

(14)

(14)

(20)

% Acquisitions, Divestitures and Structural Items

(10)

(17)

(18)

(26)

% Change - Organic Revenues (Non-GAAP)

0

3

4

6

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

2

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Revenues:

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 30, 2018

June 29, 2018

September 28, 2018

December 31, 2018

Reported (GAAP)

$

7,626

$

8,927

$

8,245

$

7,058

Items Impacting Comparability:

Other Items

(2)

(24)

18

(1)

Comparable (Non-GAAP)

$

7,624

$

8,903

$

8,263

$

7,057

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 31, 2017

June 30, 2017

September 29, 2017

December 31, 2017

Reported (GAAP)

$

9,118

$

9,702

$

9,078

$

7,512

Items Impacting Comparability:

Other Items

14

7

(15)

-

Comparable (Non-GAAP)

$

9,132

$

9,709

$

9,063

$

7,512

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

March 30, 2018

June 29, 2018

September 28, 2018

December 31, 2018

% Change - Reported (GAAP)

(16)

(8)

(9)

(6)

% Currency Impact

2

1

(3)

(5)

% Change - Currency Neutral (Non-GAAP)

(19)

(8)

(6)

(1)

% Acquisitions, Divestitures and Structural Items

(26)

(15)

(13)

(8)

% Impact of Accounting Changes1

3

2

2

2

% Change - Organic Revenues (Non-GAAP)

5

5

6

5

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

1 Impact of adoption of new revenue recognition accounting standard

3

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Revenues:

Three Months Ended

March 29, 2019

Reported (GAAP)

$

8,020

Items Impacting Comparability:

Other Items

4

Comparable (Non-GAAP)

$

8,024

Three Months Ended

March 30, 2018

Reported (GAAP)

$

7,626

Items Impacting Comparability:

Other Items

(2)

Comparable (Non-GAAP)

$

7,624

Three Months Ended

March 29, 2019

% Change - Reported (GAAP)

5

% Currency Impact

(6)

% Change - Currency Neutral (Non-GAAP)

12

% Acquisitions, Divestitures and Structural Items

5

% Change - Organic Revenues (Non-GAAP)

6

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

4

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio:

Year Ended

December 31, 2018

Net Cash Provided by Operating Activities

$7,320

Purchases of Property, Plant and Equipment

(1,347)

Free Cash Flow (Non-GAAP)

5,973

Plus: Cash Payments for Pension Plan Contributions

-

Adjusted Free Cash Flow (Non-GAAP)

$5,973

Net Income from Continuing Operations

$6,727

Noncash Items Impacting Comparability:

Asset Impairments

925

Equity Investees

120

Transaction Gains/Losses

479

Other Items

335

Certain Tax Matters

(92)

Adjusted Net Income from Continuing Operations (Non-GAAP)

$8,494

Cash Flow Conversion Ratio 1

109%

Adjusted Free Cash Flow Conversion Ratio (Non-GAAP)2

70%

  1. Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income from continuing operations.
  2. Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income from continuing operations.
5

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Disclaimer

The Coca-Cola Company published this content on 12 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 June 2019 10:21:02 UTC