•	Revenues: Net revenues declined 1% to $8.6 billion. Organic revenues (non-GAAP) were even. Revenue performance included even concentrate sales and even price/mix. The quarter included one less day, which resulted in an approximate 1-point headwind to revenue growth.

•	Margin: Operating margin, which included items impacting comparability, was 27.7% versus 28.0% in the prior year, while comparable operating margin (non-GAAP) was 30.7% versus 28.2% in the prior year. Solid underlying operating margin (non-GAAP) expansion was partially offset by currency headwinds.

•	Earnings per share: EPS grew 65% to $0.64, and comparable EPS (non-GAAP) grew 8% to $0.51.

•	Market share: The company continued to gain value share in total nonalcoholic ready-to-drink (NARTD) beverages.

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•	Cash flow: Cash from operations was $556 million, down 29%. Free cash flow (non-GAAP) was $229 million, down 43%, primarily driven by the impact of one less day in the quarter, currency headwinds and cycling the supplier payment term extensions in the prior year as part of ongoing working capital initiatives.

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Delivering on key priorities amid the coronavirus pandemic: The health and safety of Coca-Cola system employees remains the company's highest priority. Around the world, local teams continue to follow guidance from authorities. These measures include additional cleaning and sanitization routines in system facilities and requiring most office-based employees to work remotely. After health and safety, business continuity is of utmost importance. The Coca-Cola system has developed knowledge-sharing routines and processes, including how to manage potential supply chain challenges. At this time, the system does not foresee material disruptions in finished goods production or distribution.

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Supporting communities around the world: The Coca-Cola system has made contributions to support relief efforts in markets impacted across the globe. The system is committed to contributing more than $100 million and is focused on community relief programs, medical supplies and equipment during the outbreak phase, as well as on developing other actions for the recovery phase in markets hit hardest by the pandemic. The commitments to date include $40 million in charitable grants from The Coca-Cola Foundation.

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Adapting business strategy: The company is moving with speed to continue to best serve its customers and consumers while reviewing every aspect of its business and redirecting spending to areas where it can be the most effective. In partnership with bottlers and retail customers, the company is working to ensure adequate inventory levels in key channels, in addition to prioritizing core brands and key packages. The company is also increasing investments in e-commerce to support both retailers and meal delivery services, shifting toward package sizes that are fit-for-purpose for online sales, and redeploying consumer and trade promotions toward digital.

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Business & Sustainability Report: In 2019, the company laid out its vision to craft the brands and choice of drinks that people love, to refresh them in body and spirit, and to do so in ways that create a more sustainable business and better shared future. As the world faces unprecedented challenges, the company's purpose and vision is more important than ever. On April 22, the company will publish its 2019 Business & Sustainability Report, reflecting a continued journey toward driving sustainable business practices.

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Price/mix growth was even for the quarter primarily due to unfavorable channel and category mix in key markets impacted by the coronavirus outbreak. Concentrate sales were 1 point ahead of unit case volume, largely due to bottler inventory build related to the uncertain environment, partially offset by the impact of one less day in the quarter along with cycling the Brexit inventory build in the prior year.

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•	The company's unit case volume growth through the end of February was 3%, excluding China. For the quarter, however, unit case volume declined 1%, as solid growth in North America was more than offset by a decline in Asia Pacific due to the impact from the coronavirus. Category cluster performance was as follows:

◦	Sparkling soft drinks declined 2% in the quarter led by a decline in Asia Pacific, primarily due to China. For the quarter, trademark Coca-Cola grew 1%, led by strong performance for Coca-Cola® Zero Sugar.

◦	Juice, dairy and plant-based beverages were down 6%, as solid performance in the North American portfolio and Chi® in West Africa was more than offset by a decline in Minute Maid Pulpy® in China.

◦	Water, enhanced water and sports drinks grew 2%, led by Cristal® in Latin America and strong growth in the sports drinks portfolio in North America, partially offset by a decline in China.

◦	Tea and coffee volume declined 6%, driven by broad-based softness across multiple markets, as well as a decline in the doğadan® tea business.

•	Operating income declined 2%, which included a headwind from items impacting comparability in addition to currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 11%, benefiting from the timing of certain expenses in corporate and solid operating expense leverage in Latin America.

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Price/mix was even for the quarter as solid pricing across most key markets was offset by negative geographic mix, which includes the impact of cycling the Brexit inventory build in the prior year. Concentrate sales ran 1 point behind unit case volume, as bottler inventory build related to the uncertain environment was more than offset by the impact of one less day in the quarter, along with cycling Brexit stocking last year.

•	Unit case volume was even as strong growth through February was offset by the coronavirus-related impacts in March. In terms of markets, strong growth across Nigeria, Middle East and North Africa was offset by declines in Western Europe and South Africa.

•	Operating income declined 2%, primarily due to a 3-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 1%, primarily due to effective cost management.

•	For the quarter, the company gained value share in total NARTD beverages in addition to all category clusters, except the water, enhanced water and sports drinks category cluster, where the company maintained share.

•	Price/mix grew 8% for the quarter, led by price realization and package initiatives in Mexico. Concentrate sales ran 5 points ahead of unit case volume, as bottler inventory build related to the uncertain environment was partially offset by the impact of one less day in the quarter.

•	Unit case volume was even, as growth in key Latin Center markets was offset by declines in Brazil, Mexico and Argentina, primarily due to the impact from the coronavirus in late March. Volume growth benefited from acquired brands in Central America.

•	Operating income grew 9%, which included a 12-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 21%, primarily due to solid operating expense leverage across most business units.

•	For the quarter, the company lost value share in total NARTD beverages, driven by soft performance in Argentina and the water, enhanced water and sports drinks category cluster in Brazil.

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•	Price/mix grew 1% for the quarter, driven by pricing initiatives and solid growth in the juice, dairy and plant-based beverages category cluster, partially offset by unfavorable category mix resulting from strong sales in packaged water.

•	Unit case volume grew 3%, driven by strong growth in the water, enhanced water and sports drinks category cluster, including premium brands BODYARMOR® and smartwater®, along with solid growth in the juice, dairy and plant-based beverages category cluster. Growth in trademark Coca-Cola was driven by continued strong growth in Coca-Cola® Zero Sugar.

•	Operating income declined 34%, which included a headwind from items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 4%, benefiting from pricing initiatives and premium product launches, partially offset by the timing of expenses.

•	For the quarter, the company gained value share in total NARTD beverages led by strong performance in sparkling soft drinks and the water, enhanced water and sports drinks category cluster.

•	Price/mix declined 4% for the quarter due to unfavorable channel and category mix in key markets. Concentrate sales ran 4 points ahead of unit case volume, as bottler inventory build related to the uncertain environment was partially offset by the impact of one less day in the quarter.

•	Unit case volume declined 7%, as strong growth in January was more than offset by a decline in China in February and across all key markets in March, due to the impact from the coronavirus.

•	Operating income declined 6%. Comparable currency neutral operating income (non-GAAP) declined 5%, driven by unfavorable channel and category mix, partially offset by lower selling, general and administrative expenses.

•	For the quarter, the company gained value share in total NARTD beverages, in addition to all category clusters.

•	Reported and organic revenues (non-GAAP) both declined 2%, primarily driven by the impact from Costa retail store closures across China and the United Kingdom to help prevent the spread of the coronavirus.

•	Operating income and comparable currency neutral operating income (non-GAAP) both declined 71%, primarily driven by the impact from Costa retail store closures across China and the United Kingdom to help prevent the spread of the coronavirus.

•	Price/mix declined 2% for the quarter, largely driven by the company's bottling operations in Africa.

•	Unit case volume declined 5% driven by India, due to the impact from the coronavirus.

•	Operating income declined 37%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) growth was driven by strong underlying operating expense leverage, primarily in the company's bottling operations in Africa.

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•	All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period.

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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, unless otherwise noted. "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 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.

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"Concentrate sales" represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in equivalent unit cases) 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 coffee beans and finished beverages (in all instances expressed in equivalent unit cases) 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 the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes. For the Bottling Investments operating segment, 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. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.

•	"Price/mix" represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.

•	First quarter 2020 financial results were impacted by one less day as compared to the same period in 2019, and fourth quarter 2020 financial results will be impacted by two additional days as compared to the same period in 2019. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

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"Currency neutral 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 operating 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 company's financial statements in the 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.

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"Structural changes" generally refer to acquisitions and divestitures of bottling operations including the impact of intercompany transactions among our operating segments. In 2019, the company acquired controlling interests in bottling operations in Zambia, Eswatini and Kenya. The impact of these acquisitions has been included as a structural change in our analysis of net operating revenues on a consolidated basis as well as for the Europe, Middle East and Africa and Bottling Investments operating segments. In 2019, the company refranchised certain of its bottling operations in India. The impact of this refranchising activity has been included as a structural change in our analysis of net operating revenues on a consolidated basis as well as for the Asia Pacific and Bottling Investments operating segments.

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"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 has otherwise been adjusted for items impacting comparability (discussed further below) as well as the impact of changes 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 measure provide investors with useful supplemental information to enhance their understanding of the company's 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 the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of changes in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the company's ongoing revenue performance 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, divestitures and structural changes for the three months ended March 27, 2020 and March 29, 2019 consisted of the structural changes discussed above. Additionally, in 2020, the company acquired the remaining equity ownership interest in fairlife, LLC ("fairlife"). The impact on revenues for fairlife products not previously sold by the company has been included in acquisitions and divestitures in our analysis of net operating revenues on a consolidated basis as well as for the North America operating segment.

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"Comparable operating income" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (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 changes in foreign currency exchange rates. "Comparable operating margin" 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 below), the impact of changes 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 company's performance and make resource allocation decisions. Further, management believes 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 provide investors with useful supplemental information to enhance their understanding of the company's underlying business performance and trends by improving their ability to compare our period-to-period financial results.

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"Comparable EPS" and "comparable currency neutral EPS" are non-GAAP financial measures 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 changes in foreign currency exchange rates. Management uses these non-GAAP financial measures to evaluate the company's 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 information to enhance their understanding of the company's 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 income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability (discussed further below).

•	"Free cash flow" is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. Management uses this non-GAAP financial measure to evaluate the company's performance and make resource allocation decisions.

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"Net share issuances (repurchases)" is a non-GAAP financial measure that reflects the net amount of issuances of stock or purchases of stock for treasury after considering 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).

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