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

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(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

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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