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Despite a handful of headwinds in recent years e. As of the fourth quarter , we've realized concentrate sales volume growth in a majority of the last 20 quarters and organic revenue growth ahead of our long-term growth model in 12 of the last 20 quarters. Note: Consumer packaged goods CPG represents select large cap, food, household products and beverage peers. All data obtained from FactSet. Consistently delivering on the top line has allowed us to transform our ability to sustainably deliver on the bottom line. We are well positioned to continue to grow the top line, to expand margins and to reinvest for further growth. A key driver of our growth strategy is how we invest our resources. Each of our country-category combinations has a distinctive role to play in our portfolio and each of those roles has a very specific job description. We continually track our performance so that we can iterate this allocation agenda to help sustain our overall performance. For example, in areas where we have a strong leadership position, our intent might be to grow gross profit ahead of marketing investment growth. This dynamic, yet disciplined approach to resource allocation underscores our belief that quality leadership — backed by our total beverage portfolio — and disciplined investment drives profitability. We know our balance sheet will need to be both strong and flexible to support our ambitious growth agenda going forward, and as such, have taken a wholistic approach to optimizing our investments, identifying and activating passive capital to drive the business on hand. Lastly, our net debt leverage ratio is below our targeted range of 2. Transition tax impact is scheduled to end in Our capital allocation strategy supports both our growth ambitions and returning cash to shareowners. At The Coca-Cola Company, our strengths give us confidence in our ability to deliver long-term, sustainable shareowner value. Quality Leadership and Disciplined Investment A key driver of our growth strategy is how we invest our resources. Strong Balance Sheet and Underlying Cash Flow Generation We know our balance sheet will need to be both strong and flexible to support our ambitious growth agenda going forward, and as such, have taken a wholistic approach to optimizing our investments, identifying and activating passive capital to drive the business on hand. Dynamic and Unwavering Capital Priorities Our capital allocation strategy supports both our growth ambitions and returning cash to shareowners. View Reconciliation.

Coca-Cola Consolidated, Inc. Capital Asset Pricing Model

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