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OFFON

THE COCA-COLA COMPANY

(KO)
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Coca Cola : Reconciliation of Q2 2021 Non-GAAP Financial Measures for Earnings Conference Call

07/21/2021 | 08:40am EST

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Bottling Investments Operating Margin:

Six Months Ended

Six Months Ended

Basis Point

July 2, 2021

June 28, 2019

Growth

Reported Operating Margin (GAAP)

6.41%

5.72%

69

Items Impacting Comparability (Non-GAAP)

0.63%

2.82%

Comparable Operating Margin (Non-GAAP)

5.78%

2.90%

288

1

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Consolidated Gross Margin:

Three Months Ended

Three Months Ended

Basis Point

July 2, 2021

June 26, 2020

Growth

Reported Gross Margin (GAAP)

62.61%

57.86%

475

Items Impacting Comparability (Non-GAAP)

1.17%

0.21%

Comparable Gross Margin (Non-GAAP)

61.44%

57.65%

379

2

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except net debt leverage)

Gross Debt and Net Debt:

As of

July 2, 2021

Cash and cash equivalents

$9,188

Short-term investments

2,079

Marketable securities

1,775

Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP)

$13,042

Loans and notes payable

$1,867

Current maturities of long-term debt

337

Long-term debt

39,804

Gross debt (Non-GAAP)

$42,008

Net debt (Non-GAAP)1

$28,966

1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt.

EBITDA:

July 2, 2021

Trailing Twelve Months

Income before income taxes

$10,923

Less income items:

Interest income

295

Other income (loss) - net

1,130

Add expense items:

Interest expense

2,192

Depreciation and amortization

1,537

Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)

$13,227

Comparable EBITDA:

Comparable income before income taxes (Non-GAAP)

$12,075

Less income items:

Interest income

295

Comparable other income (loss) - net (Non-GAAP)

216

Add expense items:

Comparable interest expense (Non-GAAP)

875

Depreciation and amortization

1,537

Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)

$13,976

Net Debt Leverage:

Net debt (Non-GAAP)

Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Net debt leverage (Non-GAAP)

As of

July 2, 2021

$28,966 $13,976 2.1

3

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Gross Debt and Net Debt:

As of

July 2, 2021

Cash and cash equivalents

$9,188

Short-term investments

2,079

Marketable securities

1,775

Total cash, cash equivalents, short-term investments and

marketable securities (Non-GAAP)

$13,042

Loans and notes payable

$1,867

Current maturities of long-term debt

337

Long-term debt

39,804

Gross debt (Non-GAAP)

$42,008

Net debt (Non-GAAP)1

$28,966

1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt.

EBITDA:

July 2, 2021

Six Months Ended

Three Months Ended

Three Months Ended

Trailing Twelve Months

July 2, 2021

December 31, 2020

September 25, 2020

Income before income taxes

$10,923

$6,381

$2,361

$2,181

Less income items:

Interest income

295

137

76

82

Other income (loss) - net

1,130

1,047

53

30

Add expense items:

Interest expense

2,192

1,222

310

660

Depreciation and amortization

1,537

749

4301

3582

Earnings before interest, taxes, depreciation and

amortization (EBITDA) (Non-GAAP)

$13,227

$7,168

$2,972

$3,087

Comparable EBITDA:

Comparable income before income taxes (Non-GAAP)

$12,075

$6,583

$2,528

$2,964

Less income items:

Interest income

295

137

76

82

Comparable other income (loss) - net (Non-GAAP)

216

128

38

50

Add expense items:

Comparable interest expense (Non-GAAP)

875

389

231

255

Depreciation and amortization

1,537

749

4301

3582

Comparable earnings before interest, taxes, depreciation

and amortization (EBITDA) (Non-GAAP)

$13,976

$7,456

$3,075

$3,445

  1. Calculated by subtracting depreciation and amortization of $1,106 million during the nine months ended September 25, 2020 from depreciation and amortization of $1,536 million during the year ended December 31, 2020.
  2. Calculated by subtracting depreciation and amortization of $748 million during the six months ended June 26, 2020 from depreciation and amortization of $1,106 million during the

nine months ended September 25, 2020.

4

Disclaimer

The Coca-Cola Company published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 12:39:06 UTC.


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Sales 2021 38 079 M - -
Net income 2021 9 377 M - -
Net Debt 2021 31 693 M - -
P/E ratio 2021 25,1x
Yield 2021 3,13%
Capitalization 231 B 231 B -
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EV / Sales 2022 6,50x
Nbr of Employees 80 300
Free-Float 61,0%
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Average target price 62,51 $
Spread / Average Target 16,8%
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Managers and Directors
James Quincey Chairman & Chief Executive Officer
Brian John S. Smith President & Chief Operating Officer
John Murphy Chief Financial Officer & Executive Vice President
Nancy W. Quan Chief Technical & Innovation Officer
Barry Charles Diller Independent Director
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