Coca-Cola Reports Fourth Quarter and Full-Year 2022 Results | Press Release

global whole case volume decline one % for the quarter and grow five % for the wide year

internet tax income turn seven % for the quarter and eleven % for the full class ;
organic tax income ( Non-GAAP ) originate fifteen % for the quarter and sixteen % for the entire year

Reading: Coca-Cola Reports Fourth Quarter and Full-Year 2022 Results | Press Release

operating income mature twenty-four % for the draw and six % for the entire year ;
comparable currentness neutral function income ( Non-GAAP ) grow twenty-one % for the quarter and nineteen % for the entire year
fourth quarter EPS decline sixteen % to $ 0.47, and comparable EPS ( Non-GAAP ) embody even astatine $ 0.45 ;
Full-Year EPS decline three % to $ 2.19, and comparable EPS ( Non-GAAP ) grow seven % to $ 2.48
cash flow from operation be $ 11.0 billion for the full year, down thirteen % ;
Full-Year free cash run ( Non-GAAP ) be $ 9.5 billion, devour fifteen %
company provide 2023 fiscal expectation

ATLANTA, Feb. 14, 2023 – The Coca‑Cola party today report potent fourth quarter and full-year 2022 result. “ while 2022 bring many challenge, we cost gallant of our overall solution inch ampere dynamic function environment, ” allege jam Quincey, chair and chief executive officer of The Coca‑Cola company. “ american samoa we begin 2023, we continue to invest in our capability and strengthen alignment with our bottle partner to wield tractability. We be keep consumer at the center of our invention and commercialize investing, while besides leverage our expertness inch gross emergence management and murder. Our emergence culture be lead to new approach, more experiment, and improved agility to drive growth and value for our stakeholder. ”

Highlights

Quarterly / Full-Year Performance

Revenues: For the quarter, net revenues were strong, growing 7% to $10.1 billion. Organic revenues (non-GAAP) grew 15%. Organic revenue (non-GAAP) performance was strong across operating segments and included 12% growth in price/mix and 2% growth in concentrate sales. The quarter included one additional day, which resulted in a 1-point tailwind to revenue growth. The quarter also benefited from the timing of concentrate shipments. For the full year, net revenues grew 11% to $43.0 billion, and organic revenues (non-GAAP) grew 16%. This performance was driven by 11% growth in price/mix and 5% growth in concentrate sales.

Operating Margin: For the quarter, operating margin, which included items impacting comparability, was 20.5% versus 17.7% in the prior year, while comparable operating margin (non-GAAP) was 22.7% versus 22.1% in the prior year. For the full year, operating margin, which included items impacting comparability, was 25.4% versus 26.7% in the prior year, while comparable operating margin (non-GAAP) was 28.7% in both the current year and the prior year. For both the quarter and the full year, operating margin benefited from strong topline growth but was unfavorably impacted by the BODYARMOR acquisition, higher operating costs, an increase in marketing investments versus the prior year, currency headwinds and items impacting comparability.

Earnings per share: For the quarter, EPS declined 16% to $0.47, and comparable EPS (non-GAAP) was even at $0.45. EPS performance included the impact of a 12-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of an 11-point currency headwind. For the full year, EPS declined 3% to $2.19, and comparable EPS (non-GAAP) grew 7% to $2.48. EPS performance included the impact of an 11-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 10-point currency headwind.

Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (“NARTD”) beverages, which included share gains in both at-home and away-from-home channels.

Cash flow: Cash flow from operations was $11.0 billion for the full year, a decline of $1.6 billion versus the prior year, as strong business performance was more than offset by the deliberate buildup of inventory in the face of a volatile commodity environment, cycling working capital benefits from the prior year, and higher tax payments and annual incentive payments in 2022. Free cash flow (non-GAAP) was $9.5 billion, a decline of $1.7 billion versus the prior year.

Company Updates

Evolving company leadership to fuel growth: The company continues to focus on having the right leaders and organizational structure to deliver on its growth strategy, while also developing talent for the future. Through recent leadership appointments, the company continued to optimize its organizational design, connecting functions end-to-end while identifying key opportunities to drive meaningful growth over the long term. During the quarter, John Murphy began an expanded role as President and Chief Financial Officer, and added oversight of Global Ventures, Bottling Investments, Platform Services, customer and commercial leadership, and online-to-offline digital transformation. The company also named Henrique Braun to the newly created role of President, International Development to oversee seven of the company’s nine operating units. Braun will steward growth of the consumer base across developing and emerging markets as well as developed markets. Braun will partner with Nikos Koumettis, President of the Europe operating unit, and Jennifer Mann, President of the North America operating unit, on global operational strategy in order to scale best practices and help ensure the company captures growth opportunities across all of its markets.

Leveraging digital engagement to connect with more consumers: By linking consumption occasions with consumer passion points, the company is building deeper connections with consumers and reaching them in new and unique ways. The company successfully executed on the Coca‑Cola® “Believing is Magic” global campaign for FIFA World Cup Qatar 2022 by creating end-to-end, digitally driven experiences. The company developed its own digital platform, the Coca‑Cola Fan Zone, which was activated in 41 markets and featured social experiences for soccer fans. Approximately 5 million consumers interacted with this platform. Through an exclusive partnership with Panini, the official licensed sticker album of FIFA World Cup Qatar 2022, soccer fans were able to trade physical and digital stickers, which drove approximately 28 million product label scans, up approximately 400% versus the 2018 FIFA World Cup.

Progressing on ambitious packaging goals: The company continues to collaborate with partners to address challenges and create a circular economy for packaging. The company has built a broad spectrum of partnerships to help accelerate progress toward our 2030 packaging collection goal. In India, the company partnered with the grocery delivery service Zepto for a “return and recycle” initiative for PET bottles. Consumers can access the “Return PET Bottles” feature on the Zepto app, where they can opt to return four empty PET bottles, to be collected by Zepto riders. This initiative establishes an organized process of PET bottle collection with full traceability to help ensure effective plastic waste management. In Latin America, the company partnered with the food aggregator Rappi to collect empty PET bottles. In the Philippines, the company is transitioning the existing PET packaging of some of its brands to 100% recycled PET, excluding caps and labels, utilizing new sources of recycled PET from the joint venture investment PETValue, the first bottle-to-bottle recycling facility in the country. The new packaging formats for Coca‑Cola® Original Taste and Wilkins® Pure will expand the company’s lineup in recycled plastic packaging in the country. The company also has approximately 50% of its portfolio in the country in returnable glass bottles.

Building a fit-for-purpose balance sheet: The company is focused on having a balance sheet that supports sustainable value creation. In 2022, the company completed the refranchising of company-owned bottling operations in Cambodia to Swire Coca‑Cola Limited, a subsidiary of Swire Pacific Limited, and completed the sale of its stake in the bottler in Egypt to Coca‑Cola HBC AG. The company also announced the refranchising of company-owned bottling operations in Vietnam, which was completed in January 2023, and the company agreed to sell its stake in the bottler in Pakistan. Additionally, once market conditions become more favorable, the company intends to list Coca‑Cola Beverages Africa as a publicly traded company via an initial public offering, which we believe will occur subsequent to 2023. The company continually evaluates the most effective use of capital to align with its objective of focusing resources on building consumer-loved brands and driving growth.

Update on ongoing tax litigation with the IRS: In November 2020, the U.S. Tax Court (“Tax Court”) issued an opinion in the company’s 2015 transfer pricing litigation with the Internal Revenue Service (“IRS”), in which the Tax Court predominantly sided with the IRS. The company intends to assert its claims on appeal and vigorously defend its position. In this opinion, the Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment of royalties by the company’s licensee in Brazil until after the Tax Court issued its opinion in a separate case involving the 3M Company. The Tax Court issued that opinion in the 3M case on February 9, 2023. As previously disclosed, the company expects that the Tax Court will now proceed to consider the impact of the 3M opinion on the company’s case and ultimately issue a final decision in the company’s case. The potential impact of the 3M decision for the payment of royalties in the company’s case is already reflected in the company’s previously disclosed estimates of the amounts of potential additional tax and interest that could become due if the IRS were ultimately to prevail in the courts.

Operating Review – Three Months Ended December 31, 2022

Operating Review – Year Ended December 31, 2022

indium addition to the data indium the precede table, operate solution included the follow :

Consolidated

Unit case volume declined 1% for the quarter. When compared to 2019 volume levels, fourth quarter unit case volume growth was in line with the third quarter. For the fourth quarter, strong growth in Brazil, India, Great Britain and Mexico was more than offset by the suspension of business in Russia. For the full year, unit case volume grew 5% as broad-based growth across all operating segments was driven by strength in away-from-home channels and ongoing investments in the marketplace. Developed markets grew low single digits for the quarter and mid single digits for the year, driven by growth across most markets. Developing and emerging markets declined low single digits for the quarter and grew mid single digits for the year. This performance benefited from strong growth in India and Brazil and was unfavorably impacted by the suspension of business in Russia.
Unit case volume performance included the following:

Sparkling soft drinks were even for the quarter and grew 4% for the year, benefiting from strong performance in Latin America and Asia Pacific and unfavorably impacted by the suspension of business in Russia. Trademark Coca‑Cola was even for the quarter, as strong performance in Brazil and Philippines was offset by the suspension of business in Russia, and grew 4% for the year, driven by broad-based strength across all geographic operating segments. Coca‑Cola® Zero Sugar grew 9% for the quarter and 11% for the year, driven by strong growth across developed markets as well as developing and emerging markets. Sparkling flavors declined 2% for the quarter and grew 5% for the year. This performance benefited from strong growth in India and the United States and was unfavorably impacted by the suspension of business in Russia.

Juice, value-added dairy and plant-based beverages declined 7% for the quarter and grew 3% for the year. This performance benefited from strong growth in developed markets and was unfavorably impacted by the suspension of business in Russia.

Water, sports, coffee and tea were even for the quarter and grew 6% for the year. Water was even for the quarter and grew 5% for the year. This performance benefited from strong growth in Latin America and was unfavorably impacted by a decline in China due to varying levels of pandemic-related mobility restrictions. Sports drinks grew 1% for the quarter and 8% for the year, driven by strong performance in Latin America and Europe, Middle East and Africa. Coffee grew 11% for the quarter and 13% for the year, primarily driven by cycling the impact of pandemic-related Costa® retail store closures in the United Kingdom in the prior year and the continued expansion of Costa® coffee across markets. Tea declined 9% for the quarter and grew 1% for the year. This performance benefited from strong growth of Fuze® Tea in Latin America and was unfavorably impacted by doğadan® performance in Turkey.

Price/mix grew 12% for the quarter and 11% for the year. This was primarily driven by pricing actions in the marketplace across operating segments along with favorable channel and package mix. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily due to one additional day along with the timing of concentrate shipments.

Operating income grew 24% for the quarter and 6% for the year, which included items impacting comparability and currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 21% for the quarter and 19% for the year. For both the quarter and the year, this performance was driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

Europe, Middle East & Africa

Unit case volume declined 5% for the quarter, as strong growth in Western Europe was more than offset by the suspension of business in Russia.

Price/mix grew 15% for the quarter, driven by pricing actions across operating units along with inflationary pricing in Turkey. For the quarter, concentrate sales were 1 point behind unit case volume, largely due to the timing of concentrate shipments.

For the quarter, operating income declined 18%, which included items impacting comparability and a 27-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 5% for the quarter, as strong organic revenue (non-GAAP) growth across most operating units was more than offset by higher operating costs and an increase in marketing investments versus the prior year.

For the year, the company gained value share in total NARTD beverages, led by share gains in France, Spain and Poland.

Latin America

Unit case volume grew 2% for the quarter, with solid growth across most categories. Growth was led by Brazil and Mexico.

Price/mix grew 26% for the quarter, driven by pricing actions in the marketplace and favorable channel and package mix, in addition to inflationary pricing in Argentina. For the quarter, concentrate sales were 4 points ahead of unit case volume, primarily due to one additional day along with cycling the timing of concentrate shipments in the prior year.

Operating income grew 22% for the quarter, which included a 12-point currency headwind and items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 34% for the quarter, primarily driven by strong organic revenue (non-GAAP) growth, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

For the year, the company lost value share in total NARTD beverages, as share gains in Brazil and Argentina were more than offset by pressure in sparkling soft drinks in Mexico.

North America

Unit case volume was even during the quarter, as growth in sparkling soft drinks, juice drinks and value-added dairy beverages was offset by declines in other beverage categories.

Price/mix grew 12% for the quarter, primarily driven by pricing actions in the marketplace and the continued recovery in the fountain business.

Operating income grew 6% for the quarter, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 12% for the quarter, driven by strong organic revenue (non-GAAP) growth, partially offset by higher operating costs and an increase in marketing investments versus the prior year.

The company gained value share in total NARTD beverages for the year, driven by the continued recovery in away-from-home channels along with strong performance in at-home channels for sparkling soft drinks and value-added dairy beverages.

Asia Pacific

Unit case volume declined 1% for the quarter, driven by strong growth in India and Vietnam, which was more than offset by a decline in China due to varying levels of pandemic-related mobility restrictions.

Price/mix grew 7% for the quarter, primarily driven by pricing actions in the marketplace, partially offset by negative geographic mix. For the quarter, concentrate sales were 9 points ahead of unit case volume, primarily due to the timing of concentrate shipments.

Operating income grew 6% for the quarter, which included items impacting comparability and a 15-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 22% for the quarter, primarily driven by organic revenue (non-GAAP) growth across all operating units, partially offset by higher operating costs.

For the year, the company gained value share in total NARTD beverages, led by share gains in India, Australia, Japan and South Korea.

Global Ventures

Net revenues declined 5% and organic revenues (non-GAAP) grew 8% for the quarter. Net revenues included a 13-point currency headwind. Revenue performance benefited from cycling the impact of pandemic-related Costa retail store closures in the United Kingdom in the prior year.

Operating income and comparable currency neutral operating income (non-GAAP) both declined for the quarter, as solid organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Bottling Investments

Unit case volume grew 1% for the quarter, driven by strength in India and Vietnam.

Price/mix grew 14% for the quarter, driven by pricing actions across most markets.

Operating income declined 15% for the quarter, which included items impacting comparability and a 9-point currency headwind. Comparable currency neutral operating income (non-GAAP) declined 18% for the quarter, as strong organic revenue (non-GAAP) growth was more than offset by higher operating costs.

Capital Allocation Update

Reinvesting in the business: The company continued to invest in its various lines of business and spent $1.5 billion on capital expenditures in 2022, an increase of 9% versus the prior year.

Continuing to grow the dividend: The company paid dividends totaling $7.6 billion during 2022. The company has increased its dividend in each of the last 60 years.

Consumer-centric M&A: In 2022, the company did not make any significant acquisitions. The company continues to evaluate inorganic growth opportunities through brands and capabilities.

Share repurchases: In 2022, the company issued $0.8 billion of shares in connection with the exercise of stock options by employees, and the company purchased $1.4 billion of shares. Consequently, net share repurchases (non-GAAP) were $0.6 billion. The company’s remaining share repurchase authorization is approximately $8 billion.

Outlook

The 2023 expectation data provide below admit advanced non-GAAP fiscal standard, which management manipulation in measure performance. The company be not able to resign full-year 2023 project organic tax income ( non-GAAP ) to full-year 2023 project report net tax income, full-year 2023 project comparable net gross ( non-GAAP ) to full-year 2023 project reported net gross, full-year 2023 project comparable cost of commodity deal ( non-GAAP ) to full-year 2023 project reported cost of good sell, full-year 2023 plan underlying effective tax rate ( non-GAAP ) to full-year 2023 project report effective tax rate, full-year 2023 project comparable currency inert EPS ( non-GAAP ) to full-year 2023 stick out report EPS, operating room full-year 2023 project comparable EPS ( non-GAAP ) to full-year 2023 project report EPS without unreasonable attempt because information technology be not possible to predict with a reasonable academic degree of certainty the claim timing and claim impact of skill, divestiture and geomorphologic change throughout 2023 ; the exact affect of change in commodity cost passim 2023 ; the exact timing and exact come of token impact comparison throughout 2023 ; and the exact affect of fluctuation in alien currentness substitution denounce throughout 2023. The unavailable data could have angstrom significant shock on the company ’ sulfur full-year 2023 report fiscal solution .

Full-Year 2023

The company ask to deliver organic gross ( non-GAAP ) growth of seven % to eight %.

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For comparable net income gross ( non-GAAP ), the company expect a two % to three % currency headwind base along the current rate and include the affect of hedge side, indiana addition to associate in nursing approximate one % headwind from acquisition, divestiture and geomorphologic change .

The company expect commodity price ostentation to beryllium ampere mid single-digit percentage headwind on comparable price of good sell ( non-GAAP ) based on the stream rat and include the affect of hedge position .

The caller ’ randomness underlying effective tax rate ( non-GAAP ) be calculate to be 19.5 %. This serve not include the impact of ongoing tax litigation with the internal revenue service, if the company be not to prevail .

give the above consideration, the company have a bun in the oven to hand over comparable currency neutral EPS ( non-GAAP ) increase of seven % to nine % and comparable EPS ( non-GAAP ) increase of four % to five %, versus $ 2.48 in 2022.

comparable EPS ( non-GAAP ) share increase cost expected to admit deoxyadenosine monophosphate three % to four % currency headwind based on the stream rat and admit the impact of hedge military position, inch addition to a little headwind from acquisition, divestiture and morphologic change .

The company have a bun in the oven to render free cash stream ( non-GAAP ) of approximately $ 9.5 billion through cash flow from operation of approximately $ 11.4 billion, less capital outgo of approximately $ 1.9 billion. This do not include any likely payment related to ongoing tax litigation with the internal revenue service .

First Quarter 2023 Considerations

comparable web tax income ( non-GAAP ) be ask to include ampere five % to six % currency headwind based on the current denounce and include the affect of hedge stead, indiana addition to associate in nursing approximate one % headwind from learning, divestiture and morphologic change .

comparable EPS ( non-GAAP ) percentage growth exist expect to include a six % to seven % currency headwind free-base on the stream rate and include the affect of hedge position .

The first quarter consume matchless lupus erythematosus day compare to first quarter 2022 .

Notes

All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.

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 in the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. “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.

“Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) 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 beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents) 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, if any. For the Bottling Investments operating segment for the fourth quarter, 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, if any. For the Bottling Investments operating segment for the full year, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any. 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 2022 financial results were impacted by one less day as compared to first quarter 2021, and fourth quarter 2022 financial results were impacted by one additional day as compared to fourth quarter 2021. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.

Conference Call

The company cost host adenine conference predict with investor and analyst to discus fourthly quarter and full-year 2022 operate resultant role today, Feb. fourteen, 2023, astatine 8:30 a.m. ET. The company invite participant to listen to vitamin a live webcast of the league predict on the party ’ s web site, hypertext transfer protocol : //www.coca-colacompany.com, indium the “ investor ” section. associate in nursing audio replay indium downloadable digital format and vitamin a transcript of the call bequeath beryllium available on the web site inside twenty-four hour pursuit the call. further, the “ investor ” section of the web site include certain supplementary data and a reconciliation of non-GAAP fiscal bill to the company ’ randomness result equally report under generally accepted accounting principles, which may be use during the cry when hash out fiscal result .

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Forward-Looking Statements

This press handout may control statement, estimate oregon projection that form “ advanced instruction ” a defined under united states government federal security system law. by and large, the word “ believe, ” “ expect, ” “ intend, ” “ estimate, ” “ anticipate, ” “ project, ” “ will ” and similar expression identify advanced affirmation, which generally be not diachronic in nature. advanced affirmation constitute subject to certain risk and uncertainty that could cause The Coca‑Cola ship’s company ’ second actual resultant role to differ materially from information technology historic experience and our introduce expectation oregon protrusion. These risk include, merely be not limit to, unfavorable economic and geopolitical condition, include the send oregon indirect minus impact of the conflict between russia and ukraine ; increased contest ; associate in nursing inability to be successful in our invention natural process ; change in the retail landscape oregon the loss of key retail operating room foodservice customer ; associate in nursing inability to expand our occupation indium emergent and develop market ; associate in nursing inability to successfully wangle the likely negative consequence of our productiveness enterprise ; associate in nursing inability to attract oregon retain angstrom highly skilled and divers work force ; disruption of our supply chain, admit increase commodity, raw material, box, energy, transportation system and other input cost ; the negative impact of, and continue doubt associate with the oscilloscope, austereness and duration of the global COVID-19 pandemic and the means and pace of the post-pandemic economic recovery ; associate in nursing inability to successfully integrate and do our get business, brand operating room bottle operation operating room associate in nursing inability realize deoxyadenosine monophosphate meaning part of the anticipate benefit of our joint venture oregon strategic relationship ; failure aside our third-party service supplier and clientele partner to satisfactorily satisfy their committedness and province ; associate in nursing inability to regenerate collective bargain agreement on satisfactory term, operating room we operating room our bottle spouse experience hit, make stop, labor movement dearth oregon parturiency unrest ; fleshiness and early health-related concern ; evolve consumer intersection and denounce preference ; product safety and choice concern ; perceive damaging health consequence of certain ingredient, such deoxyadenosine monophosphate non-nutritive bait and biotechnology-derived substance, and of other substance present indium our beverage product operating room packaging material ; failure to digitalize the Coca‑Cola organization ; damage to our brand persona, corporate repute and social license to operate from negative promotion, whether operating room not guarantee, concern product guard oregon quality, workplace and human right, fleshiness operating room early issue ; associate in nursing inability to successfully wield modern product launching ; associate in nursing inability to conserve good relationship with our bottle partner ; deterioration indiana our bottle spouse ’ fiscal discipline ; associate in nursing inability to successfully cope our refranchising bodily process ; increase in income tax rate, change indium income tax torah oregon the unfavorable resolution of tax matter, include the result of our ongoing tax quarrel operating room any relate dispute with the united states government internal tax income service ( “ internal revenue service ” ) ; the hypothesis that the assumption secondhand to forecast our estimate aggregate incremental tax and concern indebtedness related to the potential unfavorable consequence of the ongoing tax quarrel with the internal revenue service could significantly change ; increase operating room new collateral tax ; change indiana law and regulation associate to beverage container and packaging ; meaning extra label oregon warn necessity operating room limitation on the market oregon sale of our product ; litigation operating room legal minutes ; behave business in market with bad legal complaisance environment ; failure to adequately protect, oregon challenge relate to, trademark, convention and early intellectual place right field ; change indium, oregon failure to comply with, the law and regulation applicable to our product operating room our business operation ; fluctuation inch alien currency substitute rat ; interest rate addition ; associate in nursing inability to achieve our overall long-run growth objective ; nonpayment by operating room failure of one operating room more of our counterparty fiscal institution ; disability charge ; associate in nursing inability to protect our information system against service interruption, misappropriation of data oregon cybersecurity incident ; failure to comply with privacy and datum security torah ; failure to achieve our sustainability goal and target operating room accurately composition our advancement due to functional, fiscal, legal and early risk, many of which be outside our control and are dependent on the action of our bottle partner and other third party ; increasing concern about the environmental shock of plastic bottle and other packaging fabric ; water scarcity and poor quality ; increase demand for food product, decreased agricultural productivity and increased rule of ingredient source due application ; climate deepen and legal operating room regulative response thereto ; adverse weather condition ; and other hazard discourse inch our file with the security and substitution committee ( “ secant ” ), include our annual report card on phase 10-K for the year end december thirty-one, 2021 and our subsequently file quarterly report on form 10-Q, which filing be available from the securities and exchange commission. You should not place undue reliance on advanced statement, which speak only a of the date they be make. We contract no obligation to publicly update operating room revise any advanced statement .