“Keep in mind that in the second quarter, we will have the transition tax payments going out. And so for this year, I would expect free cash flow as a result of what's happened in Q1 and what I expect in Q2 to be back weighted towards the second half of the year.”

In context

“The second consideration is we continue to hedge in 2023, and we feel good about the hedges we're putting into place. But they are cycling a set of hedges in 2022 that were more favorable. So I think it's important to keep that in mind. And then thirdly, as we go into the rest of the year, as we've alluded to in some of the other questions, we do see some further moderation on the overall cost front. But we do have, as a net of all of that, continued view that we'll have a mid-single-digit increase for the year 2023. And on free cash flow, yes, the first -- as we said, the first quarter, we had a couple of discrete items in there that we had highlighted in February. And we've also had a couple of timing items, working capital-related that has affected the net results for the quarter. Keep in mind that in the second quarter, we will have the transition tax payments going out. And so for this year, I would expect free cash flow as a result of what's happened in Q1 and what I expect in Q2 to be back weighted towards the second half of the year. Operator: Our next question comes from Carlos Laboy from HSBC. Carlos Alberto Laboy: To expand on Steve's earlier question, in the emerging markets, refillables, they drive affordability, but it seems they also help you to increase premium pricing for one way and create premium growth. So my question is, where in emerging markets might you see big opportunities or new opportunities to drive affordability gains and revenue management? James Quincey: Yes. Carlos, thanks. Definitely agree with you on the essential idea that if you have a good anchor in affordability options, it allows the portfolio to stretch along the price spectrum with other packaging options and thereby, both satisfying more consumers and drive a more -- a better -- a higher competitive advantage and a more profitable”