“Our refranchise is expected to be a slight headwind to comparable net revenues and comparable earnings per share as we cycle the impact of bottler refranchising in 2024.”

In context

“omparable gross margin was up approximately 160 basis points and comparable operating margin was up approximately 80 basis points. Bottlers refranchising had a greater benefit to comparable gross margin and currency headwinds had a larger impact to comparable operating margin. [indiscernible] altogether, fourth quarter comparable EPS of $0.55 was up 12% year-over-year despite 11% currency headwinds and 4% headwinds from bottlers refranchising. [Audio Gap] In 2024, adjusted free cash flow conversion was 93%, which is within our long-term targeted range. [Audio Gap] at the high end of our long-term growth algorithm. We continue to focus on driving balanced volume and price/mix and anticipate intense inflationary pricing will play a smaller role in 2025 and will moderate throughout the year. Our refranchise is expected to be a slight headwind to comparable net revenues and comparable earnings per share as we cycle the impact of bottler refranchising in 2024. We'll continue to invest appropriately behind our brands while also driving productivity across all areas of marketing. Next week at CAGNY, we'll discuss further our marketing transformation and enhanced resource allocation capabilities give us confidence in our ability to continue to drive more productivity we expect expense to be elevated versus prior year. We believe the step-up is manageable, and we're not expecting significant leverage or deleverage below the line. Based on current rates and our hedge positions, we anticipate an approximate 3- to 4-point currency headwind to comparable net revenues and an approximate 6 to 7-point currency headwind to comparable earnings per share for full year 2025. Our underlying effective tax rate for 2025 is expected to increase to 20.8% and which”