“We expect the productivity benefits that I previously discussed to have a larger impact during the latter half of 2025.”

In context

“one for 62 consecutive years. Our dividend is supported by our long-term free cash flow generation. In 2024, dividends paid [indiscernible] as a percent, our adjusted free cash flow was 73%. On share repurchases, we've typically repurchased shares to offset any dilution from the exercise of stock options by employees in the given year. Our capital allocation policy prioritizes agility and we're committed to driving the long-term health of our business and creating value for our stakeholders. There are some considerations to keep in mind for 2025. We expect bottler refranchising to have a greater impact to comparable net revenues and comparable earnings per share during the first quarter as we cycle the impact of refranchising the Philippines, which closed during the first quarter of 2024. We expect the productivity benefits that I previously discussed to have a larger impact during the latter half of 2025. Due to our reporting calendar, there will be 2 less days in the first quarter and 1 additional day in the fourth quarter. So in summary, we're successfully executing our all-weather strategy to deliver on our objectives. Our system remains incredibly focused and motivated. We will continue to invest with discipline and believe we're well positioned to drive quality top line growth and deliver continued margin expansion. A hallmark of our company since its inception has been our ability to create enduring value over time, and we expect to continue to do so. With that, operator, we are ready to take questions. Operator: [Operator Instructions] Our first question comes from Lauren Lieberman from Barclays. Lauren Lieberman: The business seemed to buck the trend that we've seen from many other”