Domain: Finance
Question:
For Coca-Cola’s earnings call prep, the CFO requires a detailed analytical briefing that synthesizes both financial metrics and strategic implications.

Core Financials (Quantitative): Extract consolidated FY2024 net operating revenues, operating income, and diluted EPS. Compare each against FY2023 in both absolute dollars and percentages. Break out the results by operating groups (North America, EMEA, Latin America, Asia Pacific).

Margin Analysis (Quantitative + Qualitative): Calculate operating margins at both the consolidated and segment level for FY2024 and FY2023. Express the YoY changes in basis points (bps). Then, provide a qualitative attribution of the movements to pricing actions, concentrate sales volumes, foreign currency fluctuations, and commodity/input cost pressures. 

Expense Efficiency (Quantitative + Qualitative): Evaluate SG&A expenses as a percentage of net operating revenues at the consolidated and segment level. Compare YoY in basis points (quantitative). Then, identify qualitatively whether changes were driven by structural costs, marketing reinvestment, or efficiency gains. Include commentary on whether these changes appear sustainable, citing the MD&A.

Revenue Drivers & Mix (Quantitative + Qualitative): Break down reported revenue growth into concentrate sales vs. price/mix vs. currency impact (quantitative). Reconcile those drivers to the segment-level reported numbers and flag any inconsistencies (qualitative).

Investor Messaging (Qualitative): Based on the above analysis, draft 3–4 CFO-ready bullet points to emphasize on the call. These should balance operational strengths (pricing power, cost discipline) with risks (currency volatility, inflationary pressure, volume softness) and anticipate likely analyst questions.

Round all figures to one decimal place.

Expected points in a correct answer:
States FY2024 Net Operating Revenues were $47.1B.
Calculates the percentage change in Net Operating Revenues as +2.9%.
States FY2024 Operating Income was $10.0B.
Calculates the percentage change in Operating Income as –11.2%.
States FY2024 Diluted EPS was $2.46.
Calculates the percentage change in Diluted EPS as –0.4%.
Calculates the Consolidated Operating Margin for 2024 as 21.2%.
Calculates the YoY change in Consolidated Operating Margin as –340 bps.
Calculates the North America operating margin for FY2024 as 23.3%.
Calculates the YoY change in North America operating margin as –310 bps.
Calculates the EMEA operating margin for FY2024 as 55.4%.
Calculates the YoY change in EMEA operating margin as –140 bps.
Calculates the Latin America operating margin for FY2024 as 58.5%.
Calculates the YoY change in Latin America operating margin as –40 bps.
Calculates the Asia Pacific operating margin for FY2024 as 42.3%.
Calculates the YoY change in Asia Pacific operating margin as –90 bps.
Calculates the Global Ventures operating margin for FY2024 as 10.1%.
Calculates the YoY change in Global Ventures operating margin as –90 bps.
Calculates the Bottling Investments operating margin for FY2024 as 5.7%.
Calculates the YoY change in Bottling Investments operating margin as –360 bps.
Identifies a +11% contribution from price/mix.
Identifies a +2% contribution from volume.
Identifies a –5% impact from FX on revenue.
Identifies a –11% impact from FX on operating income.
Identifies a –4% impact from acquisitions/divestitures.
Calculates SG&A as a percentage of consolidated revenues for 2024 as 31.0%. If segment-level SG&A is not disclosed in the 10-K, explicitly notes this limitation.
Calculates the YoY change in consolidated SG&A as a percentage of revenues as +50 bps. If segment-level SG&A is not disclosed, explicitly notes this limitation.
Concludes that SG&A leverage worsened in 2024 due to reinvestment.
Recommends a messaging point on Pricing Power with Volume Resilience.
Recommends a messaging point that Margins are Under Pressure.
Recommends a messaging point on the FX Headwind.
Recommends a messaging point on Reinvestment for Growth, noting that higher SG&A reflects deliberate brand and people investments at the consolidated level
States that the reinvestment message highlights higher SG&A as purposeful and strategic. If segment-level SG&A detail is unavailable, explicitly notes that limitation.
Calculates the absolute $ change in Net Operating Revenues as $1.3B between FY24 and FY23
Calculates the absolute $ change in Operating Income as -$1.3B between FY24 and FY23
Calculates the absolute $ change in EPS as $0.0