Until the total refranchising process is more than a year behind us, our reported revenues will continue to be down on a year-over-year basis. We’re still in the process of refranchising, so it’ll be several quarters until our reported revenues cycle past all of the territory transitions worldwide. That’s why we also report organic revenues, which is a non-GAAP measure that excludes the impact from selling bottling operations plus any other structural changes, along with the impact of foreign currency fluctuations. This gives us a more apples-to-apples way to measure how we’re performing at the top line. Importantly, we’re on track to deliver against our 2017 financial targets, which is important for a public company like Coca-Cola.


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