And obviously, that involves not just a focus on the marketing and the innovation. But within the RGM, we have, as one of our objectives, to maintain consumers within our franchise by leveraging our pricing and packaging strategies to support affordability around the world to keep the lower — perhaps lower-income consumers in the franchise, which, of course, is to some extent an underpinning on volume. We prefer that as a strategy than to have more price and less volume. So again, our central view is to see continued level of unit case growth in the second half with obviously a moderating price mix to get to the overall revenue. But we’re going to manage the business. In the end, we don’t know exactly what’s going to happen. There are lots of scenarios as to how this might play out, but we’re confident we can drive the momentum of the business.
Operator: Our next question comes from Dara Mohsenian from Morgan Stanley. Please go ahead. Your line is open.
Dara Mohsenian: Hey, good morning, guys. So just a follow-up on that, James, can you give us a little bit of detail regionally on expectations for 2023? I know you’re not going to quantify it, but just how you’re thinking about the business conceptually relative to the results you delivered in Q4 here and take us around the world regionally? And then I guess just, secondly, if I can slip a clarification in, you’re obviously starting off the year with top line guidance higher than you typically do, higher than long-term algorithm, higher than you started 2022 at despite delivering great results in 2022. It’s a less visible world in theory externally. So I guess it sounded more like a good start so far this year. You have a lot of visibility given that, and that’s what’s driving some of that confidence, but I’d love to hear from your vantage point what sort of gives you the confidence there? Thanks.
James Quincey: Sure. I’ll take that in reverse order, Dara. We’ll count that as two halves of a question rather than two questions. Let me give you another way of thinking about 2023 because I agree, there is a good deal of uncertainty on how this might play out. But there’s been a tremendous amount of volatility and uncertainty over the last five years or four years. If you were to take a compound annual growth rate of unit cases and price/mix over the last, I don’t know, four or five years and look at that number, I think you’d end up with something around two on volume and four or five on price. So you could look back and say, wow, we were on a crazy ride there. But in the end, we’ve got a good number. And so I look at 2023, so yes, something unexpected is bound to happen.
But as we have expanded our ability to influence our own business, we have been adaptable in the face of all sorts of circumstances and being able to deliver the results we want, which is winning locally and turning that into our US dollar EPS growth. And so that’s what gives us the confidence. We don’t know what’s going to happen, but we do know we’ve generated a lot of momentum, a lot of flexibility and a lot of agility to be able to manage through what’s going to come at us. And so that’s really the source of the confidence rather than being able to say we know what the future holds entirely. And as we look around the world, taking the various different pieces, starting in Europe perhaps or in EMEA, clearly, Europe is under some more pressure.
