AND SUBSIDIARIESNon-GAAP Financial Measures(unaudited, in millions, except per share data) Three Months Ended March 31, 2025 2024 Adjusted Operating Profit and Adjusted Operating Profit Margin$ Per Share $ Per ShareNet sales (GAAP)$330.3 $313.6 Operating profit (GAAP)$37.3 $55.4 Operating profit margin (GAAP) 11.3% 17.7% Special items impacting operating profit: Acquired intangible asset amortization 11.0 8.9 Restructuring charges — 2.7 Transaction related expenses 0.7 4.1 Impact of acquisition related fair value step-up 0.3 — Adjusted operating profit (Non-GAAP)$49.3 $71.1 Adjusted operating profit margin (Non-GAAP) 14.9% 22.7% Adjusted Net Income and Adjusted Net Income per Share Net income attributable to common shareholders (GAAP)$21.7 $0.38 $37.8 $0.66 Acquired intangible asset amortization 11.0 0.19 8.9 0.15 Restructuring charges — — 2.7 0.05 Transaction related expenses 0.7 0.01 4.1 0.07 Impact of acquisition related fair value step-up 0.3 0.01 — — Tax adjustments (2.4) (0.04) (4.3) (0.07)Adjusted net income (Non-GAAP)$31.3 $0.54 $49.2 $0.85 Adjusted EBITDA and Adjusted EBITDA margin Net income attributable to common shareholders (GAAP)$21.7 $37.8 Net income margin (GAAP) 6.6% 12.1% Adjustments to net income attributable to common shareholders: Income tax expense 6.4 8.9 Intangible asset amortization 11.3 8.9 Interest expense, net 11.3 9.3 Depreciation 9.4 9.0 Transaction related expenses 0.7 4.1 Impact of acquisition related fair value step-up 0.3 — Restructuring charges — 2.7 Adjusted EBITDA (Non-GAAP)$61.1 $80.7 Adjusted EBITDA Margin (Non-GAAP) 18.5% 25.7% Totals may not sum due to rounding CRANE NXT, CO.
Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S.; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company.
AND SUBSIDIARIESNon-GAAP Financial Measures by Segment(unaudited, in millions) Three Months Ended March 31, 2025Crane Payment InnovationsSecurity and Authentication TechnologiesTotal SegmentCorporateTotal CompanyNet sales$202.9 $127.4 $330.3 $— $330.3 Operating profit (loss) (GAAP)$49.7 $2.4 $52.1 $(14.8)$37.3 Operating profit margin (GAAP) 24.5% 1.9% 15.8% 11.3% Special items impacting operating profit: Acquired intangible asset amortization 5.3 5.7 11.0 — 11.0 Impact of acquisition related fair value step-up — 0.3 0.3 — 0.3 Transaction related expenses — — — 0.7 0.7 Adjusted operating profit (loss) (non-GAAP)$55.0 $8.4 $63.4 $(14.1)$49.3 Adjusted operating profit margin (non-GAAP) 27.1% 6.6% 19.2% 14.9% Three Months Ended March 31, 2024Crane Payment InnovationsSecurity and Authentication TechnologiesTotal SegmentCorporateTotal CompanyNet sales$209.0 $104.6 $313.6 $— $313.6 Operating profit (loss) (GAAP)$52.7 $20.2 $72.9 $(17.5)$55.4 Operating profit margin (GAAP) 25.2% 19.4% 23.2% 17.7% Special items impacting operating profit: Acquired intangible asset amortization 5.3 3.6 8.9 — 8.9 Restructuring charges 2.7 — 2.7 — 2.7 Transaction related expenses — — — 4.1 4.1 Adjusted operating profit (loss) (non-GAAP)$60.7 $23.8 $84.5 $(13.4)$71.1 Adjusted operating profit margin (non-GAAP) 29.0% 22.8% 26.9% 22.7% Totals may not sum due to rounding CRANE NXT, CO.
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