Second Quarter Highlights
- GAAP earnings per diluted share (EPS) of $0.75, and Adjusted
EPS of $1.12.
- Second quarter core sales growth of 6%1.
- GAAP operating profit margin of 19.5%, and Adjusted operating
profit margin of 26.5%.
- Raising full year Adjusted EPS guidance to a range of $3.85 to
$4.15, from prior range of $3.75 to $4.05.
- Declaring third quarter dividend of $0.14 per share.
Crane NXT, Co. (NYSE: CXT), a premier industrial technology
company, today announced its financial results for the second
quarter of 2023. On April 3, 2023, Crane Holdings, Co. completed
the separation of its wholly-owned subsidiary at that time, Crane
Company, in a tax-free distribution of Crane Company shares to
Crane Holdings, Co. stockholders, and changed its name to Crane
NXT, Co. Historical financial measures in this release for Crane
NXT are presented on a carve-out basis.
Aaron W. Saak, Crane NXT's President and Chief Executive
Officer, stated: "We delivered very strong second quarter results,
our first quarter as a newly independent company. Core sales
increased 6% with impressive operating leverage driving adjusted
margins above 30% in each of our segments. Our continued strong
performance reflects both our position as a premier industrial
technology company with differentiated technology and leading
market positions, as well as our focus on continuous improvement
through deployment of the Crane Business System (CBS). Our strong
cash flow enabled us to further strengthen our balance sheet by
repaying $50 million of outstanding debt, and our low leverage and
flexible balance sheet provide the potential for substantial value
creation through capital deployment.”
Mr. Saak continued: "Our results over the last two quarters were
very strong. That performance, along with continued customer demand
and our sizeable backlog, give us confidence in our outlook for the
second half of 2023. As a result of those factors, we are raising
the midpoint of our adjusted EPS guidance range by $0.10 to a range
of $3.85-$4.15.”
_____________________________________ 1 References to "core
sales," "core backlog" and "core growth" exclude currency effects
and, where applicable, the first-year impacts of acquisitions and
divestitures.
Second Quarter 2023 Segment Results
All comparisons detailed in this section refer to operating
results for the second quarter 2023 versus the second quarter
2022.
Crane Payment Innovations
Three Months Ended June 30,
Change
(dollars in millions)
2023
2022
$
%
Net sales
$
226
$
211
$
15
7%
Core sales
$
17
8%
Foreign exchange
$
(2
)
(1)%
Operating profit
$
65
$
51
$
14
26%
Adjusted operating profit*
$
70
$
57
$
13
23%
Operating profit margin
28.7
%
24.3
%
440bps
Adjusted operating profit margin*
31.1
%
26.8
%
430bps
*Please see the attached Non-GAAP
Financial Measures tables
Sales of $226 million increased $15 million, or 7%, compared to
the prior year, driven by 8% core sales growth, partially offset by
1% of unfavorable foreign exchange. Operating profit margin of
28.7% compared to 24.3% last year, primarily reflecting strong
pricing, productivity and cost saving actions, and higher volumes,
partially offset by modestly unfavorable mix. Adjusted operating
profit margin of 31.1% compared to 26.8% in the prior year.
Crane Currency
Three Months Ended June 30,
Change
(dollars in millions)
2023
2022
$
%
Net sales
$
127
$
123
$
4
3%
Core sales
$
5
4%
Foreign exchange
$
(1
)
(1)%
Operating profit
$
35
$
29
$
5
18%
Adjusted operating profit*
$
38
$
33
$
5
15%
Operating profit margin
27.4
%
24.0
%
340bps
Adjusted operating profit margin*
30.2
%
26.9
%
330bps
*Please see the attached Non-GAAP
Financial Measures tables
Sales of $127 million increased $4 million, or 3%, compared to
the second quarter of 2022, driven by 4% core sales growth,
partially offset by a slight impact from unfavorable foreign
exchange. Operating profit margin was 27.4% compared to 24.0% last
year, primarily reflecting strong productivity and higher volumes,
partially offset by unfavorable mix. Adjusted operating profit
margin was 30.2% compared to 26.9% in the prior year.
Cash Flow and Other Financial Metrics
During the second quarter of 2023, cash provided by operating
activities was $60 million, capital expenditures were $5 million,
free cash flow was $55 million, and Adjusted free cash flow was $70
million. (Please see the attached Non-GAAP Financial Measures
tables for definitions of free cash flow and Adjusted free cash
flow).
As of June 30, 2023, the Company held cash of $277 million and
total debt was $839 million.
2023 Updated Outlook and Guidance
The Company is revising its full year 2023 Adjusted EPS guidance
range to $3.85 to $4.15, from the prior range of $3.75 to
$4.05.
Key assumptions for the Company's revised guidance include:
- Core sales growth of +3% to +5% (prior +2% to +4%).
- Adjusted segment margin of 27%+ (unchanged).
- Corporate costs of ~$50 million (unchanged).
- Net non-operating expense of ~$50 million (unchanged).
- Adjusted tax rate of ~20% (unchanged).
- Diluted shares of ~57.3 million (unchanged).
Additional details of the Company's outlook and guidance are
included in the presentation that accompanies this earnings release
and are available on the Company's website at www.cranenxt.com
under the "Investors, Events & Presentation" section.
Declaring Third Quarter Dividend
Crane NXT announced its quarterly dividend of $0.14 per share
for the third quarter of 2023. The dividend is payable on September
13, 2023 to shareholders of record as of August 31, 2023.
Conference Call
Crane NXT scheduled a conference call to discuss the second
quarter financial results on Tuesday, August 8, 2023, at 10:00 A.M.
(Eastern). All interested parties may listen to a live webcast of
the call at www.cranenxt.com. An archived webcast will also be
available to replay this conference call directly from the
Company’s website under the "Investors, Events & Presentations"
section. Slides that accompany the conference call will be
available on the Company’s website.
About Crane NXT, Co.
Crane NXT is a premier industrial technology company that
provides trusted technology solutions to secure, detect, and
authenticate what matters most to its customers. Crane NXT is a
pioneer in advanced micro-optics technology for securing physical
products, and its sophisticated electronic equipment and associated
software leverages proprietary core capabilities with detection and
sensing technologies. Crane NXT has approximately 4,000 employees
with global operations and manufacturing facilities in the United
States, the United Kingdom, Mexico, Japan, Switzerland, Germany,
Sweden, and Malta. For more information, visit
www.cranenxt.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements include all statements that are not historical
statements of fact and those regarding the Company's intent,
belief, or expectations.
Words such as “anticipate(s),” “expect(s),” “intend(s),”
“believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,”
“seek(s),” and similar expressions, or the negative of these terms,
are intended to identify such forward-looking statements. These
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties that
could lead to actual results differing materially from those
projected, forecasted or expected. The Company assumes no (and
disclaims any) obligation to revise or update these statements to
reflect future events or circumstances. Although the Company
believes that the assumptions underlying the forward-looking
statements are reasonable, it can give no assurance that its
expectations will be attained. The Company cautions investors not
to place undue reliance on any such forward-looking statements.
Risks and uncertainties that could cause actual results to
differ materially from the Company's expectations include, but are
not limited to: changes in global economic conditions (including
inflationary pressures) and geopolitical risks, including
macroeconomic fluctuations that may harm its business, results of
operation and stock price; business and economic disruptions
associated with extraordinary public health issues such as
large-scale health epidemics or pandemics; information systems and
technology networks failures and breaches in data security, theft
of personally identifiable and other information, non-compliance
with its contractual or other legal obligations regarding such
information; its ability to source components and raw materials
from suppliers, including disruptions and delays in its supply
chain; demand for its products, which is variable and subject to
factors beyond its control; governmental regulations and failure to
comply with those regulations; fluctuations in the prices of its
components and raw materials; loss of personnel or being able to
hire and retain additional personnel needed to sustain and grow its
business as planned; risks from environmental liabilities, costs,
litigation and violations that could adversely affect its financial
condition, results of operations, cash flows and reputation; risks
associated with conducting a substantial portion of its business
outside the U.S.; being unable to identify or complete
acquisitions, or to successfully integrate the businesses the
Company acquires, or complete dispositions; adverse impacts from
intangible asset impairment charges; potential product liability or
warranty claims; being unable to successfully develop and introduce
new products, which would limit its ability to grow and maintain
its competitive position and adversely affect its financial
condition, results of operations and cash flow; significant
competition in the Company's markets; additional tax expenses or
exposures that could affect its financial condition, results of
operations and cash flows; inadequate or ineffective internal
controls; specific risks relating to the Company's reportable
segments, including Crane Payment Innovations and Crane Currency;
the ability and willingness of Crane NXT and Crane Company to meet
and/or perform their obligations under any contractual arrangements
that are entered into among the parties in connection with the
separation transaction and any of their obligations to indemnify,
defend and hold the other party harmless from and against various
claims, litigation and liabilities; and the ability to achieve some
or all the benefits that the Company expects to achieve from the
separation transaction.
Readers should carefully review Crane NXT, Co.’s financial
statements and the notes thereto, as well as the section entitled
“Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form
10-K for the year ended December 31, 2022 and the other documents
Crane NXT Co's and its subsidiaries file from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking
statements.
(Financial Tables Follow)
CRANE NXT, CO. AND
SUBSIDIARIES
Consolidated and Combined
Condensed Statements of Operations Data
(unaudited, in millions, except
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net
sales:
Crane Payment Innovations
$
225.9
$
211.4
$
449.7
$
422.4
Crane Currency
126.5
122.6
231.8
244.2
Total net sales
$
352.4
$
334.0
$
681.5
$
666.6
Operating profit
(loss):
Crane Payment Innovations
$
64.8
$
51.3
$
126.6
$
100.3
Crane Currency
34.7
29.4
52.3
64.6
Corporate
(30.7
)
(7.3
)
(44.2
)
(14.6
)
Total operating profit
$
68.8
$
73.4
$
134.7
$
150.3
Interest income
0.2
0.1
0.4
0.1
Interest expense
(14.1
)
(10.5
)
(24.5
)
(21.0
)
Related party interest expense
—
(3.6
)
(2.5
)
(7.3
)
Miscellaneous income, net
1.0
2.1
2.4
2.9
Income before income taxes
55.9
61.5
110.5
125.0
Provision for income taxes
12.7
12.7
23.6
26.7
Net income attributable to common
shareholders
$
43.2
$
48.8
$
86.9
$
98.3
Earnings per diluted share1
$
0.75
$
0.86
$
1.51
$
1.73
Average diluted shares outstanding1
57.4
56.7
57.4
56.7
Average basic shares outstanding1
56.8
56.7
56.8
56.7
Supplemental
data:
Cost of sales
$
184.0
$
182.8
$
358.4
$
361.9
Selling, general and administrative
99.6
77.8
188.4
154.4
1 The shares presented for periods prior
to the separation are those of Crane NXT, Co. at April 3, 2023. The
shares presented for the three months and six months ended June
2023 are the second quarter average diluted and basic shares
outstanding of Crane NXT, Co.
CRANE NXT, CO. AND
SUBSIDIARIES
Consolidated and Combined
Condensed Balance Sheets
(unaudited, in millions)
June 30, 2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
276.9
$
230.7
Accounts receivable, net of allowance for
credit losses of $6.5 as of June 30, 2023 and $6.1 as of December
31, 2022
200.9
205.1
Inventories, net
173.8
145.6
Other current assets
49.6
41.9
Total current assets
701.2
623.3
Property, plant and equipment, net
251.3
261.6
Long-term deferred tax assets
4.3
6.3
Other assets
77.9
56.7
Intangible assets, net
325.0
344.9
Goodwill
835.3
836.6
Total assets
$
2,195.0
$
2,129.4
Liabilities and equity
Current liabilities:
Short-term borrowings
$
9.4
$
299.7
Accounts payable
100.8
109.6
Accrued liabilities
198.5
204.2
U.S. and foreign taxes on income
8.2
17.9
Total current liabilities
316.9
631.4
Long-term debt
829.6
545.1
Accrued pension and postretirement
benefits
20.4
21.1
Long-term deferred tax liability
105.1
109.5
Other liabilities
67.8
38.5
Total equity
855.2
783.8
Total liabilities and equity
$
2,195.0
$
2,129.4
CRANE NXT, CO. AND
SUBSIDIARIES
Consolidated and Combined
Condensed Statements of Cash Flows
(unaudited, in millions)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Operating activities:
Net income attributable to common
shareholders
$
43.2
$
48.8
$
86.9
$
98.3
Adjustments to reconcile net income to net
cash flows provided by operating activities:
Depreciation and amortization
19.5
20.0
38.5
39.9
Stock-based compensation expense
2.4
2.4
4.7
4.5
Defined benefit plans and postretirement
credit
(0.2
)
(0.1
)
(0.4
)
(0.1
)
Deferred income taxes
1.7
3.6
4.8
7.6
Cash (used for) provided by operating
working capital
(8.0
)
10.8
(36.7
)
(35.9
)
Other
0.9
5.8
(2.8
)
6.8
Total provided by operating activities
$
59.5
$
91.3
$
95.0
$
121.1
Investing activities:
Capital expenditures
(4.5
)
(5.1
)
(8.5
)
(7.6
)
Total used for investing activities
$
(4.5
)
$
(5.1
)
$
(8.5
)
$
(7.6
)
Financing activities:
Dividends paid
(7.9
)
—
(7.9
)
—
Stock options exercised, net of shares
reacquired
1.9
—
1.9
—
Debt issuance costs
(1.2
)
—
(5.2
)
—
Repayment of long-term debt
(300.0
)
—
(300.0
)
—
Proceeds from term loan
—
—
350.0
—
Repayment of term loan
(50.0
)
—
(50.0
)
—
Net transfers from (to) Crane
360.1
(50.0
)
(32.5
)
(72.9
)
Total provided by (used for) financing
activities
$
2.9
$
(50.0
)
$
(43.7
)
$
(72.9
)
Effect of exchange rate on cash and cash
equivalents
0.8
(10.3
)
3.4
(12.6
)
Increase in cash and cash equivalents
58.7
25.9
46.2
28.0
Cash and cash equivalents at beginning of
period
218.2
103.3
230.7
101.2
Cash and cash equivalents at end of
period
$
276.9
$
129.2
$
276.9
$
129.2
CRANE NXT, CO. AND
SUBSIDIARIES
Order Backlog
(unaudited, in millions)
June 30, 2023
March 31, 2023
December 31,
2022
September 30,
2022
June 30, 2022
Crane Payment Innovations
$
300.7
$
348.7
$
372.9
$
373.6
$
386.8
Currency
184.4
207.3
192.7
126.2
95.2
Total backlog
$
485.1
$
556.0
$
565.6
$
499.8
$
482.0
Revenue
(unaudited, in millions)
Three Months Ended June
30,
Change
2023
2022
$
%
Net sales
$
352
$
334
$
18
5
%
Core sales
21
6
%
Foreign exchange
(3
)
(1
)%
Six Months Ended June
30,
Change
2023
2022
$
%
Net sales
$
682
$
667
$
15
2
%
Core sales
30
4
%
Foreign exchange
(15
)
(2
)%
CRANE NXT, CO. AND
SUBSIDIARIES
Non-GAAP Financial
Measures
(unaudited, in millions, except
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2023
Adjusted Operating Profit and Adjusted
Operating Profit Margin
$
Per Share
$
Per Share
Net sales (GAAP)
$
352.4
$
681.5
Operating profit (GAAP)
$
68.8
$
134.7
Operating profit margin (GAAP)
19.5
%
19.8
%
Special items impacting operating
profit:
Intangible asset amortization
9.0
18.1
Stock-based compensation adjustment1
0.4
0.4
Transaction related expenses
15.2
17.0
Adjusted operating profit (Non-GAAP)
$
93.4
$
170.2
Adjusted operating profit margin
(Non-GAAP)
26.5
%
25.0
%
Adjusted Net Income and Adjusted Net
Income per Share
Net income attributable to common
shareholders (GAAP)
$
43.2
$
0.75
$
86.9
$
1.51
Intangible asset amortization
9.0
0.16
18.1
0.32
Stock-based compensation adjustment1
0.4
0.01
0.4
0.01
Transaction related expenses
15.2
0.26
17.0
0.30
Interest adjustment2
—
—
2.5
0.04
Tax effect of the Non-GAAP adjustments
(3.5
)
(0.06
)
(5.2
)
(0.09
)
Adjusted net income (Non-GAAP)
$
64.3
$
1.12
$
119.7
$
2.09
Adjusted EBITDA and Adjusted EBITDA
margin
Net income attributable to common
shareholders (GAAP)
$
43.2
$
86.9
Net income margin (GAAP)
12.3
%
12.8
%
Adjustments to net income attributable to
common shareholders:
Income tax expense
12.7
23.6
Interest expense, net
13.9
26.6
Depreciation
9.8
19.6
Intangible asset amortization
9.0
18.1
Stock-based compensation adjustment1
0.4
0.4
Transaction related expenses
15.2
17.0
Adjusted EBITDA (Non-GAAP)
$
104.2
$
192.2
Adjusted EBITDA Margin (Non-GAAP)
29.6
%
28.2
%
Totals may not sum due to rounding
1 Stock-based compensation adjustment
resulting from the separation.
2 Pre-separation related party interest
with Crane Company, a business of Crane Holdings, Co., at March 31,
2023.
CRANE NXT, CO. AND
SUBSIDIARIES
Non-GAAP Financial Measures by
Segment
(unaudited, in millions)
Three Months Ended June 30,
2023
Crane Payment
Innovations
Crane Currency
Corporate
Total Company
Net sales
$
225.9
$
126.5
$
—
$
352.4
Operating profit (loss) (GAAP)
$
64.8
$
34.7
$
(30.7
)
$
68.8
Operating profit margin (GAAP)
28.7
%
27.4
%
19.5
%
Special items impacting operating
profit:
Intangible asset amortization
5.5
3.5
—
9.0
Stock-based compensation adjustment1
—
—
0.4
0.4
Transaction related expenses
—
—
15.2
15.2
Adjusted operating profit (loss)
(non-GAAP)
$
70.3
$
38.2
$
(15.1
)
$
93.4
Adjusted operating profit margin
(non-GAAP)
31.1
%
30.2
%
26.5
%
Three Months Ended June 30,
2022
Crane Payment
Innovations
Crane Currency
Net sales
$
211.4
$
122.6
Operating profit (GAAP)
$
51.3
$
29.4
Operating profit margin (GAAP)
24.3
%
24.0
%
Special items impacting operating
profit:
Intangible asset amortization
5.4
3.6
Adjusted operating profit (non-GAAP)
$
56.7
$
33.0
Adjusted operating profit margin
(non-GAAP)
26.8
%
26.9
%
Totals may not sum due to rounding
1 Stock-based compensation adjustment
resulting from the separation.
CRANE NXT, CO. AND
SUBSIDIARIES
Non-GAAP Financial Measures by
Segment
(unaudited, in millions)
Six Months Ended June 30, 2023
Crane Payment
Innovations
Crane Currency
Corporate
Total Company
Net sales
$
449.7
$
231.8
$
—
$
681.5
Operating profit (loss) (GAAP)
$
126.6
$
52.3
$
(44.2
)
$
134.7
Operating profit margin (GAAP)
28.2
%
22.6
%
19.8
%
Special items impacting operating
profit:
Intangible asset amortization
11.0
7.1
—
18.1
Stock-based compensation adjustment1
—
—
0.4
0.4
Transaction related expenses
—
—
17.0
17.0
Adjusted operating profit (loss)
(non-GAAP)
$
137.6
$
59.4
$
(26.8
)
$
170.2
Adjusted operating profit margin
(non-GAAP)
30.6
%
25.6
%
25.0
%
Six Months Ended June 30, 2022
Crane Payment
Innovations
Crane Currency
Net sales
$
422.4
$
244.2
Operating profit (GAAP)
$
100.3
$
64.6
Operating profit margin (GAAP)
23.7
%
26.5
%
Special items impacting operating
profit:
Intangible asset amortization
11.0
7.2
Adjusted operating profit (non-GAAP)
$
111.3
$
71.8
Adjusted operating profit margin
(non-GAAP)
26.3
%
29.4
%
Totals may not sum due to rounding
1 Stock-based compensation adjustment
resulting from the separation.
CRANE NXT, CO. AND
SUBSIDIARIES
Free Cash Flow
(unaudited, in millions)
Three Months Ended June 30,
2023
Six Months Ended June 30,
2023
Cash Flow Items
Cash provided by operating activities
(GAAP)
$
59.5
$
95.0
Less: Capital expenditures
(4.5
)
(8.5
)
Free cash flow
$
55.0
$
86.5
Transaction related expenses (a)
15.2
17.0
Adjusted free cash flow (non-GAAP)
$
70.2
$
103.5
(a) Represents transaction related
expenses associated with the separation.
Crane NXT reports its financial results in accordance with U.S.
generally accepted accounting principles (“GAAP”). This press
release includes certain non-GAAP financial measures, including
Adjusted operating profit, Adjusted operating margin, Adjusted EPS,
free cash flow and Adjusted free cash Flow, that are not prepared
in accordance with GAAP. These non-GAAP measures are an addition,
and not a substitute for or superior to, measures of financial
performance prepared in accordance with GAAP and should not be
considered as an alternative to operating income, net income or any
other performance measures derived in accordance with GAAP. The
Company's management believes that these non-GAAP measures of
financial results (including on a forward-looking or projected
basis) provide useful supplemental information to investors about
Crane NXT. However, there are a number of limitations related to
the use of these non-GAAP measures and their nearest GAAP
equivalents. For example, other companies may calculate non-GAAP
measures differently or may use other measures to calculate their
financial performance, and therefore the Company's non-GAAP
measures may not be directly comparable to similarly titled
measures of other companies.
Reconciliations of certain forward-looking and projected
non-GAAP measures, including Adjusted segment margin and Adjusted
EPS, to the closest corresponding GAAP measure are not available
without unreasonable efforts due to the high variability,
complexity and low visibility with respect to the charges excluded
from these non-GAAP measures, which could have a potentially
significant impact on Crane NXT's future GAAP results. Crane NXT
calculates Adjusted segment margin and Adjusted EPS as described
below.
- "Adjusted segment margin" is calculated as Adjusted segment
profit divided by sales. Adjusted segment profit is calculated as
segment profit excluding intangible asset amortization, stock-based
compensation adjustment resulting from the separation and
transaction related expenses such as tax charges, professional
fees, and incremental costs related to the separation.
- "Adjusted EPS" is calculated as Adjusted net income divided by
diluted shares. Adjusted net income is calculated as net income
excluding intangible asset amortization, stock-based compensation
adjustment resulting from the separation and transaction related
expenses such as tax charges, professional fees, and incremental
costs related to the separation.
The Company's management believes that each of the following
non-GAAP measures provides useful information to investors
regarding the Company’s financial conditions and operations:
- "Adjusted operating profit" and "Adjusted operating margin" add
back to operating profit items which are outside of the Company's
core performance, some of which may or may not be non-recurring,
and which management believes may complicate the interpretation of
the Company’s underlying earnings and operational performance.
These items include income and expense such as: intangible asset
amortization, stock-based compensation adjustment resulting from
the separation and transaction related expenses. These items are
not incurred in all periods, the size of these items is difficult
to predict, and none of these items are indicative of the
operations of the underlying businesses. Management believes that
non-GAAP financial measures that exclude these items provide
investors with an alternative metric that can assist in predicting
future earnings and profitability that are complementary to GAAP
metrics.
- "Adjusted net income" and "Adjusted EPS" exclude items which
are outside of the Company's core performance, some of which may or
may not be non-recurring, and which management believes may
complicate the presentation of the Company’s underlying earnings
and operational performance. These measures include income and
expense items that impacted operating profit such as: intangible
asset amortization, stock-based compensation adjustment resulting
from the separation and transaction related expenses. Additionally,
these non-GAAP financial measures exclude income and expense items
that impacted net income and earnings per diluted share such as:
pre-separation related party interest expense. These items are not
incurred in all periods, the size of these items is difficult to
predict, and none of these items are indicative of the operations
of the underlying businesses. Management believes that non-GAAP
financial measures that exclude these items provide investors with
an alternative metric that can assist in predicting future earnings
and profitability that are complementary to GAAP metrics.
- “Free cash flow” and “Adjusted free cash flow” provide
supplemental information to assist management and investors in
analyzing the Company’s ability to generate liquidity from its
operating activities. The measure of free cash flow does not take
into consideration certain other non-discretionary cash
requirements such as, for example, mandatory principal payments on
the Company’s long-term debt. Free cash flow is calculated as cash
provided by operating activities less capital spending. Adjusted
free cash flow is calculated as free cash flow adjusted for certain
cash items which management believes may complicate the
interpretation of the Company’s underlying free cash flow
performance such as certain transaction related cash flow items
related to 2022 portfolio actions. These items are not incurred in
all periods, the size of these items is difficult to predict, and
none of these items are indicative of the operations of the
underlying businesses. Management believes that non-GAAP financial
measures that exclude these items provide investors with an
alternative metric that can assist in predicting future cash flows
that are complementary to GAAP metrics.
- "Adjusted EBITDA" and "Adjusted EBITDA margin" excludes net
interest expense, tax expense and depreciation and amortization
expense from net income, as well as Special items such as
stock-based compensation adjustment resulting from the separation
and transaction related expenses. Management believes that non-GAAP
financial measures that exclude these items provide investors with
an alternative metric that can assist in predicting future earnings
and profitability that are complementary to GAAP metrics.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807855371/en/
Jason D. Feldman Vice President, Investor Relations 203-363-7329
www.cranenxt.com
Crane NXT (NYSE:CXT)
과거 데이터 주식 차트
부터 3월(3) 2025 으로 4월(4) 2025
Crane NXT (NYSE:CXT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 4월(4) 2025
