AND SUBSIDIARIESNon-GAAP Financial Measures(unaudited, in millions, except per share data) Three Months Ended March 31, 2024 2023 Adjusted Operating Profit and Adjusted Operating Profit Margin $ Per Share $ Per ShareNet sales (GAAP) $313.6 $329.1 Operating profit (GAAP) $55.4 $65.9 Operating profit margin (GAAP) 17.7 % 20.0 % Special items impacting operating profit: Intangible asset amortization 8.9 9.1 Restructuring charges, net 2.7 — Transaction related expenses1 4.1 1.8 Adjusted operating profit (Non-GAAP) $71.1 $76.8 Adjusted operating profit margin (Non-GAAP) 22.7 % 23.3 % Adjusted Net Income and Adjusted Net Income per Share Net income attributable to common shareholders (GAAP) $37.8 $0.66 $43.7 $0.77 Intangible asset amortization 8.9 0.15 9.1 0.16 Restructuring charges, net 2.7 0.05 — — Transaction related expenses1 4.1 0.07 1.8 0.03 Interest adjustment2 — — 2.5 0.04 Tax effect of the Non-GAAP adjustments (4.3) (0.07) (1.7) (0.03)Adjusted net income (Non-GAAP) $49.2 $0.85 $55.4 $0.98 Adjusted EBITDA and Adjusted EBITDA margin Net income attributable to common shareholders (GAAP) $37.8 $43.7 Net income margin (GAAP) 12.1 % 13.3 % Adjustments to net income attributable to common shareholders: Income tax expense 8.9 10.9 Interest expense, net 9.3 12.7 Depreciation 9.0 9.8 Intangible asset amortization 8.9 9.1 Restructuring charges, net 2.7 — Transaction related expenses1 4.1 1.8 Adjusted EBITDA (Non-GAAP) $80.7 $88.0 Adjusted EBITDA Margin (Non-GAAP) 25.7 % 26.7 % Totals may not sum due to rounding 1 Includes acquisition related expenses and expenses associated with the Separation. 2 Related party interest with Crane Company incurred prior to the Separation. CRANE NXT, CO.
AND SUBSIDIARIESNon-GAAP Financial Measures by Segment(unaudited, in millions) Three Months Ended March 31, 2024Crane Payment Innovations Crane Currency Corporate Total CompanyNet sales$209.0 $104.6 $— $313.6 Operating profit (loss) (GAAP)$52.7 $20.2 $(17.5) $55.4 Operating profit margin (GAAP) 25.2 % 19.4 % 17.7 % Special items impacting operating profit: Intangible asset amortization 5.3 3.6 — 8.9 Restructuring charges, net 2.7 — — 2.7 Transaction related expenses1 — — 4.1 4.1 Adjusted operating profit (loss) (non-GAAP)$60.7 $23.8 $(13.4) $71.1 Adjusted operating profit margin (non-GAAP) 29.0 % 22.8 % 22.7 % Three Months Ended March 31, 2023Crane Payment Innovations Crane Currency Corporate Total CompanyNet sales$223.8 $105.3 $— $329.1 Operating profit (loss) (GAAP)$61.8 $17.6 $(13.5) $65.9 Operating profit margin (GAAP) 27.6 % 16.7 % 20.0 % Special items impacting operating profit: Intangible asset amortization 5.5 3.6 — 9.1 Transaction related expenses1 — — 1.8 1.8 Adjusted operating profit (loss) (non-GAAP)$67.3 $21.2 $(11.7) $76.8 Adjusted operating profit margin (non-GAAP) 30.1 % 20.1 % 23.3 % Totals may not sum due to rounding 1 Includes acquisition related expenses and expenses associated with the Separation. CRANE NXT, CO.
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" exclude net interest expense, tax expense and depreciation and amortization expense from net income, as well as Special items such as restructuring charges, and transaction related expenses.
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