Crane Company · NYSE:CR
Crane — Investor Day (March 2022)
172 slides from Crane's investor day presentation, Mar 30, 2022
Slide 1: Annual Investor Day March 30, 2022
Exhibit 99.1 ANNUAL INVESTOR DAY March 30, 2022
Slide 2: Annual Investor Day March 30, 2022
ANNUAL INVESTOR DAY March 30, 2022
Slide 3: Forward-Looking Statements – Disclaimer
FORWARD-LOOKING STATEMENTS – DISCLAIMER This presentation 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 our intent, belief, or expectations, inclu
Slide 4: Forward-Looking Statements – Disclaimer
FORWARD-LOOKING STATEMENTS – DISCLAIMER Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the section entitled “Risk Factors Rela
Slide 5: Today's Key Messages and Themes
TODAY’S KEY MESSAGES AND THEMES § We are driving accelerating growth § Building on record 2021 results § Journey continues with separation into two companies 5
Slide 6: Today's Key Messages and Themes
TODAY’S KEY MESSAGES AND THEMES § We are driving accelerating growth § Building on record 2021 results § Journey continues with separation into two companies § Each will retain the best of Crane while separately optimizing their strategies to drive shareholder value Continued focus on long-term sust
Slide 7: Agenda
AGENDA TIME TOPIC PRESENTER 8:30-8:35 Welcome and Introductions Jason Feldman 8:35-8:55 Strategic Overview Max Mitchell 8:55-9:05 Financial Overview Rich Maue 9:05-9:15 Crane NXT Financial Overview Jason Feldman 9:15-9:30 Crane Payment Innovations (CPI) Kurt Gallo 9:30-9:45 Crane Currency Sam Keayes
Slide 8: Strategic Overview
STRATEGIC OVERVIEW Max Mitchell President and Chief Executive Officer, Crane Co.
Slide 9: Agenda
AGENDA § Separation Overview § Our Journey § Where We are Today § Where We are Headed 9
Slide 10: Well Positioned for Separation
WELL POSITIONED FOR SEPARATION Payment & Merchandising Aerospace & Electronics Process Flow Technologies Technologies Strong track record of delivering consistent and differentiated execution 10
Slide 11: Two Best-in-Class Industrial Technology Leaders
TWO BEST-IN-CLASS INDUSTRIAL TECHNOLOGY LEADERS § Aerospace & Electronics and Process Flow § Crane Payment Innovations (CPI) and Technologies Crane Currency § ~$1.9 billion sales in a $20+ billion market§ ~$1.4 billion sales in a $7+ billion market § ~18.5% pre-corporate Adjusted EBITDA § ~28% pre-c
Slide 12: Strategic Rationale for Separation
STRATEGIC RATIONALE FOR SEPARATION § Deeper operational focus, accountability and flexibility to meet customer requirements § Increased operating and financial flexibility to pursue growth opportunities § Tailored capital allocation strategies § Will attract a shareholder base aligned with each busi
Slide 13: Financial Rationale for Separation
FINANCIAL RATIONALE FOR SEPARATION Valuation Discount vs. Peers Above average EV/EBITDA (Next 12-Months) discount vs. 7.0x industrial peers 6.0x 5.0x 4.0x Long-term average discount 3.0x 2.0x 1.0x 0.0x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Current valuation does not reflect strength of e
Slide 14: Timing Is Right for Separation Today
TIMING IS RIGHT FOR SEPARATION TODAY § Business stronger than ever − Record financial results in 2021 − End markets poised for accelerated growth − Accelerating momentum with growth strategies and initiatives § Scale and balance sheet strength to create separate companies with financial flexibility
Slide 15: Separating into Two Public Companies
SEPARATING INTO TWO PUBLIC COMPANIES Continued focus on long-term, sustainable value creation for all stakeholders 15
Slide 16: Strategic Intentionality Enabled Separation
STRATEGIC INTENTIONALITY ENABLED SEPARATION 2003 Sales 2014 Sales 2018 Sales 2020 Sales ($155M) ($712M) ($1,257M) ($1,105M) P&MT P&MT P&MT P&MT Payment & Merchandising segment now large enough to enable separation 16
Slide 17: Execution on M&A Created Financial Flexibility
EXECUTION ON M&A CREATED FINANCIAL FLEXIBILITY TO ENABLE SEPARATION Payment & Merchandising Technologies adjusted operating margin* 600 bps of D&A ~28% EBITDA COVID 22.6% 22.0% 20.5% 17.9% 17.4% 16.2% 15.1% 12.8% 12.3% 11.2% 10.7% 10.3% 10.1% 8.0% 7.8% 7.0% 7.0% 6.1% 5.9% 1.8% 2003 2004 2005 2006 20
Slide 18: Post-Separation Business Highlights
POST-SEPARATION BUSINESS HIGHLIGHTS Crane Currency and Crane Aerospace & Electronics Process Flow Technologies Payment Innovations 18
Slide 19: Crane Co. Highlights
CRANE CO. HIGHLIGHTS 2022G Adjusted Operating Profit* § Highly-engineered, technology-differentiated products for large ($20+ billion) and attractive markets § Respected brands and leadership positions Aerospace & § Mission-critical, high cost of failure applications Electronics 40% with ~40% of rev
Slide 20: Crane Co. Highlights
CRANE CO. HIGHLIGHTS § Highly-engineered, technology-differentiated products for large ($20+ billion) and attractive markets § Respected brands and leadership positions § Mission-critical, high cost of failure applications with ~40% of revenue from aftermarket sales § Favorable secular trends and po
Slide 21: Crane Co. Highlights
CRANE CO. HIGHLIGHTS § Highly-engineered, technology-differentiated products for large ($20+ billion) and attractive markets § Respected brands and leadership positions § Mission-critical, high cost of failure applications with ~40% of revenue from aftermarket sales § Favorable secular trends and po
Slide 22: Crane Co. Highlights
CRANE CO. HIGHLIGHTS § CBS firmly ingrained across both platforms § Fragmented end markets with robust M&A pipeline § Strong balance sheet to support organic and inorganic strategic growth objectives, while providing a dividend in-line with peers 22
Slide 23: Slide 23
Slide 24: Crane NXT Highlights
CRANE NXT HIGHLIGHTS § Premier industrial technology business with significant 2021 Sales scale, best-in-class margin profile, and strong free cash flow generation § Broad portfolio and technology leadership for large ($7+ billion) and attractive end markets Crane § Aligned with long-term secular ma
Slide 25: Crane NXT Highlights
CRANE NXT HIGHLIGHTS § Premier industrial technology business with significant scale, industry leading margins, and free cash flow generation § Broad portfolio and technology leadership for large ($7+ billion) and attractive end markets § Aligned with long-term secular market drivers including secur
Slide 26: Agenda
AGENDA § Separation Overview § Our Journey § Where We are Today § Where We are Headed 26
Slide 27: It's Been a Journey…
IT’S BEEN A JOURNEY… Adjusted Operating Margin* Since CBS Formalized COVID 16.5% 15.8% 15.2% 14.4% 14.3% 14.3% 14.1% 13.5% 13.3% 12.9% 12.0% 10.7% 10.8% 10.3% 10.3% 10.1% 9.3% 8.7% 8.2% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G* 27 * Adjusted Ope
Slide 28: …Enabled Through Numerous Acquisitions
…ENABLED THROUGH NUMEROUS ACQUISITIONS Deployed over $2 billion on acquisitions since 2010 28
Slide 29: Accelerating Results from Organic Investments
ACCELERATING RESULTS FROM ORGANIC INVESTMENTS New Product Development Breakthrough Innovation Technology Investment Localization Commercial Excellence Incoming Sales Order Customer POs Created in the ERP System 29
Slide 30: Agenda
AGENDA § Separation Overview § Our Journey § Where We are Today § Where We are Headed 30
Slide 31: Record Financial Results
RECORD FINANCIAL RESULTS 2019 2020 2021 Sales $3,283 $2,772 $3,180 Adjusted Operating Profit* $494 $300 $501 Adjusted Operating Margin* 15.0% 10.8% 15.8% Adjusted EPS* $6.02 $3.53 $6.55 Free Cash Flow** $325 $251 $415 Record Results * Excludes Special Items. 2020 and 2021 presented on a Continuing O
Slide 32: Positioned for the Future
POSITIONED FOR THE FUTURE Payment & Merchandising Aerospace & Electronics Process Flow Technologies Technologies 32
Slide 33: Themes from 2021 Continue to Play Out as Expected
THEMES FROM 2021 CONTINUE TO PLAY OUT AS EXPECTED Strong market recovery ü Accelerating organic growth investment results ü Alignment with secular trends ü Growing opportunities for M&A ü 33
Slide 34: Building on a Strong Foundation
BUILDING ON A STRONG FOUNDATION Ethical culture ü Philanthropy, Sustainability ü and Equality Crane Business System ü Each business has the policies, processes and governance tools in place to execute on these foundational pillars 34
Slide 35: Ethics at the Core of Our Culture
ETHICS AT THE CORE OF OUR CULTURE I am resolved to conduct my business in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business. Resolution Made
Slide 36: Agenda
AGENDA § Separation Overview § Our Journey § Where We are Today § Where We are Headed 36
Slide 37: Separating into Two Public Companies
SEPARATING INTO TWO PUBLIC COMPANIES Continued focus on long-term, sustainable value creation for all stakeholders 37
Slide 38: Financial Overview
FINANCIAL OVERVIEW Rich Maue Senior Vice President and Chief Financial Officer
Slide 39: Record Full Year 2021 Financial Results
RECORD FULL YEAR 2021 FINANCIAL RESULTS $ Millions except per-share amounts FY 2021 FY 2020 Change Sales* $3,180 $2,772 +15% Operating Profit** $501 $300 +67% Operating Margin** 15.8% 10.8% +500 bps Earnings per Share from Continuing Operations** $6.55 $3.53 +87% Free Cash Flow from Continuing Opera
Slide 40: CBS Drives Consistent, Differentiated Execution
CBS DRIVES CONSISTENT, DIFFERENTIATED EXECUTION Achieved record results despite: § COVID § Supply chain disruptions § Severe inflation § Labor market challenges Management cadence and disciplined execution drives differentiated execution 40
Slide 41: Solidly On-Track to Achieve 2022 Guidance
SOLIDLY ON-TRACK TO ACHIEVE 2022 GUIDANCE $ Millions except per share amounts 2022G 2021 Change*** Net Sales $3,300 $3,180 +4% Earnings per Share from Continuing Operations* $7.00-$7.40 $6.55 +10% Free Cash Flow from Continuing Operations** $350-$390 $415 (11%) 2022G Other 2022 Guidance Details Core
Slide 42: Cyclical & Secular Runway for Growth Beyond '22
CYCLICAL & SECULAR RUNWAY FOR GROWTH BEYOND ‘22 42
Slide 43: Aerospace & Electronics Growth Opportunities
AEROSPACE & ELECTRONICS GROWTH OPPORTUNITIES Good visibility to 7%-9% sales CAGR through 2031 43
Slide 44: Process Flow Technologies Growth Opportunities
PROCESS FLOW TECHNOLOGIES GROWTH OPPORTUNITIES Momentum with new products introductions, and alignment with secular trends 44
Slide 45: Crane NXT Growth Opportunities
CRANE NXT GROWTH OPPORTUNITIES Secular drivers of productivity and security, and entering new markets 45
Slide 46: Management Cadence and Disciplined Execution
MANAGEMENT CADENCE AND DISCIPLINED EXECUTION § Rigorous, data-driven management cadence § Continuous improvement focused § Highest integrity/commitment to quality § Empowered, customer-focused BU GMs Extreme accountability in all aspects of our business 46
Slide 47: Steadily Improving Earnings Quality
STEADILY IMPROVING EARNINGS QUALITY Free Cash Conversion Free Cash Conversion (Excluding Asbestos) 120% 120% Average 111% 100% 100% (2016-2022G) Average 99% Average 99% (2016-2022G) (2010-2015) 80% 80% Average 78% 60% (2010-2015) 60% 40% 40% 20% 20% 0% 0% Strong Track Record on Operational Free Cash
Slide 48: Steadily Improving Earnings Quality: Free Cash Flow
STEADILY IMPROVING EARNINGS QUALITY Free Cash Flow* $ Millions $450 +10.5% $350 CAGR $250 $415 $370 $325 $305 $269 $267 $150 $251 $220 $210 $205 $189 $115 $113 $50 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G** * Free Cash Flow is defined as Cash Provided by Operating Activities
Slide 49: Strong Balance Sheet Provides Flexibility
STRONG BALANCE SHEET PROVIDES FLEXIBILITY Gross Debt to Adjusted EBITDA Net Debt to Adjusted EBITDA* (Moody’s Basis)* 1.5x 4.2x 2.4x 2.1x 0.6x <0.1x 2020 2021 2022G 2020 2021 2022G 49 * Please see non-GAAP Financial Measures tables for details.
Slide 50: Management Cadence and Disciplined Execution
MANAGEMENT CADENCE AND DISCIPLINED EXECUTION Maintain Investment Grade Credit Rating While Funding: Internal Investments to Drive Acquisitions to Competitive Returns Organic Growth Enhance Growth to Shareholders § Capital expenditures§ Pursuing bolt-on transactions § Competitive returns to and adjac
Slide 51: Early Thoughts on Crane Co. Financial Profile
EARLY THOUGHTS ON CRANE CO. FINANCIAL PROFILE § Flexible capital deployment policy − Can support substantial M&A for growth − Dividend in-line with peers § Strong balance sheet to support organic and inorganic strategic growth objectives, while providing a dividend in-line with peers § Corporate cos
Slide 52: Early Thoughts on Crane NXT Financial Profile
EARLY THOUGHTS ON CRANE NXT FINANCIAL PROFILE § Strong balance sheet and free cash flow provides substantial flexibility − Continued investment in organic growth initiatives − Accretive acquisitions could include bolt-ons and adjacencies − Expect a robust and differentiated level of capital return P
Slide 53: Early Thoughts on Crane NXT Financial Profile
EARLY THOUGHTS ON CRANE NXT FINANCIAL PROFILE § Expect to repay $300 million 2023 bonds before separation § $200 million 2036 notes and $350 million 2048 notes to remain with Crane NXT − Debt primarily funded Crane NXT transactions, and long-duration highly attractive stable financing § Corporate co
Slide 54: Additional Separation Details
ADDITIONAL SEPARATION DETAILS § Expect the transaction to be tax-free to Crane Co., and to Crane Co. U.S. shareholders § Completion is subject to certain customary conditions, including registration and listing of Crane Co. shares, and final approval of the spin-off by the Board of Directors § No sh
Slide 55: Next Steps and Timing
NEXT STEPS AND TIMING § Expect the separation process to take approximately 12 months to complete § Will provide additional information in Form 10 Registration Statement § Search process for Crane NXT CEO is underway, including evaluation of internal and external candidates § Board composition and e
Slide 56: Exciting Value Creation Story Ahead
EXCITING VALUE CREATION STORY AHEAD Continued focus on long-term, sustainable value creation for all stakeholders 56
Slide 57: Financial Overview
FINANCIAL OVERVIEW Jason Feldman Vice President, Investor Relations
Slide 58: Impressive Standalone Financial Profile
IMPRESSIVE STANDALONE FINANCIAL PROFILE • Strong track record of mid single digit core growth • Attractive business mix with 40%+ recurring revenue • Differentiated technology • Leading market positions in niche markets • Pre-corporate Adjusted EBITDA margin ~28%* • Ability to compound growth throug
Slide 59: Best-in-Class Financial Metrics
BEST-IN-CLASS FINANCIAL METRICS 2021 Sales ADDITIONAL DETAILS ($ millions) 2022G Sales $1,395 • Corporate cost ~3% of sales Crane at separation, and then Currency Pre-corporate Adjusted declining EBITDA* $391 40% • Annual capex ~1.5% to % of sales 28.0% 2.0% of sales (~$25 million) Adjusted operatin
Slide 60: Crane NXT's History of Strong Sales Growth
CRANE NXT’S HISTORY OF STRONG SALES GROWTH Crane NXT sales (as reported, $ millions) COVID 1,600 1,400 1,200 1,000 800 600 400 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G Proven ability to drive both organic and inorganic growth 60
Slide 61: Crane Currency's History of Significant Growth
CRANE CURRENCY’S HISTORY OF SIGNIFICANT GROWTH Crane Currency sales ($ millions) 600 U.S. Revenue International revenue 500 400 300 200 100 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G Crane currency has shown extremely strong long-term
Slide 62: Crane NXT's Solid Core Growth
CRANE NXT’S SOLID CORE GROWTH Crane NXT organic growth (ex-M&A / ex-FX) 19.1% Expect average 4% to 6% core growth 8.5% 6.6% 6.0% 6.0% 5.0% 1.6% COVID -18.9% 2015 2016 2017 2018 2019* 2020 2021 2022G Growth initiatives should drive further acceleration in core growth 62 * Calculation of 2019 core sal
Slide 63: History of Strong Operational Execution
HISTORY OF STRONG OPERATIONAL EXECUTION Payment & Merchandising Technologies adjusted operating margin* 30% COVID 25% 600 bps of D&A 22.6% 22.0% 20% 20.5% 17.9% 17.4% 16.2% 15% 15.1% 12.8% 12.3% 11.2% 10% 10.7% 10.3% 10.1% 8.0% 7.8% 7.0% 7.0% 6.1% 5% 5.9% 1.8% 0% 2003 2004 2005 2006 2007 2008 2009 2
Slide 64: Substantial Growth Opportunities
SUBSTANTIAL GROWTH OPPORTUNITIES • Broadest global portfolio • Technology leadership positions • Entering adjacent non-payment markets • Proven track record of leveraging CBS to drive margins and growth • Long history of successful M&A Substantial commonalities with mid-cap industrial technology com
Slide 65: Similar Profile to SMID-Cap Industrial Technology
SIMILAR PROFILE TO SMID-CAP INDUSTRIAL TECHNOLOGY CRANE NXT SMID-CAP INDUSTRIAL TECHNOLOGY Free cash flow conversion* ~94% 86% 28% less corporate expense 2022 Adjusted EBITDA margin** ~25% ~20% GDP+ growth √√ Substantial recurring revenue √√ Proven M&A ability √√ Competitive dividend √ Variable Stro
Slide 66: Mixed Alignment with Tech-Payment/Authentication
MIXED ALIGNMENT WITH TECH-PAYMENT/AUTHENTICATION SMID-CAP INDUSTRIAL TECH-ENABLED PAYMENT CRANE NXT TECHNOLOGY AND AUTHENTICATION Free cash flow conversion* ~94% 86% 81% 28% less 2022 Adjusted EBITDA margin** ~25% ~20% ~23% corporate expense GDP+ growth √√ √√ Substantial recurring revenue √√√ Proven
Slide 67: Minimal Similarity to Traditional Payment Peers
MINIMAL SIMILARITY TO TRADITIONAL PAYMENT PEERS SMID-CAP TECH-ENABLED “TRADITIONAL” CRANE NXT INDUSTRIAL PAYMENT AND PAYMENT TECHNOLOGY AUTHENTICATION Free cash flow conversion* ~94% 86% 81% 77% 28% less 2022 Adjusted EBITDA margin** ~25% ~20% ~23% ~16% corporate expense GDP+ growth √ √√√ X Substant
Slide 68: Best-in-Class Financial Profile Merits Premium Valuation
BEST-IN-CLASS FINANCIAL PROFILE MERITS PREMIUM VALUATION 28% pre-corporate 40%+ of sales 4-6% core Adjusted EBITDA are recurring sales growth margin* (2022G) Strong Free Cash Robust Substantial Flow conversion capital return M&A opportunity Strong financial profile consistent with mid-cap industrial
Slide 69: Crane NXT Overview
CRANE NXT OVERVIEW Kurt Gallo Senior Vice President, Crane Co.
Slide 70: Strong and Balanced Business Profile
STRONG AND BALANCED BUSINESS PROFILE 2021 Sales 2021 Geographic Exposure Emerging Markets 24% 40% Developed 7% Asia-Pacific 59% 60% 10% Western U.S. / Canada Europe 70
Slide 71: Strong Base of Stable Recurring Revenue
STRONG BASE OF STABLE RECURRING REVENUE Currency Contracts Connectivity Services Recurring Revenue 40% Service Contracts Parts Replacement 71
Slide 72: Secular Drivers for Both Currency and Payment
SECULAR DRIVERS FOR BOTH CURRENCY AND PAYMENT Cash and Brand Security Labor / Wage Dynamics Growth Platform Revenue 60% Global Cash Circulation Demand for Productivity 72
Slide 73: CBS Fully Ingrained & Driving Results
CBS FULLY INGRAINED & DRIVING RESULTS Operating Profit Productivity The Driver Improvement Improvement 67% 63% Kaizens 2019 2021 2019 2021 175 CBS Tool Champions Space Reduction 46% 151 20% 2019 2021 Cadence Rigor 2019 2021 2019 2021 Discipline 73
Slide 74: Long Track-Record of Successful Acquisitions
LONG TRACK-RECORD OF SUCCESSFUL ACQUISITIONS Future M&A Options • Service network • Payment systems • Authentication • SASS Model • Connectivity • Digital Payments 1985 1997 1999 2000 2006 2010 2013 2017 2018 2020 Numerous potential directions for additional growth via M&A 74
Slide 75: Crane Payment Innovations (CPI)
CRANE PAYMENT INNOVATIONS (CPI)
Slide 76: Four Solid Platforms for Growth
FOUR SOLID PLATFORMS FOR GROWTH Service Solutions OEM Solutions Sy System stem S Solutions olutions Connectivity Solutions Market Size: $1.3 B Market Market S Size: ize: $1.5 $1.3 B B Market Size: $500 M Market Size: $750 M Each solution serves all five primary vertical markets: retail, gaming, tran
Slide 77: Differentiated Technology Provides Best Level of Protection
DIFFERENTIATED TECHNOLOGY PROVIDES BEST LEVEL OF PROTECTION IN THE PAYMENT MARKET Infra-red Optical Capacitive Ultra Violet Magnetic Planar Multi Helmholtz Array coils Frequency 77
Slide 78: Expanding Addressable Market with Connected and Cashless Solutions
EXPANDING ADDRESSABLE MARKET WITH CONNECTED AND CASHLESS SOLUTIONS EV Charging Service Payment Smart Cooler Vending All-in-One Cashless Reader/Telemeter 78
Slide 79: Connected Solutions Across Verticals
CONNECTED SOLUTIONS ACROSS VERTICALS PROVIDES INFORMATION TO DRIVE PRODUCTIVITY Peoria County Cook County Montgomery County Champaign County 79
Slide 80: Our Solutions Address Retailers' Critical Needs
OUR SOLUTIONS ADDRESS RETAILERS’ CRITICAL NEEDS Technology is expected to double store profitability* Payment automation improves customer experience and drives productivity *Source: https://www.mckinsey.com/featured-insights/the-next-normal/shopping 80
Slide 81: Labor and Wage Trends Driving New Demand for Retail Automation
LABOR AND WAGE TRENDS DRIVING NEW DEMAND FOR RETAIL AUTOMATION Standardized and Custom Self Check-out Solutions Coin Redemption Kiosk Solutions Enhancing customer experience and delivering operator productivity 81
Slide 82: Retail Automation Penetrating New Markets
RETAIL AUTOMATION PENETRATING NEW MARKETS Kelly Williamson Convenience Store European Bakery Strong, proven ROI supports further growth for automation solutions 82
Slide 83: Providing the Fully Connected Environment
PROVIDING THE FULLY CONNECTED ENVIRONMENT THAT CUSTOMERS INCREASINGLY REQUIRE Back Office Data Analytics Processing Management Systems Consumer Facing Processes 83
Slide 84: Extensive Field Service Opportunities
EXTENSIVE FIELD SERVICE OPPORTUNITIES Preventive Break / Fix Maintenance Note Counter Teller Cash Recyclers Spare Predictive Parts Analytics Smart Safes Crypto Kiosks 450+ person strong field service organization provides significant opportunities for growth beyond captive products 84
Slide 85: Crane Currency
CRANE CURRENCY Sam Keayes President, Crane Currency
Slide 86: Advanced Technology for Banknote Security
ADVANCED TECHNOLOGY FOR BANKNOTE SECURITY Microscopic printed “icons” Each lens is approximately that are magnified by th the lens array 1/10 of a human hair C 140 microns Cross-section of Human Hair 86
Slide 87: Four Core Elements of Crane Currency Business Model
FOUR CORE ELEMENTS OF CRANE CURRENCY BUSINESS MODEL UNDERPINNED BY PROPRIETARY TECHNOLOGY Design Design Design S S Services ervices ervices Paper Making Paper Making Paper Making Micro Micro Micro Optic Optic Optic T T Technology echnology echnology Banknote Banknote Banknote P P Printing rinting ri
Slide 88: Addressable Market $3.5+ Billion and Growing
ADDRESSABLE MARKET $3.5+ BILLION AND GROWING Banknote Printing Banknote Security Brand Authentication Market Size: $2 Billion Market Size: $400+ Million Market Size: $1.2+ Billion 88
Slide 89: New Products Increasing Markets
NEW PRODUCTS INCREASING MARKETS AND EXPANDING ADDRESSABLE MARKET HIGH Stripe Multi-Color Rapid Rapid HD Motion Breeze New 2022 New 2021 New 2020 LOW LOW HIGH Price Micro-optic security technology for every banknote on any substrate 89 Value
Slide 90: Design & Technology Drives International Growth
DESIGN & TECHNOLOGY DRIVES INTERNATIONAL GROWTH Crane Banknote Market share Crane Banknote Market share ~5% ~12% 62 Denominations 145 Denominations 27 Countries, 2 Products 50 Countries, 5 Products 2017 2021 Adoption of crane’s micro-optics accelerated over last 10 years 90
Slide 91: Sole-Source Supplier for U.S. Currency Since 1879
SOLE-SOURCE SUPPLIER FOR U.S. CURRENCY SINCE 1879 Strong core recurring business 91
Slide 92: Multiple Denominations Due for Redesign
MULTIPLE DENOMINATIONS DUE FOR REDESIGN Significant upside potential from new series redesign 92
Slide 93: Substantial Product Authentication Opportunity
SUBSTANTIAL PRODUCT AUTHENTICATION OPPORTUNITY Product Authentication Market (~$4.5 billion) Wine & spirits, 4% Cosmetics & perfume, 2% Fuel, 5% Industrial & electronics, 9% Food, 25% Pharmaceuticals, 17% Luxury, apparel, personal care, 19% Tax stamps, 19% The market is demanding more intuitive visi
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Slide 95: Crane NXT Summary and Conclusion
CRANE NXT SUMMARY AND CONCLUSION • Combination of two incredibly strong platforms • 40% recurring revenue & strong secular growth drivers • Long-term core growth of 4% – 6% • Outstanding 28% pre-corporate Adjusted EBITDA margin (2022G)* • Strong free cash flow conversion • Robust funnel and M&A oppo
Slide 96: Numerous Additional Opportunities for Growth
NUMEROUS ADDITIONAL OPPORTUNITIES FOR GROWTH $750 million market $4.5 billion market rd 3 Party Service Provider For Brand Authentication Payment Processing With Track and Trace $500 million market $250 million market Cashless Credit and Loyalty Data Analytics and Cash Usage For EV Chargers Patterns
Slide 97: Q&A
Q&A
Slide 98: Annual Investor Day March 30, 2022
ANNUAL INVESTOR DAY March 30, 2022
Slide 99: Crane Co. Financial Overview
CRANE CO. FINANCIAL OVERVIEW Jason Feldman Vice President, Investor Relations
Slide 100: Two Extremely Well Positioned Growth Platforms
TWO EXTREMELY WELL POSITIONED GROWTH PLATFORMS ($ millions) 2022G 2022G Adjusted Operating Profit** Sales $1,905 Pre-corporate Adjusted EBITDA* $350 40% Aerospace & Electronics % of sales 18.4% Process Flow Technologies 60% Adjusted operating profit** $312 % of sales 16.4% Depreciation & Amortizatio
Slide 101: Two Extremely Well Positioned Growth Platforms
TWO EXTREMELY WELL POSITIONED GROWTH PLATFORMS § Solid mid single-digit core sales growth § Strong operating leverage § Broad portfolio of mission-critical, highly engineered solutions − Products typically specified in highly regulated end markets − Differentiated technology supported by constituent
Slide 102: Highly Attractive Financial and Business Profile
HIGHLY ATTRACTIVE FINANCIAL AND BUSINESS PROFILE $1.9 billion ~40% aftermarket 4-6% core sales sales sales growth ~18.5% pre-corporate Substantial 35%-40% operating Adjusted EBITDA margin** M&A opportunity leverage* (2022G) Expect double-digit core EPS growth with upside from capital deployment * Op
Slide 103: Strong Core Sales Growth Outlook
STRONG CORE SALES GROWTH OUTLOOK Aerospace & Electronics Process Flow Technologies 7%-9% Core Sales Growth 3%-5% Core Sales Growth § Cyclical recovery of commercial A&E markets§ Accelerating NPD with new product vitality at record levels § Content already won on large defense programs ramping over n
Slide 104: History of Strong Operational Execution
HISTORY OF STRONG OPERATIONAL EXECUTION Adjusted Operating Margin* (Aerospace & Electronics and Process Flow Technologies) 200 bps of D&A 18.0% 17.8% 18.4% EBITDA 17.1% 16.4% 16.4% 16.0% 15.8% 15.6% 15.3% 15.2% 14.8% 14.3% 13.4% 13.0% 12.7% 12.6% 12.2% 10.8% 10.5% 2004 2005 2006 2007 2008 2009 2010
Slide 105: Well Positioned for M&A
WELL POSITIONED FOR M&A Aerospace & Electronics Process Flow Technologies Target Areas for M&A Target Areas for M&A § Chemical § Power Conversion § Pharmaceuticals/Aseptic § Condition and Position Sensing § Wastewater treatment § Pressure and Flow Measurement § Industrial Automation § Flow Managemen
Slide 106: Financial Profile Aligned with Peers
FINANCIAL PROFILE ALIGNED WITH PEERS Crane Co. Peers Long-term growth potential MSD MSD 2022 Adjusted EBITDA Margin* ~15.5% with substantial upside ~19% 2022 Free Cash Flow conversion** ~87% ~81% 2022 EV/EBITDA multiple ~15x Strong financial profile and high-quality assets merits premium valuation S
Slide 107: Highly Attractive Financial and Business Profile
HIGHLY ATTRACTIVE FINANCIAL AND BUSINESS PROFILE $1.9 billion ~40% aftermarket 4-6% core sales sales sales growth ~18.5% pre-corporate Substantial 35%-40% operating Adjusted EBITDA margin** M&A opportunity leverage* (2022G) Expect double-digit core EPS growth with upside from capital deployment * Op
Slide 108: Process Flow Technologies
PROCESS FLOW TECHNOLOGIES Alex Alcala Senior Vice President, Crane Co.
Slide 109: Process Flow Technologies: Results & Guidance
PROCESS FLOW TECHNOLOGIES Results & Guidance Driving Growth Summary 109
Slide 110: Strong and Improving Growth & Margin Profile
STRONG AND IMPROVING GROWTH & MARGIN PROFILE Target Across-the-Cycle Metrics Repositioned Consistent Accelerating Outstanding 3%-5% business with share gains product operational Core ~2/3 in higher through innovation execution Growth growth markets commercial with accretive through excellence margin
Slide 111: Strong Underlying Demand and Record Backlog
STRONG UNDERLINING DEMAND AND RECORD BACKLOG Process Flow Technologies Backlog ($ millions, FX-neutral) 380 340 300 260 220 180 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Backlog up 35% from 2019; Supply chain stable, but still constraining production 111
Slide 112: Strategically Repositioning Portfolio
STRATEGICALLY REPOSITIONING PORTFOLIO Focus Growth Markets $999M Sales $1,197M Sales 10.9% Adjusted 14.8% Adjusted Operating Margin* Operating Margin* Pharma/Aseptic, 3% Pharma/Aseptic, 2% 3%-5% Water & Wastewater, 7% Water & Wastewater, 11% Core Growth CAGR Chemical,18% 5% CAGR Chemical, 28% Gen. I
Slide 113: Sustainability & Electronics
PROCESS FLOW TECHNOLOGIES Sustainability & Electronics Products supporting sustainable future Chemical and clean energy 113
Slide 114: Sustainability & Electronics
PROCESS FLOW TECHNOLOGIES Sustainability & Electronics Products supporting sustainable future Chemical and clean energy Circular Economy Wastewater Reusing wastewater to support Circular economy 114
Slide 115: Sustainability & Electronics
PROCESS FLOW TECHNOLOGIES Sustainability & Electronics Products supporting sustainable future Chemical and clean energy Circular Economy Wastewater Reusing wastewater to support Circular economy Quality of Life Growth in biologics, cell culture Pharma / Aseptic improving quality of life 115
Slide 116: Sustainability & Electronics
PROCESS FLOW TECHNOLOGIES Sustainability & Electronics Products supporting sustainable future Chemical and clean energy Circular Economy Wastewater Reusing wastewater to support Circular economy Quality of Life Growth in biologics, cell culture Pharma / Aseptic improving quality of life Energy Effic
Slide 117: Expect ~100 bps Annual Margin Improvement
EXPECT ~100 BPS ANNUAL MARGIN IMPROVEMENT Operational and ~100 BPS average commercial per year improvements Accretive new products Volume leverage (market growth, share gains) 117
Slide 118: Confidence in Path to High-Teen Margins
CONFIDENCE IN PATH TO HIGH-TEEN MARGINS Process Flow Technologies Sales ($ millions) and Adjusted Operating Margin (%)* 1,250 Sales Margins 1,200 15.5% 1,150 1,100 1,050 1,000 950 10.9% 900 850 800 2016 2017 2018 2019 2020 2021 2022G Focused on 100 BPS average annual margin improvement 118 * Exclude
Slide 119: Process Flow Technologies: Driving Growth
PROCESS FLOW TECHNOLOGIES Results & Guidance Driving Growth Summary 119
Slide 120: Accelerating the Rate of Innovation
WE ARE WINNING IN OUR FOCUSED MARKETS BY ACCELERATING THE RATE OF INNOVATION… New Product Sales – Vitality* 25% Chemical 20% 20% Wastewater 15% 10% Pharma/Aseptic 4% 5% Industrial 0% 2018 2019 2020 2021 2022E 2023E 2024E 2025E Solving our customer’s toughest problems 120 * Vitality defined as the pe
Slide 121: Driving Commercial and Operational Excellence
…WHILE DRIVING COMMERCIAL AND OPERATIONAL EXCELLENCE Case Study Example CBS is Customer Centric Drives… Growth $39 $33 $31 $31 $29 $28 $26 $24 2014 2015 2016 2017 2018 2019 2020 2021 CBS Drives… Margin Expansion OP% 700+ Breakthrough Commercial 30% 28% 27% Kaizen Events Excellence Focus 23% 22% 20%
Slide 122: Winning in the Growing Chemical Segment
WINING IN THE GROWING CHEMICAL SEGMENT… Clean Energy & Sustainable Products § Chemistry supporting clean energy § 28%+ global energy consumption by 2040 § Fuel cell market 20% CAGR through 2025 Electronics § 2022 semiconductor industry 10% growth § Artificial Intelligence (AI), Internet of Things (I
Slide 123: Solving Aggressive Media Challenges
…BY SOLVING AGGRESSIVE MEDIA CHALLENGES Severe Service Clean Energy & Sustainable Products Metal Seated Ball Valve § Chemistry supporting clean energy § 28%+ global energy consumption by 2040 50% Longer Life § Fuel cell market 20% CAGR through 2025 Next Generation Sleeved Plug Valve Electronics § 20
Slide 124: Growing Above Market Rates in Wastewater
GROWING ABOVE MARKET RATES IN WASTEWATER … Aging Infrastructure § Most wastewater treatment plants (WWTP) 50+ years old and close to end of designed lifespan § $55 billion for the modernization of water infrastructure in BIL* Tightening Regulations § Disposal costs increasing >5% annually § Stricter
Slide 125: Better Solids Handling Solutions
…WITH BETTER SOLIDS HANDLING SOLUTIONS Aging Infrastructure Chopper Pump § Most wastewater treatment plants (WWTP) 50+ years old and close to end of designed lifespan Eliminates Clogging § $55 billion for the modernization of water infrastructure in BIL* Air-Filled Motor with Tightening Regulations
Slide 126: Gaining Share in Industrial
GAINING SHARE IN INDUSTRIAL… Increasing Energy Efficiency § Increasing focus on reducing carbon footprint § Growing importance of ESG Reducing OpEx § Reducing unplanned downtime which costs an estimated ~$50 billion each year § Reducing installation and maintenance costs Product Reliability § Increa
Slide 127: Delivering Efficiency, Maintenance and Reliability
…DELIVERING EFFICIENCY, MAINTENANCE AND RELIABILITY Smart Positioner Increasing Energy Efficiency § Increasing focus on reducing carbon footprint best-in-class low air § Growing importance of ESG (energy) consumption Pressure Transducer Reducing OpEx § Reducing unplanned downtime which costs an esti
Slide 128: Winning in Growing Pharma / Aseptic Market
WINNING IN GROWING PHARMA / ASEPTIC MARKET… Europe $10B North Projects China America +$2B vs $20B $16B PY Projects Projects +$1B vs PY +$7B vs PY India $6B +$1B vs Asia Pacific PY $9B +$3B vs PY § Growing number of rare and specialty diseases driving innovation § Aging population with improving acce
Slide 129: Through Product Innovation
…THROUGH PRODUCT INNOVATION Europe Diaphragm Valve $10B North Projects China America 90% installation +$2B vs $20B cost savings $16B PY Projects Projects +$1B vs PY +$7B vs PY India $6B +$1B vs Asia Pacific Diaphragms PY $9B +$3B vs PY 3x Longer Life § Growing number of rare and specialty diseases d
Slide 130: Positioned for Growth in the Hydrogen Space
POSITIONED FOR GROWTH IN THE HYDROGEN SPACE… Hydrogen Economy § 5 key uses of hydrogen: Power, Transportation, HVAC, Industrial, Feedstock § Declining H production cost will increase 2 adoption potential § 90 countries committed to Net Zero Targets; 30 Countries have released H roadmaps 2 Increasing
Slide 131: By Solving Reliability Challenges
…BY SOLVING RELIABILITY CHALLENGES Hydrogen Economy § 5 key uses of hydrogen: Power, Transportation, HVAC, Industrial, Feedstock Conversion of H 2 Distributed via § Declining H production cost will increase gas to… 2 adoption potential Liquid Hydrogen § 90 countries committed to Net Zero Targets; 30
Slide 132: Strong Focus on Inorganic Growth Opportunities
STRONG FOCUS ON INORGANIC GROWTH OPPORTUNITIES Number of Targets in Funnel Chemical Valves in corrosive, toxic media +63% Pharma / Aseptic Components in hygienic applications, Single Use Wastewater Treatment Solids handling, sludge management Industrial Automation Level, flow, pressure sensors Cryog
Slide 133: Process Flow Technologies: Summary
PROCESS FLOW TECHNOLOGIES Results & Guidance Driving Growth Summary 133
Slide 134: Summary
SUMMARY Accelerating growth profile § Repositioned portfolio § New product development and commercial excellence Strong operating leverage Expect ~100 BPS average annual margin improvement Substantial opportunities for M&A
Slide 135: Q&A
Q&A
Slide 136: Aerospace & Electronics
AEROSPACE & ELECTRONICS John Higgs President, Crane Aerospace & Electronics
Slide 137: High Visibility to Long Term Growth
HIGH VISIBILITY TO LONG TERM GROWTH Crane A&E Sales Growth Actual 7% CAGR 9% CAGR $1,500 $1,300 $1,100 $900 $700 $500 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Our positions on market leading platforms, continued new program wins, and technology investment will drive a 7%-9% L
Slide 138: Large and Growing End Markets
LARGE AND GROWING END MARKETS Long-term market fundamentals are strong Commercial Defense Space 44,000 Aircraft $112 Billion New commercial deliveries 2021–2040 2022 DoD Research, Development, Test & Evaluation 4.0% CAGR $141 Billion Traffic growth (RPK) 2021–2040 Component Maintenance, Repair & Ove
Slide 139: Strong Near-Term Outlook
STRONG NEAR-TERM OUTLOOK 2021 Sales Segment Sales 2018 2019 2020 2021 2022G Commercial Commercial 3% 5% (37%) 2% 16% Aftermarket 16% Defense 10% 12% 17% (7%) (1%) Military Aftermarket 10% Total OEM 7% 7% (16%) (3%) 8% OEM Commercial 36% Segment Sales 2018 2019 2020 2021 2022G OEM Military Commercial
Slide 140: Positioned to Outgrow Underlying Markets
POSITIONED TO OUTGROW UNDERLYING MARKETS 140
Slide 141: Continued Innovation and R&D Driving Growth
CONTINUED INNOVATION AND R&D DRIVING GROWTH Bi-directional power High voltage DC smart High accuracy proximity conversion to support pumps for coolant and sensors to support more hybrid drivetrains fuel systems connected aircraft 141
Slide 142: Deep and Strong Core Competencies
DEEP AND STRONG CORE COMPETENCIES Core A&E Capabilities § Power conversion Power Solutions § EMI design and assembly § Condition and position sensing Sensing Systems § Pressure and flow measurement § Flow management Fluid & Thermal Management § Liquid cooling § System control algorithms Landing Syst
Slide 143: Multiple High-Confidence Growth Drivers
MULTIPLE HIGH-CONFIDENCE GROWTH DRIVERS 10 Year Market Growth ($M) $1,300 $1,100 $900 $700 Base Existing base business $500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 143
Slide 144: Multiple High-Confidence Growth Drivers
MULTIPLE HIGH-CONFIDENCE GROWTH DRIVERS 10 Year Market Growth ($M) $1,300 $1,100 Core Expanding core $900 expansion $700 Base Existing base business $500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 144
Slide 145: Multiple High-Confidence Growth Drivers
MULTIPLE HIGH-CONFIDENCE GROWTH DRIVERS 10 Year Market Growth ($M) $1,300 New New markets markets $1,100 Core Expanding core $900 expansion $700 Base Existing base business $500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 145
Slide 146: Broad-Based Commercial Aerospace Presence
BROAD-BASED COMMERCIAL AEROSPACE PRESENCE Boeing 737 MAX Airbus A320neo Boeing 787 Comac C919 Strong positions on nearly all high-volume production platforms 146
Slide 147: Numerous Next-Generation Aircraft Opportunities
NUMEROUS NEXT-GENERATION AIRCRAFT OPPORTUNITIES High voltage DC “smart” pump Next generation lube and scavenge pump Already securing content on next-generation production platforms 147
Slide 148: Well-Positioned in Defense and Space Markets
WELL-POSITIONED IN DEFENSE AND SPACE MARKETS NASA Mars Lockheed Perseverance Martin F-35 rover Lower Tier Air and Missile Defense TPY-4 Radar Sensor (LTAMDS) Strong positions on numerous high-volume production platforms 148
Slide 149: Just a Few of Our Most Recent Wins
JUST A FEW OF OUR MOST RECENT WINS… High reliability – high accuracy US Air Force upgrade of F-16 Power conversion for NASA pressure sensors for engine landing gear braking system Artemis control § Leverage Crane’s silicon on sapphire § Utilize Crane’s proven anti-skid brake § Crane’s proven high re
Slide 150: Key Target Opportunities for Further Share Gains
KEY TARGET OPPORTUNITIES FOR FURTHER SHARE GAINS Low Earth Orbit (LEO) Satellite Urban eVTOL Networks Alternative Electric / Hybrid Propulsion Military Vehicles Aircraft Technology roadmaps aligned with major areas of expected market growth 150
Slide 151: Continuing to Invest for the Future
CONTINUING TO INVEST FOR THE FUTURE § Pioneering advanced power conversion Empowering an efficient & sustainable § Modular motor controls suite “Electric World” § Thermal management systems 151
Slide 152: Continuing to Invest for the Future
CONTINUING TO INVEST FOR THE FUTURE § Pioneering advanced power conversion Empowering an efficient & sustainable § Modular motor controls suite “Electric World” § Thermal management systems § Micro-multifunction modules for LEO constellations Enabling space exploration § Modular hybrid power convert
Slide 153: Continuing to Invest for the Future
CONTINUING TO INVEST FOR THE FUTURE § Pioneering advanced power conversion Empowering an efficient & sustainable § Modular motor controls suite “Electric World” § Thermal management systems § Micro-multifunction modules for LEO constellations Enabling space exploration § Modular hybrid power convert
Slide 154: Thermal Management Opportunities
THERMAL MANAGEMENT OPPORTUNITIES Leverage historical success and core capabilities to enter new markets Increasing electrical systems require liquid cooling Addressable market growing 37% 2022 – 2031 154
Slide 155: Power Conversion Opportunities
POWER CONVERSION OPPORTUNITIES Leverage current broad-based offerings and capabilities to enter new markets Current demand for high power electronic warfare and LEO satellite constellations Developing high power Created standard products systems for future defense for advanced air mobility 5 Watts 2
Slide 156: Sensing Opportunities
SENSING OPPORTUNITIES Extended long-range wireless facilitates increased data usage and reduce wiring weight Future engine applications demand increased accuracy and reliability Advanced sensing to address alternative fuel developments 156
Slide 157: High Visibility to Long Term Growth
HIGH VISIBILITY TO LONG TERM GROWTH Crane A&E Sales Growth Actual 7% CAGR 9% CAGR $1,500 $1,300 $1,100 $900 $700 $500 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Our positions on market leading platforms, continued new program wins, and technology investment will drive a 7%-9% L
Slide 158: Growth Through Adjacencies
GROWTH THROUGH ADJACENCIES Organic Core A&E Capabilities § Power conversion § EMI design and assembly § Condition and position sensing § Pressure and flow measurement § Flow management Adjacencies § Liquid cooling Acquisition § System control algorithms § Electric and hydraulic actuation § High freq
Slide 159: Investing in Continuous Improvement
INVESTING IN CONTINUOUS IMPROVEMENT Leveraging Crane Business System to drive efficiencies 5.2% sales per head improvement in 2022 111 Kaizens in 2021 27 new Kaizen (34% annual increase) tool champions 159
Slide 160: Well Positioned for Profitable Long-Term Growth
WELL POSITIONED FOR PROFITABLE LONG-TERM GROWTH § Differentiated and best-in-class technology in large, growing markets § Extremely strong position on existing high-volume platforms § Technology roadmap positions us well for next- generation aircraft, engines and defense systems § Crane Business Sys
Slide 161: Q&A
Q&A
Slide 162: Crane: The Power of Two
CRANE The Power of Two
Slide 163: Non-GAAP Information March 30, 2022
NON-GAAP INFORMATION MARCH 30, 2022
Slide 164: Non-GAAP Explanation (1/3)
NON-GAAP EXPLANATION (1/3) Crane Co. reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This presentation includes certain non-GAAP financial measures, including adjusted operating profit, adjusted operating margin, adjusted EPS, Free Cash Flow,
Slide 165: Non-GAAP Explanation (2/3)
NON-GAAP EXPLANATION (2/3) We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations: § “Net Sales before Special Items” adds back to Net Sales the deferred revenue related to performance obligations w
Slide 166: Non-GAAP Explanation (3/3)
NON-GAAP EXPLANATION (3/3) § “Free cash flow conversion” provides investors with a measure to evaluate the quality of certain other non-GAAP measures, particularly Adjusted Net Income and Adjusted EPS, by comparing those non-GAAP measures to cash from operations less capital expenditures. This compa
Slide 167: Non-GAAP Financial Measures (Segment Data 1/2)
NON-GAAP FINANCIAL MEASURES (SEGMENT DATA 1/2) (in $ Millions) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G* Process Flow Technologies Net Sales 811 924 1,031 1,093 1,235 1,259 1,110 1,093 1,230 1,289 1,289 1,264 1,091 999 1,043 1,102 1,117 1,0
Slide 168: Non-GAAP Financial Measures (Segment Data 2/2)
NON-GAAP FINANCIAL MEASURES (SEGMENT DATA 2/2) (in $ Millions) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G* Engineered Materials*** Net Sales 240 276 305 309 331 255 172 212 220 217 232 253 255 257 275 243 209 176 Operating Profit 48 54 63 50
Slide 169: Non-GAAP Financial Measures (Adjusted EPS)
NON-GAAP FINANCIAL MEASURES (ADJUSTED EPS*) (in $ millions, except per share data) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G** Net Sales 2,179 2,500 2,579 2,595 2,925 2,741 2,748 2,786 3,346 3,283 2,761 3,180 3,300 Acquisition-related Deferred Revenue*** - - - - - - - - - - 1
Slide 170: Non-GAAP Financial Measures (Free Cash Flow)
NON-GAAP FINANCIAL MEASURES (FREE CASH FLOW*) (in $ millions) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G** Cash provided from operations 134 150 235 239 264 229 318 318 414 394 284 467 430 Capital expenditures (21) (35) (29) (29) (44) (40) (51) (49) (109) (69) (33) (52) (60) F
Slide 171: Non-GAAP Financial Measures (EBITDA)
NON-GAAP FINANCIAL MEASURES (EBITDA*) (in $ millions) 2020 2021 2022G** 2020 2021 2022G** Net Sales 2,937 3,180 3,300 Moody's Adjusted EBITDA Acquisition-related Deferred Revenue*** 10 0 0 Adjusted EBITDA (Non-GAAP) 451 620 667 Net Sales before Special Items 2,947 3,180 3,300 Moody's adjustments, ne
Slide 172: Crane
CRANE