Crane NXT, Co.

Greetings and welcome to the Crane NXT third quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rima Haider, Vice President of Investor Relations. Thank you. You may begin.

Thank you, Operator, and good morning, everyone. I am Rima Haider, Vice President of Investor Relations, and I want to welcome all of you to the third quarter 2023 earnings call for Crane NXT. Before we begin, the slides we will reference during this presentation can be accessed via the Investor Relations section of our website at craneNXT.com. A replay of today's call will also be available on our website. After our prepared remarks, we will open the call to analysts for questions. Before we discuss our results, I encourage all listeners to review the legal notice on slide two, which explains the risk of forward-looking statements and the use of non-GAAP financial measures. Additionally, we refer you to the cautionary language at the bottom of our earnings release and also in our forms 10-K and 10-Q, filings pertaining to forward-looking statements. During the call, we will also be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers in tables at the end of our press release and accompanying slide presentation, both of which are available on our website at craneNXT.com in the investor relations section. On our call this morning, we have Aaron Sake, our president and chief executive officer, and Cristina Cristiano, our senior vice president and chief financial officer. Now, let me turn the call over to Aaron.

Thank you, Rima, and good morning to everyone. Yesterday, we reported our third quarter financial results, our second quarter since separation to launch Crane NXT. And I'd like to take a moment to thank all of our associates for their efforts to deliver a strong quarter, driving growth, operational excellence, and strong free cash flow generation. You can see the highlights of our third quarter performance on slide three. We delivered $353 million in sales with 4% core sales growth, adjusted EPS of $1.09, which was ahead of our expectations, and this outperformance was driven by strong sales growth and margins in the international currency business along with lower corporate costs. Margin performance was also very strong overall, with an adjusted EBITDA margin of over 29% and an adjusted operating margin of 26%, which was approximately 10 basis points higher than prior year. Additionally, adjusted free cash flow was 98 million, which supported an additional 125 million pay down in our term loan. Our net leverage ratio is now at 1.3 times, giving us substantial financial flexibility for M&A. The strength of our year-to-date performance gives us confidence to raise the low end of our full year adjusted EPS guidance to a new narrowed range of $4 to $4.15. This narrowed range reflects the strength in the international currency market where we continue to gain share. At CPI, as we noted last quarter, we continue to see customers adjusting their inventories to reflect reduced lead times, resulting in lower orders versus prior year. As a result, we're continuing to assess demand and adjusting our inventory levels accordingly. Overall, we're on track to deliver the $1.4 billion in sales this year that we spoke about earlier, with adjusted operating margins above 27% and free cash flow conversion of approximately 100%. So I'm now going to hand the call over to Christina to walk us through more of the details on our financials. Christina?