Financial Data and Key Metrics Changes - Sales growth was approximately 20% in Q4 and 11% for the full year 2025 [4] - Adjusted EBITDA margin was approximately 25% in Q4 and 24% for the full year [4] - Adjusted EPS was $1.27 in Q4 and $4.06 for the full year [5][11] - Free cash flow conversion ratio was approximately 135% in Q4 and 94% for the full year [4][11] Business Line Data and Key Metrics Changes - CPI core sales were flat in Q4, with double-digit growth in gaming offset by softness in other markets [12] - Security and Authentication Technologies (SAT) saw core sales up approximately 11%, driven by strong performance in Crane Currency [14] - Adjusted operating margin for SAT decreased by approximately 420 basis points due to unfavorable mix and increased costs [15][16] Market Data and Key Metrics Changes - International currency business saw organic backlog up more than 30% year-over-year [7] - CPI expected to be flat year-over-year in 2026, with mid-single-digit growth in services and low single-digit decline in vending [19][51] - SAT expected to deliver high single-digit growth in U.S. currency and mid-single-digit growth in Crane Authentication [19] Company Strategy and Development Direction - Company is focused on accelerating organic revenue growth while maintaining strong margins and free cash flow [4] - Investments are being made to expand capacity in international currency to meet rising demand [25][26] - The acquisition of Antares Vision is on track, with plans to take the company private by mid-2026 [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the currency business, citing strong demand and new contract wins [5][7] - The company anticipates a challenging comparison in Q4 2026 due to strong performance in Q4 2025 [62] - Management expects to see accelerating growth throughout 2026, particularly in the second half of the year [22][52] Other Important Information - The company announced a 6% increase in its annual dividend while maintaining capacity for future acquisitions [18] - Adjusted EBITDA margin is expected to be approximately 28% in 2026, reflecting high profitability in CPI and synergy realization in Crane Authentication [21] Q&A Session Summary Question: Can you discuss the margin performance in SAT for Q4? - Management noted strong growth and backlog in international currency, emphasizing that contracts are executed from backlog, which provides visibility into 2026 [38] Question: What is the expected EPS cadence throughout the year? - Management indicated that EPS will accelerate through the first half and level off in the back half, with guidance reflecting continued strength in currency and mid-single-digit growth in authentication [41][42] Question: What are the dynamics in CPI for the first quarter? - CPI is expected to be flat in 2026, with services growing at mid-single digits and vending down in low single digits due to tariffs [51] Question: What is the status of the $10 bill onboarding? - Management is confident that the U.S. Treasury will announce the new $10 bill mid-year, with full consumer release expected in Q4 [54][80] Question: What are the drivers for faster growth in international currency? - Management identified increased counterfeiting, growth in emerging economies, and faster redesign times as key drivers for sustainable growth in international currency [67][69]