8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):	November 4, 2021

Mettler-Toledo International Inc.

(Exact name of registrant as specified in its charter)

Delaware	File No.	001-13595	13-3668641
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS Employer Identification No.)		1900 Polaris Parkway
---	---	---	---
Columbus,	OH
and
Im Langacher, P.O. Box MT-100
CH Greifensee, Switzerland		43240	and 8606
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 1-614-438-4511 and +41-44-944-22-11

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MTD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.” The information furnished in this Form 8-K and the Exhibit attached hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On November 4, 2021 Mettler-Toledo International Inc. (“Mettler-Toledo”) issued a press release (the “Release”) setting forth its financial results for the three and nine months ended September 30, 2021. A copy of the Release is furnished hereto as Exhibit 99.1 to this report.

Non-GAAP Financial Measures

Mettler-Toledo supplements its U.S. GAAP results with non-GAAP financial measures. The principal non-GAAP financial measures Mettler-Toledo uses are Adjusted Earnings per Share, Adjusted Operating Profit, Adjusted Free Cash Flow and Local Currency Sales Growth.

Adjusted Earnings per Share

Mettler-Toledo defines Adjusted Earnings per Share as diluted earnings per common share excluding certain non-recurring discrete tax items, amortization of purchased intangible assets, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax. The most directly comparable U.S. GAAP financial measure is diluted earnings per common share.

Mettler-Toledo believes that Adjusted Earnings per Share is important supplemental information for investors. Mettler-Toledo uses this measure because it excludes certain non-recurring discrete tax items, amortization of purchased intangibles, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax, which management believes are not directly related to current and ongoing operations thereby providing investors with information that helps to compare ongoing operating performance.

Adjusted Earnings per Share is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Earnings per Share is not intended to represent diluted earnings per common share under U.S. GAAP and should not be considered as an alternative to diluted earnings per common share as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Earnings per Share

Mettler-Toledo’s non-GAAP measure, Adjusted Earnings per Share, has certain material limitations as follows:

It does not include certain non-recurring discrete tax items, amortization expense of purchased intangibles, net of tax, restructuring charges, net of tax and certain other one-time charges, net of tax. Because non-recurring discrete tax items, amortization of purchased intangibles, restructuring charges and certain other one-time charges are components of diluted earnings per share under U.S. GAAP, any measure that excludes non-recurring discrete tax items, amortization of purchased intangibles, restructuring charges and certain other one-time charges, has material limitations.

Adjusted Operating Profit

Mettler-Toledo defines Adjusted Operating Profit as gross profit less research and development and selling, general and administrative expenses before amortization, interest, restructuring charges and other charges (income), net and taxes. The most directly comparable U.S. GAAP financial measure is earnings before taxes.

Mettler-Toledo believes that Adjusted Operating Profit is important supplemental information for investors. Adjusted Operating Profit is used internally as the principal profit measurement by its segments in their reporting to management. Mettler-Toledo uses this measure because it excludes amortization, interest, restructuring charges and other charges (income), net and taxes, which are not allocated to the segments.

On a consolidated basis, Mettler-Toledo also believes Adjusted Operating Profit is an important supplemental method of measuring profitability. It is used internally by senior management for measuring profitability and setting performance targets for managers, and has historically been used as one of the means of publicly providing guidance on possible future results. Mettler-Toledo also believes that Adjusted Operating Profit is an important performance measure because it provides a measure of comparability to other companies with different capital or legal structures, which accordingly may be subject to disparate interest rates and effective tax rates, and to companies which may incur different amortization expenses or impairment charges related to intangible assets.

Adjusted Operating Profit is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Operating Profit is not intended to represent operating income under U.S. GAAP and should not be considered as an alternative to earnings before taxes as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Operating Profit

Mettler-Toledo’s non-GAAP measure, Adjusted Operating Profit, has certain material limitations as follows:

•	It excludes amortization expense. Because this item is recurring, any measure that excludes amortization expense has material limitations.
•	It does not include interest expense. Because Mettler-Toledo has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted Mettler-Toledo in generating revenue. Therefore any measure that excludes interest expense has material limitations.
•	It excludes restructuring charges. Because restructuring charges are a component of operating income under U.S. GAAP, any measure that excludes restructuring charges, has material limitations.
•	It excludes other charges (income), net. Because other charges (income), net is a component of operating income under U.S. GAAP, any measure that excludes other charges (income), net, has material limitations.

Adjusted Free Cash Flow

Mettler-Toledo defines Adjusted Free Cash Flow as net cash provided by operating activities including proceeds from the sale of property, plant and equipment, less capital expenditures, and before restructuring, acquisition cost payments, and tax reform payments. The most directly comparable U.S. GAAP financial measure is net cash provided by operating activities

Mettler-Toledo believes Adjusted Free Cash Flow is important supplemental information for investors. It is used internally by senior management for measuring operating cash flow generation and setting performance targets for managers, and has historically been used as one of the means of providing guidance on possible future cash flows.

Adjusted Free Cash Flow is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Free Cash Flow is not intended to represent net cash provided by operating activities recorded under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Adjusted Free Cash Flow

Mettler-Toledo’s non-GAAP measure, Adjusted Free Cash Flow, has certain material limitations as follows:

•	It includes proceeds from the sale of property, plant and equipment and purchases of property, plant and equipment, which are not considered to be components of net cash provided by operating activities under U.S. GAAP. Therefore any measure that includes proceeds from the sale of property, plant and equipment and purchases of property, plant and equipment has material limitations.
•	It excludes restructuring, acquisition cost payments, and tax reform payments which is considered to be a component of net cash provided by operating activities under U.S. GAAP. Therefore any measure that excludes these items has material limitations.

Local Currency Sales Growth

Mettler-Toledo defines Local Currency Sales Growth as sales growth excluding the effect of currency exchange rate fluctuations that result from translating activity outside of the United States into U.S. dollars. The most directly comparable U.S. GAAP financial measure is U.S. dollar sales growth.

Mettler-Toledo believes that Local Currency Sales Growth is important supplemental information for investors. Mettler-Toledo believes local currency information provides a helpful assessment of business performance and a useful measure of results between periods.

Local Currency Sales Growth is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Local Currency Sales Growth is not intended to represent U.S. dollar sales growth under U.S. GAAP and should not be considered as an alternative to U.S. dollar sales growth as an indicator of Mettler-Toledo’s performance because of the following limitations.

Limitations of Mettler-Toledo’s non-GAAP measure, Local Currency Sales Growth

Mettler-Toledo’s non-GAAP measure, Local Currency Sales Growth, has certain material limitations as follows:

It does not include the effect of currency exchange rate fluctuations that result from translating activity outside of the United States into U.S. dollars. Because the effect of changes in foreign currency exchange rates is a component of sales growth under U.S. GAAP, any measure that excludes the effect of changes in foreign currency exchange rates, has material limitations.

Adjusted Earnings per Share, Adjusted Operating Income, Adjusted Free Cash Flow and Local Currency Sales Growth should not be relied upon to the exclusion of U.S. GAAP financial measures, but reflect additional measures of comparability and means of viewing aspects of Mettler-Toledo’s operations that, when viewed together with its U.S. GAAP results and the accompanying reconciliations to net earnings, net cash provided by operating activities and diluted earnings per share, provide a more complete understanding of factors and trends affecting its business.

Because Adjusted Earnings per Share, Adjusted Operating Income, Adjusted Free Cash Flow and Local Currency Sales Growth are not standardized, it may not be possible to compare with other companies’ non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

The Release provides a reconciliation of Adjusted Earnings per Share, Adjusted Operating Income and Adjusted Free Cash Flow to the most comparable financial measures recorded under U.S. GAAP. The Release also presents Local Currency Sales Growth in conjunction with its most comparable financial measure recorded under U.S. GAAP.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Press release, dated November 4, 2021, issued by Mettler-Toledo International Inc.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).*<br><br>* Submitted electronically with this Report in accordance with the provision of Regulation S-T.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		METTLER-TOLEDO INTERNATIONAL INC.
Dated:	November 4, 2021	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer

7

Document

FOR IMMEDIATE RELEASE	Exhibit 99.1

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

THIRD QUARTER 2021 RESULTS

COLUMBUS, Ohio, USA – November 4, 2021 – Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2021. Provided below are the highlights:

•Reported sales increased 18% compared with the prior year. In local currency, sales increased 16% in the quarter as currency benefited reported sales growth by 2%.

•Net earnings per diluted share as reported (EPS) were $8.71, compared with $6.68 in the prior-year period. Adjusted EPS was $8.72, an increase of 24% over the prior-year amount of $7.02. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Third Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, "We had very strong sales growth with broad-based increases in all regions. Our Laboratory product lines had excellent growth and our Industrial business also performed very well. Our ability to meet heightened customer demand while navigating the challenges of the global supply chain is proving to be a competitive advantage in the current environment. Robust sales growth and agile execution drove strong growth in Adjusted Operating Profit, Adjusted EPS and cash flow generation."

GAAP Results

EPS in the quarter was $8.71, compared with the prior-year amount of $6.68.

Compared with the prior year, total reported sales increased 18% to $952.0 million. By region, reported sales increased 20% in the Americas, 12% in Europe and 21% in Asia/Rest of World. Earnings before taxes amounted to $247.6 million, compared with $205.8 million in the prior year.

Non-GAAP Results

Adjusted EPS was $8.72, an increase of 24% over the prior-year amount of $7.02.

Compared with the prior year, total sales in local currency increased 16% as currency benefited sales growth by 2%. By region, local currency sales increased 20% in the Americas, 10% in Europe and 16% in Asia/Rest of World. Adjusted Operating Profit amounted to $272.8 million, a 19% increase from the prior-year amount of $230.0 million.

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Nine Month Results

GAAP Results

EPS was $22.86, compared with the prior-year amount of $15.92.

Compared with the prior year, total reported sales increased 25% to $2.681 billion. By region, reported sales increased 22% in the Americas, 22% in Europe and 31% in Asia/Rest of World. Earnings before taxes amounted to $663.4 million, compared with $479.6 million in the prior year.

Non-GAAP Results

Adjusted EPS was $23.37, an increase of 43% over the prior-year amount of $16.30.

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Compared with the prior year, total sales in local currency increased 20% as currency benefited sales growth by 5%. By region, local currency sales increased 21% in the Americas, 15% in Europe and 23% in Asia/Rest of World. Adjusted Operating Profit amounted to $738.7 million, a 35% increase from the prior-year amount of $547.9 million.

Adjusted EPS and Adjusted Operating Profit are non-GAAP measures. Reconciliations to the most comparable GAAP measures are provided in the attached schedules.

Outlook

The Company stated that forecasting continues to be challenging. Management cautions that market conditions are dynamic and changes to the business environment can happen quickly. Uncertainty remains surrounding the impact of COVID-19 and the challenges in the global supply chain on the economic environment. The estimates include uncertainty and management acknowledges that market conditions are subject to change.

Based on today's assessment of market conditions, management anticipates local currency sales growth for the fourth quarter of 2021 will be approximately 8%, and Adjusted EPS is forecasted to be $10.00 to $10.05, a growth rate of 8% to 9%.

For the full year 2021, local currency sales growth is expected to be approximately 17%, and Adjusted EPS is forecasted to be in the range of $33.35 to $33.40, an increase of 30%. This compares with previous guidance of Adjusted EPS in the range of $32.60 to $32.90.

The Company said that based on its assessment of market conditions today, management anticipates local

currency sales growth in 2022 will be approximately 6%. This sales growth is expected to result in

Adjusted EPS in the range of $37.25 to $37.65. Using the mid-point of 2021 guidance, this would result

in Adjusted EPS growth of 12% to 13%.

While the Company has provided an outlook for local currency sales growth and Adjusted EPS, it has not provided an outlook for reported sales growth or EPS as it would require an estimate of currency exchange fluctuations and non-recurring items, which are not yet known.

Conclusion

Kaltenbach concluded, "Our end markets remain favorable and our strategic initiatives are very effective at capturing growth. We continue to invest in the strength and breadth of our product portfolio, further extending our technology lead; leverage our excellent sales and marketing approaches; and reinforce customer trust through our global service offering, which supports customers' productivity. We have successfully navigated the challenges of the global supply chain to date but are cautious as dynamics remain challenging and conditions can change rapidly. Although pockets of uncertainty exist in the global economy, we believe we are ideally positioned to continue to gain market share. With our proven strategies, good demand in our end markets and continued focused execution of our growth and margin initiatives, we believe we are in an excellent position to deliver strong results in 2021 and 2022."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, Nov. 4) at 5:00 p.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company’s website at www.mt.com/investors. The presentation referenced in the conference call will be located on the website prior to the call.

METTLER TOLEDO (NYSE: MTD) is a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key R&D, quality control and manufacturing processes for customers in a wide range of industries including life sciences, food and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. For more information, please visit www.mt.com.

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Statements in this press release which are not historical facts constitute “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth and long-term impacts of the COVID-19 pandemic. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue.” We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, customer demand, our competitive position, pricing, our supply chain, adequacy of our facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, planned research and development efforts and product introductions, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions and the impact of the COVID-19 pandemic on our businesses. Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including the uncertain duration and severity of the COVID-19 pandemic. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020 and other reports filed with the SEC from time to time.

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METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

		Three months ended				Three months ended
		September 30, 2021			% of sales	September 30, 2020		% of sales
Net sales		$	951,950	(a)	100.0	$	807,357	100.0
Cost of sales		396,130			41.6	337,749		41.8
Gross profit		555,820			58.4	469,608		58.2
Research and development		42,276			4.4	34,656		4.3
Selling, general and administrative		240,734			25.3	204,974		25.4
Amortization		16,039			1.7	14,121		1.7
Interest expense		11,791			1.2	9,310		1.2
Restructuring charges		650			0.1	4,570		0.6
Other charges (income), net		(3,257)			(0.3)	(3,832)		(0.5)
Earnings before taxes		247,587			26.0	205,809		25.5
Provision for taxes		43,899			4.6	44,042		5.5
Net earnings		$	203,688		21.4	$	161,767	20.0
Basic earnings per common share:
Net earnings		$	8.83			$	6.76
Weighted average number of common shares		23,056,924				23,922,272
Diluted earnings per common share:
Net earnings		$	8.71			$	6.68
Weighted average number of common and common equivalent shares		23,393,579				24,225,204
Note:
(a)	Local currency sales increased 16% as compared to the same period in 2020.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Three months ended				Three months ended
		September 30, 2021			% of sales	September 30, 2020		% of sales
Earnings before taxes		$	247,587			$	205,809
Amortization		16,039				14,121
Interest expense		11,791				9,310
Restructuring charges		650				4,570
Other charges (income), net		(3,257)				(3,832)
Adjusted operating profit		$	272,810	(b)	28.7	$	229,978	28.5
Note:
(b)	Adjusted operating profit increased 19% as compared to the same period in 2020.

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METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

		Nine months ended				Nine months ended
		September 30, 2021			% of sales	September 30, 2020		% of sales
Net sales		$	2,680,691	(a)	100.0	$	2,147,192	100.0
Cost of sales		1,116,271			41.6	905,205		42.2
Gross profit		1,564,420			58.4	1,241,987		57.8
Research and development		124,151			4.6	100,236		4.7
Selling, general and administrative		701,531			26.2	593,852		27.7
Amortization		46,141			1.7	42,008		2.0
Interest expense		31,701			1.2	29,111		1.3
Restructuring charges		2,719			0.1	7,335		0.3
Other charges (income), net		(5,208)			(0.2)	(10,118)		(0.5)
Earnings before taxes		663,385			24.8	479,563		22.3
Provision for taxes		125,271			4.7	93,119		4.3
Net earnings		$	538,114		20.1	$	386,444	18.0
Basic earnings per common share:
Net earnings		$	23.19			$	16.13
Weighted average number of common shares		23,203,257				23,963,311
Diluted earnings per common share:
Net earnings		$	22.86			$	15.92
Weighted average number of common and common equivalent shares		23,536,615				24,272,354
Note:
(a)	Local currency sales increased 20% as compared to the same period in 2020.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Nine months ended				Nine months ended
		September 30, 2021			% of sales	September 30, 2020		% of sales
Earnings before taxes		$	663,385			$	479,563
Amortization		46,141				42,008
Interest expense		31,701				29,111
Restructuring charges		2,719				7,335
Other charges (income), net		(5,208)				(10,118)
Adjusted operating profit		$	738,738	(b)	27.6	$	547,899	25.5
Note:
(b)	Adjusted operating profit increased 35% as compared to the same period in 2020.

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	183,672	$	94,254
Accounts receivable, net	603,364		593,809
Inventories	381,457		297,611
Other current assets and prepaid expenses	77,731		71,230
Total current assets	1,246,224		1,056,904
Property, plant and equipment, net	783,813		798,868
Goodwill and other intangible assets, net	927,777		747,055
Other non-current assets	249,347		211,722
Total assets	$	3,207,161	$	2,814,549
Short-term borrowings and maturities of long-term debt	$	53,524	$	50,317
Trade accounts payable	219,294		175,801
Accrued and other current liabilities	728,743		614,209
Total current liabilities	1,001,561		840,327
Long-term debt	1,639,583		1,284,174
Other non-current liabilities	406,846		407,373
Total liabilities	3,047,990		2,531,874
Shareholders’ equity	159,171		282,675
Total liabilities and shareholders’ equity	$	3,207,161	$	2,814,549

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	Three months ended				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Cash flow from operating activities:
Net earnings	$	203,688	$	161,767	$	538,114	$	386,444
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation	11,179		10,622		33,440		30,949
Amortization	16,039		14,121		46,141		42,008
Deferred tax expense (benefit)	1,351		(2,420)		(6,072)		(6,990)
Other	4,737		4,430		13,893		13,248
Increase in cash resulting from changes in
operating assets and liabilities	26,313		36,559		42,203		8,171
Net cash provided by operating activities	263,307		225,079		667,719		473,830
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	151		1,021		3,399		3,046
Purchase of property, plant and equipment	(22,433)		(20,339)		(69,796)		(57,428)
Acquisitions	(7,853)		—		(193,387)		(6,242)
Other investing activities	4,955		(140)		8,559		(9,421)
Net cash used in investing activities	(25,180)		(19,458)		(251,225)		(70,045)
Cash flows from financing activities:
Proceeds from borrowings	433,325		72,262		1,638,321		1,148,360
Repayments of borrowings	(383,024)		(63,066)		(1,249,177)		(1,231,191)
Proceeds from exercise of stock options	7,081		8,444		14,914		26,194
Repurchases of common stock	(252,499)		(199,999)		(727,498)		(399,999)
Other financing activities	(576)		—		(2,864)		(800)
Net cash used in financing activities	(195,693)		(182,359)		(326,304)		(457,436)
Effect of exchange rate changes on cash and cash equivalents	(1,014)		3,147		(772)		(448)
Net increase (decrease) in cash and cash equivalents	41,420		26,409		89,418		(54,099)
Cash and cash equivalents:
Beginning of period	142,252		127,277		94,254		207,785
End of period	$	183,672	$	153,686	$	183,672	$	153,686
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities	$	263,307	$	225,079	$	667,719	$	473,830
Payments in respect of restructuring activities	1,874		1,634		7,422		6,261
Payments for acquisition costs	153		—		2,244		—
Transition tax payment	—		4,264		4,288		4,264
Proceeds from sale of property, plant and equipment	151		1,021		3,399		3,046
Purchase of property, plant and equipment	(22,433)		(20,339)		(69,796)		(57,428)
Adjusted free cash flow	$	243,052	$	211,659	$	615,276	$	429,973

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METTLER-TOLEDO INTERNATIONAL INC.

OTHER OPERATING STATISTICS

SALES GROWTH BY DESTINATION
(unaudited)
				Europe			Americas	Asia/RoW			Total
U.S. Dollar Sales Growth
	Three Months Ended September 30, 2021			12%			20%	21%			18%
	Nine Months Ended September 30, 2021			22%			22%	31%			25%
Local Currency Sales Growth
	Three Months Ended September 30, 2021			10%			20%	16%			16%
	Nine Months Ended September 30, 2021			15%			21%	23%			20%
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
								Nine months ended
								September 30,
				2020			% Growth	2021			2020			% Growth
EPS as reported, diluted		8.71		$	6.68		30%	$	22.86		$	15.92		44%
Purchased intangible amortization, net of tax			(a)	0.12		(a)		0.49		(a)	0.35		(a)
Restructuring charges, net of tax			(b)	0.15		(b)		0.09		(b)	0.24		(b)
Income tax expense			(c)	0.07		(c)		(0.17)		(c)	(0.21)		(c)
Acquisition costs, net of tax				—				0.10		(d)	—
Adjusted EPS, diluted		8.72		$	7.02		24%	$	23.37		$	16.30		43%
Notes:
(a)	Represents the EPS impact of purchased intangibles amortization of 5.5 million (4.1 million net of tax) and 3.8 million (2.8 million net of tax) for the three months ended September 30, 2021 and 2020, and of 15.2 million (11.5 million net of tax) and 11.2 million (8.5 million net of tax) for the nine months ended September 30, 2021 and 2020, respectively.
(b)	Represents the EPS impact of restructuring charges of 0.7 million (0.5 million after tax) and 4.6 million (3.6 million after tax) for the three months ended September 30, 2021 and 2020, and 2.7 million (2.2 million after tax) and 7.3 million (5.8 million after tax) for the nine months ended September 30, 2021 and 2020, respectively, which primarily include employee related costs.
(c)	Represents the EPS impact of the difference between our quarterly and estimated annual tax rate before non-recurring discrete items during the three and nine months ended September 30, 2021 and 2020 due to the timing of excess tax benefits associated with stock option exercises.
(d)	Represents the EPS impact of acquisition costs of 2.8 million (2.3 million after tax) for the nine months ended September 30, 2021.

All values are in US Dollars.

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