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):	July 28, 2022

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 July 29, 2021 Mettler-Toledo International Inc. (“Mettler-Toledo”) issued a press release (the “Release”) setting forth its financial results for the three and six months ended June 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. It excludes the portion of purchases of property, plant and equipment relating to government contract. Therefore any measure that includes proceeds from the sale of property, plant and equipment and purchases of property, plant and equipment and excludes the portion of purchases of property, plant and equipment relating to government contracts.

•

It excludes restructuring, acquisition payments, and tax reform payments which are considered to be components 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 July 28, 2022, 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:	July 28, 2022	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer

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Document

FOR IMMEDIATE RELEASE	Exhibit 99.1

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

SECOND QUARTER 2022 RESULTS

COLUMBUS, Ohio, USA – July 28, 2022 – Mettler-Toledo International Inc. (NYSE: MTD) today announced second quarter results for 2022. Provided below are the highlights:

•Reported sales increased 6% compared with the prior year. In local currency, sales increased 10% in the quarter as currency reduced sales growth by 4%.

•Net earnings per diluted share as reported (EPS) were $9.29, compared with $7.85 in the prior-year period. Adjusted EPS was $9.39, an increase of 16% over the prior-year amount of $8.10. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Second Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, “We reported strong second quarter results as our team executed very well on our growth strategies and successfully navigated global supply chain challenges. Sales growth in our Laboratory and Core Industrial businesses was robust. We are particularly pleased with our very good growth in China. Excellent sales growth combined with good margin improvement drove very strong growth in EPS despite adverse foreign currency.”

GAAP Results

EPS in the quarter was $9.29, compared with the prior-year amount of $7.85.

Compared with the prior year, total reported sales increased 6% to $978.4 million. By region, reported sales increased 11% in the Americas, decreased 7% in Europe and increased 10% in Asia/Rest of World. Earnings before taxes amounted to $256.7 million, compared with $230.4 million in the prior year.

Non-GAAP Results

Adjusted EPS was $9.39, an increase of 16% over the prior-year amount of $8.10.

Compared with the prior year, total sales in local currency increased 10% as currency reduced sales growth by 4%. By region, local currency sales increased 12% in the Americas, 4% in Europe and 14% in Asia/Rest of World. Adjusted Operating Profit amounted to $285.4 million, a 12% increase from the prior-year amount of $255.3 million.

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

Six Month Results

GAAP Results

EPS was $16.84, compared with the prior-year amount of $14.17.

Compared with the prior year, total reported sales increased 9% to $1,876.2 million. By region, reported sales increased 14% in the Americas, decreased 2% in Europe and increased 12% in Asia/Rest of World. Earnings before taxes amounted to $469.7 million, compared with $415.8 million in the prior year.

Non-GAAP Results

Adjusted EPS was $17.25, an increase of 18% over the prior-year amount of $14.66.

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Compared with the prior year, total sales in local currency increased 12% as currency reduced sales growth by 3%. By region, local currency sales increased 14% in the Americas, 7% in Europe and 15% in Asia/Rest of World. Adjusted Operating Profit amounted to $526.7 million, a 13% increase from the prior-year amount of $465.9 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. There is uncertainty in the economic environment today including challenges in the global supply chain, inflationary pressures, unfavorable foreign currency, and the potential impacts of COVID-19 and the war in Ukraine. The estimates include uncertainty and management acknowledges that market conditions are subject to change.

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

currency sales growth in 2022 will be between 9% and 10%. This sales growth is expected to result in Adjusted EPS in the range of $38.85 to $39.05, which represents a growth rate of 14% to 15%. This compares with previous local currency sales guidance of approximately 8% and Adjusted EPS guidance of $38.20 to $38.50. Management notes that current foreign exchange rates represent a greater headwind to Adjusted EPS in the second half of 2022 compared with previous guidance.

Based on today's assessment of market conditions, management anticipates local currency sales growth for the third quarter of 2022 will be approximately 8%, and Adjusted EPS is forecasted to be $9.75 to $9.85, a growth rate of 12% to 13%. Included in the third quarter guidance is an estimated 6% headwind to Adjusted EPS growth due to adverse currency.

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 culture of agility and focused execution have allowed us to capitalize on favorable market demand and navigate challenging supply chain and inflationary conditions. We will continue to leverage our best-in-class Spinnaker sales and marketing initiatives and excellent product portfolio to identify and target profitable growth opportunities. Our sales growth combined with our margin initiatives will continue to drive margin expansion and robust earnings growth in 2022 and beyond.”

Other Matters

The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, July 29) at 7:00 a.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.

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

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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 and recent developments in Ukraine. 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 and recent developments in Ukraine 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 and recent developments in Ukraine. 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, 2021 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
		June 30, 2022			% of sales	June 30, 2021		% of sales
Net sales		$	978,387	(a)	100.0	$	924,351	100.0
Cost of sales		406,726			41.6	387,447		41.9
Gross profit		571,661			58.4	536,904		58.1
Research and development		44,023			4.5	42,603		4.6
Selling, general and administrative		242,206			24.8	239,045		25.9
Amortization		16,365			1.6	16,218		1.8
Interest expense		12,765			1.3	10,439		1.1
Restructuring charges		1,770			0.2	876		0.1
Other charges (income), net		(2,160)			(0.2)	(2,661)		(0.3)
Earnings before taxes		256,692			26.2	230,384		24.9
Provision for taxes		44,622			4.5	45,621		4.9
Net earnings		$	212,070		21.7	$	184,763	20.0
Basic earnings per common share:
Net earnings		$	9.39			$	7.97
Weighted average number of common shares		22,593,375				23,191,155
Diluted earnings per common share:
Net earnings		$	9.29			$	7.85
Weighted average number of common and common equivalent shares		22,821,666				23,521,793
Note:
(a)	Local currency sales increased 10% as compared to the same period in 2021.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Three months ended				Three months ended
		June 30, 2022			% of sales	June 30, 2021		% of sales
Earnings before taxes		$	256,692			$	230,384
Amortization		16,365				16,218
Interest expense		12,765				10,439
Restructuring charges		1,770				876
Other charges (income), net		(2,160)				(2,661)
Adjusted operating profit		$	285,432	(b)	29.2	$	255,256	27.6
Note:
(b)	Adjusted operating profit increased 12% as compared to the same period in 2021.

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METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

		Six months ended				Six months ended
		June 30, 2022			% of sales	June 30, 2021		% of sales
Net sales		$	1,876,178	(a)	100.0	$	1,728,741	100.0
Cost of sales		784,932			41.8	720,141		41.7
Gross profit		1,091,246			58.2	1,008,600		58.3
Research and development		87,051			4.6	81,875		4.7
Selling, general and administrative		477,518			25.5	460,797		26.7
Amortization		32,969			1.8	30,102		1.7
Interest expense		24,103			1.3	19,910		1.2
Restructuring charges		5,781			0.3	2,069		0.1
Other charges (income), net		(5,869)			(0.3)	(1,951)		(0.1)
Earnings before taxes		469,693			25.0	415,798		24.0
Provision for taxes		83,622			4.4	81,372		4.7
Net earnings		$	386,071		20.6	$	334,426	19.3
Basic earnings per common share:
Net earnings		$	17.02			$	14.37
Weighted average number of common shares		22,680,353				23,277,636
Diluted earnings per common share:
Net earnings		$	16.84			$	14.17
Weighted average number of common and common equivalent shares		22,928,933				23,603,805
Note:
(a)	Local currency sales increased 12% as compared to the same period in 2021.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Six months ended				Six months ended
		June 30, 2022			% of sales	June 30, 2021		% of sales
Earnings before taxes		$	469,693			$	415,798
Amortization		32,969				30,102
Interest expense		24,103				19,910
Restructuring charges		5,781				2,069
Other charges (income), net		(5,869)				(1,951)
Adjusted operating profit		$	526,677	(b)	28.1	$	465,928	27.0
Note:
(b)	Adjusted operating profit increased 13% as compared to the same period in 2021.

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	109,449	$	98,564
Accounts receivable, net	626,593		647,335
Inventories	463,321		414,543
Other current assets and prepaid expenses	125,338		108,916
Total current assets	1,324,701		1,269,358
Property, plant and equipment, net	760,856		799,365
Goodwill and other intangible assets, net	941,811		956,072
Other non-current assets	309,062		302,003
Total assets	$	3,336,430	$	3,326,798
Short-term borrowings and maturities of long-term debt	$	106,574	$	101,134
Trade accounts payable	267,523		272,911
Accrued and other current liabilities	744,484		772,493
Total current liabilities	1,118,581		1,146,538
Long-term debt	1,821,458		1,580,808
Other non-current liabilities	389,129		428,031
Total liabilities	3,329,168		3,155,377
Shareholders’ equity	7,262		171,421
Total liabilities and shareholders’ equity	$	3,336,430	$	3,326,798

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

				Six months ended
				June 30,
		2021		2022		2021
Cash flow from operating activities:
Net earnings	212,070	$	184,763	$	386,071	$	334,426
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation		11,318		23,327		22,261
Amortization		16,218		32,969		30,102
Deferred tax benefit		(2,355)		(3,237)		(7,423)
Other		4,581		9,200		9,156
Increase (decrease) in cash resulting from changes in
operating assets and liabilities		31,010		(138,337)		15,890
Net cash provided by operating activities		245,535		309,993		404,412
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment		3,248		118		3,248
Purchase of property, plant and equipment		(22,758)		(62,391)		(47,363)
Proceeds from government funding (a)		—		25,013		—
Acquisitions		(460)		(10,765)		(185,534)
Other investing activities		(14,622)		7,372		3,604
Net cash used in investing activities		(34,592)		(40,653)		(226,045)
Cash flows from financing activities:
Proceeds from borrowings		377,005		1,239,813		1,204,996
Repayments of borrowings		(343,007)		(952,559)		(866,153)
Proceeds from exercise of stock options		2,784		17,710		7,833
Repurchases of common stock		(212,499)		(549,999)		(474,999)
Acquisition contingent consideration payment		—		(7,912)		—
Other financing activities		(1,574)		(382)		(2,288)
Net cash used in financing activities		(177,291)		(253,329)		(130,611)
Effect of exchange rate changes on cash and cash equivalents		1,946		(5,126)		242
Net increase (decrease) in cash and cash equivalents		35,598		10,885		47,998
Cash and cash equivalents:
Beginning of period		106,654		98,564		94,254
End of period	109,449	$	142,252	$	109,449	$	142,252
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities	219,156	$	245,535	$	309,993	$	404,412
Payments in respect of restructuring activities		975		4,245		5,548
Transition tax payment		4,288		4,289		4,288
Proceeds from sale of property, plant and equipment		3,248		118		3,248
Purchase of property, plant and equipment, net (a)		(22,758)		(37,526)		(47,363)
Acquisition payments (b)		1,974		2,579		2,091
Adjusted free cash flow	208,245	$	233,262	$	283,698	$	372,224
Notes:
(a) In September 2021 the Company entered into an agreement with the U.S. Department of Defense to increase the domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company will receive funding of 35.8 million which will offset capital expenditures. For the three and six months ended June 30, 2022, funding proceeds of 7.0 million and 25.0 million, respectively, and related purchases of property, plant and equipment of 23.2 million and 24.9 million, respectively, are excluded from Adjusted free cash flow for the respective periods.
(b) Includes 2.1 million of the PendoTECH contingent consideration payment that was reported in net cash provided by operating activities as required by U.S. GAAP for the three and six months ended June 30, 2022.

All values are in US Dollars.

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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 June 30, 2022			(7%)			11%	10%			6%
	Six Months Ended June 30, 2022			(2%)			14%	12%			9%
Local Currency Sales Growth
	Three Months Ended June 30, 2022			4%			12%	14%			10%
	Six Months Ended June 30, 2022			7%			14%	15%			12%
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
								Six months ended
								June 30,
				2021			% Growth	2022			2021			% Growth
EPS as reported, diluted		9.29		$	7.85		18%	$	16.84		$	14.17		19%
Purchased intangible amortization, net of tax			(a)	0.19		(a)		0.44		(a)	0.31		(a)
Restructuring charges, net of tax			(b)	0.03		(b)		0.20		(b)	0.07		(b)
Income tax expense			(c)	0.03		(c)		(0.25)		(c)	0.01		(c)
Acquisition costs, net of tax				—				0.02		(d)	0.10		(d)
Adjusted EPS, diluted		9.39		$	8.10		16%	$	17.25		$	14.66		18%
Notes:
(a)	Represents the EPS impact of purchased intangibles amortization of 6.4 million (4.9 million net of tax) and 5.9 million (4.5 million net of tax) for the three months ended June 30, 2022 and 2021, and of 13.0 million (10.1 million net of tax) and 9.7 million (7.3 million net of tax) for the six months ended June 30, 2022 and 2021, respectively.
(b)	Represents the EPS impact of restructuring charges of 1.8 million (1.4 million after tax) and 0.9 million (0.7 million after tax) for the three months ended June 30, 2022 and 2021, and 5.8 million (4.7 million after tax) and 2.1 million (1.7 million after tax) for the six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022 and 2021 due to the timing of excess tax benefits associated with stock option exercises.
(d)	Represents the EPS impact of acquisition costs of 0.5 million (0.4 million after tax) and 2.8 million (2.3 million after tax) for the six months ended June 30, 2022 and 2021, respectively.

All values are in US Dollars.

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