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):	February 10, 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 February 10, 2022 Mettler-Toledo International Inc. (“Mettler-Toledo”) issued a press release (the “Release”) setting forth its financial results for the three and twelve months ended December 31, 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, datedFebruary 10, 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:	February 10, 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

FOURTH QUARTER 2021 RESULTS

COLUMBUS, Ohio, USA – February 10, 2022 – Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2021. Provided below are the highlights:

•Reported sales and local currency sales both increased 11% in the quarter compared with the prior year.

•Net earnings per diluted share as reported (EPS) were $9.94, compared with $9.03 in the prior-year period. Adjusted EPS was $10.53, an increase of 14% over the prior-year amount of $9.26. Adjusted EPS is a non-GAAP measure, and a reconciliation to EPS is included on the last page of the attached schedules.

Fourth Quarter Results

Patrick Kaltenbach, President and Chief Executive Officer, stated, "We had a great finish to the year as we capitalized on strong customer demand and executed very well. Growth was particularly strong in the Americas and Asia/Rest of World, and our Laboratory and Industrial product lines had robust growth. Despite higher costs associated with challenges in the global supply chain, we had a very solid increase in operating profit and strong earnings growth. We had excellent cash flow generation in 2021."

GAAP Results

EPS in the quarter was $9.94, compared with the prior-year amount of $9.03.

Compared with the prior year, total reported sales increased 11% to $1.037 billion. By region, reported sales increased 16% in the Americas, 1% in Europe and 14% in Asia/Rest of World. Earnings before taxes amounted to $286.0 million, compared with $269.2 million in the prior year.

Non-GAAP Results

Adjusted EPS was $10.53, an increase of 14% over the prior-year amount of $9.26.

Compared with the prior year, total sales in local currency increased 11%. By region, local currency sales increased 16% in the Americas, 4% in Europe and 14% in Asia/Rest of World. Adjusted Operating Profit amounted to $319.1 million, a 9% increase from the prior-year amount of $292.8 million.

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

Full Year Results

GAAP Results

EPS was $32.78, compared with the prior-year amount of $24.91.

Compared with the prior year, total reported sales increased 21% to $3.718 billion. By region, reported sales increased 20% in the Americas, 15% in Europe and 26% in Asia/Rest of World. Earnings before taxes amounted to $949.4 million, compared with $748.7 million in the prior year.

Non-GAAP Results

Adjusted EPS was $34.01, an increase of 32% over the prior-year amount of $25.72.

Compared with the prior year, total sales in local currency increased 18% as currency benefited sales growth by 3%. By region, local currency sales increased 20% in the Americas, 12% in Europe and 21% in Asia/Rest of

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World. Adjusted Operating Profit amounted to $1.058 billion, a 26% increase from the prior-year amount of $840.7 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.

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

currency sales growth in 2022 will be approximately 7%. This sales growth is expected to result in

Adjusted EPS in the range of $38.15 to $38.50 which represents a growth rate of 12% to 13%. This compares with previous local currency sales guidance of approximately 6% and Adjusted EPS guidance of $37.25 to $37.65.

Based on today's assessment of market conditions, management anticipates local currency sales growth for the first quarter of 2022 will be approximately 10%, and Adjusted EPS is forecasted to be $7.25 to $7.35, a growth rate of 11% to 12%.

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, "We continued to strengthen our competitive position in 2021. Innovation nourished our excellent product portfolio and comprehensive services offering, and combined with our Spinnaker sales and marketing strategies, helped us to capture growth opportunities. We successfully navigated challenges in the global supply chain to meet customer demands. Our culture of agility and execution further reinforced our brand while our strong results allowed us to make important investments for future growth. We also furthered our great track record on Environment, Social, and Governance initiatives by committing to establish science-based targets to drive greater reductions in our impact on the environment. While market conditions are currently good, challenges remain in the global supply chain and we remain cautious about COVID-19 and its ultimate impact on the global economy. We are confident in our strategic growth and margin initiatives and our ability to gain market share. We believe we are well positioned to deliver strong results in 2022 and beyond."

Other Matters

The Company will host a conference call to discuss its quarterly results today (Thursday, February 10) 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
				% of sales	December 31, 2020		% of sales
Net sales		1,037,239	(a)	100.0	$	937,985	100.0
Cost of sales				41.5	378,941		40.4
Gross profit				58.5	559,044		59.6
Research and development				4.4	39,866		4.3
Selling, general and administrative				23.4	226,369		24.1
Amortization				1.6	14,657		1.6
Interest expense				1.1	9,505		1.0
Restructuring charges				0.2	3,181		0.3
Other charges (income), net			(b)	0.2	(3,714)		(0.4)
Earnings before taxes				27.6	269,180		28.7
Provision for taxes				5.3	52,885		5.6
Net earnings		230,871		22.3	$	216,295	23.1
Basic earnings per common share:
Net earnings		10.08			$	9.15
Weighted average number of common shares					23,642,415
Diluted earnings per common share:
Net earnings		9.94			$	9.03
Weighted average number of common and common equivalent shares					23,965,853
Note:
(a)	Local currency sales increased 11% as compared to the same period in 2020.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
					Three months ended
				% of sales	December 31, 2020		% of sales
Earnings before taxes		285,976			$	269,180
Amortization					14,657
Interest expense					9,505
Restructuring charges					3,181
Other charges (income), net			(b)		(3,714)
Adjusted operating profit		319,073	(c)	30.8	$	292,809	31.2
Notes:
(b)	Other charges (income), net for the three months ended December 31, 2021 includes a 6.8 million charge to increase the PendoTECH acquisition contingent consideration and related obligations, and 0.6 million of acquisition transaction costs.
(c)	Adjusted operating profit increased 9% as compared to the same period in 2020.

All values are in US Dollars.

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METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

					Twelve months ended
				% of sales	December 31, 2020		% of sales
Net sales		3,717,930	(a)	100.0	$	3,085,177	100.0
Cost of sales				41.6	1,284,146		41.6
Gross profit				58.4	1,801,031		58.4
Research and development				4.6	140,102		4.5
Selling, general and administrative				25.4	820,221		26.6
Amortization				1.7	56,665		1.8
Interest expense				1.2	38,616		1.3
Restructuring charges				0.1	10,516		0.3
Other charges (income), net			(b)	(0.1)	(13,832)		(0.4)
Earnings before taxes				25.5	748,743		24.3
Provision for taxes				4.8	146,004		4.8
Net earnings		768,985		20.7	$	602,739	19.5
Basic earnings per common share:
Net earnings		33.25			$	25.24
Weighted average number of common shares					23,882,648
Diluted earnings per common share:
Net earnings		32.78			$	24.91
Weighted average number of common and common equivalent shares					24,199,230
Note:
(a)	Local currency sales increased 18% as compared to the same period in 2020.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
					Twelve months ended
				% of sales	December 31, 2020		% of sales
Earnings before taxes		949,361			$	748,743
Amortization					56,665
Interest expense					38,616
Restructuring charges					10,516
Other charges (income), net			(b)		(13,832)
Adjusted operating profit		1,057,811	(c)	28.5	$	840,708	27.2
Notes:
(b)	Other charges (income), net for the twelve months ended December 31, 2021 includes a 6.8 million charge to increase the PendoTECH acquisition contingent consideration and related obligations, and 3.4 million of acquisition transaction costs.
(c)	Adjusted operating profit increased 26% as compared to the same period in 2020.

All values are in US Dollars.

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	98,564	$	94,254
Accounts receivable, net	647,335		593,809
Inventories	414,543		297,611
Other current assets and prepaid expenses	108,916		71,230
Total current assets	1,269,358		1,056,904
Property, plant and equipment, net	799,365		798,868
Goodwill and other intangible assets, net	956,072		747,055
Other non-current assets	302,003		211,722
Total assets	$	3,326,798	$	2,814,549
Short-term borrowings and maturities of long-term debt	$	101,134	$	50,317
Trade accounts payable	272,911		175,801
Accrued and other current liabilities	772,493		614,209
Total current liabilities	1,146,538		840,327
Long-term debt	1,580,808		1,284,174
Other non-current liabilities	428,031		407,373
Total liabilities	3,155,377		2,531,874
Shareholders’ equity	171,421		282,675
Total liabilities and shareholders’ equity	$	3,326,798	$	2,814,549

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	Three months ended				Twelve months ended
	December 31,				December 31,
	2021		2020		2021		2020
Cash flow from operating activities:
Net earnings	$	230,871	$	216,295	$	768,985	$	602,739
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation	11,542		11,095		44,982		42,044
Amortization	16,934		14,657		63,075		56,665
Deferred tax expense (benefit)	6,635		(5,794)		563		(12,784)
Share-based compensation	5,702		5,439		19,595		18,687
Increase in acquisition contingent consideration	6,849		—		6,849		—
Other	381		(2,399)		381		(2,399)
Increase in cash resulting from changes in
operating assets and liabilities	(37,808)		11,576		4,395		19,747
Net cash provided by operating activities	241,106		250,869		908,825		724,699
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	253		60		3,652		3,106
Purchase of property, plant and equipment	(37,784)		(35,066)		(107,580)		(92,494)
Acquisitions	(27,475)		—		(220,862)		(6,242)
Other investing activities	2,123		4,691		10,682		(4,730)
Net cash used in investing activities	(62,883)		(30,315)		(314,108)		(100,360)
Cash flows from financing activities:
Proceeds from borrowings	789,198		340,680		2,427,519		1,489,040
Repayments of borrowings	(786,369)		(252,678)		(2,035,546)		(1,483,869)
Proceeds from exercise of stock options	5,549		525		20,463		26,719
Repurchases of common stock	(272,500)		(374,999)		(999,998)		(774,998)
Other financing activities	(123)		—		(2,987)		(800)
Net cash used in financing activities	(264,245)		(286,472)		(590,549)		(743,908)
Effect of exchange rate changes on cash and cash equivalents	914		6,486		142		6,038
Net increase (decrease) in cash and cash equivalents	(85,108)		(59,432)		4,310		(113,531)
Cash and cash equivalents:
Beginning of period	183,672		153,686		94,254		207,785
End of period	$	98,564	$	94,254	$	98,564	$	94,254
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities	$	241,106	$	250,869	$	908,825	$	724,699
Payments in respect of restructuring activities	2,607		2,280		10,029		8,541
Payments for acquisition costs	462		—		2,706		—
Transition tax payment	—		—		4,288		4,264
Proceeds from sale of property, plant and equipment	253		60		3,652		3,106
Purchase of property, plant and equipment	(37,784)		(35,066)		(107,580)		(92,494)
Adjusted free cash flow	$	206,644	$	218,143	$	821,920	$	648,116

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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 December 31, 2021			1%			16%	14%			11%
	Twelve Months Ended December 31, 2021			15%			20%	26%			21%
Local Currency Sales Growth
	Three Months Ended December 31, 2021			4%			16%	14%			11%
	Twelve Months Ended December 31, 2021			12%			20%	21%			18%
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
								Twelve months ended
								December 31,
				2020			% Growth	2021			2020			% Growth
EPS as reported, diluted		9.94		$	9.03		10%	$	32.78		$	24.91		32%
Purchased intangible amortization, net of tax			(a)	0.12		(a)		0.70		(a)	0.46		(a)
Restructuring charges, net of tax			(b)	0.11		(b)		0.18		(b)	0.35		(b)
Income tax expense			(c)	—		(c)		—			—
Acquisition costs, net of tax			(d)	—				0.35		(d)	—
Adjusted EPS, diluted		10.53		$	9.26		14%	$	34.01		$	25.72		32%
Notes:
(a)	Represents the EPS impact of purchased intangibles amortization of 6.3 million (4.8 million net of tax) and 3.7 million (2.8 million net of tax) for the three months ended December 31, 2021 and 2020, and of 21.6 million (16.3 million net of tax) and 14.9 million (11.2 million net of tax) for the twelve months ended December 31, 2021 and 2020, respectively.
(b)	Represents the EPS impact of restructuring charges of 2.5 million (2.0 million after tax) and 3.2 million (2.6 million after tax) for the three months ended December 31, 2021 and 2020, and 5.2 million (4.2 million after tax) and 10.5 million (8.5 million after tax) for the twelve months ended December 31, 2021 and 2020, respectively, which primarily include employee related costs.
(c)	Represents the EPS impact of the difference between our reported and annual tax rate before non-recurring discrete items due to the timing of excess tax benefits associated with stock option exercises. Also includes a 0.14 EPS benefit for the three months ended December 31, 2021 for the reduction in our annualized effective tax rate to 19.0% for the first three quarters of 2021 and a 0.20 EPS benefit for the three months ended December 31, 2020 for the reduction in our annualized effective tax rate to 19.5% for the first three quarters of 2020.
(d)	Represents a 6.8 million charge (5.5 million after tax) to increase the PendoTECH acquisition contingent consideration and related obligations for the three and twelve months ended December 31, 2021. Also includes the EPS impact of acquisition transaction costs of 0.6 million (0.4 million after tax) and 3.4 million (2.7 million after tax) for the three and twelve months ended December 31, 2021, respectively.

All values are in US Dollars.

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