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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 7, 2024
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 7, 2024 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, 2024. 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.


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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.
    
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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.
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    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.
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Item 9.01 Financial Statements and Exhibits

Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).*

* Submitted electronically with this Report in accordance with the provision of Regulation S-T.


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SIGNATURE

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 7, 2024 By: /s/ Shawn P. Vadala
Shawn P. Vadala
Chief Financial Officer



7
EX-99.1 2 ex-991mtd8xkq32024.htm EX-99.1 Document
FOR IMMEDIATE RELEASE Exhibit 99.1
METTLER-TOLEDO INTERNATIONAL INC. REPORTS
THIRD QUARTER 2024 RESULTS


COLUMBUS, Ohio, USA – November 7, 2024 – Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2024. Provided below are the highlights:

•Reported and local currency sales increased 1% compared with the prior year.

•Net earnings per diluted share as reported (EPS) were $9.96, compared with $9.21 in the prior-year period. Adjusted EPS was $10.21, an increase of 4% over the prior-year amount of $9.80. 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 experienced good growth during the third quarter in our Laboratory business and had particularly strong growth in Service. While China grew modestly this quarter, market conditions remain challenging, particularly in the Industrial sector. We are very pleased with our team’s strong execution of our growth and margin expansion initiatives, which supported good earnings growth.”

GAAP Results
EPS in the quarter was $9.96, compared with the prior-year amount of $9.21.

Compared with the prior year, total reported sales rose 1% to $954.5 million. By region, reported sales increased 2% in Europe and 4% in Asia/Rest of World, and declined 1% in the Americas. Earnings before taxes amounted to $259.0 million, compared with $251.2 million in the prior year.

Non-GAAP Results
Adjusted EPS was $10.21, an increase of 4% over the prior-year amount of $9.80.

Compared with the prior year, total sales in local currency increased 1%. By region, local currency sales increased 1% in Europe and 4% in Asia/Rest of World and declined 1% in the Americas. Adjusted Operating Profit amounted to $296.6 million, compared with the prior-year amount of $296.0 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 $28.55, compared with the prior-year amount of $27.37, and included a non-cash discrete tax benefit of $1.07 per share.

Compared with the prior year, total reported sales declined 1% to $2.827 billion. By region, reported sales increased 5% in Europe and 1% in the Americas and declined 8% in Asia/Rest of World. Earnings before taxes amounted to $722.7 million, compared with $741.2 million in the prior year.

Non-GAAP Results
Adjusted EPS was $28.74, compared with the prior-year amount of $28.63.

Compared with the prior year, total sales in local currency were flat as currency reduced sales growth by 1%. By region, local currency sales increased 4% in Europe and 1% in the Americas and declined 6% in Asia/Rest of World.
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Excluding the first quarter benefit from delayed fourth quarter 2023 shipments, year-to-date local currency sales declined 2%, including flat sales in Europe and the Americas and a 7% decline in Asia/Rest of World. Adjusted Operating Profit amounted to $848.0 million, compared with the prior-year amount of $870.1 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
Management cautions that market conditions are uncertain and could change quickly. Based on today's assessment, management anticipates local currency sales for the fourth quarter of 2024 will increase approximately 8%, which includes a benefit of approximately 6% from the previously disclosed shipping delays in the fourth quarter of 2023. Adjusted EPS is forecast to be $11.63 to $11.78, representing growth of 24% to 25%.

For the full year, management anticipates local currency sales will increase approximately 2%, which includes a benefit of approximately 3% from the previously disclosed shipping delays in the fourth quarter of 2023 that benefited the first quarter of 2024. Adjusted EPS is forecast to be in the range of $40.35 to $40.50, representing growth of approximately 6%. This compares with previous local currency sales growth guidance of approximately 2% and Adjusted EPS guidance of $40.20 to $40.50. Included in the 2024 guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency.

The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth of approximately 3% in 2025, including a headwind to growth of approximately 1.5% due to the previously mentioned 2023 shipping delays that benefited 2024. This is expected to result in Adjusted EPS in the range of $41.85 to $42.50, representing growth of approximately 4% to 5%.

The Company does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort the timing and amount of future restructuring and other non-recurring items.

Conclusion
Kaltenbach concluded, “We continue to execute very well and will benefit from the prior year shipping delays in the fourth quarter; however, global market conditions remain soft. We have introduced many exciting innovations, as well as next generations of our Spinnaker sales and marketing and SternDrive productivity programs over the past year. We also continue to leverage our business diversity and ability to provide value throughout our customers’ value chain to identify and capture growth opportunities, and believe we are very well positioned to gain market share and deliver good earnings growth in the future.”

Other Matters
The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, November 8) at 8:30 a.m. Eastern Time. To listen to a live webcast or replay of the call, visit the investor relations page on the Company’s website at investor.mt.com. The presentation referenced on 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.
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For more information, please visit www.mt.com.

Forward-Looking Statements Disclaimer
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, inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. 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, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation, ongoing developments related to Ukraine, and the Israel-Hamas war on our business.

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 inflation, ongoing developments related to Ukraine, and the Israel-Hamas war. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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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, 2024 % of sales September 30, 2023 % of sales
Net sales $ 954,535  (a) 100.0 $ 942,462  100.0
Cost of sales 382,068  40.0 382,923  40.6
Gross profit 572,467  60.0 559,539  59.4
Research and development 47,117  4.9 46,127  4.9
Selling, general and administrative 228,777  24.0 217,447  23.1
Amortization 18,243  1.9 18,314  1.9
Interest expense 18,599  1.9 20,278  2.2
Restructuring charges 2,631  0.3 7,385  0.8
Other charges (income), net (1,852) (0.2) (1,171) (0.1)
Earnings before taxes 258,952  27.2 251,159  26.6
Provision for taxes 47,436  5.0 49,528  5.2
Net earnings $ 211,516  22.2 $ 201,631  21.4
Basic earnings per common share:
Net earnings $ 10.01  $ 9.26 
Weighted average number of common shares 21,139,674  21,776,944 
Diluted earnings per common share:
Net earnings $ 9.96  $ 9.21 
Weighted average number of common and common equivalent shares 21,242,343  21,886,482 
Note:
(a) Local currency sales increased 1% as compared to the same period in 2023.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
Three months ended Three months ended
September 30, 2024 % of sales September 30, 2023 % of sales
Earnings before taxes $ 258,952  $ 251,159 
Amortization 18,243  18,314 
Interest expense 18,599  20,278 
Restructuring charges 2,631  7,385 
Other charges (income), net (1,852) (1,171)
Adjusted operating profit $ 296,573  (b) 31.1 $ 295,965  31.4
Note:
(b) Adjusted operating profit was flat as compared to the same period in 2023.

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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, 2024 % of sales September 30, 2023 % of sales
Net sales $ 2,827,234  (a) 100.0 $ 2,853,317  100.0
Cost of sales 1,140,966  40.4 1,163,669  40.8
Gross profit 1,686,268  59.6 1,689,648  59.2
Research and development 139,303  4.9 138,849  4.9
Selling, general and administrative 698,963  24.7 680,679  23.9
Amortization 54,649  1.9 54,135  1.9
Interest expense 56,781  2.0 57,711  2.0
Restructuring charges 17,624  0.6 19,680  0.7
Other charges (income), net (3,728) (0.1) (2,578) (0.2)
Earnings before taxes 722,676  25.6 741,172  26.0
Provision for taxes 111,837  4.0 137,188  4.8
Net earnings $ 610,839  21.6 $ 603,984  21.2
Basic earnings per common share:
Net earnings $ 28.69  $ 27.54 
Weighted average number of common shares 21,288,202  21,933,889 
Diluted earnings per common share:
Net earnings $ 28.55  $ 27.37 
Weighted average number of common and common equivalent shares 21,396,456  22,067,398 
Note:
(a) Local currency sales were flat as compared to the same period in 2023.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
Nine months ended Nine months ended
September 30, 2024 % of sales September 30, 2023 % of sales
Earnings before taxes $ 722,676  $ 741,172 
Amortization 54,649  54,135 
Interest expense 56,781  57,711 
Restructuring charges 17,624  19,680 
Other charges (income), net (3,728) (2,578)
Adjusted operating profit $ 848,002  (b) 30.0 $ 870,120  30.5
Note:
(b) Adjusted operating profit decreased 3% as compared to the same period in 2023.

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METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
September 30, 2024 December 31, 2023
Cash and cash equivalents $ 71,574  $ 69,807 
Accounts receivable, net 637,202  663,893 
Inventories 375,813  385,865 
Other current assets and prepaid expenses 113,643  110,638 
Total current assets 1,198,232  1,230,203 
Property, plant and equipment, net 790,447  803,374 
Goodwill and other intangible assets, net 934,923  955,537 
Other non-current assets 396,226  366,441 
Total assets $ 3,319,828  $ 3,355,555 
Short-term borrowings and maturities of long-term debt $ 185,824  $ 192,219 
Trade accounts payable 202,859  210,411 
Accrued and other current liabilities 796,285  778,452 
Total current liabilities 1,184,968  1,181,082 
Long-term debt 1,891,661  1,888,620 
Other non-current liabilities 397,552  435,791 
Total liabilities 3,474,181  3,505,493 
Shareholders’ equity (154,353) (149,938)
Total liabilities and shareholders’ equity $ 3,319,828  $ 3,355,555 
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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,
2024 2023 2024 2023
Cash flow from operating activities:
Net earnings $ 211,516  $ 201,631  $ 610,839  $ 603,984 
 Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation 12,836  12,189  37,709  36,406 
Amortization 18,243  18,314  54,649  54,135 
Deferred tax benefit (1,224) (2,689) (5,061) (4,455)
One-time non-cash discrete tax benefit —  —  (22,982) — 
Other 4,359  4,228  13,622  12,450 
Increase (decrease) in cash resulting from changes in
operating assets and liabilities 8,936  30,623  13,383  (18,151)
Net cash provided by operating activities 254,666  264,296  702,159  684,369 
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment 65  256  733  668 
Purchase of property, plant and equipment (21,421) (20,960) (62,622) (72,907)
 Proceeds from government funding (a)
—  1,332  —  2,596 
Acquisitions —  —  (2,473) (613)
Other investing activities (16,287) (11,523) (4,048) (25,937)
Net cash used in investing activities (37,643) (30,895) (68,410) (96,193)
Cash flows from financing activities:
Proceeds from borrowings 539,071  489,052  1,561,649  1,569,973 
Repayments of borrowings (559,670) (508,497) (1,576,862) (1,467,228)
Proceeds from exercise of stock options 14,203  147  22,339  19,234 
Repurchases of common stock (212,499) (223,999) (637,497) (723,998)
  Acquisition contingent consideration payment —  (2,141) —  (7,767)
Other financing activities (3) (112) (1,913) (826)
Net cash used in financing activities (218,898) (245,550) (632,284) (610,612)
Effect of exchange rate changes on cash and cash equivalents 2,639  (1,750) 302  (3,855)
Net increase (decrease) in cash and cash equivalents 764  (13,899) 1,767  (26,291)
Cash and cash equivalents:
    Beginning of period 70,810  83,574  69,807  95,966 
    End of period $ 71,574  $ 69,675  $ 71,574  $ 69,675 
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities $ 254,666  $ 264,296  $ 702,159  $ 684,369 
Payments in respect of restructuring activities 4,086  7,544  19,766  14,942 
Transition tax payment —  —  10,723  8,042 
Proceeds from sale of property, plant and equipment 65  255  733  667 
Purchase of property, plant and equipment, net (a) (21,421) (20,362) (62,622) (65,177)
Acquisition payments (b) —  —  —  4,775 
Adjusted free cash flow $ 237,396  $ 251,733  $ 670,759  $ 647,618 
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 received funding of $35.8 million in prior years, which offset capital expenditures. During the three and nine months ended September 30, 2023 the Company received funding proceeds of $1.3 million and $2.6 million, respectively. During the three and nine months ended September 30, 2023 the related purchase of property, plant and equipment of $0.6 million and $7.7 million, respectively, are excluded from Adjusted free cash flow.
(b) Includes $4.4 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 nine months ended September 30, 2023.
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METTLER-TOLEDO INTERNATIONAL INC.
OTHER OPERATING STATISTICS
SALES GROWTH BY DESTINATION
(unaudited)
Americas Europe Asia/RoW Total
U.S. Dollar Sales Growth
Three Months Ended September 30, 2024 (1)% 2% 4% 1%
Nine Months Ended September 30, 2024 1% 5% (8)% (1)%
Local Currency Sales Growth
Three Months Ended September 30, 2024 (1)% 1% 4% 1%
Nine Months Ended September 30, 2024 1% 4% (6)% 0%
Note:
(a) The Company estimates net sales for the nine months ended September 30, 2024 benefited by 2% from recovering previously delayed shipments from the fourth quarter of 2023. By geographic destination, net sales benefited approximately 1% in the Americas, 4% in Europe and 1% in Asia/Rest of World.
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2024 2023 % Growth 2024 2023 % Growth
EPS as reported, diluted $ 9.96  $ 9.21  8% $ 28.55  $ 27.37  4%
Purchased intangible amortization, net of tax 0.23  (a) 0.24  (a) 0.71  (a) 0.70  (a)
Restructuring charges, net of tax 0.10  (b) 0.27  (b) 0.67  (b) 0.72  (b)
Income tax expense (0.08) (c) 0.08  (c) (1.19) (c) (0.16) (c)
Adjusted EPS, diluted $ 10.21  $ 9.80  4% $ 28.74  $ 28.63  0%
Notes:
(a) Represents the EPS impact of purchased intangibles amortization of $6.4 million ($5.0 million after tax) and $6.7 million ($5.2 million after tax) for the three months ended September 30, 2024 and 2023, and $19.5 million ($15.1 million after tax) and $20.0 million ($15.4 million after tax) for the nine months ended September 30, 2024 and 2023, respectively.
(b) Represents the EPS impact of restructuring charges of $2.6 million ($2.1 million after tax) and $7.4 million ($6.0 million after tax) for the three months ended September 30, 2024 and 2023, and $17.6 million ($14.3 million after tax) and $19.7 million ($15.9 million after tax) for the nine months ended September 30, 2024 and 2023, 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, 2024 and 2023 due to the timing of excess tax benefits associated with stock option exercises. Also includes a reported EPS reduction of $1.07 for the nine months ended September 30, 2024 for a non-cash discrete tax benefit resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit.



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