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 8, 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 February 8, 2024 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, 2023. 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

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    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

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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.

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Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Press release, dated February 8, 2024, issued by Mettler-Toledo International Inc.
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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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 8, 2024	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer

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EX-99.1

FOR IMMEDIATE RELEASE Exhibit 99.1

METTLER-TOLEDO INTERNATIONAL INC. REPORTS

FOURTH QUARTER 2023 RESULTS

COLUMBUS, Ohio, USA – February 8, 2024 – Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2023. Provided below are the highlights:

•Reported sales declined 12% compared with the prior year. In local currency, sales decreased 13% in the quarter as currency increased sales growth by 1%.

•Net earnings per diluted share as reported (EPS) were $8.52, compared with $11.86 in the prior-year period. Adjusted EPS was $9.40, a decrease of 22% over the prior-year amount of $12.10. 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, “Our sales and Adjusted EPS were unfortunately negatively impacted by the previously disclosed shipping delays from our external European logistics provider that we expect to largely recover in Q1 2024. Excluding these delays, our results came in as we had expected as we continued to face challenging market conditions in the fourth quarter. Our team executed very well on our cost control initiatives, and cash flow generation for the quarter and the year was strong.”

GAAP Results

EPS in the quarter was $8.52, compared with the prior-year amount of $11.86.

Compared with the prior year, total reported sales declined 12% to $935.0 million, and were impacted by shipping delays of approximately $58 million with a new external European logistics service provider. By region, reported sales decreased 6% in the Americas, decreased 11% in Europe, and decreased 19% in Asia/Rest of World. Earnings before taxes amounted to $232.6 million, compared with $325.0 million in the prior year.

Non-GAAP Results

Adjusted EPS was $9.40, a decrease of 22% over the prior-year amount of $12.10.

Compared with the prior year, total sales in local currency decreased 13% as currency increased sales growth by 1%. By region, local currency sales declined 7% in the Americas, declined 16% in Europe, and declined 18% in Asia/Rest of World. Adjusted Operating Profit amounted to $281.8 million, a 21% decrease from the prior-year amount of $358.6 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 $35.90, compared with the prior-year amount of $38.41.

Compared with the prior year, total reported sales declined 3% to $3.788 billion. By region, reported sales were flat in Europe, decreased 1% in the Americas, and decreased 9% in Asia/Rest of World. Earnings before taxes amounted to $973.7 million, compared with $1.071 billion in the prior year.

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Non-GAAP Results

Adjusted EPS was $38.03, a decrease of 4% over the prior-year amount of $39.65.

Compared with the prior year, total sales in local currency decreased 3% as currency was neutral for the year. By region, local currency sales decreased 1% in the Americas, decreased 2% in Europe, and decreased 5% in Asia/Rest of World. Adjusted Operating Profit amounted to $1.152 billion, a 3% decrease from the prior-year amount of $1.192 billion.

Outlook

The Company stated that forecasting remains difficult. Management cautions that market conditions are uncertain and changes to the business environment can occur quickly. There is increased uncertainty in the economic environment today, including the risk of recession in many countries.

Based on today's assessment of market conditions, management anticipates local currency sales for the first quarter of 2024 will decline approximately 4% to 6%, and Adjusted EPS is forecast to be $7.35 to $7.75, a decline of 11% to 15%. Included in the first quarter guidance is an estimated 4% headwind to Adjusted EPS growth due to adverse currency.

For the full year, management anticipates local currency sales in 2024 will increase approximately 1% to 2%, and Adjusted EPS is forecast to be in the range of $39.60 to $40.30, representing growth of approximately 4% to 6%. Included in the full year guidance is an estimated 2% headwind to Adjusted EPS growth due to adverse currency.

This compares with previous local currency sales growth guidance of approximately flat and Adjusted EPS guidance of $39.10 to $39.80.

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 are preparing for challenging market conditions to persist in the first half of 2024, while also remaining agile to quickly capitalize on growth opportunities and trends towards automation and digitalization, as well as customer investments in faster growth segments. Over the past couple years, we have continued to invest strongly in next-generation products and solutions and have also enhanced our best-in-class corporate programs by launching the next waves of Spinnaker and SternDrive. This will help us further increase our competitiveness and put us in an even more favorable position, especially once our markets pick up again.”

Other Matters

The Company will host a conference call to discuss its quarterly results tomorrow morning (Friday, February 9th) 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.

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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.

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
		December 31, 2023			% of sales	December 31, 2022		% of sales
Net sales		$	934,992	(a)	100.0	$	1,057,685	100.0
Cost of sales		383,354			41.0	425,545		40.2
Gross profit		551,638			59.0	632,140		59.8
Research and development		46,435			5.0	45,942		4.3
Selling, general and administrative		223,427			23.9	227,586		21.5
Amortization		18,078			1.9	16,542		1.6
Interest expense		19,655			2.1	16,805		1.6
Restructuring charges		13,055			1.4	1,753		0.2
Other charges (income), net		(1,568)			(0.2)	(1,502)		(0.1)
Earnings before taxes		232,556			24.9	325,014		30.7
Provision for taxes		47,761			5.1	59,180		5.6
Net earnings		$	184,795		19.8	$	265,834	25.1
Basic earnings per common share:
Net earnings		$	8.56			$	11.97
Weighted average number of common shares		21,593,616				22,209,188
Diluted earnings per common share:
Net earnings		$	8.52			$	11.86
Weighted average number of common and common equivalent shares		21,687,577				22,407,796
Note:
(a)	Local currency sales decreased 13% as compared to the same period in 2022.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Three months ended				Three months ended
		December 31, 2023			% of sales	December 31, 2022		% of sales
Earnings before taxes		$	232,556			$	325,014
Amortization		18,078				16,542
Interest expense		19,655				16,805
Restructuring charges		13,055				1,753
Other charges (income), net		(1,568)				(1,502)
Adjusted operating profit		$	281,776	(b)	30.1	$	358,612	33.9
Note:
(b)	Adjusted operating profit decreased 21% as compared to the same period in 2022.

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METTLER-TOLEDO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share data)

(unaudited)

		Twelve months ended				Twelve months ended
		December 31, 2023			% of sales	December 31, 2022		% of sales
Net sales		$	3,788,309	(a)	100.0	$	3,919,709	100.0
Cost of sales		1,547,023			40.8	1,611,667		41.1
Gross profit		2,241,286			59.2	2,308,042		58.9
Research and development		185,284			4.9	177,122		4.5
Selling, general and administrative		904,106			23.9	938,461		23.9
Amortization		72,213			1.9	66,239		1.7
Interest expense		77,366			2.0	55,392		1.4
Restructuring charges		32,735			0.9	9,556		0.2
Other charges (income), net		(4,146)			(0.1)	(9,320)		(0.1)
Earnings before taxes		973,728			25.7	1,070,592		27.3
Provision for taxes		184,950			4.9	198,090		5.0
Net earnings		$	788,778		20.8	$	872,502	22.3
Basic earnings per common share:
Net earnings		$	36.10			$	38.79
Weighted average number of common shares		21,848,122				22,491,790
Diluted earnings per common share:
Net earnings		$	35.90			$	38.41
Weighted average number of common and common equivalent shares		21,971,528				22,718,290
Note:
(a)	Local currency sales decreased 3% as compared to the same period in 2022.
RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING PROFIT
		Twelve months ended				Twelve months ended
		December 31, 2023			% of sales	December 31, 2022		% of sales
Earnings before taxes		$	973,728			$	1,070,592
Amortization		72,213				66,239
Interest expense		77,366				55,392
Restructuring charges		32,735				9,556
Other charges (income), net		(4,146)				(9,320)
Adjusted operating profit		$	1,151,896	(b)	30.4	$	1,192,459	30.4
Note:
(b)	Adjusted operating profit decreased 3% as compared to the same period in 2022.

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METTLER-TOLEDO INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	69,807	$	95,966
Accounts receivable, net	663,893		709,321
Inventories	385,865		441,694
Other current assets and prepaid expenses	110,638		128,108
Total current assets	1,230,203		1,375,089
Property, plant and equipment, net	803,374		778,600
Goodwill and other intangible assets, net	955,537		966,224
Other non-current assets	366,441		372,482
Total assets	$	3,355,555	$	3,492,395
Short-term borrowings and maturities of long-term debt	$	192,219	$	106,054
Trade accounts payable	210,411		252,538
Accrued and other current liabilities	778,452		789,139
Total current liabilities	1,181,082		1,147,731
Long-term debt	1,888,620		1,908,480
Other non-current liabilities	435,791		411,391
Total liabilities	3,505,493		3,467,602
Shareholders’ equity	(149,938)		24,793
Total liabilities and shareholders’ equity	$	3,355,555	$	3,492,395

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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,
	2023		2022		2023		2022
Cash flow from operating activities:
Net earnings	$	184,795	$	265,834	$	788,778	$	872,502
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation	12,545		11,783		48,951		46,784
Amortization	18,078		16,542		72,213		66,239
Deferred tax benefit	(8,918)		31,398		(13,373)		26,517
Other	5,478		5,730		17,928		19,661
Increase (decrease) in cash resulting from changes in
operating assets and liabilities	69,528		(27,644)		51,377		(172,636)
Net cash provided by operating activities	281,506		303,643		965,874		859,067
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	167		163		835		399
Purchase of property, plant and equipment	(32,416)		(32,028)		(105,323)		(121,241)
Proceeds from government funding (a)	3,498		1,000		6,094		29,670
Acquisitions	(5,198)		(12,363)		(5,811)		(37,951)
Other investing activities	(1,552)		(6,809)		(27,489)		(10,272)
Net cash used in investing activities	(35,501)		(50,037)		(131,694)		(139,395)
Cash flows from financing activities:
Proceeds from borrowings	556,824		786,195		2,126,797		2,307,256
Repayments of borrowings	(629,795)		(810,354)		(2,097,023)		(1,947,398)
Proceeds from exercise of stock options	—		13,756		19,234		33,216
Repurchases of common stock	(176,002)		(274,999)		(900,000)		(1,099,998)
Acquisition contingent consideration payment	—		—		(7,767)		(7,912)
Other financing activities	—		(31)		(826)		(1,203)
Net cash used in financing activities	(248,973)		(285,433)		(859,585)		(716,039)
Effect of exchange rate changes on cash and cash equivalents	3,100		5,657		(754)		(6,231)
Net increase (decrease) in cash and cash equivalents	132		(26,170)		(26,159)		(2,598)
Cash and cash equivalents:
Beginning of period	69,675		122,136		95,966		98,564
End of period	$	69,807	$	95,966	$	69,807	$	95,966
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Net cash provided by operating activities	$	281,506	$	303,643	$	965,874	$	859,067
Payments in respect of restructuring activities	10,877		1,449		25,818		7,965
Proceeds from sale of property, plant and equipment	167		164		835		399
Purchase of property, plant and equipment, net (a)	(32,416)		(32,474)		(97,593)		(93,131)
Acquisition payments (b)	—		72		4,775		2,678
Transition tax payment	—		—		8,042		4,289
Adjusted free cash flow	$	260,134	$	272,854	$	907,751	$	781,267
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 has received funding of $35.8 million, which offset capital expenditures. Funding proceeds of $3.5 million and $1.0 million during the three months ended December 31, 2023 and 2022, respectively and the related purchase of property, plant and equipment of $3.7 million for the three months ended December 31, 2022, are excluded from Adjusted free cash flow. Funding proceeds of $6.1 million and $29.7 million during the twelve months ended December 31, 2023 and 2022, respectively and the related purchase of property, plant and equipment of $7.7 million and $28.1 million for the twelve months ended December 31, 2023 and 2022, respectively, are excluded from Adjusted free cash flow.
(b) Includes $4.4 million and $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 twelve months ended December 31, 2023 and 2022, respectively.

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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 December 31, 2023				(6)%			(11)%	(19)%			(12)%
	Twelve Months Ended December 31, 2023				(1)%			—%	(9)%			(3)%
Local Currency Sales Growth
	Three Months Ended December 31, 2023				(7)%			(16)%	(18)%			(13)%
	Twelve Months Ended December 31, 2023				(1)%			(2)%	(5)%			(3)%
RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)
		Three months ended							Twelve months ended
		December 31,							December 31,
		2023			2022			% Growth	2023			2022			% Growth
EPS as reported, diluted		$	8.52		$	11.86		(28)%	$	35.90		$	38.41		(7)%
Purchased intangible amortization, net of tax		0.23		(a)	0.21		(a)		0.93		(a)	0.87		(a)
Restructuring, net of tax		0.49		(b)	0.06		(b)		1.20		(b)	0.34		(b)
Acquisition costs, net of tax		—		(c)	0.01		(c)		—		(c)	0.03		(c)
Income tax expense		0.16		(d)	(0.04)		(d)		—			—
Adjusted EPS, diluted		$	9.40		$	12.10		(22)%	$	38.03		$	39.65		(4)%
Notes:
(a)	Represents the EPS impact of purchased intangibles amortization of $6.5 million ($5.0 million net of tax) and $6.1 million ($4.7 million net of tax) for the three months ended December 31, 2023 and 2022, and of $26.4 million ($20.5 million net of tax) and $25.5 million ($19.8 million net of tax) for the twelve months ended December 31, 2023 and 2022, respectively.
(b)	Represents the EPS impact of restructuring charges of $13.1 million ($10.6 million after tax) and $1.8 million ($1.4 million after tax) for the three months ended December 31, 2023 and 2022, and of $32.7 million ($26.5 million after tax) and $9.6 million ($7.8 million after tax) for the twelve months ended December 31, 2023 and 2022, respectively, which primarily include employee related costs.
(c)	Represents the EPS impact of acquisition transaction costs of $0.2 million ($0.2 million after tax) for the three months ended December 31, 2022 and of $0.9 million ($0.7 million after tax) for the twelve months ended December 31, 2022.
(d)	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 $0.16 EPS benefit for the three months ended December 31, 2022 for the reduction in our annualized effective tax rate to 18.5% for the first three quarters of 2022.

-8-

XML

Document Entity Information Document	Feb. 08, 2024
Cover [Abstract]
Amendment Flag	false
City Area Code	614
Document Period End Date	Feb. 08, 2024
Document Type	8-K
Entity Address, Address Line One	1900 Polaris Parkway
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43240
Entity Central Index Key	0001037646
Entity Emerging Growth Company	false
Entity File Number	001-13595
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	Mettler-Toledo International Inc.
Entity Tax Identification Number	13-3668641
Local Phone Number	438-4511
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Soliciting Material	false
Trading Symbol	MTD
Written Communications	false