Willis Towers Watson PLC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Willis Towers Watson PLC filed its Q1 2024 10-Q report, detailing financial data and segment performance.</b>

AI Summary

WILLIS TOWERS WATSON PLC (WTW) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Filing is a 10-Q for Willis Towers Watson PLC for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as 'Senior Notes Due 20480505' and 'RiskAndBrokingMember'. Specific dates like 2024-03-31, 2023-12-31, and 2023-03-31 are referenced for financial reporting. The company's fiscal year ends on December 31. Key segments mentioned include 'RiskAndBrokingMember', 'ConsultingMember', and 'WillisReMember'.

Why It Matters

For investors and stakeholders tracking WILLIS TOWERS WATSON PLC, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational details of Willis Towers Watson PLC. Understanding the specific financial instruments and segment data can help in assessing the company's current financial health and strategic direction.

Risk Assessment

Risk Level: — WILLIS TOWERS WATSON PLC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed segment performance and financial instrument data within the 10-Q to understand the drivers of the company's current financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-25 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 2023-01-01 — Start Date for Q1 2023 (Segment reporting period)
• 2023-03-31 — End Date for Q1 2023 (Segment reporting period)
• 2024-01-01 — Start Date for Q1 2024 (Segment reporting period)
• 2024-03-31 — End Date for Q1 2024 (Segment reporting period)

Key Players & Entities

• WILLIS TOWERS WATSON PLC (company) — Filer name
• 0000950170-24-048159 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240425 (date) — Filed as of date
• 0001140536 (company) — Central Index Key
• 6411 (other) — Standard Industrial Classification
• WTW (company) — Ticker symbol
• Willis Group Limited (company) — Business Address

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-03-31: Prior Year Quarter End — Reference point for year-over-year comparisons.
• 2023-12-31: Prior Year Fiscal Year End — Reference point for annual financial status.

Key Financial Figures

• $0.000304635 — stered Ordinary Shares, nominal value $0.000304635 per share WTW NASDAQ Global Select

Filing Documents

• wtw-20240331.htm (10-Q) — 2918KB
• wtw-ex10_1.htm (EX-10.1) — 501KB
• wtw-ex10_2.htm (EX-10.2) — 511KB
• wtw-ex10_3.htm (EX-10.3) — 126KB
• wtw-ex22_1.htm (EX-22.1) — 21KB
• wtw-ex31_1.htm (EX-31.1) — 15KB
• wtw-ex31_2.htm (EX-31.2) — 15KB
• wtw-ex32_1.htm (EX-32.1) — 12KB
• img74888106_0.jpg (GRAPHIC) — 3KB
• img74888106_1.jpg (GRAPHIC) — 3KB
• img74888106_2.jpg (GRAPHIC) — 13KB
• img75811627_0.jpg (GRAPHIC) — 3KB
• img75811627_1.jpg (GRAPHIC) — 3KB
• img75811627_2.jpg (GRAPHIC) — 13KB
• img114000852_0.jpg (GRAPHIC) — 19KB
• 0000950170-24-048159.txt (&nbsp;) — 14668KB
• wtw-20240331.xsd (EX-101.SCH) — 1489KB
• wtw-20240331_htm.xml (XML) — 3144KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 7

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 7 Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2024 and 2023 10 Notes to the Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 45

Signatures

Signatures 46 2 Certain De finitions The following definitions apply throughout this quarterly report unless the context requires otherwise: We', Us', Company', Willis Towers Watson', Our', Willis Towers Watson plc' or WTW' Willis Towers Watson Public Limited Company, a company organized under the laws of Ireland, and its subsidiaries shares' The ordinary shares of Willis Towers Watson Public Limited Company, nominal value $0.000304635 per share TRANZACT' TZ Holdings, Inc. and its subsidiaries, doing business as TRANZACT U.S.' United States U.K.' United Kingdom Brexit' The United Kingdom's exit from the European Union, which occurred on January 31, 2020. E.U.' European Union or European Union 27 (the number of member countries following the United Kingdom's exit) U.S. GAAP' United States Generally Accepted Accounting Principles FASB' Financial Accounting Standards Board ASC' Accounting Standards Codification ASU' Accounting Standards Update SEC' United States Securities and Exchange Commission EBITDA' Earnings before Interest, Taxes, Depreciation and Amortization 3 Disclaimer Regarding For ward-looking Statements We have included in this document forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our rev

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANCIAL ST ATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL ST ATEMENTS (UNAUDITED) WILLIS TOWE RS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statem ents of Comprehensive Income (In millions of U.S. dollars, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue $ 2,341 $ 2,244 Costs of providing services Salaries and benefits 1,342 1,313 Other operating expenses 457 453 Depreciation 59 60 Amortization 60 71 Restructuring costs 18 3 Transaction and transformation 125 59 Total costs of providing services 2,061 1,959 Income from operations 280 285 Interest expense ( 64 ) ( 54 ) Other income, net 26 25 INCOME FROM OPERATIONS BEFORE INCOME TAXES 242 256 Provision for income taxes ( 48 ) ( 50 ) NET INCOME 194 206 Income attributable to non-controlling interests ( 4 ) ( 3 ) NET INCOME ATTRIBUTABLE TO WTW $ 190 $ 203 EARNINGS PER SHARE Basic earnings per share $ 1.84 $ 1.89 Diluted earnings per share $ 1.83 $ 1.88 Comprehensive income before non-controlling interests $ 145 $ 259 Comprehensive income attributable to non-controlling interests ( 4 ) ( 3 ) Comprehensive income attributable to WTW $ 141 $ 256 See accompanying notes to the condensed consolidated financial statements 7 WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolida ted Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 1,893 $ 1,424 Fiduciary assets 9,940 9,073 Accounts receivable, net 2,430 2,572 Prepaid and other current assets 379 364 Total current assets 14,642 13,433 Fixed assets, net 703 720 Goodwill 10,186 10,195 Other intangible assets, net 1,960 2,016 Right-of-use assets 542 565 Pension benefits assets 598 588 Other non-current assets 1