Willis Towers Watson PLC Files Q2 2024 10-Q

TL;DR

WTW Q2 10-Q is in. Check financials for latest performance.

AI Summary

Willis Towers Watson PLC filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and business segments are presented, reflecting the company's ongoing activities in the insurance brokerage and services sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational insights for Willis Towers Watson PLC, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• WILLIS TOWERS WATSON PLC (company) — Filer
• 20240630 (date) — Period of Report
• 20240725 (date) — Filing Date
• 0000950170-24-086379 (accession_number) — Filing Accession Number
• LONDON ENGLAND (location) — Business Address City/State
• EC3M 7DQ (zip_code) — Business Address Zip

FAQ

Key Financial Figures

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

Filing Documents

• wtw-20240630.htm (10-Q) — 4139KB
• wtw-ex10_1.htm (EX-10.1) — 90KB
• wtw-ex22_1.htm (EX-22.1) — 21KB
• wtw-ex31_1.htm (EX-31.1) — 16KB
• wtw-ex31_2.htm (EX-31.2) — 16KB
• wtw-ex32_1.htm (EX-32.1) — 12KB
• img114003734_0.jpg (GRAPHIC) — 19KB
• 0000950170-24-086379.txt ( ) — 17128KB
• wtw-20240630.xsd (EX-101.SCH) — 1528KB
• wtw-20240630_htm.xml (XML) — 4413KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 7

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 7 Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 9 Condensed Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30, 2024 and 2023 10 Notes to the Condensed Consolidated Financial Statements 12

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 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION 49

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 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 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; plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue,

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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 2,265 $ 2,159 $ 4,606 $ 4,403 Costs of providing services Salaries and benefits 1,397 1,347 2,739 2,660 Other operating expenses 439 433 896 886 Depreciation 57 64 116 124 Amortization 60 70 120 141 Restructuring costs 3 10 21 13 Transaction and transformation 97 93 222 152 Total costs of providing services 2,053 2,017 4,114 3,976 Income from operations 212 142 492 427 Interest expense ( 68 ) ( 57 ) ( 132 ) ( 111 ) Other income, net 24 35 50 60 INCOME FROM OPERATIONS BEFORE INCOME TAXES 168 120 410 376 Provision for income taxes ( 26 ) ( 24 ) ( 74 ) ( 74 ) NET INCOME 142 96 336 302 Income attributable to non-controlling interests ( 1 ) ( 2 ) ( 5 ) ( 5 ) NET INCOME ATTRIBUTABLE TO WTW $ 141 $ 94 $ 331 $ 297 EARNINGS PER SHARE Basic earnings per share $ 1.37 $ 0.88 $ 3.22 $ 2.78 Diluted earnings per share $ 1.36 $ 0.88 $ 3.20 $ 2.77 Comprehensive income before non-controlling interests $ 126 $ 124 $ 271 $ 383 Comprehensive income attributable to non-controlling interests ( 1 ) ( 2 ) ( 5 ) ( 5 ) Comprehensive income attributable to WTW $ 125 $ 122 $ 266 $ 378 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) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 1,247