Willis Towers Watson PLC Files Q3 2024 10-Q
Ticker: WTW · Form: 10-Q · Filed: Oct 31, 2024
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
TL;DR
WTW Q3 10-Q is in. Financials look steady, operations continue.
AI Summary
Willis Towers Watson PLC filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and business segment information are presented, reflecting the company's ongoing operations in the insurance brokerage and services sector.
Why It Matters
This filing provides investors and analysts with crucial insights into Willis Towers Watson's financial health and strategic direction during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- WILLIS TOWERS WATSON PLC (company) — Filer
- 20240930 (date) — Period of Report
- 20241031 (date) — Filed as of Date
- 0000950170-24-119420 (accession_number) — Filing Accession Number
- 6411 (sic_code) — Standard Industrial Classification
- 44-20-3124-6000 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, indicating the filing covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241031, as indicated by the 'Filed as of Date'.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 6411, which corresponds to 'INSURANCE AGENTS BROKERS & SERVICES'.
What is the company's primary business address?
The business address is C/O WILLIS GROUP LIMITED, 51 LIME STREET, LONDON ENGLAND, EC3M 7DQ.
Has the company undergone any previous name changes?
Yes, the company was formerly known as WILLIS GROUP HOLDINGS PLC (name change effective 20100104) and WILLIS GROUP HOLDINGS LTD (name change effective 20010514).
Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-31 13:13:46
Key Financial Figures
- $0.000304635 — stered Ordinary Shares, nominal value $0.000304635 per share WTW NASDAQ Global Select
Filing Documents
- wtw-20240930.htm (10-Q) — 4530KB
- wtw-ex31_1.htm (EX-31.1) — 16KB
- wtw-ex31_2.htm (EX-31.2) — 16KB
- wtw-ex32_1.htm (EX-32.1) — 12KB
- img114006617_0.jpg (GRAPHIC) — 19KB
- 0000950170-24-119420.txt ( ) — 18206KB
- wtw-20240930.xsd (EX-101.SCH) — 1622KB
- wtw-20240930_htm.xml (XML) — 4683KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 7
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 7 Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 9 Condensed Consolidated Statements of Changes in Equity - Three and Nine Months Ended September 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 31
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 50
Controls and Procedures
Item 4. Controls and Procedures 50
OTHER INFORMATION
PART II. OTHER INFORMATION 51
Legal Proceedings
Item 1. Legal Proceedings 51
Risk Factors
Item 1A. Risk Factors 51
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 53
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 53
Other Information
Item 5. Other Information 53
Exhibits
Item 6. Exhibits 54
Signatures
Signatures 55 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 2,289 $ 2,166 $ 6,895 $ 6,569 Costs of providing services Salaries and benefits 1,396 1,359 4,135 4,019 Other operating expenses 419 396 1,315 1,282 Impairment 1,042 — 1,042 — Depreciation 60 60 176 184 Amortization 56 62 176 203 Restructuring costs 8 17 29 30 Transaction and transformation 74 113 296 265 Total costs of providing services 3,055 2,007 7,169 5,983 (Loss)/income from operations ( 766 ) 159 ( 274 ) 586 Interest expense ( 65 ) ( 61 ) ( 197 ) ( 172 ) Other (loss)/income, net ( 1,163 ) 66 ( 1,113 ) 126 (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES ( 1,994 ) 164 ( 1,584 ) 540 Benefit from/(provision for) income taxes 322 ( 25 ) 248 ( 99 ) NET (LOSS)/INCOME ( 1,672 ) 139 ( 1,336 ) 441 Income attributable to non-controlling interests ( 3 ) ( 3 ) ( 8 ) ( 8 ) NET (LOSS)/INCOME ATTRIBUTABLE TO WTW $ ( 1,675 ) $ 136 $ ( 1,344 ) $ 433 (LOSS)/EARNINGS PER SHARE Basic (loss)/earnings per share $ ( 16.44 ) $ 1.30 $ ( 13.11 ) $ 4.08 Diluted (loss)/earnings per share $ ( 16.44 ) $ 1.29 $ ( 13.11 ) $ 4.06 Comprehensive (loss)/income before non-controlling interests $ ( 1,561 ) $ 61 $ ( 1,290 ) $ 444 Comprehensive income attributable to non-controlling interests ( 3 ) ( 5 ) ( 8 ) ( 10 ) Comprehensive (loss)/income attributable to WTW $ ( 1,564 ) $ 56 $ ( 1,298 ) $ 434 See accompanying notes to the condensed consolid