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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number: 001-16503

 

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

 

Ireland

(Jurisdiction of

incorporation or organization)

 

98-0352587

(I.R.S. Employer

Identification No.)  

 

 

 

c/o Willis Group Limited

51 Lime Street, London EC3M 7DQ, England

(Address of principal executive offices)

 

(01144-20-3124-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

 Ordinary Shares, nominal value $0.000304635 per share

 

WLTW

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes         No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes         No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘large accelerated filer’, ‘accelerated filer’, ‘smaller reporting company’, and ‘emerging growth company’ in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer    

       Accelerated filer  

              Non-accelerated filer  

Smaller reporting company  

 

 

 

 

 

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes         No  

 

As of October 26, 2021, there were outstanding 124,606,097 ordinary shares, nominal value $0.000304635 per share, of the registrant.

 

 

 

 


 

 

WILLIS TOWERS WATSON

INDEX TO FORM 10-Q

For the Three and Nine Months Ended September 30, 2021  

 

 

 

Page

Certain Definitions

 

3

Disclaimer Regarding Forward-looking Statements

 

4

 

 

 

PART I. FINANCIAL INFORMATION

 

7

Item 1. Financial Statements (Unaudited)

 

7

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2021 and 2020

 

7

Condensed Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

 

8

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2021 and 2020

 

9

Condensed Consolidated Statements of Changes in Equity - Nine Months Ended September 30, 2021 and 2020

 

10

Notes to the Condensed Consolidated Financial Statements

 

12

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

 

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

51

Item 4. Controls and Procedures

 

51

 

 

 

PART II. OTHER INFORMATION

 

53

Item 1. Legal Proceedings

 

53

Item 1A. Risk Factors

 

53

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

 

53

Item 3. Defaults Upon Senior Securities

 

54

Item 4. Mine Safety Disclosures

 

54

Item 5. Other Information

 

54

Item 6. Exhibits

 

55

Signatures

 

56

 

2


 

 

Certain Definitions

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

 

 

 

‘Willis’

 

Willis Group Holdings Public Limited Company and its subsidiaries, predecessor to Willis Towers Watson, prior to the Merger

 

 

 

‘Towers Watson’

 

Towers Watson & Co. and its subsidiaries

 

 

 

‘Merger’

 

Merger of Willis Group Holdings Public Limited Company and Towers Watson & Co. pursuant to the Agreement and Plan of Merger, dated June 29, 2015, as amended on November 19, 2015, and completed on January 4, 2016

 

 

 

‘Miller’

 

Miller Insurance Services LLP and its subsidiaries

 

 

 

‘TRANZACT’

 

CD&R 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

 

 

 

‘ASU’

 

Accounting Standards Update

 

 

 

‘ASC’

 

Accounting Standards Codification

 

 

 

‘SEC’

 

United States Securities and Exchange Commission

 

 

 

 

 

 

 

3


 

 

Disclaimer Regarding Forward-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 impact of the COVID-19 pandemic on our business, impact of the termination of the business combination with Aon plc and the divestitures contemplated in connection therewith, future capital expenditures, ongoing working capital efforts, future share repurchases, financial results (including our revenue), the impact of changes to tax laws on our financial results, existing and evolving business strategies and acquisitions and dispositions, demand for our services and competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, our ability to successfully manage ongoing organizational and technology changes, including investments in improving systems and processes, and plans and references to future successes, including our future financial and operating results, plans, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as ‘may,’ ‘will,’ ‘would,’ ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘plan,’ ‘probably,’ or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following:

 

our ability to successfully establish, execute and achieve our global business strategy as it evolves;

 

changes in demand for our services, including any decline in consulting services, defined benefit pension plans or the purchasing of insurance;

 

the risks related to changes in general economic, business and political conditions, including changes in the financial markets and inflation;

 

the risks relating to the adverse impact of the ongoing COVID-19 pandemic on the demand for our products and services, our cash flows and our business operations, including increased demand on our information technology resources and systems and related risks of cybersecurity breaches or incidents;

 

the risks relating to or arising from the termination of the business combination with Aon plc announced in March 2020 and the divestitures contemplated in connection therewith, including, among others, risks relating to the impact of such terminations on relationships, including with suppliers, customers, employees and regulators, risks relating to litigation in connection with the business combination and the impact of the costs of the business combination that will be borne by us, despite the business combination being terminated and the income receipt of the termination fee and its estimated income tax impact;

 

our ability to consummate the transaction with Arthur J. Gallagher & Co. in the expected timeframe, or at all, and related risks;

 

significant competition that we face and the potential for loss of market share and/or profitability;

 

the impact of seasonality, differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales;

 

the failure to protect client data or breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents;

 

the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation;

 

the risk of substantial negative outcomes on existing litigation or investigation matters;

 

changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations;

 

various claims, government inquiries or investigations or the potential for regulatory action;

 

our ability to make divestitures or acquisitions and our ability to integrate or manage such acquired businesses;

 

our ability to successfully hedge against fluctuations in foreign currency rates;

 

our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions;

 

our ability to comply with complex and evolving regulations related to data privacy and cyber security;

4


 

 

 

our ability to successfully manage ongoing organizational changes, including investments in improving systems and processes;

 

disasters or business continuity problems;

 

the impact of Brexit;

 

our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow;

 

the potential impact of the anticipated replacement of the London Interbank Offered Rate (‘LIBOR’);

 

our ability to properly identify and manage conflicts of interest;

 

reputational damage, including from association with third parties;

 

reliance on third-party services;

 

the loss of key employees or a large number of employees;

 

doing business internationally, including the impact of exchange rates;

 

compliance with extensive government regulation;

 

the risk of sanctions imposed by governments, or changes to associated sanction regulations;

 

our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences;

 

changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare and any policy changes from the new Presidential administration and legislative actions from the current U.S. Congress;

 

the inability to protect the Company’s intellectual property rights, or the potential infringement upon the intellectual property rights of others;

 

fluctuations in our pension assets and liabilities;

 

our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each;

 

our ability to obtain financing on favorable terms or at all;

 

adverse changes in our credit ratings;

 

the impact of recent or potential changes to U.S. or foreign tax laws, including on our effective tax rate, and the enactment of additional, or the revision of existing, state, federal, and/or foreign regulatory and tax laws, development of case law, regulations and any policy changes from the new Presidential administration and legislative actions from the current U.S. Congress;

 

U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares;

 

changes in accounting principles, estimates or assumptions;

 

fluctuation in revenue against our relatively fixed or higher than expected expenses;

 

the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and

 

our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.willistowerswatson.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

5


 

Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

6


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

WILLIS TOWERS WATSON

Condensed Consolidated Statements of Comprehensive Income

(In millions of U.S. dollars, except per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

1,973

 

 

$

1,897

 

 

$

6,292

 

 

$

5,946

 

Costs of providing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

1,255

 

 

 

1,238

 

 

 

3,991

 

 

 

3,807

 

Other operating expenses

 

 

385

 

 

 

370

 

 

 

1,169

 

 

 

1,210

 

Depreciation

 

 

69

 

 

 

73

 

 

 

212

 

 

 

237

 

Amortization

 

 

85

 

 

 

108

 

 

 

285

 

 

 

347

 

Transaction and integration, net

 

 

(952

)

 

 

42

 

 

 

(877

)

 

 

65

 

Total costs of providing services

 

 

842

 

 

 

1,831

 

 

 

4,780

 

 

 

5,666

 

Income from operations

 

 

1,131

 

 

 

66

 

 

 

1,512

 

 

 

280

 

Interest expense

 

 

(50

)

 

 

(61

)

 

 

(161

)

 

 

(184

)

Other income, net

 

 

105

 

 

 

156

 

 

 

617

 

 

 

321

 

INCOME FROM CONTINUING OPERATIONS BEFORE

   INCOME TAXES

 

 

1,186

 

 

 

161

 

 

 

1,968

 

 

 

417

 

Provision for income taxes

 

 

(267

)

 

 

(42

)

 

 

(386

)

 

 

(133

)

INCOME FROM CONTINUING OPERATIONS

 

 

919

 

 

 

119

 

 

 

1,582

 

 

 

284

 

(Loss)/income from discontinued operations before income

   taxes

 

 

(15

)

 

 

7

 

 

 

317

 

 

 

319

 

Benefit from/(provision for) income taxes on discontinued

   operations

 

 

3

 

 

 

(4

)

 

 

(70

)

 

 

(66

)

(LOSS)/INCOME FROM DISCONTINUED OPERATIONS,

   NET OF TAX

 

 

(12

)

 

 

3

 

 

 

247

 

 

 

253

 

NET INCOME

 

 

907

 

 

 

122

 

 

 

1,829

 

 

 

537

 

Income attributable to non-controlling interests

 

 

(4

)

 

 

(1

)

 

 

(9

)

 

 

(17

)

NET INCOME ATTRIBUTABLE TO WILLIS TOWERS

   WATSON

 

$

903

 

 

$

121

 

 

$

1,820

 

 

$

520

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations per share

 

$

7.10

 

 

$

0.91

 

 

$

12.14

 

 

$

2.06

 

(Loss)/income from discontinued operations per share

 

 

(0.09

)

 

 

0.02

 

 

 

1.90

 

 

 

1.95

 

Basic earnings per share

 

$

7.01

 

 

$

0.93

 

 

$

14.04

 

 

$

4.01

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations per share

 

$

7.08

 

 

$

0.91

 

 

$

12.10

 

 

$

2.05

 

(Loss)/income from discontinued operations per share

 

 

(0.09

)

 

 

0.02

 

 

 

1.90

 

 

 

1.94

 

Diluted earnings per share

 

$

6.99

 

 

$

0.93

 

 

$

14.00

 

 

$

3.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income before non-controlling interests

 

$

826

 

 

$

260

 

 

$

1,831

 

 

$

511

 

Comprehensive income attributable to non-controlling interests

 

 

(4

)

 

 

(2

)

 

 

(11

)

 

 

(17

)

Comprehensive income attributable to Willis Towers Watson

 

$

822

 

 

$

258

 

 

$

1,820

 

 

$

494

 

 

See accompanying notes to the condensed consolidated financial statements

7


 

WILLIS TOWERS WATSON

Condensed Consolidated Balance Sheets

(In millions of U.S. dollars, except share data)

(Unaudited)  

 

 

 

September 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,162

 

 

$

2,039

 

Fiduciary assets

 

 

10,923

 

 

 

12,003

 

Accounts receivable, net

 

 

2,065

 

 

 

2,408

 

Prepaid and other current assets

 

 

480

 

 

 

475

 

Current assets held for sale

 

 

4,961

 

 

 

3,376

 

Total current assets

 

 

20,591

 

 

 

20,301

 

Fixed assets, net

 

 

881

 

 

 

1,013

 

Goodwill

 

 

10,146

 

 

 

10,392

 

Other intangible assets, net

 

 

2,681

 

 

 

3,035

 

Right-of-use assets

 

 

795

 

 

 

901

 

Pension benefits assets

 

 

1,056

 

 

 

971

 

Other non-current assets

 

 

1,132

 

 

 

1,078

 

Non-current assets held for sale

 

 

 

 

 

840

 

Total non-current assets

 

 

16,691

 

 

 

18,230

 

TOTAL ASSETS

 

$

37,282

 

 

$

38,531

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Fiduciary liabilities

 

$

10,923

 

 

$

12,003

 

Deferred revenue and accrued expenses

 

 

1,829

 

 

 

2,043

 

Current debt

 

 

644

 

 

 

971

 

Current lease liabilities

 

 

150

 

 

 

152

 

Other current liabilities

 

 

950

 

 

 

793

 

Current liabilities held for sale

 

 

4,120

 

 

 

3,370

 

Total current liabilities

 

 

18,616

 

 

 

19,332

 

Long-term debt

 

 

3,993

 

 

 

4,664

 

Liability for pension benefits

 

 

1,188

 

 

 

1,403

 

Deferred tax liabilities

 

 

612

 

 

 

561

 

Provision for liabilities

 

 

401

 

 

 

406

 

Long-term lease liabilities

 

 

800

 

 

 

917

 

Other non-current liabilities

 

 

239

 

 

 

281

 

Non-current liabilities held for sale

 

 

 

 

 

35

 

Total non-current liabilities

 

 

7,233

 

 

 

8,267

 

TOTAL LIABILITIES

 

 

25,849

 

 

 

27,599

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

EQUITY (i)

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

10,786

 

 

 

10,748

 

Retained earnings

 

 

2,969

 

 

 

2,434

 

Accumulated other comprehensive loss, net of tax

 

 

(2,359

)

 

 

(2,359

)

Treasury shares, at cost, 17,519 shares in 2021 and 2020

 

 

(3

)

 

 

(3

)

Total Willis Towers Watson shareholders’ equity

 

 

11,393

 

 

 

10,820

 

Non-controlling interests