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 March 31, 2024 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 (J ...

Financial Performance - Revenue for Q1 2024 was $2.34 billion, a 4% increase from $2.24 billion in Q1 2023, with organic growth of 5%[4] - Net Income for Q1 2024 decreased by 6% to $194 million compared to $206 million in Q1 2023[7] - Adjusted Diluted EPS for Q1 2024 was $3.29, up 16% from $2.84 in Q1 2023[4] - Adjusted Operating Income increased by 16% to $483 million, with an Adjusted Operating Margin of 20.6%, up 200 basis points year-over-year[4] - Total revenue for the three months ended March 31, 2024, was $2,341 million, representing a 4% increase compared to $2,244 million in the same period of 2023[46] - Adjusted net income for Q1 2024 was $341 million, compared to $306 million in Q1 2023, reflecting an increase of 11.4%[53] - Adjusted EBITDA for Q1 2024 was $568 million, with a margin of 24.3%, compared to $503 million and a margin of 22.4% in Q1 2023[54] - Net income attributable to WTW for Q1 2024 was $190 million, down from $203 million in Q1 2023, representing a decrease of 6.4%[59] Segment Performance - The Health, Wealth & Career segment reported revenue of $1.34 billion, a 4% increase, with an operating margin of 25.1%[11] - The Risk & Broking segment achieved revenue of $978 million, an 8% increase, with an operating margin of 20.8%[13] - Segment operating income for Health, Wealth & Career was $336 million, up from $309 million in the prior year, while Risk & Broking segment operating income increased to $203 million from $180 million[48] - The overall segment operating income for the company reached $539 million, compared to $489 million in the same quarter of 2023[48] - The operating margin for the Health, Wealth & Career segment improved to 25.1% from 24.0%, and Risk & Broking segment margin increased to 20.8% from 19.9%[49] Cash Flow and Assets - Cash flows from operating activities were $24 million for Q1 2024, down from $134 million in Q1 2023, with Free Cash Flow at $(9) million[10] - Free cash flow for Q1 2024 was negative $9 million, a significant decline from $92 million in Q1 2023[57] - Total assets as of March 31, 2024, were $30,237 million, an increase from $29,090 million as of December 31, 2023[62] - Long-term debt increased to $5,307 million as of March 31, 2024, compared to $4,567 million at the end of 2023[62] - Total cash, cash equivalents, and restricted cash at the end of the period increased to $5,251 million from $4,362 million, representing a year-over-year increase of 20.3%[67] - Cash and cash equivalents for the three months ended March 31, 2024, were $1,893 million, up from $1,135 million in the same period of 2023, indicating a growth of 66.7%[67] Future Outlook - The company expects full-year 2024 revenue of $9.9 billion or greater, with mid-single digit organic revenue growth[15] - Adjusted diluted earnings per share for the full year 2024 are projected to be between $15.40 and $17.00[15] - The company anticipates approximately $425 million in cumulative run-rate savings from the Transformation program by the end of 2024[23] - The company anticipates ongoing investments in technology and systems to enhance operational efficiency and support growth strategies[39] Risks and Strategic Focus - The company faces risks related to macroeconomic trends, including inflation and geopolitical events, which could impact financial performance[39] - The completed sale of Willis Re to Gallagher is part of the company's strategic focus on optimizing its business portfolio[39] Other Financial Metrics - Interest income for the three months ended March 31, 2024, was $43 million, compared to $32 million in the same period of 2023[47] - Organic revenue growth for total revenue, excluding interest income contribution, was 4% for the three months ended March 31, 2024[46] - The U.S. GAAP tax rate for Q1 2024 was 19.9%, slightly higher than 19.5% in Q1 2023[56] - The company incurred restructuring costs of $18 million in Q1 2024, compared to $3 million in Q1 2023, indicating increased operational adjustments[55] - The increase in total cash, cash equivalents, and restricted cash for the period was $1,506 million, compared to a decrease of $380 million in the prior year[67] - The net cash from financing activities was $1,556 million, a significant increase from a net cash used of $453 million in the prior period[66] - The overall increase in cash, cash equivalents, and other restricted cash was $487 million, contrasting with a decrease of $130 million in the previous year[67] - The effect of exchange rate changes on cash, cash equivalents, and restricted cash was a decrease of $47 million[67] - The beginning cash, cash equivalents, and restricted cash balance was $3,792 million, compared to $4,721 million at the beginning of the previous year[67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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) 98-03 ...

WTW Earnings Release Supplemental Materials February 6, 2024 2023 Fourth Quarter and Full Year Financial Results wtwco.com © 2024 WTW. All rights reserved. WTW Forward-Looking Statements This document contains '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 assum ...

Financial Data and Key Metrics Changes - WTW achieved 6% organic revenue growth in Q4 2023, with an adjusted operating margin of 34.2%, up 180 basis points year-over-year [7][42] - Adjusted diluted earnings per share increased by 18% year-over-year to $7.44 for Q4, and for the full year, adjusted diluted earnings per share were $14.49, an 8% increase [7][29] - For the full year, organic revenue growth was 8%, exceeding the mid-single digit target, with a 110 basis points margin expansion to achieve an adjusted operating margin of 22% [7][42] Business Line Data and Key Metrics Changes - Health, Wealth, and Career (HWC) segment generated 4% revenue growth in Q4 and finished the year with 6% growth [30] - Risk & Broking (R&B) revenue grew 12% organically in Q4 and 10% for the full year, with expectations of mid-single digit growth in 2024 [35][36] - HWC's operating margin increased by 150 basis points to 40.5% in Q4, driven by transformation savings [34] Market Data and Key Metrics Changes - The corporate Risk & Broking segment saw strong growth driven by new business activity and improved client retention [37] - Specialty lines within R&B contributed significantly to growth, with strong performance in natural resources, construction, and financial solutions [38] - The health business is expected to benefit from rising healthcare costs, while the retirement business anticipates growth from pension derisking activities [22][30] Company Strategy and Development Direction - WTW's strategy focuses on growth, simplification, and transformation, with a strong emphasis on specialization in Risk & Broking [6][10] - The company is expanding its managing general underwriter (MGA) strategy and investing in talent to enhance capabilities in high-growth areas [13][15] - The strategic focus on industry verticals aims to tailor solutions for clients, enhancing value through specialized services and analytics [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2024 targets, expecting continued mid-single digit organic revenue growth and adjusted operating margins of 22.5% to 23.5% [26][50] - The company anticipates strong new business growth driven by complex risk environments and increasing demand for specialized services [16][21] - Management highlighted the importance of cross-selling opportunities and the positive impact of strategic client engagement on future growth [23][90] Other Important Information - WTW generated free cash flow of $1.2 billion in 2023, with a free cash flow margin of 12.6%, above the target of 12% [49] - The company returned nearly $1.4 billion to shareholders through share repurchases and dividends, with plans for $750 million in share repurchases in 2024 [48] - Transformation program savings reached $337 million, with a new target of $425 million by the end of 2024 [25][43] Q&A Session Summary Question: Insights on mid-single digit guidance outlook for 2024 in Risk & Broking - Management indicated that rate changes are not viewed as significant headwinds or tailwinds, emphasizing the impact of specialization and talent investments [53][54] Question: Free cash flow margin expectations - Management expects incremental improvement in free cash flow margin driven by profitability, reduced transformation spending, and improved cash conversion [56][58] Question: EPS guidance and potential upside - Management reaffirmed the EPS target range of $15.40 to $17 for 2024, citing various factors affecting the range, including operating income and share repurchase activity [60][61] Question: Share repurchase strategy - Management clarified that the $750 million share repurchase expectation is flexible and will be adjusted based on market conditions [62][63] Question: Free cash flow margin drag from transact business - Management reported a 60 basis point year-over-year improvement in free cash flow margin drag from the transact business, with expectations for it to become free cash flow positive in the near term [81][82] Question: Growth in specialty businesses - Management noted that specialty businesses are growing at nearly twice the rate of general lines, with a focus on continued investment and differentiation [84][97]

WTW Earnings Release Supplemental Materials October 26, 2023 2023 Third Quarter Financial Results wtwco.com © 2023 WTW. All rights reserved. WTW Forward-Looking Statements This document contains '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 resul ...

Willis Towers Watson PLC (NASDAQ:WTW) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET Company Participants Carl Hess - CEO & Director Andrew Krasner - CFO Conference Call Participants Rob Cox - Goldman Sachs Mark Hughes - Truist Securities Michael Zaremski - BMO Shlomo Rosenbaum - Stefil David Motemaden - Evercore ISI Yaron Kinar - Jeffries Michael Ward - Citi Mark Marcon - R.W. Baird Mark Shields - KBW Brian Meredith - UBS Joshua Shanker - Bank of America Operator Good morning. Welcome to the ...

Revenue Performance - Revenue for Q3 2023 was $2.166 billion, an increase of $213 million, or 11%, compared to Q3 2022[138] - Organic revenue growth for Q3 2023 was 9%, while for the nine months ended September 30, 2023, it was 8%[138] - Revenue for the three months ended September 30, 2023, was $2.166 billion, representing an 11% increase compared to $1.953 billion in the same period of 2022[146] - HWC segment revenue for the three months ended September 30, 2023, was $1.282 billion, a 10% increase from $1.162 billion in the same period of 2022[151] - R&B segment revenue for the three months ended September 30, 2023, was $855 million, a 12% increase from $765 million in the same period of 2022[157] - HWC segment revenue for the nine months ended September 30, 2023, was $3.784 billion, a 6% increase from $3.565 billion in the same period of 2022[154] - R&B segment revenue for the nine months ended September 30, 2023, was $2.659 billion, a 6% increase from $2.508 billion in the same period of 2022[159] - For the nine months ended September 30, 2023, the company generated revenue of $6,569 million, reflecting a 7% increase compared to the same period in 2022[221] Cost and Expenses - Total costs of providing services for Q3 2023 were $2.007 billion, up from $1.799 billion in Q3 2022[137] - Total costs of providing services for the three months ended September 30, 2023, were $2.0 billion, an increase of 12% from $1.8 billion in the same period of 2022[160] - Total costs of providing services for the nine months ended September 30, 2023, were $6.0 billion, an increase of 5% from $5.7 billion in the same period of 2022[160] - Salaries and benefits for the three months ended September 30, 2023, were $1.4 billion, an increase of 11% from $1.2 billion in the same period of 2022[161] - Restructuring charges for Q3 2023 under the Transformation program totaled $17 million, compared to $9 million in Q3 2022[133] Income and Profitability - Net income attributable to the company for Q3 2023 was $136 million, a decrease from $190 million in Q3 2022[137] - Net income attributable to WTW for Q3 2023 was $136 million, a decrease of 28% from $190 million in Q3 2022[176] - Net income attributable to WTW for the nine months ended September 30, 2023 was $433 million, an increase of 3% from $421 million in the same period of 2022[177] - Income from operations for the three months ended September 30, 2023, was $159 million, a slight increase from $154 million in the same period of 2022[170] - Adjusted operating income for Q3 2023 was $351 million, up from $284 million in Q3 2022, representing a 23.5% increase[225] - For the nine months ended September 30, 2023, adjusted operating income increased to $1.1 billion from $969 million, a growth of 11.4%[225] - Adjusted EBITDA for Q3 2023 was $436 million, compared to $408 million in Q3 2022, reflecting a 6.9% increase[228] - Adjusted EBITDA for the nine months ended September 30, 2023, remained at $1.4 billion, a decrease of $26 million compared to the same period in 2022[229] Cash Flow and Financing - Cash flows from operating activities for the nine months ended September 30, 2023 were $823 million, compared to $437 million for the same period in 2022, an increase of 88%[189] - Cash flows used in investing activities for the nine months ended September 30, 2023 were $1.0 billion, compared to $58 million in the same period of 2022[191] - Cash flows used in financing activities for the nine months ended September 30, 2023 were $728 million, significantly lower than $3.1 billion in the same period of 2022[193] - Free cash flow for the nine months ended September 30, 2023, was $707 million, up from $337 million in the same period of 2022, representing a 109% increase[243] - Cash and cash equivalents at September 30, 2023 totaled $1.2 billion, a decrease from $1.3 billion at December 31, 2022[186] - The company repurchased $804 million of shares during the nine months ended September 30, 2023, with remaining authorization to repurchase an additional $1.5 billion[180] - During the three months ended September 30, 2023, the company repurchased 1,681,385 shares at an average price of $208.16, totaling an aggregate repurchase cost of $350 million[203] Taxation - Provision for income taxes for Q3 2023 was $25 million, up from $1 million in Q3 2022, an increase of 2400%[174] - The U.S. GAAP tax rate for Q3 2023 was 15.5%, significantly higher than 0.7% in Q3 2022[240] - The adjusted income tax rate for Q3 2023 was 24.3%, up from 16.8% in Q3 2022, reflecting changes in tax benefits[241] Transformation Program - The company expects to generate annual cost savings in excess of $380 million by the end of 2024 from its Transformation program[132] - Cumulative costs for the Transformation program are expected to be approximately $630 million, with total investment projected at $900 million[132] - The company identified an additional $23 million of annualized run-rate savings during Q3 2023 from newly-realized opportunities[134] Market and Risk Management - The company maintains a global investment policy to diversify cash investments and minimize counterparty risk[246] - There were no material changes in market risk exposure compared to the previous year, as disclosed in the Annual Report on Form 10-K[245] - If short-term interest rates change by 25 basis points, the annualized interest income from fiduciary funds would increase or decrease by approximately $6 million[247] Assets and Liabilities - Total debt as of September 30, 2023 was $5.214 billion, an increase from $4.721 billion as of December 31, 2022[195] - As of September 30, 2023, the company reported total current assets of $243 million and total non-current assets of $1,007 million[214] - The company held $2.2 billion in fiduciary funds invested in interest-bearing accounts as of September 30, 2023[247] - The company's intercompany balances with non-guarantor subsidiaries were net receivables of $1.0 billion as of September 30, 2023[212] Earnings Per Share - Adjusted diluted earnings per share for Q3 2023 was $2.24, compared to $2.20 in Q3 2022, an increase of 1.8%[232] - Adjusted diluted earnings per share for the nine months ended September 30, 2023, decreased to $7.13 from $7.20 in the same period of 2022[235]

Willis Towers Watson PLC (NASDAQ:WTW) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET Company Participants Carl Hess - CEO & Director Andrew Krasner - CFO Conference Call Participants Elyse Greenspan - Wells Fargo Securities Charles Peters - Raymond James & Associates Jon Newsome - Piper Sandler & Co. David Motemaden - Evercore ISI Michael Ward - Citigroup Mark Marcon - Robert W. Baird & Co. Michael Zaremski - BMO Capital Markets Yaron Kinar - Jefferies Brian Meredith - UBS Mark Hughes - Truist Se ...

Revenue Performance - Revenue for Q2 2023 was $2.2 billion, a 6% increase from $2.0 billion in Q2 2022, with organic revenue growth of 7% after adjusting for currency impacts [135]. - For the first half of 2023, revenue reached $4.4 billion, up 5% from $4.2 billion in the same period of 2022, with organic growth of 8% [135]. - Revenue for the three months ended June 30, 2023, was $2.159 billion, representing a 6% increase from $2.031 billion in the same period of 2022 [143]. - HWC segment revenue for the three months ended June 30, 2023, was $1.215 billion, a 5% increase from $1.159 billion in the same period of 2022 [148]. - R&B segment revenue for the three months ended June 30, 2023, was $900 million, up 6% from $852 million in the same period of 2022 [154]. - HWC segment revenue for the six months ended June 30, 2023, was $2.502 billion, a 4% increase from $2.403 billion in the same period of 2022 [151]. - R&B segment revenue for the six months ended June 30, 2023, was $1.804 billion, a 3% increase from $1.743 billion in the same period of 2022 [157]. - Revenue for the six months ended June 30, 2023, was $4,403 million, reflecting a 5% increase compared to the same period in 2022, with organic revenue growth of 8% [219]. Cost and Expenses - Total costs of providing services for Q2 2023 were $2.0 billion, compared to $1.9 billion in Q2 2022, reflecting a 6% increase [134]. - Total costs of providing services for the three months ended June 30, 2023, were $2.0 billion, an increase of 6% from $1.9 billion in the same period of 2022 [158]. - Total costs of providing services for the six months ended June 30, 2023, were $4.0 billion, an increase of 3% from $3.9 billion in the same period of 2022 [158]. - Salaries and benefits for the three months ended June 30, 2023, were $1.3 billion, an increase of 7% from the same period in 2022 [159]. - The company incurred restructuring costs of $10 million in Q2 2023, down from $56 million in Q2 2022, contributing to the adjusted operating income [222]. Income and Profitability - Income from continuing operations for Q2 2023 was $96 million, a decrease from $160 million in Q2 2022 [134]. - Income from operations for the three months ended June 30, 2023, was $142 million, a $5 million increase from $137 million in the same period of 2022 [168]. - Income from operations for the six months ended June 30, 2023, was $427 million, an increase of $111 million from $316 million in the same period of 2022 [169]. - Net income attributable to WTW for Q2 2023 was $94 million, a decrease of 14% from $109 million in Q2 2022, while for the first half of 2023, it increased to $297 million, up 29% from $231 million in the same period last year [176][177]. - The company reported net income of $485 million for the six months ended June 30, 2023, attributable entirely to WTW [211]. Cash Flow and Financing - Cash flows from operating activities for the first half of 2023 were $430 million, compared to $258 million in the same period of 2022, reflecting improved working capital movements [188]. - Cash flows used in investing activities for the first half of 2023 were $1.0 billion, compared to cash flows from investing activities of $19 million in the same period of 2022, primarily due to a transfer of $916 million related to the Willis Re business [190]. - Cash flows used in financing activities for the first half of 2023 were $113 million, including share repurchases of $454 million and dividend payments of $177 million [191]. - Total debt as of June 30, 2023, was $5.464 billion, an increase from $4.721 billion at December 31, 2022, with a capitalization ratio of 35.8% [193]. - Cash and cash equivalents at June 30, 2023, totaled $1.6 billion, up from $1.3 billion at December 31, 2022, primarily due to net proceeds of $742 million from a senior notes offering [185]. Share Repurchase and Dividends - The company has $889 million remaining on its share repurchase authority as of June 30, 2023, with a maximum potential repurchase of approximately 3.77 million shares based on the closing price [200]. - The company repurchased 1,537,312 shares at an average price of $227.67, totaling an aggregate repurchase cost of $350 million for the three months ended June 30, 2023 [201]. - Total cash dividends paid during the six months ended June 30, 2023, amounted to $177 million, with a quarterly cash dividend of $0.84 per share approved in May 2023 [203]. Adjusted Metrics - Adjusted operating income is defined as income from operations adjusted for significant non-recurring items, which is crucial for evaluating core operations [221]. - Adjusted operating income for Q2 2023 was $315 million, slightly up from $314 million in Q2 2022, while for the six months ended June 30, 2023, it increased to $733 million from $685 million in the same period last year [223]. - Adjusted EBITDA for Q2 2023 was $411 million, down from $450 million in Q2 2022, and for the six months ended June 30, 2023, it was $914 million compared to $968 million in the prior year [226]. - Adjusted diluted earnings per share for Q2 2023 decreased to $2.05 from $2.32 in Q2 2022, and for the six months ended June 30, 2023, it was $4.89 compared to $4.99 in the same period last year [230]. - The adjusted operating income margin for Q2 2023 was 14.6%, slightly down from 15.5% in Q2 2022 [222]. Interest and Market Risks - Interest expense for Q2 2023 was $57 million, up 12% from $51 million in Q2 2022, and for the first half of 2023, it was $111 million, an 11% increase from $100 million in the same period last year [170]. - Interest income for the three and six months ended June 30, 2023, was $35 million and $67 million, respectively, compared to $7 million and $11 million for the same periods in 2022 [242]. - The company held $2.0 billion of fiduciary funds invested in interest-bearing accounts as of June 30, 2023 [242]. - If short-term interest rates change by 25 basis points, interest income from fiduciary funds would increase or decrease by approximately $5 million annually [242]. - The company has maintained its exposure to market risks without material changes since the last annual report [240]. Strategic Initiatives - The Transformation program is expected to generate annual cost savings exceeding $380 million by the end of 2024, with cumulative costs projected at approximately $630 million [130]. - Restructuring charges under the Transformation program totaled $10 million for Q2 2023, down from $56 million in Q2 2022 [131]. - The company identified an additional $53 million in annualized run-rate savings during Q2 2023 due to newly realized opportunities [131]. - The company is focused on developing technology, data, and analytic solutions to enhance operations and meet client preferences [124].