Willis Towers Watson (WTW) FY2014 results: revenue $3.8 billion, up 4.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $3.8 billion for fiscal 2014, the year ended 31 December 2014, up 4.0% on the year before. Net income was $362 million, down 0.8%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$3.8 billion
+4.0% on the year
FY2008FY2014
Operating margin
17.0%
18.1% a year earlier
FY2008FY2014
Net income
$362 million
-0.8% on the year
FY2008FY2014
Diluted EPS
$2.00
-2.0% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,802
3,655
3,480
+4.0%
Operating income
647
663
-225
-2.4%
Operating margin
17.0%
18.1%
-6.5%
Interest expense
135
126
128
+7.1%
Pre-tax income
518
499
-337
+3.8%
Income tax
159
122
101
+30.3%
Effective tax rate
30.7%
24.4%
n/a
Net income
362
365
-446
-0.8%
Net margin
9.5%
10.0%
-12.8%
Diluted EPS
$2.00
$2.04
-$2.58
-2.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
477
561
525
-15.0%
Capital expenditure
113
112
135
+0.9%
Free cash flow
364
449
390
-18.9%
Free cash flow margin
9.6%
12.3%
11.2%
Cash from investing
-276
-120
-172
Cash from financing
-323
-137
-291
Depreciation and amortisation
146
149
-79.0
-2.0%
Share-based compensation
52.0
42.0
32.0
+23.8%
Buybacks
213
0.0
100
Dividends paid
210
193
185
+8.8%
Dividend per share
$1.20
$1.12
$1.08
+7.1%
Diluted shares, weighted
181m
179m
173m
+1.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,985
2,215
1,699
-10.4%
Non-controlling interest
22.0
28.0
26.0
-21.4%
Redeemable equity
59.0
0.0
n/a
Short-term borrowings
167
15.0
n/a
+1,013.3%
Debt
2,130
2,311
2,338
-7.8%
Other liabilities
11,072
10,231
11,049
+8.2%
Total liabilities and equity
15,435
14,800
15,112
+4.3%
Fixed assets
483
481
468
+0.4%
Goodwill
2,937
2,838
2,827
+3.5%
Intangible assets
450
353
385
+27.5%
Cash and equivalents
635
796
500
-20.2%
Receivables
1,044
1,041
933
+0.3%
Other assets
9,886
9,291
9,999
+6.4%
Total assets
15,435
14,800
15,112
+4.3%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.