Willis Towers Watson (WTW) FY2017 results: revenue $8.2 billion, up 4.0% on the year
Willis Towers Watson plc (WTW) reported revenue of $8.2 billion for fiscal 2017, the year ended 31 December 2017, up 4.0% on the year before. Net income was $568 million, up 35.2%, and diluted earnings per share $4.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$8.2 billion
+4.0% on the year
FY2010FY2017
Operating margin
6.3%
4.4% a year earlier
FY2010FY2017
Net income
$568 million
+35.2% on the year
FY2010FY2017
Diluted EPS
$4.18
+37.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
8,202
7,887
3,829
+4.0%
Operating income
516
348
427
+48.3%
Operating margin
6.3%
4.4%
11.2%
Interest expense
188
184
142
+2.2%
Pre-tax income
492
342
340
+43.9%
Income tax
-100
-96.0
-33.0
Effective tax rate
-20.3%
-28.1%
-9.7%
Net income
568
420
373
+35.2%
Net margin
6.9%
5.3%
9.7%
Diluted EPS
$4.18
$3.04
$5.41
+37.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
862
933
244
-7.6%
Capital expenditure
300
218
146
+37.6%
Free cash flow
562
715
98.0
-21.4%
Free cash flow margin
6.9%
9.1%
2.6%
Cash from investing
-335
195
-943
Cash from financing
-479
-775
641
Depreciation and amortisation
833
769
171
+8.3%
Share-based compensation
67.0
123
64.0
-45.5%
Buybacks
532
396
82.0
+34.3%
Dividends paid
277
199
277
+39.2%
Dividend per share
$2.12
$1.92
$3.28
+10.4%
Diluted shares, weighted
136m
138m
69m
-1.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
10,126
10,065
2,229
+0.6%
Non-controlling interest
123
118
131
+4.2%
Redeemable equity
28.0
51.0
53.0
-45.1%
Short-term borrowings
n/a
n/a
988
Debt
5,638
4,943
2,278
+14.1%
Other liabilities
16,543
15,076
13,160
+9.7%
Total liabilities and equity
32,458
30,253
18,839
+7.3%
Fixed assets
985
839
563
+17.4%
Goodwill
10,519
10,413
3,737
+1.0%
Intangible assets
3,882
4,368
1,115
-11.1%
Cash and equivalents
1,030
870
532
+18.4%
Receivables
2,246
2,080
1,258
+8.0%
Other assets
13,796
11,683
11,634
+18.1%
Total assets
32,458
30,253
18,839
+7.3%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.