Willis Towers Watson (WTW) FY2019 results: revenue $8.4 billion, down 1.7% on the year
Willis Towers Watson plc (WTW) reported revenue of $8.4 billion for fiscal 2019, the year ended 31 December 2019, down 1.7% on the year before. Net income was $1.0 billion, up 50.2%, and diluted earnings per share $8.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$8.4 billion
-1.7% on the year
FY2012FY2019
Operating margin
12.6%
9.5% a year earlier
FY2012FY2019
Net income
$1.0 billion
+50.2% on the year
FY2012FY2019
Diluted EPS
$8.02
+52.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,370
8,513
8,202
-1.7%
Operating income
1,054
809
516
+30.3%
Operating margin
12.6%
9.5%
6.3%
Interest expense
234
208
188
+12.5%
Pre-tax income
1,046
851
492
+22.9%
Income tax
197
136
-100
+44.9%
Effective tax rate
18.8%
16.0%
-20.3%
Net income
1,044
695
568
+50.2%
Net margin
12.5%
8.2%
6.9%
Diluted EPS
$8.02
$5.27
$4.18
+52.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,081
1,288
862
-16.1%
Capital expenditure
n/a
268
300
Free cash flow
n/a
1,020
562
Free cash flow margin
n/a
12.0%
6.9%
Cash from investing
-1,614
-341
-335
Cash from financing
455
-903
-479
Depreciation and amortisation
729
747
833
-2.4%
Share-based compensation
74.0
50.0
67.0
+48.0%
Buybacks
150
602
532
-75.1%
Dividends paid
329
306
277
+7.5%
Dividend per share
$2.60
$2.40
$2.12
+8.3%
Diluted shares, weighted
130m
132m
136m
-1.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,249
9,852
10,126
+4.0%
Non-controlling interest
120
119
123
+0.8%
Redeemable equity
0.0
26.0
28.0
Debt
8,017
6,400
5,638
+25.3%
Operating lease liabilities
964
0.0
n/a
Finance lease liabilities
22.0
26.0
n/a
-15.4%
Other liabilities
16,054
15,962
16,543
+0.6%
Total liabilities and equity
35,426
32,385
32,458
+9.4%
Fixed assets
1,046
942
985
+11.0%
Goodwill
10,385
10,465
10,519
-0.8%
Intangible assets
3,478
3,318
3,882
+4.8%
Cash and equivalents
887
1,033
1,030
-14.1%
Receivables
2,621
2,379
2,246
+10.2%
Other assets
17,009
14,248
13,796
+19.4%
Total assets
35,426
32,385
32,458
+9.4%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.