WILLIS TOWERS WATSON PLC WLTW Cash Flow

Willis towers watson plc (WLTW)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
NET INCOME
313,000	551,000	80,000	149,000	293,000	383,000	46,000	65,000	221,000	253,000	-54,000	41,000	352,000	148,000	-31,000	76,000	245,000	-18,000	116,000	72,000	214,000	83,000	-8,000	48,000	250,000	74,000	-27,000	107,000	223,000	-801,000	26,000	110,000	232,000	29,000	60,000	89,000	42,000	103,000	65,000	91,000	211,000
Adjustments to reconcile net income to total net cash from operating activities:
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,000	-	-	-	-
Net gain on disposal of operations, fixed and intangible assets and gain on remeasurement of previously held equity interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,000	4,000	0	2,000	1,000	-2,000	-1,000	0	3,000	1,000	0	1,000	4,000	-	-	-	-
Depreciation
98,000	69,000	58,000	59,000	54,000	55,000	54,000	53,000	51,000	83,000	57,000	60,000	52,000	46,000	45,000	44,000	43,000	25,000	25,000	23,000	22,000	22,000	23,000	24,000	23,000	26,000	21,000	21,000	26,000	20,000	21,000	19,000	19,000	18,000	17,000	19,000	20,000	18,000	14,000	16,000	15,000
Amortization
121,000	121,000	118,000	123,000	127,000	126,000	127,000	140,000	141,000	140,000	141,000	149,000	151,000	148,000	157,000	125,000	161,000	23,000	23,000	16,000	14,000	16,000	13,000	12,000	13,000	13,000	14,000	14,000	14,000	15,000	14,000	15,000	15,000	16,000	18,000	17,000	17,000	18,000	22,000	21,000	21,000
Non-cash lease expense
34,000	-	-	-	36,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash lease expense
-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of non-current deferred fulfillment costs
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net periodic benefit of defined benefit pension plans
-46,000	-42,000	-29,000	-32,000	-32,000	-31,000	-54,000	-17,000	-61,000	15,000	-41,000	-34,000	-31,000	-25,000	-21,000	-24,000	-23,000	-24,000	-21,000	-20,000	-13,000	-5,000	-4,000	-4,000	-4,000	-1,000	-1,000	-1,000	-1,000	1,000	0	0	1,000	3,000	2,000	3,000	3,000	-	-	-	-
Amortization of cash retention awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	3,000	2,000	-	2,000	1,000	2,000	-	-	-	62,000	-	48,000	44,000	44,000	-	-	-	-
Provision for doubtful receivables from clients
24,000	-3,000	2,000	2,000	8,000	-2,000	0	3,000	7,000	2,000	4,000	2,000	9,000	11,000	4,000	8,000	13,000	2,000	2,000	1,000	0	1,000	1,000	1,000	1,000	0	1,000	1,000	1,000	7,000	3,000	2,000	4,000	2,000	1,000	0	1,000	-	-	-	-
Benefit from deferred income taxes
-23,000	-28,000	-3,000	-13,000	-28,000	-45,000	-22,000	-22,000	-26,000	-229,000	18,000	0	-74,000	-124,000	-64,000	14,000	-70,000	-28,000	-104,000	21,000	12,000	116,000	-5,000	-32,000	-13,000	-21,000	-7,000	-9,000	-2,000	-7,000	-31,000	-18,000	2,000	28,000	4,000	-57,000	8,000	-64,000	-30,000	7,000	10,000
Gain on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,000	2,000	3,000	2,000	-25,000	1,000	4,000	3,000	-13,000	-1,000	0	-	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,000	1,000	1,000	0	1,000	0	-	-	-	-	0	1,000	3,000	1,000	-	-	2,000	-1,000
Share-based compensation
-1,000	26,000	21,000	17,000	10,000	35,000	11,000	1,000	3,000	19,000	15,000	19,000	14,000	29,000	26,000	33,000	35,000	18,000	12,000	16,000	18,000	10,000	14,000	14,000	14,000	11,000	10,000	9,000	12,000	8,000	7,000	8,000	9,000	8,000	9,000	10,000	14,000	13,000	9,000	13,000	12,000
Net loss/(gain) on disposal of operations
-	-	-	-	-	0	0	0	-9,000	23,000	-10,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash foreign exchange (gain)/loss
12,000	-10,000	-3,000	-5,000	-8,000	-3,000	-8,000	2,000	-17,000	2,000	-92,000	2,000	11,000	5,000	1,000	27,000	-5,000	-39,000	-14,000	21,000	-41,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-23,000	-28,000	5,000	10,000	-4,000	-3,000	-2,000	-6,000	3,000	36,000	54,000	-24,000	-9,000	-12,000	1,000	-16,000	0	-5,000	-16,000	7,000	22,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	171,000	-	-	-	-
Undistributed earnings of associates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-5,000	19,000	-11,000	-1,000	-9,000	13,000	-6,000	-2,000	-5,000	15,000	-11,000	10,000	-10,000	16,000	-4,000	8,000	-6,000	20,000
Non-cash Venezuela currency devaluation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	12,000
Effect of exchange rate changes on net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-15,000	-14,000	-1,000	-2,000	-3,000	4,000	5,000	4,000	-3,000	8,000	5,000	-8,000	-3,000	-11,000	8,000	-7,000	-1,000	3,000	-1,000
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable
46,000	454,000	-275,000	-39,000	121,000	264,000	-251,000	-124,000	43,000	95,000	-205,000	-79,000	253,000	121,000	-143,000	-38,000	161,000	100,000	-105,000	8,000	152,000	35,000	-106,000	-3,000	140,000	60,000	-68,000	-4,000	128,000	25,000	-119,000	31,000	80,000	12,000	-108,000	48,000	140,000	-8,000	-76,000	42,000	77,000
Fiduciary assets
2,873,000	-977,000	-619,000	-529,000	2,490,000	-459,000	-895,000	867,000	1,326,000	-66,000	-701,000	277,000	1,657,000	-827,000	-164,000	-139,000	1,379,000	-601,000	-361,000	721,000	749,000	252,000	-899,000	663,000	871,000	831,000	-830,000	131,000	672,000	-898,000	-598,000	683,000	924,000	-354,000	-996,000	732,000	780,000	9,000	-1,456,000	-396,000	1,921,000
Fiduciary liabilities
2,873,000	-977,000	-619,000	-529,000	2,490,000	-459,000	-895,000	867,000	1,326,000	-66,000	-701,000	277,000	1,657,000	-827,000	-164,000	-139,000	1,379,000	-601,000	-361,000	721,000	749,000	252,000	-899,000	663,000	871,000	-777,000	-830,000	131,000	672,000	-1,120,000	-598,000	683,000	924,000	-678,000	-996,000	732,000	780,000	-9,000	-1,594,000	-396,000	1,921,000
Cash incentives paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,000	43,000	315,000	18,000	28,000	104,000	196,000	19,000	25,000	34,000	245,000	-	-	-	-	-	-	-	-
Cash retention awards paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	11,000	195,000	-	-	-	-
Funding of defined benefit pension plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-26,000	-26,000	-28,000	-	-48,000	-33,000	-44,000	-	-49,000	-33,000	-33,000	-	-42,000	-33,000	-30,000	-	-	-	-
Other assets
-7,000	-133,000	238,000	127,000	37,000	-30,000	122,000	-24,000	-46,000	33,000	-121,000	154,000	62,000	22,000	69,000	24,000	118,000	-102,000	48,000	11,000	48,000	-	-	-	-	0	-35,000	17,000	4,000	-36,000	27,000	3,000	7,000	-96,000	41,000	-17,000	2,000	-1,000	-16,000	-21,000	131,000
Other liabilities
-482,000	32,000	-11,000	94,000	-379,000	320,000	-15,000	68,000	-393,000	300,000	-278,000	36,000	-109,000	222,000	-3,000	35,000	-80,000	96,000	12,000	-20,000	-149,000	-362,000	46,000	33,000	192,000	151,000	80,000	72,000	142,000	251,000	-32,000	-27,000	127,000	84,000	-19,000	-57,000	93,000	198,000	-124,000	-32,000	54,000
Provisions
13,000	-25,000	11,000	8,000	10,000	-41,000	35,000	-66,000	49,000	-47,000	-40,000	4,000	48,000	-7,000	0	3,000	69,000	51,000	-16,000	9,000	-1,000	-12,000	-3,000	-1,000	4,000	-4,000	1,000	14,000	13,000	-2,000	-3,000	2,000	-17,000	-	-	-4,000	5,000	-17,000	-8,000	0	-20,000
Net cash from/(used in) operating activities
23,000	461,000	317,000	350,000	-47,000	572,000	321,000	377,000	18,000	347,000	196,000	224,000	95,000	312,000	185,000	317,000	119,000	131,000	106,000	71,000	-64,000	196,000	129,000	147,000	5,000	195,000	229,000	98,000	39,000	215,000	152,000	96,000	62,000	167,000	146,000	119,000	7,000	241,000	94,000	85,000	69,000
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use
66,000	71,000	55,000	63,000	57,000	59,000	68,000	76,000	65,000	102,000	79,000	57,000	62,000	67,000	59,000	44,000	48,000	46,000	53,000	30,000	17,000	32,000	27,000	32,000	22,000	34,000	27,000	28,000	23,000	38,000	34,000	27,000	36,000	40,000	24,000	27,000	20,000	24,000	14,000	16,000	29,000
Capitalized software costs
15,000	16,000	9,000	17,000	17,000	13,000	16,000	12,000	13,000	23,000	20,000	17,000	15,000	21,000	22,000	24,000	18,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds on disposal of fixed and intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	1,000	1,000	3,000	1,000	4,000	4,000	-3,000	3,000	2,000	3,000	3,000	5,000	3,000	2,000	4,000	2,000	2,000	2,000
Additions to intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	0	1,000	6,000	0	1,000	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions of operations, net of cash acquired
66,000	5,000	1,323,000	0	1,000	28,000	0	3,000	5,000	0	0	1,000	12,000	0	-57,000	50,000	-469,000	564,000	65,000	220,000	8,000	-	-	-	-	0	1,000	28,000	1,000	29,000	0	2,000	2,000	5,000	1,000	1,000	3,000	1,000	5,000	2,000	13,000
Payments to acquire (proceeds from sale of) other investments, net of distributions received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	2,000	4,000	-2,000	3,000	1,000	1,000	2,000	1,000	2,000	2,000	1,000	0	3,000	1,000	-	-	-	-
Acquisition of investments in associates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,000	0	0	0	1,000
Net proceeds from sale of operations
-	-	-	-	-	0	0	0	4,000	57,000	0	0	0	-	-	-	-	-	-	-	-	68,000	0	13,000	5,000	20,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Redemptions of held-to-maturity investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sales and redemptions of available for sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
15,000	-9,000	0	6,000	0	-	-	-	-	5,000	8,000	-2,000	-7,000	-1,000	1,000	-9,000	-14,000	-16,000	27,000	-10,000	-17,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-162,000	-83,000	-1,383,000	-73,000	-75,000	-101,000	-87,000	-74,000	-79,000	-73,000	-107,000	-73,000	-82,000	-88,000	-25,000	-109,000	417,000	-595,000	-100,000	-240,000	-8,000	-159,000	-35,000	-61,000	-21,000	-15,000	-30,000	-54,000	-21,000	-73,000	-33,000	-29,000	-37,000	-29,000	-20,000	-28,000	-24,000	-18,000	-19,000	-16,000	-41,000
INCREASE IN CASH AND CASH EQUIVALENTS FROM OPERATING AND INVESTING ACTIVITIES
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	119,000	67,000	25,000	-	126,000	91,000	-17,000	223,000	75,000	69,000	28,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from drawdown of revolving credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,000	0	-53,000	55,000	-	-30,000	-35,000	85,000	-	0	-100,000	10,000	-5,000	65,000	-35,000	65,000
Net payments on revolving credit facility
396,000	-172,000	147,000	-244,000	138,000	-1,408,000	457,000	136,000	61,000	-33,000	392,000	-543,000	826,000	152,000	4,000	-55,000	-338,000	49,000	200,000	220,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior notes issued
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	609,000	997,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	794,000	-	-	-	-
Proceeds from issuance of other debt
-	-	-	-	-	-	-	-	-	0	0	0	32,000	0	0	4,000	400,000	592,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	-	-	-	-	0	0	6,000	3,000	0	0	14,000	0	4,000	0	0	1,000	0	0	1,000	2,000	0	8,000	0	0	-	-	-	-	5,000	0	1,000	6,000	-	-	-	-
Repayments of debt
128,000	170,000	822,000	2,000	1,000	0	127,000	22,000	21,000	20,000	19,000	59,000	636,000	40,000	35,000	645,000	1,181,000	7,000	151,000	4,000	4,000	4,000	3,000	4,000	4,000	4,000	524,000	4,000	4,000	4,000	2,000	7,000	2,000	329,000	27,000	63,000	492,000	28,000	111,000	27,000	43,000
Make-whole on repurchase and redemption of senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	12,000	146,000	-	-	-	-
Repurchase of shares
-	-	-	-	-	-	-	-	-	70,000	166,000	140,000	156,000	174,000	184,000	38,000	0	0	3,000	64,000	15,000	13,000	83,000	82,000	35,000	0	0	0	0	0	44,000	37,000	19,000	-	-	-	-	-	-	-	-
Proceeds from issuance of shares
3,000	14,000	4,000	5,000	22,000	24,000	3,000	7,000	11,000	17,000	7,000	17,000	20,000	19,000	16,000	17,000	11,000	31,000	11,000	51,000	38,000	33,000	13,000	50,000	43,000	50,000	43,000	43,000	19,000	12,000	18,000	12,000	11,000	14,000	4,000	23,000	19,000	10,000	9,000	6,000	11,000
Cash paid for employee taxes on withholding shares
-	-	-	-	-	0	0	23,000	7,000	4,000	11,000	0	3,000	0	4,000	8,000	1,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,000	1,000	1,000	0	1,000	0	-	-	-	-	0	1,000	3,000	1,000	-	-	2,000	-1,000
Dividends paid
84,000	84,000	84,000	84,000	77,000	78,000	79,000	81,000	68,000	68,000	72,000	72,000	65,000	66,000	66,000	67,000	0	112,000	56,000	55,000	54,000	53,000	54,000	53,000	50,000	49,000	49,000	48,000	47,000	46,000	46,000	47,000	46,000	44,000	46,000	45,000	45,000	44,000	43,000	45,000	44,000
Acquisitions of and dividends paid to non-controlling interests
-1,000	-33,000	-1,000	-21,000	0	-	-	-	-	-32,000	-5,000	-13,000	-1,000	-4,000	-2,000	-11,000	-4,000	-2,000	-11,000	-5,000	-3,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Noncontrolling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3,000	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,000	10,000	0	0	29,000	0	0	2,000	7,000	0	6,000	0	4,000
Dividends paid to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	13,000	2,000	1,000	1,000	7,000	1,000	0	1,000	7,000	3,000	0	1,000	11,000	1,000	2,000	2,000	21,000	1,000
Net cash from financing activities
186,000	-377,000	1,148,000	-456,000	82,000	-361,000	-207,000	-311,000	-24,000	-233,000	-50,000	-210,000	14,000	-116,000	-335,000	-208,000	-116,000	546,000	-10,000	143,000	-39,000	-40,000	-128,000	-106,000	-49,000	-5,000	-82,000	-68,000	18,000	-67,000	-104,000	-120,000	0	-64,000	-69,000	-208,000	127,000	-67,000	-89,000	-120,000	-17,000
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
47,000	1,000	82,000	-179,000	-40,000	110,000	27,000	-8,000	-85,000	41,000	39,000	-59,000	27,000	108,000	-175,000	0	420,000	82,000	-4,000	-26,000	-111,000	-3,000	-34,000	-20,000	-65,000	175,000	117,000	-24,000	36,000	75,000	15,000	-53,000	25,000	74,000	57,000	-117,000	110,000	156,000	-14,000	-51,000	11,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-36,000	20,000	-20,000	-1,000	-1,000	-8,000	-7,000	-35,000	9,000	77,000	21,000	10,000	4,000	-5,000	-7,000	-5,000	2,000	-16,000	-13,000	6,000	-21,000	-18,000	-18,000	-6,000	3,000	-2,000	3,000	-4,000	-5,000	1,000	2,000	-4,000	3,000	-1,000	-11,000	2,000	6,000	1,000	6,000	-4,000	-10,000
Supplemental disclosures:
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,000	8,000	54,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23,000	25,000	19,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of shares and assumed awards in connection with the Merger
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-