WILLIS TOWERS WATSON PLC WLTW Cash Flow

Willis towers watson plc (WLTW)

CashFlow / TTM

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
1,093,000	1,073,000	905,000	871,000	787,000	715,000	585,000	485,000	461,000	592,000	487,000	510,000	545,000	438,000	272,000	419,000	415,000	384,000	485,000	361,000	337,000	373,000	364,000	345,000	404,000	377,000	-498,000	-445,000	-442,000	-433,000	397,000	431,000	410,000	220,000	294,000	299,000	301,000	470,000	0	0	0
Adjustments to reconcile net income to total net cash from operating activities:
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Net gain on disposal of operations, fixed and intangible assets and gain on remeasurement of previously held equity interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,000	7,000	1,000	0	-2,000	0	3,000	4,000	5,000	6,000	0	0	0	-	-	-	-
Depreciation
284,000	240,000	226,000	222,000	216,000	213,000	241,000	244,000	251,000	252,000	215,000	203,000	187,000	178,000	157,000	137,000	116,000	95,000	92,000	90,000	91,000	92,000	96,000	94,000	91,000	94,000	88,000	88,000	86,000	79,000	77,000	73,000	73,000	74,000	74,000	71,000	68,000	63,000	0	0	0
Amortization
483,000	489,000	494,000	503,000	520,000	534,000	548,000	562,000	571,000	581,000	589,000	605,000	581,000	591,000	466,000	332,000	223,000	76,000	69,000	59,000	55,000	54,000	51,000	52,000	54,000	55,000	57,000	57,000	58,000	59,000	60,000	64,000	66,000	68,000	70,000	74,000	78,000	82,000	0	0	0
Non-cash lease expense
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash lease expense
-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of non-current deferred fulfillment costs
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net periodic benefit of defined benefit pension plans
-149,000	-135,000	-124,000	-149,000	-134,000	-163,000	-117,000	-104,000	-121,000	-91,000	-131,000	-111,000	-101,000	-93,000	-92,000	-92,000	-88,000	-78,000	-59,000	-42,000	-26,000	-17,000	-13,000	-10,000	-7,000	-4,000	-2,000	-1,000	0	2,000	4,000	6,000	9,000	11,000	0	0	0	-	-	-	-
Amortization of cash retention awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	0	-	0	0	0	-	-	-	-
Provision for doubtful receivables from clients
25,000	9,000	10,000	8,000	9,000	8,000	12,000	16,000	15,000	17,000	26,000	26,000	32,000	36,000	27,000	25,000	18,000	5,000	4,000	3,000	3,000	4,000	3,000	3,000	3,000	3,000	10,000	12,000	13,000	16,000	11,000	9,000	7,000	4,000	0	0	0	-	-	-	-
Benefit from deferred income taxes
-67,000	-72,000	-89,000	-108,000	-117,000	-115,000	-299,000	-259,000	-237,000	-285,000	-180,000	-262,000	-248,000	-244,000	-148,000	-188,000	-181,000	-99,000	45,000	144,000	91,000	66,000	-71,000	-73,000	-50,000	-39,000	-25,000	-49,000	-58,000	-54,000	-19,000	16,000	-23,000	-17,000	-109,000	-143,000	-79,000	-77,000	0	0	0
Gain on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,000	-18,000	-19,000	-18,000	-17,000	-5,000	-7,000	-11,000	0	0	0	-	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	3,000	3,000	2,000	0	0	0	-	-	-	-	5,000	0	0	0	-	-	0	0
Share-based compensation
63,000	74,000	83,000	73,000	57,000	50,000	34,000	38,000	56,000	67,000	77,000	88,000	102,000	123,000	112,000	98,000	81,000	64,000	56,000	58,000	56,000	52,000	53,000	49,000	44,000	42,000	39,000	36,000	35,000	32,000	32,000	34,000	36,000	41,000	46,000	46,000	49,000	47,000	0	0	0
Net loss/(gain) on disposal of operations
-	-	-	-	-	-9,000	14,000	4,000	4,000	13,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash foreign exchange (gain)/loss
-6,000	-26,000	-19,000	-24,000	-17,000	-26,000	-21,000	-105,000	-105,000	-77,000	-74,000	19,000	44,000	28,000	-16,000	-31,000	-37,000	-73,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-36,000	-17,000	8,000	1,000	-15,000	-8,000	31,000	87,000	69,000	57,000	9,000	-44,000	-36,000	-27,000	-20,000	-37,000	-14,000	8,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	171,000	0	0	0	-	-	-	-
Undistributed earnings of associates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	2,000	-2,000	-8,000	-3,000	-4,000	0	2,000	-3,000	9,000	4,000	5,000	12,000	10,000	14,000	18,000	0	0	0
Non-cash Venezuela currency devaluation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,000	0	0	0
Effect of exchange rate changes on net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-32,000	-20,000	-2,000	4,000	10,000	10,000	14,000	14,000	2,000	2,000	-17,000	-14,000	-13,000	-11,000	3,000	-6,000	0	0	0
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable
186,000	261,000	71,000	95,000	10,000	-68,000	-237,000	-191,000	-146,000	64,000	90,000	152,000	193,000	101,000	80,000	118,000	164,000	155,000	90,000	89,000	78,000	66,000	91,000	129,000	128,000	116,000	81,000	30,000	65,000	17,000	4,000	15,000	32,000	92,000	72,000	104,000	98,000	35,000	0	0	0
Fiduciary assets
748,000	365,000	883,000	607,000	2,003,000	839,000	1,232,000	1,426,000	836,000	1,167,000	406,000	943,000	527,000	249,000	475,000	278,000	1,138,000	508,000	1,361,000	823,000	765,000	887,000	1,466,000	1,535,000	1,003,000	804,000	-925,000	-693,000	-141,000	111,000	655,000	257,000	306,000	162,000	525,000	65,000	-1,063,000	78,000	0	0	0
Fiduciary liabilities
748,000	365,000	883,000	607,000	2,003,000	839,000	1,232,000	1,426,000	836,000	1,167,000	406,000	943,000	527,000	249,000	475,000	278,000	1,138,000	508,000	1,361,000	823,000	765,000	887,000	-142,000	-73,000	-605,000	-804,000	-1,147,000	-915,000	-363,000	-111,000	331,000	-67,000	-18,000	-162,000	507,000	-91,000	-1,219,000	-78,000	0	0	0
Cash incentives paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	393,000	404,000	465,000	346,000	347,000	344,000	274,000	323,000	0	0	0	-	-	-	-	-	-	-	-
Cash retention awards paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Funding of defined benefit pension plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-
Other assets
225,000	269,000	372,000	256,000	105,000	22,000	85,000	-158,000	20,000	128,000	117,000	307,000	177,000	233,000	109,000	88,000	75,000	5,000	0	0	0	-	-	-	-	-14,000	-50,000	12,000	-2,000	1,000	-59,000	-45,000	-65,000	-70,000	25,000	-32,000	-36,000	93,000	0	0	0
Other liabilities
-367,000	-264,000	24,000	20,000	-6,000	-20,000	-40,000	-303,000	-335,000	-51,000	-129,000	146,000	145,000	174,000	48,000	63,000	8,000	-61,000	-519,000	-485,000	-432,000	-91,000	422,000	456,000	495,000	445,000	545,000	433,000	334,000	319,000	152,000	165,000	135,000	101,000	215,000	110,000	135,000	96,000	0	0	0
Provisions
7,000	4,000	-12,000	12,000	-62,000	-23,000	-29,000	-104,000	-34,000	-35,000	5,000	45,000	44,000	65,000	123,000	107,000	113,000	43,000	-20,000	-7,000	-17,000	-12,000	-4,000	0	15,000	24,000	26,000	22,000	10,000	-20,000	0	0	0	-	-	-24,000	-20,000	-45,000	0	0	0
Net cash from/(used in) operating activities
1,151,000	1,081,000	1,192,000	1,196,000	1,223,000	1,288,000	1,063,000	938,000	785,000	862,000	827,000	816,000	909,000	933,000	752,000	673,000	427,000	244,000	309,000	332,000	408,000	477,000	476,000	576,000	527,000	561,000	581,000	504,000	502,000	525,000	477,000	471,000	494,000	439,000	513,000	461,000	427,000	489,000	0	0	0
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use
255,000	246,000	234,000	247,000	260,000	268,000	311,000	322,000	303,000	300,000	265,000	245,000	232,000	218,000	197,000	191,000	177,000	146,000	132,000	106,000	108,000	113,000	115,000	115,000	111,000	112,000	116,000	123,000	122,000	135,000	137,000	127,000	127,000	111,000	95,000	85,000	74,000	83,000	0	0	0
Capitalized software costs
57,000	59,000	56,000	63,000	58,000	54,000	64,000	68,000	73,000	75,000	73,000	75,000	82,000	85,000	64,000	42,000	18,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds on disposal of fixed and intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,000	6,000	9,000	12,000	6,000	8,000	6,000	5,000	11,000	13,000	14,000	13,000	14,000	11,000	10,000	10,000	0	0	0
Additions to intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,000	7,000	8,000	7,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions of operations, net of cash acquired
1,394,000	1,329,000	1,352,000	29,000	32,000	36,000	8,000	8,000	6,000	13,000	13,000	-44,000	5,000	-476,000	88,000	210,000	380,000	857,000	0	0	0	-	-	-	-	30,000	59,000	58,000	32,000	33,000	9,000	10,000	9,000	10,000	6,000	10,000	11,000	21,000	0	0	0
Payments to acquire (proceeds from sale of) other investments, net of distributions received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,000	7,000	6,000	3,000	7,000	5,000	6,000	7,000	6,000	5,000	6,000	5,000	0	0	0	-	-	-	-
Acquisition of investments in associates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	2,000	2,000	2,000	1,000	0	0	0
Net proceeds from sale of operations
-	-	-	-	-	4,000	61,000	61,000	61,000	57,000	0	0	0	-	-	-	-	-	-	-	-	86,000	38,000	38,000	25,000	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
12,000	-3,000	0	0	0	-	-	-	-	4,000	-2,000	-9,000	-16,000	-23,000	-38,000	-12,000	-13,000	-16,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-1,701,000	-1,614,000	-1,632,000	-336,000	-337,000	-341,000	-313,000	-333,000	-332,000	-335,000	-350,000	-268,000	-304,000	195,000	-312,000	-387,000	-518,000	-943,000	-507,000	-442,000	-263,000	-276,000	-132,000	-127,000	-120,000	-120,000	-178,000	-181,000	-156,000	-172,000	-128,000	-115,000	-114,000	-101,000	-90,000	-89,000	-77,000	-94,000	0	0	0
INCREASE IN CASH AND CASH EQUIVALENTS FROM OPERATING AND INVESTING ACTIVITIES
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	423,000	372,000	350,000	395,000	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from drawdown of revolving credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	0	0	0	-	-95,000	-30,000	35,000	90,000	0	0	0
Net payments on revolving credit facility
127,000	-131,000	-1,367,000	-1,057,000	-677,000	-754,000	621,000	556,000	-123,000	642,000	827,000	439,000	927,000	-237,000	-340,000	-144,000	131,000	469,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior notes issued
-	-	-	-	-	-	-	-	-	-	-	-	-	1,606,000	1,606,000	1,606,000	997,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	794,000	0	0	0	-	-	-	-
Proceeds from issuance of other debt
-	-	-	-	-	-	-	-	-	32,000	32,000	32,000	36,000	404,000	996,000	996,000	992,000	592,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
-	-	-	-	-	-	-	-	-	9,000	9,000	9,000	17,000	14,000	18,000	18,000	4,000	5,000	1,000	1,000	2,000	3,000	3,000	11,000	10,000	8,000	0	0	0	-	-	-	-	12,000	0	0	0	-	-	-	-
Repayments of debt
1,122,000	995,000	825,000	130,000	150,000	170,000	190,000	82,000	119,000	734,000	754,000	770,000	1,356,000	1,901,000	1,868,000	1,984,000	1,343,000	166,000	163,000	15,000	15,000	15,000	15,000	536,000	536,000	536,000	536,000	14,000	17,000	15,000	340,000	365,000	421,000	911,000	610,000	694,000	658,000	209,000	0	0	0
Make-whole on repurchase and redemption of senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	158,000	0	0	0	-	-	-	-
Repurchase of shares
-	-	-	-	-	-	-	-	-	532,000	636,000	654,000	552,000	396,000	222,000	41,000	67,000	82,000	95,000	175,000	193,000	213,000	200,000	117,000	35,000	0	0	44,000	81,000	100,000	0	0	0	-	-	-	-	-	-	-	-
Proceeds from issuance of shares
26,000	45,000	55,000	54,000	56,000	45,000	38,000	42,000	52,000	61,000	63,000	72,000	72,000	63,000	75,000	70,000	104,000	131,000	133,000	135,000	134,000	139,000	156,000	186,000	179,000	155,000	117,000	92,000	61,000	53,000	55,000	41,000	52,000	60,000	56,000	61,000	44,000	36,000	0	0	0
Cash paid for employee taxes on withholding shares
-	-	-	-	-	30,000	34,000	45,000	22,000	18,000	14,000	7,000	15,000	13,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	3,000	3,000	2,000	0	0	0	-	-	-	-	5,000	0	0	0	-	-	0	0
Dividends paid
336,000	329,000	323,000	318,000	315,000	306,000	296,000	289,000	280,000	277,000	275,000	269,000	264,000	199,000	245,000	235,000	223,000	277,000	218,000	216,000	214,000	210,000	206,000	201,000	196,000	193,000	190,000	187,000	186,000	185,000	183,000	183,000	181,000	180,000	180,000	177,000	177,000	176,000	0	0	0
Acquisitions of and dividends paid to non-controlling interests
-56,000	-55,000	0	0	0	-	-	-	-	-51,000	-23,000	-20,000	-18,000	-21,000	-19,000	-28,000	-22,000	-21,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Noncontrolling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,000	0	0	0	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,000	14,000	14,000	14,000	39,000	29,000	29,000	31,000	9,000	9,000	15,000	13,000	10,000	0	0	0
Dividends paid to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,000	17,000	11,000	10,000	9,000	9,000	9,000	11,000	11,000	11,000	15,000	13,000	15,000	16,000	26,000	26,000	0	0	0
Net cash from financing activities
501,000	397,000	413,000	-942,000	-797,000	-903,000	-775,000	-618,000	-517,000	-479,000	-362,000	-647,000	-645,000	-775,000	-113,000	212,000	563,000	640,000	54,000	-64,000	-313,000	-323,000	-288,000	-242,000	-204,000	-137,000	-199,000	-221,000	-273,000	-291,000	-288,000	-253,000	-341,000	-214,000	-217,000	-237,000	-149,000	-293,000	0	0	0
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
-49,000	-136,000	-27,000	-82,000	89,000	44,000	-25,000	-13,000	-64,000	48,000	115,000	-99,000	-40,000	353,000	327,000	498,000	472,000	-59,000	-144,000	-174,000	-168,000	-122,000	56,000	207,000	203,000	304,000	204,000	102,000	73,000	62,000	61,000	103,000	39,000	124,000	206,000	135,000	201,000	102,000	0	0	0
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-37,000	-2,000	-30,000	-17,000	-51,000	-41,000	44,000	72,000	117,000	112,000	30,000	2,000	-13,000	-15,000	-26,000	-32,000	-21,000	-44,000	-46,000	-51,000	-63,000	-39,000	-23,000	-2,000	0	-8,000	-5,000	-6,000	-6,000	2,000	0	-13,000	-7,000	-4,000	-2,000	15,000	9,000	-7,000	0	0	0
Supplemental disclosures:
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of shares and assumed awards in connection with the Merger
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-