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10th February 2019
Willis Towers Watson CEO Haley says “Our performance in the fourth quarter provided an outstanding finish to a strong year”
Willis Towers Watson has announced financial results for the fourth quarter and full year 2018
“Our performance this quarter provided an outstanding finish to a strong year,” said John Haley, Willis Towers Watson’s ceo. “We are very pleased with our progress in 2018. We concluded our integration efforts and delivered on our financial commitments; with strong top line growth, meaningful profitability improvement and robust cash flow growth. This momentum, combined with our continued focus on executing our strategy, leaves us very well-positioned for another year of operational success and driving shareholder value.”
As of 1st January 2018, the company adopted Accounting Standards Codification 606, Revenue From Contracts With Customers (“ASC 606”). The adoption of this new pronouncement had a material impact to the timing, amounts and classifications of certain results and balances within our consolidated financial statements in 2018. As required by ASC 606, under the modified retrospective method of adoption, the company has provided the impact to the affected line items within the consolidated financial statements for 2018. The 2017 comparative financial line items have not been restated in accordance with the new standard. In an effort to allow the reader to better understand the impact this guidance had on our reported results, the company ha also included our 2018 results, without the adoption effects of ASC 606, as supplemental information.
Without the impact of ASC 606, revenue for the three months ended 31st December 2018 was $2.1bn, an increase of 3%(5% increase constant currency and 6% increase organic).
For the twelve months ended December 31, 2018, without the impact of ASC 606, revenue was $8.6bn, an increase of 5% 4% increase constant currency and 5% increase organic).
Net income attributable to Willis Towers Watson for the fourth quarter of 2018 was $169m, as compared to $245m million for the prior-year fourth quarter.
For the twelve months, net income attributable to Willis Towers Watson was $775m, a 36% increase from $568m for the prior year.
Net income for the fourth quarter of 2018 was $174m, as compared to $253m for the prior-year fourth quarter. Adjusted EBITDA for the fourth quarter of 2018 was $525m, or 24.5% of revenue, as compared to Adjusted EBITDA of $48m, or 23.3% of revenue. This represents an increase of 120 basis points in Adjusted EBITDA margin over the prior-year fourth quarter.
For the twelve months, net income was $795m, an increase from net income of $592m. Adjusted EBITDA for the twelve months ended December 31, 2018 was $2.2bn or 25.1% of revenue, an increase from Adjusted EBITDA of $1.9bn, or 23.2% of revenue, for the prior year, representing an increase of 190 basis points in Adjusted EBITDA margin over the prior year.
Willis Towers Watson(177 articles)