Willis Towers Watson (WTW Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 28, 2022 7:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. Welcome to the WTW First Quarter 2022 Earnings Conference Call. Please refer to wtwco.com for the press release and supplemental information that was issued earlier today. Today’s call is being recorded and will be available for the next three months on WTW’s website.

Some of the comments in today’s call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning as well as other disclosures in the most recent Form 10-K and in other Willis Towers Watson SEC filings.

During the call, certain non-GAAP financial measures may be discussed. For reconciliations of the non-GAAP measures as well as other information regarding the measures, please refer to the most recent earnings release and other materials in the Investor Relations section of the company’s website.

I would now turn the call over to Carl Hess, WTW’s Chief Executive Officer. Please go ahead.

Carl Hess

Good morning, everyone. Thank you for joining us for WTW’s first quarter 2022 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer.

The first quarter marked a solid start to our year, with results that were in line with our expectations and reflect improved momentum in our business. We generated organic revenue growth of 2% and expanded adjusted operating margins by 200 basis points, driven by new business generation and continued expense discipline.

We also continue to focus on executing our capital allocation strategy and have now completed $4.1 billion in share repurchases since our 2021 Investor Day. Overall, we’ve had a solid start to the year and remain confident in our ability to deliver on our financial goals for both 2022 and the longer term.

Before discussing our strategic progress and operating results, I’d like to share our heartbreak and dismay over the crisis in Ukraine. We wholeheartedly wish for a peaceful solution and remain steadfast in our support for all our colleagues and their families in the region who have been affected. Their safety and well-being have been top of mind in the past months.