WILLIS TOWERS WATSON PLC (WLTW) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K/A
Revenues:
North America					4,083.0
Human Capital and Benefits					3,295.0	3,176.0	3,100.0	584.0
Corporate Risk and Broking					2,852.0	2,709.0	2,608.0	2,349.0
Investment, Risk and Reinsurance					1,564.0	1,474.0	1,473.0	896.0
Other						843.0	706.0
Total revenues [+]	8,726.0	8,826.0	8,554.0	8,286.0	8,413.0	8,202.0	7,887.0	3,829.0
Services								3,809.0
Other								20.0
Revenue growth [+]	-1.1%	3.2%	3.2%	-1.5%	2.6%	4.0%	106.0%	0.7%
Human Capital and Benefits					3.7%	2.5%	430.8%	-10.8%
Corporate Risk and Broking					5.3%	3.9%	11.0%	-1.3%
Investment, Risk and Reinsurance					6.1%	0.1%	64.4%	17.0%
BDA					4.2%	11.2%
Cost of goods sold [+]	5,377.0	5,622.0	5,619.0	4,929.0	6,760.0	6,501.0	6,400.0	3,021.0
Labor costs	5,065.0	5,253.0	5,157.0		5,123.0	4,967.0	4,849.0	2,303.0
Other direct costs					1,637.0	1,534.0	1,551.0	718.0
Gross profit	3,349.0	3,204.0	2,935.0	3,357.0	1,653.0	1,701.0	1,487.0	808.0
Gross margin	38.4%	36.3%	34.3%	40.5%	19.6%	20.7%	18.9%	21.1%
Selling, general and administrative	2,311.0	1,174.0	2,137.0	2,387.0	944.0	1,185.0	7,539.0	3,402.0
Equity in earnings								11.0
Other operating expenses	64.0	-293.0	-50.0	75.0	-1,044.0	-1,185.0	-7,539.0	-3,402.0
EBITDA [+]					1,758.0	1,750.0	1,487.0	819.0
EBITDA growth	-58.1%	173.9%	-5.3%	-49.1%	0.5%	17.7%	81.6%	0.5%
EBITDA margin	11.2%	26.3%	9.9%	10.8%	20.9%	21.3%	18.9%	21.4%
Depreciation					213.0	252.0	178.0	95.0
EBITA	974.0	2,323.0	848.0	895.0	1,545.0	1,498.0	1,309.0	724.0
EBITA margin	11.2%	26.3%	9.9%	10.8%	18.4%	18.3%	16.6%	18.9%
Amortization of intangibles					534.0	581.0	591.0	76.0
EBIT [+]	974.0	2,323.0	848.0	895.0	1,011.0	917.0	718.0	648.0
EBIT growth	-58.1%	173.9%	-5.3%	-11.5%	10.3%	27.7%	10.8%	-3.1%
EBIT margin	11.2%	26.3%	9.9%	10.8%	12.0%	11.2%	9.1%	16.9%
Non-recurring items	-10.0				202.0	401.0	370.0	210.0
Interest expense, net [+]	-140.0	-172.0	-61.0	-84.0	208.0	188.0	184.0	142.0
Interest expense					208.0	188.0	184.0	142.0
Interest income	140.0	172.0	61.0	84.0
Other income (expense), net [+]	134.0	197.0	102.0	67.0	250.0	164.0	178.0	44.0
Other	-6.0	25.0	41.0	-17.0	250.0	164.0	178.0	55.0
Pre-tax income	1,258.0	2,692.0	1,011.0	1,046.0	851.0	492.0	342.0	340.0
Income taxes	194.0	536.0	249.0	197.0	136.0	-100.0	-96.0	-33.0
Tax rate	15.4%	19.9%	24.6%	18.8%	16.0%
Minority interest					20.0	24.0	18.0	11.0
Earnings from continuing ops	1,049.0	2,142.0	738.0	820.0	695.0	568.0	420.0	373.0
Earnings from discontinued ops	-40.0	2,080.0	258.0	224.0
Net income	1,009.0	4,222.0	996.0	1,044.0	695.0	568.0	420.0	373.0
Net margin	11.6%	47.8%	11.6%	12.6%	8.3%	6.9%	5.3%	9.7%

Basic EPS [+]	$9.37	$16.73	$5.68	$6.31	$5.31	$4.21	$3.07	$5.49
Growth	-44.0%	194.8%	-10.0%	18.9%	26.1%	37.2%	-44.1%	1.5%
Diluted EPS [+]	$9.37	$16.60	$5.68	$6.31	$5.27	$4.18	$3.04	$5.41
Growth	-43.6%	192.5%	-10.0%	19.8%	26.1%	37.2%	-43.7%	1.5%

Dividends per share [+]	$3.28	$3.02	$2.75	$2.60	$2.40	$2.12	$1.92	$3.28
Growth	8.6%	9.8%	5.8%	8.3%	13.2%	10.4%	-41.5%	3.1%

Shares outstanding (basic) [+]	112.0	128.0	130.0	130.0	131.0	135.0	137.0	68.0
Growth	-12.5%	-1.5%	0.0%	-0.8%	-3.0%	-1.5%	101.5%	1.5%
Shares outstanding (diluted) [+]	112.0	129.0	130.0	130.0	132.0	136.0	138.0	69.0
Growth	-13.2%	-0.8%	0.0%	-1.5%	-2.9%	-1.4%	100.0%	1.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.