towers watson & co-cl a (TW) Key Developments
Towers Watson and Cambridge Mobile Telematics Announce Worldwide Joint Service Offering for the Usage-Based Auto Insurance Market
Sep 1 15
Towers Watson and Cambridge Mobile Telematics (CMT) announced an agreement to provide a jointly developed comprehensive usage-based auto insurance (UBI) solution and other value-added telematics analytics services to customers. The offering is intended for a variety of vehicle telematics stakeholders and will be available globally except in Canada and South Africa. The joint offering will include Towers Watson’s DriveAbility® program, analytics and insurance expertise combined with CMT’s DriveWell™ smartphone telematics solution and lightweight hardware Tag option. The venture brings to market a comprehensive smartphone UBI solution that can be implemented by insurance carriers within the automotive property & casualty market, auto and truck original equipment manufacturers, consumer telematics device providers and end customers of mobile network operators.
Towers Watson Shareholders Aim to Block Willis Merger
Aug 24 15
Towers Watson shareholders have filed several class action suits against the company in the US over its planned merger with broker Willis. According to a document filed with the US Securities and Exchange Commission on August 6, 2015 four putative class action complaints challenging the merger have been filed in the Court of Chancery for the State of Delaware. The complaints allege that Towers Watson's directors breached their fiduciary duties to stockholders by agreeing to merge Towers Watson with Willis through an inadequate and unfair process, which led to inadequate and unfair consideration and unfair deal protections, and that Willis and Merger Sub aided and abetted those alleged breaches.
Towers Watson & Co. Announces Quarterly Dividend, Payable on October 15, 2015
Aug 24 15
Towers Watson & Co announced that it will pay a quarterly dividend on its common stock of $0.15 per share on October 15, 2015 to shareholders of record on September 30, 2015.
Towers Watson Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended June 30, 2015; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2015
Aug 11 15
Towers Watson reported consolidated earnings results for the fourth quarter and year ended June 30, 2015. For the quarter, the company reported revenue of $888.21 million against $878.985 million a year ago. Income from operations was $131.116 million against $125.238 million a year ago. Income from continuing operations before income tax was $130.992 million against $124.199 million a year ago. Income from continuing operations was $89.389 million or $1.28 diluted per share against $82.272 million or $1.17 diluted per share a year ago. Net income attributable to common shareholders of $89.102 million or $1.28 diluted per share against $82.392 million or $1.17 diluted per share a year ago. Adjusted income from continuing operations was $104.713 million or $1.51 diluted per share against $94.404 million or $1.34 diluted per share a year ago. Adjusted EBITDA was $179.939 million against $169.168 million a year ago. Free cash flow was $280 million as compared to $219 million in the fourth quarter last year.
For the year, the company reported revenue of $3,644.953 million against $3,481.912 million a year ago. Income from operations was $588.601 million against $494.508 million a year ago. Income from continuing operations before income tax was $585.693 million against $498.506 million a year ago. Income from continuing operations was $385.631 million or $5.50 diluted per share against $360.257 million or $4.98 diluted per share a year ago. Net income attributable to common shareholders of $384.978 million or $5.50 diluted per share against $359.3 million or $5.06 diluted per share a year ago. Cash flows from operating activities were $573.519 million against $456.091 million a year ago. Adjusted income from continuing operations was $432.861 million or $6.19 diluted per share against $408.355 million or $5.76 diluted per share a year ago. Adjusted EBITDA was $767.219 million against $669.658 million a year ago. Free cash flow continued to be very strong at $502 million as compared to $391 million in fiscal 2014, a 28% increase. Free cash flow strength for the year was driven by the company's strong business results and year-over-year bonus differences.
For the first quarter of fiscal year 2016, the company expects to report revenues in the range of $870 million to $885 million, reflecting constant currency revenue growth in the range of 5% to 6%. Reported growth is expected to be in the flat to 2% range as the company lose about $40 million of revenue year-over-year due to the strengthening of the U.S. dollar based on the company's currency assumptions. The company expects adjusted diluted earnings per share in the range of $1.30 to $1.35. This includes a year-over-year negative impact due to currency translation of approximately $0.04. EBITDA margin is expected to be in a range of 19.0% to 19.5%. The company expects the first quarter of fiscal 2016 income tax rate to be in the 34% to 35% range.
For the full year of fiscal 2015, the company expects expect mid-single-digit constant currency revenue growth, which includes continuing momentum in comparison to the very strong fiscal 2015 results. The company expects adjusted EBITDA margin to continue to be at the current record run rate of around 21%. Adjusted diluted EPS from continuing operations is expected to increase in the mid-single digits, but slightly below the level of constant currency revenue growth as the company expects around a $0.12 negative currency impact based on the company's foreign currency assumptions. The company expects capital expenditures to be around the company’s historical average.
Towers Watson Introduces Towers WatsonDataValidator
Jul 30 15
Towers Watson has introduced Towers WatsonDataValidator, a data validation and transformation software solution that helps insurers use their data more efficiently across financial modeling analytics, pricing applications and risk management. This generates significant processing efficiency gains by capturing issues early in the process, thus avoiding unnecessary rework and manual adjustments. DataValidator helps insurers meet evolving regulatory data quality requirements against today’s increasingly challenging timetables. The solution provides a quick and comprehensive data quality assessment while providing thorough audit trails necessary for mandatory governance and audit readiness. DataValidator is developed, maintained and supported by Towers Watson. It works with Towers Watson risk software products and third-party software solutions.