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wtw Willis Towers Watson Reports Strong First Quarter 2021 Earnings April 29 , 2021 • Total revenue¹ increased 5 % to $ 2.6 billion with constant currency growth of 1 % and organic growth of 4 % • Diluted Earnings per Share were $ 5.63 for the quarter , up 140 % over prior year • Adjusted Diluted Earnings per Share were $ 3.64 for the quarter , up 9 % over prior year • Income from Operations was $ 452 million or 17.5 % of revenue , up 290 basis points over prior year • Adjusted Operating Income was $ 579 million or 22.4 % of revenue , up 110 basis points over prior year • The Company completed the transaction to sell its majority - owned subsidiary Miller ARLINGTON , Va . and LONDON , April 29 , 2021 ( GLOBE NEWSWIRE ) Willis Towers Watson ( NASDAQ : WLTW ) ( the " Company " ) , a leading global advisory , broking and solutions company , today announced financial results for the first quarter ended March 31 , 2021 . " Willis Towers Watson had an encouraging start to the year with strong first quarter results , " said John Haley , Willis Towers Watson's chief executive officer . " We are proud of our financial performance and our unwavering commitment to client service . We delivered revenue growth , meaningful margin expansion and strong earnings - per - share growth . Our results reflect both increased demand for our solutions , as well as our sustained focus on profitable growth . We continue to build upon our solid foundation and believe we are well - positioned to continue driving value for all our stakeholders . As always , I would like to thank all of our colleagues for their tremendous efforts this past quarter in support of our clients and each other . " 1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise . The segment discussion is on an organic basis . First Quarter Company Highlights Revenue was $ 2.59 billion for the first quarter of 2021 , an increase of 5 % ( 1 % increase constant currency and 4 % increase organic ) as compared to $ 2.47 billion for the same period in the prior year . Income from operations for the first quarter was $ 452 million , or 17.5 % of revenue , an increase of 290 basis points compared to the first quarter of the prior year . Adjusted operating income was $ 579 million , or 22.4 % of revenue , an increase of 110 basis points compared to the first quarter of the prior year . Net income attributable to Willis Towers Watson for the first quarter of 2021 was $ 733 million , an increase of 140 % from $ 305 million for the prior - year first quarter . For the quarter , diluted earnings per share were $ 5.63 and adjusted diluted earnings per share were $ 3.64 . Net income attributable to Willis Towers Watson and diluted earnings per share for the first quarter of 2021 included pre - tax $ 24 million of transaction and integration expenses related to the pending business combination with Aon plc . The U.S. GAAP tax rate for the quarter was 11.5 % , and the adjusted income tax rate for the quarter used in calculating adjusted diluted earnings per share was 20.5 % . Net income for the first quarter of 2021 was $ 736 million , or 28.4 % of revenue , an increase from net income of $ 313 million , or 12.7 % of revenue for the prior - year first quarter . Adjusted EBITDA for the first quarter of 2021 was $ 730 million , or 28.2 % of revenue , an increase from Adjusted EBITDA of $ 680 million , or 27.6 % of revenue . The first quarter is seasonally strong due to the renewal periods for some lines of business . Cash flows used in operating activities were $ 128 million for the three months ended March 31 , 2021 , compared to cash flows from operating activities of $ 23 million for the prior - year first quarter . Free cash outflow for the quarters ended March 31 , 2021 and 2020 was $ 165 million and $ 43 million , respectively . The decrease in year - over - year free cash flow was due to net legal settlement payments of approximately $ 185 million for the previously - announced Stanford and Willis / Towers Watson merger settlements and higher incentive compensation and benefit - related items of approximately $ 180 million . During the quarter ended March 31 , 2021 , the Company had no share repurchase activity . Risks and Uncertainties Related to the COVID - 19 Pandemic The extent to which COVID - 19 continues to impact our business and financial position will depend on future developments , which are difficult to predict , including the severity and scope of the COVID - 19 pandemic as well as the types of measures imposed by governmental authorities to contain the virus or address its impact and the duration of those actions and measures . We continue