Subtext

Willis Towers Watson Public Limited Company WTW

SectorFinancials
Transcripts37
Date range2016-05-06 – 2025-04-24
Calls charted37

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-24-12+0+12+242016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · Overall: +8.42016 Q2 · Overall: +0.42016 Q3 · Overall: +0.32016 Q4 · Overall: +3.82017 Q1 · Overall: +6.82017 Q2 · Overall: +7.12017 Q3 · Overall: +4.92017 Q4 · Overall: +7.32018 Q1 · Overall: +4.82018 Q2 · Overall: +7.42018 Q3 · Overall: +3.12018 Q4 · Overall: +4.12019 Q1 · Overall: +4.02019 Q2 · Overall: +3.62019 Q3 · Overall: +5.72019 Q4 · Overall: +0.22020 Q1 · Overall: -6.02020 Q2 · Overall: -4.22020 Q3 · Overall: -0.42020 Q4 · Overall: +5.42021 Q1 · Overall: -0.92021 Q2 · Overall: -4.22021 Q3 · Overall: +9.42021 Q4 · Overall: -0.52022 Q1 · Overall: +7.62022 Q2 · Overall: +9.32022 Q3 · Overall: +7.62022 Q4 · Overall: +13.12023 Q1 · Overall: +20.62023 Q2 · Overall: +9.72023 Q3 · Overall: +15.92023 Q4 · Overall: +13.62024 Q1 · Overall: +10.52024 Q2 · Overall: +19.32024 Q3 · Overall: +15.52024 Q4 · Overall: +18.72025 Q1 · Overall: +9.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-41-20+0+20+412016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · CEO: +8.72016 Q2 · CEO: -1.92016 Q3 · CEO: +7.02016 Q4 · CEO: +5.62017 Q1 · CEO: +10.52017 Q2 · CEO: +4.92017 Q3 · CEO: +6.42017 Q4 · CEO: +11.62018 Q1 · CEO: +3.82018 Q2 · CEO: +9.52018 Q3 · CEO: +3.92018 Q4 · CEO: +7.12022 Q1 · CEO: +17.62022 Q2 · CEO: +15.22022 Q3 · CEO: +15.52022 Q4 · CEO: +22.12023 Q1 · CEO: +35.42023 Q2 · CEO: +14.52023 Q3 · CEO: +25.92023 Q4 · CEO: +26.32024 Q2 · CEO: +30.92024 Q3 · CEO: +28.22025 Q1 · CEO: +21.52016 Q1 · CFO: +15.82016 Q2 · CFO: +7.92016 Q3 · CFO: +0.02016 Q4 · CFO: +6.22017 Q1 · CFO: +6.42017 Q2 · CFO: +12.12017 Q3 · CFO: +12.32017 Q4 · CFO: +3.02018 Q1 · CFO: +15.32018 Q2 · CFO: +13.32018 Q3 · CFO: +8.32018 Q4 · CFO: +13.42019 Q2 · CFO: +13.62019 Q4 · CFO: +2.02020 Q1 · CFO: +2.62020 Q2 · CFO: +6.12020 Q3 · CFO: +1.62020 Q4 · CFO: +11.42021 Q1 · CFO: +7.52021 Q2 · CFO: +9.52021 Q3 · CFO: +8.62021 Q4 · CFO: -10.62022 Q1 · CFO: +14.12022 Q2 · CFO: +14.02022 Q3 · CFO: +6.32022 Q4 · CFO: +13.92023 Q1 · CFO: +23.92023 Q2 · CFO: +16.62023 Q3 · CFO: +24.62023 Q4 · CFO: +20.22024 Q1 · CFO: +13.82024 Q2 · CFO: +17.72024 Q3 · CFO: +10.52024 Q4 · CFO: +18.72025 Q1 · CFO: +9.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-69-34+0+34+692016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · Prepared remarks: +32.22016 Q2 · Prepared remarks: +33.12016 Q3 · Prepared remarks: +34.12016 Q4 · Prepared remarks: +29.42017 Q1 · Prepared remarks: +19.22017 Q2 · Prepared remarks: +28.52017 Q3 · Prepared remarks: +26.32017 Q4 · Prepared remarks: +16.02018 Q1 · Prepared remarks: +22.02018 Q2 · Prepared remarks: +25.62018 Q3 · Prepared remarks: +10.72018 Q4 · Prepared remarks: +24.02019 Q1 · Prepared remarks: +17.22019 Q2 · Prepared remarks: +9.32019 Q3 · Prepared remarks: +27.02019 Q4 · Prepared remarks: +11.12020 Q1 · Prepared remarks: +3.22020 Q2 · Prepared remarks: +0.02020 Q3 · Prepared remarks: +0.02020 Q4 · Prepared remarks: +2.22021 Q1 · Prepared remarks: +28.32021 Q2 · Prepared remarks: +7.92021 Q3 · Prepared remarks: +0.02021 Q4 · Prepared remarks: +17.52022 Q1 · Prepared remarks: +20.02022 Q2 · Prepared remarks: +16.72022 Q3 · Prepared remarks: +15.02022 Q4 · Prepared remarks: +20.62023 Q1 · Prepared remarks: +34.22023 Q2 · Prepared remarks: +20.62023 Q3 · Prepared remarks: +27.62023 Q4 · Prepared remarks: +31.12024 Q1 · Prepared remarks: +59.82024 Q2 · Prepared remarks: +31.42024 Q3 · Prepared remarks: +22.52024 Q4 · Prepared remarks: +24.42025 Q1 · Prepared remarks: +16.92016 Q1 · Q&A responses: +9.72016 Q2 · Q&A responses: -1.92016 Q3 · Q&A responses: +2.72016 Q4 · Q&A responses: +4.62017 Q1 · Q&A responses: +5.92017 Q2 · Q&A responses: +7.02017 Q3 · Q&A responses: +7.52017 Q4 · Q&A responses: +7.52018 Q1 · Q&A responses: +8.92018 Q2 · Q&A responses: +11.22018 Q3 · Q&A responses: +4.12018 Q4 · Q&A responses: +8.32019 Q1 · Q&A responses: +7.72019 Q2 · Q&A responses: +8.92019 Q3 · Q&A responses: +8.02019 Q4 · Q&A responses: +3.42020 Q1 · Q&A responses: +0.62020 Q2 · Q&A responses: +2.12020 Q3 · Q&A responses: +4.62020 Q4 · Q&A responses: +13.52021 Q1 · Q&A responses: +7.12021 Q2 · Q&A responses: +1.22021 Q3 · Q&A responses: +11.52021 Q4 · Q&A responses: +9.22022 Q1 · Q&A responses: +10.22022 Q2 · Q&A responses: +13.32022 Q3 · Q&A responses: +8.02022 Q4 · Q&A responses: +15.72023 Q1 · Q&A responses: +25.42023 Q2 · Q&A responses: +7.82023 Q3 · Q&A responses: +21.12023 Q4 · Q&A responses: +14.92024 Q1 · Q&A responses: +16.42024 Q2 · Q&A responses: +21.12024 Q3 · Q&A responses: +17.22024 Q4 · Q&A responses: +24.22025 Q1 · Q&A responses: +13.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$7.29$13.13$18.962016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1: $8.102016 Q2: $8.282016 Q3: $8.332016 Q4: $8.512017 Q1: $8.792017 Q2: $9.182017 Q3: $9.452017 Q4: $9.822018 Q1: $10.212018 Q2: $10.292018 Q3: $10.482018 Q4: $10.952019 Q1: $11.012019 Q2: $11.302019 Q3: $11.732019 Q4: $12.012020 Q1: $12.312020 Q2: $11.592020 Q3: $11.992020 Q4: $12.092021 Q1: $12.542021 Q2: $13.162021 Q3: $13.992021 Q4: $13.802022 Q1: $13.942022 Q2: $14.572022 Q3: $14.992022 Q4: $15.102023 Q1: $15.152023 Q2: $15.662023 Q3: $15.342023 Q4: $16.172024 Q1: $16.892024 Q2: $17.342024 Q3: $18.16

Forward P/E

12.3515.3918.432016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1: 14.922016 Q2: 15.002016 Q3: 14.692016 Q4: 14.372017 Q1: 14.792017 Q2: 16.132017 Q3: 16.182017 Q4: 15.572018 Q1: 15.822018 Q2: 15.252018 Q3: 14.152018 Q4: 13.822019 Q1: 15.602019 Q2: 16.782019 Q3: 16.942019 Q4: 16.802020 Q1: 12.772020 Q2: 17.032020 Q3: 17.262020 Q4: 17.532021 Q1: 17.672021 Q2: 18.012021 Q3: 16.932021 Q4: 17.002022 Q1: 16.542022 Q2: 13.372022 Q3: 13.812022 Q4: 16.272023 Q1: 14.502023 Q2: 14.582023 Q3: 13.252023 Q4: 15.312024 Q1: 16.272024 Q2: 14.732024 Q3: 16.11

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2016 Q2 tone ↓ -8.0 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.2 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -2.5 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -4.3 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↓ -5.6 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -6.1 fwd EPS ↑ +0.30 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -6.3 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -3.3 fwd EPS ↑ +0.62 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -10.9 fwd EPS ↑ +0.51 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↑ +6.3 fwd EPS ↓ -0.32 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↓ -2.4 fwd EPS ↑ +0.83 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -3.0 fwd EPS ↑ +0.72 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -3.9 fwd EPS ↑ +0.81 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+9.7——View →
2024 Q42025-02-04+18.7——View →
2024 Q32024-10-31+15.5$18.1616.1View →
2024 Q22024-07-25+19.3$17.3414.7View →
2024 Q12024-04-25+10.5$16.8916.3View →
2023 Q42024-02-06+13.6$16.1715.3View →
2023 Q32023-10-26+15.9$15.3413.2View →
2023 Q22023-07-27+9.7$15.6614.6View →