Willis Towers Watson Public Limited Company (NASDAQ:WLTW) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 09:30 am ET
Good morning. Welcome to the Willis Towers Watson Second Quarter 2020 Earnings Conference Call. Please refer to willistowerswatson.com for the press release and supplemental information that was issued earlier today. [Operator Instructions]
Some of the comments in today's call may constitute forward-looking statements within the meanings of the Private Securities 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 our most recent Form 10-K and in other Willis Towers Watson's 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 these measures, please refer to the most recent earnings release and other materials in the Investor Relations section of the Company's website.
I'll now turn the call over to John Haley, Willis Towers Watson's Chief Executive Officer. Please go ahead, Sir.
Thank you. Good morning everyone and thank you for joining us on our second quarter 2020 Earnings Call. Joining me today are Mike Burwell, our Chief Financial Officer, and Rich Keefe, our Head of Investor Relations.
In the second quarter, we continue to navigate through an uncertain an unprecedented economic downturn. Nevertheless, I'm pleased with our financial performance, while our results were somewhat impacted by the pandemic, our overall performance reflects the strength, the diversity and the durability of our business model. In many of our core businesses, we continue to see new business generation, strong retention rates and increased operating leverage. We also reduced our controllable spending and improved our liquidity through a prudent cash flow management. I'm extremely proud of the work we've done to build the Company's operational resilience and strong balance sheet, both of which have provided a foundation for long-term sustainable growth.
Before delving further into our second quarter performance, I'd like to give a brief update on a couple of important topics. During our last earnings call, I talked about the COVID-19 crisis and the measures we have taken to mobilize and mitigate the risk to our colleagues, now we're taking what we've learned from the global pandemic to work together even better and are re-imagining our workplace and our work activities. This is no longer about reacting to the COVID-19 situation, it's about proactively using the experience of the last few months to create a more flexible, agile future.
We want to leverage and enhance what we've learned to explore how we can work differently and we want to ensure we maintain the key elements of our culture that keep our colleagues engaged and inspired, A working group that includes leaders from across the company has been conveyed to plan for this next phase of our journey. Their work focuses