As previously reported, Credit Suisse analyst Michael Zaremski downgraded Willis Towers Watson to Neutral from Outperform on lower conviction that free cash flow levels will spike in 2020-2022. While some of the issues depressing free cash flow such as higher cash taxes and slower account receivable recoupments may only be temporary, the analyst has less confidence that Willis Towers Watson will meaningfully increase its free cash flow conversion rate in the coming years given there are clearly more internal systems/process integration hurdles than he previously appreciated.