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Financial Performance & Integration Progress - Core underlying profits increased by 25% year-on-year, with wealth management businesses in every region growing on a PBT basis in double digits [1] - Alternative business in asset management reached 300 billion in assets under management [1] - Achieved 9 billion in cost savings out of the targeted 13 billion, with an additional 1 billion expected by year-end and 3 billion in 2026 from shutting down legacy systems [3] - Successfully migrated 400,000 clients in Switzerland and is progressing with the second wave in the third quarter [2] - UBS is accruing for a double-digit increase in dividends and executing capital return plans through share buybacks [15] Strategic Outlook & Regulatory Landscape - Shrinking is not an option, as diversification benefits both UBS and Switzerland [9][10][11] - The combination of UBS and Credit Suisse creates a stronger bank globally in core activities [13] - UBS is fully implementing Basel III in Switzerland, effective January 1st of this year [17] - A tariff discussion outcome around 15% on average is a base case scenario, which is six times higher than at the beginning of the year [22] Client Relations & Risk Management - Serves over 250万 (2.5 million) clients, including over 20万 (200,000) SMEs in Switzerland, indicating a solid relationship with the community [5] - Addressed an issue affecting less than 200 clients related to FX packages and compensated affected clients, which was reflected in Q2 results [27][28]

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[Music] Please join us in welcoming Mayor Paul Esser. Sun Prairie is at a defining moment of time. The changes we make, the decisions we make today are going to affect the future for years to come. And this is our opportunity to have real influence, to change the future, to create the future that we want to have, and to leave something a legacy for those who are going to follow over the next 25 years.this community, the demographics of this community, the the makeup of who lives here is going to change dram ...

Group 1 - Seeking Alpha welcomes Matthew J Smith as a new contributing analyst, encouraging others to share investment ideas for publication and potential earnings [1] - The platform offers opportunities for contributors to unlock exclusive access to SA Premium by submitting articles [1] Group 2 - The article does not provide any specific company or industry analysis, nor does it include any financial data or performance metrics [2][3]

Financial Data and Key Metrics Changes - Consolidated first quarter revenue increased 70% from $494 million to $838 million, primarily due to the acquisition of Marcum [23] - Adjusted EBITDA doubled from $119 million to $238 million, reflecting strong margin and scale attributes [24] - Pretax income was $173 million, up $69 million or 66% [25] - Adjusted diluted EPS increased approximately 40% from $1.63 to $2.29 per share [25] - Interest expense increased by $21 million due to higher borrowing and rates from acquisition funding [26] Business Line Data and Key Metrics Changes - Financial Services segment revenue was $714 million, up $341 million or approximately 92% [27] - Financial Services adjusted EBITDA doubled to $230 million, maintaining an adjusted EBITDA margin of 32% [27] - Benefits and Insurance segment revenue was $113 million, up $5 million or approximately 4%, with adjusted EBITDA of $30 million, up $3 million or 10% [28] Market Data and Key Metrics Changes - Nonrecurring services now represent approximately 23% of total revenue, with expected softness due to economic conditions [32] - The government healthcare consulting business posted strong revenue growth in Q1 and is expected to continue performing well [14][60] Company Strategy and Development Direction - The company is focused on integrating technology systems to enhance operational improvements and streamline processes [37] - There is an increased interest in CBIZ as an acquirer of choice following the successful completion of the Marcum transaction [39] - The company aims to maintain its adjusted EBITDA and adjusted EPS guidance while widening revenue guidance due to economic uncertainties [31][32] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenging economic and geopolitical environment impacting client industries, particularly capital markets and advisory services [12][14] - Despite revenue pressures, the company is optimistic about its core recurring business performance and integration progress [108][112] - The management emphasizes the importance of maintaining profitability through variable cost adjustments and operational efficiencies [78][82] Other Important Information - The company expects approximately $60 million in payments related to prior acquisitions in 2025, with $30 million already paid in Q1 [33] - Total debt at the end of the quarter was approximately $1.5 billion, with a leverage ratio of about 4x [30] - Approximately 4.4 million shares will be eligible for resale effective May 1, 2025, with a share repurchase program in place [34] Q&A Session Summary Question: What conditions would the bottom end of the new revenue range assume? - The bottom end of the new range reflects ongoing headwinds from the SEC audit practice and transactional pressures in the private equity business [68][70] Question: What operational measures are being taken to offset revenue pressures? - The company is leveraging variable compensation structures and reducing headcount to manage costs effectively [78][82] Question: Can you provide an update on capital allocation priorities? - The company is focused on reducing leverage while remaining opportunistic for strategic acquisitions and share repurchases [87][89] Question: How are client conflicts being managed post-acquisition? - The company anticipated some client conflicts due to the merger, particularly in healthcare, but these impacts are within expected ranges [94][96] Question: What is the outlook for pricing trends in the current environment? - The company has seen positive pricing trends but acknowledges potential downward pressure if the market remains challenging [103][104]