Financial Data and Key Metrics Changes - Reported earnings were $1,000,000 or $0.01 per diluted share, while adjusted earnings were approximately $66,000,000 or $0.69 per diluted share [5] - Loans increased by $312,000,000 or 7% from the previous quarter, and deposits rose by $361,000,000 or 7% [6] - Core net interest margin expanded from 3.42% to 3.58%, while reported margin increased from 3.45% to 3.85% for the quarter [6] Business Line Data and Key Metrics Changes - Adjusted pre-provision net revenue was $103,000,000, with net interest income growth driven by improved net interest margin and balance sheet growth [11] - Non-interest income was $48,300,000, reflecting a linked quarter increase of $11,900,000, largely driven by the mortgage division [11] - Non-interest expense for the quarter was $183,200,000, with merger and conversion expenses of $20,500,000 included [11] Market Data and Key Metrics Changes - The fair value of assets acquired in the merger totaled $7,900,000,000, including total loans of $5,200,000,000 [9] - The fair value of liabilities assumed was $6,900,000,000, including total deposits of $6,400,000,000 [9] - All regulatory capital ratios remained above required minimums, indicating a well-capitalized status [9] Company Strategy and Development Direction - The company is focused on successfully integrating teams from both merged entities and meeting customer needs [4] - Management expressed confidence in achieving modeled synergies by year-end and emphasized the importance of cultural integration [12] - The company aims for mid-single-digit loan and deposit growth, with a strong pipeline and opportunities in key markets [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the merger has created a strong foundation for future growth, with expectations for modest expansion in core margin [17] - The company is on track to achieve its long-term strategic goals regarding profitability metrics such as ROA and efficiency ratio [39] - Management remains cautious about potential economic impacts but is optimistic about the integration and growth opportunities [26] Other Important Information - The company recorded a credit loss provision on loans of $14,700,000, with net charge-offs primarily from two credits [10] - The adjusted efficiency ratio improved by about seven percentage points, reflecting better revenue and cost containment [12] - Management indicated that additional conversion-related expenses are expected in the third quarter [12] Q&A Session Summary Question: Can you walk through the margin and expectations for core margin moving forward? - Management expects modest expansion in core margin, with a spot margin in June at 3.60% [18][20] Question: What are the expectations for core expense levels in the next few quarters? - Management indicated that efficiencies from the merger will start to show in Q3, with a goal for a clean income statement by Q1 next year [35][36] Question: What is the outlook for loan growth and pipeline? - Management reported a strong pipeline and guided for mid-single-digit loan and deposit growth, with efforts to capture market share [25][26] Question: Can you provide color on elevated charge-offs and future expectations? - Management clarified that recent charge-offs were not systemic and expected future charge-offs to revert to historical averages of around 10 basis points [50][51] Question: What are the thoughts on potential buybacks and capital allocation? - Management stated that capital is primarily for organic growth, with buybacks considered but not prioritized at this time [52][54] Question: When might the company consider whole bank M&A opportunities? - Management indicated that it is too early to plan for M&A, focusing instead on the successful integration of the current merger [60][62]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $14.4 million, representing an 8% growth from Q1 2024 despite macroeconomic headwinds [7] - Adjusted gross margin for the quarter was 43.8%, down from 49.8% in Q1 2024, impacted by the discontinuation of non-strategic assets [7] - Operating expenses (OpEx), net of one-time expenses, declined to $14 million in Q1 2025 from $25.3 million in Q1 2024, reflecting a focus on cost controls and operational efficiencies [7] - Adjusted EBITDA loss was $9 million in Q1 2025, compared to a loss of $13.6 million in Q1 2024 [8] - As of March 31, cash, cash equivalents, and investable securities totaled $840 million, excluding recent acquisitions [8] Business Line Data and Key Metrics Changes - The core business revenue was just under $15 million in Q1 2025, while Markforged generated just under $17 million [12] - The company discontinued several products, including Admitec, DeepCube, Fabrica, and Formatec, expected to save around $20 million in annual operating expenses [9][10] Market Data and Key Metrics Changes - The company is focused on integrating Markforged and optimizing operations, with a strategic emphasis on high-margin, high-performance parts manufacturing [11][15] Company Strategy and Development Direction - The company is pursuing product rationalization and operating model optimization to ensure competitive advantages and high margins [11][13] - The integration of Markforged is seen as a key opportunity to enhance the company's offerings in digital manufacturing [14][15] - The management is committed to creating shareholder value through responsible growth and innovation [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in the strategic decisions made to enhance operational efficiency and shareholder value [7][16] - The company is currently evaluating strategic alternatives for Desktop Metal, with a focus on disciplined expense management and cash burn control [19][20] Other Important Information - The company emphasized the importance of a flatter organizational structure to foster innovation and speed in delivering value [11][14] Q&A Session Summary Question: Inquiry about Desktop Metal's convertible and responsibilities post-acquisition - Management confirmed that obligations to Desktop Metal are being met and that its management operates independently [18] Question: Request for insights on cost structure and cash burn rate for the combined business model - Management refrained from providing specific guidance but assured that they are disciplined in managing expenses and cash burn [19][20]

Summary of Six Flags Entertainment (SIX) 2025 Investor Day Company Overview - **Company**: Six Flags Entertainment (SIX) - **Event**: 2025 Investor Day - **Date**: May 20, 2025 - **Location**: Cedar Point, Sandusky, Ohio Key Points Industry and Market Position - Six Flags is the leading regional amusement park operator in North America, operating 42 parks and entertaining almost 50 million guests annually [14][20] - The amusement park sector is projected to grow at a CAGR of nearly 4% over the next five years, indicating long-term tailwinds for the industry [22] Merger and Integration - The merger has created a stronger and more strategically positioned company, allowing for cost synergies and improved guest experiences [8][9] - The company aims to reduce leverage to below 4x by the end of 2026, which will enable cash returns to shareholders [11] - The integration process is on track, with positive trends in guest satisfaction, attendance, and revenue [34] Financial Targets - By 2028, Six Flags targets 58 million in attendance and $3.8 billion in revenue, with an adjusted EBITDA of $1.5 billion and a 40% margin [12][13] - The company plans to generate free cash flow for reinvestment and debt reduction [11] Attendance Growth Strategies - The company aims to regain 10 million guests lost during the pandemic, focusing on improving market penetration in underperforming parks [44][45] - Strategies include enhancing guest satisfaction, leveraging marketing and CRM, and introducing a regional pass model to increase attendance [58][60] In-Park Revenue Growth - Six Flags is focused on improving food and beverage operations, which have seen a steady 7% CAGR growth in revenue [62][63] - The company plans to enhance guest experience through renovations and new offerings, including adult beverages and themed food items [64][66] - The introduction of premium products, such as cabanas, is expected to drive high-margin revenue [71] Cost Management and Operational Efficiency - The company is committed to optimizing its cost structure to achieve a 40% margin, focusing on operational efficiencies and revenue optimization [39] - Portfolio optimization efforts are underway, with a focus on high-growth parks while evaluating the potential sale of underperforming assets [37][88] Guest Experience and Satisfaction - Six Flags emphasizes the importance of guest satisfaction in driving attendance, with a focus on providing a high-quality experience [50][51] - The company is investing in new attractions and improving existing facilities to enhance the overall park experience [90][91] Risk Management - The company has strategies in place to manage potential recessionary challenges, including adjusting capital expenditures and operational expenses [28][29] - Diversification across parks mitigates risk, as no single region contributes more than 30% of adjusted EBITDA [32] Conclusion - Six Flags is positioned for growth through strategic initiatives aimed at increasing attendance, enhancing guest experiences, and optimizing revenue streams, all while managing costs and reducing leverage [39][72]