Financial Performance and Targets - AECOM exceeded previously increased earnings guidance mid-points[13] - AECOM delivered on long-term 17%+ margin guidance five-quarters early (Q3'25)[13] - AECOM has a record design backlog of $23 billion[14] - AECOM's FY'20-FY'25 adjusted EPS CAGR is 20%[13] - AECOM is targeting FY'26 – FY'29 Organic NSR Growth CAGR of +5 – 8%[38] - AECOM is targeting FY'26 – FY'29 Segment Adjusted Operating/Adjusted EBITDA Margin of 20%+ (Exit rate by FY'28)[38] - AECOM is targeting FY'26 – FY'29 Adjusted EPS and Free Cash Flow per Share Growth CAGR of 15%+[38] - AECOM's FY25 Net Service Revenue was $7572.8 million[79, 99] - AECOM's FY25 Adjusted EPS was $5.26[79] - AECOM's FY25 Total Backlog was $24.8 billion[79] Strategic Initiatives - AECOM expects to double its Advisory business within three years[13] - AECOM's win rate on largest pursuits in FY'25 was 80%+[14] - AECOM has built a team of 200+ AI PhDs and advanced degrees in machine learning, math, physics, computer and data sciences[13, 34]

Core Insights - Grant Thornton International is exploring strategic options for its Indian unit, including selling a minority stake or merging with its US or European operations [1][2] - The Indian unit is valued at over $2 billion, with intentions to maintain a significant share in the event of a merger [3] - The company aims to align with the Indian government's vision of developing competitive accounting and consulting firms against the Big Four [4] Group 1 - Grant Thornton Bharat is considering aligning with a global private equity-backed platform or raising private equity capital directly [2] - Preliminary discussions are ongoing with New Mountain Capital and Cinven regarding potential partnerships [2] - The Indian branch employs over 12,000 people and operates across 28 sectors, providing audit, advisory, tax, and regulatory services [4] Group 2 - Grant Thornton Bharat LLP is registered under the Indian Limited Liability Partnership Act and is headquartered in New Delhi [5] - Each member firm of Grant Thornton International operates independently, indicating a decentralized structure [5]

Company Overview - CBIZ, Inc. (CBZ) is an American company that offers a variety of professional services including accounting, tax, advisory, benefits, and insurance [1] Target Market - The company primarily serves middle-market businesses that require integrated and expert services [1]

Service Offering - Offers artwork/branding, marketing & growth strategy, content & short-form video services [2] - Provides project reviews/consulting, spaces hosting, livestream/IRL coverage [2] - Delivers advisory & DCM strategy including token launches, creator capital, and user acquisition [2] Business Objective - Seeks opportunities to cover costs for attending Breakpoint event [1] - Aims to secure work on Solana projects to earn resources [1] - Desires to meet and collaborate with individuals at Solana events [2] Marketing & Growth - Grew account from 0 to approximately 15 thousand followers organically [1] - Open to working with projects building something meaningful on Solana [1]

Core Insights - Oppenheimer (NYSE: OPY) reported a strong quarter, benefiting from a quick market recovery that supported its wealth management business, leading to record assets under management (AUM) [2] - The volatility in prior markets positively impacted sales and trading activities, contributing to the overall performance of the company [2] - The Value Lab, an investment group, focuses on long-only value ideas, aiming for a portfolio yield of approximately 4% and has seen success over the past five years by engaging in international markets [1] Group 1 - Oppenheimer's wealth management business achieved fresh records in AUM due to market recovery [2] - The sales and trading activities thrived as a result of previous market volatility [2] - The Value Lab offers members real-time updates, global market news, and feedback on stock ideas, enhancing investment strategies [2] Group 2 - The Valkyrie Trading Society consists of analysts sharing high-conviction, non-correlated investment ideas aimed at generating outsized returns in the current economic climate [3] - The society focuses on long-only investments, indicating a conservative approach to risk management [3]

Company Overview - Jefferies Financial Group Inc. is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, and wealth and asset management services [3][7] - The company operates more than 40 offices around the world, offering insights and expertise to investors, companies, and governments [3][7] Upcoming Events - Jefferies will host its annual Investor Day on October 16, 2025, at 9:00 a.m. in Manhattan, featuring management presentations and a Q&A session [1][8] - The event will be available for both in-person and virtual attendance, with registration required by October 14, 2025 [2][8] - Jefferies is set to release its third quarter financial results on September 29, 2025, after market close [7] Strategic Alliances - Jefferies and Sumitomo Mitsui Financial Group, along with its subsidiaries, are significantly expanding their Global Strategic Alliance, which was initially established in 2021 [6]

Company Overview - Willis Towers Watson Public Limited Company (WTW) has a market cap of $32.6 billion and operates as a leading global advisory, broking, and solutions company, serving clients worldwide [1] - The company is categorized as a "large-cap" stock, headquartered in London, UK, and combines expertise, data-driven insights, and innovative solutions to support businesses of all sizes [2] Stock Performance - WTW shares have dipped over 3% from their 52-week high of $344.14, but have increased 12.6% over the past three months, outperforming the SPDR S&P Insurance ETF's (KIE) marginal rise [3] - Year-to-date, WTW stock has risen 6.5%, surpassing KIE's 3.4% gain, and has soared 14.8% over the past 52 weeks compared to KIE's 4.5% return [4] Financial Results - On July 31, WTW reported strong Q2 2025 results, with adjusted EPS of $2.86, beating consensus estimates and rising 20% year-over-year; revenue was $2.26 billion, driven by solid organic growth in the Risk & Broking segment and improved margins from cost reductions [5] Competitive Landscape - Rival Brown & Brown, Inc. (BRO) has underperformed WTW, with shares decreasing 10.4% year-to-date and 12.2% over the past 52 weeks [6] - WTW stock has a consensus rating of "Moderate Buy" from 22 analysts, with a mean price target of $365.31, indicating a premium of 9.5% to current levels [6]

Core Viewpoint - Jefferies Financial Group Inc. will release its third quarter financial results on September 29, 2025, after market close [1] Company Overview - Jefferies is a leading global, full-service investment banking and capital markets firm [1] - The company provides a range of services including advisory, sales and trading, research, wealth, and asset management [1] - Jefferies operates more than 40 offices worldwide, offering insights and expertise to investors and companies [1]

Core Viewpoint - Willis Towers Watson (WTW) reported quarterly earnings of $2.86 per share, exceeding the Zacks Consensus Estimate of $2.65 per share, and showing an increase from $2.55 per share a year ago, representing an earnings surprise of +7.92% [1][2] Financial Performance - The company posted revenues of $2.26 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.20%, although this is a slight decrease from year-ago revenues of $2.27 billion [2] - Over the last four quarters, WTW has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance and Outlook - WTW shares have declined approximately 3.6% since the beginning of the year, contrasting with the S&P 500's gain of 8.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4][7] Estimate Revisions and Industry Context - The trend for estimate revisions ahead of the earnings release was mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $3.04 on revenues of $2.27 billion, and for the current fiscal year, it is $16.57 on revenues of $9.58 billion [7] - The Insurance - Brokerage industry, to which WTW belongs, is currently in the top 33% of Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Core Insights - Newmark Group reported strong Q2 2025 earnings, exceeding analyst expectations with non-GAAP EPS of $0.31 and GAAP revenue of $759.1 million, reflecting double-digit growth from the previous year [1][2] - The company raised its full-year 2025 guidance, anticipating total revenue between $3.05 billion and $3.25 billion, and adjusted EPS of $1.47 to $1.57 [10] Financial Performance - Non-GAAP EPS increased by 40.9% year-over-year from $0.22 in Q2 2024 to $0.31 in Q2 2025 [2] - GAAP revenue rose by 19.9% year-over-year from $633.4 million in Q2 2024 to $759.1 million in Q2 2025 [2] - Adjusted EBITDA grew by 32.1% year-over-year, reaching $114.0 million [2] - Net income (GAAP, fully diluted) increased by 39.8% year-over-year, from $20.6 million in Q2 2024 to $28.8 million in Q2 2025 [2] Business Segments and Growth Drivers - All key business segments experienced double-digit revenue growth, driven by organic expansion [5] - Management services and servicing fees grew by 13.6%, marking eight consecutive quarters of year-over-year gains [5] - The leasing and other commissions segment increased by 13.8%, supported by a rebound in office and retail leasing in major U.S. cities [6] - The capital markets segment saw a revenue increase of 37.9%, with notable growth in commercial mortgage origination fees and investment sales [7] Operational Efficiency - Non-compensation expenses rose by only 3.1%, significantly lower than the 19.9% increase in total revenues, indicating effective expense control [8] - Adjusted free cash flow improved to $95.9 million, up from $38.7 million in Q2 2024 [8] Strategic Focus and Future Outlook - The company is focusing on technology integration, client relationship strengthening, and global expansion, investing in AI and data analytics [4] - Management plans to maintain a conservative balance sheet while growing recurring fee-based revenue streams [4] - The company expects adjusted EBITDA for FY2025 to be between $523 million and $573 million, an increase from earlier guidance [10]