We present simultaneous observations by EUVE, ASCA, and RXTE of the type~1 Seyfert galaxy NGC 5548. These data indicate that variations in the EUV emission (at keV) appear to lead similar modulations in higher energy (keV) X-rays by 10–30 ks. This is contrary to popular models which attribute the correlated variability of the EUV, UV and optical emission in type~1 Seyferts to reprocessing of higher energy radiation. This behavior instead suggests that the variability of the optical through EUV emission is an important driver for the variability of the harder X-rays which are likely produced by thermal Comptonization. We also investigate the spectral characteristics of the fluorescent iron K line and Compton reflection emission. In contrast to prior measurements of these spectral features, we find that the iron K line has a relatively small equivalent width (eV) and that the reflection component is consistent with a covering factor which is significantly less than unity ($\Omega/2\pi \sim 0.4\sim \pm 25$% and the derived reflection fraction appears to be constant throughout our observations, the flux in the Fe~K line is also constant. This behavior is difficult to reconcile in the context of standard Compton reflection models.

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