And you can see right now the ten year at 422, the two year at 370. >> And now to the gusts that we've been talking about all morning President Donald Trump. Mr.. President welcome. Thanks for thanks for calling in. Wish you could be here in person, but we'll do this.>> Good morning Joe. >> We've been talking about the BLS and the employment numbers all morning long. Sometimes I know you get a chance to tune in. I want to bring up a chart.I hope you can see it, or else I'll describe it to you. This is the r ...

Financial Data and Key Metrics Changes - Consolidated first quarter sales were $159.3 million, up 5% sequentially, while adjusted EBITDA attributable to DMC was $14.4 million, 30.9% higher than the fourth quarter [4] - Adjusted EBITDA margin was 11.4%, up sequentially from 7.8% in the fourth quarter and flat with the prior year [8][10] - First quarter adjusted net income attributable to DMC was $2.2 million, with adjusted EPS of $0.11 [10] Business Line Data and Key Metrics Changes - Arcadia's sales were $65.6 million, a 9% sequential increase and a 6% year-over-year improvement, driven by increased sales of commercial exterior storefront products [4] - DynaEnergetics reported first quarter sales of $65.6 million, up 3% sequentially but down 16% year-over-year due to pricing adjustments in response to a downturn in the U.S. onshore energy market [4][5] - NobelClad's first quarter sales were flat sequentially but up 5% year-over-year, with an order backlog of $41 million, down from $49 million at the end of the fourth quarter [6][7] Market Data and Key Metrics Changes - The number of active frac crews in DynaEnergetics' core U.S. onshore energy market was down approximately 20% compared to the previous year [5] - Ongoing uncertainty around U.S. tariff policies has led customers to delay orders in NobelClad's markets [7] Company Strategy and Development Direction - The company is focused on driving absolute EBITDA growth, generating strong free cash flow, and restoring its balance sheet through deleveraging [14] - Management emphasized a renewed focus on core operations and cost containment initiatives across business lines [4][14] Management's Comments on Operating Environment and Future Outlook - Management noted external challenges including tariffs, volatile macroeconomic conditions, and decreasing visibility into core end markets [2][4] - Future guidance indicates expectations for lower project billings at Arcadia and a slowdown in NobelClad sales due to tariff uncertainties [11][12] Other Important Information - The company ended the first quarter with cash and cash equivalents of approximately $15 million and total debt of approximately $72 million, resulting in a debt to adjusted EBITDA leverage ratio of 1.38 [10] Q&A Session Summary Question: Impact of guidance factors including tariffs and costs - Management indicated that tariffs are creating demand destruction, particularly affecting NobelClad and Arcadia, which is more impacted by interest rates than tariffs [18][20] Question: Progress on cost containment and automation initiatives - Management stated that Arcadia is focused on fixing its residential business and refocusing on commercial operations, while DynaEnergetics is implementing automation to improve efficiency [25][26] Question: Performance expectations for Dyna in a declining rig count scenario - Management expects Dyna's business to be softer if oil prices remain low and rig counts decline, with guidance reflecting a flat to modestly down outlook [41] Question: Update on tariff surcharges and pricing strategies - Management reported some success in passing along tariff surcharges but noted that not all costs have been recovered, and discussions with customers are ongoing [38] Question: Status of Steel Connect situation - Management stated that Steel Connect is the largest shareholder, and there are no new updates beyond periodic conversations [43]