Triumph Financial, Inc. (NASDAQ:TFIN) Q1 2024 Earnings Call Transcript April 18, 2024
Triumph Financial, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Luke Wyse: Good morning. It’s 9:30 in Dallas, so let’s get started. We know you likely have numerous demands vying for your attention during this busy time of the quarter. So we’d like to open by thanking you for your interest in Triumph Financial and for joining us this morning to discuss our first quarter results. With that, let’s get to business. Aaron’s letter last evening covered a lot, both about the quarter’s results and the opportunities we see that create future shareholder value through prudent and timely investments today. Reiterating as closing, we are impacted by the soft freight market, but excited about the long-term momentum we see. As referenced last evening we published our quarterly shareholder letter. That letter and our quarterly results will form the basis of our call today.
However, before we get started, I would like to remind you that this conversation may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. The company undertakes no obligation to publicly revise any of these forward-looking statements. For details, please refer to the Safe Harbor statement in our shareholder letter published last evening. All comments made during today’s call are subject to that Safe Harbor statement. With that, I’d like to turn the call over to Aaron for a welcome and to kick off our Q&A. Aaron?
Aaron Graft: Thanks, Luke, and good morning, everyone. Thank you for joining us. Since I wrote such a long letter, I feel like I owe it to you to give a short opening. So I just have a few things to point out for you. First, our earnings were weaker than they’ve been historically and they’re going to remain under pressure as long as this freight recession continues. Second, there was credit noise in the quarter, but not all of that noise was a bad thing. A credit may be a headwind for us for the time being, but we are proactively managing through it. And finally, TriumphPay took more ground this quarter. We welcomed well-known names to the network. We increased volumes on an absolute basis in spite of the weakest quarter in truckload freight in my memory.
And finally, I think some investors will hopefully find value in the transaction and value map we included in this letter. It dimensions the market size and the revenue opportunity and it puts into writing what I have believed for several years. We have a lot of growth in front of us. So at this point, let’s turn the call over for questions.
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