Triumph Financial, Inc. (NASDAQ:TFIN) Q2 2023 Earnings Conference Call July 21, 2023 10:30 AM ET
Company Participants
Aaron Graft - Founder, Vice Chairman and CEO
Melissa Forman - President, TriumphPay
Tim Valdez - President, Factoring Division
Brad Voss - Chief Financial Officer
Todd Ritterbusch - President, TBK Bank
Conference Call Participants
Tom Wendler - Stephens
Joe Yanchunis - Raymond James
Hal Goetsch - B. Riley
Gary Tenner - D.A. Davidson
Jared Shaw - Wells Fargo
Michael Perito - KBW
Unidentified Company Representative
Good morning. It’s 9:30 here and a beautiful day in Texas. We are looking forward to discussing our Second Quarter Earnings with you. I’d like to open today by thanking you for attending the call and sharing your feedback with us to help us continue shaping and developing this communications process. We appreciate it and keep the suggestions coming. Also, you will notice Melissa is back with us at the table today and she has a lot of great things to talk about in TriumphPay. With that, let’s get to business.
In our results, the second quarter continued to present a challenging freight environment. However, there is a lot to be excited about at TFIN when the analysis moves beyond headline. 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 forward-looking statement. For details, please refer to the Safe Harbor statement in our shareholder letter published last evening. All comments made today 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
Good morning. Thank you for joining us. I hope the letter published yesterday afternoon was helpful. I have a few comments before turning this call over to investors for questions and they are as follows.
How you view this quarter entirely depends on your horizon. If your investment horizon is short, then our earnings are not welcome news. There is a freight recession and all of us who are exposed to the freight market faced the same headwind and that problem is compounded by the fact that our funding costs are going up. This is true of almost every bank and it will continue to be true until the Fed changes direction. Those factors combined to bring our earnings down relative to prior periods.