Triumph Financial, Inc. (NASDAQ:TFIN) Q3 2023 Earnings Conference Call October 20, 2023 10:30 AM ET

Company Participants

Luke Wyse - Senior Vice President, Finance and Investor Relations

Aaron Graft - Founder, Vice Chairman, and Chief Executive Officer

Melissa Forman - President

Todd Ritterbusch - President,TBK Bank, SSB

Tim Valdez - President

Brad Voss - Executive Vice President and Chief Financial Officer

Conference Call Participants

Michael Perito - KBW

Thomas Wendler - Stephens

Gary Tenner - D.A. Davidson

Hal Goetsch - B. Riley Securities

Luke Wyse

Good morning. It’s 9:30 and a beautiful morning in Dallas. We’d like to start the call today by thanking you for the interest in TFIN and your attendance today. We know it’s a busy day for earnings and we appreciate the time to discuss our Third Quarter Results with you.

With that, let’s get to the business at hand. We had a strong third quarter and a lot of things break our way, but the quarter continued to present a challenging freight environment, one which we do not yet see improving. We remain excited about the possibilities and our progress in spite of that.

Last evening, we published our quarterly shareholder letter. That letter and our quarterly results will form the basis of our day. However, before we get started, I would like to remind you that this call 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 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

Thank you, Luke, and good morning. Thank you all for joining us. We made significant progress in the third quarter on several fronts. Our financial results were also better than in prior periods.

In the shareholder letter released last night, I outlined four things that I thought were important to communicate to our investors about the quarter. Those included: First, TriumphPay’s momentum and financial performance has exceeded even our own expectations. Second, we had a unique quarter from an expense perspective that is unlikely to repeat in the near term. Third, the freight market has not rebounded and it could get worse before it gets better. And finally, related to that, the things that make us uncomfortable in the short term, we believe will create value for us in the long term.