Triumph Financial, Inc. (NASDAQ:TFIN) Q1 2024 Earnings Conference Call April 18, 2024 10:30 AM ET
Company Participants
Luke Wyse - Senior Vice President, Head of Investor Relations
Aaron Graft - Founder, Vice Chairman and Chief Executive Officer
Melissa Forman - President, TriumphPay
Todd Ritterbusch - President, TBK Bank
Tim Valdez - President, Factoring Division
Brad Voss - Executive Vice President and Chief Financial Officer
Conference Call Participants
Joseph Yanchunis - Raymond James
Thomas Wendler - Stephens
Tim Switzer - KBW
Hal Goetsch - B. Riley Securities
Frank Schiraldi - Piper Sandler
Gary Tenner - D.A. Davidson
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.