Triumph Financial, Inc.

I'd like to welcome you to Triumph Bank Corp's third quarter 2022 earnings conference call. We're so glad you could join us this morning. I'd like to start by thanking all of you for your input following last quarter's call. As you may remember, last quarter we moved to this new video format. Many of you provided some fantastic feedback for us around this medium. As you can see, we took it to heart, and as a result, we're trying something a little different today as we continue to explore this method of communicating with you, our shareholders. Today is just another step on that journey, and we'll continue to tweak this around the edges as we go forward. The lights are bright this morning. We're live to the world, and so this is all pretty new to us. Hopefully, it all goes well. On that note, one of the benefits around doing something different like this is it gives us the opportunity to bring you alongside us with us on this adventure. We appreciate your partnership, and thank you again for joining us this morning. Today, I'm joined by Aaron Graft, our CEO, Brad Voss, our CFO, Melissa Foreman, our president of Triumph Paye, Jeff Brenner, our CEO of Triumph Business Capital, and Todd Ritterbush, president of TBK Bank. 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'd 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 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? Good morning.

Thank you for joining us. As you saw in our letter, our earnings this quarter were below expectations. There were a few contributing factors to that. First, we began to see a slowdown in freight. Second, This quarter's results reflect revenue associated with our general factoring and equipment finance portfolios that we sold last quarter. But more importantly, from a long-term perspective, we have made material progress on our payments network, and we've done that despite freight headwinds. Specifically, our invoice volume increased 6.6%, and even more importantly, our network transaction volume increased 21.7%. Regardless of headwinds in freight or market volatility and whether it lasts quarters or years, we're committed to our revenue goals and to being EBITDA positive in Triumph Pay in 2024. And if you couple that with the profitability of our banking and factoring segments, we have a lot to be excited about. With that introduction, we will turn it over for questions.

We will now move to Q&A. If you've dialed into Zoom and would like to ask a question, please use the raise hand feature at the bottom of your Zoom window. Once called upon, please feel free to unmute, turn on your camera, and ask your question. Our first question comes from Matt Olney from Stevens. Matt, feel free to ask your question.