Triumph Financial, Inc.

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 to create future shareholder value through prudent and timely investments today. Reiterating its 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 risk 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?

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. Now, credit may be a headwind for us for the time being, but we are proactively managing through it. And finally, Triumph Pay 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.

We will now go to Q&A. If you have connected via Zoom and would like to ask a question, please use the raise hand feature at the bottom of your Zoom window. Or if you have dialed in, please press star nine. Once called upon, please feel free to unmute and ask your question. Please limit to one question and one follow-up. Our first question will come from Joe Yanchunas of Raymond James.