Triumph Financial, Inc.

Good morning. It's 9.30 in Dallas, so let's get started. We'd like to open by thanking you for your interest in Triumph Financial and for joining us this morning to discuss our second quarter results. With that, let's get to business. Aaron's letter last evening discussed the quarter's results and the investments we are making in a few projects that we believe will create long-term shareholder value. We are excited about the opportunities we see to lift an industry and create a network that delivers tangible benefits to all participants while improving transparency and creating value for America's truckers. As you'll see this morning, Todd will not be joining us. Todd is never afraid to get in the trenches and lead during difficult market conditions. However, today he is recovering from Achilles tendon surgery after being reminded that pickleball is not a contact sport. We wish him well on a speedy recovery and expect to welcome him back to the earnings call in Q3. That quarterly shareholder letter published last evening 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 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?

Thanks, Luke, and thank you all for joining us this morning. I have just a few comments before opening it up for questions. The big story this quarter is our progress in building density. Our network engagement stands at just under 47% as we sit here today. With the signing of C.H. Robinson and with ArcVest, a top 20 broker going live during the quarter, we have a sightline to achieving critical mass related to our network density. And monetization is what follows density. This is the way it works in network economies. We have a tremendous amount of momentum right now. Now that's what we see on the horizon. And while our eyes are on the horizon, it is not lost on me that we live in the present. And for the present, our earnings are under pressure for the reasons I wrote about in the letter. There are some things we can control and some that we cannot control. In choosing our path forward, we have focused mainly on creating long-term value at the expense of improving short-term results. That is why we continue to invest at a time when I think most people might slow down or become defensive. Now taken to an extreme, that view can be cavalier. We do not want to be cavalier. Instead, we want to be intentional. And we think an appropriate guardrail to our aspirational growth is fixing our expenses at approximately $97 million per quarter going forward. This allows us some room to make additional technology investments to deliver on our promises to our customers and our prospects. And it forces us to be disciplined about our talent management. This is healthy for us, and it will enhance our profitability both in the short term and the long term. In closing, the stakes are high. We are building a network that connects many to many to many in a very large market. Those opportunities are hard to find and even harder to execute on when you find them. The rewards for those who win make the effort absolutely worth it. Those are my opening thoughts. Now 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've dialed in, press star 9. Once called upon, please feel free to unmute and ask your question. Our first question comes from Tim Switzer from KBW.