Triumph Financial, Inc.

Good morning. It's 9.30 in Dallas, and we're looking forward to the conversation this morning. To begin, thank you for your interest in Triumph and for joining us this morning to discuss our first quarter 2025 results. With that, let's get to business. Erin's letter last evening discussed the quarter's results and laid out the core transaction in detail, describing it as the foundation for all our transportation businesses. Despite persistently strong freight headwinds, we are demonstrating the ability to monetize what we've built, and the underlying precursors to that revenue later in the year become clearer each quarter. 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 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 published in our shareholder letter last evening. All comments made during today's calls 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?

Thank you, Luke. I wrote a lot over the last few days to deliver the letter, so I'll only say a little bit before we turn over the call for questions. The headline earnings number is what it is. And the transportation market is clearly suffering from headwinds. However, if you look one level below those headlines, you will see that almost every metric we report improved in our transportation businesses and especially in our payment segment. You can also see that our credit quality improved. So this sets us up for the big question. Can Triumph grow revenue profitably throughout the remainder of this year and beyond despite market conditions? I think the answer is yes, because we have made the investments to get us in a position to do so. As hard as things are right now, what I like about it is that we have an objective test to see if what we have built creates value that is durable enough to grow in a harsh business environment. Great businesses do that, and we have built a great business. there is always the option to reduce investment in order to achieve profitability. It's not the option I prefer or believe we need at this time, but the fact remains that we have choices. With that paradigm set in place, 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 raised hand feature at the bottom of your Zoom window, or if you have dialed in, press star nine. Once called upon, please feel free to unmute and ask your question. Our first question comes from Gary Tanner from D.A. Davidson. Please go ahead.