Triumph Financial, Inc.

Good morning. It's 930 in Dallas and we're ready to get started. Thanks for joining us this morning and for your interest in our third quarter results. We're glad you're here. Aaron's shareholder letter published last evening outlines a quarter of strong operating progress. Transportation revenue grew materially, margins expanded in factoring and payments, and load pay continued to gain scale. The letter also discusses the freight environment, our evolving North Star metrics, and the work underway to translate the investments we have made into greater operating leverage and earnings. That letter and our quarterly results will form the basis of today's discussion. Before we begin, 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 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?

Thank you, Luke. Good morning, everyone, and thank you for joining us. Last evening, we released our shareholder letter. And by way of introduction, let me reiterate its opening message because I've learned that if you have something important to say, you should probably say it multiple times. What we wrote is, we told investors we would invest through the freight cycle and we did exactly that. Not everyone agreed with the strategy, but we were true to our word. Investors should now expect that same level of commitment as we take the steps necessary to translate that potential we built into earnings performance consistent with our historical results and beyond. and doing so will demonstrate the returns on the investments we have made. So our priorities have evolved but our commitment to delivering on what we say we will do has not. And with that, I'll turn the call over for questions.

Thank you. We will now move to our question and answer session. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. When you are called on, please unmute your line and ask your question. As a reminder, we ask those with questions to limit them to two initially and then time permitting, please rejoin the queue and we will return to you for additional questions. We will now pause a moment to assemble the queue. Our first question is from Joe Yakunis from Raymond James. Please unmute your line and ask your question.