Triumph Financial (TFIN) 24 Jan 242023 Q4 Earnings call transcript

Good morning. It's 9:30 in Dallas, and we're looking forward to our time with you this morning. I'd like to start by thanking you for your interest in Triumph Financial. I speak with enough of you to know what a busy time of year this is, and we sincerely appreciate you taking a moment to discuss our Fourth Quarter results with us.

With that, let's get to business. developments despite and environment. a great lot carrying some momentum of persistently had this we're quarter, a We challenging freight

you opportunities letter working the investments. We from read we and and As also optimistic. encouraged are our last efforts on seeing and evening, interesting remain positive results some in

our letter. form we That of basis Last the our call and published our evening, letter quarterly shareholder today. will quarterly results

forward-looking anticipated this statements. started, get would to conversation I revise to may statements. that and undertakes cause include differ. any statements However, that before we publicly company risks Those remind like obligation subject results are could you to The forward-looking no uncertainties actual to and

evening. to please call the our For refer Aaron All Q&A. Aaron? the safe in that to safe made to welcome our to over off during turn statement. for like are to statement a I'd today's and With published call that, subject details, harbor comments harbor last shareholder letter kick

Thank the shareholder everyone, you, found and thought even that informative and too, provoking. hope Luke. welcome. letter, you I, Good morning,

to it should questions, know. do reiterate the want over four think things turning Before investors to that I I

soft the We're market. moment encouraging X being target anticipated ahead of transportation this performance mission year see to of schedule. First, of very but face hit not TriumphPay a a much this is calling breakeven accomplished it the in

addressable of LoadPay the trucking which that This be used we market total network. make LoadPay entire of this as Second, large. payments XX% will we universe. the letter extension to is for believe very natural smaller up targeted a the wallet And towards truckers, announce

distribution others will come that we and before, who've from LoadPay we believe apart set our will We expect unique adoption. and hope positioning widespread see for further any

quarter outside would the happen. ever performed recent while to I'm was most challenging say recognize freight was pleased we in with normal expense having rate one majority The credit that that I how the love years credit And of we that our don't tied performance. of our during the and memory. Third, did some environment. overall, through

year transportation difficult or And the to ahead deviate And plan. the and especially near-term fall projected remains the we at finally, adjust continue a our but to have those if not weak. of to from the will interest earnings as ability margins we offset strategy short-term could rates from perspective, headwinds, be some

prepared would if If we our you or about to the time, own you're increments you helpful considering generally. longer volatility we our associated windows revenue also investing be be need considering to owning X-year It of business. stock our stock, that in talk understand, to accept with think

mind X my progress X seeing not are in or on there if of is seeing we headwinds, vision. And on progress or no are distracted We the long-term question we the X years by vision. long-term are even

XXXX was year a great for it Triumph not great a year was for but Financial. earnings,

the call we same better We questions. are I company And will is for over and than a year. for the XXXX. with far turn plan The further our when were journey we on the far began that, as

We will from from first Instructions] Q&A. James. now Raymond comes Our go [Operator question to Joe Yanchunis

And expenses program will to based launch how special of So initiatives the what including additionally, in can range working gave but expenses that you shareholder as as like I on much appreciate fare, letter, outcomes of of the give that color given and XXXX? incremental point. at some the shareholder sounds noninterest well of is a just said expenses you you're letter, the noninterest it add this How your LoadPay on? then XXXX would on you a

take then follow the you question, I'll Brad, and why don't LoadPay up.

Sure.

a things is and the like of guided to growth, kind we of assumption for X%, single LoadPay. considering modeling good would the today about fair expense of So not high growth in year to like LoadPay. think expense think a for for core have including overall terms to continue mid- number, a be It that we initiatives to digits

And question about the expenses. I totally first Joe, if understood I part know, the don't around the of variability

have We I for anything monetize will that value from is deviate happen and you and the continue don't in the to year well see you're in that really make XXXX that strategy ways the around us a the and creating strategy. to payments investments built, add around know, we network as going think and in trucking in which that.

but be towards we margins, the about So there investing can changes are or there's long-term we're to things investing how like in with going as progress in not think opening, goals. as do material the the seeing not long said I we

on Understood. in And call, can in fluctuations But quarters? you amount. this provide an Looks billion average XQ expect was come can on you noted billion had like the volume payment that prices you there's online you added coming scheduled come much then the $X.X in volume quarter, in the move quarters. payment in in I annualized update annualized $X invoice online understand you coming contracted past how to us volume. this to

can I take Yes, one. that

So a on Joe, come have pressures clients not we the had about is X that result market initially that There's anticipated, from just as the billion of when there continued quarter, we seen volume majority their last shrinkage. onboard. the of gap but the onboarded we another that

the into so And is. could but continue exists. where year, it It miss that's that this -- looks

live last come able on remain our another year, first this the but expect $X Additionally, and pipeline, last in integration they to we're in to them to that of there half. billion billion, shippers in that $X to we $X billion quarter were pipeline are the go of expected be

Got it.

billion $X annualized you sight in that to that's volume line billion $X that online into? So coming payment of have

Yeah.

aggregate here. like TPay, pretty for the volume factoring size X quantify factoring A that percentage on joined any you companies ramp the the these there And way In the company look of network? letter, meaningful. does shareholder a a joining for basis couple typical me payment to companies? more factoring which noted is Is what

Yes.

NFE, which a factors over $XXX be would -- that is the was million a what so employed in that network smaller X, classified would So the of Tier in net were one and as we funds others them X. Tier consider

-- not So are of from they was huge what terms the volumes it's not received in network that different.

You network. can't do the of same as the way them broker. to factor value they you think how a is in The leverage different a

a And $XXX very factor. so a different million broker than $XXX million is

that's they're So how classified.

last we transportation industry? seasonal up, sense saw to they headwind as that. you with but is, to for appreciate appear I And are be called a severe average shake earnings quarter-to-date volumes along then trending normal out down. potential trend for Okay. weather invoice one the Logistics XQ night, Covenant me last do out understand Do the how sizes will for declines, have a XQ

we into Yes. for Joe, margin positive invoice average indication X carriers. is I our improvement weeks think happened of amount interesting has are because what it's and

I this capacity. to think due head a before fake due seasonality, to is due a in carriers to the challenge that we've we variety weather, space have their parking small had of

so our we direction we're a is. what whatever direction to around built business tell And too early that little surviving have going. But it's bit

Yes.

the in means carriers they've doubt January. were Joe, whether of I I so. -- year think our to before don't the that who that, active end that business, have X% been We know add the on the left have of our like active to done industry, factoring all of in not them

a they of load to going expect -- is to get in you're their some market And because if park because and to the -- spot chosen paid And would was clear to more have them trucks weather, knew soft. carrier this more a it's difficult be the time-consuming. weather going

seen weeks saying, the into to trend it's a X as So you've what some Tim create hard was year. line, over

question Piper Sandler. from comes from next Our Frank Schiraldi

Just the in targets near-term. the wondering you on give

got positive Now ahead schedule. of obviously you EBITDA the

really share that profitability transactions. growth targets, that give can XX% processing continuing of imply can market. the Any of for share are getting that nice ramp imply? transactions finally you can your on or that sort you timing does of about network does on up? all segment of there? And What in any talked of sort near-term the you What on front, target any you targets what maybe in guide TriumphPay. You Or than on to that thoughts saw on thoughts more

I think opening said, as the at we Aaron in look overall, X-year at, time spans.

brokered laid year And X we X so you that want go. all out freight of, when we second touching ways TriumphPay to transactions of have transactions, of #X, beyond. at -- still there, having and to the XX%. the we just for the throughout of milestones about think We're EBITDA XX% profitability a But maintain

to able on and our one to that again, certainly the very on continue so that The able How out organic those. that strong that pipelines. on plan forward we're have we've growth would been to further to we'll doing quickly important, going be margin continuously And and is market depend and to XX% be that happens demonstrate, into business. is our EBITDA core we hit last is X-year move

give now, plan direction next We date right kind there we that at X-year on what that. able be so doing you And won't term. to the but of within

exceptional. to with pause And margin team everyone past at an one isolation of story, what still add. the just always the what environment very what exceptional. we the I enterprise this the face rest have But in a And to But not TriumphPay, and overall doesn't also and did, team. in during The want the she I TriumphPay to was think was And operate in team the more Melissa's, said. TriumphPay other there's absolutely together exceptional, we to revenue this are this at thing one I is entire pull moment did EBITDA just story. to year stage it's from a add of growth say difficult enterprise, want the

we a million breakeven. out So is XXXX in achieving growth that have a of and We would about value need we also that that didn't impressive. welcome other there's $XXX at pretty the falling to that ways about with this get foresee of order $XX sign. is thought billion if goal. to network to of think What look in years most we we in face ago to learned that journey been million monetize in $XXX revenue at market, deliver total originally able of XX% on goal of you revenue several laid the We're I revenue. in transactions we've to

EBITDA as tremendous every great freight touch X to -- of to, and it'd that achieving transactions. So thing out freight will we're profitability we markets the we think about to making for related were predictions any that. make with two, XX% these quarter-to-quarter of we year alluded a that's a of can't be all And of investments goal. we're There names after Melissa couple brokered large XXXX. margin a with full volatility within Number be X

or getting operate three, $XXX XX% currently. it EBITDA believe, can Number Melissa roughly is other be this a better. card networks about X from the go And where that, the vision in as as as at revenue, said, And timing specific in revenue business we to the all like years long-term, million and on that margin is then of deliver. we doubling just that's should And to at point. this next

relations And the you And I understand, a that. a fair? partnering traditional partners build do I generally, sure I more these XX case, on But and it lay more what about in out upfront -- expenses and so or are sort of seen bank whole Is guys is then FinTech side appreciate that generally out down think side doing performing Triumph reasonable traditional entire In just XX Is I kind LoadPay, timeframe piece? just getting a build-outs. generally, service to that's sort different with to the things. make things these for the traditional in to of the more to that revenue generally, of customer-facing of I've the as -- out. bank and from into sort a of you is this months banking when LoadPay? of want customer-facing they the

question, great Yes, develop. certainly doing we want to but use vendors, I And we and that's to something indeed, point out. Frank, a so are

year think I as or in We spend $XXX over XXXX, it the invest million technology. in will, of

there way That tech that we people. of who Now XX% that us other the much Like bank is in all our don't think here We're includes our the just and aware that and it I'm truckers using includes built marketing this people is bank build that to people, under is away other from care another from about cares almost our and for because ground the no expenses. that we XX% I up that then just over about that of not truckers know name. there invest by technology. truckers. tech noninterest is of spend

We we is in see as vendors in built by provider $X being XXXX, us. investment To it any So would. think going as second to use that million year of certainly you're point, initiative. the roughly the technology LoadPay the

some be some but in of it. capitalized, would be counting expect It be start XXXX, of we're will showing that not of XXXX that that revenue be up in Some on a and as reasonable will to may beyond XXXX. There this shows up We think to opportunity. expensed.

otherwise, much serving benefit, perspective as to had behind sponsor. confirm is allows bank because systems cost it fees, the LoadPay we an another as the which going to just important might, sponsor are the as I'm our leverage without on bank we yes, as economic that we capture existing incremental float rely us from well.

I you mentioned sense wanted the to those more the assume, on -- And side, on and the sneak to I modifications just Okay. in letter -- rate -- -- primarily. if continue on be get generally, in loan could one just a are

share If rate? rate those in end various then just reduction a share in and then if -- the standpoint modifications of the from And period in in you what growth do look quarter like you modifications of generally can those or segments. terms can total

I one. can take that

over the They realign primarily and question in having to had the to rate risen of the reflect your flow to that the of We're borrower. cash yes, So with around about cases. variable most underlying rates they credits realities rates modifications, had are to rate. those variable the deal XX%

total means you'll to made modifications X% is million. of rates down the The amount X.X%, around we've that see So and the taking so we're typically $XXX between our far which in disclosures.

from comes Tenner Davidson. question Gary D.A. from next Our

about particularly in a of came of Wanted of that Fourth of factors comments Quarter renewal letter in a the the your on regarding beneficial joined talk network? the value bit now the general Was the when that, a contracts kind folks or kind shareholder onboard contracts came to with any, more are TPay proposition of large you ask network. that if slug out? more financially changes, on letter in to is that about investor and the can one TPay of there And about proven based renewals

on in the But that terms important entire built to factors, are speak out came into I we XXXX. think later for those to and just renewals payments you were in year. of as XXXX the they

them Our payments with the the pricing contemplate structure contracts pain margins a given market one renegotiating and associated understanding but to new be those wanted made We increase conscious is that not XXXX. factors determine the the following what clients, within onboarded include for continue and into to pricing network network, we good wanted right fees the we rates that of contract of the and that the the the is the value grow to growth that we're the to and compressed the year. state leveraging are them. every for factoring to decision our there with have continuing their able brokers for their of feeling going to And and did, partners now year re-up

to mean is then so in a I environment, effectively you that is sense though not power to be there you able even sense of...? pricing the chose fee better your component so increase to a do will -- you kind -- have

sorry, that sorry, are those conversations had Gary... And -- with the we I'm I'm

ahead. go No,

conversations in that with make and environment we the recovers, would the to again our exactly in having that conversation those sure that be yes, that's wanted we market is XXXX. going say, the would back had I we that clients as

and missed a And you I TriumphPay Appreciate follow-up. Can Great. sorry if I for don't at then think float but quick saw that that. I'm average just provide I it, the that? quarter. the

was it $XXX think I roughly million.

$XXX million, yes.

think million right average $XXX float. sitting I around we're in

self-funding. letter out $XX great generating before, And we've because roughly that float float in now payments Gary, laid you're billion-ish on the things in the about we sits that is gets how the accounted for, think are I where one of --

are and we Fed for just at to we make course, are current chain if any transactions order treat the network doing, easier where funded finance of being that liquidity then the excess sell So into to participants supply them float of we float, in rates. is we out Fed funds as overnight injecting

And just $XXX one quick was million. point, if I do. The average

Our next Perito Michael question comes from from KBW.

really I to a the a first few you of the hands proposition itself? take the regulatory One, a give want doing to I couple. up type of a LoadPay field going ramp just then had of should about, that see of consumers considerations, I to so that secondly, I value to you is a be everyone's be any for setup. kind basic there be Frank's and still here. "Banking just really away bank questions. technology required? -- work Two ammo was guys just around wondering to how believe thinking And Anything capital our 'XX-'XX if service" But is don't example the behind Are kind could there the as follow should on time mean, us on of just I that, kind questions in hope LoadPay. up, I are in kind especially really starts radar? you if this just we what

then first the take of banking Todd that, answer me can a piece. as let and the part So service

get to in think in has case, in of business. the truckers up those need bump end fronts, X:XX p.m. There or think Central. because that that out to the the company, right, but the to at door seen you you to factoring roughly this Tim certainly to starting use different day When time it a about and the up they multiple So when banks time, a money this about our and if be starts we've either fill you're desperation ACH dollars deadline, do. seen whatever against factoring need different call

so coming other you end certainly really towards and And on the get holidays of and pressured day seasons. the

select have Bank. about that carriers, but I are in of we business being paid about And we but who just people directly Tim TriumphPay you out when journal they smooth to by think and money being in serve, out that some particularity. it the else example, TriumphPay a cases a and big brokers allows to around deadline, really through to so How QuickPay to a it even would almost the is behalf the LoadPay entry from to funding. And could thoughts a lot by to of out with you as speak ability them the ability consider? need other not funding smooth to TBK Tim, is, of able factoring on them what get roll like freight for the books is company them, application where on factoring the TriumphPay essentially push be It not are XX,XXX doing any with have own what prop our to value thing. XX/X clients we And

clients benefit within I without sort added hit XX is to for important. from that ability a hours think easily a an visibility the for part on having the program. efficiencies any week is really constraints, biggest of time the days X is fund and the also our quickly ability factoring The group operational you day,

the it So the flexibility us Fed, LoadPay, creates for outside gives just general, entire in across us of enterprise. portal a

emergency don't operator And and a that's a until and blowout. fourth and instantly to the receive July, have the trucking day it an them solutions problem road, not having problems without have is address. carrier carrier be the and and their that select the on trucking business to big on LoadPay they to a huge a may next of of breakdown, when within money for they company type for back a to of the the ability side solve Saturday want are deal. be afford on owner and road, code on transaction. road the company not a is trying allow what the see you about to being to or is some sort quickly or Today's think to a be opportunity pending driver, wait that funds. And whatever receive payments get going do to on for to have get stuck to funds time TriumphPay, now fix them paid they on those their able can they waiting they're can a paid They'll then

then speak a thing, final one to as to and turn service. Todd about it And banking we'll

timing. the way more there's products. than just into of carriers wallet a Just offload variety way is designed, to the the the this Like we far allow whole to

mean, banks are no You payments think I out mean, much wallet but account. that we competing we trucker. them X ACH -- competing to being they that's or banking push small really give of service, you're behalf about have on XX% I are have mean, care with? would a I about well okay X -- that to the never a who a the trucks. build they over bank of met where they I experience their XX% truckers are -- who door never

in interface against see money that bank and in way a aren't no who move there's things can can the trucking for banks you in the done invested the competing probably doing so things before, company. And staying way way user money we're one's the in, the you out, that can we're move ever you small

as accounts, traded, bank were LoadPay some although road sure and our mind, it's would are but we down perhaps up, course, that's things particularly everything. How truckers service in help not can valuable we do of built about that the of with so do which mission and not that. your can and Of where a how trucker be and against That's is of. course, Todd, management and they're we we lot to we can just way scenario, we're make part see banking valuable thrive if But than and competing speak never we publicly large hit you treasury thrive, because there's standard maybe the thrive? fleet if to a we're sophisticated that we have the thinking going with more services, in tweaked timing question, a just to finish what this just they pretend

providing regulatory Yes, as your cannot a and responsibility The capabilities considerations is vendors. the traditional you good a these question banking compliance between regular banking doing about is clear service of what one. difference off to involvement biggest is any any lay crystal And your of of is third-party that those third parties.

that have So everything ourselves perspective, in time a from compliance a making of a lot requirements. in that we've means that compliance energy being with on we and or to is party of third covered keeps that invest us the sure done got behalf anything

yes, that under thing but significant us, is got control. we've think So for it a we

quick So just one question. clarification

it's in that the LoadPay, will -- app you download Bank mobile that have TBK guys general? and out with for So these with VIN be Is truckers LoadPay money that then going correct? the flow a will and to accounts will right numbers of they

That's correct.

Okay. All it. appreciate really right. Thanks for -- Great. And spending few that. all minutes on a then just

lastly step and me I'll then And then just for back.

else of I'm guys the ask kind have credit bigger saw, I specifics of picture about but will Just a sure someone migration Aaron. a question, of you some maybe more couple

think sheet? it mean How going should I X-year here. we'll grown plan X-year it the start for of less not flat? kind further, XX% start to up. sheet start you guys ground the I it's like I better mean just EBITDA does your about obviously obviously a the from future, but of -- as the same plan to probably we -- to kind hasn't hold but up balance talk out building think historically we're we when continue the about becomes valuable, near feels sheet balance were bank thinking it doing the I say you in we to What's to and for should want while. was were Do the of how today, continue think the bank balance you don't TPay, serving as the the start it not -- that -- purpose continues about shrink? it doesn't gets it as like it at earnings

updated would willing. some Just love if thoughts there, you're

Tremendous very question. fair question,

to So larger and to payments XX remember brokers, over we a billion transactions large financial a of for to than makes be -- seek us them counterparty out $X very very we us, a which that. as which makes that freight They're of much them. do and go counterparty over some outsourcing

So Because don't to going say, I broker and out private don't see where need freight we go a just the on can We equity face-to-face traded publicly any willing because time alone to stand it capital. transportation near-term not in we're could fees we with we're or weather a downturn, don't not investors. dilute right? raise go to and equity We venture from our that. want in

in year said, for to XXXX. a So it's weather we I like share. it I great like but we still the storm made be earnings, mean, important storm, weathered a able us to for the $X.XX wasn't

with environment very almost some And of face difficult million tax so what, the even a dealing $XX in after credit while issues.

you who counterparty to a your very sure look make I need Number constituents is important. X that financial about handle are be that business think and value large at players just the bank beyond can -- -- our How that well. the that's to So to is strong their like liquidity of there's I of just network. mean, that outperform pursuing total low balance measures cost few roughly growth. And is relentlessly and that -- to allows of us that not liquidity That's a banks up funds funds that. into benefit X.X%. the sheet inject against very That can cost

to sheet doesn't don't at this next really years. that. balance stage, Now use our the do do to that. different I But is Visa inject valuable. [indiscernible] doesn't And that see ability network changing the and the in that's empower Mastercard than facilitate to few transactions

of not to is we lines excellence. that new So what serve want we you're business the with we see say are us. to for I do The lines certainty with going can any ones serve and

going sheet growth. balance to not You're see

base. a the to very because really thoughtful need base credit see invest to to a can focus that very be next as sheet I of try million to in mean reason maintain to revenue liquidity the and enterprise. we us an It's that year. strong a and because and a have side and we going position there still on You're do deposit and profits conservative on is technology and do to $XXX right-hand balance we durable continue and revenue make base strong

put where we And a I'm to us any the at risk willing that so in not in put near-term. position of

a expect should you static sheet. think I so And balance

of were sheet, to whole like and flow. There You just expect should I'm loans. balance of expect the and when doing the ebb things result on that's of finance things then be and we this protect generally that and in the in right-hand going that not us of sure That's making distracting franchise to business, very you balance a And and our growing smart as look portfolio distracted there, do. at part we the equipment even some team, me. to quarter, deposit you and focused that the context provisions made not that us we're not side that make the to compound sheet should the capital

network to what generate about revenue for a just not our we manner, done PE need I'll we when this, the turn on and the grow the looking it be of trade, safe this not right? at every which in credit, we see take you lost credit think -- that sound are to investors the and loss, us. it. end that's how time at that is with call the But and we people for we to be tuition, rest trade into to a we multiple way need The and payments on talking about is

totally fair all really thorough, that's No, Yes. Aaron.

I for summarize stay will I all sheet for invest put some just so kind years next capital and it, hope this mean would continuing be mean, future, your billion the balance the to the range numbers foreseeable you of initiatives minimum. of So handful and to in guys $X-plus to compounding in and

in right have buffers And Absolutely. have excess now, -- capital Yes. we we regulatory over internal $XXX minimums. over million about

see don't current And something the our go up should number being use we I M&A repurchase that that will shares. capital or So for upon. absent to act at that of valuation,

diluting use would that can That's in And capital about our without payments for valuable the using we to do way will the of if done how we excess us be so it long-term M&A shareholders network. that's think that to we capital. think a our do the for be

Stephens. question Instructions] Our [Operator Wendler from comes from Thomas next

I you just distribution and for preliminary you second. focus bit out to want for you to an users of go back on any any edge the and to LoadPay? a these reached seems have. guys Have of of a power to feedback a LoadPay big be here pretty gotten Distribution

it have. we about first. investors it with had talked we Yes, wouldn't with customers unless We about talk

and to Okay. quarter credit, And the last you're how due just credit of a loan finance but thinking here, moving then just terribly decrease us Can idea balances box. focus equipment tighter give big going back these liquid credit of know guys saw not an I to you both how forward? you a categories

Yes.

from and the learned the those have we there, credit in on shared the we applying lessons front, taken experienced the lessons. loss that So we're Fourth Quarter we liquid that

So be carefully. have credit we yes, credits, continue new to opportunities that and to But very when at to exist we're looking right market we right see act. to liquid feel we the credit when conditions be going prepared the and

the equipment it you when now, depth there really indications could feel are that of coming step back kind that that to right No, move cycle environment now? no you of the that at right finance, never into space, we we see that see we'd this comes were but time that into equipment to if transportation point. we When So a know. occur. Do at we're

ourselves recession we're And that in that at the lasts sure the significant event longer, ready we've we're make with depth. fact to dealing prepared for transportation the period And that we're that so that.

strong to appetite into have lend got and the space to you've Our to right but got returns risk-adjusted is finance there, the we've borrowers. still equipment there, have

hope And eventually lower in to returns than it's normal. the so production X it that expect the finance been but we we quarter is or for equipment historically, next

Joe And next our will question from come Yanchunis.

transportation discussed we that any then for or Is believe taking something And quarters your data so, if are taking the follow-up still TPay could the expect couple to considering? about I International Additionally, you of of either Canada monetize provide you updates And years? should that some to to my there you in plans aggregate? here. Thank next you ago, occur Mexico. you're Several that

take Great questions. one. I'll the first

in in being payments, development are and Canada international to are we of terms payments In on active in other take that we the making Mexico. And able to world. regions of

expect the strategy. year you in shipper and XXXX would see this to growth happen support so as that And our we

in longer believe be in it will -- freight. think be XX out of next important might transactions I every touching understand in the next may that months, I it that. than be TriumphPay And X the to X slightly it's firmly brokered

shipper man, how your And is at large the is look and we serve And so say, do brokered unless touch would want and market cannot payments. a total larger we to market, other could you scale, that remember shipper penetration it far you the market? transactions at I of well, market. addressable big X% we market, than The that's you market thing is of could a the in the international

and banking -- so workflow there's tied addition to got to team America in ultimately, Todd, We've our do and a international. able service, be a to that. And large as to North is

you is thing about asked second data. The

and look go. buckets that X that float about upon to extent just around monetize receivables where rate Number can funding, the and understand. of TriumphPay. that talk right? then we are it is I kind easy balance sheet, And let's X that's on how and the gets certain -- want that float at in see in so enough now revenue, to That's sits revenue we multiple. we're To at you revenue. we look And as X environment of factored depending enterprise Number And and interest financing our the loans world. what our is. a able have is excess to just and there

that about, but is the and fees we've see the you talking MasterCard called out fees, in of I The final Visa and in there. The call would this one thing we very be network network, promise which and we what be about you third fees fees, would interchange future like a fees, we data. be talked much bucket will bucket is the of growth haven't

network every you you you your ask valuable? in business. of make just you So If that have brokered proposition, be monetizing freight. it touch to can there. the X transactions have constituents? we about great don't The value Because out valuable how a start we without for thinking X can How talk it's if yourself question is, got about to

to in want we of about people really carriers, which the our think use our with that's partnership in the data Highway, payments our we can so network freight And valuable the $X is way be happening how the over load to who those to which to brokers out to never one load licensing million to a they rate fair it. in revenue steal it it believe, to haul fair that carriers it I help the intended generating, out fraud, instead who on, broker but intended bid or on board double is run to

we're that, at scale. not doing already but So

data think X delivering friction is them the mitigate any multiple buckets them to identify that's helpful for probably And our the constituents an most so capacity if to commands you think market those highest of fraud. And enormous of to because them help of help to we there about Obviously, reduce that it's fees to and scalable. data.

on. it's is but Joe, the something, so definitely that we roadmap, in And it longer-term are working

At you. this time. Thank

thank just you soon. We no we'll talk further you Thank a we all We what for believe heard are you wish XXXX, joining you. to I prosperous us. there So and questions.