Financial Data and Key Metrics Changes - The company reported continued revenue growth in its payments business despite a challenging market environment [2][4] - A restructuring effort is expected to reduce the expense run rate by 5%, with most savings starting in Q4 [6][7] - The company anticipates flat expenses while expecting revenue to increase in the upcoming year [5][41] Business Line Data and Key Metrics Changes - The transportation revenue is targeted to grow by 20% annually, with a focus on operational efficiency and margin expansion [7][34] - The factoring segment has shown mid to high single-digit revenue growth, with a target of 20% growth moving forward [16][34] - The intelligence segment has integrated its products and is expected to contribute significantly to revenue growth in 2026 [12][40] Market Data and Key Metrics Changes - The company has a strong presence in the for-hire market, touching approximately 6% to 7% of all trucks on the road [44] - The company is positioned to benefit from potential market distortions due to regulatory changes affecting driver availability [42][49] Company Strategy and Development Direction - The company is focused on enhancing its value proposition through technology investments and operational efficiency [6][60] - A customer-centric approach is emphasized, aiming to provide a comprehensive suite of services beyond just factoring [68][70] - The company plans to leverage its payments network to enhance its intelligence offerings and drive growth [110][114] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the freight market but remains optimistic about revenue growth and margin expansion [5][41] - The company is committed to improving efficiency and maintaining a flat expense structure while targeting significant revenue growth [61][62] - Management expressed confidence in the company's ability to navigate the current economic landscape and capitalize on market opportunities [49][115] Other Important Information - The company is winding down non-core lending activities to focus on its transportation business and community banking [96][98] - Updates on the Tricolor credit situation indicate a cautious but positive outlook regarding collateral recovery [99][102] Q&A Session Summary Question: When will the fully integrated product for the Intelligence segment be available? - The fully integrated product is currently in the market, with significant progress made in integration efforts [12][14] Question: What is the expected revenue growth for the factoring segment next year? - The target for growth in the factoring segment is 20%, driven by a robust go-to-market strategy [16][34] Question: How much of the TPAY volume is onboarded? - All TPAY payment volume is onboarded, but full revenue charging has not yet commenced [23][25] Question: What is the retention rate for new accounts? - The retention rate is high, with around 70% of accounts linked and funded shortly after opening [53][54] Question: What are the expectations for expense management in 2026? - The company aims to maintain expenses at approximately 96.5% of revenue, focusing on efficiency improvements [56][58] Question: How does the company view competition in the market? - The company recognizes competition but believes its integrated value chain and data capabilities provide a significant advantage [106][110]