The number of accounts receivable purchased at Triumph Bancorp, as well the average invoice size, rose strongly in the fourth quarter of 2020 compared to both the prior quarter and the corresponding quarter of 2019.
Triumph, through conventional channels and through its TriumphPay division, is a major factoring company in the trucking industry.
In the fourth quarter of last year, Triumph purchased 1,189,271 invoices with a value of $2.46 billion. The average size of the invoice purchased was...
While dust settles around a tight and tense election and the just-in-time COVID-19 vaccine distribution plan is deep in the development stage, the often-overlooked small fleet owners are keeping their wheels turning in the rush of peak retail season.
Regardless of circumstance, small fleets remain frustrated by their spiking insurance premiums and are searching for ways to save significant money and increase cash flow.
Many of those fleets, which make up 97% of America’s transportation industry,...
https://www.freightwaves.com/news/new-insurance-program-rewards-safe-driving-with-savings-up-to-30
With its acquisition of Covenant’s factoring business now a done deal, Triumph Bancorp’s third-quarter earnings call focused on the future, with TriumphPay a focus of its growth plans.
The overall numbers for Triumph Business Capital — the traditional factoring business at Triumph Bancorp — and TriumphPay marked significant increases over prior quarters and the prior year. While many of those numbers were first disclosed late Monday when Triumph Bancorp released its earnings, the conference call...
https://s29755.pcdn.co/news/aggressive-growth-targets-for-triumphpay-laid-out
Triumph Bancorp’s factoring business, which got a big increase in size at the end of the third quarter, saw the average size of its invoice in the factoring business rise during the quarter.
Triumph, after disagreements with seller Covenant Logistics that slowed the completion of the sale first announced in July, acquired Covenant’s factoring business, Transport Financial Solutions. The deal closed Sept. 30. An email to Triumph about whether the third-quarter earnings data includes the TFS...
https://s29755.pcdn.co/news/average-size-of-factored-invoice-rises-at-triumph-bancorp
The bullish forecast by Covenant Logistics for its third-quarter operating ratio and freight revenue has sent the company’s stock soaring on the day after its disclosure.
At approximately 1:45 p.m. EDT Thursday, the stock of Covenant was up about 10% to $17.73, a gain of $1.62 on a day when the market overall as measured by S&P 500 was up about 1.2%.
Other truckload stocks appeared to be getting a boost from the Covenant news, though their gains were not that much more than the broader market....
Covenant Logistics and Triumph Bancorp have reached agreement on the sale of Covenant’s Transportation Financial Solutions (TFS) factoring unit to Triumph, but with some changes in the provisions of the deal.
The transaction was first announced in July but soon hit a snag over differences in valuations that the two parties were putting on the assets of TFS.
Also in an announcement published immediately after the close of trading on the New York Stock Exchange on Wednesday, Covenant said that its...
Covenant Logistics dropped two significant pieces of news at the close of stock market trading Wednesday.
First, it is having a very strong third quarter and sees significant improvement in its operating ratio. Second, it has reached agreement with Triumph Bancorp over the sale of the TFS factoring unit.
In the announcement of the two developments, the company’s executive vice president and CFO, Paul Bunn, said Covenant now expects an adjusted operating ratio in the low 90s. The company...
CarrierIQ recently announced a partnership to add Comdata’s fuel card to its suite of offerings.
But when you get CarrierIQ CEO Scott Prince on the phone, what he mostly wants to talk about is an earlier addition — a deal with Aon to have that company offer insurance to CarrierIQ’s customer base that can fluctuate based on data coming off ELDs and other telematics.
The addition of Comdata’s fuel card to the CarrierIQ offerings helps complete the range of services. Through it, CarrierIQ provides...
The early July deal to sell Covenant’s factoring business, Transportation Financial Solutions, has hit a snag, according to Covenant’s quarterly earnings report.
Covenant said its deal to sell the business to Triumph Business Capital is being held up because it and Triumph “are involved in a dispute related to the disposition.” The sale was going to take Covenant out of the factoring business.
“The facts are still being gathered, and a solution that is acceptable to both companies may or may not...
https://s29755.pcdn.co/news/sale-of-covenant-factoring-business-to-triumph-hits-a-snag
Although the numbers on the size and performance of Triumph Bancorp’s factoring business were significantly down in the second quarter from recent trends, the company’s CEO said trends were moving solidly higher by the end of the three-month period.
Graft said on a conference call with analysts a day after the company released its earnings that Triumph’s factoring business in June, as measured by the number of invoices purchased, “not only returned to normal levels but even surpassed June 2019...
https://www.freightwaves.com/news/factoring-at-triumph-moved-sharply-higher-by-the-end-of-2q-ceo