Aaron Graft: And it’s important to understand that I think in the next — it may be in the next 12 months, it might be slightly longer than that. I firmly believe TriumphPay will be touching one out of every two transactions in brokered freight. And so you could look at that and you could say, well, man, that’s a large penetration of the market, how big is your total addressable market? The other thing I would want you to remember is we touch 1% of transactions in the shipper market, and it is a far larger market than the brokered market. And we cannot serve the shipper market at scale, unless we do international payments. And so Todd, and our team is — in addition to banking as a service, there’s a large workflow tied to that.
We’ve got to be able to do North America and ultimately, international. The second thing you asked about is data. And so let’s talk about that and just kind of how we look at the world. I look at — there are four buckets of revenue in and around our enterprise as it now sits and then where we want to go. Number one is financing revenue, right? And that’s easy enough to understand. That’s just loans and factored receivables on our balance sheet, and that gets a certain multiple. Number two is float revenue. And you can see that in TriumphPay. To the extent we have excess funding, we’re able to monetize that float depending upon what the interest rate environment is. The third bucket of fees would be what we call fees, network fees, and this would be very much like interchange fees in a Visa and MasterCard network, and you see the growth that we’ve called out there.
The one thing we haven’t talked about, but I promise you we will be talking about in the future is the final bucket of fees, which is data. So if you touch one out of every two transactions in brokered freight. The question you have to ask yourself is, how can you make that valuable for your network constituents? How can we be valuable? Because it’s got to start there. If we just talk about monetizing it without thinking about the value proposition, you don’t have a great business. And so we really want to think about how can we be valuable to the people who use our network to the freight brokers to the carriers, one way in which that’s happening is the licensing of our payments data in our partnership with Highway, which is generating, I believe, over $1 million in run rate revenue to help fair it out fraud, to fair it out those carriers who never intended to haul the load that they bid on, on a load board but instead intended to double broker it or steal it.
So we’re already doing that, but not at scale. And so if you think about data. Obviously, that commands probably the highest multiple of any of those 4 buckets of fees because it’s the most scalable. And we think there is an enormous market for delivering data to our constituents to help them reduce friction to help them identify capacity that’s helpful to them and to mitigate fraud. And so it’s in the longer-term roadmap, but it is definitely something, Joe, that we are working on.
Joseph Yanchunis: Perfect. Thank you very much.
Operator: At this time. Thank you.
Aaron Graft: So I believe what we just heard there are no further questions. We thank you for joining us. We wish you all a prosperous 2024, and we’ll talk to you soon. Thank you.
