"The numbers tell us that truckers drove less and were paid less per mile when they drove. This contributed to the decline in revenue in the Annual Revenue Cohort chart below. Most of the decrease quarter-over-quarter is related to lower quickpay revenue due to declines in invoice prices and volumes. Despite that revenue drop, TriumphPay’s EBITDA margin improved to -66% from -114% last quarter driven by increased intersegment interest income on float balances and reduced noninterest expense. This margin improvement without a material volume increase during the quarter demonstrates the earnings power of the network and sets us up well for achieving our profitably goals on or ahead of our projections. As mentioned in the opening, we felt the pressure of the spot rate environment in the first quarter of 2023 with our average transportation invoice price dropping to $1,911, down $490 from the same quarter in 2022 and down $91 from Q4," noted management
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