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  "documentTitle": "Edgewater Technology, Inc. (EDGW)",
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  "authorName": "Jim Chadwick",
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  "presentationDate": "2017-01-24 00:00:00",
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  "notes": "The slide argues that Edgewater's underperformance is significant and that the company's own peer group selection is biased.",
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      "text": "Edgewater's stock price has significantly underperformed a peer group comprised of twenty-eight publicly-traded North American-based IT Consulting companies both in terms of total shareholder return and other key operating metrics",
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      "text": "Note- the total return of the iShares 7-10 Year Treasury Bond ETF outperformed EDGW stock in four of the five periods in the table below",
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      "text": "Edgewater's stock price has significantly underperformed a peer group comprised of twenty-eight publicly-traded North American-based IT Consulting companies both in terms of total shareholder return and other key operating metrics",
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      "text": "Moreover, the comparison of the Company's total shareholder return over a five- year period merits an asterisk as Edgewater's stock price had the most room for recovery after collapsing more than 2x that of its peers in 2008",
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      "text": "The chart below demonstrates that Edgewater has underperformed its peers and the broader market since Ms. Singleton was appointed Edgewater's CEO and over the past one, three and ten year periods",
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      "text": "We are using 12/6/16 as the measurement date because we attribute the stock's increase since that time to be mainly the result of our activist efforts (including the 13D we filed on Dec 7, 2016)",
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      "text": "Unlike the Company's self-selected peer group (which is comprised of less than 50% IT Consulting companies), this peer group includes all North American publicly-traded IT Consulting companies (excluding only OTC traded stocks)",
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      "text": "Cumulative Total Shareholder Return: -10.97%",
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      "text": "(1) Source: Price returns data from FactSet as of 12/06/2016 (the day before Ancora’s Schedule 13D filing announcing intent to nominate directors), (2) Please see appendix for peer group constituents, (3) iShares 7-10 Year Treasury Bond ETF inception date is 8/1/2002",
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      "text": "Share Price Underperformance",
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