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  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Frederick DiSanto",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "This is an activist investor letter from Ancora to Forward Air shareholders.",
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      "kind": "callout",
      "text": "In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”).",
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      "kind": "paragraph",
      "text": "Ancora Holdings, Inc. ... remains highly disappointed by the operating performance at Forward Air as recent results and guidance continue to underwhelm.",
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      "text": "Ancora remains highly disappointed by the operating performance at Forward Air as reported results for 4Q20 and FY 2020, as well as guidance for 1Q21, can be characterized as substandard at best.",
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      "kind": "paragraph",
      "text": "Focusing first on 4Q20 results. While reported results were impacted by the unfortunate cyberattack in December, management did provide an estimated impact of the cyberattack which represented ~$0.19 negative impact on earnings...",
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      "kind": "paragraph",
      "text": "In the exhibit below, Ancora provides an estimated bridge to adjusted 4Q20 results... Despite beating guidance and showing flattish earnings growth on an adjusted basis, we demonstrate that the core Expedited LTL operating ratio (“OR”) still deteriorated ~200 bps year-over-year in 4Q20...",
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      "text": "Dear Fellow Shareholders,",
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      "text": "Continued Poor Operating Performance",
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