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  "docSlug": "4780ff5e26e9",
  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Frederick DiSanto",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "The slide includes a narrative analysis of the acquisition's impact and a subsequent paragraph critiquing the core Expedited LTL business performance relative to peers.",
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      "text": "Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average.",
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      "text": "operating ratio: 90.5%",
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      "text": "Star acquisition which closed in January 2020. Based on management's initial commentary that Linn Star would generate ~$90 million in annual revenue and $8.3 million in annual EBITDA, we estimate that the quarterly revenue contribution would be $22.5 million and assuming a 94% OR would imply ~$1.35 million in EBIT.",
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      "kind": "paragraph",
      "text": "Moving on to FY2020 results. We updated the following charts from our initial letter last week to incorporate reported FY2020 results. Forward Air's core Expedited LTL business substantially underperformed peers yet again.",
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      "kind": "source-note",
      "text": "Source: Company Filings and Ancora Estimates. $ in millions (other than EPS).",
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      "kind": "table",
      "text": "Reported 4Q20 Results and Adjusted 4Q20 Results table",
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