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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "authorName": "Frederick DiSanto",
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  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "The slide highlights Forward Air's underperformance relative to peers in both operating ratio and EBIT per ton metrics.",
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      "text": "This resulted in core Expedited LTL EBIT per ton/shipment declining ~35% from 2019 levels.",
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      "text": "Observing this stark contrast in operating performance is best exemplified by looking at EBIT on a per ton and per shipment basis. In FY 2020, Forward Air's core Expedited LTL business experienced substantial operating deleverage...",
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      "text": "Source: Company Filings and Ancora Estimates. XPO reflects only the LTL business within XPO.",
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