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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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  "density": "dense",
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  "notes": "The slide uses a comparison table to argue that Forward Air's revenue growth is not translating into earnings growth compared to industry peers.",
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      "kind": "callout",
      "text": "Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC.",
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      "text": "Diluted EPS: $0.04",
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      "kind": "paragraph",
      "text": "As highlighted in the exhibit below, Forward Air has guided at the mid-point to a ~$65 million increase in revenue from 1Q19 to 1Q21, while core diluted EPS is expected to increase ~$0.04 over the same time period.",
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      "kind": "paragraph",
      "text": "To further emphasize our view that profits have been sacrificed for revenue growth and that management is not getting the job done from an operating execution perspective...",
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      "kind": "source-note",
      "text": "Source: Company Filings and Ancora Estimates. 1Q19 and 1Q20 results exclude Pool Distribution. ODFL and SAIA 1Q21 metrics are based on consensus estimates.",
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      "text": "Comparison table showing Reported 1Q19, 1Q20, Expected 1Q21, and 2021/2019 change for FWRD, ODFL, and SAIA.",
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      "text": "1Q21 Guidance Breakdown and Comparison vs Peers",
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