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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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      "text": "1Q21 guidance implies ~9% incremental margin on net revenue $ growth over the two year period after isolating for variable PT costs",
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      "text": "It is incredibly perplexing that even after isolating the largest variable cost on the PnL (purchased transportation), Forward Air would effectively achieve a ~9% incremental margin on what is mostly fixed costs.",
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      "text": "It is incredibly perplexing that even after isolating the largest variable cost on the PnL (purchased transportation), Forward Air would effectively achieve a ~9% incremental margin on what is mostly fixed costs.",
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      "text": "Reasons for Underperformance Remain Straight-forward",
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      "text": "Ancora believes the continued underperformance at Forward Air is directly related to the pursuit of the Company's growth strategy focused on acquisitions of new service offerings which are both margin and return dilutive to the core business.",
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      "text": "1Q21 Guidance Breakdown",
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