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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "presentationDate": "2025-05-16 00:00:00",
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  "notes": "The slide uses a 'villain' narrative framing the Board's stewardship as the cause of declining financial performance.",
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      "text": "Legacy expedited LTL operational and financial results have continued to worsen with balance sheet concerns intensifying, as evidenced by two amendments to the Company's credit agreements for the debt issued in conjunction with the Omni acquisition.",
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      "text": "Forward Air LTM EBITDA Margin from Expedited LTL (%)",
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      "text": "Forward Air LTM EBITDA from Expedited LTL ($M)",
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      "text": "These amendments provided temporary relief from the first lien net leverage ratio of 4.5x beginning with 2Q24 results, which otherwise would have been breached under the original terms.\nShareholders were notified of the third amendment to the original credit agreement on the same day that the Company announced a strategic alternatives process.",
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      "text": "Legacy expedited LTL operational and financial results have continued to worsen with balance sheet concerns intensifying, as evidenced by two amendments to the Company's credit agreements for the debt issued in conjunction with the Omni acquisition.",
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      "text": "Source: The Company's 2Q24 net leverage ratio was 5.5x based on its financial results released May 9, 2024. In reality there was an error in the calculation and the actual net leverage ratio should have been 5.2x if properly calculated. Regardless, either figure would have breached the original covenant terms, however, it did not result in a default under the credit agreement, as a Second Amendment to the original credit agreement was executed February 12, 2024. The Second Amendment Terms had covenant ratios of 6.0x for 2Q24 and 3Q24 and 5.5x for 4Q24. The Third Amendment was executed on December 30, 2024, providing for additional covenant relief beginning in 4Q24 of 6.75x with additional relief to maturity.",
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      "text": "Under the Board's Stewardship, Forward Air Has Delivered Worsening Results",
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