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  "docSlug": "jarvis-ancora-forward-air-letter-february-2021",
  "documentTitle": "Ancora Forward Air Letter February 2021",
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  "presentationDate": "2021-02-01 00:00:00",
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  "notes": "The slide argues that Forward Air (FWRD) is masking profitability declines through segment re-segmentation and misleading management commentary.",
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      "text": "LTL Peer Comparison chart",
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      "kind": "list",
      "text": "1) Forward Air has re-segmented its business units/segment reporting three times since 2014... 2) Since the creation of the new Expedited Freight segment, management has steadfastly articulated...",
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      "kind": "other",
      "text": "Source: Company Filings. XPO reflects only the LTL business within XPO.",
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      "text": "Ultimately, given such drastic decline in profitability over such a prolonged period, one would think shareholders, potential investors as well as the analyst community would be frequently asking questions regarding margin deterioration and what the plan is to remedy the issue. While such parties are likely aware of the issue to some extent, Ancora fears they may not be aware of the magnitude of the decline due to the following:",
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      "kind": "paragraph",
      "text": "Company’s core Expedited LTL achieved the lowest percent increase in price among LTL peers as well as being the only one to experience a negative delta between the percent increase in costs and pricing. Since 2014, the average delta between cost and pricing increase is 12% for LTL peers compared to the Company’s core Expedited LTL’s delta of negative (12%).",
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      "kind": "title",
      "text": "LTL Peer Comparison – Cost per LTL Ton % Increase vs Pricing % Increase since 2014",
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