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  "documentTitle": "Ancora Forward Air Letter February 2021",
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  "notes": "Includes a detailed breakdown table of the Expedited Freight segment under different operating ratio scenarios for 3Q20.",
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      "text": "Line chart showing Operating Ratio trends from 2014 to LTM for SAIA, FWRD, XPO, and ODFL",
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      "text": "The 2014-2019 time period was a favorable fundamental backdrop for the LTL industry and transportation companies in general. To further support our view that results at core Expedited LTL are a function of a lack of operating discipline...",
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      "text": "This stark contrast in operating performance is best exemplified by looking at EBIT on a per ton and per shipment basis as shown in the tables below. On average, LTL peers were able to nearly double EBIT on a per ton/shipment basis...",
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      "text": "Source: Company Filings and Ancora Estimates. XPO reflects only the LTL business within XPO. LTM as of 9/30/2020.",
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