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  "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 includes two tables comparing Forward Air (FWRD) against ODFL, SAIA, and XPO.",
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      "text": "Since 2007, Old Dominion has seen its EBITDA increase at ~15% CAGR with ROIC more than doubling (11.2% to 23.3%) and the stock is up ~30x. By comparison, Forward Air's EBITDA has increased at a ~3% CAGR with ROIC cut in half.",
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      "text": "Forward Air shareholders do not have to look far to see what could have been if, in our view, the Board provided the requisite operational oversight and pursued an effective capital allocation strategy focused on maximizing ROIC.",
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      "text": "Source: Company Filings and Ancora Estimates. XPO reflects only the LTL business within XPO.",
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      "text": "Peer Performance Demonstrates What Could Have Been at Forward Air",
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