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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": "This is an activist investor presentation slide criticizing management's capital allocation track record.",
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      "kind": "list",
      "text": "Consolidated EBITDA increased ~$77 million (5.5% CAGR)\nNet income increased ~$39 million (5% CAGR)\nDiluted EPS increased ~$1.45 (6% CAGR)",
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      "text": "1) Repeatedly pursue acquisitions in lower margin / lower ROIC businesses, or\n2) Remain committed to pursuing this M&A growth strategy when the most shareholder accretive action... is returning the core Expedited LTL business to previous margin / ROIC levels.",
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      "kind": "paragraph",
      "text": "That said, the most troubling metric of all, we believe, is the complete evisceration of the Company's ROIC. As shown in the chart below, Forward Air generated a ~30% ROIC in 2007 compared to ~15% today.",
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      "kind": "paragraph",
      "text": "Forward Air began its foray into acquisitions outside of the core Expedited LTL business in 2007... The Board has overseen the deployment of ~$975 million in total capital in pursuit of its growth strategy.",
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      "kind": "subtitle",
      "text": "Poor Capital Allocation and Declining ROIC",
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      "kind": "title",
      "text": "WHY CHANGE IS NEEDED",
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      "evidence": "The document identifies the problems faced by Forward Air, including declining financials and underperformance.",
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