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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": "Includes a quote from management regarding OR targets contrasted with actual performance.",
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      "kind": "callout",
      "text": "Cost per LTL ton has increased ~35% since 2011",
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      "text": "Core Expedited LTL Cost per LTL Ton (2011-2019)",
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      "text": "For reference, we believe the Company's core Expedited LTL will do an annual OR >90% in FY 2020. We ask why is there such a glaring disconnect between the OR level that management has indicated the core Expedited LTL business can operate at relative to the actual results achieved?",
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      "text": "Looking more closely at the core Expedited LTL business, it becomes apparent to us that a lack of operating discipline is the primary culprit behind the margin deterioration.",
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      "text": "There's no reason that the LTL business at Forward Air can't operate at a low 80s OR in the right environment.",
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      "text": "Source: Company Filings and Ancora Estimates.",
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