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  "documentTitle": "Ancora Forward Air Letter February 2021",
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      "kind": "callout",
      "text": "Net revenue margins inflect higher at the trough of freight cycles. There remains a ~450-500 bps delta in recent trough net revenue margins and historical trough net revenue margin levels",
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      "text": "Source: Company Filings and Ancora Estimates.",
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      "text": "1 Source: Forward Air filings and Ancora estimates.",
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      "text": "Freight handler productivity (calculated as pounds per freight handler) has decreased >10% from 2010 to 2019. Further, just as concerning to Ancora is the significant decline in the ratio of freight handlers to other employees.",
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      "text": "Over the past decade, Ancora believes there has been a significant deterioration in the productivity of the employee base as well as unnecessary headcount additions at Forward Air, and core Expedited LTL in particular.",
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      "text": "Deterioration in Productivity Metrics",
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      "text": "Core Expedited LTL Net Revenue Margins (2011-2019)",
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