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  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
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  "presentationDate": "2023-10-13 00:00:00",
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  "notes": "The chart highlights that even after adjusting for scale, Fortrea's margins (13% and 8.8%) are lower than the peer median of 18%.",
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      "text": "Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median.",
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      "text": "Adjusted EBITDA Margin Comparison: Fortrea vs. CRO Peers at Most Comparable Scales",
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      "text": "Source: Public company filings. Starboard has identified the peers as the relevant peer set for comparing FTRE's metrics. Starboard believes these provide appropriate peer comparisons. This presentation is a determination that is subject to a certain degree of subjectivity. As the full universe of potential peers is not listed here, the comparisons made herein may differ materially if other firms had been included. (1) Represents peer margins at closest revenue scale to FY22 Fortrea since the adoption of ASC 606. Excludes MEDP given considerably smaller revenue scale. (2) Reflects Starboard estimates and adjustments.",
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      "text": "Peer Median: 18%",
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      "text": "Fortrea's Margins Also Lag Peers When Adjusted for Scale",
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