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  "documentTitle": "GoDaddy, News Corp, Fortrea",
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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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