The phrase "outstanding performance" refers to a high level of achievement or success that is exceptional and above average. It indicates that an individual, group, organization, or product has exceeded expectations and performed at a very high standard. This could be in terms of meeting targets, achieving goals, or demonstrating excellence in a particular field or activity. Outstanding performance can be recognized and rewarded with praise, recognition, or accolades, and is often seen as an indicator of talent, hard work, dedication, and skill.