Look, remaining performance obligations — contracted future revenue not yet recognized — reached $638 billion at fiscal year-end May 31, 2026, up 363% from $137.8 billion a year earlier, $552.6 billion a quarter earlier. Conversion: ~12% next 12 months, ~34% months 13-36, ~34% months 37-60, ~20% beyond. Recognized revenue diversified — no customer 10%+ in fiscal 2026, 2025, 2024 — but the backlog surge ties to certain significant contracts we do not name. Today's billed base broad; tomorrow's backlog narrow. Full stop.