Look, the backlog: $638 billion remaining performance obligations at fiscal year-end May 31, 2026, up 363% from $137.8 billion a year earlier and $552.6 billion a quarter earlier. Management calls it exceptional visibility, all supported by long-term contractual customer commitments. The revenue conversion is long-dated — about 12% within 12 months, 34% in months 13-36, 34% in months 37-60, roughly 20% beyond. About 12% of the backlog is now the prepaid, bring-your-own-hardware AI-infrastructure cohort. Recognized revenue diversified — no customer 10%+ in fiscal 2026, 2025,