Backlog conversion
slow
fast
AI-mix margin
eroding
holding
route → premium contracts
Order backlog converts through a margin gate to set the multiple
AI orders
booked now
backlog
booked, unrecognized
recognized AI
revenue → P&L
margin gate
eroding
market multiple
premium contracting
multiple re-expands
requires fast conversion
AI premium contracts
order momentum ≠ revenue
visibility only