Conversion speed
Fast — re-rate
Slow — stay cheap
Fast conversion: the same backlog drains quickly, growth re-accelerates and the compressed multiple re-rates up.
Slow conversion: backlog stays stuck, low-single-digit growth persists and the multiple stays depressed.
Deal backlog to revenue: the conversion lag that keeps the multiple cheap
AI deal wins
record bookings
Deal backlog
signed value, unrealized
1