“But right now, with our backlog so big, that may not happen for several quarters.”

In context

“piece of software from the way we used to sell it. So you've got that dynamic that just has to continue to play out. You have the renewals that you mentioned starting to come through on some of the D&A stuff in earnest in 2023 and then 2024, 2025 beginning to ramp. And then you've got over $2 billion of software sitting in backlog that is not an RPO yet because it's connected to a piece of hardware that hasn't shipped. And we recognize a bit of that upfront and then the rest over time. So we've got all of those variables in play right now. All that being said, I think you should expect – when we get to a normalized world, I would expect that once we get this supply chain in the backlog, clearly in a normal world, I would expect you would see software growth, revenue growth growing faster. But right now, with our backlog so big, that may not happen for several quarters. Scott Herren: Yes. That $2 billion of software, it's a little bit more than $2 billion sitting in our backlog right now. That's almost double where it was just a year ago, right? So there's always some that will sit in backlog, but it's almost double. And of course, most of that software is recognized ratably. So the ramp, once we can get it cleared out of the backlog and shipped, we're still going to have a ratable ramp on that. So longer term, if you remember what we said in September, we said the recurring revenue parts of our product business, we expected to grow at a compound annual growth rate of 15% to 17%. That's what we just put up, all right? The product subscription piece in our software business grew 17% in the quarter. So I think we're right on track in that space. Chuck Robb”