Ann: Fluence Business Update for Q1 2021, page-54

New bookings are an addition to backlog. I would assume previous backlog + new bookings - revenue + revenue from RR +/- cancellations and adjustments = end backlog.

Backlog for IC are sometimes disclosed in last year's quarterly, but not this recent quarter.

IC bookings in 20191Q was 188m and the backlog stayed at a high level for the rest of 2019. In 2020Q1, revenue from IC of $34m was recognized and the IC backlog for that quarter dropped to 147m. In the subsequent 3 quarters, it was reported as 15sm, 156m and 158m. With that amount of variation, I just assumed a1m added to the IC backlog in the quarter from the new bookings, could be more. With 158m at 31 Dec 2020 and say 9 quarters to go, if we spread equally, the backlog for IC would be reduced by 17m. With the formula above, I suspect the +/- cancellations and adjustments of 30.1m is due to San Quintin's discontinuation. (SQ was a 40m project and 10m was recognized in 2018 result.)

As for the SPS, it is a wildcard here. 20% growth is a good target. The Changzhou line is able to produce for $75m-$100m sale and we should be able to handle the production if a sizable order appears. I think there is a lot of groundwork being done reading from the various contributors to this forum. It is my hope, the growth momentum in SPS is a lot higher from here.