A month ago $FPS reported every single metric above the high end of guidance, guided next year to 76% growth, and the stock has since given back nearly the entire move. At these prices it is one of my favorite plays in the market. The numbers deserve a second look. Backlog hit $3 billion, up 256% in a year and 53% in a single quarter. Q4 bookings alone were $1.5 billion, a 3.3x book-to-bill, meaning customers ordered more than three dollars of equipment for every dollar shipped, and that ratio accelerated from 2.3x the quarter before. Demand is not slowing. It is compounding. The profitability inflected at the same time. Revenue grew 94% in the quarter while net income margin jumped 800 basis points sequentially to 14.3%, and cash from operations swung positive to $74 million. This is wh
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