Comment by dapperdrake

Learn how businesses are priced.

The buyer (who PE sells to) is "thinking about" collecting on the backlog.

Obviously, the backlog is "fake".

EDIT: The backlog is fake or worthless in the sense, that dollars worth of reputation (a.k.a. Brand) were given away to get pennies worth of backlog. Customer satisfaction is real, even in a business valuation sense.