Question-and-Answer Session
Operator
Thank you.
(Operator Instructions).
And our first question comes from the line of Rich Valera from Needham & Company. Please go ahead.
Rich Valera - Needham & Company
Thank you, good evening. Just want to make sure I understood what the 95%, sort of booked figure, for the first quarter was comprised of. Is that scheduled renewals and backlog?
Walden Rhines
Greg?
Greg Hinckley
Yeah. Well, it is services, which is maintenance, and consulting and training, which is all backlog business and it represents backlog, plus the historical value of contracts that are expiring.
Rich Valera - Needham & Company
Does that mean you're assuming no increase in run rate?
Greg Hinckley
That we include as yet another category, and we have a category which is what we call ?early renewals and contract growth?. So, we have 95% of our revenue for the range of $200 million to $210 million consisting of maintenance, consulting, and training backlog, backlog at hand for products, and the historical value of our contracts that are expiring in the first quarter.
Rich Valera - Needham & Company
So, to get the 95% number you wouldn't need any increase in run rate? Am I interpreting that correctly?
Greg Hinckley
That's correct, Rich.
Rich Valera - Needham & Company
So, if you have any turns business, any sort of new turns business, or any increase in run rate, you would make the number?
Greg Hinckley
You got it.
Rich Valera - Needham & Company
Assuming no breakage should happen on the other parts of it.
Greg Hinckley
Yeah, which is why I said, that we had some, but relative little, need for base turns business or contract renewal growth, and that we were cautious but pretty confident about our first quarter guidance.
Rich Valera - Needham & Company
Okay. And just to understand, it sounds like you want a pretty favorable mix and maybe an unusually high level of visibility into the first quarter due to, I guess, a strong bookings quarter in the fourth quarter.
If we're looking out into the second quarter, I mean typically, your first quarter is not as strong, from a bookings standpoint, whereas it typically, seasonally, I think, maybe your weakest quarter of the year. Do we assume that heading into the second quarter? You probably wouldn't have as much visibility as you do heading into the first quarter?
Greg Hinckley
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