Bookings vs. Billings vs. Revenue vs. ARR

Four Numbers, Four Different Questions

• Bookings, billings, revenue, and ARR describe the same customer four different ways, and they rarely match in any given month.
• Bookings answer what you sold, billings what you invoiced, revenue what you earned, and ARR your recurring run-rate.
• Confusing them is one of the fastest ways to lose credibility in a board meeting or in diligence.
• Each is the right answer for a different audience, so the skill is knowing which one to show and when.