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A booking occurs when a customer enters into a contract to use a company's product or service. It reflects the total amount a customer commits to giving to the company over a defined period. The booking stage occurs before any billing or service offering.
Suppose a customer signs a 3-year, $15M contract with Vareto. Here, the bookings are worth $15M since this is the amount that the customer agrees to pay at a future date for using the company's products/services.
Bookings are used as an indicator of how much revenue an existing business area will generate for the company. It also tells the company the potential revenues that a new business area may bring in the future.
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