nope. I got tripped up by the term “Bookings”.
from the SEC filing:
Non-GAAP Financial Measure
Bookings is a non-GAAP financial measure we use to evaluate our ongoing operations and for internal planning and forecasting purposes. We define bookings as revenue plus the change in deferred revenue in a given period without giving effect to certain non-cash adjustments. We believe bookings provide a timelier indication of trends in our operating results that are not necessarily reflected in our revenue as a result of the fact that we recognize the majority of revenue over the estimated average lifetime of a paying user. The change in deferred revenue constitutes the vast majority of the reconciling difference from revenue to bookings. By removing these non-cash adjustments, we are able to measure and monitor our business performance based on the timing of actual transactions with our users and the cash that is generated from these transactions. Over the long-term, the factors impacting our revenue and bookings trends are the same. However, in the short-term, there are factors that may cause revenue and bookings trends to differ in any period.
We use this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. However, non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Bookings is not a substitute for revenue. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measure to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of Revenue to Bookings,” and not to rely on any single financial measure to evaluate our business.
Prospective financial information for any period during the year ending December 31, 2021 is unaudited.
Reconciliation of Revenue to Bookings
A reconciliation is provided below for any non-GAAP financial measures provided above to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.
Numbers below are based on the current expectations of the Company for each of the shown periods and are not a guarantee of future performance or results. For 2021 estimates, numbers reflect midpoint of the estimated range for such measures.
_________Three Months Ended__________ Year Ended
Mar 31, 2021E Jun 30, 2021E Dec 31, 2021E
Reconciliation of revenue to bookings*:
$ 328 $ 361 $ 1,478
Change in deferred revenue
235 152 585
$ 563 $ 513 $ 2,063