Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------------------|--------------------------------------------------------------------- ...

Enfusion, Inc. (NYSE:ENFN) Q2 2022 Results Conference Call August 9, 2022 5:00 PM ET Company Participants Ignatius Njoku - Head, IR Thomas Kim - CEO Steve Dorton - CFO Conference Call Participants Matthew Kicker - Stifel Tanaka Mehta - Bank of America James Faucette - Morgan Stanley Faith Brunner - William Blair Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Enfusion's Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference c ...

Revenue Performance - Total revenues for the three months ended June 30, 2022, were $36.5 million, a 38.2% increase from $26.4 million for the same period in 2021[111]. - Platform subscriptions revenue was $33.6 million for the three months ended June 30, 2022, up 38.0% from $24.3 million in the same period of 2021[130]. - Managed services revenue increased by 38.6% to $2.4 million for the three months ended June 30, 2022, compared to $1.7 million for the same period in 2021[130]. - Total revenue for the three months ended June 30, 2022, was $36.5 million, an increase of $10.0 million or 38.2% compared to $26.5 million for the same period in 2021[132]. - Platform subscriptions revenue increased by $9.2 million or 38.0%, from $24.3 million for the three months ended June 30, 2021, to $33.6 million for the same period in 2022[133]. - Managed services revenue increased by approximately $700 thousand or 38.6%, from $1.7 million for the three months ended June 30, 2021, to $2.4 million for the same period in 2022[134]. - Total revenues for the six months ended June 30, 2022, were $70.7 million, an increase of $19.9 million or 39.1% compared to $50.8 million for the same period in 2021[148]. - Platform subscriptions revenue for the six months ended June 30, 2022, increased by $18.4 million or 39.3%, from $46.7 million for the same period in 2021 to $65.1 million[150]. Profitability and Loss - The company reported a net loss of $4.1 million for the three months ended June 30, 2022, compared to a net income of $4.3 million for the same period in 2021[111]. - The company reported a net loss of $16.6 million for the six months ended June 30, 2022, compared to a net income of $8.4 million in the same period of 2021[167][168]. Expenses - Operating expenses for the three months ended June 30, 2022, totaled $29.6 million, significantly higher than $13.8 million for the same period in 2021[129]. - General and administrative expenses increased by $10.8 million, from $7.5 million for the three months ended June 30, 2021, to $18.3 million for the same period in 2022[142]. - Cost of revenues increased by $4.1 million or 60.1%, from $6.8 million for the three months ended June 30, 2021, to $10.9 million for the same period in 2022[137]. - General and administrative expenses increased by $26.8 million, from $13.8 million in 2021 to $40.6 million in 2022, a 193.4% increase, primarily due to stock-based compensation[157]. - Sales and marketing expenses rose by $8.6 million, from $7.4 million in 2021 to $16 million in 2022, reflecting a 115.7% increase, driven by stock-based compensation and higher personnel costs[158]. - Technology and development expenses increased by $4.3 million, from $4.2 million in 2021 to $8.5 million in 2022, a 100.9% increase, mainly due to stock-based compensation[159]. Cash Flow and Liquidity - Cash flows from operating activities were negative at $(1.2) million for the six months ended June 30, 2022, a decrease of 115.5% compared to $7.8 million generated in 2021[170]. - Net cash used in investing activities increased to $5.3 million in 2022 from $4.4 million in 2021, driven by investments in property and equipment[169]. - As of June 30, 2022, the company had cash of $56.6 million and $5.0 million in available borrowing capacity under its revolving debt[162]. - The company expects to issue approximately 18.6 million shares of Class A common stock between October 20, 2022, and October 20, 2023, which may impact liquidity and capital resources[164]. - The company does not anticipate declaring or paying any cash dividends in the foreseeable future, intending to retain all available funds and future earnings[177]. Strategic Investments - The company continues to invest in research and development to enhance system functionality and open new revenue opportunities[110]. - The company anticipates an increase in operating expenses as it expands its client base and geographic footprint[119]. - Enfusion's platform subscription contracts have transitioned to multi-year terms, enhancing revenue stability[112]. Gross Profit - Gross profit for the three months ended June 30, 2022, was $25.7 million, compared to $19.7 million for the same period in 2021[129]. - Gross profit increased by $6 million, from $19.7 million for the three months ended June 30, 2021, to $25.7 million for the same period in 2022[138]. - Gross profit margin as a percentage of revenue decreased by 4.2% for the six months ended June 30, 2022, compared to the same period in 2021[154].

Enfusion, Inc. (NYSE:ENFN) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Ignatius Njoku - Head, IR Thomas Kim - CEO Steve Dorton - CFO Conference Call Participants Dylan Becker - William Blair Matthew Kikkert - Stifel Tanika Mehra - Bank of America Gabriela Borges - Goldman Sachs Chris Donat - Piper Sandler James Faucette - Morgan Stanley Operator Good afternoon. Thank you for attending today's Enfusion First Quarter Fiscal Year 2022 Earnings Call. My name is Tanya and I will ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------------------|------------------------------------------------------------------------- ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Enfusion provides a unified, cloud-native SaaS platform for investment management, with **98.8%** of 2021 revenue from recurring subscriptions and a focus on client expansion and innovation - Enfusion provides a unified, cloud-native SaaS solution for the investment management lifecycle, designed to eliminate technology and information barriers by using a single dataset as a source of truth[18](index=18&type=chunk)[19](index=19&type=chunk) - As of December 31, 2021, Enfusion had a diverse global client base of **734 clients**, with **57.6%** in the Americas, **15.5%** in EMEA, and **26.9%** in APAC[43](index=43&type=chunk) - The company's revenue is primarily subscription-based, accounting for **98.8%** of total revenues for the year ended December 31, 2021, with contracts typically for multi-year terms[47](index=47&type=chunk)[48](index=48&type=chunk) - Growth strategies focus on broadening the client base, expanding relationships with existing clients, continuous innovation with weekly enhancements, geographic expansion, and selectively pursuing strategic acquisitions[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) - As of December 31, 2021, the company had **892 employees**, with **267** based in the Americas and **625** internationally, including **481** in India[72](index=72&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant operational, financial, intellectual property, and regulatory risks, including challenges from rapid growth, security breaches, and international operations - The company's rapid growth makes it difficult to predict future operating results and manage expanding operations, which strains resources and personnel[88](index=88&type=chunk)[95](index=95&type=chunk) - A security breach could lead to unauthorized access to sensitive client data, causing reputational harm, loss of clients, and significant financial and operational costs[104](index=104&type=chunk)[106](index=106&type=chunk) - The business is highly dependent on third-party co-locate data centers and internet service providers; any disruption could significantly impact service delivery[120](index=120&type=chunk)[121](index=121&type=chunk) - International operations, which accounted for approximately **34%** of 2021 revenue, expose the company to various risks including regulatory changes, data privacy laws, and political or economic instability[144](index=144&type=chunk)[145](index=145&type=chunk) - The termination of the Change in Control Bonus Plan will result in the issuance of a significant number of Class A common stock shares, causing substantial stock-based compensation expense (**$268.5 million** recognized at IPO) and dilution to existing stockholders[222](index=222&type=chunk)[223](index=223&type=chunk) - The company is a holding company dependent on distributions from Enfusion Ltd. LLC to pay taxes, dividends, and make substantial payments under the Tax Receivable Agreement, which entitles Pre-IPO Owners to **85%** of certain tax benefits[294](index=294&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) [Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[333](index=333&type=chunk) [Properties](index=47&type=section&id=Item%202.%20Properties) The company maintains its headquarters in Chicago and leases eight additional international offices to support global operations - The company's headquarters are in Chicago, IL, with a lease expiring in **2025**, and it maintains eight other international offices to support its global operations[334](index=334&type=chunk) [Legal Proceedings](index=48&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings that would adversely affect its business or financial condition - The company is not presently a party to any material legal proceedings[336](index=336&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[337](index=337&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=49&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Enfusion's Class A common stock began trading on the NYSE in October 2021, with IPO proceeds used for debt repayment and general corporate purposes, and no cash dividends anticipated - Class A common stock has been listed on the NYSE under the symbol '**ENFN**' since **October 21, 2021**, while Class B common stock is not listed or traded[339](index=339&type=chunk)[340](index=340&type=chunk) - The company has never declared or paid cash dividends and intends to retain all available funds for future earnings[343](index=343&type=chunk) - Net proceeds from the IPO were approximately **$259.7 million**, used to repay **$98.8 million** in debt, satisfy **$15.1 million** in tax withholding obligations, purchase **$87.8 million** in Common Units from Pre-IPO unitholders, and retain **$65.0 million** for general corporate purposes[350](index=350&type=chunk)[351](index=351&type=chunk) [Reserved](index=51&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, total revenues grew **40.4%** to **$111.7 million**, but a net loss of **$(282.2) million** resulted from a **$289.8 million** stock-based compensation expense related to the IPO Key Financial and Operational Metrics (2021 vs. 2020) | Metric | 2021 | 2020 | Change | |---|---|---|---| | Total Revenues | $111.7M | $79.6M | +40.4% | | Net (Loss) Income | $(282.2)M | $4.1M | N/A | | Adjusted EBITDA | $22.9M | $25.3M | -9.5% | | Annual Recurring Revenue (ARR) | $127.1M | $93.4M | +36.1% | | Net Dollar Retention Rate | 115.0% | 119.6% | -4.6 p.p. | - The significant net loss in 2021 was primarily driven by a **$289.8 million** stock-based compensation expense, of which **$268.5 million** was recognized in Q4 2021 related to the IPO and termination of the former Change in Control Bonus Plan[386](index=386&type=chunk)[418](index=418&type=chunk) - Following the IPO, the company repaid its outstanding term loan of approximately **$98.8 million**, leaving it with a **$5.0 million** revolving debt facility, which was undrawn as of year-end[424](index=424&type=chunk)[435](index=435&type=chunk) - The company entered into a Tax Receivable Agreement (TRA) which obligates it to pay Pre-IPO owners **85%** of the value of certain tax benefits realized; if all exchanges had occurred at year-end, the TRA liability would have been approximately **$334.3 million**[442](index=442&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and foreign currency fluctuations, though neither is considered material as of December 31, 2021 - The company's market risk exposure is primarily from fluctuations in interest rates and foreign currency exchange rates[463](index=463&type=chunk) - As of December 31, 2021, the company did not have any borrowings outstanding under its revolving debt facility and does not believe it was exposed to material risks from changes in interest rates[464](index=464&type=chunk)[466](index=466&type=chunk) - The company does not believe that a **10%** change in the U.S. dollar's value relative to other currencies would have a material effect on its operating results[468](index=468&type=chunk) [Financial Statements and Supplementary Data](index=69&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for the fiscal year ended December 31, 2021, including balance sheets, statements of operations, cash flows, and accompanying notes [Consolidated Balance Sheets](index=71&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2021, total assets increased to **$106.1 million**, liabilities decreased to **$8.6 million** due to debt repayment, and equity turned positive to **$97.4 million** post-IPO Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2021 | Dec 31, 2020 | |---|---|---| | **Assets** | | | | Cash | $64,365 | $13,938 | | Total current assets | $89,678 | $28,911 | | Total assets | $106,085 | $39,099 | | **Liabilities & Equity** | | | | Total current liabilities | $8,106 | $10,650 | | Long-term debt, net | $0 | $96,063 | | Total liabilities | $8,644 | $107,143 | | Total Stockholders' Equity/ Members' deficit | $97,441 | $(233,559) | [Consolidated Statements of Operations](index=72&type=section&id=Consolidated%20Statements%20of%20Operations) In 2021, total revenues grew **40.4%** to **$111.7 million**, but a surge in operating expenses, mainly from stock-based compensation, led to a net loss of **$(282.2) million** Consolidated Statement of Operations Data (in thousands) | | 2021 | 2020 | 2019 | |---|---|---|---| | Total revenues | $111,700 | $79,565 | $59,027 | | Gross profit | $79,855 | $58,207 | $42,066 | | Total operating expenses | $355,739 | $52,133 | $28,197 | | (Loss) income from operations | $(275,884) | $6,074 | $13,869 | | Net (loss) income | $(282,242) | $4,061 | $12,656 | [Consolidated Statements of Cash Flows](index=75&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2021, net cash used in operating activities was **$(0.3) million**, while financing activities provided **$58.8 million**, resulting in a net cash increase of **$50.4 million** Consolidated Cash Flow Data (in thousands) | | 2021 | 2020 | |---|---|---| | Net cash (used in) provided by operating activities | $(318) | $1,665 | | Net cash (used in) investing activities | $(8,014) | $(5,068) | | Net cash provided by financing activities | $58,849 | $11,559 | | Net increase in cash | $50,427 | $8,040 | [Notes to Consolidated Financial Statements](index=76&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, IPO transactions, debt repayment, and significant stock-based compensation expenses, including the Tax Receivable Agreement and deferred tax asset valuation allowance - The Reorganization Transactions related to the IPO were accounted for as a reorganization of entities under common control, with assets and liabilities recognized at their historical carrying amounts[497](index=497&type=chunk)[502](index=502&type=chunk) - In October 2021, the company used IPO proceeds to repay the entire **$98.8 million** aggregate principal amount of its term loan[577](index=577&type=chunk) - Total stock compensation expense for 2021 was **$289.8 million**, including **$237.3 million** for vested shares and **$31.2 million** for a profit-sharing agreement termination, both recognized on the IPO effectiveness date[599](index=599&type=chunk)[604](index=604&type=chunk)[611](index=611&type=chunk) - The company recorded a full valuation allowance of **$124.5 million** against its deferred tax assets as of December 31, 2021, determining it was not more likely than not that the assets would be realized[639](index=639&type=chunk) - As of December 31, 2021, no liability was recorded under the Tax Receivable Agreement because it was not probable that the company would realize the related tax benefits; if it were probable, the liability would have been **$74.7 million**[650](index=650&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=70&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles or financial disclosure - None[659](index=659&type=chunk) [Controls and Procedures](index=70&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2021, management concluded that disclosure controls and procedures were effective, with no material changes in internal controls during Q4 2021 - Management concluded that as of December 31, 2021, the company's disclosure controls and procedures were effective[660](index=660&type=chunk) - A management report on internal control over financial reporting is not included due to the transition period for newly public companies[661](index=661&type=chunk) [Other Information](index=70&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[664](index=664&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=70&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[665](index=665&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=71&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders[667](index=667&type=chunk) [Executive Compensation](index=71&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders[668](index=668&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=71&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders[669](index=669&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=71&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders[670](index=670&type=chunk) [Principal Accounting Fees and Services](index=71&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders[671](index=671&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=72&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Annual Report, noting the location of consolidated financial statements and the omission of schedules - The company's Consolidated Financial Statements are listed under Part II, Item 8[673](index=673&type=chunk) - All financial statement schedules are omitted because the required information is not applicable or is included elsewhere in the report[674](index=674&type=chunk) [Form 10-K Summary](index=72&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary for this item - None[676](index=676&type=chunk)

Enfusion, Inc. (NYSE:ENFN) Q4 2021 Results Earnings Conference Call March 24, 2022 5:00 PM ET Company Participants Ignatius Njoku - Head of Investor Relations, Thomas Kim - Chief Executive Officer Steve Dorton - Chief Financial Officer. Conference Call Participants Bhavan Suri - William Blair Parker Lane - Stifel Koji Ikeda - Bank of America Kevin McVeigh - Credit Suisse Gabriela Borges - Goldman Sachs Chris Donat - Piper Sandler Operator … [Abrupt Start] At this time, all lines have been placed on mute to ...

Table of Contents Title of each class Trading symbol Name of Exchange on which registered Class A common stock, par value $0.001 per share ENFN New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transitio ...