Enfusion(US:ENFN)2022-08-09 16:00Revenue 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].