Enfusion (ENFN) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40949
Entity Registrant Name	Enfusion, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1268462
Entity Address State Or Province	IL
Entity Address, Address Line One	125 South Clark Street
Entity Address, Address Line Two	Suite 750
Entity Address, City or Town	Chicago
Entity Address, Postal Zip Code	60603
City Area Code	312
Local Phone Number	253-9800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock, par value $0.001per share
Trading Symbol	ENFN
Security Exchange Name	NYSE
Entity Central Index Key	0001868912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		116,286,201
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,087,434
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,198,767

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 54,598	$ 62,545
Accounts receivable, net	24,356	25,855
Prepaid expenses	5,600	6,105
Other current assets	2,093	2,303
Total current assets	86,647	96,808
Property and equipment, net	16,879	15,759
Right-of-use-assets, net	13,438	6,732
Other assets	4,529	4,484
Total assets	121,493	123,783
Current liabilities:
Accounts payable	1,290	1,685
Accrued expenses and other current liabilities	7,403	11,665
Current portion of lease liabilities	5,013	4,030
Total current liabilities	13,706	17,380
Lease liabilities, net of current portion	8,642	2,959
Total liabilities	22,348	20,339
Stockholders' Equity:
Additional paid-in capital	240,075	244,260
Accumulated deficit	(176,012)	(178,863)
Accumulated other comprehensive loss	(473)	(504)
Total stockholders' equity attributable to Enfusion, Inc.	63,705	65,007
Non-controlling interests	35,440	38,437
Total stockholders' equity	99,145	103,444
Total liabilities and stockholders' equity	121,493	123,783
Common Class A
Stockholders' Equity:
Common stock	74	71
Common Class B
Stockholders' Equity:
Common stock	$ 41	$ 43

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common Class A
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	74,081,623	70,859,711
Common stock, shares outstanding	74,081,623	70,859,711
Common Class B
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	41,198,767	43,198,767
Common stock, shares outstanding	41,198,767	43,198,767

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Total revenues	$ 40,971	$ 34,141
COST OF REVENUES:
Total cost of revenues	13,302	10,983
Gross profit	27,669	23,158
OPERATING EXPENSES:
General and administrative	14,473	22,295
Sales and marketing	4,086	8,432
Technology and development	4,431	4,802
Total operating expenses	22,990	35,529
Income (loss) from operations	4,679	(12,371)
NON-OPERATING INCOME (EXPENSE):
Other income (expense)	411	(3)
Total non-operating income (expense)	411	(3)
Income (loss) before income taxes	5,090	(12,374)
Income taxes	396	150
Net income (loss)	4,694	(12,524)
Net income (loss) attributable to non-controlling interests	1,749	(5,259)
Net income (loss) attributable to Enfusion, Inc.	$ 2,945	$ (7,265)
Net income (loss) per Class A common shares attributable to Enfusion, Inc.:
Net income (loss) per share of Class A common stock--Basic	$ 0.04	$ (0.10)
Net income (loss) per share of Class A common stock--Diluted	$ 0.04	$ (0.10)
Weighted Average number of Class A common shares outstanding:
Weighted Average number of Class A common shares outstanding, Basic	88,863	83,384
Weighted Average number of Class A common shares outstanding, Diluted	132,346	83,384
Platform subscriptions
REVENUES:
Total revenues	$ 37,998	$ 31,551
COST OF REVENUES:
Total cost of revenues	11,675	9,311
Managed services
REVENUES:
Total revenues	2,744	2,230
COST OF REVENUES:
Total cost of revenues	1,564	1,615
Other
REVENUES:
Total revenues	229	360
COST OF REVENUES:
Total cost of revenues	$ 63	$ 57

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
Net income (loss)	$ 4,694	$ (12,524)
Other comprehensive income (loss), net of income tax:
Foreign currency translation gain (loss)	48	(86)
Total other comprehensive income (loss)	4,742	(12,610)
Comprehensive income (loss) attributable to non-controlling interests	1,766	(5,295)
Total comprehensive income (loss) attributable to Enfusion, Inc.	$ 2,976	$ (7,315)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Stockholders Equity - USD ($) $ in Thousands	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Deficit Cumulative impact of adopting ASU 2016-13	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest Cumulative impact of adopting ASU 2016-13	Noncontrolling Interest	Cumulative impact of adopting ASU 2016-13	Total
Balance at Beginning of period at Dec. 31, 2021	$ 66	$ 47	$ 226,717		$ (171,209)	$ (325)		$ 42,145		$ 97,441
Balance at Beginning of period (in shares) at Dec. 31, 2021	65,583,289	47,470,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					(7,265)			(5,259)		(12,524)
Stock-based compensation			6,890					4,987		11,877
Foreign currency translation						(50)		(36)		(86)
Balance at end of period (in shares) at Mar. 31, 2022	65,583,289	47,470,971
Balance at end of period at Mar. 31, 2022	$ 66	$ 47	233,607		(178,474)	(375)		41,837		96,708
Balance at Beginning of period at Dec. 31, 2022	$ 71	$ 43	244,260	$ (94)	(178,863)	(504)	$ (55)	38,437	$ (149)	103,444
Balance at Beginning of period (in shares) at Dec. 31, 2022	70,859,711	43,198,767
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					2,945			1,749		4,694
Stock-based compensation			(640)					(398)		(1,038)
Share exchange	$ 2	$ (2)	1,376					(1,376)
Share exchange (in shares)	2,000,000	(2,000,000)
Issuance of IPO vested Class A common stock and share-based awards	$ 1		(1)
Issuance of IPO vested Class A common stock and share-based awards (in shares)	1,221,912
Tax withholdings related to net share settlements of stock-based compensation awards			(4,739)					(2,840)		(7,579)
Foreign currency translation						31		17		48
Other			(181)					(94)		(275)
Balance at end of period (in shares) at Mar. 31, 2023	74,081,623	41,198,767
Balance at end of period at Mar. 31, 2023	$ 74	$ 41	$ 240,075		$ (176,012)	$ (473)		$ 35,440		$ 99,145

Condensed Consolidated Interi_6

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 4,694	$ (12,524)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Non-cash operating lease expense	(40)
Depreciation and amortization	1,868	1,340
Provision for credit losses	475	123
Amortization of debt-related costs	6	6
Stock-based compensation expense	(1,147)	12,682
Change in operating assets and liabilities:
Accounts receivable	878	(5,310)
Prepaid expenses and other assets	(1,153)	(13)
Accounts payable	(395)	(1,339)
Accrued expenses and other liabilities	(4,262)	938
Net cash provided by (used in) operating activities	924	(4,097)
Cash flows from investing activities:
Purchases of property and equipment	(2,550)	(3,171)
Net cash used in investing activities	(2,550)	(3,171)
Cash flows from financing activities:
Settlement of tax receivable acquired in reorganization transaction	1,501
Payment of withholding taxes on stock-based compensation	(7,579)	(805)
Other	(275)
Net cash used in financing activities	(6,353)	(805)
Effect of exchange rate changes on cash	32	(86)
Net decrease in cash	(7,947)	(8,159)
Cash and cash equivalents, beginning of period	62,545	64,365
Cash and cash equivalents, end of period	54,598	56,206
Supplemental disclosure of non-cash investing activities:
Capitalized stock-based compensation expense	109
Supplemental disclosure of cash flow information:
Income taxes paid in cash	205	$ 265
Cash paid for amounts included in the measurement of lease liabilities	$ 1,478

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization and Description of Business
Organization and Description of Business	Note 1 Organization and Description of Business Enfusion is a leading provider of cloud-based order and execution management, portfolio management and risk systems. Enfusion’s clients include large global hedge fund managers, institutional asset managers, family offices and other institutional investors. Enfusion provides its clients with innovative real-time performance, risk calculations, and accounting capabilities for some of the most sophisticated financial products. The Company is headquartered in Chicago, Illinois and has offices in Chicago, New York, London, Dublin, Hong Kong, Singapore, São Paulo, Mumbai, Bengaluru, and Sydney. Enfusion, Inc. was incorporated in Delaware on June 11, 2021 for the purpose of facilitating an initial public offering, which was completed on October 25, 2021, and other related transactions in order to carry on the business of Enfusion Ltd. LLC. Enfusion, Inc. is a holding company and, through its control over the managing member of Enfusion Ltd. LLC, operates and controls Enfusion Ltd. LLC. Enfusion, Inc.’s principal asset consists of Common Units. Enfusion, Inc. has three wholly-owned subsidiaries: Enfusion US 1, Inc., Enfusion US 2, Inc. and Enfusion US 3, Inc.; as well as a controlling financial interest in Enfusion Ltd. LLC and its majority-owned subsidiary, Enfusion Softech India Private Limited, as well as the wholly-owned subsidiaries of Enfusion Ltd. LLC: Enfusion Systems UK Ltd, Enfusion HK Limited, Enfusion Software Limited, Enfusion (Singapore) Pte. Ltd., Enfusion do Brasil Tecnologia da Informacao Ltda, Enfusion (Australia) Pty. Ltd. and Enfusion (Shanghai) Co., Ltd. Enfusion, Inc., through its control over the managing member of Enfusion Ltd. LLC, manages and operates Enfusion Ltd. LLC’s business and controls its strategic decisions and day-to-day operations. As such, Enfusion, Inc. consolidates the financial results of Enfusion Ltd. LLC, and a portion of Enfusion, Inc.’s net income is allocated to non-controlling interests to reflect the entitlement to a portion of Enfusion Ltd. LLC’s net income by the other common unitholders of Enfusion, Ltd. LLC. As of March 31, 2023, Enfusion, Inc. owned approximately 64.3% of Enfusion Ltd. LLC.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation
Basis of Presentation	Note 2 Basis of Presentation Principles of Consolidation These statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations, and all adjustments are of a normal recurring nature. The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. The condensed consolidated interim financial information should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited condensed consolidated interim financial statements include the accounts of Enfusion, Inc. and its wholly or majority-owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated interim financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the period of the change. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3 Summary of Significant Accounting Policies A description of the Company’s significant accounting policies is included in the audited financial statements within its Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023. ​ Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity date of three months or less to be cash equivalents. Funds held as investments in money market funds are included within cash and cash equivalents. As of March 31, 2023 and December 31, 2022, the Company had approximately $48 million and $50 million, respectively, invested in money market accounts. ​ Accounts Receivable Net of Allowance for Expected Credit Losses ​ Trade accounts receivable are recorded at the invoiced amount. Accounts receivable are presented net of an estimated allowance for expected credit losses. The Company maintains an allowance for expected credit losses as a reduction of trade accounts receivable’s amortized cost basis to present the net amount expected to be collected. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ In developing its expected credit loss estimate, the Company evaluated the appropriate grouping of financial assets based upon its evaluation of risk characteristics, including consideration of the industry and geography of its customers. Account balances are written off against the allowance for expected credit losses after all means of collection have been exhausted and the potential for recovery is considered remote. ​ The following table summarizes the activity of the allowances applied to accounts receivable for the three months ended March 31, 2023 (in thousands): ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ ​ 1,611 Changes to the provision ​ 1,459 Accounts written off, net of recoveries ​ (1,367) Balance at March 31, 2023 ​ $ 1,703 ​ Financial Instruments and Fair Value Measurements The Company has investments in money market accounts, which are included in cash and cash equivalents on the condensed consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the Fair Value Hierarchy, as money market account fair values are known and observable through daily published floating net asset values. ​ Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers. The Company derives its revenues primarily from fees for platform subscription and managed services provided to clients. Revenues are recognized when control of these services are transferred to the Company’s clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for these services. Revenues are recognized net of taxes that will be remitted to governmental agencies applicable to service contracts. Historically, platform subscription contracts have typically had a one-year term and were cancellable with 30 days’ notice. Beginning in the first quarter of 2021, our default platform subscription contract has had a multi-year term and does not allow termination for convenience, though each contract has and can be negotiated with varying term lengths, with or without a termination for convenience clause. Clients are invoiced each month for the services provided in accordance with the stated terms of their service contracts. Fees for partial term service contracts are prorated, as applicable. Payment of fees are due from clients within 30 days of the invoice date. The Company does not provide financing to clients. The Company determines revenue recognition through the following five-step framework: ● Identification of the contract, or contracts, with a client; ● Identification of the performance obligation in the contract; ● Determination of transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, performance obligations are satisfied. Platform subscription revenues Platform subscription revenues consist primarily of fees for providing clients with access to the Company’s cloud-based platform. Platform subscription clients do not have the right to take possession of the platform’s software, and do not have any general return rights. Platform subscription revenues are recognized ratably over the period of contractually enforceable rights and obligations, beginning on the date that the client gains access to the platform. Installment payments are invoiced at the end of each calendar month during the subscription term. Managed services revenues Managed services revenues primarily consist of client-selected middle and back-office services provided on our clients’ behalf using the Company’s platform. Revenue is recognized monthly as the managed services are performed, with invoicing occurring at the end of the calendar month. Other revenues Other revenues consist of non-subscription-based revenues, such as data conversion and services that integrate a client’s historical data into our solution. The Company recognizes revenues as these services are performed with invoicing occurring at the end of each month. Service contracts with multiple performance obligations Certain of our contracts provide for customers to be charged a fee for implementation services. In determining whether the implementation services, which frequently include configuration and/or interfacing, customer reporting, data migration/conversion, customizing user permissions and acceptance testing, end-user training, and establishing connections with third-party interfaces, are distinct from our platform subscription services, we consider, in addition to their complexity and level of customization, that these services are integral in delivering the customer desired output and are necessary for the customer to access and begin to use the hosted application. The implementation provider must be intimately familiar with our platform to effectively execute the customization required and no other entities have access to the source code. We have concluded that the implementation services in our service contracts with multiple performance obligations are not distinct and therefore we recognize fees for implementation services ratably over the non-cancelable term of the hosting contract. Remaining performance obligations For the Company’s contracts that exceed one year and do not include a termination for convenience clause, the amount of the transaction price allocated to remaining performance obligations as of March 31, 2023 was $34.8 million and is expected to be recognized based on the below schedule (in thousands). ​ ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2023 2023 ​ $ 15,812 2024 ​ 13,914 2025 ​ 4,411 2026 ​ 618 2027 ​ ​ 63 Total ​ $ 34,818 ​ Disaggregation of revenue The Company’s total revenues by geographic region, based on the client’s physical location is presented in the following tables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Geographic Region ​ Amount Percent Amount Percent Americas* ​ $ 25,572 62.4 % $ 21,938 64.3 % Europe, Middle East and Africa (EMEA) ​ 5,903 14.4 % 4,310 12.6 % Asia Pacific (APAC) ​ 9,496 23.2 % 7,893 23.1 % Total revenues ​ $ 40,971 100.0 % $ 34,141 100.0 % ​ * The Company’s total revenues in the United States were $25.0 million and $21.5 million for the three months ended March 31, 2023 and 2022, respectively. Accounts Receivable As of March 31, 2023 and December 31, 2022, no individual client represented more than 10% of accounts receivable. For the three months ended March 31, 2023 and 2022, respectively, no individual client represented more than 10% of the Company’s total revenues. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 and ASU 2018-19, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments retained earnings Leases 842) standard. ASU 2016-02, as subsequently amended for various technical issues, was effective for private companies and emerging growth companies in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. The Company elected the optional transition method and adopted the new guidance on January 1, 2022 (“the adoption date”), on a modified retrospective basis, with no restatement of prior period amounts. As allowed under the new accounting standard, the Company elected to apply practical expedients to carry forward the original lease determinations, lease classifications and accounting of initial direct costs for all arrangements at the time of adoption. The Company also elected not to separate lease components from non-lease components and to exclude short-term leases from its Consolidated Balance Sheet. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $9.1 million and liabilities of $9.5 million as of the adoption date, with no cumulative effect adjustment to equity as of the adoption date. Adoption of the new standard did not have a material impact on the Company’s Consolidated Statements of Operations or Cash Flows. Recent Accounting Pronouncements Not Yet Adopted

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property and Equipment, Net
Property and Equipment, Net	Note 4 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Computer equipment ​ $ 18,800 ​ $ 17,496 ​ Software development costs ​ 10,766 ​ 9,406 ​ Leasehold improvements ​ 1,822 ​ 1,831 ​ Furniture and fixtures ​ 406 ​ 433 ​ Total property and equipment, cost ​ 31,794 ​ 29,166 ​ Less accumulated depreciation and amortization ​ (14,915) ​ (13,407) ​ Total property and equipment, net ​ $ 16,879 ​ $ 15,759 ​ ​ As of March 31, 2023 and December 31, 2022, property and equipment, net located in the United States was $15.2 million and $13.7 million, respectively. The remainder was located in our various international locations. Included in property and equipment are the capitalized costs of software development. Software development costs capitalized during the three months ended March 31, 2023 and 2022 were $1.2 million and $1.2 million, respectively. Depreciation and amortization expense related to property and equipment, excluding software development costs, was $874 thousand and $768 thousand for the three months ended March 31, 2023 and 2022, respectively. Amortization expense related to software development costs was $697 thousand and $408 thousand for the three months ended March 31, 2023 and 2022, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Accrued compensation ​ $ 4,877 ​ $ 10,268 ​ Accrued expenses and other ​ 2,230 ​ 1,112 ​ Accrued taxes ​ 296 ​ 285 ​ Total accrued expenses and other current liabilities ​ $ 7,403 ​ $ 11,665 ​ ​ Accrued compensation includes accrued expenses for bonuses, sales commissions, compensated absences, and other compensation-related expenses.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 6 Commitments and Contingencies The Company records accruals for contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. No accruals for contingencies were recorded as of March 31, 2023 and December 31, 2022, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	Note 7 Stockholders’ Equity Prior to the Reorganization Transactions, Enfusion Ltd. LLC was organized as a limited liability company owned by its members, each of whose membership interests consisted of an equal number of: (i) “Economic Units”, which represented a Member’s economic interest in Enfusion Ltd. LLC; and (ii) “Participation Units”, which represented a Member’s right to participate (vote) in the affairs of Enfusion Ltd. LLC. As a limited liability company, the Enfusion Ltd. LLC issued more than one class of Units. The Class A Units were considered to be Members’ Equity, whereas all of the other Unit classes were considered to be Preferred Units because of provisions in the Company’s former Operating Agreement that conferred certain rights and privileges to the members owning these Units, such as voting rights, redemption rights and liquidation preferences. Holders of the Class C-1, C-2 and D Preferred Units had the option to require the Company to redeem their Units. In accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity, outstanding Class C-1, C-2 and D Preferred Units were classified outside of permanent equity and within temporary equity due to their optional redemption features and liquidation preferences. In connection with the Reorganization Transactions, the Amended and Restated Operating Agreement of Enfusion Ltd. LLC (the “LLC Operating Agreement”) was amended and restated to, among other things, modify its capital structure by reclassifying each of the outstanding Class A Units and C-1, C-2 and D Preferred Units into the Common Units through a stock split on a 1,000,000 to 1 basis. The number of Common Units outstanding following the Reorganization Transaction reflect the 1,000,000 to 1 stock split. Pursuant to the adoption of the LLC Operating Agreement, Enfusion US 1, Inc., a newly-formed wholly owned subsidiary of Enfusion, Inc., was appointed the sole managing member of Enfusion Ltd. LLC. Amendment and Restatement of Certificate of Incorporation The Amended and Restated Certificate of Incorporation of Enfusion, Inc. provides for 1,000,000,000 authorized shares of Class A common stock, 150,000,000 authorized shares of Class B common stock and 100,000,000 shares of preferred stock. ​ Each share of the Company’s Class A common stock is entitled to one vote per share and is not convertible into any other shares of its capital stock. Holders of shares of the Company’s Class A common stock are entitled to receive dividends when, as and if declared by the Company’s board of directors. Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors, and subject to the rights of the holders of one or more outstanding series of preferred stock, as applicable, having liquidation preferences, the holders of shares of the Company’s Class A common stock will be entitled to receive pro rata the Company’s remaining assets available for distribution. Each share of the Company’s Class B common stock is entitled to one vote per share and is not convertible or exchangeable for a share of Class A common stock or any other security. Holders of the Company’s Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation, dissolution or winding up of Enfusion, Inc. Preferred Stock The Company’s board of directors have the authority, without further action by the Company’s stockholders, to issue up to 100,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting, or the designation of, such series, any or all of which may be greater than the rights of Class A common stock. As of March 31, 2023, the Company has not issued any shares of preferred stock nor has the Company’s board of directors established the rights and privileges related to any series of preferred stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 8 Stock-based compensation expense for the quarters ended March 31, 2023 and 2022 was ($1.1) million and $12.7 million, respectively. During the quarter ended March 31, 2023, the Company reversed previously recognized stock-based compensation expense aggregating to $4.5 million in connection with forfeiture of certain awards relating to employees that departed the Company during the quarter. The Company accounts for forfeitures as they occur. ​ The Company’s stock compensation (income) expense was recognized in the following captions within the consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 31, 2023 ​ March 31, 2022 Cost of revenues ​ $ 270 ​ $ 354 General and administrative ​ ​ (230) ​ ​ 8,938 Sales and marketing ​ ​ (1,581) ​ ​ 1,993 Technology and development ​ ​ 394 ​ ​ 1,397 Total stock compensation (income) expense ​ $ (1,147) ​ $ 12,682 ​ ​ ​ 2021 Employee Stock Purchase Plan In connection with the IPO, the Company also adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”). The 2021 ESPP initially reserves and authorizes the issuance of up to a total of 150,000 shares of Class A common stock to participating employees. The 2021 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2022 and each January 1 thereafter through January 1, 2031, by the lesser of (i) 1% of the outstanding number of shares of our Class A common stock and Class B common stock on the immediately preceding December 31 or (ii) such lesser number of shares of Class A common stock as determined by the administrator of the 2021 ESPP. Under the 2021 ESPP, eligible employees may be granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. No options have been granted under this plan in the quarters ended March 31, 2022 and March 31, 2023. 2021 Stock Option and Incentive Plan In connection with the IPO, the Company adopted the 2021 Incentive Plan (the “Plan”). The Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and performance awards intended to align the interests of participants with those of the Company’s shareholders. Restricted stock units During the three months ended March 31, 2023, there were 597,034 restricted stock units (“RSUs”) granted under the Plan, at a weighted average exercise price of $10.99. Total unrecognized stock compensation expense related to unvested RSUs was $21.8 million as of March 31, 2023, which is expected to be recognized over a weighted-average period of 2.5 years. Stock options During the three months ended March 31, 2023, 71,004 options were granted under the Plan, at a weighted average exercise price of $11.06 per option. During the three months ended March 31, 2023, 31,474 stock options were forfeited. As of March 31, 2023, there was approximately $0.5 million of unrecognized equity-based compensation expense related to the remaining stock options issued, which is expected to be recognized over a weighted-average period of approximately 2.8 years ​ The assumptions used for the options granted under the Plan during the three months ended March 31, 2023 were as follows: ​ ​ ​ ​ Assumptions ​ ​ Expected volatility ​ 60.91% Expected term of award ​ 6.5 years Risk-free rate ​ 3.82% Dividend yield ​ 0.00% ​ Performance-based RSUs ​ No Performance-based RSUs were granted in the three-months ended March 31, 2023 and March 31, 2022 respectively. Total unrecognized stock compensation expense related to unvested performance stock units (“PSUs”) was $1.1 million as of March 31, 2023, which is expected to be recognized over a weighted-average period of 1.4 years.

Net Income (Loss) Per Class A C

Net Income (Loss) Per Class A Common Share	3 Months Ended
	Mar. 31, 2023
Net Income (Loss) Per Class A Common Share
Net Income (Loss) Per Class A Common Share	​ Note 9 Net Income (Loss) Per Class A Common Share Basic income (loss) per share is computed by dividing net income (loss) attributable to Enfusion, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted loss per share is computed giving effect to all potentially dilutive shares. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share of Class A common stock is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands, except per share amounts) 2023 2022 Net income (loss) ​ $ 4,694 ​ $ (12,524) Less: Net (income) loss attributable to non-controlling interests ​ ​ (1,749) ​ ​ 5,259 Net income (loss) attributable to Enfusion, Inc. ​ $ 2,945 ​ $ (7,265) Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Enfusion, Inc. ​ $ 2,945 ​ $ (7,265) Adjustment to income (loss) attributable to common stockholders ​ ​ 226 ​ ​ (716) Numerator for Basic Earnings per Share ​ $ 3,171 ​ $ (7,981) Adjustment to Income for Dilutive Shares ​ ​ 1,523 ​ ​ - Numerator for Diluted Earnings per Share ​ $ 4,694 ​ $ (7,981) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding ​ ​ 72,272 ​ ​ 65,583 Vested shares of Class A common stock and RSUs ​ ​ 16,591 ​ ​ 17,801 Weighted-average shares of Class A common stock outstanding--basic ​ ​ 88,863 ​ ​ 83,384 Add: Dilutive Shares ​ ​ 43,483 ​ ​ - Weighted-average shares of Class A common stock outstanding--diluted ​ ​ 132,346 ​ ​ 83,384 Net income (loss) per share of Class A common stock--Basic ​ $ 0.04 ​ $ (0.10) Net income (loss) per share of Class A common stock--Diluted ​ $ 0.04 ​ $ (0.10) ​ The following number of potentially dilutive shares were excluded from the calculation of diluted income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2023 2022 Class B common stock ​ - ​ 47,471 Contingently issuable shares of Class A common stock ​ ​ - ​ ​ 893 Restricted stock units ​ ​ 110 ​ ​ 2,857 Stock options ​ ​ 84 ​ ​ - ​ ​ ​ 194 ​ ​ 51,221 ​ Shares of Class B common stock do not share in earnings and are not participating securities. Accordingly, separate presentation of loss per share of Class B common stock under the two-class method has not been presented. Shares of Class B common stock are, however, considered potentially dilutive shares of Class A common stock. After evaluating the potential dilutive effect under both the treasury stock method and if-converted method, shares of Class B common stock were determined to be dilutive for the three months ended March 31, 2023, and have therefore been included in the computation of diluted earnings per share of Class A common stock. However, for the three months ended March 31, 2022, shares of Class B common stock were determined to be anti-dilutive, and have therefore been excluded from the computation of diluted earnings per share of Class A common stock.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	Note 10 Income Taxes The Company is taxed as a corporation for income tax purposes and is subject to federal, state, and local taxes on the income allocated to it from Enfusion Ltd. LLC based upon the Company’s economic interest in Enfusion Ltd. LLC. The Company is the sole managing member of Enfusion Ltd. LLC and, as a result, consolidates the financial results of Enfusion Ltd. LLC. Enfusion Ltd. LLC. is a limited liability company taxed as a partnership for income tax purposes. Enfusion Ltd. LLC does not pay any federal income taxes, as income or loss is included in the tax returns of the individual members. Additionally, certain wholly-owned entities taxed as corporations are subject to federal, state, and foreign income taxes in the jurisdictions in which they operate, and accruals for such taxes are included in the Condensed Consolidated Financial Statements. For periods prior to the IPO, the Company’s taxes represent those of Enfusion Ltd. LLC. The Company’s effective tax rate for the three months ended 31, 2023 and 2022 was 7.79% and (1.21)% , respectively. In the three months ended 31, 2023 and 2022, the Company’s effective tax rate differed from the U.S. statutory tax rate of 21% primarily due to income or loss attributable to non-controlling interest, changes in valuation allowance in the U.S. and foreign income taxes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	Note 11 Related Party Transactions Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Since transactions with related parties may raise potential or actual conflicts of interest between the related party and the Company, upon the completion of the IPO the Company implemented a related party transaction policy that requires related party transactions to be reviewed and approved by its nominating and corporate governance committee. Pre-IPO Common Unitholders delivered exchange notices pursuant to Article XII of the LLC Operating Agreement on each of February 13, 2023 and March 21, 2023, relating to the respective exchanges of 1,000,000 and 1,000,000 Common Units and an equal number of shares of class B common stock for an equal number of shares of Class A common stock. On February 21, 2023 and March 28, 2023, pursuant to the terms of the LLC Operating Agreement, the exchanging Pre-IPO Common Unitholders respectively surrendered 1,000,000 and 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company respectively issued 1,000,000 and 1,000,000 shares of Class A common stock to the exchanging Pre-IPO Common unitholder, canceled an equal number of Class B Common Stock, and received an equal number of Common Units, increasing the Company’s ownership of Common Units by 1,000,000 and 1,000,000 respectively. For a discussion of other related party transactions that occurred during the fiscal years ended December 31, 2021 and 2022, please refer to Note 13 – Related Party Transactions, in our Annual Report on Form 10-K for the year ended December 31, 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	Note 12 Subsequent Events Issuance of Shares ​ On April 25, 2023, the Company issued 1,396,648 shares of Class A common stock to the former U.S. and foreign holders of Award Units under the Company’s former Change in Control Bonus Plan. The individual tax withholding obligations to be incurred in connection with the above issuances were satisfied through our withholding 571,325 shares from issuance (with a value as of the date of issuance that satisfies the withholding amount due), and using approximately $4.8 million of the Company’s cash to remit the related withholding tax amount to be applicable U.S. and foreign tax authorities.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation These statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations, and all adjustments are of a normal recurring nature. The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. The condensed consolidated interim financial information should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited condensed consolidated interim financial statements include the accounts of Enfusion, Inc. and its wholly or majority-owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated interim financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the period of the change.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity date of three months or less to be cash equivalents. Funds held as investments in money market funds are included within cash and cash equivalents. As of March 31, 2023 and December 31, 2022, the Company had approximately $48 million and $50 million, respectively, invested in money market accounts.
Accounts Receivable Net of Allowance for Expected Credit Losses	Accounts Receivable Net of Allowance for Expected Credit Losses ​ Trade accounts receivable are recorded at the invoiced amount. Accounts receivable are presented net of an estimated allowance for expected credit losses. The Company maintains an allowance for expected credit losses as a reduction of trade accounts receivable’s amortized cost basis to present the net amount expected to be collected. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ In developing its expected credit loss estimate, the Company evaluated the appropriate grouping of financial assets based upon its evaluation of risk characteristics, including consideration of the industry and geography of its customers. Account balances are written off against the allowance for expected credit losses after all means of collection have been exhausted and the potential for recovery is considered remote. ​ The following table summarizes the activity of the allowances applied to accounts receivable for the three months ended March 31, 2023 (in thousands): ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ ​ 1,611 Changes to the provision ​ 1,459 Accounts written off, net of recoveries ​ (1,367) Balance at March 31, 2023 ​ $ 1,703 ​
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements The Company has investments in money market accounts, which are included in cash and cash equivalents on the condensed consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the Fair Value Hierarchy, as money market account fair values are known and observable through daily published floating net asset values. ​
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers. The Company derives its revenues primarily from fees for platform subscription and managed services provided to clients. Revenues are recognized when control of these services are transferred to the Company’s clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for these services. Revenues are recognized net of taxes that will be remitted to governmental agencies applicable to service contracts. Historically, platform subscription contracts have typically had a one-year term and were cancellable with 30 days’ notice. Beginning in the first quarter of 2021, our default platform subscription contract has had a multi-year term and does not allow termination for convenience, though each contract has and can be negotiated with varying term lengths, with or without a termination for convenience clause. Clients are invoiced each month for the services provided in accordance with the stated terms of their service contracts. Fees for partial term service contracts are prorated, as applicable. Payment of fees are due from clients within 30 days of the invoice date. The Company does not provide financing to clients. The Company determines revenue recognition through the following five-step framework: ● Identification of the contract, or contracts, with a client; ● Identification of the performance obligation in the contract; ● Determination of transaction price; ● Allocation of the transaction price to the performance obligations in the contract; and ● Recognition of revenue when, or as, performance obligations are satisfied. Platform subscription revenues Platform subscription revenues consist primarily of fees for providing clients with access to the Company’s cloud-based platform. Platform subscription clients do not have the right to take possession of the platform’s software, and do not have any general return rights. Platform subscription revenues are recognized ratably over the period of contractually enforceable rights and obligations, beginning on the date that the client gains access to the platform. Installment payments are invoiced at the end of each calendar month during the subscription term. Managed services revenues Managed services revenues primarily consist of client-selected middle and back-office services provided on our clients’ behalf using the Company’s platform. Revenue is recognized monthly as the managed services are performed, with invoicing occurring at the end of the calendar month. Other revenues Other revenues consist of non-subscription-based revenues, such as data conversion and services that integrate a client’s historical data into our solution. The Company recognizes revenues as these services are performed with invoicing occurring at the end of each month. Service contracts with multiple performance obligations Certain of our contracts provide for customers to be charged a fee for implementation services. In determining whether the implementation services, which frequently include configuration and/or interfacing, customer reporting, data migration/conversion, customizing user permissions and acceptance testing, end-user training, and establishing connections with third-party interfaces, are distinct from our platform subscription services, we consider, in addition to their complexity and level of customization, that these services are integral in delivering the customer desired output and are necessary for the customer to access and begin to use the hosted application. The implementation provider must be intimately familiar with our platform to effectively execute the customization required and no other entities have access to the source code. We have concluded that the implementation services in our service contracts with multiple performance obligations are not distinct and therefore we recognize fees for implementation services ratably over the non-cancelable term of the hosting contract. Remaining performance obligations For the Company’s contracts that exceed one year and do not include a termination for convenience clause, the amount of the transaction price allocated to remaining performance obligations as of March 31, 2023 was $34.8 million and is expected to be recognized based on the below schedule (in thousands). ​ ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2023 2023 ​ $ 15,812 2024 ​ 13,914 2025 ​ 4,411 2026 ​ 618 2027 ​ ​ 63 Total ​ $ 34,818 ​ Disaggregation of revenue The Company’s total revenues by geographic region, based on the client’s physical location is presented in the following tables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Geographic Region ​ Amount Percent Amount Percent Americas* ​ $ 25,572 62.4 % $ 21,938 64.3 % Europe, Middle East and Africa (EMEA) ​ 5,903 14.4 % 4,310 12.6 % Asia Pacific (APAC) ​ 9,496 23.2 % 7,893 23.1 % Total revenues ​ $ 40,971 100.0 % $ 34,141 100.0 % ​ * The Company’s total revenues in the United States were $25.0 million and $21.5 million for the three months ended March 31, 2023 and 2022, respectively. Accounts Receivable As of March 31, 2023 and December 31, 2022, no individual client represented more than 10% of accounts receivable. For the three months ended March 31, 2023 and 2022, respectively, no individual client represented more than 10% of the Company’s total revenues.
Recently Adopted Pronouncements/Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 and ASU 2018-19, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments retained earnings Leases 842) standard. ASU 2016-02, as subsequently amended for various technical issues, was effective for private companies and emerging growth companies in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. The Company elected the optional transition method and adopted the new guidance on January 1, 2022 (“the adoption date”), on a modified retrospective basis, with no restatement of prior period amounts. As allowed under the new accounting standard, the Company elected to apply practical expedients to carry forward the original lease determinations, lease classifications and accounting of initial direct costs for all arrangements at the time of adoption. The Company also elected not to separate lease components from non-lease components and to exclude short-term leases from its Consolidated Balance Sheet. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $9.1 million and liabilities of $9.5 million as of the adoption date, with no cumulative effect adjustment to equity as of the adoption date. Adoption of the new standard did not have a material impact on the Company’s Consolidated Statements of Operations or Cash Flows. Recent Accounting Pronouncements Not Yet Adopted

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of accounts receivable allowance for credit loss	The following table summarizes the activity of the allowances applied to accounts receivable for the three months ended March 31, 2023 (in thousands): ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ ​ 1,611 Changes to the provision ​ 1,459 Accounts written off, net of recoveries ​ (1,367) Balance at March 31, 2023 ​ $ 1,703 ​
Schedule of remaining performance obligation	​ ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2023 2023 ​ $ 15,812 2024 ​ 13,914 2025 ​ 4,411 2026 ​ 618 2027 ​ ​ 63 Total ​ $ 34,818 ​
Schedule of total net revenues by geographic region	The Company’s total revenues by geographic region, based on the client’s physical location is presented in the following tables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Geographic Region ​ Amount Percent Amount Percent Americas* ​ $ 25,572 62.4 % $ 21,938 64.3 % Europe, Middle East and Africa (EMEA) ​ 5,903 14.4 % 4,310 12.6 % Asia Pacific (APAC) ​ 9,496 23.2 % 7,893 23.1 % Total revenues ​ $ 40,971 100.0 % $ 34,141 100.0 % ​ * The Company’s total revenues in the United States were $25.0 million and $21.5 million for the three months ended March 31, 2023 and 2022, respectively.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property and Equipment, Net
Schedule of Property and equipment, net	Property and equipment, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Computer equipment ​ $ 18,800 ​ $ 17,496 ​ Software development costs ​ 10,766 ​ 9,406 ​ Leasehold improvements ​ 1,822 ​ 1,831 ​ Furniture and fixtures ​ 406 ​ 433 ​ Total property and equipment, cost ​ 31,794 ​ 29,166 ​ Less accumulated depreciation and amortization ​ (14,915) ​ (13,407) ​ Total property and equipment, net ​ $ 16,879 ​ $ 15,759 ​ ​

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Accrued compensation ​ $ 4,877 ​ $ 10,268 ​ Accrued expenses and other ​ 2,230 ​ 1,112 ​ Accrued taxes ​ 296 ​ 285 ​ Total accrued expenses and other current liabilities ​ $ 7,403 ​ $ 11,665 ​ ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation
Schedule of stock compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 31, 2023 ​ March 31, 2022 Cost of revenues ​ $ 270 ​ $ 354 General and administrative ​ ​ (230) ​ ​ 8,938 Sales and marketing ​ ​ (1,581) ​ ​ 1,993 Technology and development ​ ​ 394 ​ ​ 1,397 Total stock compensation (income) expense ​ $ (1,147) ​ $ 12,682
Schedule of assumptions	​ ​ ​ ​ Assumptions ​ ​ Expected volatility ​ 60.91% Expected term of award ​ 6.5 years Risk-free rate ​ 3.82% Dividend yield ​ 0.00% ​

Net Income (Loss) Per Class A_2

Net Income (Loss) Per Class A Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net Income (Loss) Per Class A Common Share
Schedule of reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands, except per share amounts) 2023 2022 Net income (loss) ​ $ 4,694 ​ $ (12,524) Less: Net (income) loss attributable to non-controlling interests ​ ​ (1,749) ​ ​ 5,259 Net income (loss) attributable to Enfusion, Inc. ​ $ 2,945 ​ $ (7,265) Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Enfusion, Inc. ​ $ 2,945 ​ $ (7,265) Adjustment to income (loss) attributable to common stockholders ​ ​ 226 ​ ​ (716) Numerator for Basic Earnings per Share ​ $ 3,171 ​ $ (7,981) Adjustment to Income for Dilutive Shares ​ ​ 1,523 ​ ​ - Numerator for Diluted Earnings per Share ​ $ 4,694 ​ $ (7,981) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding ​ ​ 72,272 ​ ​ 65,583 Vested shares of Class A common stock and RSUs ​ ​ 16,591 ​ ​ 17,801 Weighted-average shares of Class A common stock outstanding--basic ​ ​ 88,863 ​ ​ 83,384 Add: Dilutive Shares ​ ​ 43,483 ​ ​ - Weighted-average shares of Class A common stock outstanding--diluted ​ ​ 132,346 ​ ​ 83,384 Net income (loss) per share of Class A common stock--Basic ​ $ 0.04 ​ $ (0.10) Net income (loss) per share of Class A common stock--Diluted ​ $ 0.04 ​ $ (0.10) ​
Schedule of effect of dilutive shares antidilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2023 2022 Class B common stock ​ - ​ 47,471 Contingently issuable shares of Class A common stock ​ ​ - ​ ​ 893 Restricted stock units ​ ​ 110 ​ ​ 2,857 Stock options ​ ​ 84 ​ ​ - ​ ​ ​ 194 ​ ​ 51,221 ​

Organization and Description _2

Organization and Description of Business - IPO and reorganization (Details)	3 Months Ended
	Mar. 31, 2023 subsidiary
Number of wholly-owned subsidiaries.	3
Enfusion LLC
Ownership Percentage	64.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) customer	Mar. 31, 2022 USD ($) customer	Dec. 31, 2022 USD ($) customer	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment in money market accounts.	$ 48,000		$ 50,000
Payment of fees upon invoice	30 days
Allowance for credit losses	$ 1,703		1,611
Total Stockholders' Equity	99,145	$ 96,708	103,444		$ 97,441
Right-of-use-assets, net	$ 13,438		6,732
Cumulative impact of adopting ASU 2016-13
Total Stockholders' Equity			$ (149)
Major Customer | Revenues | Customer Concentration Risk
Number of customers | customer	0	0
Major Customer | Accounts Receivable | Customer Concentration Risk
Number of customers | customer	0		0
ASU 2016-02 (Topic 842)
Right-of-use-assets, net				$ 9,100
Lease liability				$ 9,500
Accounting Standards Update 2016-13 | Cumulative impact of adopting ASU 2016-13
Allowance for credit losses			$ 149
Total Stockholders' Equity			$ (149)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Allowances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss
Beginning balance	$ 1,611
Charges to the provision	1,459
Accounts written off, net of recoveries	(1,367)
Ending balance	$ 1,703

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 34,818
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 15,812
Remaining performance obligation satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 13,914
Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 4,411
Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 618
Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 63
Remaining performance obligation satisfaction period	1 year

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 40,971	$ 34,141
Revenues | Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 40,971	$ 34,141
Total net revenues percent	100%	100%
Americas | Revenues | Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 25,572	$ 21,938
Total net revenues percent	62.40%	64.30%
Europe, Middle East and Africa (EMEA) | Revenues | Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,903	$ 4,310
Total net revenues percent	14.40%	12.60%
Asia Pacific (APAC) | Revenues | Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 9,496	$ 7,893
Total net revenues percent	23.20%	23.10%
United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 25,000	$ 21,500

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Total property and equipment, cost	$ 31,794	$ 29,166
Less accumulated depreciation and amortization	(14,915)	(13,407)
Total property and equipment, net	16,879	15,759
Computer equipment
Property and Equipment, Net
Total property and equipment, cost	18,800	17,496
Software development costs
Property and Equipment, Net
Total property and equipment, cost	10,766	9,406
Leasehold improvements
Property and Equipment, Net
Total property and equipment, cost	1,822	1,831
Furniture and fixtures
Property and Equipment, Net
Total property and equipment, cost	$ 406	$ 433

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property and Equipment, Net
Property and equipment, net	$ 16,879		$ 15,759
Capitalized software development costs	1,200	$ 1,200
Depreciation and amortization expense	874	768
Amortization expense related to software development costs	697	$ 408
United States
Property and Equipment, Net
Property and equipment, net	$ 15,200		$ 13,700

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued compensation	$ 4,877	$ 10,268
Accrued expenses and other	2,230	1,112
Accrued taxes	296	285
Total accrued expenses and other current liabilities	$ 7,403	$ 11,665

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Accruals for contingencies	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	1 Months Ended
	Oct. 31, 2021	Mar. 31, 2023 Vote shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Preferred stock authorized		100,000,000
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized		1,000,000,000	1,000,000,000
Number of Voting Rights | Vote		1
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized		150,000,000	150,000,000
Number of Voting Rights | Vote		1
Common Units
Class of Stock [Line Items]
Stock exchange ratio	1,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Management Incentive Plans
Total equity-based compensation		$ (1,147)	$ 12,682
Reversed stock-based compensation due to forfeitures		4,500
Decrease in share based compensation		$ 13,800
Restricted Stock Units
Management Incentive Plans
Granted during the period		597,034
Granted, Weighted average fair value per RSU at grant date		$ 10.99
Unrecognized stock compensation expense		$ 21,800
Stock based compensation recognition period		2 years 6 months
Stock options
Management Incentive Plans
Options granted to employees		71,004	0
Weighted average grants in period		$ 11.06
Stock options forfeited		31,474	0
Unrecognized stock compensation expense		$ 500
Stock based compensation recognition period		2 years 8 months
Performance Shares
Management Incentive Plans
Granted during the period		0	0
Unrecognized stock compensation expense		$ 1,100
Stock based compensation recognition period		1 year 4 months 24 days
2021 ESPP
Management Incentive Plans
Percentage of Increase in Shares Outstanding Annually	1%
Options granted to employees		0	0
Common Class A | 2021 ESPP
Management Incentive Plans
Shares, Authorized	150,000
Purchase price of common stock, percent	85%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Compensation (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Management Incentive Plans
Total stock compensation expense	$ (1,147)	$ 12,682
Cost of revenues
Management Incentive Plans
Total stock compensation expense	270	354
General and administrative
Management Incentive Plans
Total stock compensation expense	(230)	8,938
Sales and marketing
Management Incentive Plans
Total stock compensation expense	(1,581)	1,993
Technology and development
Management Incentive Plans
Total stock compensation expense	$ 394	$ 1,397

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	60.91%
Expected term of award	6 years 5 months
Risk-free rate	3.82%
Dividend yield	0%

Net Income (Loss) Per Class A_3

Net Income (Loss) Per Class A Common Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss) Per Class A Common Share
Net income (loss)	$ 4,694	$ (12,524)
Less: Net (income) loss attributable to non-controlling interests	(1,749)	5,259
Net income (loss) attributable to Enfusion, Inc.	2,945	(7,265)
Numerator:
Net income (loss) attributable to Enfusion, Inc.	2,945	(7,265)
Adjustment to income (loss) attributable to common stockholders	226	(716)
Numerator for Basic Earnings per Share	3,171	(7,981)
Adjustment to Income for Dilutive Shares	1,523
Numerator for Diluted Earnings per Share	$ 4,694	$ (7,981)
Denominator:
Weighted-average shares of Class A common stock outstanding	72,272	65,583
Vested shares of Class A common stock and RSUs	16,591	17,801
Weighted-average shares of Class A common stock outstanding--basic	88,863	83,384
Add: Dilutive Shares	43,483
Weighted-average shares of Class A common stock outstanding--diluted	132,346	83,384
Net income (loss) per share of Class A common stock--Basic	$ 0.04	$ (0.10)
Net income (loss) per share of Class A common stock--Diluted	$ 0.04	$ (0.10)

Net Income (Loss) Per Class A_4

Net Income (Loss) Per Class A Common Share - Dilutive shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive securities amount	194	51,221
Common Class B
Antidilutive securities amount		47,471
Contingently issuable shares of Class A common stock
Antidilutive securities amount		893
Restricted Stock Units
Antidilutive securities amount	110	2,857
Stock options
Antidilutive securities amount	84

Income taxes - Narratives (Deta

Income taxes - Narratives (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Effective tax rate (as a percent)	7.79%	(1.21%)
U.S. statutory tax rate (as a percent)	21%	21%

Related Party Transactions (Det

Related Party Transactions (Details) - shares	Mar. 28, 2023	Mar. 21, 2023	Feb. 21, 2023	Feb. 13, 2023
Related Party Transaction [Line Items]
Common units exchanged (in shares)		1,000,000		1,000,000
Common units surrendered by Pre-IPO unitholders (in shares)	1,000,000		1,000,000
Increase in common units (in shares)	1,000,000		1,000,000
Common Class A
Related Party Transaction [Line Items]
Issuance of shares	1,000,000		1,000,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 25, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event
Payment of withholding taxes on stock-based compensation		$ 7,579	$ 805
Subsequent Event | Common Class A
Subsequent Event
Payment of withholding taxes on stock-based compensation	$ 4,800
Shares issued	1,396,648
Shares Withheld for Tax Withholding Obligation	571,325