Enfusion (ENFN) 10-Q7 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		127,478,377
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		88,279,610
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,198,767

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 31,652	$ 62,545
Accounts receivable, net	24,855	25,855
Prepaid expenses	4,079	6,105
Other current assets	1,459	2,303
Total current assets	62,045	96,808
Property and equipment, net	18,136	15,759
Right-of-use-assets, net	15,734	6,732
Other assets	5,825	4,484
Total assets	101,740	123,783
Current liabilities:
Accounts payable	1,341	1,685
Accrued expenses and other current liabilities	10,629	11,665
Current portion of lease liabilities	4,403	4,030
Total current liabilities	16,373	17,380
Lease liabilities, net of current portion	12,090	2,959
Total liabilities	28,463	20,339
Stockholders' Equity:
Preferred stock, $0.001 par value; 100,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
Additional paid-in capital	224,710	244,260
Accumulated deficit	(173,555)	(178,863)
Accumulated other comprehensive loss	(548)	(504)
Total stockholders' equity attributable to Enfusion, Inc.	50,734	65,007
Non-controlling interests	22,543	38,437
Total stockholders' equity	73,277	103,444
Total liabilities and stockholders' equity	101,740	123,783
Common Class A
Stockholders' Equity:
Common stock	88	71
Common Class B
Stockholders' Equity:
Common stock	$ 39	$ 43

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock outstanding	0	0
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	88,217,000	70,860,000
Common stock, shares outstanding	88,217,000	70,860,000
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	39,199,000	43,199,000
Common stock, shares outstanding	39,199,000	43,199,000

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES:
Total revenues	$ 44,357	$ 39,151	$ 128,049	$ 109,832
COST OF REVENUES:
Total cost of revenues	14,507	11,974	42,017	33,804
Gross profit	29,850	27,177	86,032	76,028
OPERATING EXPENSES:
General and administrative	16,721	13,094	47,520	53,691
Sales and marketing	5,503	7,278	14,866	23,285
Technology and development	4,937	3,864	13,832	12,388
Total operating expenses	27,161	24,236	76,218	89,364
Income (loss) from operations	2,689	2,941	9,814	(13,336)
NON-OPERATING INCOME (EXPENSE):
Payment to related party			(1,501)
Loss on extinguishment of debt	(78)		(78)
Other income (expense), net	417	(56)	1,069	(59)
Total non-operating income (expense)	339	(56)	(510)	(59)
Income (loss) before income taxes	3,028	2,885	9,304	(13,395)
Income taxes	367	287	951	656
Net income (loss)	2,661	2,598	8,353	(14,051)
Net income (loss) attributable to non-controlling interests	833	1,059	2,951	(5,903)
Net income (loss) attributable to Enfusion, Inc.	$ 1,828	$ 1,539	$ 5,402	$ (8,148)
Net income (loss) per Class A common shares attributable to Enfusion, Inc.:
Net income (loss) per share of Class A common stock--Basic	$ 0.02	$ 0.02	$ 0.06	$ (0.11)
Net income (loss) per share of Class A common stock--Diluted	$ 0.02	$ 0.02	$ 0.06	$ (0.11)
Weighted Average number of Class A common shares outstanding:
Weighted Average number of Class A common shares outstanding, Basic	87,739	85,156	88,175	84,508
Weighted Average number of Class A common shares outstanding, Diluted	127,841	131,760	130,049	84,508
Platform subscriptions
REVENUES:
Total revenues	$ 40,857	$ 35,953	$ 118,465	$ 101,064
COST OF REVENUES:
Total cost of revenues	12,745	10,077	36,943	28,453
Managed services
REVENUES:
Total revenues	3,028	2,504	8,717	7,130
COST OF REVENUES:
Total cost of revenues	1,604	1,776	4,789	5,059
Other
REVENUES:
Total revenues	472	694	867	1,638
COST OF REVENUES:
Total cost of revenues	$ 158	$ 121	$ 285	$ 292

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
Net income (loss)	$ 2,661	$ 2,598	$ 8,353	$ (14,051)
Other comprehensive income (loss), net of income tax:
Foreign currency translation loss	(252)	(152)	(63)	(591)
Total other comprehensive income (loss)	2,409	2,446	8,290	(14,642)
Comprehensive income (loss) attributable to non-controlling interests	751	997	2,932	(6,147)
Total comprehensive income (loss) attributable to Enfusion, Inc.	$ 1,658	$ 1,449	$ 5,358	$ (8,495)

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Stockholders Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock IPO Common Class A	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital IPO	Additional Paid-in Capital	Accumulated Deficit Cumulative impact of adopting ASU 2016-13	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest IPO	Non-Controlling Interest Cumulative impact of adopting ASU 2016-13	Non-Controlling 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	47,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							(8,148)				(5,903)		(14,051)
Stock-based compensation					11,875						8,496		20,371
Share exchange		$ 1	$ (1)		2,453						(2,453)
Share exchange (in shares)		1,402	(1,402)
Issuance of restricted shares		24
Foreign currency translation								(347)			(244)		(591)
Balance at end of period (in shares) at Sep. 30, 2022		67,009	46,069
Balance at end of period at Sep. 30, 2022		$ 67	$ 46		241,045		(179,357)	(672)			42,041		103,170
Balance at Beginning of period at Jun. 30, 2022		$ 67	$ 46		240,501		(180,896)	(582)			40,670		99,806
Balance at Beginning of period (in shares) at Jun. 30, 2022		67,002	46,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							1,539				1,059		2,598
Stock-based compensation					544						374		918
Issuance of restricted shares		7
Foreign currency translation								(90)			(62)		(152)
Balance at end of period (in shares) at Sep. 30, 2022		67,009	46,069
Balance at end of period at Sep. 30, 2022		$ 67	$ 46		241,045		(179,357)	(672)			42,041		103,170
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		70,860	43,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							5,402				2,951		8,353
Stock-based compensation					3,081						1,465		4,546
Issuance of IPO vested Class A common stock and share-based awards	$ 11			$ 1,708					$ (1,719)
Issuance of IPO vested Class A common stock and share-based awards	11,157
Share exchange		$ 4	$ (4)		2,559						(2,559)
Share exchange (in shares)		4,000	(4,000)
Issuance of Class A common stock, net of issuance costs		$ 2			12,401						4,919		17,322
Issuance of Class A common stock, net of issuance costs (in shares)		2,200
Tax withholdings related to net share settlements of stock-based compensation awards					(39,096)						(20,772)		(59,868)
Foreign currency translation								(44)			(19)		(63)
Other					(203)						(105)		(308)
Balance at end of period (in shares) at Sep. 30, 2023		88,217	39,199
Balance at end of period at Sep. 30, 2023		$ 88	$ 39		224,710		(173,555)	(548)			22,543		73,277
Balance at Beginning of period at Jun. 30, 2023		$ 82	$ 41		223,766		(175,383)	(378)			24,115		72,243
Balance at Beginning of period (in shares) at Jun. 30, 2023		82,212	41,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)							1,828				833		2,661
Stock-based compensation					1,901						882		2,783
Issuance of IPO vested Class A common stock and share-based awards		$ 3			607						(610)
Issuance of IPO vested Class A common stock and share-based awards		3,005
Share exchange		$ 2	$ (2)		1,183						(1,183)
Share exchange (in shares)		2,000	(2,000)
Issuance of Class A common stock, net of issuance costs		$ 1			5,412						2,217		7,630
Issuance of Class A common stock, net of issuance costs (in shares)		1,000
Tax withholdings related to net share settlements of stock-based compensation awards					(8,159)						(3,629)		(11,788)
Foreign currency translation								(170)			(82)		(252)
Balance at end of period (in shares) at Sep. 30, 2023		88,217	39,199
Balance at end of period at Sep. 30, 2023		$ 88	$ 39		$ 224,710		$ (173,555)	$ (548)			$ 22,543		$ 73,277

Condensed Consolidated Interi_6

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 8,353	$ (14,051)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Non-cash lease expense	5,231	3,823
Depreciation and amortization	6,472	4,654
Provision for credit losses	1,390	1,261
Amortization of debt-related costs	17	19
Loss on extinguishment of debt	78
Stock-based compensation expense	4,054	20,788
Other operating activities	16
Change in operating assets and liabilities:
Accounts receivable	(538)	(12,030)
Prepaid expenses and other assets	79	2,246
Accounts payable	(342)	(1,383)
Accrued compensation	(2,191)	5,665
Accrued expenses and other liabilities	1,162	(497)
Lease liabilities	(4,733)	(3,860)
Net cash provided by operating activities	19,048	6,635
Cash flows from investing activities:
Purchases of property and equipment	(7,376)	(6,185)
Net cash used in investing activities	(7,376)	(6,185)
Cash flows from financing activities:
Payment of debt issuance and debt facility costs	(1,151)
Settlement of tax receivable acquired in reorganization transactions	1,501
Issuance of Class A common stock, net of issuance costs	17,322
Payment of withholding taxes on stock-based compensation	(59,868)	(917)
Other financing activities	(308)
Net cash used in financing activities	(42,504)	(917)
Effect of exchange rate changes on cash and cash equivalents	(61)	(355)
Net decrease in cash and cash equivalents	(30,893)	(822)
Cash and cash equivalents, beginning of period	62,545	64,365
Cash and cash equivalents, end of period	31,652	63,543
Supplemental disclosure of non-cash investing activities:
Capitalized stock-based compensation expense	491	500
Accrued property and equipment		40
Supplemental disclosure of cash flow information:
Income taxes paid in cash	598	1,053
Right-of-use assets obtained in exchange for lease liabilities	$ 13,893	$ 9,514

Organization and Description of

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 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 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., Enfusion (Shanghai) Co., Ltd. and Enfusion Tech 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 September 30, 2023, Enfusion, Inc. owned 69.2% of Enfusion Ltd. LLC.

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, the Company had approximately $26 million and $55 million, respectively, invested in money market accounts. Accounts Receivable and Allowances As of September 30, 2023 and December 31, 2022, no individual client represented more than 10% of accounts receivable. For the three and nine months ended September 30, 2023 and 2022, respectively, no individual client represented more than 10% of the Company’s total revenue. 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 nine months ended September 30, 2023 (in thousands): Balance at December 31, 2022 1,225 Changes to the provision 774 Accounts written off, net of recoveries (850) Balance at September 30, 2023 $ 1,149 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. Annual Bonus Incentive Plan Annual bonuses payable by the Company to its officers and employees may be funded through a combination of cash and equity, at the discretion of the Company’s Compensation Committee. We accrue and record the related corporate bonus amounts payable in cash in the period in which it is earned by the recipient. The Compensation Committee may make incentive awards based on such terms, conditions, and criteria as it considers appropriate. Stock awards issued in connection with these bonuses may or may not be subject to additional vesting conditions at the time of grant, which are subject to determination by the Compensation Committee. For annual bonuses settled in cash, the Company accrues over the course of the year the annual bonuses earned by employees but paid in the following year. For annual bonuses settled in stock, in accordance with ASC 718, Stock Compensation Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers 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. 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, 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 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 September 30, 2023 was $29.1 million and is expected to be recognized based on the below schedule (in thousands). Remaining Performance Obligation September 30, 2023 2023 $ 5,979 2024 15,446 2025 6,411 2026 1,236 2027 63 Total $ 29,135 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 September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 27,648 62.3 % $ 25,109 64.1 % Europe, Middle East, and Africa (EMEA) 6,595 14.9 % 5,113 13.1 % Asia Pacific (APAC) 10,114 22.8 % 8,929 22.8 % Total revenues $ 44,357 100.0 % $ 39,151 100.0 % * The Company’s total revenues in the United States were $25.8 million and $24.5 million for the three months ended September 30, 2023 and 2022, respectively. Nine Months Ended September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 79,961 62.4 % $ 70,386 64.1 % Europe, Middle East, and Africa (EMEA) 18,680 14.6 % 14,063 12.8 % Asia Pacific (APAC) 29,408 23.0 % 25,383 23.1 % Total revenues $ 128,049 100.0 % $ 109,832 100.0 % * The Company’s total revenues in the United States were $76.7 million and $68.8 million for the nine months ended September 30, 2023 and 2022, respectively. 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 accumulated deficit Leases Leases Codification Improvements to Topic 842, Leases Recent Accounting Pronouncements Not Yet Adopted

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2023
Property and Equipment, Net
Property and Equipment, Net	Note 4 Property and Equipment, Net As of September 30, 2023 and December 31, 2022, property and equipment, net located in the United States was $16.5 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 September 30, 2023 and 2022 were $1.9 million and $1.1 million, respectively. Software development costs capitalized during the nine months ended September 30, 2023 and 2022 were $4.6 million and $3.6 million, respectively. Depreciation expense related to property and equipment, excluding software development costs, was $1.3 million and $892 thousand for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense related to property and equipment, excluding software development costs, was $3.1 million and $2.5 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense related to software development costs was $904 thousand and $582 thousand for the three months ended September 30, 2023 and 2022, respectively. Amortization expense related to software development costs was $2.4 million and $1.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
Accrued Expenses and Other Current Liabilities	Sep. 30, 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): September 30, 2023 December 31, 2022 Accrued compensation $ 8,081 $ 10,268 Accrued expenses and other 1,029 1,112 Accrued taxes 1,519 285 Total accrued expenses and other current liabilities $ 10,629 $ 11,665 Accrued compensation includes accrued expenses for bonuses, sales commissions, compensated absences, and other compensation-related expenses.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt
Debt	Note 6 Debt New Credit Agreement On September 15, 2023, the Company entered into a credit agreement (the “New Credit Agreement”) with Bank of America N.A. and a syndicate of lending institutions. The New Credit Agreement provides for a senior secured revolving loan facility in an aggregate principal amount of up to $100 million, including a $10 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10 million. The New Credit Agreement also includes an uncommitted accordion feature that allows for up to $50 million of additional borrowing capacity, subject to obtaining lender commitments and the satisfaction of certain customary conditions. The New Credit Agreement matures on September 15, 2028, at which time all outstanding principal and unpaid interest will become due. Obligations under the New Credit Agreement are secured by a lien on substantially all of the assets of the Company. Revolving loans under the New Credit Agreement will bear interest, at the Company’s option, at an annual rate benchmarked to (1) the Secured Overnight Financing Rate (“SOFR”) or (2) a “Base Rate” that is equal to the highest of (a) the federal funds rate plus 0.50%, (b) Bank of America’s prime rate and (c) one month adjusted term SOFR plus 1.00%. Loans based on SOFR bear interest at a rate equal to term SOFR for the applicable interest period plus 10 basis points plus a margin between 2.00% and 2.75%. Loans based on the Base Rate bear interest at a rate equal to the Base Rate plus a margin between 1.00% and 1.75% (such margins being referred to as the “Applicable Rate”). The Applicable Rate in each case is determined based on the Company’s consolidated net leverage ratio. The Company is also required to pay a commitment fee of between 0.20% and 0.25% per annum on the unused portion of the lenders’ commitments in respect of the revolving loans and letter of credit obligations, based on the Company’s consolidated net leverage ratio. As of September 30, 2023, the commitment fee rate was 0.25%. Issuance costs associated with the New Credit Agreement were capitalized and included in other assets on the accompanying consolidated balance sheets. As of September 30, 2023, unamortized debt issuance costs were $1.2 million. As of September 30, 2023, the Company had no outstanding borrowings under the New Credit Agreement. Prior Credit Agreement Concurrent with entering into the New Credit Agreement, on September 15, 2023, the Company terminated its $5 million revolving credit facility (the “Prior Credit Agreement”) with Silicon Valley Bank, which by its terms was scheduled to mature on December 17, 2025. At the time of termination, there were no borrowings outstanding under the Prior Credit Agreement. The Company recognized a loss on extinguishment of debt of approximately $80 thousand associated with the termination of the Prior Credit Agreement.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 7 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 material accruals for contingencies were recorded as of September 30, 2023 and December 31, 2022, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Stockholders' Equity
Stockholders' Equity	Note 8 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, 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 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 Transactions 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. On August 14, 2023, the Company sold 1.0 million shares of Class A common stock of the Company, par value $0.001 per share, in a private placement at a price of $7.65 per share. Total net proceeds of the transaction were $7.6 million. Refer to Note 12, Related Party Transactions Amended and Restated 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 September 30, 2023, the Company has no shares of preferred stock outstanding 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	9 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 9 The Company’s stock compensation expense was recognized in the following captions within the unaudited consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 227 $ 406 $ 720 $ 1,100 General and administrative 1,702 (1,478) 3,125 12,034 Sales and marketing 189 1,454 (1,181) 4,939 Technology and development 444 451 1,390 2,715 Total stock compensation expense $ 2,562 $ 833 $ 4,054 $ 20,788 Stock-based compensation expense for the three months ended September 30, 2023 and 2022 was $2.6 million and $833 thousand, respectively, which represents an increase of $1.8 million. The three months ended September 30, 2022 included forfeitures of restricted stock primarily resulting from the Chief Executive Officer transition. Stock-based compensation expense for the nine months ended September 30, 2023 and 2022 was $4.1 million and $20.8 million, respectively, which represents a decrease of $16.7 million. During the nine months ended September 30, 2023, the Company reversed previously recognized stock-based compensation expense in the amount of $4.7 million in connection with the forfeiture of certain awards relating to employees that departed the Company during those same nine months. The Company accounts for forfeitures as they occur. 2021 Employee Stock Purchase Plan In connection with the IPO, the Company also adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of September 30, 2023, 2,421,126 shares of Class A common stock were reserved and authorized for issuance to participating employees under the 2021 ESPP. 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 were granted under the 2021 ESPP in the three and nine months ended September 30, 2023 and September 30, 2022, respectively. 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 September 30, 2023, there were 113,247 restricted stock units (“RSUs”) granted under the Plan, at a weighted average grant fair value of $8.87. During the nine months ended September 30, 2023, there were 857,587 restricted stock units (“RSUs”) granted under the Plan, at a weighted average grant date fair value of $10.44. Total unrecognized stock compensation expense related to unvested RSUs was $18.2 million as of September 30, 2023, which is expected to be recognized over a weighted-average period of 2.0 years. Stock options During the three months ended September 30, 2023, no stock options were granted under the Plan, and no stock options were forfeited. During the nine months ended September 30, 2023, 71,004 stock options were granted under the Plan, at a weighted average exercise price of $11.06, and 31,474 stock options were forfeited. As of September 30, 2023, there was approximately $400 thousand 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 2.2 years. During the three months ended September 30, 2022, there were no stock options granted under the Plan. During the nine months ended September 30, 2022, 84,000 stock options were granted under the Plan, at a weighted average exercise price of $9.86 per option. During the three and nine months ended September 30, 2022, 32,000 stock options were forfeited. Performance-based RSUs No Performance-based RSUs were granted in the three and nine months ended September 30, 2023 and September 30, 2022, respectively. Total unrecognized stock compensation expense related to unvested performance stock units (“PSUs”) was $616 thousand as of September 30, 2023, which is expected to be recognized over a weighted-average period of 0.9 years.

Net Income (Loss) Per Class A C

Net Income (Loss) Per Class A Common Share	9 Months Ended
Net Income (Loss) Per Class A Common Share	Sep. 30, 2023
Net Income (Loss) Per Class A Common Share
Net Income (Loss) Per Class A Common Share	Note 10 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 September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income (loss) $ 2,661 $ 2,598 $ 8,353 $ (14,051) Less: Net (income) loss attributable to non-controlling interests (833) (1,059) (2,951) 5,903 Net income (loss) attributable to Enfusion, Inc. $ 1,828 $ 1,539 $ 5,402 $ (8,148) Numerator: Net income (loss) attributable to Enfusion, Inc. $ 1,828 $ 1,539 $ 5,402 $ (8,148) Reallocation of Net income (loss) attributable to vested but unissued shares 3 142 291 (897) Numerator for Basic Earnings per Share $ 1,831 $ 1,681 $ 5,693 $ (9,045) Adjustment to Income for Dilutive Shares 830 917 2,660 - Numerator for Diluted Earnings per Share $ 2,661 $ 2,598 $ 8,353 $ (9,045) Denominator: Weighted-average shares of Class A common stock outstanding 85,576 66,648 78,307 66,296 Vested shares of Class A common stock and RSUs 2,163 18,508 9,868 18,212 Weighted-average shares of Class A common stock outstanding--basic 87,739 85,156 88,175 84,508 Add: Dilutive Shares 40,102 46,604 41,874 - Weighted-average shares of Class A common stock outstanding--diluted 127,841 131,760 130,049 84,508 Net income (loss) per share of Class A common stock--Basic $ 0.02 $ 0.02 $ 0.06 $ (0.11) Net income (loss) per share of Class A common stock--Diluted $ 0.02 $ 0.02 $ 0.06 $ (0.11) 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 September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Class B common stock - - - 46,765 Contingently issuable shares of Class A common stock - - - 540 Restricted stock units 667 - 806 2,766 Stock options 84 52 84 52 751 52 890 50,123 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 and nine months ended September 30, 2023, and have therefore been included in the computation of diluted earnings per share of Class A common stock. For the three months ended September 30, 2022, shares of Class B common stock were determined to be dilutive, and have therefore been included in the computation of diluted earnings per share of Class A common stock. However, for the nine months ended September 30, 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	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Taxes
Income Taxes	Note 11 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 controls 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 30, 2023 and 2022 was 12.1% and 9.9% , respectively. The Company’s effective tax rate for the nine months ended September 30, 2023 and 2022 was 10.2% and (4.9)% , respectively. In the three and nine months ended 30, 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	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	Note 12 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. On each of July 12, 2023 and July 25, 2023, Pre-IPO Common Unitholders delivered exchange notices pursuant to Article XII of the LLC Operating Agreement 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 July 19, 2023 and August 1, 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 each 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 year ended December 31, 2022, please refer to Note 13, Related Party Transactions

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, the Company had approximately $26 million and $55 million, respectively, invested in money market accounts.
Accounts Receivable and Allowances	Accounts Receivable and Allowances As of September 30, 2023 and December 31, 2022, no individual client represented more than 10% of accounts receivable. For the three and nine months ended September 30, 2023 and 2022, respectively, no individual client represented more than 10% of the Company’s total revenue. 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 nine months ended September 30, 2023 (in thousands): Balance at December 31, 2022 1,225 Changes to the provision 774 Accounts written off, net of recoveries (850) Balance at September 30, 2023 $ 1,149
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.
Annual Bonus Incentive Plan	Annual Bonus Incentive Plan Annual bonuses payable by the Company to its officers and employees may be funded through a combination of cash and equity, at the discretion of the Company’s Compensation Committee. We accrue and record the related corporate bonus amounts payable in cash in the period in which it is earned by the recipient. The Compensation Committee may make incentive awards based on such terms, conditions, and criteria as it considers appropriate. Stock awards issued in connection with these bonuses may or may not be subject to additional vesting conditions at the time of grant, which are subject to determination by the Compensation Committee. For annual bonuses settled in cash, the Company accrues over the course of the year the annual bonuses earned by employees but paid in the following year. For annual bonuses settled in stock, in accordance with ASC 718, Stock Compensation
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers 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. 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, 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 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 September 30, 2023 was $29.1 million and is expected to be recognized based on the below schedule (in thousands). Remaining Performance Obligation September 30, 2023 2023 $ 5,979 2024 15,446 2025 6,411 2026 1,236 2027 63 Total $ 29,135 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 September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 27,648 62.3 % $ 25,109 64.1 % Europe, Middle East, and Africa (EMEA) 6,595 14.9 % 5,113 13.1 % Asia Pacific (APAC) 10,114 22.8 % 8,929 22.8 % Total revenues $ 44,357 100.0 % $ 39,151 100.0 % * The Company’s total revenues in the United States were $25.8 million and $24.5 million for the three months ended September 30, 2023 and 2022, respectively. Nine Months Ended September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 79,961 62.4 % $ 70,386 64.1 % Europe, Middle East, and Africa (EMEA) 18,680 14.6 % 14,063 12.8 % Asia Pacific (APAC) 29,408 23.0 % 25,383 23.1 % Total revenues $ 128,049 100.0 % $ 109,832 100.0 % * The Company’s total revenues in the United States were $76.7 million and $68.8 million for the nine months ended September 30, 2023 and 2022, respectively.
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 accumulated deficit Leases Leases Codification Improvements to Topic 842, Leases Recent Accounting Pronouncements Not Yet Adopted

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 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 nine months ended September 30, 2023 (in thousands): Balance at December 31, 2022 1,225 Changes to the provision 774 Accounts written off, net of recoveries (850) Balance at September 30, 2023 $ 1,149
Schedule of remaining performance obligation	Remaining Performance Obligation September 30, 2023 2023 $ 5,979 2024 15,446 2025 6,411 2026 1,236 2027 63 Total $ 29,135
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 September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 27,648 62.3 % $ 25,109 64.1 % Europe, Middle East, and Africa (EMEA) 6,595 14.9 % 5,113 13.1 % Asia Pacific (APAC) 10,114 22.8 % 8,929 22.8 % Total revenues $ 44,357 100.0 % $ 39,151 100.0 % * The Company’s total revenues in the United States were $25.8 million and $24.5 million for the three months ended September 30, 2023 and 2022, respectively. Nine Months Ended September 30, 2023 2022 Geographic Region Amount Percent Amount Percent Americas* $ 79,961 62.4 % $ 70,386 64.1 % Europe, Middle East, and Africa (EMEA) 18,680 14.6 % 14,063 12.8 % Asia Pacific (APAC) 29,408 23.0 % 25,383 23.1 % Total revenues $ 128,049 100.0 % $ 109,832 100.0 % * The Company’s total revenues in the United States were $76.7 million and $68.8 million for the nine months ended September 30, 2023 and 2022, respectively.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Sep. 30, 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): September 30, 2023 December 31, 2022 Accrued compensation $ 8,081 $ 10,268 Accrued expenses and other 1,029 1,112 Accrued taxes 1,519 285 Total accrued expenses and other current liabilities $ 10,629 $ 11,665

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2023
Stock-Based Compensation
Schedule of stock compensation expense	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 227 $ 406 $ 720 $ 1,100 General and administrative 1,702 (1,478) 3,125 12,034 Sales and marketing 189 1,454 (1,181) 4,939 Technology and development 444 451 1,390 2,715 Total stock compensation expense $ 2,562 $ 833 $ 4,054 $ 20,788

Net Income (Loss) Per Class A_2

Net Income (Loss) Per Class A Common Share (Tables)	9 Months Ended
Net Income (Loss) Per Class A Common Share (Tables)	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income (loss) $ 2,661 $ 2,598 $ 8,353 $ (14,051) Less: Net (income) loss attributable to non-controlling interests (833) (1,059) (2,951) 5,903 Net income (loss) attributable to Enfusion, Inc. $ 1,828 $ 1,539 $ 5,402 $ (8,148) Numerator: Net income (loss) attributable to Enfusion, Inc. $ 1,828 $ 1,539 $ 5,402 $ (8,148) Reallocation of Net income (loss) attributable to vested but unissued shares 3 142 291 (897) Numerator for Basic Earnings per Share $ 1,831 $ 1,681 $ 5,693 $ (9,045) Adjustment to Income for Dilutive Shares 830 917 2,660 - Numerator for Diluted Earnings per Share $ 2,661 $ 2,598 $ 8,353 $ (9,045) Denominator: Weighted-average shares of Class A common stock outstanding 85,576 66,648 78,307 66,296 Vested shares of Class A common stock and RSUs 2,163 18,508 9,868 18,212 Weighted-average shares of Class A common stock outstanding--basic 87,739 85,156 88,175 84,508 Add: Dilutive Shares 40,102 46,604 41,874 - Weighted-average shares of Class A common stock outstanding--diluted 127,841 131,760 130,049 84,508 Net income (loss) per share of Class A common stock--Basic $ 0.02 $ 0.02 $ 0.06 $ (0.11) Net income (loss) per share of Class A common stock--Diluted $ 0.02 $ 0.02 $ 0.06 $ (0.11)
Schedule of effect of dilutive shares antidilutive	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Class B common stock - - - 46,765 Contingently issuable shares of Class A common stock - - - 540 Restricted stock units 667 - 806 2,766 Stock options 84 52 84 52 751 52 890 50,123

Organization and Description _2

Organization and Description of Business - IPO and reorganization (Details)	9 Months Ended
	Sep. 30, 2023 subsidiary
Number of wholly-owned subsidiaries	3
Enfusion LLC
Ownership percentage	69.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) customer	Sep. 30, 2022 USD ($) customer	Sep. 30, 2023 USD ($) customer	Sep. 30, 2022 USD ($) customer	Dec. 31, 2022 USD ($) customer	Jun. 30, 2023 USD ($)	Jan. 01, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment in money market accounts.	$ 26,000		$ 26,000		$ 55,000
Payment of fees upon invoice			30 days
Allowance for credit losses	1,149		$ 1,149		1,225
Total Stockholders' Equity	73,277	$ 103,170	73,277	$ 103,170	103,444	$ 72,243		$ 99,806		$ 97,441
Right-of-use-assets, net	$ 15,734		$ 15,734		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	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	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss
Beginning balance	$ 1,225
Charges to the provision	774
Accounts written off, net of recoveries	(850)
Ending balance	$ 1,149

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Remaining Performance Obligation (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 29,135
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue remaining performance obligation	$ 5,979
Remaining performance obligation satisfaction period	3 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	$ 15,446
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	$ 6,411
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	$ 1,236
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,357	$ 39,151	$ 128,049	$ 109,832
Revenues \| Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,357	$ 39,151	$ 128,049	$ 109,832
Total net revenues percent	100%	100%	100%	100%
Americas \| Revenues \| Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 27,648	$ 25,109	$ 79,961	$ 70,386
Total net revenues percent	62.30%	64.10%	62.40%	64.10%
Europe, Middle East and Africa (EMEA) \| Revenues \| Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,595	$ 5,113	$ 18,680	$ 14,063
Total net revenues percent	14.90%	13.10%	14.60%	12.80%
Asia Pacific (APAC) \| Revenues \| Geographic Region
Disaggregation of Revenue [Line Items]
Total revenues	$ 10,114	$ 8,929	$ 29,408	$ 25,383
Total net revenues percent	22.80%	22.80%	23%	23.10%
United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 25,800	$ 24,500	$ 76,700	$ 68,800

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property and Equipment, Net
Property and equipment, net	$ 18,136		$ 18,136		$ 15,759
Capitalized software development costs	1,900	$ 1,100	4,600	$ 3,600
Depreciation expense	1,300	892	3,100	2,500
Amortization expense related to software development costs	904	$ 582	2,400	$ 1,500
United States
Property and Equipment, Net
Property and equipment, net	$ 16,500		$ 16,500		$ 13,700

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued compensation	$ 8,081	$ 10,268
Accrued expenses and other	1,029	1,112
Accrued taxes	1,519	285
Total accrued expenses and other current liabilities	$ 10,629	$ 11,665

Debt - New Credit Agreement (De

Debt - New Credit Agreement (Details) - USD ($)	Sep. 30, 2023	Sep. 15, 2023
New Credit Agreement
Debt
Additional borrowing capacity		$ 50,000,000
Lender fees and issuance costs	$ 1,200,000
Outstanding borrowings	$ 0
Senior secured revolving loan facility
Debt
Maximum borrowing capacity		$ 100,000,000
Percentage of unused commitment fee	0.25%
Senior secured revolving loan facility \| Minimum
Debt
Percentage of unused commitment fee		0.20%
Senior secured revolving loan facility \| Maximum
Debt
Percentage of unused commitment fee		0.25%
Senior secured revolving loan facility \| Secured Overnight Financing Rate
Debt
Basis points added to variable interest rate		0.10%
Senior secured revolving loan facility \| Secured Overnight Financing Rate \| Minimum
Debt
Interest rate		2%
Senior secured revolving loan facility \| Secured Overnight Financing Rate \| Maximum
Debt
Interest rate		2.75%
Senior secured revolving loan facility \| Base Rate \| Minimum
Debt
Interest rate		1%
Senior secured revolving loan facility \| Base Rate \| Maximum
Debt
Interest rate		1.75%
Senior secured revolving loan facility \| Federal funds rate
Debt
Interest rate		0.50%
Senior secured revolving loan facility \| One month adjusted term SOFR
Debt
Interest rate		1%
Letters of credit
Debt
Maximum borrowing capacity		$ 10,000,000
Swingline subfacility
Debt
Maximum borrowing capacity		$ 10,000,000

Debt - Prior Credit Agreement (

Debt - Prior Credit Agreement (Details) - USD ($)		3 Months Ended	9 Months Ended
Debt - Prior Credit Agreement (Details) - USD ($)	Sep. 15, 2023	Sep. 30, 2023	Sep. 30, 2023
Debt
Loss on extinguishment of debt		$ 78,000	$ 78,000
Prior Credit Agreement
Debt
Outstanding borrowings	$ 0
Loss on extinguishment of debt	80,000
Senior secured revolving loan facility
Debt
Facility terminated	$ 5,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions				1 Months Ended
	Aug. 01, 2023 shares	Jul. 19, 2023 shares	Apr. 14, 2023 USD ($) $ / shares shares	Oct. 31, 2021	Sep. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred stock authorized					100,000,000	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
Issuance of shares	1,000,000	1,000,000
Common stock par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001
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 stock par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001
Private placement \| Common Class A
Class of Stock [Line Items]
Issuance of shares			1,000,000
Common stock par value (in dollars per share) \| $ / shares			$ 0.001
Price per share issued \| $ / shares			$ 7.65
Net proceeds from issuance of shares \| $			$ 7.6
Common Units
Class of Stock [Line Items]
Stock exchange ratio				1,000,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Compensation (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Management Incentive Plans
Total stock compensation expense	$ 2,562	$ 833	$ 4,054	$ 20,788
Cost of revenues
Management Incentive Plans
Total stock compensation expense	227	406	720	1,100
General and administrative
Management Incentive Plans
Total stock compensation expense	1,702	(1,478)	3,125	12,034
Sales and marketing
Management Incentive Plans
Total stock compensation expense	189	1,454	(1,181)	4,939
Technology and development
Management Incentive Plans
Total stock compensation expense	$ 444	$ 451	$ 1,390	$ 2,715

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Management Incentive Plans
Total equity-based compensation		$ 2,562	$ 833	$ 4,054	$ 20,788
Increase (decrease) in share-based compensation		$ 1,800		(16,700)
Reversed stock-based compensation due to forfeitures				$ 4,700
Restricted Stock Units
Management Incentive Plans
Granted during the period		113,247		857,587
Granted, Weighted average fair value per RSU at grant date		$ 8.87		$ 10.44
Unrecognized stock compensation expense		$ 18,200		$ 18,200
Stock based compensation recognition period				2 years
Employee Stock Option
Management Incentive Plans
Options granted to employees		0	0	71,004	84,000
Weighted average grants in period				$ 11.06	$ 9.86
Stock options forfeited		0	32,000	31,474	32,000
Unrecognized stock compensation expense		$ 400		$ 400
Stock based compensation recognition period				2 years 2 months 12 days
Performance Shares
Management Incentive Plans
Granted during the period		0	0	0	0
Unrecognized stock compensation expense		$ 616		$ 616
Stock based compensation recognition period				10 months 24 days
2021 ESPP
Management Incentive Plans
Percentage of Increase in Shares Outstanding Annually	1%
Options granted to employees		0	0	0	0
Common Class A \| 2021 ESPP
Management Incentive Plans
Shares, Authorized		2,421,126		2,421,126
Purchase price of common stock, percent	85%

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss) Per Class A Common Share
Net income (loss)	$ 2,661	$ 2,598	$ 8,353	$ (14,051)
Less: Net (income) loss attributable to non-controlling interests	(833)	(1,059)	(2,951)	5,903
Net income (loss) attributable to Enfusion, Inc.	1,828	1,539	5,402	(8,148)
Numerator:
Net income (loss) attributable to Enfusion, Inc.	1,828	1,539	5,402	(8,148)
Reallocation of Net income (loss) attributable to vested but unissued shares	3	142	291	(897)
Numerator for Basic Earnings per Share	1,831	1,681	5,693	(9,045)
Adjustment to Income for Dilutive Shares	830	917	2,660
Numerator for Diluted Earnings per Share	$ 2,661	$ 2,598	$ 8,353	$ (9,045)
Denominator:
Weighted-average shares of Class A common stock outstanding	85,576	66,648	78,307	66,296
Vested shares of Class A common stock and RSUs	2,163	18,508	9,868	18,212
Weighted-average shares of Class A common stock outstanding--basic	87,739	85,156	88,175	84,508
Add: Dilutive Shares	40,102	46,604	41,874
Weighted-average shares of Class A common stock outstanding--diluted	127,841	131,760	130,049	84,508
Net income (loss) per share of Class A common stock--Basic	$ 0.02	$ 0.02	$ 0.06	$ (0.11)
Net income (loss) per share of Class A common stock--Diluted	$ 0.02	$ 0.02	$ 0.06	$ (0.11)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive securities amount	751	52	890	50,123
Common Class B
Antidilutive securities amount				46,765
Contingently issuable shares of Class A common stock
Antidilutive securities amount				540
Restricted Stock Units
Antidilutive securities amount	667		806	2,766
Employee Stock Option
Antidilutive securities amount	84	52	84	52

Income taxes - Narratives (Deta

Income taxes - Narratives (Details)	3 Months Ended		9 Months Ended
Income taxes - Narratives (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes
Effective tax rate (as a percent)	12.10%	9.90%	10.20%	(4.90%)
U.S. statutory tax rate (as a percent)	21%	21%	21%	21%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands					9 Months Ended
	Aug. 01, 2023	Jul. 25, 2023	Jul. 19, 2023	Jul. 12, 2023	Sep. 30, 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
Net proceeds from issuance of common stock					$ 17,322
Common Class A
Related Party Transaction [Line Items]
Issuance of shares	1,000,000		1,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,828	$ 1,539	$ 5,402	$ (8,148)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false