Enfusion (ENFN) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		128,110,210
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		91,911,443
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,198,767

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 32,894	$ 35,604
Accounts receivable, net	30,932	28,069
Prepaid expenses	5,420	5,009
Other current assets	1,677	1,170
Total current assets	70,923	69,852
Property, equipment, and software, net	18,851	18,314
Right-of-use-assets, net	14,151	14,304
Other assets	7,038	6,502
Total assets	110,963	108,972
Current liabilities:
Accounts payable	3,364	2,212
Accrued expenses and other current liabilities	9,513	13,841
Current portion of lease liabilities	4,529	4,256
Total current liabilities	17,406	20,309
Lease liabilities, net of current portion	10,931	11,181
Total liabilities	28,337	31,490
Commitment and contingencies (Note 7)
Stockholders' Equity:
Preferred stock, $0.001 par value; 100,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
Additional paid-in capital	231,881	226,877
Accumulated deficit	(173,471)	(172,932)
Accumulated other comprehensive loss	(484)	(406)
Total stockholders' equity attributable to Enfusion, Inc.	58,054	53,666
Non-controlling interests	24,572	23,816
Total stockholders' equity	82,626	77,482
Total liabilities and stockholders' equity	110,963	108,972
Common Class A
Stockholders' Equity:
Common stock	90	88
Common Class B
Stockholders' Equity:
Common stock	$ 38	$ 39

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	89,877,000	88,332,000
Common stock, shares outstanding	89,877,000	88,332,000
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	38,199,000	39,199,000
Common stock, shares outstanding	38,199,000	39,199,000

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 48,052	$ 40,971
COST OF REVENUES:
Total cost of revenues	16,174	13,302
Gross profit	31,878	27,669
OPERATING EXPENSES:
General and administrative	20,223	14,473
Sales and marketing	6,217	4,086
Technology and development	6,551	4,431
Total operating expenses	32,991	22,990
(Loss) income from operations	(1,113)	4,679
NON-OPERATING INCOME (EXPENSE):
Interest income, net	317	492
Other expense, net	(82)	(81)
Total non-operating income (expense)	235	411
(Loss) income before income taxes	(878)	5,090
Income taxes	(117)	396
Net (loss) income	(761)	4,694
Net (loss) income attributable to non-controlling interests	(222)	1,749
Net (loss) income attributable to Enfusion, Inc.	$ (539)	$ 2,945
Net (loss) income per Class A common shares attributable to Enfusion, Inc.:
Basic	$ (0.01)	$ 0.04
Diluted	$ (0.01)	$ 0.04
Weighted-average number of Class A common shares outstanding:
Basic	89,509	88,863
Diluted	89,509	132,346
Platform subscriptions
REVENUES:
Total revenues	$ 44,689	$ 37,998
COST OF REVENUES:
Total cost of revenues	14,394	11,675
Managed services
REVENUES:
Total revenues	3,177	2,744
COST OF REVENUES:
Total cost of revenues	1,697	1,564
Other
REVENUES:
Total revenues	186	229
COST OF REVENUES:
Total cost of revenues	$ 83	$ 63

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income
Net (loss) income	$ (761)	$ 4,694
Other comprehensive (loss) income, net of income tax:
Foreign currency translation (loss) income	(112)	48
Total other comprehensive (loss) income	(873)	4,742
Comprehensive (loss) income attributable to non-controlling interests	(256)	1,766
Total comprehensive (loss) income attributable to Enfusion, Inc.	$ (617)	$ 2,976

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) shares in Thousands, $ 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	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, 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 (loss) income					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	(2,000)
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)	1,222
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 at Mar. 31, 2023	$ 74	$ 41	240,075		(176,012)	(473)		35,440		99,145
Balance at end of period (in shares) at Mar. 31, 2023	74,082	41,199
Balance at Beginning of period at Dec. 31, 2023	$ 88	$ 39	226,877		(172,932)	(406)		23,816		77,482
Balance at Beginning of period (in shares) at Dec. 31, 2023	88,332	39,199
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income					(539)			(222)		(761)
Stock-based compensation			5,180					2,210		7,390
Share exchange	$ 1	$ (1)	614					(614)
Share exchange (in shares)	1,000	(1,000)
Issuance of share-based awards	$ 1		102					(103)
Issuance of share-based awards (In shares)	545
Tax withholdings related to net share settlements of stock-based compensation awards			(892)					(380)		(1,272)
Foreign currency translation						(78)		(34)		(112)
Distributions to non-controlling interests								(101)		(101)
Balance at end of period at Mar. 31, 2024	$ 90	$ 38	$ 231,881		$ (173,471)	$ (484)		$ 24,572		$ 82,626
Balance at end of period (in shares) at Mar. 31, 2024	89,877	38,199

Condensed Consolidated Interi_6

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (761)	$ 4,694
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash lease expense	1,765	1,546
Depreciation and amortization	2,674	1,868
(Benefit) provision for credit losses	(141)	475
Amortization of debt-related costs	59	6
Stock-based compensation expense (benefit)	7,001	(1,147)
Change in operating assets and liabilities:
Accounts receivable	(2,722)	878
Prepaid expenses	(414)	505
Other assets	(1,646)	(1,658)
Accounts payable	1,311	(395)
Accrued compensation	(3,545)	(5,391)
Accrued expenses and other liabilities	(455)	958
Lease liabilities	(1,593)	(1,415)
Net cash provided by operating activities	1,533	924
Cash flows from investing activities:
Purchases of property and equipment	(635)	(1,489)
Capitalization of software development costs	(2,113)	(1,061)
Net cash used in investing activities	(2,748)	(2,550)
Cash flows from financing activities:
Payment of withholding taxes on stock-based compensation	(1,272)	(7,579)
Distributions to non-controlling interests	(101)
Settlement of tax receivable acquired in reorganization transactions		1,501
Other financing activities		(275)
Net cash used in financing activities	(1,373)	(6,353)
Effect of exchange rate changes on cash and cash equivalents	(122)	32
Net decrease in cash and cash equivalents	(2,710)	(7,947)
Cash and cash equivalents, beginning of period	35,604	62,545
Cash and cash equivalents, end of period	32,894	54,598
Supplemental disclosure of cash flow information:
Income taxes paid in cash	372	205
Supplemental disclosure of non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities	1,318	7,890
Capitalized stock-based compensation expense	389	$ 109
Accrued property, equipment, and software, net	$ 168

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization and Description of Business
Organization and Description of Business	Note 1 Organization and Description of Business Enfusion is a leading provider of SaaS solutions for portfolio management, order and execution management, accounting, and analytics. 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, Mumbai, Bengaluru, and Sydney. Enfusion, Inc. was incorporated in Delaware on June 11, 2021 for the purpose of facilitating an IPO, 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 Informacão Ltd, 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 (loss) income is allocated to non-controlling interests to reflect the entitlement to a portion of Enfusion Ltd. LLC’s net (loss) income by the other common unitholders of Enfusion Ltd. LLC. As of March 31, 2024, Enfusion, Inc. owned 70.2% of Enfusion Ltd. LLC.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Basis of Presentation
Basis of Presentation	Note 2 Basis of Presentation Principles of Consolidation These statements have been prepared in conformity with U.S. GAAP, and in accordance with rules and regulations of the 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, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. 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, 2023. 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. Reclassifications Certain amounts in prior periods have been reclassified to conform with the current period presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2024. 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 in money market funds are included within cash and cash equivalents. As of March 31, 2024 and December 31, 2023, the Company had approximately $21.9 million and $30.0 million, respectively, invested in money market accounts. Accounts Receivable and Allowances As of March 31, 2024 and December 31, 2023, no individual client represented more than 10% of accounts receivable. For the three months ended March 31, 2024 and 2023, respectively, no individual client represented more than 10% of the Company’s total revenue. Accounts receivable includes billed and unbilled receivables, net of allowances, including the allowance for credit losses. Billed accounts receivable are initially recorded upon the invoicing to clients with payment due within 30 days. Unbilled accounts receivable represent revenue recognized on contracts for which the timing of invoicing to clients differs from the timing of revenue recognition. Unbilled accounts receivable was $2.4 million as of March 31, 2024 and December 31, 2023. Contract assets included in unbilled accounts receivable were $1.8 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively. 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. 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, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Beginning balance ​ $ 1,092 ​ $ 1,225 Adoption of ASU 2016-13 ​ ​ — ​ ​ 149 Changes to the provision ​ 44 ​ ​ 533 Accounts written off, net of recoveries ​ ​ (157) ​ ​ (503) Ending balance ​ $ 979 ​ $ 1,404 ​ 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 ASC 606, Revenue from Contracts with Customers ● 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 subscriptions revenues Platform subscriptions revenues consist primarily of user fees to provide our clients access to our SaaS solution. Fees consider various components such as number of users, connectivity, trading volume, data usage and product coverage. 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 subscriptions 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. Installed payments are generally invoiced at the end of each calendar month during the subscription term. There is no financing available. Managed services revenues Managed services revenues primarily consist of client-selected middle- and back-office, technology-powered services. Managed services revenues are recognized ratably over the period of contractually enforceable rights and obligations, beginning on the contract effective date. Clients are invoiced a set fee for managed services typically at the end of each month. Generally, invoices have a 30-day payment period in accordance with the associated contract. There is no financing available. Other revenues Other revenues consist of non-subscription-based revenues, primarily, data conversion. The Company recognizes revenues as these services are performed with invoicing generally occurring at the end of each month. Service contracts with multiple performance obligations Certain of the Company’s 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 its platform subscription services, the Company considers, 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 its platform to effectively execute the customization required, and no other entities have access to the source code. The Company has concluded that the implementation services in its service contracts with multiple performance obligations are not distinct, and therefore, the Company recognizes 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 March 31, 2024 was $31.6 million and is expected to be recognized based on the below schedule (in thousands). ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2024 2024 ​ $ 15,443 2025 ​ 12,349 2026 ​ 3,723 2027 ​ 94 2028 ​ ​ — Total ​ $ 31,609 ​ 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, ​ ​ 2024 ​ 2023 Geographic Region ​ Amount ​ Percent ​ Amount ​ Percent Americas* ​ $ 29,728 61.9 % $ 25,572 62.4 % Europe, Middle East, and Africa (EMEA) ​ 7,597 15.8 % 5,903 14.4 % Asia Pacific (APAC) ​ 10,727 22.3 % 9,496 23.2 % Total revenues ​ $ 48,052 100.0 % $ 40,971 100.0 % ​ * Includes revenues from clients based in the United States (country of domicile) of $29.0 million and $25.0 million for the three months ended March 31, 2024 and 2023, respectively. Recently Adopted Accounting Pronouncements None. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures

Property, Equipment, and Softwa

Property, Equipment, and Software, Net	3 Months Ended
	Mar. 31, 2024
Property, Equipment, and Software, Net
Property, Equipment, and Software, Net	Note 4 Property, Equipment, and Software, Net As of March 31, 2024 and December 31, 2023, property, equipment, and software, net located in the United States was $17.6 million and $17.0 million, respectively. The remainder was located in our various international locations. Included in property, equipment, and software are the capitalized costs of software development. Software development costs capitalized during the three months ended March 31, 2024 and 2023 were $2.2 million and $1.2 million, respectively. Depreciation expense related to property and equipment, excluding software development costs, was $1.0 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to software development costs was $1.1 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
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, 2024 ​ December 31, 2023 Accrued compensation ​ $ 6,203 ​ $ 10,058 Accrued expenses and other ​ 1,073 ​ 1,385 Accrued taxes ​ 2,237 ​ 2,398 Total accrued expenses and other current liabilities ​ $ 9,513 ​ $ 13,841 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	Note 6 Debt Credit Agreement On September 15, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with Bank of America N.A. and a syndicate of lending institutions. The Credit Agreement provides for a senior secured revolving loan facility in an aggregate principal amount of up to $100.0 million, including a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The Credit Agreement also includes an uncommitted accordion feature that allows for up to $50.0 million of additional borrowing capacity, subject to obtaining lender commitments and the satisfaction of certain customary conditions. The Credit Agreement matures on September 15, 2028, at which time all outstanding principal and unpaid interest will become due. Obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company. Revolving loans under the 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 March 31, 2024, the commitment fee rate was 0.20%. The Credit Agreement contains certain customary covenants with which the Company must comply, including financial covenants relating to a net leverage ratio covenant and an interest coverage ratio. As part of the Credit Agreement, the Company is required to maintain a minimum required balance of $5.0 million with Bank of America, and by the first anniversary of the closing date, use commercially reasonable efforts to maintain Bank of America as its principal depository bank. The Company was in compliance with all loan covenants and requirements as of March 31, 2024. Issuance costs associated with the Credit Agreement were capitalized and included in other assets on the accompanying consolidated balance sheets. As of March 31, 2024, the Company had no outstanding borrowings under the Credit Agreement. Prior Credit Agreement Concurrent with entering into the Credit Agreement, on September 15, 2023, the Company terminated its $5.0 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 $78 thousand associated with the termination of the Prior Credit Agreement during the quarter ended September 30, 2023. ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity
Stockholders' Equity	Note 8 Stockholders’ Equity Share Exchanges Pursuant to the terms of the LLC Operating Agreement, on January 11, 2024, a Pre-IPO Common Unitholder surrendered 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company issued 1,000,000 shares of Class A common stock to such Pre-IPO Common Unitholder, canceled an equal number of shares 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. 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 its 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, 2024, 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	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	Note 9 The Company’s stock compensation expense (benefit) was recognized in the following captions within the unaudited consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Cost of revenues ​ $ 717 ​ $ 270 General and administrative ​ ​ 4,380 ​ ​ (230) Sales and marketing ​ ​ 361 ​ ​ (1,581) Technology and development ​ ​ 1,543 ​ ​ 394 Total stock-based compensation expense (benefit) ​ $ 7,001 ​ $ (1,147) ​ The Company recognized total stock-based compensation expense, including RSUs and stock options, of $7.0 million for the three months ended March 31, 2024 and stock-based compensation benefit of $1.1 million for the three months ended March 31, 2023, which represents an increase of $8.1 million. Stock-based compensation expense for the three months ended March 31, 2024 included $3.6 million related to fully vested shares granted in conjunction with the Annual Bonus Incentive Plan. No such shares were granted in the three months ended March 31, 2023. Total unrecognized stock-based compensation expense related to unvested RSUs and stock options was $32.2 million as of March 31, 2024, which is expected to be recognized over a weighted-average period of 2.5 years. 2021 Stock Option and Incentive Plan In conjunction with the IPO, the Company established the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 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, 2024, there were 2,276,645 restricted stock units (“RSUs”) granted under the 2021 Plan, at a weighted-average grant fair value of $8.65. Total unrecognized stock compensation expense related to unvested RSUs was $31.9 million as of March 31, 2024, which is expected to be recognized over a weighted-average period of 2.5 years. During the three months ended March 31, 2023, there were 597,034 restricted stock units granted under the 2021 Plan, at a weighted-average grant fair value of $10.99. Stock options During the three months ended March 31, 2024, no stock options were granted under the 2021 Plan, and no stock options were forfeited. As of March 31, 2024, there was approximately $305 thousand of unrecognized equity-based compensation expense related to the stock options that are not yet vested or exercisable, which is expected to be recognized over a weighted-average period of 1.7 years. During the three months ended March 31, 2023, there were 71,004 stock options granted under the 2021 Plan at a weighted-average exercise price of $11.06 per option, and there were 31,474 stock options forfeited. Performance-based RSUs In the three months ended March 31, 2024, 100,000 performance-based RSUs, which will vest subject to market conditions, were granted at a weighted-average fair value of $4.24 per unit. The assumptions used in the Monte Carlo simulation for the PSUs granted in the three months ended March 31, 2024 were as follows: ​ ​ ​ ​ Assumptions ​ ​ Fair value of common stock (per share) ​ $8.35 Expected volatility ​ 52.20% Risk-free rate ​ 4.27% Dividend yield ​ 0.00% Cost of equity capital ​ 12.30% ​ Total unrecognized stock compensation expense related to unvested performance stock units (“PSUs”) was $2.7 million as of March 31, 2024, which is expected to be recognized over a weighted-average period of 1.9 years. In the three months ended March 31, 2023, no performance-based RSUs were granted.

Net (Loss) Income Per Class A C

Net (Loss) Income Per Class A Common Share	3 Months Ended
	Mar. 31, 2024
Net (Loss) Income Per Class A Common Share
Net (Loss) Income Per Class A Common Share	Note 10 Net (Loss) Income Per Class A Common Share Basic (loss) income per share is computed by dividing net (loss) income attributable to Enfusion, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) income 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 (loss) income per share of Class A common stock is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands, except per share amounts) ​ 2024 2023 Net (loss) income ​ $ (761) ​ $ 4,694 Less: Net loss (income) attributable to non-controlling interests ​ ​ 222 ​ ​ (1,749) Net (loss) income attributable to Enfusion, Inc. ​ $ (539) ​ $ 2,945 Numerator: ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Enfusion, Inc. ​ $ (539) ​ $ 2,945 Adjustment to (loss) income attributable to common stockholders ​ ​ — ​ ​ 226 Numerator for Basic Earnings per Share ​ $ (539) ​ $ 3,171 Adjustment to Income for Dilutive Shares ​ ​ — ​ ​ 1,523 Numerator for Diluted Earnings per Share ​ $ (539) ​ $ 4,694 Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding ​ ​ 89,509 ​ ​ 72,272 Vested shares of Class A common stock and RSUs ​ ​ — ​ ​ 16,591 Weighted-average shares of Class A common stock outstanding--basic ​ ​ 89,509 ​ ​ 88,863 Add: Dilutive Shares ​ ​ — ​ ​ 43,483 Weighted-average shares of Class A common stock outstanding--diluted ​ ​ 89,509 ​ ​ 132,346 Net (loss) income per share of Class A common stock--Basic ​ $ (0.01) ​ $ 0.04 Net (loss) income per share of Class A common stock--Diluted ​ $ (0.01) ​ $ 0.04 ​ The following number of potentially dilutive shares were excluded from the calculation of diluted (loss) income per share because the effect of including such potentially dilutive shares would have been antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 2023 Class B common stock ​ ​ 38,199 ​ ​ — Restricted stock units ​ ​ 3,867 ​ ​ 110 Stock options ​ ​ 84 ​ ​ 84 ​ ​ ​ 42,150 ​ ​ 194 ​ 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 antidilutive for the three months ended March 31, 2024, and have therefore been excluded in the computation of diluted earnings per share of Class A common stock. For the three months ended March 31, 2023, 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 was 13.3% and 7.8% for the three months ended and 2023, respectively. In the three months ended and 2023, 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, 2024
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. For a discussion of related party transactions that occurred during the fiscal year ended December 31, 2023, please refer to Note 14, Related Party Transactions

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	Note 13 Subsequent Events Share Exchanges On April 1, 2024, a Pre-IPO Common Unitholder delivered an exchange notice pursuant to Article XII of the LLC Operating Agreement. Pursuant to the terms of the LLC Operating Agreement, on April 8, 2024, the Pre-IPO Common Unitholder surrendered 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company issued 1,000,000 shares of Class A common stock to such Pre-IPO Common Unitholder, canceled an equal number of shares 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. On April 29, 2024, a Pre-IPO Common Unitholder delivered an exchange notice pursuant to Article XII of the LLC Operating Agreement. Pursuant to the terms of the LLC Operating Agreement, on May 6, 2024, the Pre-IPO Common Unitholder surrendered 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company issued 1,000,000 shares of Class A common stock to such Pre-IPO Common Unitholder, canceled an equal number of shares 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation These statements have been prepared in conformity with U.S. GAAP, and in accordance with rules and regulations of the 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, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. 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, 2023. 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.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform with the current period presentation.
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 in money market funds are included within cash and cash equivalents. As of March 31, 2024 and December 31, 2023, the Company had approximately $21.9 million and $30.0 million, respectively, invested in money market accounts.
Accounts Receivable and Allowances	Accounts Receivable and Allowances As of March 31, 2024 and December 31, 2023, no individual client represented more than 10% of accounts receivable. For the three months ended March 31, 2024 and 2023, respectively, no individual client represented more than 10% of the Company’s total revenue. Accounts receivable includes billed and unbilled receivables, net of allowances, including the allowance for credit losses. Billed accounts receivable are initially recorded upon the invoicing to clients with payment due within 30 days. Unbilled accounts receivable represent revenue recognized on contracts for which the timing of invoicing to clients differs from the timing of revenue recognition. Unbilled accounts receivable was $2.4 million as of March 31, 2024 and December 31, 2023. Contract assets included in unbilled accounts receivable were $1.8 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively. 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. 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, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Beginning balance ​ $ 1,092 ​ $ 1,225 Adoption of ASU 2016-13 ​ ​ — ​ ​ 149 Changes to the provision ​ 44 ​ ​ 533 Accounts written off, net of recoveries ​ ​ (157) ​ ​ (503) Ending balance ​ $ 979 ​ $ 1,404
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 ASC 606, Revenue from Contracts with Customers ● 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 subscriptions revenues Platform subscriptions revenues consist primarily of user fees to provide our clients access to our SaaS solution. Fees consider various components such as number of users, connectivity, trading volume, data usage and product coverage. 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 subscriptions 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. Installed payments are generally invoiced at the end of each calendar month during the subscription term. There is no financing available. Managed services revenues Managed services revenues primarily consist of client-selected middle- and back-office, technology-powered services. Managed services revenues are recognized ratably over the period of contractually enforceable rights and obligations, beginning on the contract effective date. Clients are invoiced a set fee for managed services typically at the end of each month. Generally, invoices have a 30-day payment period in accordance with the associated contract. There is no financing available. Other revenues Other revenues consist of non-subscription-based revenues, primarily, data conversion. The Company recognizes revenues as these services are performed with invoicing generally occurring at the end of each month. Service contracts with multiple performance obligations Certain of the Company’s 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 its platform subscription services, the Company considers, 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 its platform to effectively execute the customization required, and no other entities have access to the source code. The Company has concluded that the implementation services in its service contracts with multiple performance obligations are not distinct, and therefore, the Company recognizes 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 March 31, 2024 was $31.6 million and is expected to be recognized based on the below schedule (in thousands). ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2024 2024 ​ $ 15,443 2025 ​ 12,349 2026 ​ 3,723 2027 ​ 94 2028 ​ ​ — Total ​ $ 31,609 ​ 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, ​ ​ 2024 ​ 2023 Geographic Region ​ Amount ​ Percent ​ Amount ​ Percent Americas* ​ $ 29,728 61.9 % $ 25,572 62.4 % Europe, Middle East, and Africa (EMEA) ​ 7,597 15.8 % 5,903 14.4 % Asia Pacific (APAC) ​ 10,727 22.3 % 9,496 23.2 % Total revenues ​ $ 48,052 100.0 % $ 40,971 100.0 % ​ * Includes revenues from clients based in the United States (country of domicile) of $29.0 million and $25.0 million for the three months ended March 31, 2024 and 2023, respectively.
Recently Adopted Accounting Pronouncements /Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements None. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Beginning balance ​ $ 1,092 ​ $ 1,225 Adoption of ASU 2016-13 ​ ​ — ​ ​ 149 Changes to the provision ​ 44 ​ ​ 533 Accounts written off, net of recoveries ​ ​ (157) ​ ​ (503) Ending balance ​ $ 979 ​ $ 1,404
Schedule of remaining performance obligation	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, 2024 was $31.6 million and is expected to be recognized based on the below schedule (in thousands). ​ ​ ​ ​ Remaining Performance Obligation ​ March 31, 2024 2024 ​ $ 15,443 2025 ​ 12,349 2026 ​ 3,723 2027 ​ 94 2028 ​ ​ — Total ​ $ 31,609
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, ​ ​ 2024 ​ 2023 Geographic Region ​ Amount ​ Percent ​ Amount ​ Percent Americas* ​ $ 29,728 61.9 % $ 25,572 62.4 % Europe, Middle East, and Africa (EMEA) ​ 7,597 15.8 % 5,903 14.4 % Asia Pacific (APAC) ​ 10,727 22.3 % 9,496 23.2 % Total revenues ​ $ 48,052 100.0 % $ 40,971 100.0 % ​ * Includes revenues from clients based in the United States (country of domicile) of $29.0 million and $25.0 million for the three months ended March 31, 2024 and 2023, respectively.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 ​ December 31, 2023 Accrued compensation ​ $ 6,203 ​ $ 10,058 Accrued expenses and other ​ 1,073 ​ 1,385 Accrued taxes ​ 2,237 ​ 2,398 Total accrued expenses and other current liabilities ​ $ 9,513 ​ $ 13,841 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Cost of revenues ​ $ 717 ​ $ 270 General and administrative ​ ​ 4,380 ​ ​ (230) Sales and marketing ​ ​ 361 ​ ​ (1,581) Technology and development ​ ​ 1,543 ​ ​ 394 Total stock-based compensation expense (benefit) ​ $ 7,001 ​ $ (1,147)
Performance-Based Restricted Stock Units ("RSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of assumptions	​ ​ ​ ​ Assumptions ​ ​ Fair value of common stock (per share) ​ $8.35 Expected volatility ​ 52.20% Risk-free rate ​ 4.27% Dividend yield ​ 0.00% Cost of equity capital ​ 12.30%

Net (Loss) Income Per Class A_2

Net (Loss) Income Per Class A Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Net (Loss) Income 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) ​ 2024 2023 Net (loss) income ​ $ (761) ​ $ 4,694 Less: Net loss (income) attributable to non-controlling interests ​ ​ 222 ​ ​ (1,749) Net (loss) income attributable to Enfusion, Inc. ​ $ (539) ​ $ 2,945 Numerator: ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Enfusion, Inc. ​ $ (539) ​ $ 2,945 Adjustment to (loss) income attributable to common stockholders ​ ​ — ​ ​ 226 Numerator for Basic Earnings per Share ​ $ (539) ​ $ 3,171 Adjustment to Income for Dilutive Shares ​ ​ — ​ ​ 1,523 Numerator for Diluted Earnings per Share ​ $ (539) ​ $ 4,694 Denominator: ​ ​ ​ ​ ​ ​ Weighted-average shares of Class A common stock outstanding ​ ​ 89,509 ​ ​ 72,272 Vested shares of Class A common stock and RSUs ​ ​ — ​ ​ 16,591 Weighted-average shares of Class A common stock outstanding--basic ​ ​ 89,509 ​ ​ 88,863 Add: Dilutive Shares ​ ​ — ​ ​ 43,483 Weighted-average shares of Class A common stock outstanding--diluted ​ ​ 89,509 ​ ​ 132,346 Net (loss) income per share of Class A common stock--Basic ​ $ (0.01) ​ $ 0.04 Net (loss) income per share of Class A common stock--Diluted ​ $ (0.01) ​ $ 0.04
Schedule of effect of dilutive shares antidilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 2023 Class B common stock ​ ​ 38,199 ​ ​ — Restricted stock units ​ ​ 3,867 ​ ​ 110 Stock options ​ ​ 84 ​ ​ 84 ​ ​ ​ 42,150 ​ ​ 194

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2024 subsidiary
Number of wholly-owned subsidiaries	3
Enfusion LLC
Ownership percentage	70.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 customer	Dec. 31, 2023 USD ($) customer
Investment in money market accounts	$ 21.9		$ 30
Payment of fees upon invoice	30 days
Unbilled accounts receivable	$ 2.4		2.4
Contract assets, unbilled accounts receivable	$ 1.8		$ 1.7
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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Allowances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss
Beginning balance	$ 1,092	$ 1,225
Changes to the provision	44	533
Accounts written off, net of recoveries	(157)	(503)
Ending balance	$ 979	1,404
Cumulative impact of adopting ASU 2016-13
Accounts Receivable, Allowance for Credit Loss
Beginning balance		$ 149

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	$ 31,609
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	$ 15,443
Remaining performance obligation satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Revenue remaining performance obligation	$ 12,349
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
Revenue remaining performance obligation	$ 3,723
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
Revenue remaining performance obligation	$ 94
Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
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, 2024	Mar. 31, 2023
Disaggregation of Revenue
Total revenues	$ 48,052	$ 40,971
Revenues | Geographic Region
Disaggregation of Revenue
Total revenues	$ 48,052	$ 40,971
Total net revenues percent	100%	100%
Americas* | Revenues | Geographic Region
Disaggregation of Revenue
Total revenues	$ 29,728	$ 25,572
Total net revenues percent	61.90%	62.40%
Europe, Middle East, and Africa (EMEA) | Revenues | Geographic Region
Disaggregation of Revenue
Total revenues	$ 7,597	$ 5,903
Total net revenues percent	15.80%	14.40%
Asia Pacific (APAC) | Revenues | Geographic Region
Disaggregation of Revenue
Total revenues	$ 10,727	$ 9,496
Total net revenues percent	22.30%	23.20%
United States
Disaggregation of Revenue
Total revenues	$ 29,000	$ 25,000

Property, Equipment, and Soft_2

Property, Equipment, and Software, Net- Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Equipment, and Software, Net
Property, equipment, and software, net	$ 18,851		$ 18,314
Capitalized software development costs	2,200	$ 1,200
Depreciation and amortization expense	1,000	900
Amortization expense related to software development costs	1,100	$ 700
United States
Property, Equipment, and Software, Net
Property, equipment, and software, net	$ 17,600		$ 17,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued compensation	$ 6,203	$ 10,058
Accrued expenses and other	1,073	1,385
Accrued taxes	2,237	2,398
Total accrued expenses and other current liabilities	$ 9,513	$ 13,841

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - Credit Agreement - USD ($) $ in Millions		3 Months Ended
	Sep. 15, 2023	Mar. 31, 2024
Debt
Additional borrowing capacity	$ 50
Minimum balance to be maintained at bank as per agreement	5
Outstanding borrowings		$ 0
Senior secured revolving loan facility
Debt
Maximum borrowing capacity	$ 100
Percentage of unused commitment fee		0.20%
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
Swingline subfacility
Debt
Maximum borrowing capacity	$ 10

Debt - Prior Credit Agreement (

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

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jan. 11, 2024 shares	Mar. 31, 2024 Vote shares	Dec. 31, 2023 shares
Stockholders' Equity
Common units surrendered by Pre-IPO unitholders (in shares)	1,000,000
Increase in common units (in shares)	1,000,000
Preferred stock authorized		100,000,000	100,000,000
Common Class A
Stockholders' Equity
Issuance of shares	1,000,000
Common stock, shares authorized		1,000,000,000	1,000,000,000
Number of Voting Rights | Vote		1
Common Class B
Stockholders' Equity
Common stock, shares authorized		150,000,000	150,000,000
Number of Voting Rights | Vote		1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Compensation Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Total stock-based compensation expense (benefit)	$ 7,001	$ (1,147)
Cost of revenues
Stock-Based Compensation
Total stock-based compensation expense (benefit)	717	270
General and administrative
Stock-Based Compensation
Total stock-based compensation expense (benefit)	4,380	(230)
Sales and marketing
Stock-Based Compensation
Total stock-based compensation expense (benefit)	361	(1,581)
Technology and development
Stock-Based Compensation
Total stock-based compensation expense (benefit)	$ 1,543	$ 394

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation
Total stock-based compensation expense (benefit)	$ 7,001	$ (1,147)
Increase (decrease) in share-based compensation	8,100
Unrecognized stock compensation expense	$ 32,200
Stock based compensation recognition period	2 years 6 months
Restricted Stock Units
Stock-Based Compensation
Granted during the period	2,276,645	597,034
Granted, Weighted average fair value per RSU at grant date	$ 8.65	$ 10.99
Unrecognized stock compensation expense	$ 31,900
Stock based compensation recognition period	2 years 6 months
Employee Stock Option
Stock-Based Compensation
Unrecognized stock compensation expense	$ 305
Stock based compensation recognition period	1 year 8 months 12 days
Options granted to employees	0	71,004
Stock options forfeited	0	31,474
Weighted average exercise price		$ 11.06
Performance-Based Restricted Stock Units ("RSUs")
Stock-Based Compensation
Granted during the period	100,000	0
Granted, Weighted average fair value per RSU at grant date	$ 4.24
Unrecognized stock compensation expense	$ 2,700
Stock based compensation recognition period	1 year 10 months 24 days
Annual Bonus Incentive Plan
Stock-Based Compensation
Total stock-based compensation expense (benefit)	$ 3,600
Granted during the period		0

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - Performance-Based Restricted Stock Units ("RSUs")	3 Months Ended
	Mar. 31, 2024 $ / shares
Stock-Based Compensation
Fair value of common stock (per share)	$ 8.35
Expected volatility	52.20%
Risk-free rate	4.27%
Dividend yield	0%
Cost of equity capital	12.30%

Net (Loss) Income Per Class A_3

Net (Loss) Income 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, 2024	Mar. 31, 2023
Net (Loss) Income Per Class A Common Share
Net (loss) income	$ (761)	$ 4,694
Less: Net loss (income) attributable to non-controlling interests	222	(1,749)
Net (loss) income attributable to Enfusion, Inc.	(539)	2,945
Numerator:
Net (loss) income attributable to Enfusion, Inc.	(539)	2,945
Adjustment to (loss) income attributable to common stockholders		226
Numerator for Basic Earnings per Share	(539)	3,171
Adjustment to Income for Dilutive Shares		1,523
Numerator for Diluted Earnings per Share	$ (539)	$ 4,694
Denominator:
Weighted-average shares of Class A common stock outstanding	89,509	72,272
Vested shares of Class A common stock and RSUs		16,591
Weighted-average shares of Class A common stock outstanding--basic	89,509	88,863
Add: Dilutive Shares		43,483
Weighted-average shares of Class A common stock outstanding--diluted	89,509	132,346
Net (loss) income per share of Class A common stock--Basic	$ (0.01)	$ 0.04
Net (loss) income per share of Class A common stock--Diluted	$ (0.01)	$ 0.04

Net (Loss) Income Per Class A_4

Net (Loss) Income Per Class A Common Share - Dilutive shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive securities amount	42,150	194
Common Class B
Antidilutive securities amount	38,199
Restricted stock units
Antidilutive securities amount	3,867	110
Employee Stock Option
Antidilutive securities amount	84	84

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Effective tax rate (as a percent)	13.30%	7.80%
U.S. statutory tax rate (as a percent)	21%	21%

Subsequent Events (Details)

Subsequent Events (Details) - shares	May 06, 2024	Apr. 08, 2024	Jan. 11, 2024
Subsequent Events
Common units surrendered by Pre-IPO unitholders (in shares)			1,000,000
Increase in common units (in shares)			1,000,000
Common Class A
Subsequent Events
Issuance of shares			1,000,000
Subsequent Event
Subsequent Events
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
Subsequent Event | Common Class A
Subsequent Events
Issuance of shares	1,000,000	1,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (539)	$ 2,945

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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