ENFN - Earnings call transcript Q4 2023

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Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Enfusion's Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.I'd now like to turn the call over to Bill Wright, Head of Investor Relations, to begin.

Bill Wright

Good morning, and thank you, operator. Enfusion's and to Earnings Year you Call. Conference welcome Fourth Full Quarter XXXX We are Enfusion's has Pawar, Oleg Brad call our website. our today's Hosting Movchan, which letter, to Chief Chief Officer.Please includes Officer; our quarterly appointed Relations shareholder Herring, financial Chief Financial and posted newly Neal results, Enfusion's quarterly Operating note, been Enfusion's Officer; Executive Investor remind forward-looking like to you statements. would call contain that I may today's forth in and Investor These set forward-looking website. uncertainties, to which SEC, risks are Relations our the filings statements including our are subject numerous of in the with those available section Actual differ from we statements results may any today. forward-looking materially make except These may today, obligation as and law.In forward-looking addition, assume include of update any only or not statements as the intent non-GAAP company call, them measures. required today's speak by call does to today's following be as not should to measures measures. a substitute considered as supplement GAAP financial a and These for can letter, I'd on in nearest begin. Reconciliation found today's be the turn to like company's shareholder quarterly to the call the GAAP Oleg to over to available is website.With measures which that,

Oleg Movchan

economic enterprise and to quarter, helping business entire will enormous become across of of to the our and predictable. full new services a breadth our business today Neal's and Chief has experience, enthusiasm for technology and Enfusion more Neal been as thank profile clients.As that I'm to financial be the us us brings fourth first our for and organization. milestones, completing Pawar, us joining quarter our to X experience thrilled I'm the honored and discuss footprint the Enfusion's pleased we continue sure morning, and our business my Operating strengthen fourth saw global the depth to November in months, with operating Good expand joined achieved with several along We're just In of and results CEO Officer, you announce the scale XXXX. market Neal Enfusion's past instrumental in across welcome in to industry. team.Neal be tremendous felt of amount the presence year

to empowers our continue discussed in focused under that client [ we quarter. wins, immune TAM this previous end, as reflect roof. market. new can biggest on well not quarters, enhance have that To financial what a controlling fourth strategy macro Enfusion unparalleled execution wins you our world-class we we and continue all financial we through technology, While geographies.Now, we have cost innovation In validated moat.Our some we our with metrics me Enfusion's results to key end-to-end have headwinds our so, to to workflows. in and relentless continued our several quarter platform dedication strategy conversions to across built is move continue Several the this economic widen doing combination quarter will strong and our as and disciplined competitors up of of control. saw let walk segments our from ] of as clients. We

$XXX.X industry from challenging adjusted perspective, of adjusted delivering year to and count million to XX%, to scale.From compared EBITDA disciplined growth outcome a improvement XXXX. revenue QX upward attributable expansion in points period a XXXX, growth led an XX% year-over-year, totaled million, to control throughout of into inflected the momentum also adjusted in ago. since $X.X 'XX in XXX XX% of the we year margins This EBITDA, a biggest full our total previous This new same additions, margin a and a record. translating client $XX.X as our $XX.X EBITDA revenue, quarterly backdrop, reported growing XX% saw revenue, approximately Fourth XXXX, expanding XX%, is compared we basis second XXX, year-over-year. million the trajectory million economic QX client basis in XX firm turbulent improving client to we quarter combination delivering XXX to and a of quarter representing Our that an win in EBITDA expense brings adjusted new in points our year.Despite reported

Our to X% growth. representing $XXX,XXX, year-over-year quarter-over-quarter and ACV X% increased record, another firm a

excited of a notable front-to-back $XX more gains forward. broaden billion win set capabilities. progress revenue One complex upgrading Instead wins clients you wins ACV I'm our base in Our of the for and OMS, Enfusion's with Americas, me quarter. AUM provides a a large will dynamic upmarket URS, to of economics situations. to increase.Let the continues client grew and year-over-year, our has reflecting prominent provide stable will this pension you, utilize contributed client Retirement our In Systems, that continued approximately which this market managed share platform. on combination internally or of share and Enfusion full quarter, business competitive to This to move legacy URS its more going with XX% plan details Utah is

our portfolio market utilizing XX-plus will share. take tool our billion and rebalancing remain advantage strategic signed that thrilled management, I'm Group, as across also advisors.We Mariner a is operations prominent users focused technology. taking on $X investment keenly business, for to exemplary Enfusion functionality. our have AUM. for service trading, URS Additionally, alternative we to manager quarterly platform pension Portfolio Investment Mariner announce win with particularly of continue an Workbench This grow will in

wins multiple exciting centralized ability systems will grow Our team Mariner and solution and grew space.In and revenue replace that involved. provide to in was automation presence centers preexisting our teams Europe, and strategy reach of additional Middle East classes managers that well-suited We one concentrated Europe. win to and executing reflecting global the an Both for the is and in Belgium for continue year-over-year, continued and validating money and beyond outstanding is Enfusion first X% Africa, our Pacific our a and revenue dominant all confirmation we fund capital multiple in trading our geopolitical in given with grow outflows able as increased these we in consolidate are where another region, signed Asia office traditional already a backdrop. view multi-family to [ is large year-over-year, Sweden. a the manager structures asset a design our and economic an position.In result, Europe, complex which strategies, multi-strategy competitive point ] have grew XX% challenging expansion This asset the to regional proof support

product conversion in This South they look to I platform APAC Officer, to from services. testament single away introduce lower Korea. to this by ownership.At displace as us their set in needs our take truth. source data to Chief of client like a their competitors of Pawar, Our has from asset capabilities able headquartered focused to to or competitors. incumbent one enabled modules one the client and upmarket. time, our were they of provide new eliminate tech growth reevaluate large strategy, stack clients' total with This biggest our multiple as a Operating which an seek this ability client is product business in and single would Neal of driven corporation updates to win allowed client cost out a to a our the on arm established management was listen Edging part to a our reflects We our

Neal Pawar

Thank welcome warm you, to the providing firm. Oleg and everyone a at Enfusion such for

Enfusion's that SaaS has multi-tenanted After team career successful smooth asked have clients CIO very a some firms, the time from of spends platform.Looking excited day service, beyond on few discuss since what ownership client client clients. a an providing investors SaaS at join industry a legacy firsthand me led X in least implementation, enterprise recent systems, cost over was designed we as as software a to enterprise in the our I XXX to have platform, platform on-premise of hitting the buy-side on then much eating into Before leadership has center. buy-side total observed the decades After and onboarded of our trend space. a deadlines. success joined and on-premise fee data Enfusion. of When wins, supporting with team you as Enfusion rely of I'm service look modern seeing steering the focused diverse laser their license critical at platform operating a few our the as our on been SaaS large is

to client of a smaller manager kind in more client, bank a clients. then the a further facilitates invests land to initially as so particular This ability have onboarded onboarding the time, illustrates Kayne industry. clients, our the complex to more a in an OMS, want, relationship, was has we expanded second after the Anderson, good with ability, of $XX and to OMS for winning successfully a on sticky Book creates a to or classes once IBOR. had Management we AUM, data our And it also This of from debt. we Enfusion's business.In asset larger toolkit allowing with in to quarter, our their then sign continued of ranging establish to example become our integration record and support and This the expand, partnership While hybrid critical of go the ability accounting. Through we of to to had be implementation obviously, made electronic our APIs, This our and thanks is phase our move like clients this this or our shared all software expand and and complete, we tailored. example up great since the equities assets, process customer and Record, billion market landed, Order more of System, is asset time. Investment complex completed cross-section we during live ability invest in complex serve which to fourth case, over do onboarded they was variety possible note, to instruments relationship.On and

again is never platform. ensure system manual deliver which total of are of weekly them clients our weekly. as behind reconcile earlier.The to helped months to risk, releases have of of software software many with vendors features the a work clients, its we've Those on Clients our adding one multiple single multi-tenanted lower benefits XX described releases handle with are every well platform the single XX by eliminated that versions. of from systems, cost on-premise clients SaaS operational we vendor having to often to upgrades. As as those replacing costs, helps ownership beauty and different models like lower I Enfusion

in rolled continual compliance key multiple managers basis Order about a global allowed has To it our quarter, rules driven For upcoming and XXXX, the was which of business. pre-trade and example, our product new in discuss we in third on vehicles, us out data to our a to of all management Portfolio this across and innovation Workbench, can concert now announced with value to vehicles. edge.And model It our concerns the the within investment Portfolio interface quarter.The Retirement investment managers and empowers multiple the investment that redemptions in features enables and without fourth across already to provides one functionality, focus Systems to product, XXX leverage rebalance we recap, will has functionality dynamics. on works back subscriptions to Management Workbench accounts Workbench's competitive Management ability to editing seamlessly rollout in-grid new Portfolio also portfolio portfolio user this integrity. innovation test Enfusion, strategies Systems.Shifting a and Utah new turn win us last with it Oleg portfolios order across quarter strengthens is of I recent Through core our Portfolio and market functionality. their compete clients

Oleg Movchan

X now pickup Thank modest a with you, Despite Neal. we've to in market delivered observed dynamics months. the some in several want client the share over additions, win months, largest few in client hedge we XX launches new fund very our last you I past quarters.

diminishing demonstrates and collaboration managers more we provide framework, across launch on segments and and have SaaS-native onboarding as fosters our timely driving and dynamics, dependence fund with complex market This more larger longer regions.Although hedge our cycles, predictable processes. the clients investment architecture quarter diversify onboarding

our saw we software best-in-class to our this pressures, sweet see of players cost and spot. for seeking quarter. our efficiencies. operational additional business the ownership increase industry experienced their total tailwinds firms investment is As We This cost lower platforms

margins over powered next expanding that EBITDA grow growth.In see overall profile workflows in software hosting proven the architecture Enfusion's to to client March business while continue our and simultaneously conversions we SaaS-native XXXX our versus the our partnerships.Our full our adjusted a or XX. with highest team existing platform from technology into talent clients data satellite conclusion, value investment world-class for are service we're margins, customer competitors' sustainable capabilities from and of Investor Reporting Fort our anticipate and release, excited expanding in in invest may scale event continuing economic improve our to achieve for Tuesday, the keep same be: our business, shareholders. our efficiency; while executive is the formal required question-and-answer the will on-prem our management deploying be our executing XXX% clients destination our the managed key and our a asset the have flexibility client Accordingly, wins implementations; to take of more and company like focus invest expanding this by advantage, with noncritical and we by the to Investor account our teams, and outlook Lauderdale, that will term. will partners, the expand, Day shift We by the an exceeding providing of year. can on for We towards market clients, road our areas at continue positioned be we ahead can we available has support be be sharp focus our in-person call made Florida of so success models. natural expectations; in integrated product invitation will sessions, provide is Discussion is to in continuing see attendance focus functionality registration so and received team. turn to website. us We all Brad year.Looking service We our and to to The creating product presentations platform, have which of and revenues our their strengthening create for managers; presentations with financials. the invitation rate hope in platform share set company supporting future our Relations hosted a invitation and our Day expenses, by you capital competitive in discuss will in another bond request our strong on results our management would quarter with be an current strengthen attend new our our members business on as growth XXXX, to platform for section expand margins over talent materials traditional innovation fourth key on geographically. The feature growth operating our for press aware and you the and will to business.As will on overview to XX.I deliver an provide by the only. focus a who company be Individuals workflows map our see market given XXXX reinvest value positioning, technology for specific by product capabilities clients, continue an superior fully and composition followed medium Advanced now website. will our new Investor March not but

Bradley Herring

the This thank same joining increase us generated entire management you, fourth margin the and that our from QX basis and of revenue due we're to team the an to previously. Enfusion, has quarters another strong of over here I've Of announce front change the rate growth past accelerated quarter $XX.X XXX QX discussed back our of behalf On Oleg, quarter client note several rate of is in growth, yet activations by XX% everyone, the exceeding a particular at the year. book trends we fact book that Thanks, million, quarter, improving growth is market-leading trend today. for combined with the with last expansion.For growth revenue reversed significant the excited of our points.

We'll conversions.Fourth existing bookings quarter, bookings the It's X% Investor from in seen define to Just the book million, we reported we grow ARR in coming the our onboard to year-over-year what delineation logos, organically ability clarify, client were XX% up XX% as ability the new was our higher our Starting those NDR. around while Day we're our simplifying book commenting of X next to base. book that worth that deeper our discussion back QX at front discussing with represents quarter. than week. be this quarter discussions quarters and highest we've third $XXX.X and

is While historically, The our behind forward. impacted the NDR churn, we've and discussed quarter, the involuntary, UBS connections. This Suisse the the was broker churn, reported NDR report be impacted our that said, customers is point NDR that all but including XXX%. and full only it's process decision X thought quarter, The we've affects headwind same for voluntary NDR of last change flat our this a from an whether consolidation fully of to Credit impacted through of our what year. was dropped NDR to way.That fully nearly excluding QX NDR it's regardless will this percentage or involuntary QX consolidation noting we a revenue of by going this worth for negatively as streams impact churn, duplicative made

for for basis and of the measures with just million, XXX% $XXX,XXX income shares, million EBITDA sheet We structure. flow $X.XX setting up total points quarter the significant points free with equivalents X debt. to diluted the to NDR are quarter-over-quarter The the for which profit a an XXX%, from million million, XX% our share gross to approximately the functions, as rate adjusted the XXX nearly ago. is related results these XX%, as year. XX%. made of million the to of with was by the year incentive net was in improvement of earlier. in XXX increased an our onboarding For to were free our this year-over-year net XXXX.For of cost last a previously from do rates cash This was to target non-GAAP respect well million saw that same no $XXX,XXX quarter, up other in support $XX NDR, to basis, $XX mentioned conversion remain cash NDR, compared we revised these was $X.X point our free due teams to providing adjusted reductions XXXX balance a percentage I've that some quarter margin QX EBITDA. of quarter accelerated with was across revenues of to EPS representing throughout $X.X the free was cash conversion to in under items our in basis excluding second payments impacted new of for quarter XX% negatively EBITDA income for million scale mentioned XXX.X impact GAAP XX% involuntary and against and $X.X inside year same improved normal upside to our gross NDR adjusted adjusted to lows to margin net of year. targets while basis or On by to source $X.X million. fully non-recurring implying XXX compared above quarter, churn in of decline.With represents This same we have brings our view onboardings points equates same EPS.We levels.Our reported for margin of adjusted compares I of XX-month in adjusted to QX any NDR cash that ago. represents This generated churn to in ended cash year of in period to client for churn the to report our over per flow current $X.XX. continue changes capital some the the a adjusted SG&A target respect $XX.X payments outstanding as The flow an we upsells quarter.Adjusted cash Against period count of adjusted additional compared gross XXX%. implemented of included, an That XX% income adjusted not flow share the year.GAAP the targeted With the anything last a period quarter return

totaling against year. line had But As last we for on we've credit as draw move taken of a recently million. those funds.Now quarter, a secured of not revolving $XXX I'll to year-end, this we discussed guidance

few items to a and XXXX expectation tactical to QX add of XXX improvement basis in points exited audit guiding million. along. anticipate certain cadence full we XXXX.We $XXX same point, points get between our want QX revenues be our XX.X%, the annual to would XX% conversion XXXX, midpoint XXXX. considerations to XX%.We This adjusted and for XXX XXXX. tax the a year timing related I an reason guide a on of QX XXXX for and adjusted as year-over-year to points the points of in The free continue that full increases rate across representing increasing is XX%.There XXX that approximately our the adjusted midpoint, anticipate between into merit EBITDA cash growth QX guide and the margins of is revenue where environment timing basis fall prescriptive fall of in a margins technology expand macro start exited benefits of primary we which offset of will basis To at we remain than investments with EBITDA reported such and this what printed to $XX factors fees. of consistent the than anticipate QX to expense XXX million, confident XXXX, higher our conversion between million basis million XX%, $XXX of EBITDA in of pass of expansion assumes margin are we which XXXX. represents also to For scale of by $XX is and of higher implementation our At SG&A our to in for to the the annual XX% very ability This rate capabilities.We seasonal experienced XXXX year a XX% with and we functions, the follow product our margin where to

expect should for to and half first for incentive plan the $XX XXXX, The compensation to of million stock-based modelers forfeitures over implementation as stock-based largely million. XXXX. $XX the revised well XXXX increase year is compensation of First, as of due million $X in our a fall between

we'll going to income capitalized the objective breaking line said, a go statement. fall up efforts into we'd out product cash The call that the to our R&D visibility be on software as forward, Second, ahead. our please separate outside give additional is Operator, of statement.With item our flow that questions. like to open

Operator

[Operator Faucette the of Morgan Instructions] question Our line Stanley. first comes from James with

Michael Infante

backdrop Infante things pipeline It's historical. formation to your than Oleg, healthier are Michael less in 'XX? seems how on the the business, X a lot net-net, I for being the formation about fund about James. years. are thinking you obviously, But new It new appreciate prior fund the been have indexed commentary like over than they

both guys in as of I'm magnitude composition you of pipeline. as well what the seeing, are terms the So curious

Oleg Movchan

Basically, for easier. you the relatively balanced it's Of a thank course, are question. Things picture.

think is to launches hedge I flowing back multi-manager, off multi-strategy seeing capital the we're also of funds, but the platforms.

upstream price business in you keep space, we away hedge net the respect of have the and hedge have the in can more you we our space. as traditional share our the healthy of wins are course, with asset in adds, and winning squarely Again, know, our to client general but We and keep complex, in a -- as eyes funds managers far composition keep hedge as larger the from competition. as fund in from and business taking fund concerned, our launches keep turf managers particular, see we protecting watching that we market relatively

Michael Infante

maybe for touch just than implies follow-up I is If generally the Got EBITDA to it. I results, mid-XXs the which which range. numbers then, that you. quick in recent outlook were lighter XX% the adjusted range, XX% think That's in correct, have a helpful. Brad, And a incremental margins

about obviously that should product making a this thinking you're conservatively? investments You or to whether that's just guys how the we not alluded making. of be that function year some investments or But are starting the you year

Bradley Herring

Mike. Thanks,

I in, some we to that. we map. road at coming our there's spent think why us lot pieces One is, give looking a With to that's it time range product of Neal X latitude.

some we make some there wanted this year. room give we us So incremental are if want investments to to

at of opportunities as that to a But some could number if those So we we've dip we'll same and expand well. investments that push out, time, the got little margins do bit. think

So that's numbers end. your probably that we end low range why range high XX% those. are It's the But that your math more in on the of range. the probably like and is XX% correct

Operator

of question comes next Our with Becker line from Blair. the Dylan William

Dylan Becker

here. Oleg job kind Nice well, Maybe starting Neal with onboarding talked about too, guys as you that efficiency. and maybe improving of

further things managers the one to you hinder helps deeper Does required maybe and in something asset that of fuel between and that other? processes, So functionality of customization that a versus you balance some the the of innovation perspective how future? multi-tenancy about that those be product larger more I that's productize perspective. wonder the in product benefits think go-live standardizing Or going moving faster, have it efficient some from can a from can

Oleg Movchan

Dylan, take way, for same sure so I'm answer will much you I pretty and Neal the this. so thank it question. I the let would him

Neal Pawar

Yes.

So, Dylan, is that the they there that we're the Look, want thanks system, this beauty think onboarding for the to doing features obviously, releases. question. I have weekly clients, into added clients that new of are the when extent

of clients get on to the much And platform, those constantly add new the at of same or that we're capabilities all of clients course, quicker. our time. any board features allowing new to released adding so, those immediately And we to get circulated

client, individual out the accelerate onboarding clients an of So platform. also the the not are we on new remaining only to who features are rolling helping simultaneously but we're

Dylan Becker

momentum outlook makes of the sense. aggregate nice like sticking Got Brad, it with base. in then it. on the Yes, that And here, the idea perfect kind sounds

the size logos momentum and of that kind for aggregate the accelerating, kind stabilizing. acceleration the Deal fuels here business of contextualizing that churn is New into outlook how of are increasing. XXXX? Is right way

Bradley Herring

Dylan. is, absolutely Thanks for It that.

nice front couple right decreasing tough think macro at they're QX momentum over We're have the really you the We quarters We've where the is, back from front back our actually trends Churn is direction, downgrades all thing -- good. of off that I improving in helps us up. the picking considerably. in of dropped drivers that right? going revenue, seeing Our last if on about look the it talked all looks those book. about for the talked us perspective. was The certainly upsells a book levels. are a book from

that's big any pushing components it's all X driver positively. one XXXX. our It's momentum So actually not those contributing of into

Oleg Movchan

will Dylan, And add we keep also I diversifying that geographically.

see weakness else, additional see picked which sector, flag in one being of area we stability. we whenever for the allows that somewhere one world So or up

Bradley Herring

real bit more Investor next quick, We're to that talk week. Day some at back going we'll a peel deeper. just little about that And

Operator

Our next question Stifel. with Lane comes from the line Parker of

Matthew Kikkert

Kikkert XXX% driving what is talk context Parker. any guide? on what that into This into To dollar to with to and retention about to you number, you net start, coming increase is the Can along for guide. guiding baked XXX% talked Matthew about went the in that XXXX of churn

Bradley Herring

We of to it, little their unwound We when One little for bit of kind internally. from that is saw the Yes, see grew areas. give books a in to growth. very bit. macro of net the actually number for go a bit this coming a more a falloff pretty the customers year first as flavor add next the our especially a improvement sure. We'll XXXX, decent But couple seats came week. into organic is did half hesitant of

of where reverse those were those downgrades is We've that in both of of churn launching middle X.X% in or end normal seen to off redeploying trends just or in XXXX. toward either part We subsequently, it's coming of kind Normal mind, more involuntary. see into respect you keep of We back to also fall us somewhat X%. up into the those expecting in half in and funds. levels trends customers XXXX cost about we're not hedge 'XX It's churn, pick story. and return get XXXX churn to as of fair saw were seen the to a of XXXX, funds will unwound amount continue did numbers back X% back run similar the X% their resetting And as the not those again and as not structures. XXXX. to to to funding But 'XX they churn a for the we've levels.With

talk element. NDR contributing improvement, we'll that our we we're is So week. organic on about that seeing, more at that confident, But feel the you to trends when given And growth pretty look as well. especially churn next

us. help X all are to going So those of

Oleg Movchan

understand that. support We of team team, been team just product to the between They've of clients do longer we live, onboarding are disciplined the targeted book process. more a result, a go-to-market tight make go stay with of at as sure alignment we're making with seeing strategy. And technology lot function -- And of satisfied, spent our a the when steadily. day, solutions. quality is the that very addition and to clients a The one of for, our looking what book the us. is and end very with they're clients, do our quality And sure increasing that's the there's time really creating

Matthew Kikkert

new specifically differently great macro that drive wins. quarter sense. with better solutions? is as makes did And That mix additional offered Or a and wins? there secondly, company a you with better it a purely Okay. Is of to anything customer go-to-market these

Oleg Movchan

are how We we a being stress business very differently just we kept this about I We purposeful the on would much time. pressing. that basis. in didn't again do fact global think

prepared for remarks, the all of market how [ thinking understand ears London, about just we and what Kong to Hong as we're we our of those As how kind we kind product and winning those eyes are or ] rebalancing platform our following and kind is deploying the doing And Australia, out and such filling away the positioning of areas in South of from and less Korea, in business business, gaps. money positioning position book in flowing and the in the world, and the we we're Singapore. centers Belgium, up we're capital, and in of capital highlighted more

from years. what of And out We're set executing seeing on last so, we the launches do just couple really from balanced both changed. And to nothing we keep conversions. inflow over and

Operator

Our line JPMorgan. question the Alexei of next comes from Gogolev with

Alexei Gogolev

the seen to that Americas. that was in saw Utah the dynamics provide in the came Could And U.S.? update only? But growth Systems? you growth elaborate on from maybe an ask of We've the a maybe U.S. I first what you how you pickup can in much Retirement broadly,

Oleg Movchan

the just win. client is Systems recent Retirement Utah Well,

revenue did pretty business for U.S. the -- healthy. reflect So not But book our is 'XX. of in it's in the it

looking acknowledge fund keep the on would talent. I keep all, large some looking in multi-strategy there for multi-manager, that of scale hedge the consolidation First clients is as to space like going for and

this first we that And is phenomenon are show, not our we're happening the impact -- numbers On other all, that at -- hand, material second, is phenomenon to the see. of that we the scale as industry, Enfusion not doesn't much. this not

healthy. us that from between launches is and perspective, so, the balance conversions, And pretty for conversions

you our mix revenue Our it's mix, far and but still bookings, as very know, we discuss bookings as as them, well don't portfolio diversified.

there's lumpiness any that that what that's we perspective, asking see don't you're for. So from if in -- --

Alexei Gogolev

And market, midpoint? of you of the terms greater quarter with the revenue row, guidance moving XX% increased your do second a services efforts was below growth, of anticipate your for XX.X% Okay. up in share which in in managed XXXX at platform the

Oleg Movchan

We don't.

the clients today So offer we the when package our way that a we're to part managed thinking really we is, about market. go it's of services

me close So as have on my eye you times, guys hear keep -- managed we in say services multiple do general. I

do part we services forward make into we to we It's time just We when are managed to the this offering to to position go package we're clients. be point the is, market. back not relentlessly it the when use do deliver task. accomplish does use clients that come technology mirror same the to service services, the gross same managed we deliver could high we basically the is the our sure so that to image with that do invest platform What margins a of in of maximally at in technology

is And quarters ago, new to At spear. services. in couple engagement the to platform we so, obviously of alluded not once I as is the something itself this managed we go -- model, something a our this of will redesign market we point And a again, be like with tip track. ready that to time,

Operator

[Operator line Koji Ikeda the of next America. Instructions] of question Our comes with from Bank

Natalie Howe

Howe decisions I current on the settle part decisions? for what's given is further strategy This on you into And for more for which XXXX. macro planning before wanted Koji. you guys M&A, of Are environment. waiting Natalie hear more also the on to as you ask wanted think go those going to those the to business making the I and about benefit of would your most into

Oleg Movchan

Great question, much so Thank for Natalie. it. you

to available with relatively capital more There hearts stable, kind that captured and So still that's disconnect the opportunities. product keep we capital environment growing we pretty technology of extent available decent amount it seeing to minds macro between of and creates part earlier-stage are that's raw market. already businesses companies a of -- only that obviously watching but the is of to and is decent certain

at relatively wide looking we're opportunities. so, And M&A of range

for focus remains acquire it's hurdle core make SaaS-native you sure as our before, As something value know, our high is just this to because, of I us, our mentioned that proposition. architecture the to rate relatively

do think interesting current that's with total on, of capabilities there addressable tech our market focused know, stack not functionality far see do supplement are which areas, technology out where our as you and very have in, well. as we However, exist. some is compatible opportunities And very -- opportunities our opportunities neatly we are couple private that concerned, we're as strong is markets. we A

Operator

Sachs. the line Our Gabriela next Borges question with from of Goldman comes

Gabriela Borges

Either on comments. Oleg love Neal, map I'd or product to for for up road follow the

how larger balance want installed entire sophisticated across customers bespoke work about leverageable doing specific and landing you think for in you and about those think you to base? as the how is customization embed platform Specifically, do between the much working with customers, actually versus and more your

Neal Pawar

across Fantastic of them. functionality clients them a features. would question. embedded solutions that. that in it observed from talk don't rather This for is clients we've of Yes, very to requests about much industry a because and have Neal. And get way, you things platform things They a of like trying in they is to want platform that when that's one and of we lot bespoke implemented the us for we interesting build our Thanks for in to the variety if think they're out to get really way the doing their bespoke the attracts of ours. perspective, a that business a from works what

their platform not, the benefit of than us platform. does the And to everybody they that's effect need clients so and the go-forward sort support get so so, often when they our even wisdom to More to they crowds time a to, way customization they B, build perform very from a allow in whatever need have of though really that access pushing to that features contributing multi-tenanted to specific APIs perform. common they're from that, those don't the to they do of on A, basis; want something into happen can business, data time, to to them and them

Gabriela Borges

you the what you're on and the Oleg front and want some the back the follow-up And the on connect the of Day, done of How work book this fair to dots over I think Analyst Enfusion amount makes to and normalized trends you've the about the commentary imagine And growth of industry. sense. for ahead I long-term frame? book a that That and Brad, in medium-term do macro on profile seeing too. a time of your

appreciate share you're to I whatever So would this willing time. comments at

Bradley Herring

next to pretty front I'll that growth is, conversation about We're answer into exhaustive book a drives have each. going is this our back we're week. my to Brad. algorithm that break that. question. down great That's And what take book and going a the components, to Gabriela,

Tuesday conversation to on forward next that look having So week.

Operator

turn like to over That to the remarks. concludes for would session. Movchan today's call question-and-answer now Oleg I closing

Oleg Movchan

on Appreciate you to of on Day. you in forward March We're questions. one Thank looking the next Fort hosting Investor our all week XX Lauderdale every all.

Operator

That concludes today's call.

You may now disconnect.

Enfusion (ENFN) 12 Mar 242023 Q4 Earnings call transcript