$ENFN
Enfusion, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022008644 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $34.14M $31.85M $24.35M
YoY Change 40.19% 40.57%
Cost Of Revenue $10.98M $10.16M $6.809M
YoY Change 61.3% 65.05%
Gross Profit $23.16M $21.69M $17.54M
YoY Change 32.0% 31.43%
Gross Profit Margin 67.83% 68.09% 72.04%
Selling, General & Admin $30.73M $167.6M $9.539M
YoY Change 222.12% 529.58%
% of Gross Profit 132.68% 772.88% 54.37%
Research & Development $4.802M $146.6M
YoY Change 8055.59%
% of Gross Profit 20.74% 675.72%
Depreciation & Amortization $1.340M $1.316M $755.0K
YoY Change 77.48% 96.42%
% of Gross Profit 5.79% 6.07% 4.3%
Operating Expenses $35.53M $314.2M $11.74M
YoY Change 202.61% 1005.4%
Operating Profit -$12.37M -$292.5M $5.803M
YoY Change -313.18% 2353.64%
Interest Expense $6.000K -$307.0K $1.392M
YoY Change -99.57% -46.14%
% of Operating Profit 23.99%
Other Income/Expense, Net -$3.000K -$1.214M -$1.392M
YoY Change -99.78% -1598.77%
Pretax Income -$12.37M -$294.0M $4.411M
YoY Change -380.53% 2269.21%
Income Tax $150.0K -$125.0K $302.0K
% Of Pretax Income 6.85%
Net Earnings -$7.265M -$293.9M $4.109M
YoY Change -276.81% 2311.54%
Net Earnings / Revenue -21.28% -922.66% 16.87%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10 -$2.600M
COMMON SHARES
Basic Shares Outstanding 83.38M
Diluted Shares Outstanding 83.38M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.21M $64.36M
YoY Change
Cash & Equivalents $56.21M $64.37M $12.13M
Short-Term Investments
Other Short-Term Assets $1.332M $1.060M
YoY Change
Inventory
Prepaid Expenses $5.458M $6.030M
Receivables $23.41M $18.22M
Other Receivables $0.00 $0.00
Total Short-Term Assets $86.41M $89.68M
YoY Change 210.19%
LONG-TERM ASSETS
Property, Plant & Equipment $15.05M $13.05M
YoY Change 48.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.499M $3.356M
YoY Change 139.03%
Total Long-Term Assets $18.55M $16.41M
YoY Change 61.04%
TOTAL ASSETS
Total Short-Term Assets $86.41M $89.68M
Total Long-Term Assets $18.55M $16.41M
Total Assets $105.0M $106.1M
YoY Change 171.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.189M $2.528M
YoY Change 422.31%
Accrued Expenses $6.557M $5.578M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $7.746M $8.106M
YoY Change -23.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $497.0K $538.0K
YoY Change 25.12%
Total Long-Term Liabilities $497.0K $538.0K
YoY Change -99.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.746M $8.106M
Total Long-Term Liabilities $497.0K $538.0K
Total Liabilities $8.243M $8.644M
YoY Change -91.93%
SHAREHOLDERS EQUITY
Retained Earnings -$178.5M -$171.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.87M $55.30M
YoY Change
Total Liabilities & Shareholders Equity $105.0M $106.1M
YoY Change 171.32%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$7.265M -$293.9M $4.109M
YoY Change -276.81% 2311.54%
Depreciation, Depletion And Amortization $1.340M $1.316M $755.0K
YoY Change 77.48% 96.42%
Cash From Operating Activities -$4.097M -$5.812M $767.0K
YoY Change -634.16% -46.74%
INVESTING ACTIVITIES
Capital Expenditures $3.171M -$1.641M $2.352M
YoY Change 34.82% 11.63%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.171M -$1.641M -$2.352M
YoY Change 34.82% 11.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -805.0K 63.38M -164.0K
YoY Change 390.85% 285.28%
NET CHANGE
Cash From Operating Activities -4.097M -5.812M 767.0K
Cash From Investing Activities -3.171M -1.641M -2.352M
Cash From Financing Activities -805.0K 63.38M -164.0K
Net Change In Cash -8.159M 55.93M -1.810M
YoY Change 350.77% 1274.85%
FREE CASH FLOW
Cash From Operating Activities -$4.097M -$5.812M $767.0K
Capital Expenditures $3.171M -$1.641M $2.352M
Free Cash Flow -$7.268M -$4.171M -$1.585M
YoY Change 358.55% -55.83%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1   Organization and Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Enfusion, Inc. (“Enfusion” or the “Company”) is a leading provider of cloud-based order and execution management, portfolio management and risk systems. Enfusion’s clients include large global hedge fund managers, institutional asset managers, family offices and other institutional investors. Enfusion provides its clients with innovative real-time performance, risk calculations, and accounting capabilities for some of the most sophisticated financial products. The Company is headquartered in Chicago, Illinois and has offices in Chicago, New York, London, Dublin, Hong Kong, Singapore, São Paulo, Mumbai, Bengaluru, and Sydney.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Enfusion, Inc. was incorporated in Delaware on June 11, 2021 for the purpose of facilitating an initial public offering which was completed on October 25, 2021, and other related transactions in order to carry on the business of Enfusion Ltd. LLC. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Enfusion, Inc. now has three wholly-owned subsidiaries: Enfusion US1, Inc., Enfusion US2, Inc. and Enfusion US3, Inc.; as well as a substantial financial interest in Enfusion Ltd. LLC and its wholly-owned subsidiaries: Enfusion Systems UK Ltd, Enfusion HK Limited, Enfusion Software Limited, Enfusion Softech India Private Limited, Enfusion (Singapore) Pte. Ltd., Enfusion do Brasil Tecnologia da Informacao Ltda, Enfusion (Australia) Pty. Ltd. and Enfusion (Shanghai) Co., Ltd. Enfusion, Inc., through its control over the managing member of Enfusion Ltd. LLC, manages and operates Enfusion Ltd. LLC’s business and controls its strategic decisions and day-to-day operations. As such, Enfusion, Inc. consolidates the financial results of Enfusion Ltd. LLC, and a portion of Enfusion, Inc.’s net income will be allocated to non-controlling interests to reflect the entitlement of the Pre-IPO Common Unitholders to a portion of Enfusion Ltd. LLC’s net income. As of March 31, 2022, we owned approximately 58% of Enfusion Ltd. LLC. </p>
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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="background:#ffffff;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated 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 current period of the change. </span></p>
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
28800000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24687000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21516000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9641000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8465000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15046000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13051000
CY2022Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1200000
CY2021Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
499000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
768000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
484000
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
408000
CY2021Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
272000
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3973000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3180000
CY2022Q1 enfn Accrued Expenses Current
AccruedExpensesCurrent
1973000
CY2021Q4 enfn Accrued Expenses Current
AccruedExpensesCurrent
1182000
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
611000
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1216000
CY2022Q1 enfn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
6557000
CY2021Q4 enfn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
5578000
CY2022Q1 enfn Operating Leases And Service Agreements Future Minimum Payments Due Remainder Of Fiscal Year
OperatingLeasesAndServiceAgreementsFutureMinimumPaymentsDueRemainderOfFiscalYear
3478000
CY2022Q1 enfn Operating Leases And Service Agreements Future Minimum Payments Due Next Twelve Months
OperatingLeasesAndServiceAgreementsFutureMinimumPaymentsDueNextTwelveMonths
3310000
CY2022Q1 enfn Operating Leases And Service Agreements Future Minimum Payments Due In Two Years
OperatingLeasesAndServiceAgreementsFutureMinimumPaymentsDueInTwoYears
2385000
CY2022Q1 enfn Operating Leases And Service Agreements Future Minimum Payments Due In Three Years
OperatingLeasesAndServiceAgreementsFutureMinimumPaymentsDueInThreeYears
901000
CY2022Q1 enfn Operating Leases And Service Agreements Future Minimum Payments Due
OperatingLeasesAndServiceAgreementsFutureMinimumPaymentsDue
10074000
CY2022Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000.0
CY2021Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
902000
CY2022Q1 enfn Service Agreements Expense
ServiceAgreementsExpense
268000
CY2021Q1 enfn Service Agreements Expense
ServiceAgreementsExpense
208000
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12700000
CY2022Q1 enfn Payment Total Tax Withholding Share Based Payment Arrangement
PaymentTotalTaxWithholdingShareBasedPaymentArrangement
1200000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
805000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12682000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-12524000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5259000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-7265000
CY2022Q1 enfn Adjustments To Net Income Loss Attributable To Common Stockholders
AdjustmentsToNetIncomeLossAttributableToCommonStockholders
-716000
CY2022Q1 enfn Net Income Loss Attributable To Common Stockholders Net Of Adjustments
NetIncomeLossAttributableToCommonStockholdersNetOfAdjustments
-7981000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
65583000
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
17801000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83384000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
51221
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0121
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0642
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 enfn Percentage Of Entity S Share Of Tax Benefits Under Tax Receivable Agreement
PercentageOfEntitySShareOfTaxBenefitsUnderTaxReceivableAgreement
0.85
CY2022Q1 enfn Significant Change In Tax Receivable Agreement If Determined Reasonably Possible Amount Of Unrecorded Tax Liability
SignificantChangeInTaxReceivableAgreementIfDeterminedReasonablyPossibleAmountOfUnrecordedTaxLiability
74700000
CY2021Q4 enfn Significant Change In Tax Receivable Agreement If Determined Reasonably Possible Amount Of Unrecorded Tax Liability
SignificantChangeInTaxReceivableAgreementIfDeterminedReasonablyPossibleAmountOfUnrecordedTaxLiability
74700000

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