{
  "docId": "019dd923-622c-750b-8b99-daa7bab7aec2",
  "docSlug": "f687a225f056",
  "documentTitle": "Enfusion, Inc. (ENFN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-14 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 30,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "comparison_table",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 100,
  "notes": "The slide uses a red callout to highlight negative trends and a red box to note the cessation of disclosures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-daa7bab7aec2/13",
  "deckHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.78,
        "y": 0.91
      },
      "kind": "callout",
      "text": "Will cease disclosure",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e78f06d-9e02-4b42-9c23-a1299023ec2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.78,
        "y": 0.605
      },
      "kind": "callout",
      "text": "Metrics going the wrong direction",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a67a1cd6-79b8-4932-8953-a4c55198f43f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Key performance metrics such as Net Dollar Retention (NRR) are going the wrong direction and now ENFN will stop providing NRR including involuntary churn.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b6-7fb40375e143",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Dollar Retention: 102",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b6-81984d475688",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Customer gains have declined in each of the past three years from 229 > 174 > 148. However, customer losses are rising from 95 > 89 > 102. Key performance metrics such as Net Dollar Retention (NRR) are going the wrong direction and now ENFN will stop providing NRR including involuntary churn.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7054652b-8928-4029-b2ab-34da615bcd02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: ENFN SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2044c0b9-1d01-412c-b7d4-7d47d5ade175",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.96,
        "x": 0.02,
        "y": 0.29
      },
      "kind": "table",
      "text": "Enfusion's Client Disclosures table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af1cc115-7d78-4965-b906-d18e77355e6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "The Rate of Customer Loss Exceeds Customer Additions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7158371d-defa-461c-a367-bf109f0a34f1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Data-Ink Ratio",
      "slug": "data-ink-ratio",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "084b7cb5-40da-4017-84f0-434cd807b3d3",
      "evidence": "The use of a table with data follows the principle of maximizing the data-ink ratio for clear communication.",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "8085ce87-2ae0-45a6-96d7-79f7fd6f1995",
      "evidence": "Highlighting negative trends and cessation of disclosures to imply management obfuscation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 6,
      "beatId": "ff173595-a0f2-4fdc-9ee5-0a9599b29cac",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document highlights multiple contradictions and concerns over Enfusion's financials and growth strategy",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 10,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "ba75dc0e-9a56-4e64-b1bc-45dcaffbc052",
      "evidence": "The document reveals the iceberg of Enfusion's weakening product advantage and its implications",
      "position": 1,
      "objective": "What are the implications of Enfusion's weakening product advantage?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}