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  "documentTitle": "Enfusion, Inc. (ENFN)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a red highlight for the Q4 row to emphasize the implied loss of revenue despite high net new client additions.",
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      "text": "We also observe that client churn and downgrades are detracting more from revenue growth than has been gained from new client revenue.",
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      "text": "Spruce Point has serious concerns with Enfusion's revenue quality in 2023. There is an implied loss of revenue from new clients in Q4 2023 despite the Company adding the most net new clients at year end. We also observe that client churn and downgrades are detracting more from revenue growth than has been gained from new client revenue.",
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      "text": "Source: ENFN SEC filings",
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