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  "docSlug": "f687a225f056",
  "documentTitle": "Enfusion, Inc. (ENFN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-14 00:00:00",
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  "pageNumber": 22,
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  "notes": "The slide uses a red-highlighted callout box to frame the argument and red cells in the table to emphasize negative financial metrics.",
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      "kind": "callout",
      "text": "Enfusion presents Adjusted Free Cash Flow as if it is positive and growing. Spruce Point disagrees with this depiction. The Company is making material cash payments to settle taxes associated with employee compensation programs. By adjusting results for these payments, we find that its Adjusted Free Cash Flow is negative. Enfusion's cash balance is declining and it recently issued equity and expanded its credit facility from $5 million to $100 million. We do not believe the Company has signaled a strong intention for acquisitions, so we view the credit facility expansion as insurance against greater financial loss and/or capital needs to satisfy its tax receivable obligations.",
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      "kind": "callout",
      "text": "Enfusion's cash balance is declining and it recently issued equity and expanded its credit facility from $5 million to $100 million.",
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      "text": "Adjusted Free Cash Flow: ($44.5)",
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      "kind": "source-note",
      "text": "Source: ENFN SEC filings and Credit Facility Announcement, Equity Issuance",
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      "kind": "table",
      "text": "Spruce Point vs. ENFN Adjusted Free Cash Flow table",
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      "kind": "title",
      "text": "Enfusion Is Deeply Cash Flow Negative",
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