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  "documentTitle": "Enfusion, Inc. (ENFN)",
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      "text": "While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations.",
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      "text": "Fine print: Stock comp up from $7.4m to $19 - $20m",
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      "text": "Source: ENFN FY 2023 results",
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      "text": "FCF Conversion is Adjusted Free Cash Flow divided by Adjusted EBITDA. Adjusted EBITDA guidance excludes stock-based compensation of $19-20 million for the full year 2024...",
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      "text": "Revenue $200-$210 million; Adjusted EBITDA $40-45 million; FCF Conversion 50-55%",
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