The following is a summary of the Enfusion, Inc. (ENFN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Enfusion reported a 15% year-over-year growth in revenue, reaching $51.2 million in Q3 2024.

• Adjusted EBITDA for the quarter was $11.1 million, representing a margin of 21.8%.

• Gross profit increased by 17% year-over-year to $35.2 million; adjusted gross margin was 68.8%.

• The company witnessed annual recurring revenue (ARR) crossing $200 million, a 14% growth year-over-year.

Business Progress:

• New product developments and enhancements such as the Portfolio Workbench tool played a significant role in expanding into higher-value market segments and geographical regions.

• Enfusion signed 38 new clients in Q3, bringing the total to 894, with notable wins across various global markets including Agile Investment Management and Frontier Global Partners, and a strong presence in EMEA.

• The company is making key hires and increasing its capacity in product and engineering to drive future scaling and innovation.

Opportunities:

• The potential to expand further into institutional asset management markets, increasing the serviceable addressable market (SAM).

• Geographic expansion, particularly in the Middle East and Scandinavia, presents opportunities for growth.

Risks:

• Slower growth from back book clients due to factors like the upcoming election and general macroeconomic conditions.

• The company experienced an unusually high amount of involuntary churn at the end of Q2 and begin Q3 that impacted growth trajectory for the quarter.

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