#1Enfusion 4Q 2022 Shareholder Letter March 2023 :enfusion ●●● ● PROPRIETARY AND CONFIDENTIAL ©2023 ENFUSION. ALL RIGHTS RESERVED. ● ●#2Disclaimer Forward-Looking Statements Statements we make in this presentation may include statements which are not historical facts and are considered forward- looking within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act), including expectations regarding future financial performance. These forward-looking statements are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "could," "will," and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, such as those set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 that was filed with the SEC on March 30, 2022 and our subsequent Quarterly Reports on Form 10-Q. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. *:enfusion PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 2#3Dear Shareholders, Enfusion ended 2022 - its first full calendar year after the IPO - on a high note. During volatile market conditions, the resiliency of our business tends to shine and accentuate the value we provide to our clients. Investment managers have been reimagining their technology infrastructure without a clear solution. Many have selected Enfusion's software and services as a strategic solution to transform their legacy systems with our robust, contiguous cloud native end to end software platform. 4Q22 Highlights: This quarter's performance demonstrates our focus on delivering best-in class "software-and-a-service" offerings. Two key areas I'm particularly proud of: We delivered robust financial results despite a challenging macro environment. Our fourth quarter top line outperformance was driven by strength in new sales across all products and services. These revenue results, coupled with our ongoing expense discipline, translated into significant YoY adjusted EBITDA margin expansion. We also delivered a second consecutive quarter of positive adjusted free cash flow driven by healthy margin and cash conversion. ● Our fourth quarter client wins demonstrate the regional and operational diversification of our addressable market. During the quarter, we signed a multi-billion-dollar Tokyo-based alternative investment manager that was looking to modernize its inefficient, on-prem legacy stack. We also partnered with a newly formed spin-out from one of the Middle-East's largest global hedge funds seeking a robust cloud-native platform. Further, we're particularly proud that a North Carolina-based university endowment selected Enfusion to replace its outdated legacy infrastructure, allowing them to support all asset classes and reduce total cost of ownership. Entering 2023, we expect to build on our momentum and further advance Enfusion's leadership position as the premier provider of end-to-end cloud-native investment management solution. Our capital allocation strategy remain sharply focused on technology, product and client services in order to provide innovative solutions and further enhance the scope and quality of our client services experience. We believe our investments in these categories will further our competitive advantage by accelerating innovation, bringing new products capabilities to market and providing an unparalleled client experience. ● I want to express my gratitude to my colleagues for their hard work, dedication to our clients and passion for our brand. Our results this quarter speak to the strength of our talent and commitment of our team to serving our clients every day. Sincerely, A. Morch Oleg Movchan Chief Executive Officer *:enfusion - PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 3#4Our mission To help solve investment managers' evolving business and operational challenges through next generation technology *:enfusion +LS BY Sector (OMS) Consumer Discret Financials Health Care Industrials Information Techn Descretos g ADERE CLO $0.00 $7,576.53 Materials Real Estate Utilities $0.00 $15245 $20,760.41 ADVANCED MICRODEVICES ORD APPLE ORD DIGITAL ALLY ORD HELIOS AND MATHESON ANALY INTILORD INTERNATIONAL MICROSOFT ORD HANG DONG $1,361.20 $780.36 S&RD TRANSCENDENCE TECHNOL DE 6.520 344,905 10,000 200,000 4,4 $0.00 No Que P 1,800 50.000 323.500 $0.00 $0.00 $0.00 $757653 $0.00 $4531829 $0.00 FORM $0.00 $2.00 $ Total Daily P. $Daly Realred $Daly Unreal $ Daily Trading $ Daly Car $Daly FX Con $Daly Dividen $Daly Fund. $ Daily Accue $0.00 $180.38 57,533.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 10.00 $0.00 $0.00 $0.00 $2079041 $789.34 EMIDPAL $0.00 $22.63506 $0.00 1420000 10.00 578936 -52725,42514 $0.00 $0.00 $12.000.00 $0.00 $3725.000.00 $0.00 ww 10.00 suto $0.00 5437.37 MEM $0.00 $0.00 $0.00 $11315236 $11,162 $12.575.0 $4,200.00 $12,000 00 $190,0000 $0.00 $0.00 $0.00 $6.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 SYROPOL $420000 $22.535.06 $100.861.46 10.00 -8.00 $0.00 www.de 14500 10:00 $1.00 $ Total Daily P S Daly Realed $Daly Unreal $Daily Trading $Daly Commi $0 $0.00 $225974.54 -2.39693454 $0.00 $0.00 $10,15286 $805,045.25 41725470.14 5810300002 $4,700.00 $199,720.40 11200100 $322,000.00 8972825.00 -3304 File Tools View Legal Entity Instruments Trade Position Help CS1300 (Jan) DJI 5,485.20 3 0.00 + My Blotter (41) Program Name Progra Name 0.00% CAM Compo Beach Communica Communi... Communi... Communi... $7:59:36 $0.00 $0.00 $0.00 Pou 5000 9000 Fiters... 2016 $2.78 $6310 $175.00 121829 $0.34 953176 112400 MAT 110042 $.42.12 100 30.00 $0.00 36,794.20 $780.17 MatPrice Native Doy Tray 50.00 5007 $0.00 50.00 5000 50.00 50.00 10 15.00 50.00 Clear Filters Status $0.00 $0.00 000 x Needs Action (0) x Active Orders (41) Y <25% Filled 10:00 5000 50.00 0.00 x 8000 5000 1000 15.00 $0.00 10:00 FX Con. $Osily Dividen $Daly Finand $Daily Acore.. $0.00 $0.00 30.00 → 10.00 $0.00 0.00% BM GICS Pet Exch US US US US US US US O US Enfusion [email protected]@[PO=prodapps220.chi, DS=dataserver-prod-us01] - [52359] ting Link St Filled %... verage Cos 78.12 107.22 16.44 DOW (Mar) 30,942.00 0.00% PL GICS @ 9:04 X 0% ✓T XC 0% ✔T XC 0% ✔T XC XOT XC 0% 0% 28 AGE 0% T XC 0% вот хо Y Notl 250k 0% KIXO 0% KI XO A Limit Active Routes (0) Compliance Compliance Issues Buy SUMMIT ORD Limit Buy AUTODESK ORD Limit n/a D 0.00 0.00% Buy SPOR S&P BIOTECH ETF 50 Position Order Management x Y Chan Open 25,000 Buy 30,932 Buy 68,750 Buy In Compliance Buy LOEWS ORD Limit 0/100 Buy ADVANCE AUTO PARTS ORD Buy STANDARD MOTOR ORD Limit TOO Buy ESZO-ESH1 1,954 Buy 0100 OID: 8215600 321 Buy 41.520 Buy O Sell Short FB OID: 8518366 OID: 8215236 Txn NFLX O Sell Short SNAP O Sell Short TWTR OID: 8215228 23,168,592 OID: 8215178 Inactive Routes (8) OID: 8215278 OID: 7363437 Nasdaq (Mar) na D 0.00% Buy ACTIVISION BLIZZARD OR Limit n000 OID: 7789440 Sell INTERNATIONAL BUSINESS MACHIN.. Limit 0-250.000 OID: 7813993 Ticker1 LAZR TSLA VLDR Compo AMZN HI O 645,840 5 Quantity $ SMV 250.000 25,000 200,000 11.072.562 3,811.702 57,197.331 1.000 Market Data Status: Up 626.566 81,015.393 Completed Orders (0) Alerts (0) Comm Svcs S&P (Mar) n/a DI $ SMV 0.00% X Cancel Stale Routes Limit 0.00 $GMV 23,168,592 Type 645,840 $GMV Gold Han 1.912.30 PROPRIETARY AND CONFIDENTIAL 269.48 Limit GTC 523.77 Limit GTC 52.09 Limit GTC 53.76 Limit GTC Value Date Latest 3,183.40 Limit GTC 36.97 Limit GTC Market GTC Market GTC Market GTC Pair (0) 645,840 0.00% More Settings $ YTD P& 3,231,832 VIX (Jan) 23.23 0.00 X MNUS (49) x TIF $ National Trade Am... Market/Limit Delta Y Indus Y Financials $ YTD P&L -163,860 8,032,500 17,641,750 5,164,000 2,983,834.059 1,996,455.117 2,979,408.961 53.760 1,994,611.529 2,995,139.076 $ MTD P&L 3,231,832 0.00% Save Clear (0) X S (41) Info Tech EUR/USD 1.2272 -14.92 -0.29 1.49 Last X Y Global 32.16 816.07 25.82 268.81 508.85 52.38 52.27 -21.17 3.162.23 6.47 43.44 Market Env. Enfusion-Default Description G Export.. Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. APPLE ORD -163,860 FOLEY TRASIMENE ACQ II CL A ORD $ MTD P&L FundShortName Custodian -163,860 Filled 0 4 ✿ A 4 PM Print..#5We simplify and unify the investment management lifecycle We manage complex workflows... Fills Orders Reconciliations *:enfusion Allocated Trades Reporting Statements Order Management x Active Orders (123) GIC Sector Communicatio D Pairs (6) Clear Filters > Charlie OMS Server Status: Up S Program Name Portfolio Manager x > Fred Smith Communications Communica Pair 1 Communica... Pair 1 Communica... Skyliners Communica... Skyliners Communica... High Tide PM Communica... High Tide PM Communica... High Tide PM Communica... High Tide AM Partially Consumer Dis... Consumer D... Skyliners Consumer D... Pair 3 Consumer D... EU Focus Consumer D... EU Focus Consumer D Skyliners O All Symbols (194) Y3 %30dADV Status Com.. Pareny Order Id 9348141 fill alert. Buy 10000.00 of "BUTTERFLY NETWORK CLA ORD@ 17.00. 15.00 % filled. Matched Threshold 5.00% X- W 7 X x My Groups (0) V <25 % Filled Position 254,090 698,677 F O Ⓒ 5 Xc x Voice Orders (194) x Needs Action (0) x Ac V25-75% Filled V Financial Not >250k Indus/Mater 9 -$1,071.06 65,684.25 1,431.58 -39,952.00 TXC SNAP US 5 Equity 176,450TX C TWTR US Equity OⓇTXC ATVI US 01/21/2... OT CATVIUS Equity 176,450TX C TWTR US Equity 63,460 TXC FB US Equity 105,826TXC SNAP US Equity 70,665T C NFLX US Equity 44,000 21,300 Routing Link Status: Blockcross NYFIX TEST (Dark Pool) Daily Base Amount 230.941.61 $478.605.93 -$19.860.81 $6,226.25 BB Ticker 0TX C NMKA MM Equity TXC SCI US Equity OTC GM US Equity OTXCHDI GR Equity 1.400 TXC COGN3 BZ Equity MTD Base Amount 327,664,036.90 $327,060,229.62 -$40.913.15 $21,820.00 Method Undecided Undecided Buy Undecided Sell Undecided Sell Undecided Buy Undecided Buy Undecided Buy Undecided Buy Market Data Status: Up 1,435,588.57 -$4,651.06 -81,952.00 Undecided Buy Undecided Sell Undecided Buy Undecided Buy Undecided Buv Quantity -296,000 598,000 250,03) 100,000 200,000 219,000 100,000 6.300 25-0011 YTD Base Amount 283,247,230.40 $287,019,361.82 $4,695,569.30 $118.10 -6,975.426.05 -$33,968.52 288.00 83,000 50,000 50,000 14.000 www. > Mary Clark > Missing Portfolio Manager > Patrick Anderson > Pete Jones Local Time 10:04:00 AM Chicago 9:04:00 AM Hong Kong 11:04:00 PM London 3:04:00 PM New York 10:04 End: GIC Sector Information Tec AAPI AMZN BFLY .. ► DIS ► DSGT IWD enfusion AvgPx v Last Pet 7.30% -7.30% FundShortName 34 6,000 5,000 CMARK CLP 15,000 1,700 70.000 Liquidity 1.08 146.89 Sh $ Daily P&L 3,275.07 3.057.64 26.69 18.50 28.86 21.66 20.92 12.92 Quantity 0.45 150.54 -71 14,200 Match Case $MTD P&L -18,247 $ Average Cost 0 0 0 $ MTD P&L -169,850 0 0 pyr 128.73 128.73 $ YTD P&L -124,321 -124,321 Market Price Received 21 row(s). -1,182 -3.300 -6.350 $ YTD P&L -259,818 -38,400 10,234 -12,981 3,650 119.97 119.97 $LMV 1,703,645 1,703,645 AvgPx v Last Pet -7.30% -7.30% -7,284 -49,140 -36,000 -120,000 278,902 -43.781 3,650 AvgPx v La 0.0000 ...empowering teams to operate in concert | Դ Օ $ CFO Portfolio Manager Po Compliance Officer Middle Office COO Analysts ♂ 31 임모 Traders Investor Relations PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. Back CIO Office 5#6Serving clients across the investment management industry <>Alternative Investment Managers Hedge Funds Private Credit *:enfusion Private Equity Family Offices Institutional Investment Managers Wealth Managers Mutual Funds Traditional Asset Managers Sovereign Wealth Funds 6#7Purpose-built end-to-end solution Analytics • Connected in real-time with our PMS and OEMS . Comprehensive client data insights to analyze portfolios through time horizons and automate customized visualized reports Accounting / General Ledger • Double-entry ledger that automates the posting of general ledger journal entries directly from PMS Complete, real-time Accounting Book of Record ("ABOR") *:enfusion Performance Attribution Mission critical systems integrated with a suite of technology-powered services Analytics PMS Visual Analytics Reporting & Analytics START Investment Decision One single dataset and source of truth •:enfusion Admin. & Settlement EOD Trade Files, espaา เpieues | Buเunoววง OEMS Order Generation Order/Trade Routing Allocations & Trade Affirmation дәәләд рәләм-ба Portfolio Management System • Live details of portfolio positions • Real-time Investment Book of Record ("IBOR") Order Execution Management System Electronically communicate and manage trade orders • Systemically enforce trading regulations and internal guidelines Technology-Powered Services • Expert teams empowered by technology Front-, middle- and back- office time consuming, administrative tasks A PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED.#8Addressing a large and growing market IT hardware spend Internal IT spend Software & IT services from Investment Management *:enfusion $19bn+ $2.0bn $5.7bn $11.5bn Source: IDC's Worldwide Capital Markets IT Spending Guide (2023); PwC Asset and Wealth Management Revolution (2020) enfusion 2022 ARR: $164.7mm Robust growth in Underlying industry total 40% growth in global AUM 2015-2020 annual 8% growth of alternatives AUM projected annual 6% growth of total AUM projected $145 trillion in global AUM by 2025 PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 8#9Why we win Client-centric approach Rapid pace of delivery and evolution *:enfusion Cloud-native, multi-tenant Saas One end-to-end solution, one single dataset and source of truth Open, flexible and tailored Drive efficiencies and lower total cost of ownership Unique ability to lead with a single solution - and then adjust to a client's growing complexity, scale with its size, evolve with its operational workflows, and continuously adapt to customer business dynamics PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 9#10Q4 2022 key financial highlights $ in millions Highly attractive SaaS model with combination of scale, growth and profitability *:enfusion Total Revenue Gross Profit Adjusted Gross Profit Net Income Adjusted EBITDA (1) Operating Cash Flow (1) Adjusted Free Cash Flow (1) (1) See appendix for definition and non-GAAP reconciliations. $40.5 $27.2 $27.5 $0.8 $6.8 $7.5 $3.6 PROPRIETARY AND CONFIDENTIAL 27.2% YOY Growth 67.2% 68.0% Adjusted Gross Margin 1.9% Net income Margin 16.7% Adjusted EBITDA Margin 18.6% OCF Margin 53.4% FCF Conversion ©2023 ENFUSION. ALL RIGHTS RESERVED. 10#11Strong growth trends with expanding profitability $ in millions $31.9 4Q21 4Q21 40.6% *:enfusion $34.1 Revenue $36.5 $39.2 1Q22 2Q22 3Q22 YOY Growth $40.5 4Q22 1Q22 2Q22 3Q22 4Q22 40.2% 38.2% 34.8% 27.2% $22.1 $21.7 4Q21 Gross Profit and (1) Adjusted Gross Profit $23.5 $23.2 4Q21 $26.0 $25.7 Adjusted Gross Profit $27.6 $27.2 1Q22 2Q22 3Q22 4Q22 -Gross Profit Gross Margin and Adjusted Gross Margin 1Q22 2Q22 3Q22 Gross Margin 68.1% 67.8% 70.3% 69.4% Adjusted Gross Margin 69.3% 68.9% 71.2% 70.5% $27.5 See appendix for non-GAAP reconciliations. (1) $27.2 4Q22 67.2% 68.0% $3.2 4Q21 Net Income and Adjusted EBITDA $(293.9) $(12.5) 4Q21 NM $1.8 (1) $5.3 $5.4 $2.6 $(4.1) 1Q22 2Q22 3Q22 4Q22 Adjusted EBITDA -Net Income Net Income Margin and Adjusted EBITDA Margin 1Q22 2Q22 3Q22 Net Income Margin NM NM 6.6% $6.8 Adjusted EBITDA Margin 10.0% 5.4% 14.5% 13.9% $0.8 4Q22 1.9% 16.7% ($3.1) ($5.8) 4Q21 4Q21 NM Operating Cash Flow and Adjusted Free Cash Flow (1) NM PROPRIETARY AND CONFIDENTIAL ($4.1) $2.9 ($1.4) $7.8 $4.8 Operating Cash Flow Margin and Adjusted Free Cash Flow Conversion ($9.4) 1Q22 2Q22 3Q22 4Q22 Adjusted FCF -Operating CF 1Q22 2Q22 3Q22 Operating Cash Flow Margin NM 7.9% 20.0% $7.5 Free Cash Flow Conversion NM NM 87.6% $3.6 Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 4Q22 18.6% 53.4% 11#12Organic, sticky expansion at scale $ in millions $127.1 4Q21 4Q21 36% $137.6 *:enfusion 1Q22 ARR $148.7 $158.7 2Q22 3Q22 4Q22 YOY Growth $164.7 1Q22 2Q22 3Q22 4Q22 37% 38% 30% 33% Net Dollar Retention Rate (1) 115.0% 115.8% 121.9% 116.6% 115.4% 4Q21 1Q22 2Q22 3Q22 4Q22 734 756 4Q21 63% Clients 793 810 4Q21 1Q22 2Q22 3Q22 4Q22 % Conversions 1Q22 2Q22 3Q22 67% 74% 60% (1) Net Dollar Retention Rate excludes involuntary churn. 819 4Q22 51% PROPRIETARY AND CONFIDENTIAL Avg Contract Value $184 4Q21 7% $190 4Q21 1Q22 2Q22 3Q22 4Q22 $195 1Q22 YOY Growth 9% $201 12% 2Q22 3Q22 4Q22 $207 10% Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 13% 12#13Financial outlook Revenue Adjusted EBITDA *Adjusted EBITDA guidance excludes stock-based compensation of $12 million for the full year 2023. *:enfusion 2023E $185-$190 million $32-$34 million These statements are forward-looking and actual results may differ materially. Refer to the "Forward-Looking Statements" safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Enfusion has not reconciled its estimates for Adjusted EBITDA to net income under U.S. generally accepted accounting principles (GAAP) due to the uncertainty and potential variability of expenses that may be incurred in the future. Accordingly, a reconciliation is not available without unreasonable effort. PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 13#14Appendix enfusion#15*:enfusion ENFUSION, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands, except shares and unit amounts and par value) (Unaudited) ASSETS Current Assets: Cash and cash equivalents Accounts receivable, net Prepaid expenses Other current assets Total current assets Property and equipment, net Right of use asset Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Lease liability - short term Total current liabilities Lease liability Other liabilities Total liabilities Stockholders' Equity: Class A common stock, $0.001 par value; 1,000,000,000 shares authorized, 70,859,711 and 65,583,289 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively Class B common stock, $0.001 par value; 150,000,000 shares authorized, 43,198,768 and 47,470,972 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' equity attributable to Enfusion, Inc. Non-controlling interests Total stockholders' equity Total liabilities and stockholders' equity $ $ $ $ 2022 December 31, 62,545 25,855 6,105 2,303 96,808 15,759 6,732 4,484 123,783 1,685 11,665 4,030 17,380 2,959 20,339 71 $ $ $ 43 244,260 (178,863) (504) 65,007 38,437 103,444 123,783 $ 2021 64,365 18,223 6,030 1,060 89,678 13,051 PROPRIETARY AND CONFIDENTIAL 3,356 106,085 2,528 5,578 8,106 538 8,644 66 47 226,717 (171,209) (325) 55,296 42,145 97,441 106,085 Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 15#16*:enfusion REVENUES: Platform subscriptions Managed services Other Total revenues COST OF REVENUES: Platform subscriptions Managed services Other Total cost of revenues Gross profit OPERATING EXPENSES: General and administrative Sales and marketing Technology and development Total operating expenses Income (loss) from operations NON-OPERATING (EXPENSE) INCOME: Interest expense Other (expense) income Total non-operating expense Income (loss) before income taxes Income taxes Net income (loss) ENFUSION. INC. CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands) (Unaudited) Net income (loss) per Class common share attributable to Enfi ion, Inc.: Basic Diluted Weighted Average number of Class A common shares outstanding: Basic Diluted $ Three Months Ended December 31 2022 2021 37,804 2,691 22 40,517 11,564 1,633 99 13,296 27,221 15,073 6,001 4,775 25,849 1,372 424 (590) (166) 1,206 418 788 0.01 0.01 88,022 132,950 29,562 1,979 312 31,853 8,656 1,457 51 10,164 21,689 128,229 39,402 146,556 314,187 (292,498) (307) (1,214) (1,521) (294,019) (125) (293,894) (2.26) (2.26) 83,045 83,045 $ $ Years Ended December 31 2022 2021 138,868 9,821 1,660 150.349 40,017 6,692 391 47,100 103,249 68,764 29,286 17,163 115,213 (11,964) 413 (638) (225) (12,189) 1,074 (13,263) (0.10) (0.10) 85,393 85,393 $ $ 103,259 7,119 1,322 111,700 27,195 4,425 225 31,845 79,855 150,614 51,725 153,400 355,739 (275,884) (4,594) (1,185) (5,779) (281,663) 579 (282,242) (2.26) (2.26) 83,045 83,045 PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 16#17*:enfusion ENFUSION. INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (Unaudited) Cash flows from operating activities: Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: Non-cash operating lease expense Depreciation and amortization Provision for bad debts Amortization of debt-related costs Stock-based compensation expense Loss on extinguishment of debt Net foreign currency losses Change in operating assets and liabilities: Accounts receivable Prepaid expenses and other current assets Accounts payable Accrued expenses and other liabilities Net cash provided by (used in) operating activities Cash flows from investing activities: Purchases of property and equipment Net cash used in investing activities Cash flows from financing activities: Repayment of term loan Payment of Member distributions Issuance of Class A common stock in the IPO, net of issuance costs Purchases of common units from Pre-IPO common unit holders Payment of withholding taxes on stock-based compensation Net cash (used in) provided by financing activities Effect of exchange rate changes on cash Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period $ $ 2022 (13,263) 257 6,344 1,399 26 24,993 (9,031) (1,767) (843) 6,041 14,156 (7,931) (7,931) (7,959) (7,959) (86) (1,820) 64,365 62,545 $ $ 2021 PROPRIETARY AND CONFIDENTIAL (282,242) 3,975 1,450 222 289,803 1,215 (7,493) (6,477) 2,044 (2,815) (318) (8,014) (8,014) (100,000) (3,283) 260,545 (87,846) (10,567) 58,849 (90) 50,427 13,938 64,365 Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 17#18Reconciliations To Non-GAAP Financial Measures The following table reconciles gross profit to adjusted gross profit: ($ in thousands) GAAP Gross profit Add back stock based compensation expense Adjusted Gross profit Adjusted Gross Margin ($ in thousands) Net income (loss) Interest expense Income taxes The following table reconciles net income to Adjusted EBITDA: Depreciation and amortization EBITDA Adjustments: Stock-based compensation expense Loss on debt extinguishment Taxpayment on stock-based compensation Adjusted EBITDA Adjusted EBITDA margin *:enfusion $ $ December 31, 2021 21,689 377 22,066 69.3% December 31, 2021 (293,894) 307 (125) 1,316 (292,396) 289,803 1,215 4,570 3,192 10.0% March 30, 2022 23,158 354 23,512 68.9% March 30, 2022 (12,524) 6 150 1,340 (11,028) 12,432 434 1,838 5.4% Three Months Ended June 30, 2022 25,693 341 26,034 71.2% Three Months Ended June 30, 2022 (4,125) 1 219 1,615 (2,290) 7,523 50 5,283 14.5% September 30, 2022 27,177 406 27,583 70.5% September 30, 2022 2,598 4 287 1,699 4,588 833 14 5,435 13.9% December 31, 2022 27,221 321 27,542 68.0% December 31, 2022 788 (424) 418 1,690 2,472 4,205 87 6,764 16.7% PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 18#19Reconciliations of Non-GAAP Financial Measures The following table reconciles operating cash flow to unlevered free cash flow and adjusted free cash flow: ($ in thousands) Net Cash provided by (used in) operating activities Purchase of property and equipment Unlevered Free Cashflow Adjustments Less bonus timing and non-recurring expenses Adjusted Free Cash Flow ($ in thousands) Cost of revenues General and administrative Sales and marketing Technology and development Total stock compensation expense *:enfusion S $ December 31, 2021 (5,812) (1,641) (7,453) 4,389 (3,064) Three Months Ended December 31, 2022 321 2,096 936 852 4,205 S March 31, 2022 (4,097) (3,171) $ (7,268) The Company's stock compensation expense was recognized in the following captions within the consolidated statements of operations: (2,160) 2022 (9,428) Year Ended December 31, 1,421 14,130 Three Months Ended 5,875 3,567 24,993 June 30, 2022 2,890 (2,092) 798 (2,160) (1,362) September 30, 2022 7,842 (922) 6,920 (2,160) 4,760 December 31, 2022 7,521 (1,746) 5,775 (2,160) 3,615 PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 19#20Definitions Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, this presentation and the accompanying tables include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Unlevered Free Cash Flow, and Adjusted Free Cash Flow, which are non-GAAP financial measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Unlevered Free Cash Flow, and Adjusted Free Cash Flow are supplemental measures of our operating performance and liquidity that are neither required by, nor presented in accordance with, U.S. GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. These measures are presented because they are the primary measures used by management to evaluate our financial performance and liquidity, and for forecasting purposes. This non- GAAP financial information is useful to investors because it eliminates certain items that affect period-over-period comparability and provides consistency with past financial performance or liquidity and additional information about underlying results and trends by excluding certain items that may not be indicative of our business, results of operations or outlook. Additionally, we believe that these and similar measures are often used by securities analysts, investors and other interested parties as a means of evaluating a company's operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Unlevered Free Cash Flow, and Adjusted Free Cash Flow are non-GAAP financial measures, are not measurements of our financial performance or liquidity under U.S. GAAP and should not be considered as alternatives to net income, income from operations, gross profit, gross margin, or any other performance measures determined in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP, but rather as supplemental information to our business results. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items or events being adjusted. Furthermore, other companies may use different measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude certain items of a non-recurring or unusual nature, including payments to repurchase management incentive awards from our Change in Control Bonus Plan, initial public offering costs, and stock-based compensation expense. Adjusted EBITDA Margin represents Adjusted EBITDA divided by total net revenues. Unlevered Free Cash Flow Unlevered Free Cash Flow represents net cash provided from operating activities less purchases of property and equipment and other assets, plus cash interest expense. However, given our non-discretionary expenditures, Unlevered Free Cash Flow does not represent residual cash flow available for discretionary expenditures. Adjusted Free Cash Flow Adjusted Free Cash Flow represents Unlevered Free Cash Flow adjusted to exclude certain annual employee bonuses that are amortized on a quarterly basis as well as certain items of a non-recurring or unusual nature. Adjusted Gross Profit and Adjusted Gross Margin Adjusted Gross Profit represents gross profit, excluding the impact of stock-based compensation. Adjusted Gross Margin represents Adjusted Gross Profit divided by total net revenues. *:enfusion PROPRIETARY AND CONFIDENTIAL ©2023 ENFUSION. ALL RIGHTS RESERVED. 20#21Definitions Continued Key Metrics: In connection with the management of our business, we identify, measure and assess a variety of key metrics. The key metrics we use in managing our business are set forth below. Annual Recurring Revenue We calculate Annual Recurring Revenue, or ARR, by annualizing platform subscriptions and managed services revenues recognized in the last month of the measurement period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients and our ability to maintain and expand our relationship with existing clients. ARR is included in a set of metrics we calculate monthly to review with management as well as periodically with our board of directors. Net Dollar Retention Rate We calculate Net Dollar Retention Rate as of a period end by starting with the ARR for all clients as of twelve months prior to such period end, or Prior Period ARR. We then calculate the ARR from those same clients as of the current period end, or Current Period ARR. Current Period ARR includes expansion within existing clients inclusive of contraction and voluntary attrition, but excludes involuntary cancellations. We define involuntary cancellations as accounts that were cancelled due to the client no longer being in business. We identify involuntary cancellations to be excluded from our Net Dollar Retention Rate calculation based on representations made by the client at the time of cancellation. Our Net Dollar Retention Rate is equal to the Current Period ARR divided by the Prior Period ARR. We believe Net Dollar Retention Rate is an important metric because, in addition to providing a measure of retention, it indicates our ability to grow revenues within existing client accounts. Average Contract Value We calculate Average Contract Value, or ACV, by dividing ARR by the number of clients that are billed at the end of the measurement period. We believe ACV is an important metric because it provides important information about the growth of our clients' accounts. Investors should not place undue reliance on ARR or Net Dollar Retention Rate or Average Contract Value as an indicator of future or expected results. Our presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited. *:enfusion PROPRIETARY AND CONFIDENTIAL Ⓒ2023 ENFUSION. ALL RIGHTS RESERVED. 21