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    Enfusion Announces Fourth Quarter and Full Year 2024 Results

    3/3/25 4:05:00 PM ET
    $ENFN
    Computer Software: Prepackaged Software
    Technology
    Get the next $ENFN alert in real time by email

    Enfusion, Inc. ("Enfusion") (NYSE:ENFN), a leading provider of software-as-a-service (SaaS) solutions for investment managers, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights:

    • Total revenue was $52.9 million, up 13.9% compared to the same period in the prior year.
    • Gross Profit was $36.5 million with a Gross Profit Margin of 69.0%.
    • Adjusted Gross Profit was $36.9 million with an Adjusted Gross Profit Margin of 69.6%.
    • Net Income was $0.2 million with a Net Income Margin of 0.3%.
    • Adjusted EBITDA was $12.3 million, up 25.3% compared to the same period in the prior year.
    • Operating Cash Flow was $9.7 million.
    • Adjusted Free Cash Flow was $7.7 million with a Free Cash Flow Conversion rate of 62.7%.
    • Annual Recurring Revenue (ARR) was $210.4 million at the end of December 2024, up 13.6% from December 2023.
    • Net Dollar Retention Rate (NDR) was 103.0%, compared to 102.1% from December 2023.

    Fourth Quarter 2024 Business Highlights:

    • Total client count of 916 as of December 31, 2024.
    • 41 new clients were added in the fourth quarter.

    Full Year 2024 Financial Highlights:

    • Total revenue was $201.6 million, up 15.5% compared to $174.5 million in the prior year.
    • Gross Profit Margin was 67.8%, compared to 67.0% in the prior year.
    • Adjusted Gross Profit Margin was 68.7%, compared to 67.6% in the prior year.
    • Net Income Margin was 1.9%, compared to 5.3% in the prior year.
    • Adjusted EBITDA Margin was 21.2%, compared to 18.1% in the prior year.

    Transaction with Clearwater Analytics

    On January 13, 2025, Enfusion announced its entry into a definitive agreement (the "Merger Agreement") to be acquired by Clearwater Analytics. Details and information about the terms and conditions of the Merger Agreement and the transactions contemplated by the Merger Agreement are available in the Current Report on Form 8-K filed with the SEC on January 13, 2025. The transaction is anticipated to close in the second quarter of 2025, subject to approval by Enfusion shareholders, the receipt of required regulatory approvals, and customary closing conditions.

    In light of the announced transaction, Enfusion will not be hosting an earnings conference call, releasing a Shareholder Letter, or providing financial guidance for fiscal 2025.

    About Enfusion

    Enfusion's investment management software-as-a-service platform removes traditional information boundaries, uniting front-, middle- and back-office teams on one system. Through its software, analytics, and middle/back-office managed services, Enfusion creates enterprise-wide cultures of real-time, data-driven intelligence and collaboration boosting agility and powering growth. Enfusion partners with over 900 investment managers from 9 global offices spanning four continents. For more information, please visit www.enfusion.com.

    Definitions:

    Non-GAAP Financial Measures

    In addition to financial measures prepared in accordance with GAAP, this presentation and the accompanying tables include Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and FCF Conversion, 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 Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and FCF Conversion 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 Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and FCF Conversion 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, earnings per share, 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 stock-based compensation expense, the effect of foreign currency fluctuations, and certain non-recurring items. Adjusted EBITDA Margin represents Adjusted EBITDA divided by total net revenues.

    Adjusted Free Cash Flow and FCF Conversion

    Adjusted Free Cash Flow represents net cash provided from operating activities, less purchases of property and equipment, capitalized software development costs, and other nonrecurring items. However, given our non-discretionary expenditures, Adjusted Free Cash Flow does not represent residual cash flow available for discretionary expenditures. FCF Conversion represents Adjusted Free Cash Flow divided by Adjusted EBITDA.

    Adjusted Net Income and Adjusted Diluted EPS

    Adjusted Net Income represents net income adjusted to exclude stock-based compensation expense, the effect of foreign currency fluctuations, certain non-recurring items, and the tax effect of such adjustments. Adjusted Diluted EPS represents Adjusted Net Income divided by fully diluted weighted average shares outstanding.

    Adjusted Gross Profit and Adjusted Gross Margin

    Adjusted Gross Profit represents gross profit, excluding the impact of stock-based compensation and other non-recurring items. Adjusted Gross Margin represents Adjusted Gross Profit divided by total net revenues.

    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.

    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.

    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 and involuntary cancellations. We define involuntary cancellations as accounts that were cancelled due to the client no longer being in business. Post 4Q23, we no longer provide the Net Dollar Retention Rate calculation excluding involuntary cancellation calculations.

    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.

    OCF Margin

    Operating Cash Flow Margin represents net cash provided from operating activities divided by total net revenues. We believe OCF Margin is an important metric because it indicates our ability to convert sales into cash.

    Forward-Looking Statements

    This communication contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. All statements other than statements of historical facts contained in this communication, including statements regarding the proposed transaction and its expected timing, completion and effects, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipates,", "believes," "estimates," "expects," "plans," "potential," "will," or the negative of these words or other similar terms or expressions that concern the Company's expectations, strategy, plans or intentions.

    Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. Important factors that could cause actual outcomes or results to differ materially from the forward-looking statements include, but are not limited to, (a) the ability of the parties to consummate the proposed transaction in a timely manner or at all; (b) the satisfaction (or waiver) of closing conditions to the consummation of the proposed transaction; (c) potential delays in consummating the proposed transaction; (d) the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction or cause the parties to abandon the proposed transaction; (e) the possibility that the Company's stockholders may not approve the proposed transaction; (f) the ability of the Company to timely and successfully achieve the anticipated benefits of the proposed transaction; (g) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement; (h) the Company's ability to implement its business strategy; (i) significant transaction costs associated with the proposed transaction; (j) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (k) potential litigation relating to the proposed transaction; (l) the risk that disruptions from the proposed transaction will harm the Company's business, including current plans and operations; (m) the ability of the Company to retain and hire key personnel; (n) potential adverse reactions or changes to business relationships of the Company resulting from the announcement or completion of the proposed transaction; (o) legislative, regulatory and economic developments affecting the Company's business; (p) general economic and market developments and conditions; (q) the legal, regulatory and tax regimes under which the Company operates; (r) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect the Company's financial performance; (s) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company's Class A common stock; (t) restrictions during the pendency of the proposed transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions;; and (u) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as the Company's response to any of the aforementioned factors. These risks, as well as other risks related to the proposed transaction, will be included in the registration statement on Form S-4 and joint proxy/statement prospectus that will be filed with the SEC in connection with the proposed transaction.

    For information regarding other factors that could cause the Company's results to vary from expectations, please see the "Risk Factors" section of the Company's respective periodic report filings with the SEC, including but not limited to the Company's most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K as well as other documents that may be filed by the Company from time to time with the SEC. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 and joint proxy/statement prospectus are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. The statements in this communication are made only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Source: Enfusion, Inc.

    Source Code: ENFN-IR

    ENFN-CORP

    ENFUSION, INC.

    CONSOLIDATED BALANCE SHEETS

    (dollars and shares in thousands, except per share amounts)

    (Unaudited)

    December 31,

    2024

     

     

     

    2023

     

    ASSETS
    Current assets:
    Cash and cash equivalents $

    54,480

     

    $

    35,604

     

    Accounts receivable, net

    31,988

     

    28,069

     

    Prepaid expenses

    5,342

     

    5,009

     

    Other current assets

    1,711

     

    1,170

     

    Total current assets

    93,521

     

    69,852

     

    Notes receivable, net

    3,000

     

    —

     

    Property, equipment, and software, net

    20,963

     

    18,314

     

    Right-of-use-assets, net

    18,062

     

    14,304

     

    Other assets

    7,715

     

    6,502

     

    Total assets $

    143,261

     

    $

    108,972

     

     
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
    Accounts payable $

    867

     

    $

    2,212

     

    Accrued expenses and other current liabilities

    20,393

     

    13,841

     

    Current portion of lease liabilities

    6,076

     

    4,256

     

    Total current liabilities

    27,336

     

    20,309

     

    Lease liabilities, net of current portion

    14,236

     

    11,181

     

    Other non-current liabilities

    2,150

     

    —

     

    Total liabilities

    43,722

     

    31,490

     

     
    Commitment and contingencies (Note 9)
     
    Stockholders' equity:
    Preferred stock, $0.001 par value; 100,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

    —

     

    —

     

    Class A common stock, $0.001 par value; 1,000,000 shares authorized, 94,655 and 88,332 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

    95

     

    88

     

    Class B common stock, $0.001 par value; 150,000 shares authorized, 34,199 and 39,199 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

    34

     

    39

     

    Additional paid-in capital

    243,935

     

    226,877

     

    Accumulated deficit

    (170,109

    )

    (172,932

    )

    Accumulated other comprehensive loss

    (734

    )

    (406

    )

    Total stockholders' equity attributable to Enfusion, Inc.

    73,221

     

    53,666

     

    Non-controlling interests

    26,318

     

    23,816

     

    Total stockholders' equity

    99,539

     

    77,482

     

    Total liabilities and stockholders' equity $

    143,261

     

    $

    108,972

     

    ENFUSION, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (dollars and shares in thousands, except per share amounts)

    (Unaudited)

    Three Months Ended December 31, Twelve Months Ended December 31,

    2024

     

    2023

     

     

    2024

     

     

    2023

     

    REVENUES:
    Platform subscriptions $

    49,252

    43,054

     

    $

    187,521

     

    $

    161,519

     

    Managed services

    3,211

    3,056

     

    12,689

     

    11,773

     

    Other

    475

    376

     

    1,401

     

    1,243

     

    Total revenues

    52,938

    46,486

     

    201,611

     

    174,535

     

     
    COST OF REVENUES:
    Platform subscriptions

    14,555

    13,759

     

    57,727

     

    50,702

     

    Managed services

    1,600

    1,725

     

    6,564

     

    6,514

     

    Other

    243

    140

     

    583

     

    425

     

    Total cost of revenues

    16,398

    15,624

     

    64,874

     

    57,641

     

    Gross profit

    36,540

    30,862

     

    136,737

     

    116,894

     

     
    OPERATING EXPENSES:
    General and administrative

    21,148

    17,115

     

    78,826

     

    64,635

     

    Sales and marketing

    6,570

    5,552

     

    25,029

     

    20,418

     

    Technology and development

    7,238

    6,061

     

    26,727

     

    19,893

     

    Total operating expenses

    34,956

    28,728

     

    130,582

     

    104,946

     

    Income from operations

    1,584

    2,134

     

    6,155

     

    11,948

     

     
    NON-OPERATING INCOME (EXPENSE):
    Payment to related party

    —

    —

     

    —

     

    (1,501

    )

    Interest income, net

    533

    356

     

    1,693

     

    1,641

     

    Other income (expense), net

    341

    (310

    )

    (459

    )

    (604

    )

    Total non-operating income (expense)

    874

    46

     

    1,234

     

    (464

    )

     
    Income before income taxes

    2,458

    2,180

     

    7,389

     

    11,484

     

    Income taxes

    2,286

    1,280

     

    3,474

     

    2,231

     

    Net income

    172

    900

     

    3,915

     

    9,253

     

    Net income attributable to non-controlling interests

    51

    277

     

    1,092

     

    3,228

     

    Net income attributable to Enfusion, Inc. $

    121

    $

    623

     

    $

    2,823

     

    $

    6,025

     

     
    Net income per Class A common shares attributable to Enfusion, Inc.:
    Basic $

    0.00

    $

    0.01

     

    $

    0.03

     

    $

    0.07

     

    Diluted $

    0.00

    $

    0.01

     

    $

    0.03

     

    $

    0.07

     

    Weighted-average number of Class A common shares outstanding:
    Basic

    94,262

    88,280

     

    92,045

     

    88,202

     

    Diluted

    129,558

    127,765

     

    129,550

     

    129,429

     

    ENFUSION, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (dollars in thousands)

    (Unaudited)

    December 31,

    2024

     

     

    2023

     

    Cash flows from operating activities:
    Net income $

    3,915

     

    $

    9,253

     

    Adjustments to reconcile net income to net cash provided by operating activities:
    Non-cash lease expense

    7,383

     

    6,882

     

    Depreciation and amortization

    11,754

     

    9,987

     

    Provision for credit losses

    229

     

    1,319

     

    Amortization of debt-related costs

    234

     

    92

     

    Loss on extinguishment of debt

    —

     

    78

     

    Stock-based compensation expense

    19,033

     

    7,458

     

    Change in operating assets and liabilities:
    Accounts receivable

    (4,147

    )

    (3,679

    )

    Prepaid expenses and other assets

    (4,788

    )

    (1,749

    )

    Accounts payable

    (1,185

    )

    365

     

    Accrued compensation

    3,675

     

    (729

    )

    Accrued expenses and other liabilities

    2,675

     

    2,359

     

    Lease liabilities

    (6,264

    )

    (6,002

    )

    Other non-current liabilities

    2,168

     

    —

     

    Net cash provided by operating activities

    34,682

     

    25,634

     

    Cash flows from investing activities:
    Purchases of property and equipment

    (3,635

    )

    (4,453

    )

    Capitalization of software development costs

    (7,257

    )

    (5,218

    )

    Purchase of convertible promissory note

    (3,000

    )

    —

     

    Net cash used in investing activities

    (13,892

    )

    (9,671

    )

    Cash flows from financing activities:
    Distributions to non-controlling interests

    (136

    )

    —

     

    Settlement of tax receivable acquired in reorganization transactions

    —

     

    1,501

     

    Issuance of Class A common stock, net of issuance costs

    —

     

    17,322

     

    Payment of withholding taxes on stock-based compensation

    (1,267

    )

    (60,447

    )

    Payment of debt issuance and debt facility costs

    —

     

    (1,151

    )

    Other financing activities

    —

     

    (308

    )

    Net cash used in financing activities

    (1,403

    )

    (43,083

    )

    Effect of exchange rate changes on cash and cash equivalents

    (511

    )

    179

     

    Net increase (decrease) in cash and cash equivalents

    18,876

     

    (26,941

    )

    Cash and cash equivalents, beginning of period

    35,604

     

    62,545

     

    Cash and cash equivalents, end of period $

    54,480

     

    $

    35,604

     

    Reconciliations To Non-GAAP Financial Measures

    The following table reconciles Gross Profit to Adjusted Gross Profit:

    Three Months Ended
    ($ in thousands, unaudited)

    December 31, 2023

     

    March 31, 2024

     

    June 30, 2024

     

    September 30, 2024

     

    December 31, 2024

    GAAP Gross Profit $

    30,862

     

    31,878

     

    33,493

     

    34,826

     

    36,540

     

    Add back stock-based compensation expense  

    230

     

    717

     

    392

     

    358

     

    314

     

    Adjusted Gross Profit $

    31,092

     

    32,595

     

    33,885

     

    35,184

     

    36,854

     

     
    Adjusted Gross Margin

    66.9

    %

    67.8

    %

    68.5

    %

    68.8

    %

    69.6

    %

    The following table reconciles Net Income to Adjusted EBITDA:

    Three Months Ended
    ($ in thousands, unaudited)

    December 31, 2023

     

    March 31, 2024

     

    June 30, 2024

     

    September 30, 2024

     

    December 31, 2024

    Net income (loss) $

    900

     

    (761

    )

    2,547

     

    1,957

     

    172

     

    Interest income

    (356

    )

    (317

    )

    (356

    )

    (487

    )

    (533

    )

    Income tax expense (benefit)

    1,280

     

    (117

    )

    401

     

    904

     

    2,286

     

    Depreciation and amortization

    3,512

     

    2,674

     

    2,872

     

    2,967

     

    3,252

     

    EBITDA $

    5,336

     

    1,479

     

    5,464

     

    5,341

     

    5,177

     

    Adjustments:
    Stock-based compensation expense

    3,404

     

    7,001

     

    4,101

     

    4,198

     

    3,733

     

    Tax payment on stock-based compensation

    60

     

    429

     

    101

     

    25

     

    91

     

    Effects of foreign currency

    308

     

    82

     

    111

     

    607

     

    (445

    )

    Other non-recurring items1,2,3,4,5

    678

     

    188

     

    354

     

    977

     

    3,712

     

    Adjusted EBITDA $

    9,787

     

    9,179

     

    10,131

     

    11,148

     

    12,268

     

    Adjusted EBITDA Margin

    21.1

    %

    19.1

    %

    20.5

    %

    21.8

    %

    23.2

    %

    1 For the three months ended December 31, 2023, primarily includes the write-off of capitalized software and licenses related to a project which was abandoned in the fourth quarter of 2023 after management's decision to pursue an alternative path.

    2 For the three months ended March 31, 2024, includes the sign-on bonus for the newly-appointed Chief Operating Officer.

    3 For the three months ended June 30, 2024, includes temporary double occupancy related to office relocations.

    4 For the three months ended September 30, 2024, includes professional fees incurred in conjunction with the pending Clearwater merger.

    5 For the three months ended December 31, 2024, includes corporate restructuring and professional fees incurred in conjunction with the pending Clearwater merger.

    The following table reconciles Operating Cash Flow to Adjusted Free Cash Flow:

    Three Months Ended
    ($ in thousands, unaudited)

    December 31, 2023

     

    March 31, 2024

     

    June 30, 2024

     

    September 30, 2024

     

    December 31, 2024

    Net cash provided by operating activities $

    6,586

     

    1,533

     

    7,314

     

    16,162

     

    9,673

     

    Purchases of property and equipment

    (1,205

    )

    (635

    )

    (1,005

    )

    (1,104

    )

    (891

    )

    Capitalization of software development costs

    (1,090

    )

    (2,113

    )

    (1,701

    )

    (1,671

    )

    (1,772

    )

    Other non-recurring items1

    —

     

    —

     

    —

     

    353

     

    685

     

    Adjusted Free Cash Flow $

    4,291

     

    (1,215

    )

    4,608

     

    13,740

     

    7,695

     

    1 For the three months ended September 30, 2024 and December 31, 2024, includes professional fees incurred in conjunction with the pending Clearwater merger.

    The Company's stock-based compensation expense was recognized in the following captions within the Consolidated Statements of Operations:

    Three Months Ended December 31,
    ($ in thousands, unaudited)

    2024

     

     

    2023

    Cost of revenues $

    314

    $

    230

    General and administrative

    2,282

    2,509

    Sales and marketing

    258

    199

    Technology and development

    879

    466

    Total stock-based compensation expense $

    3,733

    $

    3,404

    The following table reconciles Net Income to Adjusted Net Income which is used to calculate Adjusted Diluted EPS:

    Three Months Ended December 31,
    (unaudited)

    2024

     

    2023

    In thousands Per share In thousands Per share
    Net income and fully diluted EPS $

    172

     

    —

     

    $

    900

     

    0.01

     

    Adjustments1:
    Stock-based compensation expense

    3,733

     

    0.03

     

    3,404

     

    0.03

     

    Tax payment on stock-based compensation

    91

     

    0.00

     

    60

     

    0.00

     

    Effects of foreign currency

    (445

    )

    (0.00

    )

    308

     

    0.00

     

    Other non-recurring items2,3

    3,712

     

    0.03

     

    678

     

    0.01

     

    Tax adjustment4

    (3,333

    )

    (0.03

    )

    (863

    )

    (0.01

    )

    Sub-total adjustments

    3,758

     

    0.03

     

    3,587

     

    0.03

     

    Adjusted net income and adjusted diluted EPS $

    3,930

     

    0.03

     

    $

    4,487

     

    0.04

     

    1 Per share amounts are based on a weighted average number of shares outstanding on a fully-diluted basis.

    2 For the three months ended December 31, 2024, includes corporate restructuring and professional fees incurred in conjunction with the pending Clearwater merger.

    3 For the three months ended December 31, 2023, primarily includes the write-off of capitalized software and licenses related to a project which was abandoned in the fourth quarter of 2023 after management's decision to pursue an alternative path.

    4 Income tax (benefit) calculated using effective tax rate for the period: 47.0% and 19.4%, respectively.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250224817156/en/

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