Bright Horizons Family Solutions (BFAM) News
Market Cap: $7.08B
Avg Volume: 457.76K
Industry: Personal Products & Services
Sector: Consumer Cyclical
Bright Horizons Family Solutions Announces Date of First Quarter 2025 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended March 31, 2025 on Monday, May 5, 2025, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the first quarter 2025, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-844-539.
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Bright Horizons (BFAM) Surges 8.4%: Is This an Indication of Further Gains?
Bright Horizons (BFAM) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
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HopSkipDrive Welcomes Dave Lissy to Board of Directors
LOS ANGELES--(BUSINESS WIRE)--HopSkipDrive, a technology company solving complex transportation challenges where there is a heightened need for safety, access, and care, today announced the appointment of Dave Lissy to its Board of Directors. Lissy has an exceptional track record in the education and care sector, having served as CEO of Bright Horizons Family Solutions (NYSE: BFAM) from 2002 to 2018. During his leadership, the company established itself as the leader in early education services.
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Bright Horizons Announces New Season of The Work-Life Equation Podcast, Kicking Off April 8
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons announces the new season of its acclaimed podcast, The Work-Life Equation.
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Bright Horizons Family Solutions Inc. (BFAM) Q4 2024 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q4 2024 Earnings Conference Call February 13, 2025 5:00 PM ET Company Participants Michael Flanagan - Vice President of Investor Relations Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants Manav Patnaik - Barclays Bank George Tong - Goldman Sachs Andrew Steinerman - JPMorgan Chase & Co. Jeffrey Meuler - Robert W. Baird & Co. Joshua Chan - UBS Toni Kaplan - Morgan Stanley Jeffrey Silber - BMO Capital Markets Faiza Alwy - Deutsche Bank AG Operator Greetings, and welcome to Bright Horizons Family Solutions Fourth Quarter 2024 Earnings Call.
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Compared to Estimates, Bright Horizons (BFAM) Q4 Earnings: A Look at Key Metrics
While the top- and bottom-line numbers for Bright Horizons (BFAM) give a sense of how the business performed in the quarter ended December 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Bright Horizons Family Solutions (BFAM) Surpasses Q4 Earnings and Revenue Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.83 per share a year ago.
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Exploring Analyst Estimates for Bright Horizons (BFAM) Q4 Earnings, Beyond Revenue and EPS
Beyond analysts' top -and-bottom-line estimates for Bright Horizons (BFAM), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended December 2024.
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Bright Horizons Family Solutions Announces Date of Fourth Quarter 2024 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended December 31, 2024 on Thursday, February 13, 2025, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the fourth quarter 2024, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by diali.
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Bright Horizons Family: Rating Downgrade As Valuation Has Priced In My Expected Upside
I downgrade Bright Horizons Family from buy to hold due to limited upside in the stock, despite strong fundamentals and growth potential. BFAM reported 11.4% revenue growth, surpassing estimates, with notable gains in backup care revenue and improved occupancy rates, driving EPS growth of 25.5% y/y. The 10% growth outlook remains intact, supported by strong volume and pricing in full-service segments and robust demand in backup dependent care.
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Bright Horizons Family Solutions Inc. (BFAM) Q3 2024 Earnings Conference Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q3 2024 Earnings Conference Call November 4, 2024 5:00 PM ET Company Participants Michael Flanagan - VP, IR Stephen Kramer - CEO Elizabeth Boland - CFO Conference Call Participants Andrew Steinerman - J.P. Morgan Manav Patnaik - Barclays George Tong - Goldman Sachs Jeff Meuler - Baird Toni Kaplan - Morgan Stanley Jeff Silber - BMO Capital Markets Josh Chan - UBS Faiza Alwy - Deutsche Bank Harold Antor - Jefferies Operator Greetings, and welcome to the Bright Horizons Family Solutions Third Quarter 2024 Earnings Call.
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Here's What Key Metrics Tell Us About Bright Horizons (BFAM) Q3 Earnings
The headline numbers for Bright Horizons (BFAM) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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Bright Horizons Family Solutions (BFAM) Surpasses Q3 Earnings and Revenue Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $1.11 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $0.88 per share a year ago.
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Countdown to Bright Horizons (BFAM) Q3 Earnings: A Look at Estimates Beyond Revenue and EPS
Beyond analysts' top -and-bottom-line estimates for Bright Horizons (BFAM), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2024.
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Bright Horizons Family Solutions Announces Date of Third Quarter 2024 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended September 30, 2024 on Monday, November 4, 2024, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the third quarter 2024, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing.
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Bright Horizons (BFAM) Upgraded to Buy: Here's Why
Bright Horizons (BFAM) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
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3 Reasons Growth Investors Will Love Bright Horizons (BFAM)
Bright Horizons (BFAM) is well positioned to outperform the market, as it exhibits above-average growth in financials.
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Is Bright Horizons Family Solutions (BFAM) Outperforming Other Consumer Discretionary Stocks This Year?
Here is how Bright Horizons Family Solutions (BFAM) and Reservoir Media, Inc. (RSVR) have performed compared to their sector so far this year.
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Consumer Sentiment Jumps in August: BAFM, DDI, RCL, TILE, CNK to Gain
Consumer discretionary stocks like BFAM, DDI, RCL, TILE and CNK are likely to gain from the rebound in consumer sentiment.
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Bright Horizons Family Solutions Inc. (BFAM) Hit a 52 Week High, Can the Run Continue?
Bright Horizons (BFAM) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
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LRN or BFAM: Which Is the Better Value Stock Right Now?
Investors with an interest in Schools stocks have likely encountered both K12 (LRN) and Bright Horizons Family Solutions (BFAM). But which of these two stocks offers value investors a better bang for their buck right now?
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Here is Why Growth Investors Should Buy Bright Horizons (BFAM) Now
Bright Horizons (BFAM) could produce exceptional returns because of its solid growth attributes.
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Are Consumer Discretionary Stocks Lagging Bright Horizons Family Solutions (BFAM) This Year?
Here is how Bright Horizons Family Solutions (BFAM) and Choice Hotels (CHH) have performed compared to their sector so far this year.
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Bright Horizons Family Solutions Inc. (BFAM) Q2 2024 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q2 2024 Results Conference Call August 1, 2024 5:00 PM ET Company Participants Michael Flanagan - Vice President, Investor Relations Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants George Tong - Goldman Sachs Manav Patnaik - Barclays Andrew Steinerman - JPMorgan Jeff Meuler - Baird Josh Chan - UBS Jeff Silber - BMO Capital Markets Harold Antor - Jefferies Toni Kaplan - Morgan Stanley Faiza Alwy - Deutsche Bank Operator Greetings, and welcome to Bright Horizons Family Solutions Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
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Bright Horizons (BFAM) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
While the top- and bottom-line numbers for Bright Horizons (BFAM) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Bright Horizons Family Solutions (BFAM) Tops Q2 Earnings and Revenue Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.64 per share a year ago.
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Bright Horizons Family Solutions Reports Financial Results for Second Quarter of 2024
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality early education and child care, family care solutions, and workforce education services designed to support working families and client employees across life and career stages, today announced financial results for the second quarter of 2024 and updated financial guidance for 2024. Second Quarter 2024 Highlights (compared to Second Quarter 2023): Revenue of $670 million (incre.
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AFYA vs. BFAM: Which Stock Is the Better Value Option?
Investors interested in Schools stocks are likely familiar with Afya (AFYA) and Bright Horizons Family Solutions (BFAM). But which of these two stocks is more attractive to value investors?
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UTI or BFAM: Which Is the Better Value Stock Right Now?
Investors interested in Schools stocks are likely familiar with Universal Technical Institute (UTI) and Bright Horizons Family Solutions (BFAM). But which of these two stocks offers value investors a better bang for their buck right now?
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APEI vs. BFAM: Which Stock Is the Better Value Option?
Investors looking for stocks in the Schools sector might want to consider either American Public Education (APEI) or Bright Horizons Family Solutions (BFAM). But which of these two stocks presents investors with the better value opportunity right now?
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Bright Horizons Family Solutions Inc. (BFAM) Q1 2024 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET Company Participants Michael Flanagan – Vice President, Investor Relations Stephen Kramer – Chief Executive Officer Elizabeth Boland – Chief Financial Officer Conference Call Participants Andrew Steinerman – JPMorgan George Tong – Goldman Sachs Josh Chan – UBS Manav Patnaik – Barclays Jeff Meuler – Baird Toni Kaplan – Morgan Stanley Jeff Silber – BMO Capital Markets Operator Greetings, and welcome to the Bright Horizons Family Solutions First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.
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Here's What Key Metrics Tell Us About Bright Horizons (BFAM) Q1 Earnings
While the top- and bottom-line numbers for Bright Horizons (BFAM) give a sense of how the business performed in the quarter ended March 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Bright Horizons Family Solutions (BFAM) Q1 Earnings and Revenues Beat Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $0.51 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.49 per share a year ago.
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Bright Horizons Family Solutions Reports Financial Results for First Quarter of 2024
NEWTON, Mass.--(BUSINESS WIRE)--Q1 2024 Earnings Release.
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APEI vs. BFAM: Which Stock Should Value Investors Buy Now?
Investors interested in stocks from the Schools sector have probably already heard of American Public Education (APEI) and Bright Horizons Family Solutions (BFAM). But which of these two companies is the best option for those looking for undervalued stocks?
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Bright Horizons Family Solutions Announces Date of First Quarter 2024 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended March 31, 2024 on Thursday, May 2, 2024, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the first quarter 2024, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-877-4.
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APEI or BFAM: Which Is the Better Value Stock Right Now?
Investors interested in Schools stocks are likely familiar with American Public Education (APEI) and Bright Horizons Family Solutions (BFAM). But which of these two stocks offers value investors a better bang for their buck right now?
zacks.com
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UTI vs. BFAM: Which Stock Is the Better Value Option?
Investors interested in stocks from the Schools sector have probably already heard of Universal Technical Institute (UTI) and Bright Horizons Family Solutions (BFAM). But which of these two companies is the best option for those looking for undervalued stocks?
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Bright Horizons Debuts New Season of The Work-Life Equation Podcast, Introducing Paul Sullivan as New Co-Host
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons (NYSE: BFAM), a leading education and care company, announces the anticipated next season of The Work-Life Equation Podcast. This season, Bright Horizons Chief Digital and Transformation Officer Priya Krishnan welcomes Paul Sullivan, founder of The Company of Dads, as the new co-host. Upcoming episodes promise engaging dialogues, compelling stories, and valuable insights from corporate leaders, public figures, and individuals navigating the delica.
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Why Bright Horizons Family Solutions Stock Soared Today
Bright Horizons easily beat revenue and earnings estimates to end 2023. The company also issued strong forward guidance for 2024, apparently fueled by employees' return to office work.
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Bright Horizons Family Solutions, Inc. (BFAM) Q4 2023 Earnings Call Transcript
Bright Horizons Family Solutions, Inc. (BFAM) Q4 2023 Earnings Call Transcript
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Here's What Key Metrics Tell Us About Bright Horizons (BFAM) Q4 Earnings
The headline numbers for Bright Horizons (BFAM) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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Bright Horizons Family Solutions (BFAM) Q4 Earnings and Revenues Top Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.77 per share a year ago.
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Bright Horizons Family Solutions Reports Fourth Quarter and Full Year 2023 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Q4 2023 earnings release.
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Bright Horizons (BFAM) Q4 Earnings on the Horizon: Analysts' Insights on Key Performance Measures
Beyond analysts' top -and-bottom-line estimates for Bright Horizons (BFAM), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended December 2023.
zacks.com
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UTI vs. BFAM: Which Stock Should Value Investors Buy Now?
Investors with an interest in Schools stocks have likely encountered both Universal Technical Institute (UTI) and Bright Horizons Family Solutions (BFAM). But which of these two companies is the best option for those looking for undervalued stocks?
zacks.com
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Bright Horizons Family Solutions Announces Date of Fourth Quarter 2023 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended December 31, 2023 on Tuesday, February 13, 2024, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the fourth quarter 2023, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialin.
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STRA or BFAM: Which Is the Better Value Stock Right Now?
Investors interested in stocks from the Schools sector have probably already heard of Strategic Education (STRA) and Bright Horizons Family Solutions (BFAM). But which of these two stocks offers value investors a better bang for their buck right now?
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Bright Horizons Named a 2023 Top Place to Work by The Boston Globe
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons today announced that it has been named one of the Top Places to Work in Massachusetts by the Boston Globe.
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STRA vs. BFAM: Which Stock Is the Better Value Option?
Investors interested in Schools stocks are likely familiar with Strategic Education (STRA) and Bright Horizons Family Solutions (BFAM). But which of these two companies is the best option for those looking for undervalued stocks?
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ATGE vs. BFAM: Which Stock Is the Better Value Option?
Investors interested in Schools stocks are likely familiar with Adtalem Global Education (ATGE) and Bright Horizons Family Solutions (BFAM). But which of these two stocks is more attractive to value investors?
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Bright Horizons Family Solutions Inc. (BFAM) Q3 2023 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Michael Flanagan - VP, IR Stephen Kramer - CEO Elizabeth Boland - CFO Conference Call Participants Andrew Steinerman - JPMorgan George Tong - Goldman Sachs Jeff Meuler - Baird Manav Patnaik - Barclays Josh Chan - UBS Jeff Silber - BMO Capital Markets Toni Kaplan - Morgan Stanley Harold Antor - Jefferies Operator Good afternoon, ladies and gentlemen. And welcome to Bright Horizons Family Solutions' Third Quarter of 2023 Earnings Call.
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Bright Horizons (BFAM) Reports Q3 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Bright Horizons (BFAM) give a sense of how the business performed in the quarter ended September 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Bright Horizons Family Solutions Reports Third Quarter of 2023 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality early education and child care, family care solutions, and workforce education services designed to support working families and client employees across life and career stages, today announced financial results for the third quarter of 2023 and updated financial guidance for 2023. Third Quarter 2023 Highlights (compared to Third Quarter 2022): Revenue of $646 million (increase.
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ATGE vs. BFAM: Which Stock Should Value Investors Buy Now?
Investors looking for stocks in the Schools sector might want to consider either Adtalem Global Education (ATGE) or Bright Horizons Family Solutions (BFAM). But which of these two stocks is more attractive to value investors?
zacks.com
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Bright Horizons Family Solutions Announces Date of Third Quarter 2023 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended September 30, 2023 on Wednesday, November 1, 2023, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the third quarter 2023, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by diali.
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5 Stocks in the Booming Schools Industry for Enhanced Returns
Virtual delivery of education, growing demand for healthcare professionals and prudent cost-saving initiatives are likely to open up opportunities for BFAM, LOPE, STRA, ATGE and APEI. The rapid advancement of generative AI and higher costs are risks.
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LINC vs. BFAM: Which Stock Is the Better Value Option?
Investors with an interest in Schools stocks have likely encountered both Lincoln Educational Services Corporation (LINC) and Bright Horizons Family Solutions (BFAM). But which of these two companies is the best option for those looking for undervalued stocks?
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LINC or BFAM: Which Is the Better Value Stock Right Now?
Investors interested in stocks from the Schools sector have probably already heard of Lincoln Educational Services Corporation (LINC) and Bright Horizons Family Solutions (BFAM). But which of these two stocks presents investors with the better value opportunity right now?
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Bright Horizons: Near Term Headwinds Impacting Recovery
Bright Horizons has a strong track record of growth, but has been impacted by the COVID-19 pandemic and changing work arrangements. It posted strong earnings and tightened its revenue guidance upwards while revising its EPS guidance down. The near-term outlook is challenging due to remote and hybrid work options, increasing child care costs, end of ARPA benefits and a tough macro environment tightening consumer wallets.
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AFYA or BFAM: Which Is the Better Value Stock Right Now?
Investors interested in Schools stocks are likely familiar with Afya (AFYA) and Bright Horizons Family Solutions (BFAM). But which of these two stocks presents investors with the better value opportunity right now?
zacks.com
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Bright Horizons (BFAM) Reports Q2 Earnings: What Key Metrics Have to Say
While the top- and bottom-line numbers for Bright Horizons (BFAM) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Bright Horizons Family Solutions Inc. (BFAM) Q2 2023 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET Company Participants Michael Flanagan - Vice President, Investor Relations Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants George Tong - Goldman Sachs Andrew Steinerman - JPMorgan Jeff Meuler - Baird Manav Patnaik - Barclays Stephanie Moore - Jefferies Toni Kaplan - Morgan Stanley Faiza Alwy - Deutsche Bank Josh Chan - UBS Jeff Silber - BMO Capital Markets Operator Greetings. Welcome to the Bright Horizons Family Solutions' Second Quarter 2023 Earnings Call.
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Bright Horizons Family Solutions Reports Second Quarter of 2023 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Q2 2023 Earnings Release.
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Bright Horizons Family Solutions Announces Date of Second Quarter 2023 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended June 30, 2023 on Tuesday, August 1, 2023, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the second quarter 2023, the Company's updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-877.
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New Research by Bright Horizons Shows Remote or Hybrid Work Schedules Have Unexpected Roadblocks
NEWTON, Mass.--(BUSINESS WIRE)--Working parents are struggling despite flexibility in work location, according to the ninth-annual Modern Family Index (MFI), commissioned by Bright Horizons (NYSE:BFAM) and conducted by The Harris Poll. The research reveals that even though more than half of working parents (58%) say the increased flexibility in their schedules are a source of fulfillment and relief, those working in remote or hybrid setting feel isolated, only talking to the people in their household, and some employees going days without setting foot outside the house (47% and 41%, respectively). Challenges of Hybrid and Remote Work Gen Z and Millennial parents are the most profoundly affected by the challenges of being a working parent in the hybrid and remote era. While they’re more likely to appreciate the autonomy and freedom of remote and hybrid work, they simultaneously experience more of the drawbacks. They’re more likely to grapple with isolation than their older counterparts, going days without going outside while remote working (49% Gen Z/Millennials vs. 31% Gen X/Baby Boomer) and are more likely to go without speaking to anyone beyond their household (53% Gen Z/Millennials vs. 40% Gen X/Baby Boomer). As working parents strive to balance work and personal tasks, two in five hybrid or fully remote working parents (41%) say they at least sometimes feel like they need to hide their personal obligations from others in their workplace. Parents are likely hiding their burden because they likely have no guidance on how to manage fully remote and hybrid work and being a working parent at the same time. While remote work is permitted, many of those working in a hybrid environment are concerned about the impact it’ll have on their careers. A third (35%) feel the arrangement negatively impacts their careers when they choose to work from home, and 42% of those working remotely or in a hybrid environment worry to bring up any complaints related to working from home as they fear speaking about it could result in a return to working in person. “The Modern Family Index research confirms that many working parents are struggling personally and professionally. While they have embraced a more flexible work environment, it has come with unintended consequences that are impacting their mental health and their ability to manage life’s responsibilities,” stated Stephen Kramer, CEO of Bright Horizons. “The moment is now for employers to step in to fill these voids. This includes clearly defined benefit programs, mental and professional support services, as well as access to quality child and adult care. Giving this kind of assistance to working parents allows them to be more productive and bring more of themselves to work each day.” Working without a child care safety net A lasting takeaway from lockdown is that working from home does not negate the need for child care. Extreme child care shortages have left 40% of parents saying they don’t have access to the child care they need, with 41% citing cost as a barrier. And it’s leaving a mark, especially since 50% of these parents agree their productivity at work suffers when they are stressed about child care, and 77% feel that having child care support is important to how productively they work. Nearly half (48%) say that arranging child care feels itself like a full-time job. Perhaps that explains why emergency child care (30%), and regular every day child care (29%) rank among the top five benefits employees say would make them much more likely to stay with a company/organization. Working parents are turning to their employers for support. Nearly half (49%) wish their employers would do more to help, including offering to help pay for child care (43%). Other specific requests include: 34% want their employer to provide emergency child care benefits 32% want their employer to offer on-site child care 30% want their employer to offer FSA for childcare expenses To download the full Ninth Annual Bright Horizons Modern Family Index report, click here. About the Bright Horizons Modern Family Index The research was conducted online in the U.S. by The Harris Poll on behalf of Bright Horizons among 2005 adults aged 18 and over who are employed with children under 18. The survey was conducted from February 23rd – March 6th, 2023. Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, employment status, household income, and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 3.0 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,400 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.
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Bright Horizons Family Solutions Inc. (BFAM) Q1 2023 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q1 2023 Earnings Conference Call May 2, 2023 5:00 PM ET Company Participants Michael Flanagan - Senior Director, IR Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants Andrew Steinerman - JPMorgan George Tong - Goldman Sachs Manav Patnaik - Barclays Toni Kaplan - Morgan Stanley Jeff Miller - Baird Faiza Alwy - Deutsche Bank Thomas Singlehurst - Citi Operator Greetings and welcome to the Bright Horizons Family Solutions First Quarter 2023 Earnings Release Conference Call. At this time all participants are in a listen-only mode.
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Bright Horizons Family Solutions (BFAM) Beats Q1 Earnings and Revenue Estimates
Bright Horizons Family Solutions (BFAM) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.47 per share a year ago.
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Bright Horizons Family Solutions Reports First Quarter of 2023 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Q1 2023 Earnings release.
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Bright Horizons Family Solutions Announces Date of First Quarter 2023 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended March 31, 2023 on Tuesday, May 2, 2023, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the first quarter 2023, the Company’s updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through May 16, 2023 at 1-844-512-2921, or for international callers, 1-412-317-6671, conference ID #13736586. The first quarter 2023 earnings release and a link to the audio webcast of the conference call will be available through the Investor Relations section of the Company's web site, www.brighthorizons.com. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,400 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.
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NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons, a leading education and care company, today announced the launch of its new podcast, The Work-Life Equation.
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Bright Horizons Family Solutions Inc. (BFAM) Q4 2022 Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET Company Participants Michael Flanagan - Senior Director, Investor Relations Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants Manav Patnaik - Barclays George Tong - Goldman Sachs Andrew Steinerman - JPMorgan Jeff Silber - BMO Capital Markets Stephanie Moore - Jefferies Jeff Meuler - Baird Toni Kaplan - Morgan Stanley Faiza Alwy - Deutsche Bank Operator Greetings and welcome to the Bright Horizons Family Solutions Fourth Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
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Bright Horizons Family Solutions Reports Fourth Quarter and Full Year 2022 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality education and care solutions designed to help employers support employees across life and career stages, today announced financial results for the fourth quarter and full year of 2022 and provided guidance for 2023. Fourth Quarter 2022 Highlights (compared to Fourth Quarter 2021): Revenue of $530 million (increase of 15%) Income from operations of $40 million (increase of 12%) Net income of $18 million and diluted earnings per common share of $0.31 (increases of 2% and 7%, respectively) Non-GAAP measures: Adjusted income from operations* of $56 million (increase of 19%) Adjusted EBITDA* of $91 million (increase of 15%) Adjusted net income* of $44 million and diluted adjusted earnings per common share* of $0.77 (increases of 13% and 18%, respectively) Year Ended December 31, 2022 Highlights (compared to Year Ended December 31, 2021): Revenue of $2 billion (increase of 15%) Income from operations of $158 million (increase of 22%) Net income of $81 million and diluted earnings per common share of $1.37 (increases of 14% and 19%, respectively) Non-GAAP measures: Adjusted income from operations* of $183 million (increase of 30%) Adjusted EBITDA* of $317 million (increase of 17%) Adjusted net income* of $152 million and diluted adjusted earnings per common share* of $2.60 (increases of 25% and 31%, respectively) “I am pleased to close out 2022 on a strong note, with revenue growth across all of our service lines, solid progression toward our enrollment growth goals, and solid use and participation activity in Back-Up Care and Educational Advisory,” said Stephen Kramer, Chief Executive Officer. “We achieved a lot in 2022 from investing in our product and people, expanding our footprint, deepening our client relationships, and adapting to a dynamic environment. We enter 2023 with a strong foundation and well positioned to capitalize on the growth prospects that lie ahead.” Fourth Quarter 2022 Results Revenue increased $66.9 million, or 15%, in the fourth quarter of 2022, from the fourth quarter of 2021, attributable to contributions from the 75 centers acquired in Australia in July 2022, enrollment gains at our existing centers, alongside, expanded sales and utilization of back-up care and educational advisory services. These contributions were partially offset by lower foreign currency exchange rates for our United Kingdom and Netherlands operations. Income from operations was $39.6 million for the fourth quarter of 2022 compared to $35.3 million for the same period in 2021, representing a 12% increase. The increase in income from operations reflects improved gross profit contributions in the full service center-based child care segment resulting from higher enrollment compared to the prior year, as well as increased contributions from back-up care and educational advisory services, partially offset by incremental impairment costs of $3.5 million in the full service center-based child care segment. Net income was $18.0 million for the fourth quarter of 2022, compared to $17.7 million for the fourth quarter of 2021, an increase of 2%, due to the increase in income from operations noted above, partially offset by higher interest expense and a higher effective tax rate. Diluted earnings per common share was $0.31 for the fourth quarter of 2022 compared to $0.29 for the fourth quarter of 2021. In the fourth quarter of 2022, adjusted EBITDA* increased $11.7 million, or 15%, to $90.5 million, and adjusted income from operations* increased $9.0 million, or 19%, to $55.5 million from the fourth quarter of 2021, due primarily to the increase in gross profit in the full service center-based child care segment, and increased contributions from our back-up care and educational advisory services. Adjusted net income* increased by $5.2 million, or 13%, to $44.3 million, due to the increase in income from operations, partially offset by higher interest expense and a higher effective tax rate. Diluted adjusted earnings per common share* was $0.77 for the fourth quarter of 2022 compared to $0.65 in the same period in 2021. As of December 31, 2022, the Company had more than 1,400 client relationships with employers across a diverse array of industries, and operated 1,078 early education and child care centers with the capacity to serve approximately 120,000 children and their families. *Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are non-GAAP measures. Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, and at times, non-recurring costs, such as impairment costs and other costs incurred due to the impact of COVID-19, transaction costs, loss on foreign currency forward contracts, loss on extinguishment of debt, and costs incurred in relation to a cyber incident. Adjusted income from operations represents income from operations before non-recurring costs, such as impairment costs and other costs incurred due to the impact of COVID-19, transaction costs, and costs incurred in relation to a cyber incident. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, and non-recurring costs, such as impairment costs and other costs incurred due to the impact of COVID-19, transaction costs, loss on foreign currency forward contracts, loss on extinguishment of debt, interest on deferred consideration, and costs incurred and any insurance recoveries received in relation to a cyber incident, and the income tax provision (benefit) thereon. Diluted adjusted earnings per common share is calculated using adjusted net income. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Measures” and the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations,” respectively. Balance Sheet and Liquidity At December 31, 2022, Bright Horizons had $36.2 million of cash and cash equivalents and $310.8 million available for borrowing under our revolving credit facility. In the year ended December 31, 2022, we generated approximately $188.5 million of cash from operations, compared to $227.3 million for the same period in 2021, and made investments in acquisitions, fixed assets, and other investments totaling $278.0 million, compared to $117.4 million for the same period in the prior year. 2023 Outlook Based on current trends and expectations, we currently expect fiscal year 2023 revenue to be in the range of $2.3 billion to $2.4 billion, and diluted adjusted earnings per common share to be in the range of $2.80 to $3.00. The Company will provide additional information on its outlook during its earnings conference call. Conference Call Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET to discuss the fourth quarter 2022 results, as well as the Company’s updated business outlook, its strategy and operating expectations. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039 or, for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through March 9, 2023 at 1-844-512-2921 or, for international callers, at 1-412-317-6671, conference ID #13726922. A link to the audio webcast of the conference call and a copy of this press release are also available through the Investor Relations section of the Company’s web site, www.brighthorizons.com. Forward-Looking Statements This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, including statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, operating expectations, our investments, impact of our services, our market position, business trends, our future opportunities and business model, enrollment and occupancy levels, long-term growth strategy and value, estimated effective tax rate and tax expense and benefits, our care solutions, quality and expanded service offerings, our ability to respond to changing demands, our future business and financial performance, and our 2023 financial guidance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company believes that these risks and uncertainties include, but are not limited to, ongoing disruptions to our operations as a result of the COVID-19 pandemic; the availability or lack of government support; changes in the demand for child care, dependent care and other workplace solutions, including variations in enrollment trends and lower than expected demand from employer sponsor clients as well as variations in return to work protocols; the constrained labor market for teachers and staff and ability to hire and retain talent, including the impact of increased compensation and labor costs; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; the overall macroeconomic environment, including the impact of inflation and interest rate fluctuations; fluctuations in currency exchange rates; the effects of a cyber-attack, data breach or other security incident on our information technology system or software or those of our third party vendors; changes in tax rates or policies; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on February 25, 2022, and other factors disclosed from time to time in our other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. Presentation of Non-GAAP Measures In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements - adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share - which present operating results on a basis adjusted for certain items. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement. We also believe these non-GAAP measures provide investors with useful information with respect to our historical operations. These non-GAAP measures are not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. The use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. With respect to our outlook for diluted adjusted earnings per common share, we do not provide the most directly comparable GAAP financial measure or corresponding reconciliation to such GAAP financial measure on a forward-looking basis. We are unable to predict with reasonable certainty and without unreasonable effort certain items such as the timing and amount of future impairments, transaction costs, net excess income tax benefits, and other non-recurring costs, as well as gains or losses from the early retirement of debt and the outcome from legal proceedings. These items are uncertain, depend on various factors outside our management’s control, and could significantly impact, either individually or in the aggregate, our future period earnings per common share as calculated and presented in accordance with GAAP. For more information regarding adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share, please see the reconciliation of GAAP financial measures to non-GAAP financial measures in the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.” About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,400 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com. BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) Three Months Ended December 31, 2022 % 2021 % Revenue $ 529,522 100.0 % $ 462,656 100.0 % Cost of services 418,262 79.0 % 355,250 76.8 % Gross profit 111,260 21.0 % 107,406 23.2 % Selling, general and administrative expenses 62,925 11.9 % 65,118 14.1 % Amortization of intangible assets 8,785 1.7 % 6,980 1.5 % Income from operations 39,550 7.4 % 35,308 7.6 % Loss on extinguishment of debt — — % (2,571 ) (0.5 )% Interest expense — net (12,791 ) (2.4 )% (8,350 ) (1.8 )% Income before income tax 26,759 5.0 % 24,387 5.3 % Income tax expense (8,717 ) (1.6 )% (6,694 ) (1.5 )% Net income $ 18,042 3.4 % $ 17,693 3.8 % Earnings per common share: Common stock — basic $ 0.31 $ 0.29 Common stock — diluted $ 0.31 $ 0.29 Weighted average common shares outstanding: Common stock — basic 57,506,602 59,886,195 Common stock — diluted 57,554,377 60,309,067 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) Years Ended December 31, 2022 % 2021 % Revenue $ 2,020,487 100.0 % $ 1,755,307 100.0 % Cost of services 1,541,834 76.3 % 1,340,296 76.4 % Gross profit 478,653 23.7 % 415,011 23.6 % Selling, general and administrative expenses 289,156 14.3 % 256,821 14.6 % Amortization of intangible assets 31,912 1.6 % 29,172 1.6 % Income from operations 157,585 7.8 % 129,018 7.4 % Loss on foreign currency forward contracts (5,917 ) (0.3 )% — — % Loss on extinguishment of debt — — % (2,571 ) (0.2 )% Interest expense — net (39,486 ) (1.9 )% (36,099 ) (2.1 )% Income before income tax 112,182 5.6 % 90,348 5.1 % Income tax expense (31,541 ) (1.6 )% (19,889 ) (1.1 )% Net income $ 80,641 4.0 % $ 70,459 4.0 % Earnings per common share: Common stock — basic $ 1.38 $ 1.16 Common stock — diluted $ 1.37 $ 1.15 Weighted average common shares outstanding: Common stock — basic 58,344,817 60,312,690 Common stock — diluted 58,490,652 60,871,399 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 31, 2022 2021 ASSETS Current assets: Cash and cash equivalents $ 36,224 $ 260,980 Accounts receivable — net 217,170 210,971 Prepaid expenses and other current assets 94,316 68,320 Total current assets 347,710 540,271 Fixed assets — net 571,471 598,134 Goodwill 1,727,852 1,481,725 Other intangible assets — net 245,574 251,032 Operating lease right-of-use assets 801,626 696,425 Other assets 104,636 72,460 Total assets $ 3,798,869 $ 3,640,047 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 16,000 $ 16,000 Borrowings under revolving credit facility 84,000 — Accounts payable and accrued expenses 230,634 197,366 Current portion of operating lease liabilities 94,092 87,341 Deferred revenue 222,994 258,438 Other current liabilities 138,574 63,030 Total current liabilities 786,294 622,175 Long-term debt — net 961,581 976,396 Operating lease liabilities 810,403 703,911 Deferred income taxes 50,739 48,509 Other long-term liabilities 109,399 109,780 Total liabilities 2,718,416 2,460,771 Total stockholders’ equity 1,080,453 1,179,276 Total liabilities and stockholders’ equity $ 3,798,869 $ 3,640,047 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Years Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 80,641 $ 70,459 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 106,142 108,830 Stock-based compensation expense 28,111 23,060 Impairment losses 14,061 10,582 Loss on foreign currency forward contracts 5,917 — Loss on extinguishment of debt — 2,571 Deferred income taxes (9,644 ) (4,996 ) Other non-cash adjustments — net 3,419 9,701 Changes in assets and liabilities (40,176 ) 7,046 Net cash provided by operating activities 188,471 227,253 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of fixed assets — net (60,009 ) (57,662 ) Purchases of debt securities and other investments (25,106 ) (29,912 ) Proceeds from the maturity of debt securities and sale of other investments 23,392 24,080 Payments and settlements for acquisitions — net of cash acquired (210,409 ) (53,895 ) Settlement of foreign currency forward contracts (5,917 ) — Net cash used in investing activities (278,049 ) (117,389 ) CASH FLOWS FROM FINANCING ACTIVITIES: Extinguishment of long-term debt — (1,026,625 ) Borrowings of long-term debt — 992,298 Revolving credit facility — net 84,000 — Principal payments of long-term debt (16,000 ) (8,063 ) Payments for debt issuance costs — (2,057 ) Purchase of treasury stock (182,570 ) (213,830 ) Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase 13,235 37,503 Taxes paid related to the net share settlement of stock options and restricted stock (6,138 ) (8,662 ) Payments of contingent consideration for acquisitions (13,865 ) (594 ) Net cash used in financing activities (121,338 ) (230,030 ) Effect of exchange rates on cash, cash equivalents and restricted cash (2,471 ) (3,018 ) Net decrease in cash, cash equivalents and restricted cash (213,387 ) (123,184 ) Cash, cash equivalents and restricted cash — beginning of year 265,281 388,465 Cash, cash equivalents and restricted cash — end of year $ 51,894 $ 265,281 BRIGHT HORIZONS FAMILY SOLUTIONS INC. SEGMENT INFORMATION (In thousands) (Unaudited) Full service center-based child care Back-up care Educational advisory and other services Total Three months ended December 31, 2022 Revenue $ 387,954 $ 108,390 $ 33,178 $ 529,522 Income (loss) from operations (4,112 ) 32,806 10,856 39,550 Adjusted income from operations (1) 11,847 32,806 10,856 55,509 As a percentage of revenue 3 % 30 % 33 % 11 % Three months ended December 31, 2021 Revenue $ 338,579 $ 94,067 $ 30,010 $ 462,656 Income (loss) from operations (4,596 ) 31,391 8,513 35,308 Adjusted income from operations (2) 6,564 31,391 8,513 46,468 As a percentage of revenue 2 % 33 % 28 % 10 % (1) For the three months ended December 31, 2022, adjusted income from operations for the full service center-based child care segment represents loss from operations excluding impairment losses of $14.1 million for fixed assets and operating lease right-of-use assets, and costs incurred in relation to a cyber incident of $1.9 million. (2) For the three months ended December 31, 2021, adjusted income from operations for the full service center-based child care segment represents loss from operations excluding impairment losses incurred due to the impact of COVID-19 on our operations of $10.6 million for fixed assets and operating lease right-of-use assets, and transaction costs of $0.6 million related to acquisitions. Full service center-based child care Back-up care Educational advisory and other services Total Year ended December 31, 2022 Revenue $ 1,493,758 $ 409,554 $ 117,175 $ 2,020,487 Income from operations 12,937 118,788 25,860 157,585 Adjusted income from operations (1) 38,093 118,788 25,860 182,741 As a percentage of revenue 3 % 29 % 22 % 9 % Year ended December 31, 2021 Revenue $ 1,297,208 $ 351,103 $ 106,996 $ 1,755,307 Income (loss) from operations (8,431 ) 115,173 22,276 129,018 Adjusted income from operations (2) 2,729 115,173 22,276 140,178 As a percentage of revenue — % 33 % 21 % 8 % (1) For the year ended December 31, 2022, adjusted income from operations for the full service center-based child care segment represents income from operations excluding impairment losses of $14.1 million for fixed assets and operating lease right-of-use assets, transaction costs of $9.2 million related to acquisitions, and costs incurred in relation to a cyber incident of $1.9 million. (2) For the year ended December 31, 2021, adjusted income from operations for the full service center-based child care segment represents loss from operations excluding impairment losses incurred due to the impact of COVID-19 on our operations of $10.6 million for fixed assets and operating lease right-of-use assets, and transaction costs of $0.6 million related to acquisitions. BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited) Three Months Ended December 31, Years Ended December 31, 2022 2021 2022 2021 Net income $ 18,042 $ 17,693 $ 80,641 $ 70,459 Interest expense — net 12,791 8,350 39,486 36,099 Income tax expense 8,717 6,694 31,541 19,889 Depreciation 19,399 18,992 74,230 79,658 Amortization of intangible assets (a) 8,785 6,980 31,912 29,172 EBITDA 67,734 58,709 257,810 235,277 As a percentage of revenue 13 % 13 % 13 % 13 % Additional adjustments: COVID-19 related costs and impairments (b) 14,061 10,582 14,061 10,582 Stock-based compensation expense (c) 6,829 6,325 28,111 23,060 Other costs (d) 1,898 578 11,095 578 Loss on foreign currency forward contracts (e) — — 5,917 — Loss on extinguishment of debt — 2,571 — 2,571 Total adjustments 22,788 20,056 59,184 36,791 Adjusted EBITDA $ 90,522 $ 78,765 $ 316,994 $ 272,068 As a percentage of revenue 17 % 17 % 16 % 16 % Income from operations $ 39,550 $ 35,308 $ 157,585 $ 129,018 COVID-19 related costs and impairments (b) 14,061 10,582 14,061 10,582 Other costs (d) 1,898 578 11,095 578 Adjusted income from operations $ 55,509 $ 46,468 $ 182,741 $ 140,178 As a percentage of revenue 11 % 10 % 9 % 8 % Net income $ 18,042 $ 17,693 $ 80,641 $ 70,459 Income tax expense 8,717 6,694 31,541 19,889 Income before income tax 26,759 24,387 112,182 90,348 Amortization of intangible assets (a) 8,785 6,980 31,912 29,172 COVID-19 related costs and impairments (b) 14,061 10,582 14,061 10,582 Stock-based compensation expense (c) 6,829 6,325 28,111 23,060 Other costs (d) 1,898 578 11,095 578 Loss on foreign currency forward contracts (e) — — 5,917 — Loss on extinguishment of debt — 2,571 — 2,571 Interest on deferred consideration (f) 1,486 — 2,957 — Adjusted income before income tax 59,818 51,423 206,235 156,311 Adjusted income tax expense (g) (15,553 ) (12,393 ) (54,036 ) (34,915 ) Adjusted net income $ 44,265 $ 39,030 $ 152,199 $ 121,396 As a percentage of revenue 8 % 8 % 8 % 7 % Weighted average common shares outstanding — diluted 57,554,377 60,309,067 58,490,652 60,871,399 Diluted adjusted earnings per common share $ 0.77 $ 0.65 $ 2.60 $ 1.99 (a) Amortization of intangible assets represents amortization expense, including quarterly amortization expense of $5.0 million associated with intangible assets recorded in connection with our going private transaction in May 2008. (b) COVID-19 related costs and impairments represent impairment costs for long-lived assets as a result of temporary and permanent center closures and decreased operating performance due to the impact of the COVID-19 pandemic on our operations or the recovery therefrom. For the three and twelve months ended December 31, 2022, impairment costs totaled $14.1 million related to the full service center-based child care segment. For the three and twelve months ended December 31, 2021, impairment costs totaled $10.6 million related to the full service center-based child care segment. (c) Stock-based compensation expense represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation. (d) Other costs in the three and twelve months ended December 31, 2022 consist of costs incurred in relation to a cyber incident of $1.9 million, and other costs in the year ended December 31, 2022 also consist of transaction costs incurred in connection with acquisitions of $9.2 million. Other costs in the three and twelve months ended December 31, 2021 consist of transaction costs incurred in connection with acquisitions. (e) During the year ended December 31, 2022, the Company entered into foreign currency forward contracts for the purchase of Australian dollars to satisfy the purchase price of an acquisition completed on July 1, 2022. The Company entered into the foreign currency forwards to lock the purchase price in US dollars at closing and mitigate the impact of any foreign currency fluctuations. A loss of $5.9 million resulting from fluctuations in foreign currency rates was recognized in the year ended December 31, 2022 in relation to these contracts. (f) Interest on deferred consideration represents the imputed interest on the deferred consideration issued in connection with the July 1, 2022 acquisition of Only About Children, a child care operator in Australia. (g) Adjusted income tax expense represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately 26% for the three and twelve months ended December 31, 2022, and of approximately 24% and 22% for the three and twelve months ended December 31, 2021, respectively. The tax rate for 2022 represents a tax rate of approximately 28% applied to the adjusted income before income tax, less the effect of net excess tax benefits related to equity transactions.
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Bright Horizons Family Solutions Announces Date of Fourth Quarter 2022 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended December 31, 2022 on Thursday, February 16, 2023, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the fourth quarter 2022, the Company’s updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call, moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through March 9, 2023, at 1-844-512-2921, or for international callers, 1-412-317-6671, conference ID #13726922. The fourth quarter 2022 earnings release and a link to the audio webcast of the conference call will be available through the Investor Relations section of the Company's web site, www.brighthorizons.com. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,350 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.
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The Boston Globe Names Bright Horizons a Top Place to Work for 2022
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons (NYSE: BFAM) has been named one of the Top Places to Work in Massachusetts in the 15th annual employee-based survey project from The Boston Globe. Out of the 150 employers that were included on this year’s list, Bright Horizons was ranked 10th in the largest companies category. Top Places to Work recognizes the most admired workplaces in the state voted on by the people who know them best—their employees. The survey measures employee opinions about their company’s direction, execution, connection, management, work, pay and benefits, and engagement. “The work our employees do is deeply consequential. They have the opportunity to change the world through care and education. Their commitment and dedication to deliver excellence every day deserves to be recognized, rewarded, and celebrated,” said Bright Horizons CEO Stephen Kramer. “Our aim is to provide our employees with the same gift they give to children, families and learner of all ages – and that is respect, devotion, a supportive and inclusive environment, and opportunity for lifelong learning.” As a leading education and care company, Bright Horizons is the only company in the early childhood education field to offer teachers and center staff the opportunity to earn a college degree for free through its Horizons Teacher Degree Program. Moreover, Bright Horizons has been recognized as a leader in Diversity, Equity and Inclusion in the workplace and its early childhood education classrooms. From its DEI Center of Excellence to Employee Advisory Groups, the company delivers on a vision for inclusion by creating an organization and culture where everyone feels a strong sense of belonging. "The pandemic has changed the way we work, and the employers who topped the list understand it goes far beyond the remote vs. in-office debate," said Katie Johnston, the Globe’s Top Places to Work editor. "Workers want flexibility, of course, but they also want more support, more humanity, and a greater sense of purpose." The rankings in Top Places to Work are based on confidential survey information collected by Energage (formerly WorkplaceDynamics), an independent company specializing in employee engagement and retention, from more than 90,000 individuals at 381 Massachusetts organizations, the most companies ever surveyed in the state. The winners share a few key traits, including offering more flexibility to continue working remotely, tracking progress on efforts to support a diverse workforce, and, above all, remembering to have some fun along the way. Top Places to Work online extras include sortable rankings and features showcasing companies that are going the extra mile to make their workplaces more supportive and responsive to their employees' ever-changing needs. All can be found at Globe.com/TopPlaces. Readers can follow the news on Twitter at #workboston. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,350 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com. About Boston Globe Media Partners, LLC Boston Globe Media Partners, LLC ("BGMP") is a multimedia organization that provides news, entertainment, and commentary across multiple brands and platforms. BGMP offers leading integrated advertising solutions that connect communities, ideas, and causes through powerful storytelling and multimedia experiences. BGMP properties include The Boston Globe, Globe Opinion, Globe.com, Boston.com, STAT, The B-Side, Globe Publishing Services, Globe Events, and Studio/B.
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Bright Horizons Family Solutions Inc. (BFAM) CEO Stephen Kramer on Q3 2022 Results - Earnings Call Transcript
Bright Horizons Family Solutions Inc. (NYSE:BFAM ) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET Company Participants Michael Flanagan - Senior Director of Investor Relations Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants George Tong - Goldman Sachs Andrew Steinerman - JPMorgan Manav Patnaik - Barclays Jeff Silber - BMO Capital Markets Toni Kaplan - Morgan Stanley Faiza Alwy - Deutsche Bank Jeff Miller - Baird Operator Greetings, and welcome to Bright Horizons Family Solutions Third Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode.
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Bright Horizons Family Solutions (BFAM) Q3 Earnings and Revenues Top Estimates
Bright Horizons (BFAM) delivered earnings and revenue surprises of 1.54% and 3.84%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
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Bright Horizons Family Solutions Reports Third Quarter of 2022 Financial Results
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality education and care solutions designed to help employers support employees across life and career stages, today announced financial results for the third quarter of 2022 and updated financial guidance for 2022. Third Quarter 2022 Highlights (compared to Third Quarter 2021): Revenue of $540 million (increase of 17%) Income from operations of $39 million (decrease of 15%) Net income of $18 million and diluted earnings per common share of $0.31 (decreases of 32% and 30%, respectively) Non-GAAP measures Adjusted income from operations* of $46 million (decrease of 1%) Adjusted EBITDA* of $81 million (increase of 2%) Adjusted net income* of $38 million and diluted adjusted earnings per common share* of $0.66 (decrease of 1% and increase of 3%, respectively) “I am pleased with the progress we made in the third quarter,” said Stephen Kramer, Chief Executive Officer. “We saw solid growth in all our lines of business. We expanded our footprint, increased enrollment year-over-year, delivered a record number of traditional back-up care sessions, and supported more adult learners in their pursuit of higher education.” “While we continue to navigate through this dynamic operating environment, I remain encouraged by the underlying trends we see across our business. I believe we have the right action plans in place that will allow us to navigate the current environment while executing on our long-term strategic initiatives.” Third Quarter 2022 Results Revenue increased $79.9 million, or 17%, in the third quarter of 2022 from the third quarter of 2021, primarily attributable to the acquisition of approximately 75 centers in Australia, enrollment gains at our existing centers, as well as expanded sales and utilization of back-up care and educational advisory services. These contributions were partially offset by lower foreign currency exchange rates for our United Kingdom and Netherlands operations. Income from operations was $39.0 million for the third quarter of 2022 compared to $46.0 million for the third quarter of 2021, representing a 15% decrease. The decrease in income from operations reflects reduced gross profit contributions in the full service center-based child care segment arising from increased labor costs and acquisition-related transaction costs, partially offset by contributions from the back-up care and educational advisory services segments. Net income was $18.2 million for the third quarter of 2022 compared to $26.8 million for the third quarter of 2021, a decrease of 32%, due to the decrease in income from operations noted above and a higher effective tax rate. Diluted earnings per common share was $0.31 for the third quarter of 2022 compared to $0.44 for the third quarter of 2021. In the third quarter of 2022, adjusted EBITDA* increased $1.5 million, or 2%, to $80.6 million, and adjusted income from operations* decreased $0.2 million, or 1%, to $45.7 million from the third quarter of 2021, due primarily to increased utilization of back-up and educational advisory services, offset by increased labor costs in the full service center-based child care segment. Adjusted net income* decreased $0.6 million, or 1%, to $38.1 million, due to the decrease in income from operations and a higher effective tax rate. Diluted adjusted earnings per common share* was $0.66 for the third quarter of 2022 compared to $0.64 for the same period in 2021. As of September 30, 2022, the Company had more than 1,350 client relationships with employers across a diverse array of industries, and operated 1,081 early education and child care centers with the capacity to serve approximately 120,000 children and their families, of which 99% were open. *Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are non-GAAP measures. Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, and at times, non-recurring costs, such as loss on foreign currency forward contracts and transaction costs. Adjusted income from operations represents income from operations before non-recurring costs, such as transaction costs. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, and non-recurring costs, such as loss on foreign currency forward contracts and transaction costs, and the income tax provision (benefit) thereon. Diluted adjusted earnings per common share is a non-GAAP measure, calculated using adjusted net income. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Measures” and the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations,” respectively. Balance Sheet and Liquidity At September 30, 2022, Bright Horizons had $33 million of cash and cash equivalents and $282 million available for borrowing under our revolving credit facility. In the nine months ended September 30, 2022, we generated approximately $131.0 million of cash from operations, compared to $185.2 million for the same period in 2021, and made investments in acquisitions, fixed assets, and other investments totaling $250.9 million, compared to $62.7 million for the same period in the prior year. 2022 Updated Outlook Based on current trends and expectations, we have updated 2022 guidance and we currently expect fiscal year 2022 revenue to be $2.0 billion and diluted adjusted earnings per common share to be in the range of $2.60 to $2.65. The Company will provide additional information on its outlook during its earnings conference call. Conference Call Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET to discuss the results for the third quarter of 2022, as well as the Company’s updated business outlook, its strategy and operating expectations. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039 or, for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through November 22, 2022 at 1-844-512-2921 or, for international callers, at 1-412-317-6671, conference ID #13726921. A link to the audio webcast of the conference call and a copy of this press release are also available through the Investor Relations section of the Company’s web site, www.brighthorizons.com. Forward-Looking Statements This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, including statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, operating expectations, our investments, impact of our services, our market position, business trends, our future opportunities and business model, our recovery from the COVID-19 pandemic, enrollment and occupancy levels, long-term growth strategy and value, estimated effective tax rate and tax expense and benefits, our care solutions, quality and expanded service offerings, our ability to respond to changing demands, contributions from acquisitions, our future business and financial performance, and our updated 2022 financial guidance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company believes that these risks and uncertainties include, but are not limited to, ongoing disruptions to our operations as a result of the COVID-19 pandemic; the availability or lack of government support; changes in the demand for child care, dependent care and other workplace solutions, including variations in enrollment trends and lower than expected demand from employer sponsor clients as well as variations in return to work protocols; the constrained labor market for teachers and staff and ability to hire and retain talent; including the impact of increased compensation and labor costs; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; the overall macroeconomic environment, including the impact of inflation and interest rate fluctuations; changes in tax rates or policies; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on February 25, 2022, and other factors disclosed from time to time in our other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. Presentation of Non-GAAP Measures In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements - adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share - which present operating results on a basis adjusted for certain items. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement. We also believe these non-GAAP measures provide investors with useful information with respect to our historical operations. These non-GAAP measures are not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. The use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. With respect to our outlook for diluted adjusted earnings per common share, we do not provide the most directly comparable GAAP financial measure or corresponding reconciliation to such GAAP financial measure on a forward-looking basis. We are unable to predict with reasonable certainty and without unreasonable effort certain items such as the timing and amount of excess (shortfall) income tax benefits (expense), transaction costs, and other non-recurring costs, as well as gains or losses from the early retirement of debt and the outcome from legal proceedings. These items are uncertain, depend on various factors outside our management’s control, and could significantly impact, either individually or in the aggregate, our future period earnings per common share as calculated and presented in accordance with GAAP. For more information regarding adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share, please see the reconciliation of GAAP financial measures to the non-GAAP financial measures in the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.” About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,350 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com. BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) Three Months Ended September 30, 2022 % 2021 % Revenue $ 540,215 100.0 % $ 460,333 100.0 % Cost of services 411,406 76.2 % 340,068 73.9 % Gross profit 128,809 23.8 % 120,265 26.1 % Selling, general and administrative expenses 80,812 15.0 % 67,135 14.6 % Amortization of intangible assets 8,948 1.6 % 7,140 1.5 % Income from operations 39,049 7.2 % 45,990 10.0 % Interest expense — net (11,707 ) (2.1 ) % (9,153 ) (2.0 ) % Income before income tax 27,342 5.1 % 36,837 8.0 % Income tax expense (9,094 ) (1.7 ) % (10,018 ) (2.2 ) % Net income $ 18,248 3.4 % $ 26,819 5.8 % Earnings per common share: Common stock — basic $ 0.32 $ 0.44 Common stock — diluted $ 0.31 $ 0.44 Weighted average common shares outstanding: Common stock — basic 57,664,895 60,218,090 Common stock — diluted 57,740,013 60,743,765 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) Nine Months Ended September 30, 2022 % 2021 % Revenue $ 1,490,965 100.0 % $ 1,292,651 100.0 % Cost of services 1,123,572 75.4 % 985,046 76.2 % Gross profit 367,393 24.6 % 307,605 23.8 % Selling, general and administrative expenses 226,231 15.2 % 191,703 14.8 % Amortization of intangible assets 23,127 1.5 % 22,192 1.8 % Income from operations 118,035 7.9 % 93,710 7.2 % Loss on foreign currency forward contracts (5,917 ) (0.4 ) % — — % Interest expense — net (26,695 ) (1.8 ) % (27,749 ) (2.1 ) % Income before income tax 85,423 5.7 % 65,961 5.1 % Income tax expense (22,824 ) (1.5 ) % (13,195 ) (1.0 ) % Net income $ 62,599 4.2 % $ 52,766 4.1 % Earnings per common share: Common stock — basic $ 1.06 $ 0.87 Common stock — diluted $ 1.06 $ 0.86 Weighted average common shares outstanding: Common stock — basic 58,624,221 60,454,855 Common stock — diluted 58,802,742 61,058,843 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 32,604 $ 260,980 Accounts receivable — net 194,410 210,971 Prepaid expenses and other current assets 75,830 68,320 Total current assets 302,844 540,271 Fixed assets — net 561,233 598,134 Goodwill 1,674,466 1,481,725 Other intangible assets — net 254,729 251,032 Operating lease right-of-use assets 795,903 696,425 Other assets 126,955 72,460 Total assets $ 3,716,130 $ 3,640,047 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 16,000 $ 16,000 Borrowings under revolving credit facility 113,000 — Accounts payable and accrued expenses 232,092 197,366 Current portion of operating lease liabilities 90,710 87,341 Deferred revenue and other current liabilities 238,214 321,468 Total current liabilities 690,016 622,175 Long-term debt — net 965,284 976,396 Operating lease liabilities 804,556 703,911 Deferred income taxes 55,830 48,509 Other long-term liabilities 206,688 109,780 Total liabilities 2,722,374 2,460,771 Total stockholders’ equity 993,756 1,179,276 Total liabilities and stockholders’ equity $ 3,716,130 $ 3,640,047 BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 62,599 $ 52,766 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 77,958 82,858 Stock-based compensation expense 21,282 16,735 Loss on foreign currency forward contracts 5,917 — Deferred income taxes (8,209 ) 1,573 Other non-cash adjustments — net 1,894 3,369 Changes in assets and liabilities (30,463 ) 27,946 Net cash provided by operating activities 130,978 185,247 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of fixed assets — net (37,772 ) (41,510 ) Proceeds from the maturity of debt securities and sale of other investments 16,009 17,730 Purchases of debt securities and other investments (13,838 ) (20,032 ) Settlement of foreign currency forward contracts (5,917 ) — Payments and settlements for acquisitions — net of cash acquired (209,421 ) (18,914 ) Net cash used in investing activities (250,939 ) (62,726 ) CASH FLOWS FROM FINANCING ACTIVITIES: Revolving credit facility — net 113,000 — Principal payments of long-term debt (12,000 ) (8,063 ) Payments of debt issuance costs — (2,057 ) Purchase of treasury stock (182,570 ) (102,184 ) Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase 11,412 31,820 Taxes paid related to the net share settlement of stock options and restricted stock (5,432 ) (7,429 ) Payments of contingent consideration for acquisitions (13,865 ) (196 ) Net cash used in financing activities (89,455 ) (88,109 ) Effect of exchange rates on cash, cash equivalents and restricted cash (4,018 ) (2,120 ) Net increase (decrease) in cash, cash equivalents and restricted cash (213,434 ) 32,292 Cash, cash equivalents and restricted cash — beginning of period 265,281 388,465 Cash, cash equivalents and restricted cash — end of period $ 51,847 $ 420,757 BRIGHT HORIZONS FAMILY SOLUTIONS INC. SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, 2022 Full service center-based child care Back-up care Educational advisory and other services Total Revenue $ 380,556 $ 128,606 $ 31,053 $ 540,215 Income (loss) from operations (9,834 ) 40,405 8,478 39,049 Adjusted income (loss) from operations (1) (3,134 ) 40,405 8,478 45,749 As a percentage of revenue (1 ) % 31 % 27 % 8 % Three Months Ended September 30, 2021 Revenue $ 333,883 $ 99,197 $ 27,253 $ 460,333 Income from operations 10,070 31,823 4,097 45,990 Adjusted income from operations 10,070 31,823 4,097 45,990 As a percentage of revenue 3 % 32 % 15 % 10 % (1) For the three months ended September 30, 2022, adjusted loss from operations for the full service center-based child care segment represents loss from operations excluding transaction costs of $6.7 million related to acquisitions. Nine Months Ended September 30, 2022 Full service center-based child care Back-up care Educational advisory and other services Total Revenue $ 1,105,804 $ 301,164 $ 83,997 $ 1,490,965 Income from operations 17,049 85,982 15,004 118,035 Adjusted income from operations (1) 26,246 85,982 15,004 127,232 As a percentage of revenue 2 % 29 % 18 % 9 % Nine Months Ended September 30, 2021 Revenue $ 958,629 $ 257,036 $ 76,986 $ 1,292,651 Income (loss) from operations (3,835 ) 83,782 13,763 93,710 Adjusted income (loss) from operations (3,835 ) 83,782 13,763 93,710 As a percentage of revenue — % 33 % 18 % 7 % (1) For the nine months ended September 30, 2022, adjusted income from operations for the full service center-based child care segment represents income from operations excluding transaction costs of $9.2 million related to acquisitions. BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income $ 18,248 $ 26,819 $ 62,599 $ 52,766 Interest expense — net 11,707 9,153 26,695 27,749 Income tax expense 9,094 10,018 22,824 13,195 Depreciation 18,349 20,326 54,831 60,666 Amortization of intangible assets (a) 8,948 7,140 23,127 22,192 EBITDA 66,346 73,456 190,076 176,568 As a percentage of revenue 12 % 16 % 13 % 14 % Additional adjustments: Stock-based compensation expense (b) 7,514 5,600 21,282 16,735 Other costs (c) 6,700 — 9,197 — Loss on foreign currency forward contracts (d) — — 5,917 — Total adjustments 14,214 5,600 36,396 16,735 Adjusted EBITDA $ 80,560 $ 79,056 $ 226,472 $ 193,303 As a percentage of revenue 15 % 17 % 15 % 15 % Income from operations $ 39,049 $ 45,990 $ 118,035 $ 93,710 Other costs (c) 6,700 — 9,197 — Adjusted income from operations $ 45,749 $ 45,990 $ 127,232 $ 93,710 As a percentage of revenue 8 % 10 % 9 % 7 % Net income $ 18,248 $ 26,819 $ 62,599 $ 52,766 Income tax expense 9,094 10,018 22,824 13,195 Income before income tax 27,342 36,837 85,423 65,961 Amortization of intangible assets (a) 8,948 7,140 23,127 22,192 Stock-based compensation expense (b) 7,514 5,600 21,282 16,735 Other costs (c) 6,700 — 9,197 — Loss on foreign currency forward contracts (d) — — 5,917 — Interest on deferred consideration (e) 1,471 — 1,471 — Adjusted income before income tax 51,975 49,577 146,417 104,888 Adjusted income tax expense (f) (13,877 ) (10,907 ) (38,483 ) (22,522 ) Adjusted net income $ 38,098 $ 38,670 $ 107,934 $ 82,366 As a percentage of revenue 7 % 8 % 7 % 6 % Weighted average common shares outstanding — diluted 57,740,013 60,743,765 58,802,742 61,058,843 Diluted adjusted earnings per common share $ 0.66 $ 0.64 $ 1.84 $ 1.35 (a) Amortization of intangible assets represents amortization expense, including quarterly amortization expense of approximately $5.0 million associated with intangible assets recorded in connection with our going private transaction in May 2008. (b) Stock-based compensation expense represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation. (c) Other costs represent transaction costs incurred in connection with acquisitions. (d) During the nine months ended September 30, 2022, the Company entered into foreign currency forward contracts for the purchase of Australian dollars to satisfy the purchase price of an acquisition completed July 1, 2022. The Company entered into the foreign currency forwards to lock the purchase price in US dollars at closing and mitigate the impact of any foreign currency fluctuations. A loss of $5.9 million resulting from fluctuations in foreign currency rates was recognized during the nine months ended September 30, 2022 in relation to these contracts. (e) Interest on deferred consideration represents the imputed interest on the deferred consideration issued in connection with the July 1, 2022 acquisition of Only About Children, a child care operator in Australia. (f) Adjusted income tax expense represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately 27% and 26% for the three and nine months ended September 30, 2022, respectively, and of approximately 22% for the three and nine months ended September 30, 2021. The tax rate for 2022 represents a tax rate of approximately 28% applied to the expected adjusted income before income tax, less the estimated effect of excess (shortfall) tax benefit (expense) related to equity transactions. However, the jurisdictional mix of the expected adjusted income before income tax for the full year, and the timing and volume of the tax benefits (expense) associated with future equity activity will affect these estimates and the estimated effective tax rate for the year.
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Bright Horizons Family Solutions Announces Date of Third Quarter 2022 Earnings Release and Conference Call
NEWTON, Mass.--(BUSINESS WIRE)--Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will release results for the quarter ended September 30, 2022 on Tuesday, November 1, 2022, after the stock market closes. Following the release, the Company will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the third quarter 2022, the Company’s updated business outlook, its strategy and results. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call, moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through November 22, 2022, at 1-844-512-2921, or for international callers, 1-412-317-6671, conference ID #13726921. The third quarter 2022 earnings release and a link to the audio webcast of the conference call will be available through the Investor Relations section of the Company's web site, www.brighthorizons.com. About Bright Horizons Family Solutions Inc. Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,350 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.
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