Financial Data and Key Metrics Changes - The company reported top line growth of 8% to $528 million and adjusted EPS growth of 14% to $0.99 per share for Q2 2019 [6][19] - Adjusted operating income grew 13% and expanded 70 basis points to 14.2% of revenue [9][23] - Interest expense decreased slightly to $12 million due to lower average revolver borrowings [26] Business Line Data and Key Metrics Changes - Full-service segment revenue grew by 6% to $24.5 million, driven by rate increases, enrollment gains, and contributions from new centers [21] - Back-up operations generated 19% top line growth, supported by new client launches and strong utilization from existing clients [22] - Educational advisory services grew 16% due to new client launches and expanded use by the existing base [22] Market Data and Key Metrics Changes - The company operates 1,083 centers with the capacity to serve 120,000 children and partners with more than 1,100 clients [28] - The back-up division is projected to grow between 17% and 19% for the full year, including approximately 4% from the addition of My Family Care [28] Company Strategy and Development Direction - The company focuses on organic growth by cultivating new clients and expanding existing client relationships through cross-selling [13] - The lease consortium centers strategy has opened 95 centers over the last six years, targeting urban settings with high demand for quality child care [14] - The company is actively pursuing M&A opportunities and has entered a partnership with PME Familienservice in Germany to expand its service offerings [17][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong performance with revenue growth in the range of 8% to 10% for the full year [19] - The company expects to add between 45 and 50 new centers while closing approximately 25 underperforming locations [30] - Management remains optimistic about the UK market despite some localized headwinds related to Brexit [52][55] Other Important Information - The company projects adjusted net income of $211 million to $213 million and adjusted EPS in the range of $3.59 to $3.64 for the year [34] - The structural tax rate is projected to approximate 23% for the year [32] Q&A Session Summary Question: Details on the partnership with PME in Germany - Management highlighted PME's extensive client base and services in child care, viewing the partnership as a way to serve multinational clients and explore the German market [36][38] Question: Enrollment growth trends and technology investments - Management noted consistent enrollment growth across the portfolio, attributing it to service delivery improvements and technology investments [41][42] Question: Thoughts on entering Germany and partnership versus acquisition - Management expressed that Germany represents a long-term opportunity and the partnership allows for better understanding of the market without immediate acquisition [45][46] Question: Impact of Brexit on the UK business - Management indicated strong opportunities in the UK market despite some localized challenges, with continued demand for services [51][52] Question: Labor issues and wage pressures - Management acknowledged that while they are not minimum wage payers, they are responsive to market wage increases and can pass these costs onto clients [63][64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number: 001-35780 __________ ...

Financial Data and Key Metrics Changes - The company reported a topline growth of 8% to $502 million and adjusted EPS of $0.81, an increase of 13% [5][17] - Adjusted operating income expanded by 60 basis points, reflecting strong operating results [9][20] - Gross profit increased by $13.4 million to $127 million, representing 25.3% of revenue [20] Business Line Data and Key Metrics Changes - Full service center revenue grew by 6.5% or $26 million, driven by rate increases, enrollment gains, and contributions from newer centers [18] - Backup operations generated 18% topline growth, aided by new client launches and strong utilization from existing clients [19] - Education advisory services grew by 15% due to new client launches and expanded use by the existing base [20] Market Data and Key Metrics Changes - The company operates 1,079 centers with the capacity to serve 120,000 children and partners with over 1,150 clients [24] - The backup division is projected to grow in the range of 16% to 18% in 2019, including contributions from the My Family Care acquisition [25] Company Strategy and Development Direction - The company focuses on organic growth by cultivating new clients and expanding existing client relationships through cross-selling [10] - The strategy includes opening approximately 50 new centers and closing 20 to 25 underperforming centers [26] - M&A remains a key element of the growth plan, with a solid pipeline of acquisition prospects [13] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong performance with revenue growth in the range of 8% to 10% for the full year [17] - The company is optimistic about the market opportunity and its capabilities to assist leading employers [14] - Management noted that the tight labor market is beneficial for their services, although decisions for onsite childcare centers are long-term [45] Other Important Information - The company has been named one of Fortune Magazine's 100 Best Companies to Work For for the 18th time, emphasizing its commitment to employee culture [15] - The structural tax rate for 2019 is projected to be around 23.5% to 24% [29] Q&A Session Summary Question: Growth potential in the full center market - Management sees opportunities for growth from both cross-selling and new clients, estimating about 14,000 work sites in the U.S. that could benefit from onsite childcare [33][34] Question: Operating margins in the second quarter - Management expects operating margins to improve modestly as the year progresses, with a full-year guidance of 50 to 100 basis points [37] Question: Addressable market and acquisition strategy - Management acknowledges the large addressable market but notes that the decision-making process for employers is complex and lengthy [41][42] Question: Impact of the tight labor market - Management agrees that the tight labor market creates demand for their services, but decisions for onsite centers are long-term investments [45] Question: Client retention and attrition - The company boasts a high retention rate of 97%, with attrition typically occurring due to client mergers and consolidations [82] Question: Impact of college admissions scandal - Management believes the scandal has increased recognition of the value of ethical college admissions advice, which could benefit their advisory services [86]

Table of Contents Common Stock, $0.001 par value per share New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-35780 BRIGHT HORIZONS FAMILY SOLUTIONS INC. (Exact name of ...

Bright Horizons Family Solution Inc. (NYSE:BFAM) Q4 2018 Earnings Conference Call February 12, 2019 5:00 PM ET Company Participants Elizabeth Boland - Chief Financial Officer Stephen Kramer - Chief Executive Officer Dave Lissy - Executive Chairman Conference Call Participants Michael Cho - JPMorgan Ryan Leonard - Barclays Gary Bisbee - Bank of America Jeff Meuler - Baird Brian Zimmerman - Goldman Sachs Mario Cortellacci - Macquarie Jeff Silber - BMO Capital Markets Operator Greetings and welcome to the Brig ...