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 dialing 1-877-407- ...

Revenue Growth - For the three months ended September 30, 2023, the company reported a revenue of $645.8 million, a 19.5% increase compared to $540.2 million in the same period of 2022[110]. - The full service center-based child care segment experienced a 17% year-over-year revenue growth, with net enrollment growth of 8% as centers continue to re-ramp[107]. - The back-up care segment saw a significant 32% year-over-year increase in revenue due to increased utilization and new clients[107]. - Revenue for the nine months ended September 30, 2023, was $1,802,609 thousand, a 20.9% increase from $1,490,965 thousand in the same period of 2022[117]. - Total revenue for the three months ended September 30, 2023, was $645,787 thousand, a 19.5% increase from $540,215 thousand in the same period of 2022[119]. - Tuition revenue increased by $58,494 thousand, or 17%, due to an 8% net increase in enrollment and average tuition rate increases of approximately 7%[119]. - Revenue generated by the back-up care services increased by $80.7 million, or 27%, for the nine months ended September 30, 2023, compared to the same period in 2022, due to increased utilization by new and existing clients[125]. - Total revenue for the nine months ended September 30, 2023, was $1.8 billion, an increase of $311.6 million, or 20.9%, compared to the same period in 2022[125]. Profitability Metrics - The company reported a gross profit of $157.6 million, representing a gross margin of 24.4%, compared to a gross profit of $128.8 million and a margin of 23.8% in the prior year[110]. - Gross profit for the nine months ended September 30, 2023, was $415,822 thousand, representing a gross margin of 23.1%, compared to 24.6% in the prior year[117]. - Gross profit for the three months ended September 30, 2023, was $157,600 thousand, a 22% increase from $128,800 thousand in the same period of 2022[121]. - Adjusted EBITDA for the quarter was $101.2 million, representing 15.7% of revenue, compared to $80.6 million or 14.9% of revenue in the same period last year[110]. - Adjusted EBITDA increased by $20.6 million, or 26%, for the three months ended September 30, 2023, compared to the same period in 2022, driven by gross profit contributions from the full service center-based child care segment and the back-up care segment[123]. - Adjusted EBITDA for the nine months ended September 30, 2023, was $252,927 thousand, representing a margin of 14.0%[117]. - Adjusted EBITDA increased by $26.5 million, or 12%, for the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to increased gross profit in child care segments[129]. Income and Expenses - Income from operations for the quarter was $66.8 million, which is 10.3% of revenue, compared to $39.0 million or 7.2% of revenue in the same quarter last year[110]. - Net income for the quarter was $40.0 million, a 119% increase from $18.2 million in the prior year, resulting in a net income margin of 6.2%[110]. - Income from operations increased by $27,800 thousand, or 71%, to $66,800 thousand for the three months ended September 30, 2023, compared to $39,000 thousand in the same period of 2022[121]. - Income from operations for the full service center-based child care segment increased by $16.8 million, or 171%, for the three months ended September 30, 2023, compared to the same period in 2022, primarily due to increases in tuition revenue from enrollment growth and annual tuition rate increases[123]. - Adjusted net income increased by $13.0 million, or 34%, for the three months ended September 30, 2023, compared to the same period in 2022, primarily due to the increase in adjusted income from operations[123]. - Net interest expense increased to $12.2 million for the three months ended September 30, 2023, from $11.7 million for the same period in 2022, primarily due to increased borrowings and higher interest rates[123]. - Income tax expense was $14.6 million during the three months ended September 30, 2023, at an effective income tax rate of 27%, compared to $9.1 million at a 33% rate for the same period in 2022[123]. - Adjusted net income rose by $8.3 million, or 8%, for the nine months ended September 30, 2023, driven by higher adjusted income from operations, partially offset by increased interest expense and tax rate[129]. Cash Flow and Investments - Cash provided by operating activities increased to $161.0 million for the nine months ended September 30, 2023, compared to $130.978 million for the same period in 2022, reflecting a $6.1 million increase in net income[140]. - Cash used in investing activities decreased significantly to $92.0 million for the nine months ended September 30, 2023, from $250.9 million in the same period in 2022, primarily due to reduced acquisition payments[141]. - The company invested $37.8 million to acquire four centers in the U.S. and four centers in Australia during the nine months ended September 30, 2023[141]. - Cash used in financing activities decreased to $60.5 million for the nine months ended September 30, 2023, compared to $89.5 million in the same period in 2022, mainly due to reduced share repurchases[142]. - The company anticipates that cash flows from operating activities will continue to improve as center enrollment ramps up[137]. Debt and Interest Rates - As of September 30, 2023, total debt was $966.468 million, a decrease from $977.581 million as of December 31, 2022, representing a reduction of approximately 1.14%[150]. - Long-term debt stood at $950.468 million as of September 30, 2023, down from $961.581 million at the end of 2022, indicating a decrease of about 1.15%[150]. - Borrowings on the revolving credit facility decreased significantly to $29.4 million from $84.0 million, a reduction of approximately 65%[150]. - The blended weighted average interest rate for term loans and revolving credit facility was 3.92% for the nine months ended September 30, 2023, compared to 2.80% for the same period in 2022[150]. - The company estimates that the overall weighted average interest rate will approximate 4.85% for the remainder of 2023, inclusive of cash flow hedges[150]. - Interest rate cap agreements with a total notional value of $800 million were entered into to mitigate interest rate exposure, providing protection if the one-month term SOFR rate exceeds 0.9%[150]. Shareholder Actions - The board of directors authorized a share repurchase program of up to $400 million, with $198.3 million remaining available for future repurchases as of September 30, 2023[137].

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 increased by 20% year-over-year to $646 million, with adjusted operating income rising by 46% to $67 million, representing 10% of revenue [48][14][8] - Adjusted EPS grew by 33% to $0.88 per share [9][14] - The company narrowed its full-year revenue guidance to a range of $2.375 billion to $2.4 billion, reflecting an 18% to 19% growth [8][52] Business Line Data and Key Metrics Changes - Full-service child care revenue increased by 17% to $445 million, driven by higher enrollment and pricing [15][24] - Back-Up Care revenue grew by 32% to $169 million, significantly exceeding expectations [19][26] - Education Advisory revenue increased by 3% to $32 million, with notable new client launches [21][48] Market Data and Key Metrics Changes - In the US, year-over-year enrollment increased nearly 12%, particularly strong in infant and toddler classrooms [42] - International enrollment grew at a low single-digit rate, with the UK remaining a challenging market due to labor constraints [17][49] - Occupancy levels averaged between 58% to 60% in Q3, with a sequential dip expected due to seasonal trends [49][37] Company Strategy and Development Direction - The company aims to continue focusing on enrolling existing centers as a priority for growth, with plans to open 20 to 30 new centers in 2024 [106][107] - There is a strategic emphasis on improving the UK business despite current challenges, with ongoing talent acquisition initiatives [34][58] - The company is leveraging investments in technology and marketing to enhance the Back-Up Care segment and expand its service offerings [46][99] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of the UK market despite current headwinds, citing quality leadership and government support [35][34] - The company anticipates a modest improvement in enrollment and occupancy rates in 2024, particularly in the middle and lower cohorts of centers [62][39] - Management highlighted the impact of ARPA funding ending and its implications for future revenue and cost structures [30][50] Other Important Information - The company generated $161 million in cash from operations year-to-date, with a debt leverage ratio of 2.8 times net debt to EBITDA [27] - Interest expense is expected to increase to $14 million per quarter in Q4 2023, reflecting a new run rate for 2024 [30][74] Q&A Session Summary Question: Confidence in improving the UK business - Management emphasized their long-standing presence in the UK market and ongoing initiatives to enhance staffing and operational efficiency [33][34] Question: Trends in occupancy levels heading into Q4 - Management noted a steady improvement in occupancy levels, with expectations for modest enrollment growth in the coming year [37][62] Question: Interest expense outlook for 2024 - Management indicated that interest expense is expected to remain around $14 million per quarter, with variable rate debt managed through interest rate caps [74][75] Question: Factors driving growth in Back-Up Care - Management attributed the growth to increased consumer awareness and the expansion of service offerings, making it more accessible to employees [98][99] Question: Full-service margin expectations - Management acknowledged challenges in the UK impacting margins but expects improvements as enrollment grows and operational efficiencies are realized [67][88] Question: New center pipeline and client receptiveness - Management reported elevated interest from clients but noted that decision-making processes are taking longer due to the long-term nature of on-site centers [112][113]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 2 Wells Avenue Newton, Massachusetts 02459 (Address of principal executive offices) (Zip code) Table of Contents For the quarterly period ended J ...

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 - ...

OR 2 Wells Avenue Newton, Massachusetts 02459 (Address of principal executive offices) (Zip code) Table of Contents For the quarterly period ended March 31, 2023 Table of Contents Item 1. Condensed Consolidated Financial Statements (Unaudited) | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 Hori ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2022 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 registrant as specified in its charter) Delaware 80-0188269 (State or other jurisdi ...

Financial Data and Key Metrics Changes - Revenue increased 14% to $530 million in Q4 2022, with adjusted EBITDA of $91 million and adjusted earnings per share of $0.77, an 18% increase from the prior year [19][23] - For the full year 2022, revenue reached $2 billion, representing a growth of 15%, while adjusted earnings per share expanded 31% to $2.60 [19] - Organic constant currency revenue grew approximately 8%, with acquisitions contributing an additional 11% or $36 million to revenue in the quarter [11][19] Business Line Data and Key Metrics Changes - Full service childcare segment revenue increased 15% in Q4 to $388 million, with three new organic centers added [19][23] - Back-Up Care revenue grew 15% in Q4 to $108 million, with operating income of $33 million, representing 30% of associated revenue [24][44] - Educational Advising segment delivered 11% growth to $33 million, driven by expanded use of workforce education and college admissions advising services [24] Market Data and Key Metrics Changes - In the U.S., year-over-year enrollment increased 6%, with a notable 10% growth in the infant and toddler age groups [7] - Internationally, enrollment growth was more challenging, with marginal increases in the UK and Netherlands due to staffing shortages and higher labor costs [8] - Average occupancy levels remained in the 55% to 60% range for Q4, with expectations of reaching 60% to 65% utilization on average for the year [36][47] Company Strategy and Development Direction - The company is focused on digital transformation, with investments in technology improving operational systems and user experiences [5][6] - Strategic expansion into new geographies was highlighted by the acquisition of Only About Children in Australia, which is expected to drive further growth [18] - The company aims to unify and extend the value of its offerings, projecting revenue growth of $2.3 billion to $2.4 billion in 2023, with adjusted EPS expected to be between $2.80 and $3 [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery from the pandemic, noting solid progress in enrollment and Back-Up Care usage [22] - The company anticipates headwinds from the expiration of government funding programs and increased interest expenses, estimating a $0.60 to $0.65 per share impact on growth for 2023 [13][22] - Management remains optimistic about the resilience of the business model and the strength of client relationships, expecting continued growth in various segments [22] Other Important Information - The company reported a cash flow from operations of $57 million in Q4, compared to $42 million in the same period of 2021 [48] - The company ended the year with $36 million in cash and a leverage ratio of 3.2x net debt to EBITDA [48] Q&A Session Summary Question: What are the assumptions for revenue growth in terms of M&A contribution and utilization? - Management indicated that the full year revenue guidance of $2.3 billion to $2.4 billion includes a contribution from the Only About Children acquisition, estimated at $70 million to $75 million [28][31] Question: Can you provide insights on enrollment growth and occupancy rates? - Management expects mid to high single-digit enrollment growth, translating to an average occupancy rate of 60% to 65% [36] Question: How is the company addressing staffing constraints? - Management noted improvements in retention rates and an increase in job applications, but staffing remains a challenge impacting enrollment [37][38] Question: What is the outlook for operating margins in 2023? - Management expects low single-digit to mid-single-digit operating margins for full service, with improvements anticipated as the year progresses [40][98] Question: How does the company view the macroeconomic environment and potential recession impacts? - Management acknowledged potential demand headwinds during recessionary periods but noted that supply constraints may improve the labor environment [102]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to 2 Wells Avenue Newton, Massachusetts 02459 (Address of pri ...