Bright Horizons Family Solutions Reports Financial Results for Second Quarter of 2024
Bright Horizons Family Solutions (NYSE: BFAM) reported strong financial results for Q2 2024, with significant growth across key metrics. Revenue increased 11% to $670 million, while net income surged 90% to $39 million. The company saw notable improvements in its full-service center-based child care and back-up care segments. Diluted EPS rose 91% to $0.67, and adjusted EPS grew 38% to $0.88.
Based on these positive results, Bright Horizons has updated its 2024 outlook, projecting revenue between $2.65 billion and $2.7 billion, with diluted adjusted EPS expected to range from $3.30 to $3.40. The company's strong performance is attributed to enrollment gains, tuition price increases, and increased utilization of back-up care services.
Bright Horizons Family Solutions (NYSE: BFAM) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con una crescita significativa in metriche chiave. I ricavi sono aumentati dell'11% raggiungendo 670 milioni di dollari, mentre l'utile netto è aumentato del 90% a 39 milioni di dollari. L'azienda ha registrato notevoli miglioramenti nei servizi di assistenza all'infanzia basati su centri a servizio completo e nei segmenti di assistenza d'emergenza. L'EPS diluito è aumentato del 91% a 0,67 dollari, e l'EPS rettificato è cresciuto del 38% a 0,88 dollari.
Basandosi su questi risultati positivi, Bright Horizons ha aggiornato le sue previsioni per il 2024, proiettando ricavi tra 2,65 miliardi e 2,7 miliardi di dollari, con un EPS rettificato diluito atteso tra 3,30 e 3,40 dollari. La forte performance dell'azienda è attribuita ai guadagni nelle iscrizioni, agli aumenti dei prezzi delle tasse scolastiche e all'utilizzo incrementato dei servizi di assistenza d'emergenza.
Bright Horizons Family Solutions (NYSE: BFAM) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un crecimiento significativo en métricas clave. Los ingresos aumentaron un 11% a 670 millones de dólares, mientras que el ingreso neto se disparó un 90% a 39 millones de dólares. La empresa observó mejoras notables en sus segmentos de cuidado infantil basado en centros de servicio completo y atención de respaldo. El EPS diluido subió un 91% a 0,67 dólares, y el EPS ajustado creció un 38% a 0,88 dólares.
Basándose en estos resultados positivos, Bright Horizons ha actualizado sus proyecciones para 2024, proyectando ingresos entre 2.65 mil millones y 2.7 mil millones de dólares, con un EPS diluido ajustado esperado en el rango de 3.30 a 3.40 dólares. El sólido rendimiento de la empresa se atribuye a las ganancias en inscripciones, al aumento de precios de matrícula y a una mayor utilización de los servicios de cuidado de respaldo.
브라이트 호라이즌스 패밀리 솔루션즈 (NYSE: BFAM)는 2024년 2분기 강력한 재무 결과를 보고하였으며, 주요 지표에서 상당한 성장을 보였습니다. 수익은 11% 증가하여 6억 7천만 달러에 달했습니다, 순이익은 90% 급증하여 3천 9백만 달러가 되었습니다. 회사는 전체 서비스 센터 기반 어린이 돌봄 및 백업 돌봄 부문에서 두드러진 개선을 보였습니다. 희석된 EPS는 91% 증가하여 0.67달러, 조정된 EPS는 38% 성장하여 0.88달러에 도달했습니다.
이러한 긍정적인 결과를 바탕으로, 브라이트 호라이즌스는 2024년 전망을 업데이트했습니다, 예상 수익은 26억 5천만 달러에서 27억 달러 사이이며, 희석된 조정 EPS는 3.30달러에서 3.40달러 사이로 예상됩니다. 회사의 강력한 성과는 등록 증가, 학비 인상, 백업 돌봄 서비스의 사용 증가에 기인합니다.
Bright Horizons Family Solutions (NYSE: BFAM) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec une croissance significative dans les principales indicateurs. Le chiffre d'affaires a augmenté de 11 % pour atteindre 670 millions de dollars, tandis que le bénéfice net a bondi de 90 % à 39 millions de dollars. L'entreprise a observé des améliorations notables dans ses segments de garde d'enfants en centre complet et de soins d'urgence. Le BPA dilué a augmenté de 91 % pour atteindre 0,67 dollar, et le BPA ajusté a crû de 38 % pour atteindre 0,88 dollar.
Sur la base de ces résultats positifs, Bright Horizons a mis à jour ses prévisions pour 2024, anticipant un chiffre d'affaires compris entre 2,65 milliards et 2,7 milliards de dollars, avec un BPA dilué ajusté prévu entre 3,30 et 3,40 dollars. La forte performance de l'entreprise est attribuée aux gains d'inscription, aux hausses de tarifs de scolarité et à l'augmentation de l'utilisation des services de soins d'urgence.
Bright Horizons Family Solutions (NYSE: BFAM) hat für das zweite Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit erheblichen Wachstumsraten in wichtigen Kennzahlen. Der Umsatz stieg um 11% auf 670 Millionen Dollar, während der Nettogewinn um 90% auf 39 Millionen Dollar anstieg. Das Unternehmen verzeichnete bemerkenswerte Verbesserungen in seinen vollumfänglichen, zentrumsbasierten Kinderbetreuungs- und Notfallbetreuungssegmenten. Der verwässerte EPS stieg um 91% auf 0,67 Dollar, und der bereinigte EPS wuchs um 38% auf 0,88 Dollar.
Aufgrund dieser positiven Ergebnisse hat Bright Horizons seine Prognose für 2024 aktualisiert und erwartet Einnahmen zwischen 2,65 Milliarden und 2,7 Milliarden Dollar, wobei der verwässerte bereinigte EPS voraussichtlich zwischen 3,30 und 3,40 Dollar liegen wird. Die starke Leistung des Unternehmens wird auf Zuwächse bei den Anmeldungen, Preiserhöhungen bei den Studiengebühren und die gestiegene Inanspruchnahme von Backup-Betreuungsdiensten zurückgeführt.
- Revenue increased by 11% to $670 million in Q2 2024
- Net income surged 90% to $39 million
- Diluted EPS rose 91% to $0.67
- Adjusted EPS grew 38% to $0.88
- Full-service revenue growth of 11% and back-up care revenue growth of 15%
- Increased 2024 outlook for both revenue and adjusted EPS
- Decrease of $9.3 million in funding received from pandemic-related government support programs
Insights
Bright Horizons Family Solutions' Q2 2024 results demonstrate robust financial performance and positive momentum. The company reported an 11% increase in revenue to
The company's profitability metrics are particularly impressive. Net income soared by
The company's balance sheet remains strong, with
Looking ahead, Bright Horizons has raised its full-year outlook, projecting revenue between
Investors should note the company's expansion, now operating 1,032 early education and child care centers with a capacity to serve approximately 115,000 children. This scale provides a solid foundation for future growth and market share gains in the early education and child care sector.
Bright Horizons' Q2 2024 results reflect broader trends in the early education and child care market. The
The company's ability to implement tuition price increases while still achieving enrollment gains indicates a favorable supply-demand dynamic in the sector. This pricing power is important in an inflationary environment and speaks to the essential nature of Bright Horizons' services for working families.
The expansion to 1,032 centers serving approximately 115,000 children underscores the company's market leadership position. This scale not only provides operational efficiencies but also enhances Bright Horizons' attractiveness to corporate clients seeking comprehensive child care solutions for their employees.
The strong performance in back-up care services (
Investors should consider the potential long-term tailwinds for Bright Horizons, including the ongoing need for quality child care, increasing female workforce participation and corporate focus on employee retention through enhanced benefits. However, they should also be aware of potential challenges such as labor shortages in the education sector and the impact of economic cycles on corporate spending on employee benefits.
Second Quarter 2024 Highlights (compared to Second Quarter 2023):
-
Revenue of
$670 million 11% ) -
Income from operations of
$69 million 52% ) -
Net income of
$39 million $0.67 90% and91% , respectively)
Non-GAAP financial measures
-
Adjusted EBITDA* of
$103 million 25% ) -
Adjusted income from operations* of
$69 million 52% ) -
Adjusted net income* of
$51 million $0.88 39% and38% , respectively)
“We had a strong second quarter of 2024,” said Stephen Kramer, Chief Executive Officer. “We continued to execute well and delivered solid top and bottom-line growth in the quarter, highlighted by
Second Quarter 2024 Results
Revenue increased by
Income from operations was
In the second quarter of 2024, adjusted EBITDA* increased by
As of June 30, 2024, the Company operated 1,032 early education and child care centers with the capacity to serve approximately 115,000 children.
*Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are financial measures that are not calculated in accordance with generally accepted accounting principles in
Balance Sheet and Liquidity
At June 30, 2024, the Company had
2024 Outlook
Based on current trends and expectations, we currently expect fiscal year 2024 revenue to be in the range of
Conference Call
Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET to discuss the results for the second quarter of 2024, as well as the Company’s updated business outlook, 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 August 15, 2024 at 1-844-512-2921, or for international callers, at 1-412-317-6671, conference ID #13744696. 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, execution and delivery of our services and solutions, business trends, our future growth opportunities, enrollment and occupancy levels, back-up care utilization, long-term growth strategy, estimated effective tax rate, tax expense, our future business and financial performance, and our 2024 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, 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 workforce demographics and work environments; 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 availability or lack of government support and impact of government child care benefit programs; our ability to respond to changing client and customer needs; 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; changes in general economic, political, business and financial market conditions, 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; impacts to our brand or reputation; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on February 27, 2024, 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 Financial Measures
In addition to the results provided in accordance with GAAP throughout this press release, the Company has provided certain non-GAAP financial measures that present operating results on a basis adjusted for certain items. The Company uses these non-GAAP financial 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 believe that these non-GAAP financial measures provide investors with useful information with respect to our historical operations. These non-GAAP financial 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 net excess income tax benefits, future impairments, 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, refer to 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 more than 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 more than 1,000 early education and child care centers in
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) |
||||||||||||||
|
|
|
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|
|
Three Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
% |
|
|
2023 |
|
|
% |
||
Revenue |
$ |
670,059 |
|
|
100.0 |
% |
|
$ |
603,216 |
|
|
100.0 |
% |
|
Cost of services |
|
507,647 |
|
|
75.8 |
% |
|
|
466,653 |
|
|
77.4 |
% |
|
Gross profit |
|
162,412 |
|
|
24.2 |
% |
|
|
136,563 |
|
|
22.6 |
% |
|
Selling, general and administrative expenses |
|
87,499 |
|
|
13.1 |
% |
|
|
81,899 |
|
|
13.6 |
% |
|
Amortization of intangible assets |
|
5,854 |
|
|
0.8 |
% |
|
|
9,132 |
|
|
1.5 |
% |
|
Income from operations |
|
69,059 |
|
|
10.3 |
% |
|
|
45,532 |
|
|
7.5 |
% |
|
Interest expense — net |
|
(12,013 |
) |
|
(1.8 |
)% |
|
|
(12,219 |
) |
|
(2.0 |
)% |
|
Income before income tax |
|
57,046 |
|
|
8.5 |
% |
|
|
33,313 |
|
|
5.5 |
% |
|
Income tax expense |
|
(17,872 |
) |
|
(2.7 |
)% |
|
|
(12,719 |
) |
|
(2.1 |
)% |
|
Net income |
$ |
39,174 |
|
|
5.8 |
% |
|
$ |
20,594 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share: |
|
|
|
|
|
|
|
|||||||
Common stock — basic |
$ |
0.68 |
|
|
|
|
$ |
0.36 |
|
|
|
|||
Common stock — diluted |
$ |
0.67 |
|
|
|
|
$ |
0.35 |
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|||||||
Common stock — basic |
|
57,971,350 |
|
|
|
|
|
57,707,565 |
|
|
|
|||
Common stock — diluted |
|
58,438,186 |
|
|
|
|
|
57,905,424 |
|
|
|
|||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) |
||||||||||||||
|
|
|
||||||||||||
|
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
% |
|
|
2023 |
|
|
% |
||
Revenue |
$ |
1,292,768 |
|
|
100.0 |
% |
|
$ |
1,156,822 |
|
|
100.0 |
% |
|
Cost of services |
|
995,228 |
|
|
77.0 |
% |
|
|
898,645 |
|
|
77.7 |
% |
|
Gross profit |
|
297,540 |
|
|
23.0 |
% |
|
|
258,177 |
|
|
22.3 |
% |
|
Selling, general and administrative expenses |
|
175,045 |
|
|
13.5 |
% |
|
|
164,670 |
|
|
14.2 |
% |
|
Amortization of intangible assets |
|
13,499 |
|
|
1.1 |
% |
|
|
17,330 |
|
|
1.5 |
% |
|
Income from operations |
|
108,996 |
|
|
8.4 |
% |
|
|
76,177 |
|
|
6.6 |
% |
|
Interest expense — net |
|
(25,694 |
) |
|
(2.0 |
)% |
|
|
(25,135 |
) |
|
(2.2 |
)% |
|
Income before income tax |
|
83,302 |
|
|
6.4 |
% |
|
|
51,042 |
|
|
4.4 |
% |
|
Income tax expense |
|
(27,139 |
) |
|
(2.1 |
)% |
|
|
(22,322 |
) |
|
(1.9 |
)% |
|
Net income |
$ |
56,163 |
|
|
4.3 |
% |
|
$ |
28,720 |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share: |
|
|
|
|
|
|
|
|||||||
Common stock — basic |
$ |
0.97 |
|
|
|
|
$ |
0.50 |
|
|
|
|||
Common stock — diluted |
$ |
0.96 |
|
|
|
|
$ |
0.50 |
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|||||||
Common stock — basic |
|
57,924,875 |
|
|
|
|
|
57,655,715 |
|
|
|
|||
Common stock — diluted |
|
58,374,296 |
|
|
|
|
|
57,807,667 |
|
|
|
|||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
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|
|
|
|
||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
140,246 |
|
$ |
71,568 |
|||
Accounts receivable — net |
|
184,987 |
|
|
281,710 |
|||
Prepaid expenses and other current assets |
|
70,785 |
|
|
93,621 |
|||
Total current assets |
|
396,018 |
|
|
446,899 |
|||
Fixed assets — net |
|
578,925 |
|
|
579,296 |
|||
Goodwill |
|
1,788,166 |
|
|
1,786,405 |
|||
Other intangible assets — net |
|
203,930 |
|
|
216,576 |
|||
Operating lease right-of-use assets |
|
756,215 |
|
|
774,703 |
|||
Other assets |
|
114,145 |
|
|
92,265 |
|||
Total assets |
$ |
3,837,399 |
|
$ |
3,896,144 |
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current portion of long-term debt |
$ |
23,500 |
|
$ |
18,500 |
|||
Accounts payable and accrued expenses |
|
282,760 |
|
|
259,077 |
|||
Current portion of operating lease liabilities |
|
100,934 |
|
|
100,387 |
|||
Deferred revenue |
|
258,896 |
|
|
272,891 |
|||
Other current liabilities |
|
46,396 |
|
|
148,578 |
|||
Total current liabilities |
|
712,486 |
|
|
799,433 |
|||
Long-term debt — net |
|
931,857 |
|
|
944,264 |
|||
Operating lease liabilities |
|
775,324 |
|
|
796,701 |
|||
Other long-term liabilities |
|
104,702 |
|
|
109,915 |
|||
Deferred income taxes |
|
29,809 |
|
|
33,155 |
|||
Total liabilities |
|
2,554,178 |
|
|
2,683,468 |
|||
Total stockholders’ equity |
|
1,283,221 |
|
|
1,212,676 |
|||
Total liabilities and stockholders’ equity |
$ |
3,837,399 |
|
$ |
3,896,144 |
|||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
|
||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|||||
Net income |
$ |
56,163 |
|
|
$ |
28,720 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
53,099 |
|
|
|
56,229 |
|
|
Stock-based compensation expense |
|
15,516 |
|
|
|
13,313 |
|
|
Deferred income taxes |
|
(3,921 |
) |
|
|
(4,250 |
) |
|
Non-cash interest and other — net |
|
7,411 |
|
|
|
5,434 |
|
|
Changes in assets and liabilities |
|
97,482 |
|
|
|
80,596 |
|
|
Net cash provided by operating activities |
|
225,750 |
|
|
|
180,042 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|||||
Purchases of fixed assets — net |
|
(42,016 |
) |
|
|
(40,115 |
) |
|
Purchases of debt securities and other investments |
|
(36,281 |
) |
|
|
(8,956 |
) |
|
Proceeds from the maturity of debt securities and sale of other investments |
|
17,713 |
|
|
|
11,227 |
|
|
Payments and settlements for acquisitions — net of cash acquired |
|
(3,548 |
) |
|
|
(30,884 |
) |
|
Net cash used in investing activities |
|
(64,132 |
) |
|
|
(68,728 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|||||
Revolving credit facility — net |
|
— |
|
|
|
(84,000 |
) |
|
Principal payments of long-term debt |
|
(8,000 |
) |
|
|
(8,000 |
) |
|
Proceeds from issuance of common stock upon exercise of options |
|
6,901 |
|
|
|
7,382 |
|
|
Taxes paid related to the net share settlement of stock options and restricted stock |
|
(1,786 |
) |
|
|
(1,629 |
) |
|
Payments of deferred and contingent consideration for acquisitions |
|
(103,872 |
) |
|
|
(225 |
) |
|
Net cash used in financing activities |
|
(106,757 |
) |
|
|
(86,472 |
) |
|
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
(723 |
) |
|
|
(330 |
) |
|
Net increase in cash, cash equivalents and restricted cash |
|
54,138 |
|
|
|
24,512 |
|
|
Cash, cash equivalents and restricted cash — beginning of period |
|
89,451 |
|
|
|
51,894 |
|
|
Cash, cash equivalents and restricted cash — end of period |
$ |
143,589 |
|
|
$ |
76,406 |
|
|
BRIGHT HORIZONS FAMILY SOLUTIONS INC. SEGMENT INFORMATION (In thousands) (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Full service center-based child care |
|
Back-up care |
|
Educational advisory services |
|
Total |
||||||||
Three Months Ended June 30, 2024 |
|
|
|
|
||||||||||||
Revenue |
$ |
507,077 |
|
$ |
136,490 |
|
$ |
26,492 |
|
$ |
670,059 |
|
||||
Income from operations |
|
32,644 |
|
|
31,593 |
|
|
4,822 |
|
|
69,059 |
|
||||
Adjusted income from operations |
|
32,644 |
|
|
31,593 |
|
|
4,822 |
|
|
69,059 |
|
||||
As a percentage of revenue |
|
6 |
% |
|
23 |
% |
|
18 |
% |
|
10 |
% |
||||
|
|
|
|
|
||||||||||||
Three Months Ended June 30, 2023 |
|
|
|
|
||||||||||||
Revenue |
$ |
458,531 |
|
$ |
118,838 |
|
$ |
25,847 |
|
$ |
603,216 |
|
||||
Income from operations |
|
13,070 |
|
|
27,470 |
|
|
4,992 |
|
|
45,532 |
|
||||
Adjusted income from operations |
|
13,070 |
|
|
27,470 |
|
|
4,992 |
|
|
45,532 |
|
||||
As a percentage of revenue |
|
3 |
% |
|
23 |
% |
|
19 |
% |
|
8 |
% |
||||
|
Full service center-based child care |
Back-up care |
Educational advisory services |
Total |
||||||||||||
Six Months Ended June 30, 2024 |
|
|
|
|
||||||||||||
Revenue |
$ |
990,717 |
|
$ |
251,162 |
|
$ |
50,889 |
|
$ |
1,292,768 |
|
||||
Income from operations |
|
54,088 |
|
|
47,576 |
|
|
7,332 |
|
|
108,996 |
|
||||
Adjusted income from operations |
|
54,088 |
|
|
47,576 |
|
|
7,332 |
|
|
108,996 |
|
||||
As a percentage of revenue |
|
5 |
% |
|
19 |
% |
|
14 |
% |
|
8 |
% |
||||
|
|
|
|
|
||||||||||||
Six Months Ended June 30, 2023 |
|
|
|
|
||||||||||||
Revenue |
$ |
888,722 |
|
$ |
217,968 |
|
$ |
50,132 |
|
$ |
1,156,822 |
|
||||
Income from operations |
|
21,503 |
|
|
45,243 |
|
|
9,431 |
|
|
76,177 |
|
||||
Adjusted income from operations (1) |
|
23,247 |
|
|
49,539 |
|
|
9,431 |
|
|
82,217 |
|
||||
As a percentage of revenue |
|
3 |
% |
|
23 |
% |
|
19 |
% |
|
7 |
% |
||||
(1) |
|
For the six months ended June 30, 2023, adjusted income from operations represents income from operations excluding value-added-tax expense of |
BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
39,174 |
|
|
$ |
20,594 |
|
|
$ |
56,163 |
|
|
$ |
28,720 |
|
|
Interest expense — net |
|
12,013 |
|
|
|
12,219 |
|
|
|
25,694 |
|
|
|
25,135 |
|
|
Income tax expense |
|
17,872 |
|
|
|
12,719 |
|
|
|
27,139 |
|
|
|
22,322 |
|
|
Depreciation |
|
19,612 |
|
|
|
19,787 |
|
|
|
39,600 |
|
|
|
38,899 |
|
|
Amortization of intangible assets (a) |
|
5,854 |
|
|
|
9,132 |
|
|
|
13,499 |
|
|
|
17,330 |
|
|
EBITDA |
|
94,525 |
|
|
|
74,451 |
|
|
|
162,095 |
|
|
|
132,406 |
|
|
As a percentage of revenue |
|
14 |
% |
|
|
12 |
% |
|
|
13 |
% |
|
|
11 |
% |
|
Additional adjustments: |
|
|
|
|
|
|
|
|||||||||
Stock-based compensation expense (b) |
|
8,105 |
|
|
|
7,463 |
|
|
|
15,516 |
|
|
|
13,313 |
|
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
|
Total adjustments |
|
8,105 |
|
|
|
7,463 |
|
|
|
15,516 |
|
|
|
19,353 |
|
|
Adjusted EBITDA |
$ |
102,630 |
|
|
$ |
81,914 |
|
|
$ |
177,611 |
|
|
$ |
151,759 |
|
|
As a percentage of revenue |
|
15 |
% |
|
|
14 |
% |
|
|
14 |
% |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Income from operations |
$ |
69,059 |
|
|
$ |
45,532 |
|
|
$ |
108,996 |
|
|
$ |
76,177 |
|
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
|
Adjusted income from operations |
$ |
69,059 |
|
|
$ |
45,532 |
|
|
$ |
108,996 |
|
|
$ |
82,217 |
|
|
As a percentage of revenue |
|
10 |
% |
|
|
8 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
39,174 |
|
|
$ |
20,594 |
|
|
$ |
56,163 |
|
|
$ |
28,720 |
|
|
Income tax expense |
|
17,872 |
|
|
|
12,719 |
|
|
|
27,139 |
|
|
|
22,322 |
|
|
Income before income tax |
|
57,046 |
|
|
|
33,313 |
|
|
|
83,302 |
|
|
|
51,042 |
|
|
Amortization of intangible assets (a) |
|
5,854 |
|
|
|
9,132 |
|
|
|
13,499 |
|
|
|
17,330 |
|
|
Stock-based compensation expense (b) |
|
8,105 |
|
|
|
7,463 |
|
|
|
15,516 |
|
|
|
13,313 |
|
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
|
Interest on deferred consideration (d) |
|
— |
|
|
|
1,471 |
|
|
|
— |
|
|
|
2,925 |
|
|
Adjusted income before income tax |
|
71,005 |
|
|
|
51,379 |
|
|
|
112,317 |
|
|
|
90,650 |
|
|
Adjusted income tax expense (e) |
|
(19,704 |
) |
|
|
(14,540 |
) |
|
|
(31,395 |
) |
|
|
(25,536 |
) |
|
Adjusted net income |
$ |
51,301 |
|
|
$ |
36,839 |
|
|
$ |
80,922 |
|
|
$ |
65,114 |
|
|
As a percentage of revenue |
|
8 |
% |
|
|
6 |
% |
|
|
6 |
% |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding — diluted |
|
58,438,186 |
|
|
|
57,905,424 |
|
|
|
58,374,296 |
|
|
|
57,807,667 |
|
|
Diluted adjusted earnings per common share |
$ |
0.88 |
|
|
$ |
0.64 |
|
|
$ |
1.39 |
|
|
$ |
1.13 |
|
|
(a) |
|
Amortization of intangible assets represents amortization expense, including amortization expense of |
(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 in the six months ended June 30, 2023 consist of value-added tax expense of |
(d) |
|
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 |
(e) |
|
Adjusted income tax expense represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801456916/en/
Investors:
Elizabeth Boland
Chief Financial Officer - Bright Horizons
eboland@brighthorizons.com
617-673-8125
Michael Flanagan
Vice President - Investor Relations - Bright Horizons
michael.flanagan@brighthorizons.com
617-673-8720
Media:
Ilene Serpa
Vice President - Communications - Bright Horizons
iserpa@brighthorizons.com
617-673-8044
Source: Bright Horizons Family Solutions Inc.
FAQ
What was Bright Horizons' (BFAM) revenue for Q2 2024?
How much did Bright Horizons' (BFAM) net income grow in Q2 2024?
What is Bright Horizons' (BFAM) updated revenue guidance for 2024?
How many early education and child care centers did Bright Horizons (BFAM) operate as of June 30, 2024?
