Bright Horizons Family Solutions Reports Financial Results for Third Quarter of 2024
Bright Horizons Family Solutions reported strong Q3 2024 financial results with revenue increasing 11% to $719 million. Income from operations rose 34% to $89 million, while net income grew 37% to $55 million. The company achieved diluted earnings per share of $0.94, up 36% year-over-year.
The growth was driven by enrollment gains and tuition increases in centers, plus increased utilization of back-up care services. Full Service segment revenue grew 9%, while Back-Up Care segment delivered 18% revenue growth. The company operated 1,028 early education and child care centers with capacity to serve approximately 115,000 children as of September 30, 2024.
Bright Horizons Family Solutions ha riportato risultati finanziari positivi per il terzo trimestre del 2024, con un aumento del fatturato dell'11% a $719 milioni. Il reddito operativo è aumentato del 34% a $89 milioni, mentre l'utile netto è cresciuto del 37% a $55 milioni. L'azienda ha raggiunto un utile per azione diluito di $0,94, in crescita del 36% rispetto all'anno precedente.
La crescita è stata alimentata da un aumento delle iscrizioni e dei costi di istruzione nei centri, oltre a una maggiore utilizzo dei servizi di assistenza temporanea. Il fatturato del segmento Full Service è cresciuto del 9%, mentre il segmento Back-Up Care ha registrato una crescita del fatturato del 18%. L'azienda gestiva 1.028 centri di educazione e assistenza infantile con una capacità di servire circa 115.000 bambini al 30 settembre 2024.
Bright Horizons Family Solutions reportó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 11% en los ingresos, alcanzando $719 millones. Los ingresos operativos crecieron un 34%, alcanzando $89 millones, mientras que el ingreso neto aumentó un 37%, totalizando $55 millones. La compañía logró ganancias por acción diluidas de $0.94, un incremento del 36% interanual.
Este crecimiento fue impulsado por aumentos en las inscripciones y las matrículas en los centros, además de un uso incrementado de los servicios de cuidado temporal. Los ingresos del segmento de Servicio Completo crecieron un 9%, mientras que el segmento de Cuidado de Respaldo presentó un crecimiento de ingresos del 18%. La empresa operaba 1,028 centros de educación temprana y cuidado infantil, con capacidad para atender aproximadamente a 115,000 niños a partir del 30 de septiembre de 2024.
브라이트 호라이즌스 패밀리 솔루션즈는 2024년 3분기 재무 결과가 양호했다고 보고하며, 수익이 11% 증가한 $719 백만 달러에 달했습니다. 운영 소득은 34% 증가하여 $89 백만 달러에 이르렀고, 순이익은 37% 증가하여 $55 백만 달러에 달했습니다. 회사는 희석 주당 순이익이 $0.94로, 전년 대비 36% 증가했습니다.
성장은 등록 증가와 센터의 학비 인상, 그리고 백업 돌봄 서비스 이용 증가에 의해 촉진되었습니다. 전체 서비스 부문의 수익은 9% 증가했으며, 백업 돌봄 부문은 18%의 수익 성장을 보였습니다. 회사는 2024년 9월 30일 기준으로 약 115,000명의 아동을 수용할 수 있는 1,028개의 조기 교육 및 아동 돌봄 센터를 운영하고 있었습니다.
Bright Horizons Family Solutions a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus en hausse de 11% à 719 millions de dollars. Le revenu d'exploitation a augmenté de 34% pour atteindre 89 millions de dollars, tandis que le revenu net a crû de 37% à 55 millions de dollars. L'entreprise a réalisé un bénéfice dilué par action de 0,94 $, en hausse de 36 % par rapport à l'année précédente.
Cette croissance a été motivée par un accroissement des inscriptions et une augmentation des frais de scolarité dans les centres, ainsi qu'une utilisation accrue des services de garde d'urgence. Le revenu du segment des services complets a augmenté de 9 %, tandis que le segment des services de garde d'urgence a enregistré une croissance des revenus de 18 %. Au 30 septembre 2024, l'entreprise exploitait 1 028 centres d'éducation précoce et de garde d'enfants, avec une capacité d'accueil d'environ 115 000 enfants.
Bright Horizons Family Solutions hat starke Finanzzahlen für das 3. Quartal 2024 berichtet, mit einem Umsatzanstieg von 11% auf 719 Millionen Dollar. Der operative Gewinn stieg um 34% auf 89 Millionen Dollar, während der Nettogewinn um 37% auf 55 Millionen Dollar wuchs. Das Unternehmen erzielte einen verwässerten Gewinn pro Aktie von 0,94 Dollar, was einem Anstieg von 36% im Vergleich zum Vorjahr entspricht.
Das Wachstum wurde durch Anmeldungen und Preiserhöhungen in den Einrichtungen sowie eine erhöhte Nutzung von Notfallpflegediensten vorangetrieben. Der Umsatz des Full-Service-Segments wuchs um 9%, während das Back-Up-Care-Segment 18% Umsatzwachstum verzeichnete. Zum 30. September 2024 betrieb das Unternehmen 1.028 frühkindliche Bildungs- und Betreuungszentren mit einer Kapazität von etwa 115.000 Kindern.
- Revenue increased 11% to $719 million
- Net income grew 37% to $55 million
- Income from operations increased 34% to $89 million
- Back-Up Care segment revenue grew 18%
- Full Service segment revenue increased 9%
- Operating cash flow improved to $216.8 million from $161.0 million YoY
- Decrease of $9 million in pandemic-related government support
- Higher effective tax rate impacting net income
- Increased overhead costs for expanded service delivery
Insights
The Q3 results demonstrate robust financial performance with significant growth across key metrics. Revenue increased 11% to
Operating leverage improved substantially, with income from operations increasing
Third Quarter 2024 Highlights (compared to Third Quarter 2023):
-
Revenue of
$719 million 11% ) -
Income from operations of
$89 million 34% ) -
Net income of
$55 million $0.94 37% and36% , respectively)
Non-GAAP financial measures
-
Adjusted EBITDA* of
$121 million 20% ) -
Adjusted income from operations* of
$89 million 34% ) -
Adjusted net income* of
$65 million $1.11 27% and26% , respectively)
“I am pleased to report solid financial results for the third quarter,” said Stephen Kramer, Chief Executive Officer. “Total revenue increased
“I am also proud of our employees working and living in the areas hit hard by Hurricanes Helene and Milton,” Kramer continued. “Not only have they been able to support each other through this difficult time, but they have also been able to provide our clients and the families we serve with critical child care services in
Third Quarter 2024 Results
Revenue increased by
Income from operations was
In the third quarter of 2024, adjusted EBITDA* increased by
As of September 30, 2024, the Company operated 1,028 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 September 30, 2024, the Company had
2024 Outlook
Based on current trends and expectations, we currently expect fiscal year 2024 revenue to be approximately
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 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 November 18, 2024 at 1-844-512-2921, or for international callers, at 1-412-317-6671, conference ID #13744697. 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 levels, back-up care use, 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) |
|||||||||||||
|
Three Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
% |
|
|
2023 |
|
|
% |
||
Revenue |
$ |
719,099 |
|
|
100.0 |
% |
|
$ |
645,787 |
|
|
100.0 |
% |
Cost of services |
|
537,564 |
|
|
74.8 |
% |
|
|
488,142 |
|
|
75.6 |
% |
Gross profit |
|
181,535 |
|
|
25.2 |
% |
|
|
157,645 |
|
|
24.4 |
% |
Selling, general and administrative expenses |
|
89,499 |
|
|
12.4 |
% |
|
|
83,253 |
|
|
12.9 |
% |
Amortization of intangible assets |
|
2,640 |
|
|
0.4 |
% |
|
|
7,568 |
|
|
1.2 |
% |
Income from operations |
|
89,396 |
|
|
12.4 |
% |
|
|
66,824 |
|
|
10.3 |
% |
Interest expense — net |
|
(11,613 |
) |
|
(1.6 |
)% |
|
|
(12,222 |
) |
|
(1.8 |
)% |
Income before income tax |
|
77,783 |
|
|
10.8 |
% |
|
|
54,602 |
|
|
8.5 |
% |
Income tax expense |
|
(22,878 |
) |
|
(3.2 |
)% |
|
|
(14,623 |
) |
|
(2.3 |
)% |
Net income |
$ |
54,905 |
|
|
7.6 |
% |
|
$ |
39,979 |
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
||||||
Earnings per common share: |
|
|
|
|
|
|
|
||||||
Common stock — basic |
$ |
0.95 |
|
|
|
|
$ |
0.69 |
|
|
|
||
Common stock — diluted |
$ |
0.94 |
|
|
|
|
$ |
0.69 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||
Common stock — basic |
|
58,062,009 |
|
|
|
|
|
57,765,332 |
|
|
|
||
Common stock — diluted |
|
58,701,618 |
|
|
|
|
|
58,045,137 |
|
|
|
||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) |
|||||||||||||
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
% |
|
|
2023 |
|
|
% |
||
Revenue |
$ |
2,011,867 |
|
|
100.0 |
% |
|
$ |
1,802,609 |
|
|
100.0 |
% |
Cost of services |
|
1,532,792 |
|
|
76.2 |
% |
|
|
1,386,787 |
|
|
76.9 |
% |
Gross profit |
|
479,075 |
|
|
23.8 |
% |
|
|
415,822 |
|
|
23.1 |
% |
Selling, general and administrative expenses |
|
264,544 |
|
|
13.1 |
% |
|
|
247,923 |
|
|
13.8 |
% |
Amortization of intangible assets |
|
16,139 |
|
|
0.8 |
% |
|
|
24,898 |
|
|
1.4 |
% |
Income from operations |
|
198,392 |
|
|
9.9 |
% |
|
|
143,001 |
|
|
7.9 |
% |
Interest expense — net |
|
(37,307 |
) |
|
(1.9 |
)% |
|
|
(37,357 |
) |
|
(2.0 |
)% |
Income before income tax |
|
161,085 |
|
|
8.0 |
% |
|
|
105,644 |
|
|
5.9 |
% |
Income tax expense |
|
(50,017 |
) |
|
(2.5 |
)% |
|
|
(36,945 |
) |
|
(2.1 |
)% |
Net income |
$ |
111,068 |
|
|
5.5 |
% |
|
$ |
68,699 |
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
||||||
Earnings per common share: |
|
|
|
|
|
|
|
||||||
Common stock — basic |
$ |
1.92 |
|
|
|
|
$ |
1.19 |
|
|
|
||
Common stock — diluted |
$ |
1.90 |
|
|
|
|
$ |
1.18 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||
Common stock — basic |
|
57,970,587 |
|
|
|
|
|
57,692,254 |
|
|
|
||
Common stock — diluted |
|
58,483,404 |
|
|
|
|
|
57,886,823 |
|
|
|
||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||
|
September 30, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
109,933 |
|
$ |
71,568 |
Accounts receivable — net |
|
231,535 |
|
|
281,710 |
Prepaid expenses and other current assets |
|
62,548 |
|
|
93,621 |
Total current assets |
|
404,016 |
|
|
446,899 |
Fixed assets — net |
|
597,202 |
|
|
579,296 |
Goodwill |
|
1,827,935 |
|
|
1,786,405 |
Other intangible assets — net |
|
203,046 |
|
|
216,576 |
Operating lease right-of-use assets |
|
773,613 |
|
|
774,703 |
Other assets |
|
109,001 |
|
|
92,265 |
Total assets |
$ |
3,914,813 |
|
$ |
3,896,144 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Current portion of long-term debt |
$ |
26,000 |
|
$ |
18,500 |
Accounts payable and accrued expenses |
|
278,659 |
|
|
259,077 |
Current portion of operating lease liabilities |
|
104,664 |
|
|
100,387 |
Deferred revenue |
|
222,213 |
|
|
272,891 |
Other current liabilities |
|
35,358 |
|
|
148,578 |
Total current liabilities |
|
666,894 |
|
|
799,433 |
Long-term debt — net |
|
925,653 |
|
|
944,264 |
Operating lease liabilities |
|
787,095 |
|
|
796,701 |
Other long-term liabilities |
|
112,733 |
|
|
109,915 |
Deferred income taxes |
|
23,247 |
|
|
33,155 |
Total liabilities |
|
2,515,622 |
|
|
2,683,468 |
Total stockholders’ equity |
|
1,399,191 |
|
|
1,212,676 |
Total liabilities and stockholders’ equity |
$ |
3,914,813 |
|
$ |
3,896,144 |
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
111,068 |
|
|
$ |
68,699 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
75,601 |
|
|
|
82,732 |
|
Stock-based compensation expense |
|
24,607 |
|
|
|
21,154 |
|
Deferred income taxes |
|
(6,844 |
) |
|
|
(3,688 |
) |
Non-cash interest and other — net |
|
10,464 |
|
|
|
8,867 |
|
Changes in assets and liabilities |
|
1,917 |
|
|
|
(16,793 |
) |
Net cash provided by operating activities |
|
216,813 |
|
|
|
160,971 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Purchases of fixed assets — net |
|
(65,254 |
) |
|
|
(60,225 |
) |
Purchases of debt securities and other investments |
|
(43,049 |
) |
|
|
(9,463 |
) |
Proceeds from the maturity of debt securities and sale of other investments |
|
23,908 |
|
|
|
15,451 |
|
Payments and settlements for acquisitions — net of cash acquired |
|
(8,267 |
) |
|
|
(37,772 |
) |
Net cash used in investing activities |
|
(92,662 |
) |
|
|
(92,009 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Revolving credit facility — net |
|
— |
|
|
|
(54,600 |
) |
Principal payments of long-term debt |
|
(12,000 |
) |
|
|
(12,000 |
) |
Proceeds from issuance of common stock upon exercise of options |
|
24,808 |
|
|
|
8,764 |
|
Taxes paid related to the net share settlement of stock options and restricted stock |
|
(4,758 |
) |
|
|
(2,396 |
) |
Payments of deferred and contingent consideration for acquisitions |
|
(103,872 |
) |
|
|
(225 |
) |
Net cash used in financing activities |
|
(95,822 |
) |
|
|
(60,457 |
) |
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
1,307 |
|
|
|
(1,280 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
29,636 |
|
|
|
7,225 |
|
Cash, cash equivalents and restricted cash — beginning of period |
|
89,451 |
|
|
|
51,894 |
|
Cash, cash equivalents and restricted cash — end of period |
$ |
119,087 |
|
|
$ |
59,119 |
|
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 September 30, 2024 |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
486,567 |
|
|
$ |
201,783 |
|
|
$ |
30,749 |
|
|
$ |
719,099 |
|
Income from operations |
|
12,465 |
|
|
|
70,487 |
|
|
|
6,444 |
|
|
|
89,396 |
|
Adjusted income from operations |
|
12,465 |
|
|
|
70,487 |
|
|
|
6,444 |
|
|
|
89,396 |
|
As a percentage of revenue |
|
3 |
% |
|
|
35 |
% |
|
|
21 |
% |
|
|
12 |
% |
|
|
|
|
|
|
|
|
||||||||
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
444,747 |
|
|
$ |
171,423 |
|
|
$ |
29,617 |
|
|
$ |
645,787 |
|
Income from operations |
|
6,990 |
|
|
|
52,257 |
|
|
|
7,577 |
|
|
|
66,824 |
|
Adjusted income from operations |
|
6,990 |
|
|
|
52,257 |
|
|
|
7,577 |
|
|
|
66,824 |
|
As a percentage of revenue |
|
2 |
% |
|
|
30 |
% |
|
|
26 |
% |
|
|
10 |
% |
|
Full service center-based child care |
|
Back-up care |
|
Educational advisory services |
|
Total |
||||||||
Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
1,477,284 |
|
|
$ |
452,945 |
|
|
$ |
81,638 |
|
|
$ |
2,011,867 |
|
Income from operations |
|
66,553 |
|
|
|
118,063 |
|
|
|
13,776 |
|
|
|
198,392 |
|
Adjusted income from operations |
|
66,553 |
|
|
|
118,063 |
|
|
|
13,776 |
|
|
|
198,392 |
|
As a percentage of revenue |
|
5 |
% |
|
|
26 |
% |
|
|
17 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
|
||||||||
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
1,333,469 |
|
|
$ |
389,391 |
|
|
$ |
79,749 |
|
|
$ |
1,802,609 |
|
Income from operations |
|
28,493 |
|
|
|
97,500 |
|
|
|
17,008 |
|
|
|
143,001 |
|
Adjusted income from operations (1) |
|
30,237 |
|
|
|
101,796 |
|
|
|
17,008 |
|
|
|
149,041 |
|
As a percentage of revenue |
|
2 |
% |
|
|
26 |
% |
|
|
21 |
% |
|
|
8 |
% |
(1) |
For the nine months ended September 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
54,905 |
|
|
$ |
39,979 |
|
|
$ |
111,068 |
|
|
$ |
68,699 |
|
Interest expense — net |
|
11,613 |
|
|
|
12,222 |
|
|
|
37,307 |
|
|
|
37,357 |
|
Income tax expense |
|
22,878 |
|
|
|
14,623 |
|
|
|
50,017 |
|
|
|
36,945 |
|
Depreciation |
|
19,862 |
|
|
|
18,935 |
|
|
|
59,462 |
|
|
|
57,834 |
|
Amortization of intangible assets (a) |
|
2,640 |
|
|
|
7,568 |
|
|
|
16,139 |
|
|
|
24,898 |
|
EBITDA |
|
111,898 |
|
|
|
93,327 |
|
|
|
273,993 |
|
|
|
225,733 |
|
As a percentage of revenue |
|
16 |
% |
|
|
14 |
% |
|
|
14 |
% |
|
|
13 |
% |
Additional adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense (b) |
|
9,091 |
|
|
|
7,841 |
|
|
|
24,607 |
|
|
|
21,154 |
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
Total adjustments |
|
9,091 |
|
|
|
7,841 |
|
|
|
24,607 |
|
|
|
27,194 |
|
Adjusted EBITDA |
$ |
120,989 |
|
|
$ |
101,168 |
|
|
$ |
298,600 |
|
|
$ |
252,927 |
|
As a percentage of revenue |
|
17 |
% |
|
|
16 |
% |
|
|
15 |
% |
|
|
14 |
% |
|
|
|
|
|
|
|
|
||||||||
Income from operations |
$ |
89,396 |
|
|
$ |
66,824 |
|
|
$ |
198,392 |
|
|
$ |
143,001 |
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
Adjusted income from operations |
$ |
89,396 |
|
|
$ |
66,824 |
|
|
$ |
198,392 |
|
|
$ |
149,041 |
|
As a percentage of revenue |
|
12 |
% |
|
|
10 |
% |
|
|
10 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
54,905 |
|
|
$ |
39,979 |
|
|
$ |
111,068 |
|
|
$ |
68,699 |
|
Income tax expense |
|
22,878 |
|
|
|
14,623 |
|
|
|
50,017 |
|
|
|
36,945 |
|
Income before income tax |
|
77,783 |
|
|
|
54,602 |
|
|
|
161,085 |
|
|
|
105,644 |
|
Amortization of intangible assets (a) |
|
2,640 |
|
|
|
7,568 |
|
|
|
16,139 |
|
|
|
24,898 |
|
Stock-based compensation expense (b) |
|
9,091 |
|
|
|
7,841 |
|
|
|
24,607 |
|
|
|
21,154 |
|
Other costs (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
Interest on deferred consideration (d) |
|
— |
|
|
|
1,487 |
|
|
|
— |
|
|
|
4,412 |
|
Adjusted income before income tax |
|
89,514 |
|
|
|
71,498 |
|
|
|
201,831 |
|
|
|
162,148 |
|
Adjusted income tax expense (e) |
|
(24,613 |
) |
|
|
(20,377 |
) |
|
|
(56,008 |
) |
|
|
(45,913 |
) |
Adjusted net income |
$ |
64,901 |
|
|
$ |
51,121 |
|
|
$ |
145,823 |
|
|
$ |
116,235 |
|
As a percentage of revenue |
|
9 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
6 |
% |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding — diluted |
|
58,701,618 |
|
|
|
58,045,137 |
|
|
|
58,483,404 |
|
|
|
57,886,823 |
|
Diluted adjusted earnings per common share |
$ |
1.11 |
|
|
$ |
0.88 |
|
|
$ |
2.49 |
|
|
$ |
2.01 |
|
(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 nine months ended September 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/20241104128047/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
FAQ
What was Bright Horizons (BFAM) revenue in Q3 2024?
How much did Bright Horizons (BFAM) earn per share in Q3 2024?
What is Bright Horizons (BFAM) revenue guidance for full year 2024?
How many childcare centers does Bright Horizons (BFAM) operate as of Q3 2024?
