Bright Horizons Family Solutions Reports Second Quarter of 2021 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 second quarter of 2021.

Second Quarter 2021 Highlights (compared to second quarter 2020):

Revenue of $441 million (increase of 50%)

Income from operations of $34 million (increase of 319%)

Net income of $19 million and diluted earnings per common share of $0.31 (increases of $18 million and $0.30, respectively)

Non-GAAP measures

Adjusted income from operations* of $34 million (increase of 25%)

Adjusted EBITDA* of $68 million (increase of 13%)

Adjusted net income* of $30 million and diluted adjusted earnings per common share* of $0.49 (increases of 13% and 11%, respectively)

“I am pleased to report another solid quarter across all of our services, as we continue to make good progress in returning our business to pre-COVID-19 levels,” said Stephen Kramer, Chief Executive Officer. “With full-time enrollment and back-up usage returning, and most centers re-opening by this fall, our recovery from the pandemic is on track. I continue to be inspired by our dedicated teachers and center operations leadership, who have been supporting children and families through these very challenging times, and likewise am proud of the strong client partnerships that have enabled the delivery of impactful solutions to families and learners over the past 18 months.”

Second Quarter 2021 Results

Revenue increased $147.7 million, or 50%, in the second quarter of 2021 from the second quarter of 2020, primarily attributable to enrollment increases in our open child care centers and the re-opening of our temporarily closed child care centers. While enrollment in our child care centers continued to improve during the quarter, our centers are still operating below pre-COVID-19 enrollment levels during this re-ramping phase. The increase in revenue in the full service center-based child care segment was partially offset by decreases in our back-up care services compared to the same period in the prior year. While we had gains from expanded back-up care client sales and increased utilization in traditional in-center and in-home care during the quarter, back-up care revenue decreased compared to the prior year as the second quarter in 2020 benefited from significant demand (primarily for self-sourced reimbursed care) during the early stages of the pandemic when other care alternatives were not available.

Income from operations was $34.0 million for the second quarter of 2021 compared to $8.1 million for the same period in 2020. The increase in income from operations reflects improved gross profit contributions in the full service center-based child care segment arising from higher enrollment as centers re-ramp and the re-opening of our temporarily closed centers, partially offset by reduced contributions from our back-up care services, which benefited in the second quarter of 2020 from increased demand during the early stages of the pandemic. Net income was $18.8 million for the second quarter of 2021 compared to net income of $0.4 million in the same 2020 period, an increase of $18.4 million due to the increase in income from operations, partially offset by a higher effective tax rate. Diluted earnings per common share was $0.31 for the second quarter of 2021 compared to $0.01 for the second quarter of 2020.

In the second quarter of 2021, adjusted EBITDA* increased $7.9 million, or 13%, to $68.0 million, and adjusted income from operations* increased $6.8 million, or 25%, to $34.0 million from the second quarter of 2020, due primarily to the increase in gross profit in the full service center-based child care segment, partially offset by reduced contributions from our back-up care services. Adjusted net income* increased by $3.4 million, or 13%, to $29.8 million, due to the increase in income from operations. Diluted adjusted earnings per common share* was $0.49 for the second quarter of 2021 compared to $0.44 for the same period in 2020.

As of June 30, 2021, the Company had more than 1,300 client relationships with employers across a diverse array of industries, and operated 1,006 early education and child care centers with the capacity to serve approximately 113,000 children and their families, of which approximately 920 early education and child care centers 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, impairment costs and other costs incurred due to the impact of COVID-19 including center closing costs, and duplicative corporate office costs. Adjusted income from operations represents income from operations before impairment costs and other COVID-19 related costs, and duplicative corporate office costs. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, impairment costs and other COVID-19 related costs, duplicative corporate office 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.”

Balance Sheet and Liquidity

Bright Horizons has a strong balance sheet, with $419 million of cash and cash equivalents and $400 million available for borrowing under the multi-currency revolving credit facility at June 30, 2021. For the six months ended June 30, 2021, we generated approximately $135.7 million of cash from operations, compared to $51.3 million for the same period in 2020, and made modest investments in fixed assets, acquisitions and other investments of $37.7 million, compared to $28.3 million for the same period in the prior year.

2021 Outlook

As we previously disclosed, the COVID-19 pandemic has substantially disrupted our global operations. We remain focused on the ramping of our centers and the phased re-opening of the limited number of centers that remain temporarily closed, which we expect will continue throughout 2021. We remain confident in our business model, the strength of our client partnerships, the strength of our balance sheet and liquidity position, and our ability to continue to respond to changing market conditions. However, the broad effects of COVID-19, its duration and the scope of ongoing and related disruptions, cannot be predicted and the negative financial impact to our results and future financial performance cannot be reasonably estimated. Therefore, we are not at this time and do not currently expect to provide full earnings guidance for the remainder of fiscal 2021.

Conference Call

Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET to discuss the second quarter 2021, and the Company’s business, its strategy and near term 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 25, 2021 at 1-844-512-2921, or, for international callers, 1-412-317-6671, conference ID #13721001. 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, the effects of COVID-19 on our operations, our value proposition, our future opportunities and business model, our re-opening plans for temporarily closed center locations, our recovery, timing to re-ramp enrollment and centers, estimated effective tax rate and tax expense and benefits, employee and client contributions, and future business and financial performance. 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, prolonged disruptions to our operations as a result of required school and business closures and government mandates in response to the COVID-19 pandemic, including current conditions and future developments in the public health arena; the impact of COVID-19 on the global economy; developments in the persistence and treatment of COVID-19 and its variants; the adoption, delivery and effectiveness of vaccines; the availability or lack of government support; changes in the demand for child care, dependent care and other workplace solutions, including variation in enrollment trends and lower than expected demand from employer sponsor clients as well as variations in return to work protocols; the labor market and ability to hire and retain talent; the possibility that acquisitions may disrupt our operations and expose us to additional risk; increased costs resulting from recommended or mandated enhanced health and safety protocols and physical distancing; 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; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed March 1, 2021, 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. Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are reconciled from the respective measures under GAAP 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 30 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 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, and India, and serves more than 1,300 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

(Unaudited)

 

Three Months Ended June 30,

 

2021

 

%

 

2020

 

%

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Revenue

$

441,478

 

 

100.0

%

 

$

293,772

 

 

100.0

%

Cost of services

335,496

 

 

76.0

%

 

228,536

 

 

77.8

%

Gross profit

105,982

 

 

24.0

%

 

65,236

 

 

22.2

%

Selling, general and administrative expenses

64,458

 

 

14.6

%

 

49,247

 

 

16.8

%

Amortization of intangible assets

7,512

 

 

1.7

%

 

7,875

 

 

2.6

%

Income from operations

34,012

 

 

7.7

%

 

8,114

 

 

2.8

%

Interest expense — net

(9,580)

 

 

(2.2)

%

 

(9,129)

 

 

(3.1)

%

Income (loss) before income tax

24,432

 

 

5.5

%

 

(1,015)

 

 

(0.3)

%

Income tax benefit (expense)

(5,617)

 

 

(1.2)

%

 

1,374

 

 

0.4

%

Net income

$

18,815

 

 

4.3

%

 

$

359

 

 

0.1

%

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Common stock — basic

$

0.31

 

 

 

 

$

0.01

 

 

 

Common stock — diluted

$

0.31

 

 

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Common stock — basic

60,551,528

 

 

 

 

59,631,428

 

 

 

Common stock — diluted

61,106,792

 

 

 

 

60,266,102

 

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

Six Months Ended June 30,

 

2021

 

%

 

2020

 

%

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Revenue

$

832,318

 

 

100.0

%

 

$

800,095

 

 

100.0

%

Cost of services

644,978

 

 

77.5

%

 

626,000

 

 

78.2

%

Gross profit

187,340

 

 

22.5

%

 

174,095

 

 

21.8

%

Selling, general and administrative expenses

124,568

 

 

15.0

%

 

106,616

 

 

13.3

%

Amortization of intangible assets

15,052

 

 

1.8

%

 

16,084

 

 

2.1

%

Income from operations

47,720

 

 

5.7

%

 

51,395

 

 

6.4

%

Interest expense — net

(18,596)

 

 

(2.2)

%

 

(19,335)

 

 

(2.4)

%

Income before income tax

29,124

 

 

3.5

%

 

32,060

 

 

4.0

%

Income tax expense

(3,177)

 

 

(0.4)

%

 

(969)

 

 

(0.1)

%

Net income

$

25,947

 

 

3.1

%

 

$

31,091

 

 

3.9

%

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Common stock — basic

$

0.43

 

 

 

 

$

0.53

 

 

 

Common stock — diluted

$

0.42

 

 

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Common stock — basic

60,573,237

 

 

 

 

58,781,169

 

 

 

Common stock — diluted

61,216,383

 

 

 

 

59,572,444

 

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

June 30, 2021

 

December 31, 2020

 

 

 

 

 

(In thousands)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

418,638

 

 

$

384,344

 

Accounts receivable — net

141,253

 

 

176,617

 

Prepaid expenses and other current assets

94,573

 

 

63,224

 

Total current assets

654,464

 

 

624,185

 

Fixed assets — net

617,248

 

 

628,757

 

Goodwill

1,451,041

 

 

1,431,967

 

Other intangible assets — net

261,013

 

 

274,620

 

Operating lease right-of-use assets

703,107

 

 

717,821

 

Other assets

54,010

 

 

49,298

 

Total assets

$

3,740,883

 

 

$

3,726,648

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

10,750

 

 

$

10,750

 

Accounts payable and accrued expenses

190,554

 

 

194,551

 

Current portion of operating lease liabilities

87,934

 

 

87,181

 

Deferred revenue and other current liabilities

275,282

 

 

238,332

 

Total current liabilities

564,520

 

 

530,814

 

Long-term debt — net

1,015,433

 

 

1,020,137

 

Operating lease liabilities

712,399

 

 

729,754

 

Deferred income taxes

49,144

 

 

45,951

 

Other long-term liabilities

128,243

 

 

116,195

 

Total liabilities

2,469,739

 

 

2,442,851

 

Total stockholders’ equity

1,271,144

 

 

1,283,797

 

Total liabilities and stockholders’ equity

$

3,740,883

 

 

$

3,726,648

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Six Months Ended June 30,

 

2021

 

2020

 

 

 

 

 

(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

25,947

 

 

$

31,091

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

55,392

 

 

55,880

 

Impairment losses

 

 

18,985

 

Stock-based compensation expense

11,135

 

 

9,438

 

Deferred income taxes

2,238

 

 

(2,783)

 

Other non-cash adjustments — net

513

 

 

(1,187)

 

Changes in assets and liabilities

40,500

 

 

(60,164)

 

Net cash provided by operating activities

135,725

 

 

51,260

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchases of fixed assets — net

(28,463)

 

 

(25,022)

 

Payments and settlements for acquisitions — net of cash acquired

(9,082)

 

 

(4,394)

 

Proceeds from the maturity of debt securities and sale of other investments

10,500

 

 

7,247

 

Purchases of debt securities and other investments

(10,611)

 

 

(6,106)

 

Net cash used in investing activities

(37,656)

 

 

(28,275)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from stock issuance — net of issuance costs

 

 

249,937

 

Principal payments of long-term debt

(5,375)

 

 

(5,375)

 

Payments of debt issuance costs

(2,057)

 

 

(2,818)

 

Purchase of treasury stock

(70,346)

 

 

(32,658)

 

Taxes paid related to the net share settlement of stock options and restricted stock

(7,142)

 

 

(7,715)

 

Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase

28,180

 

 

21,187

 

Payments of contingent consideration for acquisitions

 

 

(1,088)

 

Net cash provided by (used in) financing activities

(56,740)

 

 

221,470

 

Effect of exchange rates on cash, cash equivalents and restricted cash

(675)

 

 

(908)

 

Net increase in cash, cash equivalents and restricted cash

40,654

 

 

243,547

 

Cash, cash equivalents and restricted cash — beginning of period

388,465

 

 

31,192

 

Cash, cash equivalents and restricted cash — end of period

$

429,119

 

 

$

274,739

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

SEGMENT INFORMATION

(Unaudited)

 

Full service

center-based

child care

 

Back-up care

 

Educational

advisory and

other services

 

Total

 

 

 

 

 

 

 

 

 

(In thousands)

Three Months Ended June 30, 2021

 

 

 

 

 

 

 

Revenue

$

334,427

 

 

$

81,484

 

 

$

25,567

 

 

$

441,478

 

Income from operations

4,062

 

 

24,769

 

 

5,181

 

 

34,012

 

Adjusted income from operations

4,062

 

 

24,769

 

 

5,181

 

 

34,012

 

As a percentage of revenue

1

%

 

30

%

 

20

%

 

8

%

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

Revenue

$

137,306

 

 

$

135,904

 

 

$

20,562

 

 

$

293,772

 

Income (loss) from operations

(71,842)

 

 

75,121

 

 

4,835

 

 

8,114

 

Adjusted income (loss) from operations (1)

(54,873)

 

 

77,249

 

 

4,835

 

 

27,211

 

As a percentage of revenue

(40)

%

 

57

%

 

24

%

 

9

%

(1)

Adjusted income (loss) from operations for 2020 for the full service center-based child care segment represents loss from operations excluding impairment costs incurred due to the impact of COVID-19 on our operations of $11.9 million for fixed assets and operating lease right-of-use assets, $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs, and $0.7 million of occupancy costs incurred for our new corporate headquarters during the construction period, which represent duplicative corporate office costs in 2020. Adjusted income from operations for the back-up care segment represents income from operations excluding impairment costs incurred of $2.1 million related to an equity investment due to the impact of COVID-19.

 

Full service

center-based

child care

 

Back-up care

 

Educational

advisory and

other services

 

Total

 

 

 

 

 

 

 

 

 

(In thousands)

Six Months Ended June 30, 2021

 

 

 

 

 

 

 

Revenue

$

624,746

 

 

$

157,839

 

 

$

49,733

 

 

$

832,318

 

Income (loss) from operations

(13,905)

 

 

51,959

 

 

9,666

 

 

47,720

 

Adjusted income (loss) from operations

(13,905)

 

 

51,959

 

 

9,666

 

 

47,720

 

As a percentage of revenue

(2)

%

 

33

%

 

19

%

 

6

%

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

Revenue

$

548,697

 

 

$

210,071

 

 

$

41,327

 

 

$

800,095

 

Income (loss) from operations

(55,095)

 

 

97,360

 

 

9,130

 

 

51,395

 

Adjusted income (loss) from operations (1)

(32,453)

 

 

99,488

 

 

9,130

 

 

76,165

 

As a percentage of revenue

(6)

%

 

47

%

 

22

%

 

10

%

(1)

Adjusted income (loss) from operations for 2020 for the full service center-based child care segment represents loss from operations excluding impairment costs incurred due to the impact of COVID-19 on our operations of $16.9 million for fixed assets and operating lease right-of-use assets, $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs, and $1.4 million of occupancy costs incurred for our new corporate headquarters during the construction period, which represent duplicative corporate office costs in 2020. Adjusted income from operations for the back-up care segment represents income from operations excluding impairment costs incurred of $2.1 million related to an equity investment due to the impact of COVID-19.

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(Unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Net income

$

18,815

 

 

$

359

 

 

$

25,947

 

 

$

31,091

 

Interest expense — net

9,580

 

 

9,129

 

 

18,596

 

 

19,335

 

Income tax expense (benefit)

5,617

 

 

(1,374)

 

 

3,177

 

 

969

 

Depreciation

20,598

 

 

19,784

 

 

40,340

 

 

39,796

 

Amortization of intangible assets (a)

7,512

 

 

7,875

 

 

15,052

 

 

16,084

 

EBITDA

62,122

 

 

35,773

 

 

103,112

 

 

107,275

 

As a percentage of revenue

14

%

 

12

%

 

12

%

 

13

%

Additional adjustments:

 

 

 

 

 

 

 

COVID-19 related costs (b)

 

 

18,436

 

 

 

 

23,406

 

Stock-based compensation expense (c)

5,829

 

 

5,155

 

 

11,135

 

 

9,438

 

Other costs (d)

 

 

661

 

 

 

 

1,364

 

Total adjustments

5,829

 

 

24,252

 

 

11,135

 

 

34,208

 

Adjusted EBITDA

$

67,951

 

 

$

60,025

 

 

$

114,247

 

 

$

141,483

 

As a percentage of revenue

15

%

 

20

%

 

14

%

 

18

%

 

 

 

 

 

 

 

 

Income from operations

$

34,012

 

 

$

8,114

 

 

$

47,720

 

 

$

51,395

 

COVID-19 related costs (b)

 

 

18,436

 

 

 

 

23,406

 

Other costs (d)

 

 

661

 

 

 

 

1,364

 

Adjusted income from operations

$

34,012

 

 

$

27,211

 

 

$

47,720

 

 

$

76,165

 

As a percentage of revenue

8

%

 

9

%

 

6

%

 

10

%

 

 

 

 

 

 

 

 

Net income

$

18,815

 

 

$

359

 

 

$

25,947

 

 

$

31,091

 

Income tax expense (benefit)

5,617

 

 

(1,374)

 

 

3,177

 

 

969

 

Income (loss) before income tax

24,432

 

 

(1,015)

 

 

29,124

 

 

32,060

 

Amortization of intangible assets (a)

7,512

 

 

7,875

 

 

15,052

 

 

16,084

 

COVID-19 related costs (b)

 

 

18,436

 

 

 

 

23,406

 

Stock-based compensation expense (c)

5,829

 

 

5,155

 

 

11,135

 

 

9,438

 

Other costs (d)

 

 

661

 

 

 

 

1,364

 

Adjusted income before income tax

37,773

 

 

31,112

 

 

55,311

 

 

82,352

 

Adjusted income tax expense (e)

(7,932)

 

 

(4,667)

 

 

(11,615)

 

 

(12,261)

 

Adjusted net income

$

29,841

 

 

$

26,445

 

 

$

43,696

 

 

$

70,091

 

As a percentage of revenue

7

%

 

9

%

 

5

%

 

9

%

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — diluted

61,106,792

 

 

60,266,102

 

 

61,216,383

 

 

59,572,444

 

Diluted adjusted earnings per common share

$

0.49

 

 

$

0.44

 

 

$

0.71

 

 

$

1.18

 

Contacts

Investors:

Elizabeth Boland

Chief Financial Officer – Bright Horizons

eboland@brighthorizons.com
617-673-8125

Michael Flanagan

Senior Director of 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

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