Bright Horizons Family Solutions Reports Second Quarter of 2022 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 2022 and revised financial guidance for 2022.

Second Quarter 2022 Highlights (compared to Second Quarter 2021):

Revenue of $490 million (increase of 11%)

Income from operations of $48 million (increase of 41%)

Net income of $25 million and diluted earnings per common share of $0.42 (increases of 33% and 35%, respectively)

Non-GAAP measures

Adjusted income from operations* of $50 million (increase of 48%)

Adjusted EBITDA* of $83 million (increase of 22%)

Adjusted net income* of $42 million and diluted adjusted earnings per common share* of $0.71 (increases of 41% and 45%, respectively)

“We continued to make good progress in our second quarter with 11% revenue growth and 45% adjusted EPS growth,” said Stephen Kramer, Chief Executive Officer. “Occupancy levels improved sequentially and, in June, traditional back-up use eclipsed pre-COVID-19 levels for the first time since the pandemic began. While the operating environment remains fluid, we continue to be very optimistic about our strategy, operating quality and discipline, the strength and value of our client relationships and the commitment of our employees.”

“We are also thrilled to announce we completed the acquisition of Only About Children on July 1st. Our teams have been working hard on the integration and we remain very excited about the possibilities this acquisition brings to Bright Horizons’ global platform.”

Second Quarter 2022 Results

Revenue increased $48.9 million, or 11%, in the second quarter of 2022 from the second quarter of 2021, primarily attributable to enrollment gains at our centers and expanded sales and utilization of back-up care services, partially offset by lower foreign currency exchange rates for our United Kingdom and Netherlands operations. While we continued to see steady gains in enrollment in our child care centers during the quarter, our centers are still operating below pre-COVID-19 enrollment levels during this re-ramping phase.

Income from operations was $47.8 million for the second quarter of 2022 compared to $34.0 million for the second quarter of 2021, representing a 41% increase. The increase in income from operations reflects improved gross profit contributions in the full service center-based child care segment arising from increased enrollment and a higher level of support from government programs compared to the prior year. Net income was $24.9 million for the second quarter of 2022 compared to $18.8 million for the second quarter of 2021, an increase of 33%, due to the increase in income from operations noted above, partially offset by transaction costs associated with acquisitions and a higher effective tax rate. Diluted earnings per common share was $0.42 for the second quarter of 2022 compared to $0.31 for the second quarter of 2021.

In the second quarter of 2022, adjusted EBITDA* increased $15.1 million, or 22%, to $83.1 million, and adjusted income from operations* increased $16.3 million, or 48%, to $50.3 million from the second quarter of 2021, due primarily to the increase in gross profit in the full service center-based child care segment. Adjusted net income* increased $12.3 million, or 41%, to $42.1 million, due to the increase in income from operations, partially offset by a higher effective tax rate. Diluted adjusted earnings per common share* was $0.71 for the second quarter of 2022 compared to $0.49 for the same period in 2021.

As of June 30, 2022, the Company had more than 1,350 client relationships with employers across a diverse array of industries, and operated 1,014 early education and child care centers with the capacity to serve approximately 114,000 children and their families, of which 992 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, and at times, non-recurring costs, such as loss on foreign currency forward contracts and transaction costs. Adjusted income from operations represents income from operations before non-recurring costs, such as transaction costs. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, and non-recurring costs, such as loss on foreign currency forward contracts and transaction 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,” respectively.

Balance Sheet and Liquidity

Bright Horizons has a strong balance sheet, with $270 million of cash and cash equivalents and $400 million available for borrowing under our revolving credit facility at June 30, 2022. In the six months ended June 30, 2022, we generated approximately $125.8 million of cash from operations, compared to $135.7 million for the same period in 2021, and made investments in fixed assets, other investments and acquisitions totaling $23.1 million, compared to $37.7 million for the same period in the prior year.

2022 Revised Outlook

Although the ongoing impact of the COVID-19 pandemic continues to affect our global operations, we remain focused on our strategic priorities to deliver high-quality education, care and workforce services. Based on current trends and expectations, we have revised 2022 guidance and we currently expect fiscal year 2022 revenue to be approximately $2.0 billion, which includes expected contributions from Only About Children, and diluted adjusted earnings per common share in the range of $2.60 to $2.75. The Company will provide additional information on its outlook during its earnings conference call.

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 2022, as well as the Company’s updated business outlook, its 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 23, 2022 at 1-844-512-2921 or, for international callers, at 1-412-317-6671, conference ID #13726920. 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 the COVID-19 pandemic on our operations, our investments, impact of our services, our market position, our client relations and partners, our future opportunities and business model, our post-pandemic recovery, enrollment and occupancy levels, long-term growth strategy and value, estimated effective tax rate and tax expense and benefits, our care solutions, quality and expanded service offerings, our ability to respond to changing demands, contributions from acquisitions, our future business and financial performance, and our revised 2022 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, prolonged disruptions to our operations as a result of the COVID-19 pandemic, including current conditions and future developments in the public health arena; the continued impact of COVID-19 on the global economy; developments in the persistence and treatment of COVID-19 and its variants; the approval, delivery, effectiveness and public acceptance of vaccines for adults and children; vaccine and workplace mandates; the availability or lack of government support; 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 return to work protocols; the constrained labor market for teachers and staff 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 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; changes in tax rates or policies or in rates of inflation; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on February 25, 2022, 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.

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 excess income tax benefits, 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, please see 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 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 approximately 1,100 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,350 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,

 

 

2022

 

 

%

 

 

2021

 

 

%

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Revenue

$

490,341

 

 

100.0

%

 

$

441,478

 

 

100.0

%

Cost of services

 

361,816

 

 

73.8

%

 

 

335,496

 

 

76.0

%

Gross profit

 

128,525

 

 

26.2

%

 

 

105,982

 

 

24.0

%

Selling, general and administrative expenses

 

73,673

 

 

15.0

%

 

 

64,458

 

 

14.6

%

Amortization of intangible assets

 

7,030

 

 

1.4

%

 

 

7,512

 

 

1.7

%

Income from operations

 

47,822

 

 

9.8

%

 

 

34,012

 

 

7.7

%

Loss on foreign currency forward contracts

 

(5,917

)

 

(1.2

)%

 

 

 

 

%

Interest expense — net

 

(7,942

)

 

(1.7

)%

 

 

(9,580

)

 

(2.2

)%

Income before income tax

 

33,963

 

 

6.9

%

 

 

24,432

 

 

5.5

%

Income tax expense

 

(9,018

)

 

(1.8

)%

 

 

(5,617

)

 

(1.2

)%

Net income

$

24,945

 

 

5.1

%

 

$

18,815

 

 

4.3

%

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Common stock — basic

$

0.42

 

 

 

 

$

0.31

 

 

 

Common stock — diluted

$

0.42

 

 

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Common stock — basic

 

59,113,044

 

 

 

 

 

60,551,528

 

 

 

Common stock — diluted

 

59,252,869

 

 

 

 

 

61,106,792

 

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2022

 

 

%

 

 

2021

 

 

%

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Revenue

$

950,750

 

 

100.0

%

 

$

832,318

 

 

100.0

%

Cost of services

 

712,166

 

 

74.9

%

 

 

644,978

 

 

77.5

%

Gross profit

 

238,584

 

 

25.1

%

 

 

187,340

 

 

22.5

%

Selling, general and administrative expenses

 

145,419

 

 

15.3

%

 

 

124,568

 

 

15.0

%

Amortization of intangible assets

 

14,179

 

 

1.5

%

 

 

15,052

 

 

1.8

%

Income from operations

 

78,986

 

 

8.3

%

 

 

47,720

 

 

5.7

%

Loss on foreign currency forward contracts

 

(5,917

)

 

(0.6

)%

 

 

 

 

%

Interest expense — net

 

(14,988

)

 

(1.6

)%

 

 

(18,596

)

 

(2.2

)%

Income before income tax

 

58,081

 

 

6.1

%

 

 

29,124

 

 

3.5

%

Income tax expense

 

(13,730

)

 

(1.4

)%

 

 

(3,177

)

 

(0.4

)%

Net income

$

44,351

 

 

4.7

%

 

$

25,947

 

 

3.1

%

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Common stock — basic

$

0.75

 

 

 

 

$

0.43

 

 

 

Common stock — diluted

$

0.74

 

 

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Common stock — basic

 

59,103,884

 

 

 

 

 

60,573,237

 

 

 

Common stock — diluted

 

59,334,107

 

 

 

 

 

61,216,383

 

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30, 2022

 

December 31, 2021

 

 

 

 

 

(In thousands)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

270,425

 

$

260,980

Accounts receivable — net

 

171,114

 

 

210,971

Prepaid expenses and other current assets

 

75,370

 

 

68,320

Total current assets

 

516,909

 

 

540,271

Fixed assets — net

 

558,143

 

 

598,134

Goodwill

 

1,441,185

 

 

1,481,725

Other intangible assets — net

 

235,769

 

 

251,032

Operating lease right-of-use assets

 

678,809

 

 

696,425

Other assets

 

94,578

 

 

72,460

Total assets

$

3,525,393

 

$

3,640,047

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

16,000

 

$

16,000

Accounts payable and accrued expenses

 

208,458

 

 

197,366

Current portion of operating lease liabilities

 

87,130

 

 

87,341

Deferred revenue and other current liabilities

 

287,770

 

 

321,468

Total current liabilities

 

599,358

 

 

622,175

Long-term debt — net

 

968,989

 

 

976,396

Operating lease liabilities

 

686,971

 

 

703,911

Deferred income taxes

 

51,817

 

 

48,509

Other long-term liabilities

 

99,272

 

 

109,780

Total liabilities

 

2,406,407

 

 

2,460,771

Total stockholders’ equity

 

1,118,986

 

 

1,179,276

Total liabilities and stockholders’ equity

$

3,525,393

 

$

3,640,047

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Six Months Ended June 30,

 

2022

 

2021

 

 

 

 

 

(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

44,351

 

$

25,947

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

 

 

 

Depreciation and amortization

 

50,661

 

 

55,392

Stock-based compensation expense

 

13,768

 

 

11,135

Loss on foreign currency forward contracts

 

5,917

 

 

Deferred income taxes

 

(4,269)

 

 

2,238

Other non-cash adjustments — net

 

(451)

 

 

513

Changes in assets and liabilities

 

15,793

 

 

40,500

Net cash provided by operating activities

 

125,770

 

 

135,725

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchases of fixed assets — net

 

(19,246)

 

 

(28,463)

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

 

11,009

 

 

10,500

Purchases of debt securities and other investments

 

(7,030)

 

 

(10,611)

Settlement of foreign currency forward contracts

 

(4,591)

 

 

Payments and settlements for acquisitions — net of cash acquired

 

(3,282)

 

 

(9,082)

Net cash used in investing activities

 

(23,140)

 

 

(37,656)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Principal payments of long-term debt

 

(8,000)

 

 

(5,375)

Payments of debt issuance costs

 

 

 

(2,057)

Purchase of treasury stock

 

(72,554)

 

 

(70,346)

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

 

10,554

 

 

28,180

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

 

(5,154)

 

 

(7,142)

Payments of contingent consideration for acquisitions

 

(13,865)

 

 

Net cash used in financing activities

 

(89,019)

 

 

(56,740)

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

 

(2,215)

 

 

(675)

Net increase in cash, cash equivalents and restricted cash

 

11,396

 

 

40,654

Cash, cash equivalents and restricted cash — beginning of period

 

265,281

 

 

388,465

Cash, cash equivalents and restricted cash — end of period

$

276,677

 

$

429,119

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, 2022

 

 

 

 

 

 

 

Revenue

$

371,316

 

 

$

91,714

 

 

$

27,311

 

 

$

490,341

 

Income from operations

 

19,722

 

 

 

25,119

 

 

 

2,981

 

 

 

47,822

 

Adjusted income from operations (1)

 

22,219

 

 

 

25,119

 

 

 

2,981

 

 

 

50,319

 

As a percentage of revenue

 

6

%

 

 

27

%

 

 

11

%

 

 

10

%

 

 

 

 

 

 

 

 

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

%

(1)

 

For the three months ended June 30, 2022, adjusted income from operations for the full service center-based child care segment represents income from operations excluding transaction costs of $2.5 million related to acquisitions.

 

Full service

center-based

child care

 

Back-up care

 

Educational

advisory and

other services

 

Total

 

 

 

 

 

 

 

 

 

(In thousands)

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

Revenue

$

725,248

 

 

$

172,558

 

 

$

52,944

 

 

$

950,750

 

Income from operations

 

26,883

 

 

 

45,577

 

 

 

6,526

 

 

 

78,986

 

Adjusted income from operations (1)

 

29,380

 

 

 

45,577

 

 

 

6,526

 

 

 

81,483

 

As a percentage of revenue

 

4

%

 

 

26

%

 

 

12

%

 

 

9

%

 

 

 

 

 

 

 

 

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

%

(1)

 

For the six months ended June 30, 2022, adjusted income from operations for the full service center-based child care segment represents income from operations excluding transaction costs of $2.5 million related to acquisitions.

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

Net income

$

24,945

 

 

$

18,815

 

 

$

44,351

 

 

$

25,947

 

Interest expense — net

 

7,942

 

 

 

9,580

 

 

 

14,988

 

 

 

18,596

 

Income tax expense

 

9,018

 

 

 

5,617

 

 

 

13,730

 

 

 

3,177

 

Depreciation

 

18,055

 

 

 

20,598

 

 

 

36,482

 

 

 

40,340

 

Amortization of intangible assets (a)

 

7,030

 

 

 

7,512

 

 

 

14,179

 

 

 

15,052

 

EBITDA

 

66,990

 

 

 

62,122

 

 

 

123,730

 

 

 

103,112

 

As a percentage of revenue

 

14

%

 

 

14

%

 

 

13

%

 

 

12

%

Additional adjustments:

 

 

 

 

 

 

 

Stock-based compensation expense (b)

 

7,672

 

 

 

5,829

 

 

 

13,768

 

 

 

11,135

 

Loss on foreign currency forward contracts (c)

 

5,917

 

 

 

 

 

 

5,917

 

 

 

 

Other costs (d)

 

2,497

 

 

 

 

 

 

2,497

 

 

 

 

Total adjustments

 

16,086

 

 

 

5,829

 

 

 

22,182

 

 

 

11,135

 

Adjusted EBITDA

$

83,076

 

 

$

67,951

 

 

$

145,912

 

 

$

114,247

 

As a percentage of revenue

 

17

%

 

 

15

%

 

 

15

%

 

 

14

%

 

 

 

 

 

 

 

 

Income from operations

$

47,822

 

 

$

34,012

 

 

$

78,986

 

 

$

47,720

 

Other costs (d)

 

2,497

 

 

 

 

 

 

2,497

 

 

 

 

Adjusted income from operations

$

50,319

 

 

$

34,012

 

 

$

81,483

 

 

$

47,720

 

As a percentage of revenue

 

10

%

 

 

8

%

 

 

9

%

 

 

6

%

 

 

 

 

 

 

 

 

Net income

$

24,945

 

 

$

18,815

 

 

$

44,351

 

 

$

25,947

 

Income tax expense

 

9,018

 

 

 

5,617

 

 

 

13,730

 

 

 

3,177

 

Income before income tax

 

33,963

 

 

 

24,432

 

 

 

58,081

 

 

 

29,124

 

Amortization of intangible assets (a)

 

7,030

 

 

 

7,512

 

 

 

14,179

 

 

 

15,052

 

Stock-based compensation expense (b)

 

7,672

 

 

 

5,829

 

 

 

13,768

 

 

 

11,135

 

Loss on foreign currency forward contracts (c)

 

5,917

 

 

 

 

 

 

5,917

 

 

 

 

Other costs (d)

 

2,497

 

 

 

 

 

 

2,497

 

 

 

 

Adjusted income before income tax

 

57,079

 

 

 

37,773

 

 

 

94,442

 

 

 

55,311

 

Adjusted income tax expense (e)

 

(14,966

)

 

 

(7,932

)

 

 

(24,606

)

 

 

(11,615

)

Adjusted net income

$

42,113

 

 

$

29,841

 

 

$

69,836

 

 

$

43,696

 

As a percentage of revenue

 

9

%

 

 

7

%

 

 

7

%

 

 

5

%

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — diluted

 

59,252,869

 

 

 

61,106,792

 

 

 

59,334,107

 

 

 

61,216,383

 

Diluted adjusted earnings per common share

$

0.71

 

 

$

0.49

 

 

$

1.18

 

 

$

0.71

 

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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