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February 13, 2016 4:03 AM ET

Diversified Consumer Services

Company Overview of Bright Horizons Family Solutions, Inc.

Company Overview

Bright Horizons Family Solutions Inc. provides child care, early education, and other services for employers and families. It operates through three segments: Full-Service Center-Based Child Care, Back-Up Dependent Care, and Other Educational Advisory Services. The Full Service Center-Based Care segment offers traditional center-based child care, preschool, and elementary education services. The Back-Up Dependent Care segment provides center-based back-up child care, in-home care, mildly ill care, and adult/elder care services. The Other Educational Advisory Services segment offers college preparation and admissions counseling, tuition reimbursement, program administration, and related consu...

200 Talcott Avenue South

Watertown, MA 02472

United States

Founded in 1986

Phone:

617-673-8000

Key Executives for Bright Horizons Family Solutions, Inc.

Chief Executive Officer and Director
Age: 49
Total Annual Compensation: $580.3K
President
Age: 44
Total Annual Compensation: $410.2K
Chief Financial Officer
Age: 55
Total Annual Compensation: $382.2K
Chief Human Resources Officer
Age: 48
Total Annual Compensation: $342.7K
Compensation as of Fiscal Year 2014.

Bright Horizons Family Solutions, Inc. Key Developments

Bright Horizons Family Solutions, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2016

Bright Horizons Family Solutions, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, revenue was $371,596,000 against $337,768,000 a year ago. Income from operations was $44,882,000 against $37,328,000 a year ago. Income before income taxes was $34,150,000 against $28,458,000 a year ago. Net income was $23,918,000 against $18,894,000 a year ago. Earnings per diluted share were $0.39 against $0.28 a year ago. Adjusted income from operations was $45,236,000 against $39,478,000 a year ago. EBITDA was $65,009,000 against $56,443,000 a year ago. Adjusted EBITDA was $68,095,000 against $61,013,000 a year ago. Adjusted income before tax was $43,815,000 against $38,999,000 a year ago. Adjusted net income was $28,706,000 against $25,703,000 a year ago. Diluted adjusted earnings per common share were $0.47 against $0.39 a year ago. For the year, revenue was $1,458,445,000 against $1,352,999,000 a year ago. Income from operations was $181,602,000 against $146,920,000 a year ago. Income before income taxes was $140,156,000 against $112,314,000 a year ago. Net income was $93,927,000 against $72,035,000 a year ago. Earnings per diluted share were $1.50 against $1.07 a year ago. Net cash provided by operating activities was $171,080,000 against $174,297,000 a year ago. Purchases of fixed assets were $77,735,000 against $65,809,000 a year ago. Adjusted income from operations was $182,467,000 against $149,620,000 a year ago. EBITDA was $260,268,000 against $224,367,000 a year ago. Adjusted EBITDA was $273,069,000 against $238,081,000 a year ago. Adjusted income before tax was $178,210,000 against $151,935,000 a year ago. Adjusted net income was $115,391,000 against $97,238,000 a year ago. Diluted adjusted earnings per common share were $1.85 against $1.45 a year ago. For the full year 2016, the company expects: Overall revenue growth in the range of 8%-10%; adjusted EBITDA growth in the range of 13%-14%; adjusted net income growth in the range of 15%-17%; and diluted adjusted earnings per common share growth in the range of 18%-20% For the full year, the company expects amortization expense similar to 2015 levels or $28 million; depreciation in the range of $55 million to $57 million; Interest expense is expected to approximate $42 million for the year. Structural tax rate for 2016 is projected to approximate the applicable rate for this past year or 35.25% to 35.5%. The combination of top line growth and operating margin leverage drive adjusted EBITDA into the range of $307 million to $310 million for 2016, and the company projects adjusted net income to be in the range of $133 million to $135 million. That translates to an adjusted earnings per share of approximately $2.17 to $2.21 in 2016 on 62 million weighted average shares. The company projects generate cash flow from operations in the range of $200 million to $220 million and approximately $175 million of free cash flow. This is net of projected maintenance capital spending of $35 million to $40 million. For the first quarter of 2016, the company is projecting top line growth in the range of 8% to 10% and adjusted EBITDA in the range of $71 million to $72 million. This translates to adjusted net income of $31 million to $32 million and adjusted EPS in the range of $0.49 to $0.51 a share.

Bright Horizons Family Solutions LLC Enters into Extension and Incremental Amendment to the Revolving Credit Agreement

On January 26, 2016, Bright Horizons Family Solutions LLC entered into an extension and incremental amendment by and among the borrower, the extending revolving credit lenders party thereto, the incremental revolving credit lenders party thereto, and Goldman Sachs Bank USA, as Administrative Agent, Swing Line Lender and L/C Issuer. The amendment amends the Borrower's Credit Agreement, dated as of January 30, 2013, by and among the Borrower, Bright Horizons Capital Corp., Goldman Sachs Bank USA, as Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders and other parties party thereto from time to time. The amendment amends the credit agreement to increase the revolving credit commitments under the credit agreement from $100,000,000 to $225,000,000, to extend the maturity date on the revolving credit commitments from January 30, 2018 to July 31, 2019 and to modify the interest rate applicable to borrowings under the revolving credit commitments from 175 basis points over the base rate or 275 basis points over the Eurocurrency rate to a range of 125 to 175 basis points over the base rate or 225 to 275 basis points over the Eurocurrency rate.

Bright Horizons Family Solutions, Inc. to Report Q4, 2015 Results on Feb 08, 2016

Bright Horizons Family Solutions, Inc. announced that they will report Q4, 2015 results at 5:00 PM, Eastern Standard Time on Feb 08, 2016

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