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May 05, 2015 4:57 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

25,400 Employees



Key Executives for Bright Horizons Family Solutions, Inc.

Chief Executive Officer and Director
Age: 48
Total Annual Compensation: $580.3K
President, Chief Operating Officer and Director
Age: 66
Total Annual Compensation: $580.3K
Chief Financial Officer
Age: 54
Total Annual Compensation: $382.2K
Chief Administrative Officer and Secretary
Age: 71
Total Annual Compensation: $275.6K
Chief Human Resources Officer
Age: 47
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 First Quarter Ended March 31, 2015; Provides Earnings Guidance for Second Quarter and Full Year 2015; Announces Adding of New Centers in 2015 and 2016

Bright Horizons Family Solutions, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. Revenue was $350.4 million against $332.2 million last year. Income from operations was $42.8 million against $34.0 million last year. Income before income taxes was $32.8 million against $25.3 million last year. Net income was $22.5 million or $0.35 per diluted share against $16.0 million or $0.24 per basic and diluted share last year. The company generated approximately $47.3 million of cash flow from operations compared to $51.6 million for the same period in 2014 and invested $18.0 million in fixed assets and acquisitions compared to $14.1 million in the same 2014 period. Revenue increased $18.3 million, or 5.5%, in the first quarter of 2015 from the first quarter of 2014 on contributions from new and ramping full service child care centers, average price increases of 3% to 4%, and expanded sales of back-up dependent care and educational advisory services, partially offset by the effects of foreign currency translation on European business. In the first quarter of 2015, adjusted EBITDA was $65.5 million against $57.3 million last year. Adjusted income from operations was $42.8 million against $34.6 million last year. The adjusted EBITDA increase reflects operating leverage from enrollment gains in mature and ramping centers, contributions from new child care centers, back-up dependent care and educational advisory clients that have been added since the first quarter of 2014, and strong cost management, partially offset by the costs incurred during the ramp up of certain new lease/consortium centers opened during 2014 and 2015 and the effects of foreign currency translation on European business. The increase in adjusted income from operations reflects a $9.5 million increase in gross profit, partially offset by increases in recurring selling, general and administrative expenses. Adjusted net income increased by $4.5 million, or 20%, to $27.1 million on the expanded income from operations against $22.7 million last year. Diluted adjusted earnings per common share were $0.43 against $0.34 last year. The company updated certain targets regarding its 2015 expectations. The company continues to expect to see revenue growth in a range that approximates 7% to 10% over 2014 levels, which includes the continued impact of lower FX rates generating approximately a 2% headwind. Adjusted net income growth in 2015 is expected to be in the range of 13% to 15%. Diluted adjusted earnings per common share growth are expected to be in the range of 20% to 22%. Adjusted EBITDA is expected to be in the range of $270 million to $275 million, growth in the range of 14% to 16% Thus, the guidance for full year 2015 earnings per share is expected to a range of $1.74 to $1.77. The company expects that income from operations in 2015 will expand approximately 100 to 125 basis points from the 11.1% adjusted income from operations that was reported in 2014, primarily on gross margin expansions and secondarily from a bit of modest overhead leverage. The company expects amortization in the range of $28 million to $29 million and depreciation of approximately $55 million to $57 million. The effective restructural tax rate will be approximately 35.5% of adjusted pretax income in 2015, which is broadly consistent with the 2014 full year rate and the projected GAAP reported effective rate for the rest of 2015. Combination of top line growth and operating margin leverage drive adjusted EBITDA in the range of $270 million to $275 million for the full year 2015 and adjusted net income in the range of $110 million to $112 million. The company expects to generate approximately $180 million to $190 million of cash flow from operations, which translates to $145 million to $155 million of free cash flow net of the projected maintenance CapEx spending of around $35 million. For the second quarter of 2015, the company expects the top line growth to continue to be in the range of 5% to 7%, including the impact of the lower foreign exchange. The outlook for the adjusted EBITDA approximates $72 million to $74 million and for adjusted net income in the range of $30 million to $31 million. With approximately 63.5 million shares outstanding, this would translate to adjusted EPS in the range of $0.48 to $0.50 a share for the second quarter of 2015. The company is planning to add a total of 45 to 50 new centers, including organic new and acquired centers. The current outlook also contemplates closing approximately 25 to 30 centers, including the handful of underperforming centers acquired as part of the groups that were added in 2013. Based on the centers in development and slated to open in 2015 and early 2016, the company expects to invest approximately $50 million to $55 million in the new center capital and $25 million to $30 million on acquisitions. The company expects to fund all of these investments from operating cash and would end the year with $140 million to $150 million cash on hand.

Bright Horizons Family Solutions Seeks Acquisitions

Bright Horizons Family Solutions, Inc. (NYSE:BFAM) is seeking acquisitions. David Lissy, Bright Horizons' Chief Executive Officer, said "On the acquisition front, we are seeing good momentum from our pipeline of perspective high-quality centers. We have a good mix of smaller networks and single center opportunities and in our active discussion pipeline both here in the US and in Europe."

Bright Horizons Family Solutions, Inc. to Report Q1, 2015 Results on Apr 30, 2015

Bright Horizons Family Solutions, Inc. announced that they will report Q1, 2015 results at 5:00 PM, US Eastern Standard Time on Apr 30, 2015

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