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September 02, 2015 1:32 PM 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

Phone:

617-673-8000

Key Executives for Bright Horizons Family Solutions, Inc.

Chief Executive Officer and Director
Age: 49
Total Annual Compensation: $580.3K
Chief Financial Officer
Age: 55
Total Annual Compensation: $382.2K
Chief Administrative Officer and Secretary
Age: 72
Total Annual Compensation: $275.6K
Chief Human Resources Officer
Age: 48
Total Annual Compensation: $342.7K
Chief Development Officer
Age: 44
Total Annual Compensation: $410.2K
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 Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year 2015

Bright Horizons Family Solutions, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue was $370.465 million compared to $348.1 million a year ago. Income from operations was $52.138 million compared to $42.535 million a year ago. Income before income taxes was $41.785 million compared to $33.921 million a year ago. Net income was $26.919 million or $0.43 per diluted share compared to $21.714 million or $0.32 per diluted share a year ago. Adjusted income from operations was $52.484 million compared to $42.535 million a year ago. EBITDA was $71.418 million compared to $61.87 million a year ago. Adjusted EBITDA was $74.751 million compared to $64.443 million a year ago. Adjusted Net income was $33.065 million or $0.53 per diluted share compared to $27.517 million or $0.41 per diluted share a year ago. Revenue increased $22.4 million, or 6%, in the second quarter of 2015 from the second quarter of 2014 on contributions from new and ramping full-service child care centers, average price increases of 3%-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. Income from operations primarily due to a $12.7 million increase in gross profit, partially offset by increases in recurring selling, general and administrative expenses. Adjusted income before tax was $51.263 million compared to $43.334 million a year ago. The company generated operating cash flow of $67 million compared to $53 million last year. For the six months, the company reported revenue was $720.905 million compared to $680.255 million a year ago. Income from operations was $94.979 million compared to $76.546 million a year ago. Income before income taxes was $74.595 million compared to $59.205 million a year ago. Net income was $49.451 million or $0.78 per diluted share compared to $37.762 million or $0.56 per diluted share a year ago. Net cash provided by operating activities was $115.019 million compared to $104.369 million a year ago. Purchases of fixed assets was $41.8 million compared to $30.701 million a year ago. Adjusted income from operations was $95.325 million compared to $77.096 million a year ago. EBITDA was $133.645 million compared to $115.496 million a year ago. Adjusted EBITDA was $140.245 million compared to $121.784 million a year ago. Adjusted Net income was $60.176 million or $0.95 per diluted share compared to $50.168 million or $0.74 per diluted share a year ago. Adjusted income before tax was $95.325 million compared to $79.287 million a year ago. For the full year 2015, the company currently expects: overall revenue growth in 2015 in the range of 7%-10%, Adjusted EBITDA growth in 2015 in the range of 14%-16%, Adjusted net income growth in 2015 in the range of 15%-17%, Diluted adjusted earnings per common share growth in the range of 23%-26%. The effective restructural tax rate of 35.5% in 2015 is based on expected applicable rate for the projected full year 2015. The company expects to expand adjusted operating income margin by approximately 100 to 125 basis points and to produce adjusted EBITDA in the range of $273 million to $276 million. Thus, company increasing guidance for full year 2015 earnings per share to a range of $1.79 to $1.83. For the full year, the company looking at amortization in the range of $28 million to $29 million and depreciation in the range of $53 million to $55 million. Interest expense, expects to be in the range of $41 million to $42 million for the year. The combination of top line growth and operating margin leverage will drive adjusted EBITDA in the range of $273 million to $276 million for 2015 and adjusted net income to a range of $112 million to $114 million. The company will generate approximately $185 million to $195 million of cash flow from operations or $150 million to $160 million of free cash flow net of projected maintenance CapEx in the range of $35 million. For the third quarter of 2015. the company projects top line growth to be in the range of 8% to 10% for the quarter, including the impact of the lower foreign exchange rates and adjusted EBITDA to approximate $64 million to $66 million. This translates to net income adjusted net income in the range of $25 million to $26 million and adjusted EPS in the range of $0.40 to $0.42 a share.

Bright Horizons Family Eyes Acquisitions

Bright Horizons Family Solutions, Inc. (NYSE:BFAM) intends to make acquisitions. David Lissy, Chief Executive Officer of the company said: “Shifting to our capital allocation strategy, as I've talked to you about before, our priorities remain, first, growth oriented investments in acquisitions and in new lease consortium model centers. So that's where we're focusing a lot of our attention and our resources. And as you can see from some of the results this quarter, those investments are beginning to return strong results.” Elizabeth Boland, Chief Executive Officer of the company said: “Lastly for the full year, we'll project that we'll generate approximately $185 million to $195 million cash flow from operations, or $150 million to $160 million of free cash flow, net of projected maintenance CapEx in the range of $35 million. Based on the centers in development in slated to open in 2015 and early 2016, we expect to invest approximately $50 million to $55 million in new center capital, and we expect to spend $65 million to $70 million for acquisitions in 2015. We expect to fund all of these investments from operating cash and end the year with $50 million to $60 million in cash on hand.”

Bright Horizons Family Solutions, Inc. to Report Q2, 2015 Results on Aug 04, 2015

Bright Horizons Family Solutions, Inc. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 04, 2015

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