September 30, 2016 10:31 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 Full Service Center-Based Child Care, Back-Up Dependent Care, and Other Educational Advisory Services segments. The Full Service Center-Based Child 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 consult...

200 Talcott Avenue South

Watertown, MA 02472

United States

Founded in 1986

26,000 Employees

Phone:

617-673-8000

Fax:

617-673-8001

Key Executives for Bright Horizons Family Solutions, Inc.

Chief Executive Officer and Director
Age: 50
Total Annual Compensation: $626.2K
President
Age: 45
Total Annual Compensation: $424.9K
Chief Financial Officer
Age: 56
Total Annual Compensation: $417.8K
Chief Culture Officer
Age: 49
Total Annual Compensation: $354.1K
Executive Vice President and Secretary
Age: 73
Total Annual Compensation: $292.4K
Compensation as of Fiscal Year 2015.

Bright Horizons Family Solutions, Inc. Key Developments

Bright Horizons Seeks Acquisitions In Existing Geographies

Bright Horizons Family Solutions, Inc. (NYSE:BFAM) is looking for acquisition opportunities. Bright Horizons continue to fill the pipeline looking into the future across the geographies in which it operates.

Bright Horizons Family Solutions, Inc. Presents at BMO Capital Markets 16th Annual Back to School Conference, Sep-15-2016 10:00 AM

Bright Horizons Family Solutions, Inc. Presents at BMO Capital Markets 16th Annual Back to School Conference, Sep-15-2016 10:00 AM. Venue: The Grand Hyatt Hotel, 109 East 42nd Street, New York, New York, United States.

Bright Horizons Family Solutions, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Updates Financial Guidance for the Full Year of 2016; Provides Earnings Guidance for the Third Quarter of 2016; Plans to Add Total of 40 to 45 New Centers for the Year 2016; Plans to Close 20 to 25 Centers

Bright Horizons Family Solutions, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenue was $402.053 million compared to $370.465 million a year ago. Income from operations was $56.578 million compared to $52.138 million a year ago. Income before income taxes was $46.274 million compared to $41.785 million a year ago. Net income was $30.403 million or $0.50 per diluted share compared to $26.919 million or $0.43 per diluted share a year ago. Adjusted income from operations was $56.982 million compared to $52.484 million a year ago. EBITDA was $77.144 million compared to $71.418 million a year ago. Adjusted EBITDA was $80.802 million compared to $74.751 million a year ago. Adjusted net income was $36.904 million or $0.61 per diluted share compared to $33.065 million or $0.53 per diluted share a year ago. Income from operations was increased by $4.5 million, primarily due to an increase in gross profit, partially offset by increases in selling, general and administrative expenses. In the second quarter of 2016, adjusted EBITDA increased by $6.1 million from the second quarter of 2015 due primarily to the expanded gross profit. For the six months, the company reported revenue was $787.375 million compared to $720.905 million a year ago. Income from operations was $105.175 million compared to $94.979 million a year ago. Income before income taxes was $84.187 million compared to $74.595 million a year ago. Net income was $55.130 million or $0.90 per diluted share compared to $49.451 million or $0.78 per diluted share a year ago. Net cash provided by operating activities was $146.882 million compared to $115.019 million a year ago. Purchases of fixed assets were $27.293 million compared to $41.8 million a year ago. Adjusted income from operations was $105.785 million compared to $95.325 million a year ago. EBITDA was $146.266 million compared to $133.645 million a year ago. Adjusted EBITDA was $153.152 million compared to $140.245 million a year ago. Adjusted net income was $68.016 million or $1.12 per diluted share compared to $60.176 million or $0.95 per diluted share a year ago. The company is updating certain financial guidance. For the full year 2016, the company currently expects overall revenue growth in 2016 in the range of 7% to 9%; adjusted EBITDA growth in 2016 in the range of 11% to 12%; adjusted net income growth in 2016 in the range of 14% to 16%; diluted adjusted earnings per common share growth in the range of 17% to 19% and diluted weighted average shares of approximately 61 million shares. The company expects to generate adjusted income from operations in 2016 in the range of 13% to 13.25% of revenue, primarily from gross margin expansion. The company is estimating amortization in the range of $29 million, depreciation of about $55 million, stock compensation of around $12 million and interest expense of $42 million, assuming continued 4% to 4.5% borrowing rates on term loans. The company will generate $235 million to $245 million of cash flow from operations and approximately $200 million of free cash flow, net of projected maintenance CapEx in the range of $35 million to $40 million. The company will generate adjusted EBITDA in the range of $302 million to $306 million for 2016 and adjusted net income in the range of $131 million to $133 million. On an earnings per share basis, the company estimate that adjusted EPS will therefore approximate $2.17 to $2.20 for the full year on approximately $61 million weighted average shares. For the third quarter of 2016, the company now project top-line growth in the range of 5% to 6%, including the approximate 3% FX headwind. Outlook for adjusted EBITDA approximate $70 million to $72 million and adjusted net income in the range of $29 million to $30 million. With about 60.3 million shares outstanding, this translates to adjusted EPS in the range of $0.49 to $0.50 a share for the third quarter of 2016. The company now expects to add a total of 40 to 45 new centers for the year 2016, including organic and acquired centers. The current outlook of the company also contemplates closing of 20 to 25 centers.

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