Bright Horizons Family Solutions, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year of 2015 and 2016
Nov 5 15
Bright Horizons Family Solutions, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenue of $365,944,000 against $334,976,000 a year ago. Income from operations was $41,741,000 against $33,046,000 a year ago. Income before income taxes $31,411,000 against $24,651,000 a year ago. Net income attributable to company was $20,558,000 against $15,379,000 a year ago. Earnings per diluted common share were $0.33 against earnings per basic and diluted common share of $0.23 a year ago. Adjusted EBITDA was $64,729,000 against $55,284,000 a year ago. Adjusted income from operations was $41,906,000 against $33,046,000 a year ago. Adjusted income before tax was $41,100,000 against $33,649,000 a year ago. Adjusted net income was $26,509,000 against $21,367,000 a year ago. Diluted adjusted earnings per common share were $0.43 against $0.32 a year ago. An increase in income from operations was primarily due to a $12.5 million increase in gross profit, partially offset by increases in recurring selling, general and administrative expenses. EBITDA was $61,614,000 against $52,428,000 a year ago.
For the nine months, the company reported revenue of $1,086,849,000 against $1,015,231,000 a year ago. Income from operations was $136,720,000 against $109,592,000 a year ago. Income before income taxes $106,006,000 against loss before income taxes of $83,856,000 a year ago. Net income attributable to company was $70,009,000 against $53,141,000 a year ago. Earnings per diluted common share were $1.11 compared to $0.79 a year ago. Net cash provided by operating activities was $142,263,000 against $121,311,000 a year ago. Purchases of fixed assets were $61,415,000 against $47,953,000 a year ago. Adjusted EBITDA was $204,974,000 against $177,068,000 a year ago. Adjusted income from operations was $137,231,000 against $110,142,000 a year ago. Adjusted income before tax was $134,395,000 against $112,936,000 a year ago. Adjusted net income was $86,685,000 against $71,535,000 a year ago. Diluted adjusted earnings per common share were $1.38 against $1.06 a year ago. Maintenance CapEx of $27 million, and free cash flow totaled $116 million through September 30, 2015 compared to $101 million for that same period in 2014.
The company's outlook for full year of 2015, the overall revenue growth in 2015 in the range of 7-9%, adjusted EBITDA growth in 2015 in the range of 14-16%, adjusted net income growth in 2015 in the range of 16-17%, diluted adjusted earnings per common share growth in the range of 25-26% and diluted weighted average shares of approximately 62.5 million shares. The effective or structural tax rate of 35.5% in 2015 is consistent with the first part of the year and is based on the applicable rate for the projected full year 2015's operating performance. Income from operations in 2015 to expand approximately 125 to 150 basis points from the 11.1% adjusted income from ops that the reported last year, primarily on gross margin expansion. The company project that it will generate approximately $180 million to $190 million of cash flow from operations and $150 million to $155 million of free cash flow, net of projected maintenance CapEx of $35 million. EBITDA was $195,259,000 against $167,924,000 a year ago.
The company outlook for full year of 2016, the targeting revenue growth for 2016 to be in the range of 8% to 10%. And company expects to continue to drive strong earnings performance that it will translate to adjusted earnings per share growth that approximates 20% in 2016.
Bright Horizons Family Solutions, Inc. Presents at JPMorgan Ultimate Services Investor Conference, Nov-10-2015 09:00 AM
Oct 20 15
Bright Horizons Family Solutions, Inc. Presents at JPMorgan Ultimate Services Investor Conference, Nov-10-2015 09:00 AM. Venue: J.P. Morgan, 383 Madison Avenue, New York, New York, United States. Speakers: David H. Lissy, Chief Executive Officer and Director, Elizabeth J. Boland, Chief Financial Officer.