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Classified in: Ebola virus, Business
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Bright Horizons Family Solutions Reports Third Quarter of 2017 Financial Results



WATERTOWN, Mass., Nov. 1, 2017 /PRNewswire/ -- Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality child care, early education and other services designed to help employers and families better address the challenges of work and family life, today announced financial results for the third quarter of 2017 and updated certain financial guidance for the full year 2017.

Third Quarter 2017 Highlights (compared to third quarter 2016):

Non-GAAP measures

"We are pleased to report strong results for the third quarter of 2017," said David Lissy, Chief Executive Officer.  "Our results reflect positive momentum across our entire suite of solutions, and we continue to provide our employer clients and the families we serve with the high quality critical supports they need to maximize their productivity.  We are proud to serve companies that are committed to leading the way in supporting working parents, including 80 of our clients honored last month among the 100 Best Companies by Working Mother magazine."

"We are also proud of our employees working and living in the areas hit hard by Hurricanes Harvey, Irma, and Maria," Lissy continued. "Not only have they been able to support each other through this difficult time, but we've also been able to provide our clients with critical emergency child care services in Houston, Florida and Puerto Rico, allowing employers, including hospitals and medical centers in those areas, to provide continuous services for their communities while their employees know they have safe, dependable child care at a time when many other support services have been unavailable."

Third Quarter 2017 Results

Revenue increased $49.4 million, or 13%, in the third quarter of 2017 from the third quarter of 2016 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.

Income from operations was $45.0 million for the third quarter of 2017 compared to $44.7 million in the same 2016 period, due to increases in revenue and gross profit, partially offset by increases in selling, general and administrative expenses and other expenses.  The increase in gross profit reflects operating leverage from tuition increases and 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 third quarter of 2016, and strong cost management.  These gains were partially offset by costs incurred during the ramp-up of certain new lease/consortium centers opened during 2016 and 2017, investments in technology to support our service delivery and operating efficiency, costs incurred in relation to the integration of acquisitions, amortization expense for intangible assets acquired, and transaction costs related to the disposition of our remaining assets in Ireland.  Net income was $31.1 million for the third quarter of 2017 compared to net income of $22.5 million in the same 2016 period, an increase of $8.6 million, or 38%, due to improved operating performance as well as lower tax expense.  Tax expense was reduced for the third quarter of 2017 to reflect the tax benefit of $7.0 million related to the disposition of our remaining assets in Ireland as well as the tax benefit of $3.4 million associated with certain equity transactions which are now included in the provision for income taxes upon the adoption of new accounting guidance on January 1, 2017.  In 2016, the excess tax benefit from stock-based compensation of $5.4 million was recorded to the balance sheet in accordance with previous guidance. 

Diluted earnings per common share was $0.51 for the third quarter of 2017 compared to $0.37 in the same 2016 period, which would have been $0.45 had the new accounting guidance regarding excess tax benefits for stock-based compensation applied to the 2016 period.  In the third quarter of 2017 adjusted EBITDA increased $7.0 million, or 10%, to $76.6 million, and adjusted income from operations increased $3.8 million, or 8%, to $48.6 million, from the third quarter of 2016 due primarily to the expanded gross profit.   Adjusted net income increased by $7.8 million, or 27%, to $37.1 million on the expanded income from operations and a lower effective tax rate.  Diluted adjusted earnings per common share was $0.62 compared to $0.49 in the third quarter of 2016.

As of September 30, 2017, the Company operated 1,037 early care and education centers with the capacity to serve 116,000 children and families.

*Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are non-GAAP measures.  Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, straight line rent expense, stock-based compensation expense, and transaction costs.  Adjusted income from operations represents income from operations before transaction costs.  Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, transaction costs and the income tax provision (benefit) thereon.  Diluted adjusted earnings per common share is a non-GAAP measure, calculated using adjusted net income.  These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP, in "Presentation of Non-GAAP Measures" and the attached table "Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations."

Balance Sheet and Cash Flow

For the nine months ended September 30, 2017, the Company generated approximately $201.2 million of cash flows from operations compared to $165.0 million for the same period in 2016 and invested $80.6 million in fixed assets and acquisitions compared to $72.8 million in the same 2016 period.  Net cash used in financing activities totaled $95.1 million in the nine months ended September 30, 2017 compared to $83.0 million for the same 2016 period.  During the nine months ended September 30, 2017, the Company's cash and cash equivalents grew $27.6 million to $42.3 million.

2017 Outlook

As described below, the Company is updating certain financial guidance.  For the full year 2017, the Company currently expects:

For a reconciliation of the non-GAAP measures to their most directly comparable GAAP measure, refer to the attached table "Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations."

Conference Call

Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET.  Interested parties are invited to listen to the conference call by dialing 1-877-407-9039 or, for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer David Lissy.  Replays of the entire call will be available through November 15, 2017 at 1-844-512-2921 or, for international callers, at 1-412-317-6671, conference ID #13656544.  The webcast of the conference call, including replays, and a copy of this press release are also available through the Investor Relations section of the Company's web site, www.brighthorizons.com.

Forward-Looking Statements

This press release includes statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements."  The Company's actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms "believes," "expects," "may," "will," "should," "seeks," "projects," "approximately," "intends," "plans," "estimates" or "anticipates," or, in each case, their negatives or other variations or comparable terminology.  These forward-looking statements include all matters that are not historical facts.  They include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, our service offerings, future estimates and impact of excess tax benefits and our 2017 financial guidance.  By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.  The Company believes that these risks and uncertainties include, but are not limited to, changes in the demand for child care and other dependent care services, including variation in enrollment trends and lower than expected demand from employer sponsor clients; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; and other risks and uncertainties more fully described in the "Risk Factors" section of our Annual Report on Form 10-K filed March 1, 2017, and other filings with the Securities and Exchange Commission.  These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles ("GAAP") throughout this press release, the Company has provided non-GAAP measurements - adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share - which present operating results on a basis adjusted for certain items.  The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers.  Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement.  We also believe these non-GAAP measures provide investors with useful information with respect to our historical operations.  These non-GAAP measures are not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP.  The use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.  Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are reconciled from the respective measures under GAAP in the attached table "Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations."

Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, expenses related to the completion of secondary offerings and debt financing transactions, and expenses associated with completed acquisitions and dispositions as well as tax effects associated with these items.  The adjustments to net income and diluted earnings per common share in future periods are generally expected to be similar to the types of charges and costs excluded from adjusted net income and adjusted diluted earnings per common share in prior quarters.  The exclusion of these charges and costs in future periods will have an impact on the Company's adjusted net income and adjusted diluted earnings per common share.

About Bright Horizons Family Solutions Inc.

Bright Horizons Family Solutions® is a leading provider of high-quality child care, early education and other services designed to help employers and families better address the challenges of work and family life.  The Company provides center-based full service child care, back-up dependent care and educational advisory services to more than 1,100 clients across the United States, the United Kingdom, the Netherlands, Canada and India, including 150 FORTUNE 500 companies and 80 of Working Mother magazine's 2017 "100 Best Companies for Working Mothers."  Bright Horizons has been recognized 17 times as one of FORTUNE magazine's "100 Best Companies to Work For" and is one of the U.K.'s Best Workplaces as designated by the Great Place to Work® Institute.  Bright Horizons is headquartered in Watertown, MA.  The Company's web site is located at www.brighthorizons.com.

Contacts:


Investors:


Elizabeth Boland



CFO - Bright Horizons



eboland@brighthorizons.com



617-673-8125


Kevin Doherty



MD - Solebury Communications Group



kdoherty@soleburyir.com



203-428-3233

Media:


Ilene Serpa



VP - Communications - Bright Horizons



iserpa@brighthorizons.com



617-673-8044

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

(Unaudited)



Three Months Ended September 30,


2017

%


2016

%

Revenue

$

433,316


100.0

%


$

383,929


100.0

%

Cost of services

330,122


76.2

%


292,457


76.2

%

Gross profit

103,194


23.8

%


91,472


23.8

%

Selling, general and administrative expenses

46,369


10.7

%


39,616


10.3

%

Amortization of intangible assets

8,191


1.9

%


7,141


1.9

%

Other expenses

3,671


0.8

%


?


?

%

Income from operations

44,963


10.4

%


44,715


11.6

%

Interest expense?net

(10,824)


(2.5)

%


(10,502)


(2.7)

%

Income before income taxes

34,139


7.9

%


34,213


8.9

%

Income tax expense

(3,034)


(0.7)

%


(11,703)


(3.0)

%

Net income

$

31,105


7.2

%


$

22,510


5.9

%







Earnings per common share:






Common stock?basic

$

0.53




$

0.38



Common stock?diluted

$

0.51




$

0.37









Weighted average number of common shares outstanding:






Common stock?basic

58,811,488




58,928,264



Common stock?diluted

60,088,078




60,275,902



 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

(Unaudited)



Nine Months Ended September 30,


2017

%


2016

%

Revenue

$

1,301,026


100.0

%


$

1,171,304


100.0

%

Cost of services

978,557


75.2

%


879,673


75.1

%

Gross profit

322,469


24.8

%


291,631


24.9

%

Selling, general and administrative expenses

141,384


10.9

%


120,403


10.3

%

Amortization of intangible assets

24,241


1.8

%


21,338


1.8

%

Other expenses

3,671


0.3

%


?


?

%

Income from operations

153,173


11.8

%


149,890


12.8

%

Interest expense?net

(32,252)


(2.5)

%


(31,490)


(2.7)

%

Income before income taxes

120,921


9.3

%


118,400


10.1

%

Income tax expense

(15,402)


(1.2)

%


(40,760)


(3.5)

%

Net income

$

105,519


8.1

%


$

77,640


6.6

%







Earnings per common share:






Common stock?basic

$

1.78




$

1.30



Common stock?diluted

$

1.74




$

1.27









Weighted average number of common shares outstanding:






Common stock?basic

59,039,931




59,326,525



Common stock?diluted

60,457,004




60,737,185



 


BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)



September 30,
 2017


December 31,
 2016

ASSETS




Current assets:




Cash and cash equivalents

$

42,265



$

14,633


Accounts receivable?net

96,105



97,212


Prepaid expenses and other current assets

57,416



42,554


Total current assets

195,786



154,399


Fixed assets?net

567,747



529,432


Goodwill

1,302,549



1,267,705


Other intangibles?net

356,469



374,566


Other assets

40,599



32,915


Total assets

$

2,463,150



$

2,359,017


LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Current portion of long-term debt

$

10,750



$

10,750


Borrowings on revolving line of credit

65,500



76,000


Accounts payable and accrued expenses

143,779



125,400


Deferred revenue and other current liabilities

178,412



175,430


Total current liabilities

398,441



387,580


Long-term debt?net

1,048,643



1,054,009


Deferred income taxes

111,088



111,711


Other long-term liabilities

130,465



117,850


Total liabilities

1,688,637



1,671,150


Total stockholders' equity

774,513



687,867


Total liabilities and stockholders' equity

$

2,463,150



$

2,359,017


 

 


BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Nine Months Ended September 30,


2017


2016

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$

105,519



$

77,640

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

70,289



62,090

Stock-based compensation

8,777



8,476

Deferred income taxes

1,038



(4,729)

Other non-cash adjustments, net

8,860



4,311

Changes in assets and liabilities:




Accounts receivable

2,324



13,963

Prepaid expenses and other current assets

(13,796)



49

Accounts payable and accrued expenses

17,815



(1,814)

Deferred revenue

4,149



(3,531)

Other, net

(3,764)



8,498

Net cash provided by operating activities

201,211



164,953

CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of fixed assets?net

(63,070)



(50,466)

Payments and settlements for acquisitions?net of cash acquired

(17,526)



(22,307)

Net cash used in investing activities

(80,596)



(72,773)

CASH FLOWS FROM FINANCING ACTIVITIES:




Line of credit, net

(10,500)



6,000

Principal payments of long-term debt

(5,375)



(7,163)

Payments for debt issuance costs

(1,314)



(1,002)

Purchase of treasury stock

(74,935)



(95,677)

Taxes paid related to the net share settlement of stock options and restricted stock

(25,830)



(7,747)

Proceeds from issuance of common stock upon exercise of options

18,709



9,148

Proceeds from issuance of restricted stock

4,363



3,682

Payments of contingent consideration for acquisitions

(185)



(750)

Tax benefits from stock-based compensation

?



10,484

Net cash used in financing activities

(95,067)



(83,025)

Effect of exchange rates on cash and cash equivalents

2,084



(1,210)

Net increase in cash and cash equivalents

27,632



7,945

Cash and cash equivalents?beginning of period

14,633



11,539

Cash and cash equivalents?end of period

$

42,265



$

19,484

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

SEGMENT INFORMATION

(In thousands)

(Unaudited)














Full service

center-based

care


Back-up

dependent

care


Other

educational

advisory

services


Total

Three months ended September 30, 2017








Revenue

$

358,094


$

60,085


$

15,137


$

433,316

Amortization of intangible assets

7,625


385


181


8,191

Income from operations

24,742


15,886


4,335


44,963

Adjusted income from operations (1)

28,413


15,886


4,335


48,634









Three months ended September 30, 2016








Revenue

$

318,821


$

53,229


$

11,879


$

383,929

Amortization of intangible assets

6,586


411


144


7,141

Income from operations

28,107


14,183


2,425


44,715

Adjusted income from operations (2)

28,265


14,183


2,425


44,873












(1)  Adjusted income from operations represents income from operations excluding expenses incurred in
connection with the disposition of assets in Ireland.

(2)  Adjusted income from operations represents income from operations excluding expenses incurred in
connection with completed acquisitions.













Full service

center-based

care


Back-up

dependent

care


Other

educational

advisory

services


Total

Nine months ended September 30, 2017








Revenue

$

1,094,911


$

164,171


$

41,944


$

1,301,026

Amortization of intangible assets

22,505


1,154


582


24,241

Income from operations

99,921


43,794


9,458


153,173

Adjusted income from operations (1)

105,537


43,794


9,458


158,789









Nine months ended September 30, 2016









Revenue

$

991,133


$

146,009


$

34,162


$

1,171,304

Amortization of intangible assets

20,133


773


432


21,338

Income from operations

101,584


41,741


6,565


149,890

Adjusted income from operations (2)

102,352


41,741


6,565


150,658












(1)   Adjusted income from operations represents income from operations excluding expenses incurred
related to the disposition of assets in Ireland, an amendment to the credit agreement, and a secondary offering.

(2)   Adjusted income from operations represents income from operations excluding expenses incurred in
connection with an amendment to the credit agreement, completed acquisitions, and a secondary offering.

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(In thousands, except share data)

(Unaudited)












Three Months Ended
 September 30,


Nine Months Ended
 September 30,


2017


2016


2017


2016

Net income

$

31,105


$

22,510


$

105,519


$

77,640

Interest expense, net

10,824


10,502


32,252


31,490

Income tax expense

3,034


11,703


15,402


40,760

Depreciation

15,494


13,858


46,048


40,752

Amortization of intangible assets (a)

8,191


7,141


24,241


21,338

EBITDA

68,648


65,714


223,462


211,980

Additional Adjustments:








Deferred rent (b)

1,064


984


3,647


1,614

Stock-based compensation expense (c)

3,263


2,830


8,777


8,476

Transaction costs (d)

3,671


158


5,616


768

Total adjustments

7,998


3,972


18,040


10,858

Adjusted EBITDA

$

76,646


$

69,686


$

241,502


$

222,838









Income from operations

$

44,963


$

44,715


$

153,173


$

149,890

Transaction costs (d)

3,671


158


5,616


768

Adjusted income from operations

$

48,634


$

44,873


$

158,789


$

150,658









Net income

$

31,105


$

22,510


$

105,519


$

77,640

Income tax expense

3,034


11,703


15,402


40,760

Income before tax

34,139


34,213


120,921


118,400

Stock-based compensation expense (c)

3,263


2,830


8,777


8,476

Amortization of intangible assets (a)

8,191


7,141


24,241


21,338

Transaction costs (d)

3,671


158


5,616


768

Adjusted income before tax

49,264


44,342


159,555


148,982

Adjusted income tax expense (e)

(12,193)


(15,076)


(41,083)


(51,700)

Adjusted net income

$

37,071


$

29,266


$

118,472


$

97,282









Weighted average number of common shares?diluted

60,088,078


60,275,902


60,457,004


60,737,185

Diluted adjusted earnings per common share

$

0.62


$

0.49


$

1.96


$

1.60

 

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(In thousands, except share data)

(Unaudited)




Forward Guidance (h)


Year Ended

December 31, 2017


Low


High

Allocation of net income to common stockholders:




Common stock

$

133,000



$

134,100


Unvested participating shares

900



900


Net income

133,900



135,000


Income tax expense (f)

29,100



29,700


Income before tax

163,000



164,700


Adjustments:




Stock-based compensation expense (c)

12,000



12,000


Amortization of intangible assets (a)

32,500



32,500


Transaction costs (d)

5,700



5,700


Adjusted income before tax

213,200



214,900


Adjusted income tax expense (g)

(54,100)



(54,800)


Adjusted net income attributable to common stockholders

$

159,100



$

160,100






Diluted earnings per common share

$

2.20



$

2.22


Diluted earnings per unvested participating share

0.02



0.02


Diluted earnings per share

2.22



2.24


Income tax expense (f)

0.48



0.49


       Income before tax

2.70



2.73


Adjustments:




Stock-based compensation expense (c)

0.20



0.20


Amortization of intangible assets (a)

0.54



0.54


Transaction costs (d)

0.09



0.09


Adjusted income tax expense (g)

(0.90)



(0.91)


Diluted adjusted earnings per common share

$

2.63



$

2.65


 

(a)           

Represents amortization of intangible assets, including approximately $4.5 million in each quarter of 2017 and 2016, associated with intangible assets recorded in connection with our going private transaction in May 2008.

(b)          

Represents rent in excess of cash paid for rent, recognized on a straight line basis over the life of the lease in accordance with Accounting Standards Codification Topic 840, Leases.

(c)           

Represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation.

(d)          

Represents transaction costs incurred in connection with the August 2017 disposition of assets in Ireland, the May 2017 and January 2016 amendments to the credit agreement, secondary offerings and completed acquisitions.

(e)           

Represents income tax expense calculated on adjusted income before tax at a tax rate of approximately 25% and 26% for the three and nine months ended September 30, 2017, respectively, and of approximately 34% and 35% for the three and nine months ended September 30, 2016, respectively.  The tax rate for 2017 represents an effective tax rate of approximately 36% applied to the expected adjusted income before tax for the full year, less the effect of the known excess tax benefit of $3.4 million and $21.9 million associated with stock option exercises and vesting of restricted stock which were recorded in the three and nine months ended September 30, 2017, respectively, as well as an estimate of additional excess tax benefits related to such equity transactions for the remainder of 2017, which the Company estimates in the range of $1.5 million to $2.0 million for the remainder of the year.  However, the timing, volume and tax benefits associated with such future equity activity will affect these estimates and the estimated effective tax rate for the year.

(f)           

Represents estimated income tax expense using the effective tax rate of approximately 18% for the year ended December 31, 2017, based on projected consolidated income before tax and including the impact of the realized excess tax benefit of $21.9 million through September 30, 2017, as well as an estimate of additional excess tax benefits related to such equity transactions for the remainder of 2017, which the Company estimates in the range of $1.5 million to $2.0 million for the remainder of the year.

(g)          

Represents estimated tax on adjusted income before tax using the effective tax rate of approximately 25%.

(h)          

Forward guidance amounts are estimated based on a number of assumptions and actual results could differ materially from the estimates provided herein.

 

SOURCE Bright Horizons Family Solutions


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The "Hand Sanitizers - Global Strategic Business Report" report has been added to Research and Markets' offering. The report provides separate comprehensive analytics for US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World....

21 nov 2017
The "Hand Sanitizers - Global Strategic Business Report" report has been added to Research and Markets' offering. The report provides separate comprehensive analytics for US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World....




News published on 1 november 2017 at 16:25 and distributed by: