Bright Horizons Family Solutions Inc. provides child care and 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, pre-school, 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 Education Advisory Services segment offers college preparation and admissions counseling, tuition reimbursement, and counseling and management services....
200 Talcott Avenue South
Watertown, MA 02472
Founded in 1986
Bright Horizons Family Solutions, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2014
May 1 14
Bright Horizons Family Solutions, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue was $332,155,000, income from operations of $34,011,000, income before tax of $25,284,000, net income of $16,048,000, net income attributable to company of $16,048,000 against revenue of $280,123,000, income from operations of $15,437,000, loss before tax of $61,513,000, net loss of $50,781,000, net loss attributable to company of $50,743,000 for the same period a year ago. Earnings per share were basic and diluted was $0.24 compared to loss of $0.91 in the same period last year. Net cash provided by operating activities was $51,641,000 compared to $52,270,000 in the same period last year. Purchases of fixed assets were $14,431,000 compared to $22,192,000 a year ago. EBITDA was $53,626,000 against LBITDA of $31,799,000 for the same period a year ago. Adjusted EBITDA was $57,341,000 against $48,515,000 for the same period a year ago. Adjusted income from operations was $34,561,000 compared to $29,404,000 in the same period last year. Adjusted income before tax was $35,953,000 against $24,710,000 for the same period a year ago. Adjusted net income was $22,651,000 against $15,567,000 for the same period a year ago. Diluted adjusted earnings per pro forma common share were $0.34 compared to $0.25 in the same period last year. Maintenance CapEx was $5 million.
The company provided earnings guidance for the year 2014. For the year, overall revenue growth in 2014 in the range of 11% to 12%. Adjusted net income ranging from $97 million to $99 million in 2014. Diluted adjusted earnings per pro forma common share ranging from $1.43 to $1.46. The company estimated that the effective or structural tax rate will approximate 37% of adjusted pretax income in 2014, similar to that illustrated in results for 2013 and consistent with the projected GAAP reported effective tax rate for the full year 2014. The combination of top line growth and margin leverage leads to project a 15% to 17% increase to adjusted EBITDA to a range of $241 million to $245 million for 2014. For 2014, the company project will generate $160 million to $165 million of cash flow from operations or $130 million to $140 million of free cash flow, net of projected maintenance capital spending of $25 million to $30 million, consistent with the levels essentially that company generated in 2013. Based on centers in development and slated to open in 2014, the company expected to invest approximately $40 million in new center capital consistent with 2013 levels.
Looking to the second quarter of 2014, company estimated revenue growth for second quarter approximates 10% to 11%. The company outlook for adjusted EBITDA is $64 million to $65 million, and using the 37% effective structural tax rate on the adjusted income before tax, The company projecting adjusted net income in the range of $27 million to $28 million and EPS in the range of $0.40 to $0.41 a share for second quarter of 2014.
Bright Horizons Family Solutions Seeks Acquisitions
May 1 14
David Lissy, Chief Executive Officer of Bright Horizons Family Solutions, Inc. (NYSE:BFAM), said, "On the acquisition side, sort of a similar thing. Good visibility in our pipeline, good deal flow, but again, more weighted to the back end of the year and then ultimately trying to think about it at this point how much of it will get done by the end of the year versus what slips into Q1 of next year. So really, it is probably a little bit of both, based on where we are now between organic. And of course we will have even more visibility on what we think that actual number will be when we talk to you the next time. And we will continue to update you."
Bright Horizons Family Solutions, Inc. Presents at Bank of America Merrill Lynch Services One-on-One Conference 2014, May-20-2014
Apr 16 14
Bright Horizons Family Solutions, Inc. Presents at Bank of America Merrill Lynch Services One-on-One Conference 2014, May-20-2014 . Venue: The Bank of America Tower, One Bryant Park, New York, New York, United States.