OR 2 Wells Avenue Newton, Massachusetts 02459 (Address of principal executive offices) (Zip code) Table of Contents For the quarterly period ended March 31, 2023 Table of Contents Item 1. Condensed Consolidated Financial Statements (Unaudited) | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Bright Horizons Family Solutions Inc. (NYSE:BFAM) Q1 2023 Earnings Conference Call May 2, 2023 5:00 PM ET Company Participants Michael Flanagan - Senior Director, IR Stephen Kramer - Chief Executive Officer Elizabeth Boland - Chief Financial Officer Conference Call Participants Andrew Steinerman - JPMorgan George Tong - Goldman Sachs Manav Patnaik - Barclays Toni Kaplan - Morgan Stanley Jeff Miller - Baird Faiza Alwy - Deutsche Bank Thomas Singlehurst - Citi Operator Greetings and welcome to the Bright Hori ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission File Number 001-35780 BRIGHT HORIZONS FAMILY SOLUTIONS INC. (Exact name of registrant as specified in its charter) Delaware 80-0188269 (State or other jurisdi ...

Financial Data and Key Metrics Changes - Revenue increased 14% to $530 million in Q4 2022, with adjusted EBITDA of $91 million and adjusted earnings per share of $0.77, an 18% increase from the prior year [19][23] - For the full year 2022, revenue reached $2 billion, representing a growth of 15%, while adjusted earnings per share expanded 31% to $2.60 [19] - Organic constant currency revenue grew approximately 8%, with acquisitions contributing an additional 11% or $36 million to revenue in the quarter [11][19] Business Line Data and Key Metrics Changes - Full service childcare segment revenue increased 15% in Q4 to $388 million, with three new organic centers added [19][23] - Back-Up Care revenue grew 15% in Q4 to $108 million, with operating income of $33 million, representing 30% of associated revenue [24][44] - Educational Advising segment delivered 11% growth to $33 million, driven by expanded use of workforce education and college admissions advising services [24] Market Data and Key Metrics Changes - In the U.S., year-over-year enrollment increased 6%, with a notable 10% growth in the infant and toddler age groups [7] - Internationally, enrollment growth was more challenging, with marginal increases in the UK and Netherlands due to staffing shortages and higher labor costs [8] - Average occupancy levels remained in the 55% to 60% range for Q4, with expectations of reaching 60% to 65% utilization on average for the year [36][47] Company Strategy and Development Direction - The company is focused on digital transformation, with investments in technology improving operational systems and user experiences [5][6] - Strategic expansion into new geographies was highlighted by the acquisition of Only About Children in Australia, which is expected to drive further growth [18] - The company aims to unify and extend the value of its offerings, projecting revenue growth of $2.3 billion to $2.4 billion in 2023, with adjusted EPS expected to be between $2.80 and $3 [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery from the pandemic, noting solid progress in enrollment and Back-Up Care usage [22] - The company anticipates headwinds from the expiration of government funding programs and increased interest expenses, estimating a $0.60 to $0.65 per share impact on growth for 2023 [13][22] - Management remains optimistic about the resilience of the business model and the strength of client relationships, expecting continued growth in various segments [22] Other Important Information - The company reported a cash flow from operations of $57 million in Q4, compared to $42 million in the same period of 2021 [48] - The company ended the year with $36 million in cash and a leverage ratio of 3.2x net debt to EBITDA [48] Q&A Session Summary Question: What are the assumptions for revenue growth in terms of M&A contribution and utilization? - Management indicated that the full year revenue guidance of $2.3 billion to $2.4 billion includes a contribution from the Only About Children acquisition, estimated at $70 million to $75 million [28][31] Question: Can you provide insights on enrollment growth and occupancy rates? - Management expects mid to high single-digit enrollment growth, translating to an average occupancy rate of 60% to 65% [36] Question: How is the company addressing staffing constraints? - Management noted improvements in retention rates and an increase in job applications, but staffing remains a challenge impacting enrollment [37][38] Question: What is the outlook for operating margins in 2023? - Management expects low single-digit to mid-single-digit operating margins for full service, with improvements anticipated as the year progresses [40][98] Question: How does the company view the macroeconomic environment and potential recession impacts? - Management acknowledged potential demand headwinds during recessionary periods but noted that supply constraints may improve the labor environment [102]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to 2 Wells Avenue Newton, Massachusetts 02459 (Address of pri ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 increased by 17% to $540 million, with adjusted net income of $38 million and adjusted EPS of $0.66 [8][26] - Adjusted operating income held steady at $46 million, representing 8% of revenue, while adjusted EBITDA increased by 2% to $81 million, or 15% of revenue [26][30] - The company expects to achieve $2 billion in revenue for the full year 2022, with adjusted EPS narrowed to a range of $2.60 to $2.65, reflecting a growth of 30% to 33% [22][41] Business Line Data and Key Metrics Changes - Full service childcare segment revenue increased by 14% to $381 million, driven by increased enrollment and pricing [8][28] - Back-up care revenue grew by 30% to $129 million, marking the highest revenue quarter in the segment's history [16][35] - Education advisory business revenue increased by 14% to $31 million, with solid participant growth [20][36] Market Data and Key Metrics Changes - Enrollment growth in the U.S. was mid-single digits, with notable gains in major metro areas like New York City and San Francisco [9][10] - In the UK and Netherlands, enrollment growth was muted due to labor market challenges [13] - The company experienced a 7% headwind from a strengthening dollar, resulting in a $19 million year-over-year impact [30] Company Strategy and Development Direction - The company is focused on rebuilding enrollment pipelines and improving staffing levels through investments in teacher compensation and benefits [24][34] - New product innovations, such as pet care and virtual tutoring, are being rolled out to drive greater adoption and frequency of use [19] - The company aims to maintain strong client relationships and leverage its employer-sponsored business model to meet childcare needs [25][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued progress across the business and the importance of childcare services for clients' workforce strategies [24][75] - Staffing remains a significant constraint on enrollment growth, with ongoing efforts to improve retention and recruitment [76] - The company anticipates a reduction in government subsidies in 2023, with expectations of $50 million to $60 million in funding for 2022 [64] Other Important Information - The company generated $131 million in cash from operations and made capital investments of $251 million, including $206 million for the acquisition of Only About Children [40] - Interest expense for Q3 was reported at $12 million, with expectations for an increase in Q4 due to the current rate environment [38] Q&A Session Summary Question: Confirmation of Q4 revenue guidance - Management confirmed that Q4 revenue is expected to be slightly down from Q3, primarily due to foreign exchange headwinds and a pullback in backup care [44] Question: Government subsidies recognized - Management indicated that $14 million was recognized in Q3, with expectations of a similar amount for the remainder of the year [45] Question: Organic constant currency revenue growth - Management reported that organic constant currency growth for full service was around 10% year-on-year [49] Question: Client sentiment and occupancy cadence - Management noted positive sentiment from clients regarding the importance of childcare services, with expectations for improved occupancy as staffing levels increase [53] Question: Full service margin expectations - Management expects full service margins to be close to breakeven in Q4, with some improvement anticipated [54] Question: Utilization rates and geographic performance - Management confirmed that utilization rates averaged 55% to 60% in Q3, with expectations for a slight uptick in Q4 [57] Question: Capital allocation priorities - Management indicated a focus on growing enrollment and recovering the primary business, with ongoing investments in smaller acquisitions and lease models [88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to 2 Wells Avenue Newton, Massachusetts 02459 (Address of principa ...

Financial Data and Key Metrics Changes - Revenue increased by 11% to $490 million, with adjusted operating income rising by 48% to $50 million [8][22] - Adjusted net income reached $42 million, resulting in adjusted EPS of $0.71, up 45% from the previous year [8] Business Line Data and Key Metrics Changes - Full service segment revenue grew by 11% to $371 million, with occupancy rates improving across both urban and suburban locations [9][10] - Backup care revenue increased by 13% to $92 million, surpassing pre-pandemic levels for the first time [14][28] - Education advisory business revenue grew by 7% to $27 million, driven by high interest in college admissions assistance [16][29] Market Data and Key Metrics Changes - Enrollment levels improved, with occupancy averaging between 35% and 65% across the portfolio [22] - The strength of the U.S. dollar against the British pound and euro resulted in a revenue headwind of approximately $13 million [24] Company Strategy and Development Direction - The company is focused on growth strategies and plans to invest in staffing and wage adjustments to meet demand [20][35] - The acquisition of Only About Children is expected to contribute approximately $70 million in revenue for the second half of 2022, with full potential realized in 2023 [19][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full enrollment recovery, particularly in suburban and client centers [13][55] - The company revised its 2022 revenue outlook to approximately $2 billion, with adjusted EPS projected between $2.60 and $2.75 [20][33] Other Important Information - The company is experiencing seasonal enrollment impacts due to children aging into elementary school, affecting backfill capabilities [13][50] - The structural tax rate on adjusted net income increased to 26% for 2022, compared to 21% in the previous year [30] Q&A Session Summary Question: What is constraining growth recovery? - Management indicated that staffing and recruiting challenges are the primary constraints, with some urban markets lagging behind suburban areas in meeting demand [37][39] Question: What are the expectations for depreciation and amortization? - The estimated D&A for the year is around $80 million, with a contribution from Only About Children of approximately $2 million [40] Question: Can you provide more details on enrollment percentages? - Management noted that half of the centers have returned to pre-COVID levels, while urban markets like New York City and DC are still facing challenges [42][44] Question: What is the outlook for labor shortages? - Management is hopeful that wage investments will help alleviate staffing shortages, with an increase in applications and net new staff [46] Question: How are seasonal factors affecting enrollment? - The company is experiencing typical seasonal patterns, with preschoolers aging out and not enough younger children to backfill [48][50] Question: What government subsidies were received in Q2? - The company received approximately $16 million in government subsidies for P&L centers, which helped offset costs [51] Question: What are the price increases for this year and expectations for next year? - Price increases averaged 5% to 6% this year, with expectations for higher increases next year due to rising costs [56][58] Question: What is the visibility on financial guidance? - Management acknowledged challenges in visibility due to seasonal turnover and enrollment patterns, but believes the revised guidance is reasonable [60][62] Question: What is the margin profile for Only About Children? - Only About Children is expected to operate at a lower margin initially, with integration costs absorbed into the overall results [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to 2 Wells Avenue Newton, Massachusetts 02459 (Address of princip ...

Bright Horizons Family Solutions Inc. (NYSE:BFAM) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET Company Participants Michael Flanagan - Senior Director, IR Stephen Kramer - CEO Elizabeth Boland - CFO Conference Call Participants Manav Patnaik - Barclays Andrew Steinerman - JPMorgan Hans Hoffman - Jefferies Jeff Meuler - Robert W. Baird Jeff Silber - BMO Capital Markets George Tong - Goldman Sachs Toni Kaplan - Morgan Stanley Faiza Alwy - Deutsche Bank Operator Greetings, and welcome to Bright Hori ...