Bright Horizons Family Solutions(BFAM)

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Bright Horizons Family Solutions(BFAM) - 2020 Q3 - Quarterly Report
2020-11-09 21:17
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, 2020 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(BFAM) - 2020 Q3 - Earnings Call Transcript
2020-11-08 12:12
Financial Data and Key Metrics Changes - The company reported revenue of $338 million for Q3 2020, a decline of 34% compared to the previous year [30] - Adjusted EPS for the quarter was $0.02 per share [8] - Adjusted operating income declined to a loss of $3 million, with adjusted EBITDA at $30 million, representing 9% of revenue [30] Business Line Data and Key Metrics Changes - Full-service segment revenue contracted by $191 million, approximately 46% year-over-year, with adjusted operating income for this segment at a loss of $57 million [31][32] - Back-Up Care revenue grew by 16% to $93 million, with operating income of $46 million, driven by increased client engagement and new client additions [32][17] - The Ed Advisory business continued to perform well, with expectations for similar results in Q4 as seen in Q3 [44] Market Data and Key Metrics Changes - Approximately 900 centers were open by the end of Q3, representing nearly 90% of the total portfolio [13] - Enrollment in reopened centers was reported to be between 20% and 60%, with an average utilization rate of 35% to 40% [54][55] Company Strategy and Development Direction - The company is focusing on re-enrollment of previously enrolled families, followed by wait-listed families, and finally new families [14][91] - There is a strong emphasis on maintaining and deepening relationships with employer clients, which has been a key factor in navigating the pandemic [24][28] - The company plans to continue phasing in center reopenings in collaboration with client partners, supported by demand surveys [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery trajectory, noting that families are eager to return to centers due to the company's health and safety practices [15][28] - The company anticipates that full-service revenue will trail 2019 levels by approximately 35% to 45% in Q4, with a similar flow-through to operating income [41] - Management highlighted the importance of employer support in the recovery and the potential for long-term growth opportunities in the child care sector [28][60] Other Important Information - The company generated $170 million in cash from operations year-to-date, with $120 million generated in Q3 [36][100] - The company ended Q3 with $365 million in cash and no outstanding borrowings on its $400 million revolver [36] Q&A Session Summary Question: What characteristics are being evaluated for the centers that were closed? - Management indicated that closures were based on financial performance and overlap in the portfolio, focusing on smaller, lower-performing centers [48][49] Question: How is the utilization rate for open full-service centers? - The utilization rate is between 20% and 60%, with an average of 35% to 40% [54][55] Question: What is the growth contribution from new versus existing customers in the Back-Up Care business? - Approximately 100 new clients were added this year, contributing to growth, but a significant portion of growth is also attributed to increased usage due to COVID-19 [66][68] Question: How are clients approaching benefit commitments for 2021? - Renewal rates are high, with clients returning to traditional use banks while reserving the right to increase usage if necessary [77] Question: What is the risk of reclosure for centers? - Management does not foresee a scenario where full centers would close again, as child care is considered essential [81][82]
Bright Horizons Family Solutions(BFAM) - 2020 Q2 - Quarterly Report
2020-08-10 20:53
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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | --- | --- | |---------------------------------------------------------------------------------- ...
Bright Horizons Family Solutions(BFAM) - 2020 Q2 - Earnings Call Transcript
2020-08-10 03:55
Bright Horizons Family Solutions, Inc. (NYSE:BFAM) Q2 2020 Earnings Conference Call August 5, 2020 5:00 PM ET Company Participants Michael Flanagan - Senior Director, Investor Relations Stephen Kramer - Chief Executive Officer, President & Director Elizabeth Boland - Chief Financial Officer & Treasurer Conference Call Participants Hamzah Mazari - Jefferies Jeffrey Meuler - Robert W. Baird & Co. Manav Patnaik - Barclays Bank Andrew Steinerman - JPMorgan Chase & Co. George Tong - Goldman Sachs Group Gary Bisb ...
Bright Horizons Family Solutions(BFAM) - 2020 Q1 - Quarterly Report
2020-05-11 20:22
Table of Contents 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, 2020 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(BFAM) - 2020 Q1 - Earnings Call Transcript
2020-05-10 14:38
Bright Horizons Family Solutions, Inc. (NYSE:BFAM) Q1 2020 Earnings Conference Call May 6, 2020 5:00 PM ET Company Participants Michael Flanagan - Senior Director, IR Stephen Kramer - CEO, President & Director Elizabeth Boland - CFO & Treasurer Conference Call Participants Andrew Steinerman - JPMorgan Chase & Co. Hamzah Mazari - Jefferies Jeffrey Meuler - Robert W. Baird & Co. Manav Patnaik - Barclays Bank Gary Bisbee - Bank of America Merrill Lynch Jeffrey Silber - BMO Capital Markets Toni Kaplan - Morgan ...
Bright Horizons Family Solutions(BFAM) - 2019 Q4 - Annual Report
2020-02-27 21:54
Table of Contents 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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to . BRIGHT HORIZONS FAMILY SOLUTIONS INC. (Exact name of registrant as specified in its charter) Delaware 001-35780 80-0188269 (State or other jurisdicti ...
Bright Horizons Family Solutions(BFAM) - 2019 Q4 - Earnings Call Transcript
2020-02-14 05:16
Bright Horizons Family Solutions (NYSE:BFAM) Q4 2019 Earnings Conference Call February 13, 2020 5:00 PM ET Company Participants Michael Flanagan - Senior Director, IR Elizabeth Boland - CFO Stephen Kramer - CEO Conference Call Participants Ryan Leonard - Barclays Andrew Steinerman - JPMorgan Mario Cortellacci - Jefferies Gary Bisbee - Bank of America Blake Johnson - Goldman Sachs Toni Kaplan - Morgan Stanley Jeff Meuler - Baird Operator Greetings, and welcome to the Bright Horizons Family Solutions Fourth Q ...
Bright Horizons Family Solutions(BFAM) - 2019 Q3 - Quarterly Report
2019-11-06 22:02
Table of Contents 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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to ________________________________________ ...
Bright Horizons Family Solutions(BFAM) - 2019 Q3 - Earnings Call Transcript
2019-10-31 01:55
Bright Horizons Family Solutions Inc. (NYSE:BFAM) Q3 2019 Earnings Conference Call October 30, 2019 5:00 PM ET Company Participants Elizabeth Boland – Chief Financial Officer Stephen Kramer – Chief Executive Officer Conference Call Participants George Tong – Goldman Sachs Manav Patnaik – Barclays Bank Andrew Steinerman – JP Morgan Gary Bisbee – Bank of America Merrill Lynch Henry Chien – BMO Capital Markets Jeff Meuler – Baird Toni Kaplan – Morgan Stanley Operator Greetings, and welcome to the Bright Horizo ...