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Bright Horizons Family Solutions(BFAM) - 2024 Q2 - Quarterly Results
BFAMBright Horizons Family Solutions(BFAM)2024-08-01 20:21

Revenue Growth - Revenue for Q2 2024 was 670million,representingan11670 million, representing an 11% increase compared to Q2 2023[2] - Revenue for the six months ended June 30, 2024, increased to 1,292,768 thousand, up from 1,156,822thousandinthesameperiodof2023,representinganincreaseof11.71,156,822 thousand in the same period of 2023, representing an increase of 11.7%[15] - Revenue from child care services for the six months ended June 30, 2024, was 990,717 thousand, up from 888,722thousandin2023,anincreaseof11.5888,722 thousand in 2023, an increase of 11.5%[20] - Back-up care revenue grew by 15% in Q2 2024, contributing to overall revenue growth[2] Income and Earnings - Net income for Q2 2024 was 39 million, a 90% increase from 20.6millioninQ22023,withdilutedearningspersharerisingto20.6 million in Q2 2023, with diluted earnings per share rising to 0.67[4] - Net income for the six months ended June 30, 2024, was 56,163thousand,comparedto56,163 thousand, compared to 28,720 thousand in 2023, reflecting a growth of 96.0%[15] - Earnings per share (diluted) increased to 0.96in2024from0.96 in 2024 from 0.50 in 2023, marking a significant rise of 92.0%[15] - Diluted adjusted earnings per share for Q2 2024 were 0.88,comparedto0.88, compared to 0.64 in Q2 2023, marking a 37% increase[21] Operational Performance - Income from operations increased by 52% to 69millioninQ22024,upfrom69 million in Q2 2024, up from 45.5 million in Q2 2023[4] - Income from operations for the first half of 2024 was 108,996,000,comparedto108,996,000, compared to 76,177,000 in the same period of 2023, reflecting a 43% increase[21] - Adjusted EBITDA for Q2 2024 was 103million,reflectinga25103 million, reflecting a 25% increase from the previous year[5] - Adjusted EBITDA for Q2 2024 was 102,630,000, up 25% from 81,914,000inQ22023,representing1581,914,000 in Q2 2023, representing 15% of revenue[21] - EBITDA for Q2 2024 was 94,525,000, which is 14% of revenue, up from 12% in Q2 2023[21] Cash Flow and Investments - Cash generated from operations in the first half of 2024 was 225.8million,comparedto225.8 million, compared to 180 million in the same period of 2023[7] - Net cash provided by operating activities for the six months ended June 30, 2024, was 225,750thousand,comparedto225,750 thousand, compared to 180,042 thousand in 2023, reflecting an increase of 25.3%[18] - The company made net investments totaling 64.1millioninthefirsthalfof2024,downfrom64.1 million in the first half of 2024, down from 68.7 million in the prior year[7] Assets and Liabilities - Cash and cash equivalents at the end of the period increased to 140,246thousandfrom140,246 thousand from 71,568 thousand, showing a growth of 96.0%[17] - Total assets decreased slightly to 3,837,399thousandasofJune30,2024,from3,837,399 thousand as of June 30, 2024, from 3,896,144 thousand at the end of 2023[17] - Total liabilities decreased to 2,554,178thousandfrom2,554,178 thousand from 2,683,468 thousand, indicating a reduction of 4.8%[17] Tax and Expenses - Income tax expense for Q2 2024 was 17,872,000,comparedto17,872,000, compared to 12,719,000 in Q2 2023, indicating a 41% increase[21] - Stock-based compensation expense for Q2 2024 was 8,105,000,upfrom8,105,000, up from 7,463,000 in Q2 2023[21] - The company anticipates an effective tax rate of approximately 28% for the full year based on the jurisdictional mix of expected adjusted income before income tax[22] Company Operations - The company operated 1,032 early education and child care centers as of June 30, 2024, with a capacity to serve approximately 115,000 children[5] - Income from operations for the back-up care segment was $47,576 thousand, maintaining a margin of 19% of its revenue in 2024[20]