Bright Horizons Family Solutions® Inc. (NYSE: BFAM) today
announced financial results for the fourth quarter and full year of
2023 and provided guidance for 2024. Bright Horizons is a leading
provider of high-quality early education and child care, family
care solutions, and workforce education services designed to
support working families and client employees across life and
career stages.
Fourth Quarter 2023 Highlights (compared to Fourth Quarter
2022):
- Revenue of $616 million (increase of 16%)
- Income from operations of $28 million (decrease of 29%)
- Net income of $6 million and diluted earnings per common share
of $0.09 (decreases of 69% and 71%, respectively)
Non-GAAP measures:
- Adjusted income from operations* of $64 million (increase of
15%)
- Adjusted EBITDA* of $99 million (increase of 10%)
- Adjusted net income* of $48 million and diluted adjusted
earnings per common share* of $0.83 (increases of 9% and 8%,
respectively)
Year Ended December 31, 2023 Highlights (compared to Year
Ended December 31, 2022):
- Revenue of $2 billion (increase of 20%)
- Income from operations of $171 million (increase of 9%)
- Net income of $74 million and diluted earnings per common share
of $1.28 (decreases of 8% and 7%, respectively)
Non-GAAP measures:
- Adjusted income from operations* of $213 million (increase of
16%)
- Adjusted EBITDA* of $352 million (increase of 11%)
- Adjusted net income* of $164 million and diluted adjusted
earnings per common share* of $2.84 (increases of 8% and 9%,
respectively)
“I am pleased to report solid financial results for the fourth
quarter of 2023,” said Stephen Kramer, Chief Executive Officer.
“Performance in our Full Service segment was strong, with continued
enrollment gains and 15% revenue growth, while our Back-Up Care
segment well outpaced our expectations growing revenue 24%
year-over-year in the fourth quarter and surpassing $500 million in
2023. We closed out the year on a positive note and I am encouraged
by our recent performance and the opportunity for growth as we look
ahead to 2024.”
Fourth Quarter 2023 Results
Revenue increased $86.1 million, or 16%, in the fourth quarter
of 2023, from the fourth quarter of 2022, based on enrollment gains
and price increases at our centers, as well as expanded sales and
increased utilization of back-up care.
Income from operations was $28.2 million for the fourth quarter
of 2023 compared to $39.6 million for the fourth quarter of 2022, a
decrease of 29%. The decrease in income from operations is
primarily related to incremental impairment losses of $21.8
million, as well as reduced funding from pandemic-related
government support programs, partially offset by incremental gross
profit contributions from enrollment growth and price increases in
our full service child care centers, and higher utilization of
back-up care services. Net income was $5.5 million for the fourth
quarter of 2023 compared to $18.0 million for the fourth quarter of
2022, a decrease of 69%, due to the decrease in income from
operations noted above, higher interest expense and a higher
effective tax rate. Diluted earnings per common share was $0.09 for
the fourth quarter of 2023 compared to $0.31 for the fourth quarter
of 2022.
In the fourth quarter of 2023, adjusted EBITDA* increased by
$8.7 million, or 10%, to $99.2 million, and adjusted income from
operations* increased by $8.1 million, or 15%, to $63.6 million
from the fourth quarter of 2022, due to contributions from the full
service center-based child care and back-up care segments. Adjusted
net income* increased by $3.8 million, or 9%, to $48.0 million, as
a result of the increase in adjusted income from operations,
partially offset by higher interest expense and a higher effective
tax rate. Diluted adjusted earnings per common share* was $0.83 for
the fourth quarter of 2023 compared to $0.77 in the same period in
2022.
As of December 31, 2023, the Company had more than 1,450 client
relationships with employers across a diverse array of industries,
and operated 1,049 early education and child care centers with the
capacity to serve approximately 120,000 children and their
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, stock-based compensation
expense, and non-recurring costs, such as impairment losses,
value-added tax expense related to prior periods, transaction
costs, loss on foreign currency forward contracts, and net costs
incurred in relation to a cybersecurity incident. Adjusted income
from operations represents income from operations before
non-recurring costs, such as impairment losses, value-added tax
expense related to prior periods, transaction costs, and net costs
incurred in relation to a cybersecurity incident. Adjusted net
income represents net income determined in accordance with GAAP,
adjusted for stock-based compensation expense, amortization, and
non-recurring costs, such as impairment losses, value-added tax
expense related to prior periods, transaction costs, loss on
foreign currency forward contracts, net costs incurred in relation
to a cybersecurity incident, and interest on deferred
consideration. Diluted adjusted earnings per common share is
calculated using adjusted net income. These non-GAAP measures are
more fully described and are reconciled from the respective most
directly comparable measure determined under GAAP in “Presentation
of Non-GAAP Measures” and the attached table “Bright Horizons
Family Solutions Inc. Non-GAAP Reconciliations,” respectively.
Balance Sheet and Liquidity
At December 31, 2023, the Company had $71.6 million of cash and
cash equivalents and $380.7 million available for borrowing under
our revolving credit facility. In the year ended December 31, 2023,
we generated approximately $256.1 million of cash from operations,
compared to $188.5 million for the same period in 2022, and made
net investments primarily in fixed assets and acquisitions totaling
$126.9 million, compared to $278.0 million for the same period in
the prior year.
2024 Outlook
Based on current trends and expectations, we currently expect
fiscal year 2024 revenue to be in the range of $2.6 billion to $2.7
billion and diluted adjusted earnings per common share to be in the
range of $3.00 to $3.20. The Company will provide additional
information on its outlook during its earnings conference call.
Conference Call
Bright Horizons Family Solutions will host an investor
conference call today at 5:00 pm ET to discuss the results for the
fourth quarter of 2023, as well as the Company’s updated business
outlook, strategy and operating expectations. 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 Stephen Kramer. Replays of the
entire call will be available through March 5, 2024 at
1-844-512-2921 or, for international callers, at 1-412-317-6671,
conference ID #13736589. A link to the audio webcast of the
conference call 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 forward looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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, including statements regarding the Company’s
intentions, beliefs or current expectations concerning, among other
things, our results of operations, financial condition, liquidity,
operating expectations, impact of our services and solutions,
business trends, our future growth opportunities, enrollment and
occupancy levels, back-up care utilization, long-term growth
strategy, estimated effective tax rate, tax expense, our future
business and financial performance, and our 2024 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, dependent care
and other workplace solutions, including variations in enrollment
trends and lower than expected demand from employer sponsor clients
as well as variations in workforce demographics and work
environments; the constrained labor market for teachers and staff
and ability to hire and retain talent, including the impact of
increased compensation and labor costs; the availability or lack of
government support and impact of government child care benefit
programs; our ability to respond to changing client and customer
needs; 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; changes in general economic, political,
business and financial market conditions, including the impact of
inflation and interest rate fluctuations; fluctuations in currency
exchange rates; the effects of a cyber-attack, data breach or other
security incident on our information technology system or software
or those of our third party vendors; changes in tax rates or
policies; impacts to our brand or reputation; and other risks and
uncertainties more fully described in the “Risk Factors” section of
our Annual Report on Form 10-K filed on February 28, 2023, and
other factors disclosed from time to time in our 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
accounting principles generally accepted in the United States
(“GAAP”) throughout this press release, the Company has provided
certain non-GAAP financial measures that present operating results
on a basis adjusted for certain items. The Company uses these
non-GAAP financial 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 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.
With respect to our outlook for diluted adjusted earnings per
common share, we do not provide the most directly comparable GAAP
financial measure or corresponding reconciliation to such GAAP
financial measure on a forward-looking basis. We are unable to
predict with reasonable certainty and without unreasonable effort
certain items such as the timing and amount of future impairments,
net excess income tax benefits, transaction costs, and other
non-recurring costs, as well as the outcome from legal proceedings.
These items are uncertain, depend on various factors outside our
management’s control, and could significantly impact, either
individually or in the aggregate, our future period earnings per
common share as calculated and presented in accordance with
GAAP.
For more information regarding adjusted EBITDA, adjusted income
from operations, adjusted net income and diluted adjusted earnings
per common share, refer to the reconciliation of GAAP financial
measures to the non-GAAP financial measures in the attached table
“Bright Horizons Family Solutions Inc. Non-GAAP
Reconciliations.”
About Bright Horizons Family Solutions Inc.
Bright Horizons® is a leading global provider of high-quality
early education and child care, back-up care, and workforce
education services. For more than 35 years, we have partnered with
employers to support workforces by providing services that help
working families and employees thrive personally and
professionally. Bright Horizons operates approximately 1,050 early
education and child care centers in the United States, the United
Kingdom, the Netherlands, Australia and India, and serves more than
1,450 of the world’s leading employers. Bright Horizons’ early
education and child care centers, back-up child and elder care, and
workforce education programs help employees succeed at each life
and career stage. For more information, go to
www.brighthorizons.com.
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except share
data)
(Unaudited)
Three Months Ended December
31,
2023
%
2022
%
Revenue
$
615,648
100.0
%
$
529,522
100.0
%
Cost of services
499,746
81.2
%
418,262
79.0
%
Gross profit
115,902
18.8
%
111,260
21.0
%
Selling, general and administrative
expenses
79,145
12.9
%
62,925
11.9
%
Amortization of intangible assets
8,517
1.3
%
8,785
1.7
%
Income from operations
28,240
4.6
%
39,550
7.4
%
Interest expense — net
(14,252
)
(2.3
)%
(12,791
)
(2.4
)%
Income before income tax
13,988
2.3
%
26,759
5.0
%
Income tax expense
(8,464
)
(1.4
)%
(8,717
)
(1.6
)%
Net income
$
5,524
0.9
%
$
18,042
3.4
%
Earnings per common share:
Common stock — basic
$
0.10
$
0.31
Common stock — diluted
$
0.09
$
0.31
Weighted average common shares
outstanding:
Common stock — basic
57,791,646
57,506,602
Common stock — diluted
58,069,824
57,554,377
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except share
data)
(Unaudited)
Years Ended December
31,
2023
%
2022
%
Revenue
$
2,418,257
100.0
%
$
2,020,487
100.0
%
Cost of services
1,886,533
78.0
%
1,541,834
76.3
%
Gross profit
531,724
22.0
%
478,653
23.7
%
Selling, general and administrative
expenses
327,068
13.5
%
289,156
14.3
%
Amortization of intangible assets
33,415
1.4
%
31,912
1.6
%
Income from operations
171,241
7.1
%
157,585
7.8
%
Loss on foreign currency forward
contracts
—
—
%
(5,917
)
(0.3
)%
Interest expense — net
(51,609
)
(2.2
)%
(39,486
)
(1.9
)%
Income before income tax
119,632
4.9
%
112,182
5.6
%
Income tax expense
(45,409
)
(1.8
)%
(31,541
)
(1.6
)%
Net income
$
74,223
3.1
%
$
80,641
4.0
%
Earnings per common share:
Common stock — basic
$
1.28
$
1.38
Common stock — diluted
$
1.28
$
1.37
Weighted average common shares
outstanding:
Common stock — basic
57,717,102
58,344,817
Common stock — diluted
57,932,574
58,490,652
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
71,568
$
36,224
Accounts receivable — net
281,710
217,170
Prepaid expenses and other current
assets
93,621
94,316
Total current assets
446,899
347,710
Fixed assets — net
579,296
571,471
Goodwill
1,786,405
1,727,852
Other intangible assets — net
216,576
245,574
Operating lease right-of-use assets
774,703
801,626
Other assets
92,265
104,636
Total assets
$
3,896,144
$
3,798,869
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Current portion of long-term debt
$
18,500
$
16,000
Borrowings under revolving credit
facility
—
84,000
Accounts payable and accrued expenses
259,077
230,634
Current portion of operating lease
liabilities
100,387
94,092
Deferred revenue
272,891
222,994
Other current liabilities
148,578
138,574
Total current liabilities
799,433
786,294
Long-term debt — net
944,264
961,581
Operating lease liabilities
796,701
810,403
Deferred income taxes
33,155
50,739
Other long-term liabilities
109,915
109,399
Total liabilities
2,683,468
2,718,416
Total stockholders’ equity
1,212,676
1,080,453
Total liabilities and stockholders’
equity
$
3,896,144
$
3,798,869
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Years Ended December
31,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
74,223
$
80,641
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
110,681
106,142
Stock-based compensation expense
28,834
28,111
Impairment losses
35,903
14,061
Loss on foreign currency forward
contracts
—
5,917
Deferred income taxes
(11,716
)
(9,644
)
Non-cash interest and other — net
12,496
3,419
Changes in assets and liabilities
5,719
(40,176
)
Net cash provided by operating
activities
256,140
188,471
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of fixed assets — net
(90,795
)
(60,009
)
Proceeds from the maturity of debt
securities and sale of other investments
19,538
23,392
Purchases of debt securities and other
investments
(16,050
)
(25,106
)
Payments and settlements for acquisitions
— net of cash acquired
(39,629
)
(210,409
)
Settlement of foreign currency forward
contracts
—
(5,917
)
Net cash used in investing activities
(126,936
)
(278,049
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Revolving credit facility — net
(84,000
)
84,000
Principal payments of long-term debt
(16,000
)
(16,000
)
Proceeds from issuance of common stock
upon exercise of options and restricted stock upon purchase
11,184
13,235
Taxes paid related to the net share
settlement of stock options and restricted stock
(2,592
)
(6,138
)
Purchase of treasury stock
—
(182,570
)
Payments of contingent consideration for
acquisitions
(225
)
(13,865
)
Net cash used in financing activities
(91,633
)
(121,338
)
Effect of exchange rates on cash, cash
equivalents and restricted cash
(14
)
(2,471
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
37,557
(213,387
)
Cash, cash equivalents and restricted cash
— beginning of year
51,894
265,281
Cash, cash equivalents and restricted cash
— end of year
$
89,451
$
51,894
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Full service
center-based
child care
Back-up care
Educational
advisory and
other services
Total
Three months
ended December 31, 2023
Revenue
$
447,146
$
134,558
$
33,944
$
615,648
Income (loss) from operations
(19,097
)
37,428
9,909
28,240
Adjusted income from operations
(1)
12,661
40,991
9,909
63,561
As a percentage of revenue
3
%
30
%
29
%
10
%
Three months ended
December 31, 2022
Revenue
$
387,954
$
108,390
$
33,178
$
529,522
Income (loss) from operations
(4,112
)
32,806
10,856
39,550
Adjusted income from operations (2)
11,847
32,806
10,856
55,509
As a percentage of revenue
3
%
30
%
33
%
11
%
(1)
For the three months ended December 31,
2023, adjusted income from operations represents income from
operations excluding impairment losses of $35.9 million for fixed
assets and operating lease right-of-use assets, of which $32.0
million related to the full service center-based child care segment
and $3.9 million related to the back-up care segment, and a
reduction in value-added tax expense of $0.6 million related to
prior periods, of which $0.3 million was associated with the full
service center-based child care segment and $0.3 million was
associated with the back-up care segment.
(2)
For the three months ended December 31,
2022 adjusted income from operations for the full service
center-based child care segment represents loss from operations
excluding impairment losses of $14.1 million for fixed assets and
operating lease right-of-use assets, and costs incurred in relation
to a cybersecurity incident of $1.9 million.
Full service
center-based
child care
Back-up care
Educational
advisory and
other services
Total
Year ended
December 31, 2023
Revenue
$
1,780,615
$
516,408
$
121,234
$
2,418,257
Income from operations
9,396
133,391
28,454
171,241
Adjusted income from operations
(1)
42,898
141,250
28,454
212,602
As a percentage of revenue
2
%
27
%
23
%
9
%
Year ended December
31, 2022
Revenue
$
1,493,758
$
409,554
$
117,175
$
2,020,487
Income from operations
12,937
118,788
25,860
157,585
Adjusted income from operations (2)
38,093
118,788
25,860
182,741
As a percentage of revenue
3
%
29
%
22
%
9
%
(1)
For the year ended December 31, 2023,
adjusted income from operations represents income from operations
excluding impairment losses of $35.9 million for fixed assets and
operating lease right-of-use assets, of which $32.0 million related
to the full service center-based child care segment and $3.9
million related to the back-up care segment, and value-added tax
expense of $5.5 million related to prior periods, of which $4.0
million was associated with the back-up care segment and $1.5
million was associated with the full service center-based child
care segment.
(2)
For the year ended December 31,
2022, adjusted income from operations for the full service
center-based child care segment represents income from operations
excluding impairment losses of $14.1 million for fixed assets and
operating lease right-of-use assets, transaction costs of $9.2
million related to acquisitions, and costs incurred in relation to
a cybersecurity incident of $1.9 million.
BRIGHT HORIZONS FAMILY
SOLUTIONS INC.
NON-GAAP
RECONCILIATIONS
(In thousands, except share
data)
(Unaudited)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Net income
$
5,524
$
18,042
$
74,223
$
80,641
Interest expense — net
14,252
12,791
51,609
39,486
Income tax expense
8,464
8,717
45,409
31,541
Depreciation
19,432
19,399
77,266
74,230
Amortization of intangible assets (a)
8,517
8,785
33,415
31,912
EBITDA
56,189
67,734
281,922
257,810
As a percentage of revenue
9
%
13
%
12
%
13
%
Additional adjustments:
Impairment losses (b)
35,903
14,061
35,903
14,061
Stock-based compensation expense (c)
7,680
6,829
28,834
28,111
Other costs (d)
(582
)
1,898
5,458
11,095
Loss on foreign currency forward contracts
(e)
—
—
—
5,917
Total adjustments
43,001
22,788
70,195
59,184
Adjusted EBITDA
$
99,190
$
90,522
$
352,117
$
316,994
As a percentage of revenue
16
%
17
%
15
%
16
%
Income from operations
$
28,240
$
39,550
$
171,241
$
157,585
Impairment losses (b)
35,903
14,061
35,903
14,061
Other costs (d)
(582
)
1,898
5,458
11,095
Adjusted income from operations
$
63,561
$
55,509
$
212,602
$
182,741
As a percentage of revenue
10
%
11
%
9
%
9
%
Net income
$
5,524
$
18,042
$
74,223
$
80,641
Income tax expense
8,464
8,717
45,409
31,541
Income before income tax
13,988
26,759
119,632
112,182
Amortization of intangible assets (a)
8,517
8,785
33,415
31,912
Impairment losses (b)
35,903
14,061
35,903
14,061
Stock-based compensation expense (c)
7,680
6,829
28,834
28,111
Other costs (d)
(582
)
1,898
5,458
11,095
Loss on foreign currency forward contracts
(e)
—
—
—
5,917
Interest on deferred consideration (f)
1,478
1,486
5,890
2,957
Adjusted income before income tax
66,984
59,818
229,132
206,235
Adjusted income tax expense (g)
(18,956
)
(15,553
)
(64,869
)
(54,036
)
Adjusted net income
$
48,028
$
44,265
$
164,263
$
152,199
As a percentage of revenue
8
%
8
%
7
%
8
%
Weighted average common shares outstanding
— diluted
58,069,824
57,554,377
57,932,574
58,490,652
Diluted adjusted earnings per common
share
$
0.83
$
0.77
$
2.84
$
2.60
(a)
Amortization of intangible assets
represents amortization expense, including quarterly amortization
expense of $5.0 million associated with intangible assets recorded
in connection with our going private transaction in May 2008.
(b)
Impairment losses represent impairment
costs for long-lived assets as a result of center closures and
reduced operating performance at certain centers due to the impact
of a challenging labor market and current macroeconomic conditions
on our operations. For the three and twelve months ended December
31, 2023, impairment costs totaled $35.9 million for fixed assets
and operating lease right-of-use assets, of which $32.0 million
related to the full service center-based child care segment and
$3.9 million related to the back-up care segment. For the three and
twelve months ended December 31, 2022, impairment costs totaled
$14.1 million related to the full service center-based child care
segment.
(c)
Stock-based compensation expense
represents non-cash stock-based compensation expense in accordance
with Accounting Standards Codification Topic 718,
Compensation-Stock Compensation.
(d)
Other costs in the three months ended
December 31, 2023 consist of a reduction in value-added tax expense
of $0.6 million related to prior periods, of which $0.3 million was
associated with the full service center-based child care segment
and $0.3 million was associated with the back-up care segment.
Other costs in the twelve months ended December 31, 2023 consist of
value-added tax expense of $5.5 million related to prior periods,
of which $4.0 million was associated with the back-up care segment
and $1.5 million was associated with the full service center-based
child care segment. Other costs in the three and twelve months
ended December 31, 2022 consist of costs incurred in relation to a
cybersecurity incident of $1.9 million, and other costs in the year
ended December 31, 2022 also consist of transaction costs incurred
in connection with acquisitions of $9.2 million.
(e)
During the year ended December
31, 2022, the Company entered into foreign currency forward
contracts for the purchase of Australian dollars to satisfy the
purchase price of an acquisition completed on July 1, 2022. A loss
of $5.9 million resulting from fluctuations in foreign currency
rates was recognized in the year ended December 31, 2022 in
relation to these contracts.
(f)
Interest on deferred
consideration represents the imputed interest on the deferred
consideration issued in connection with the July 1, 2022
acquisition of Only About Children, a child care operator in
Australia.
(g)
Adjusted income tax expense
represents income tax expense calculated on adjusted income before
income tax at an effective tax rate of approximately 28% for the
three and twelve months ended December 31, 2023 and of
approximately 26% for the three and twelve months ended December
31, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240213494919/en/
Investors: Elizabeth Boland Chief Financial Officer - Bright
Horizons eboland@brighthorizons.com 617-673-8125 Michael Flanagan
Vice President - Investor Relations - Bright Horizons
michael.flanagan@brighthorizons.com 617-673-8720 Media: Ilene Serpa
Vice President - Communications - Bright Horizons
iserpa@brighthorizons.com 617-673-8044
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