Bright Horizons Family Solutions Reports Fourth Quarter and Full Year 2017 Financial Results
Fourth Quarter 2017 Highlights (compared to fourth quarter 2016):
-
Revenue increased 10% to
$440 million -
Income from operations increased 10% to
$52 million -
Net income increased 200% to
$51 million and diluted earnings per common share increased 207% to$0.86
Non-GAAP measures
-
Adjusted income from operations* increased 9% to
$54 million -
Adjusted EBITDA* increased 7% to
$82 million -
Adjusted net income* increased 31% to
$44 million and diluted adjusted earnings per common share* increased 30% to$0.73
Year Ended
-
Revenue increased 11% to
$1.7 billion -
Income from operations increased 4% to
$205 million -
Net income increased 66% to
$157 million and diluted earnings per common share increased 67% to$2.59
Non-GAAP measures
-
Adjusted income from operations* increased 6% to
$212 million -
Adjusted EBITDA* increased 8% to
$324 million -
Adjusted net income* increased 24% to
$162 million and diluted adjusted earnings per common share* increased 25% to$2.69
“We are pleased to report strong financial results for the fourth
quarter and full year in 2017,” said
“We are well positioned to continue to deliver on our growth plan in
2018,” added
Fourth Quarter 2017 Results
Revenue increased
Income from operations was
In the fourth quarter of 2017 adjusted EBITDA increased
As of December 31, 2017, the Company operated 1,038 child care and early education centers with the capacity to serve 116,000 children and 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, straight line rent expense, stock-based compensation expense, and transaction costs.Adjusted income from operations represents income from operations before transaction costs.Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, transaction costs and the income tax provision (benefit) thereon.Diluted adjusted earnings per common share is a non-GAAP measure, calculated using adjusted net income.These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP, in “Presentation of Non-GAAP Measures” and the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”
Balance Sheet and Cash Flow
For the year ended
2018 Outlook
As described below, the Company is providing certain financial guidance. For the full year 2018, the Company currently expects:
- Revenue growth in 2018 in the range of 8-10%
-
Net income in 2018 in the range of
$151 million to $154 million and diluted earnings per common share in 2018 in the range of$2.55 to$2.59 -
Adjusted net income in the range of
$184 million to $187 million and diluted adjusted earnings per common share in the range of$3.12 to$3.16 - Diluted weighted average shares in the range of 59 million to 59.5 million shares
For a reconciliation of the non-GAAP measures to their most directly comparable GAAP measure, refer to the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”
Conference Call
Forward-Looking Statements
This press release includes statements that express the Company's
opinions, expectations, beliefs, plans, objectives, assumptions or
projections regarding future events or future results and therefore are,
or may be deemed to be, “forward-looking statements.” 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. They include statements regarding the
Company's intentions, beliefs or current expectations concerning, among
other things, our results of operations, financial condition, liquidity,
prospects, growth plan, strategies, our service offerings, future
estimates and impact of Tax Reform and excess tax benefits, and our 2018
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 and other dependent care
services, including variation in enrollment trends and lower than
expected demand from employer sponsor clients; the possibility that
acquisitions may disrupt our operations and expose us to additional
risk; our ability to pass on 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; the impact of newly enacted Tax
Reform; and other risks and uncertainties more fully described in the
“Risk Factors” section of our Annual Report on Form 10-K filed
Presentation of Non-GAAP Measures
In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements - adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share - which present operating results on a basis adjusted for certain items. The Company uses these non-GAAP 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 also 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. Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are reconciled from the respective measures under GAAP in the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”
Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, expenses related to the completion of secondary offerings and debt financing transactions, and expenses associated with completed acquisitions and dispositions as well as tax effects associated with these items. These adjustments to net income and diluted earnings per common share in future periods are generally expected to be similar to the types of charges and costs excluded from adjusted net income and adjusted diluted earnings per common share in prior quarters, although we can provide no assurance as to the timing or magnitude of any such adjustments. The exclusion of these charges and costs in future periods will have an impact on the Company’s adjusted net income and adjusted diluted earnings per common share.
About
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) |
||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||
2017 | % | 2016 | % | |||||||||||||||||||
Revenue | $ | 439,879 | 100.0 | % | $ | 398,537 | 100.0 | % | ||||||||||||||
Cost of services | 331,738 | 75.4 | % | 299,321 | 75.1 | % | ||||||||||||||||
Gross profit | 108,141 | 24.6 | % | 99,216 | 24.9 | % | ||||||||||||||||
Selling, general and administrative expenses | 47,555 | 10.8 | % | 43,564 | 10.9 | % | ||||||||||||||||
Amortization of intangible assets | 8,320 | 1.9 | % | 8,304 | 2.0 | % | ||||||||||||||||
Income from operations | 52,266 | 11.9 | % | 47,348 | 12.0 | % | ||||||||||||||||
Loss on extinguishment of debt | — | — | % | (11,117 | ) | (2.8 | )% | |||||||||||||||
Interest expense—net | (11,787 | ) | (2.7 | )% | (11,434 | ) | (3.0 | )% | ||||||||||||||
Income before income taxes | 40,479 | 9.2 | % | 24,797 | 6.2 | % | ||||||||||||||||
Income tax benefit (expense) | 10,965 | 2.5 | % | (7,677 | ) | (1.9 | )% | |||||||||||||||
Net income | $ | 51,444 | 11.7 | % | $ | 17,120 | 4.3 | % | ||||||||||||||
Earnings per common share: | ||||||||||||||||||||||
Common stock—basic | $ | 0.88 | $ | 0.29 | ||||||||||||||||||
Common stock—diluted | $ | 0.86 | $ | 0.28 | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||
Common stock—basic | 58,372,989 | 58,936,701 | ||||||||||||||||||||
Common stock—diluted | 59,643,750 | 60,168,025 | ||||||||||||||||||||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited) |
||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2017 | % | 2016 | % | |||||||||||||||||||
Revenue | $ | 1,740,905 | 100.0 | % | $ | 1,569,841 | 100.0 | % | ||||||||||||||
Cost of services | 1,310,295 | 75.3 | % | 1,178,994 | 75.1 | % | ||||||||||||||||
Gross profit | 430,610 | 24.7 | % | 390,847 | 24.9 | % | ||||||||||||||||
Selling, general and administrative expenses | 188,939 | 10.8 | % | 163,967 | 10.4 | % | ||||||||||||||||
Amortization of intangible assets | 32,561 | 1.9 | % | 29,642 | 1.9 | % | ||||||||||||||||
Other expenses | 3,671 | 0.2 | % | — | — | % | ||||||||||||||||
Income from operations | 205,439 | 11.8 | % | 197,238 | 12.6 | % | ||||||||||||||||
Loss on extinguishment of debt | — | — | % | (11,117 | ) | (0.7 | )% | |||||||||||||||
Interest expense—net | (44,039 | ) | (2.5 | )% | (42,924 | ) | (2.7 | )% | ||||||||||||||
Income before income taxes | 161,400 | 9.3 | % | 143,197 | 9.2 | % | ||||||||||||||||
Income tax expense | (4,437 | ) | (0.3 | )% | (48,437 | ) | (3.1 | )% | ||||||||||||||
Net income | $ | 156,963 | 9.0 | % | $ | 94,760 | 6.1 | % | ||||||||||||||
Earnings per common share: | ||||||||||||||||||||||
Common stock—basic | $ | 2.65 | $ | 1.59 | ||||||||||||||||||
Common stock—diluted | $ | 2.59 | $ | 1.55 | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||
Common stock—basic | 58,873,196 | 59,229,069 | ||||||||||||||||||||
Common stock—diluted | 60,253,691 | 60,594,895 | ||||||||||||||||||||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||||||||
December 31, | |||||||||||
2017 | 2016 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 23,227 | $ | 14,633 | |||||||
Accounts receivable—net | 117,138 | 97,212 | |||||||||
Prepaid expenses and other current assets | 52,096 | 42,554 | |||||||||
Total current assets | 192,461 | 154,399 | |||||||||
Fixed assets—net | 575,185 | 529,432 | |||||||||
Goodwill | 1,306,792 | 1,267,705 | |||||||||
Other intangibles—net | 348,540 | 374,566 | |||||||||
Other assets | 45,666 | 32,915 | |||||||||
Total assets | $ | 2,468,644 | $ | 2,359,017 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 10,750 | $ | 10,750 | |||||||
Borrowings on revolving credit facility | 127,100 | 76,000 | |||||||||
Accounts payable and accrued expenses | 132,897 | 125,400 | |||||||||
Deferred revenue and other current liabilities | 189,908 | 175,430 | |||||||||
Total current liabilities | 460,655 | 387,580 | |||||||||
Long-term debt—net | 1,046,011 | 1,054,009 | |||||||||
Deferred income taxes | 74,069 | 111,711 | |||||||||
Other long-term liabilities | 138,849 | 117,850 | |||||||||
Total liabilities | 1,719,584 | 1,671,150 | |||||||||
Total stockholders’ equity | 749,060 | 687,867 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,468,644 | $ | 2,359,017 | |||||||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||||||
Years Ended December 31, |
||||||||||||
2017 | 2016 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 156,963 | $ | 94,760 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 94,776 | 85,284 | ||||||||||
Loss on extinguishment of debt | — | 11,117 | ||||||||||
Stock-based compensation | 12,072 | 11,646 | ||||||||||
Deferred income taxes | (37,562 | ) | (12,121 | ) | ||||||||
Other non-cash adjustments—net | 10,662 | 5,936 | ||||||||||
Changes in assets and liabilities | (639 | ) | 16,675 | |||||||||
Net cash provided by operating activities | 236,272 | 213,297 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of fixed assets—net | (83,837 | ) | (74,100 | ) | ||||||||
Payments and settlements for acquisitions—net of cash acquired | (21,484 | ) |
(228,737 |
) | ||||||||
Net cash used in investing activities | (105,321 | ) | (302,837 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Revolving credit facility—net | 51,100 | 52,000 | ||||||||||
Borrowings of long-term debt—net | — | 1,065,610 | ||||||||||
Extinguishment of long-term debt | — | (922,488 | ) | |||||||||
Payments for debt issuance costs | (1,711 | ) | (1,002 | ) | ||||||||
Payments of contingent consideration for acquisitions | (185 | ) | (915 | ) | ||||||||
Principal payments of long-term debt | (8,063 | ) | (7,163 | ) | ||||||||
Purchase of treasury stock | (162,195 | ) | (112,792 | ) | ||||||||
Proceeds from issuance of common stock upon exercise of options | 22,625 | 11,679 | ||||||||||
Proceeds from issuance of restricted stock | 4,363 | 3,682 | ||||||||||
Taxes paid related to the net share settlement of stock options and restricted stock | (29,798 | ) | (7,747 | ) | ||||||||
Tax benefits from stock-based compensation | — | 12,891 | ||||||||||
Net cash (used in) provided by financing activities | (123,864 | ) | 93,755 | |||||||||
Effect of exchange rates on cash and cash equivalents | 1,507 | (1,121 | ) | |||||||||
Net increase in cash and cash equivalents | 8,594 | 3,094 | ||||||||||
Cash and cash equivalents—beginning of period | 14,633 | 11,539 | ||||||||||
Cash and cash equivalents—end of period | $ | 23,227 | $ | 14,633 | ||||||||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. SEGMENT INFORMATION (In thousands) (Unaudited) |
||||||||||||||||||||
Three months ended December 31, 2017 | Full service center-based care |
Back-up dependent care |
Other educational advisory services |
Total | ||||||||||||||||
Revenue | $ | 362,843 | $ | 60,093 | $ | 16,943 | $ | 439,879 | ||||||||||||
Amortization of intangible assets | 7,754 | 385 | 181 | 8,320 | ||||||||||||||||
Income from operations | 30,368 | 16,579 | 5,319 | 52,266 | ||||||||||||||||
Adjusted income from operations (1) | 31,705 | 16,579 | 5,319 | 53,603 | ||||||||||||||||
Three months ended December 31, 2016 | ||||||||||||||||||||
Revenue | $ | 330,566 | $ | 54,097 | $ | 13,874 | $ | 398,537 | ||||||||||||
Amortization of intangible assets | 7,729 | 431 | 144 | 8,304 | ||||||||||||||||
Income from operations | 28,109 | 15,879 | 3,360 | 47,348 | ||||||||||||||||
Adjusted income from operations (2) | 29,826 | 15,879 | 3,360 | 49,065 |
(1) Adjusted income from operations represents income from operations
excluding expenses incurred in connection with an amendment to the
credit agreement and a secondary offering.
(2) Adjusted income from
operations represents income from operations excluding expenses incurred
in connection with a secondary offering, completed acquisitions and
costs in connection with a debt refinancing.
Year ended December 31, 2017 | Full service center-based care |
Back-up dependent care |
Other educational advisory services |
Total | ||||||||||||||||
Revenue | $ | 1,457,754 | $ | 224,264 | $ | 58,887 | $ | 1,740,905 | ||||||||||||
Amortization of intangibles assets | 30,259 | 1,539 | 763 | 32,561 | ||||||||||||||||
Income from operations | 130,289 | 60,373 | 14,777 | 205,439 | ||||||||||||||||
Adjusted income from operations (1) | 137,242 | 60,373 | 14,777 | 212,392 | ||||||||||||||||
Year ended December 31, 2016 | ||||||||||||||||||||
Revenue | $ | 1,321,699 | $ | 200,106 | $ | 48,036 | $ | 1,569,841 | ||||||||||||
Amortization of intangibles assets | 27,862 | 1,204 | 576 | 29,642 | ||||||||||||||||
Income from operations | 129,693 | 57,620 | 9,925 | 197,238 | ||||||||||||||||
Adjusted income from operations (2) | 132,178 | 57,620 | 9,925 | 199,723 |
(1) Adjusted income from operations represents income from operations
excluding expenses incurred related to the disposition of assets in
(2)
Adjusted income from operations represents income from operations
excluding expenses incurred in connection with secondary offerings,
completed acquisitions and costs in connection with an amendment to the
credit agreement and a debt refinancing.
BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited) |
||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Net income | $ | 51,444 | $ | 17,120 | $ | 156,963 | $ | 94,760 | ||||||||||||||||
Interest expense—net | 11,787 | 11,434 | 44,039 | 42,924 | ||||||||||||||||||||
Income tax (benefit) expense | (10,965 | ) | 7,677 | 4,437 | 48,437 | |||||||||||||||||||
Depreciation | 16,167 | 14,890 | 62,215 | 55,642 | ||||||||||||||||||||
Amortization of intangible assets (a) | 8,320 | 8,304 | 32,561 | 29,642 | ||||||||||||||||||||
EBITDA | 76,753 | 59,425 | 300,215 | 271,405 | ||||||||||||||||||||
Additional adjustments: | ||||||||||||||||||||||||
Loss on extinguishment of debt (b) | — | 11,117 | — | 11,117 | ||||||||||||||||||||
Deferred rent (c) | 698 | 948 | 4,345 | 2,562 | ||||||||||||||||||||
Stock-based compensation expense | 3,295 | 3,170 | 12,072 | 11,646 | ||||||||||||||||||||
Transaction costs (d) | 1,337 | 1,717 | 6,953 | 2,485 | ||||||||||||||||||||
Total adjustments | 5,330 | 16,952 | 23,370 | 27,810 | ||||||||||||||||||||
Adjusted EBITDA | $ | 82,083 | $ | 76,377 | $ | 323,585 | $ | 299,215 | ||||||||||||||||
Income from operations | $ | 52,266 | $ | 47,348 | $ | 205,439 | $ | 197,238 | ||||||||||||||||
Transaction costs (d) | 1,337 | 1,717 | 6,953 | 2,485 | ||||||||||||||||||||
Adjusted income from operations | $ | 53,603 | $ | 49,065 | $ | 212,392 | $ | 199,723 | ||||||||||||||||
Net income | $ | 51,444 | $ | 17,120 | $ | 156,963 | $ | 94,760 | ||||||||||||||||
Income tax (benefit) expense | (10,965 | ) | 7,677 | 4,437 | 48,437 | |||||||||||||||||||
Income before tax | 40,479 | 24,797 | 161,400 | 143,197 | ||||||||||||||||||||
Stock-based compensation expense | 3,295 | 3,170 | 12,072 | 11,646 | ||||||||||||||||||||
Amortization of intangible assets (a) | 8,320 | 8,304 | 32,561 | 29,642 | ||||||||||||||||||||
Loss on extinguishment of debt (b) | — | 11,117 | — | 11,117 | ||||||||||||||||||||
Transaction costs (d) | 1,337 | 1,717 | 6,953 | 2,485 | ||||||||||||||||||||
Adjusted income before tax | 53,431 | 49,105 | 212,986 | 198,087 | ||||||||||||||||||||
Adjusted income tax expense (e) | (9,736 | ) | (15,650 | ) | (50,819 | ) | (67,350 | ) | ||||||||||||||||
Adjusted net income | $ | 43,695 | $ | 33,455 | $ | 162,167 | $ | 130,737 | ||||||||||||||||
Weighted average number of common shares—diluted | 59,643,750 | 60,168,025 | 60,253,691 | 60,594,895 | ||||||||||||||||||||
Diluted adjusted earnings per common share | $ | 0.73 | $ | 0.56 | $ | 2.69 | $ | 2.16 | ||||||||||||||||
BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited) |
||||||||||||||||||||||||
Forward Guidance (g) | ||||||||||||||||||||||||
Three Months Ended March 31, 2018 | Year Ended December 31, 2018 | |||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||
Net income | $ | 34,500 | $ | 35,000 | $ | 151,400 | $ | 153,700 | ||||||||||||||||
Allocation of net income to unvested participating shares | (200 | ) | (200 | ) | (800 | ) | (800 | ) | ||||||||||||||||
Income tax expense (f) | 7,300 | 7,400 | 41,200 | 42,000 | ||||||||||||||||||||
Income before income taxes | 41,600 | 42,200 | 191,800 | 194,900 | ||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Stock-based compensation expense | 3,800 | 3,800 | 15,000 | 15,000 | ||||||||||||||||||||
Amortization of intangible assets (a) | 8,100 | 8,100 | 32,000 | 32,000 | ||||||||||||||||||||
Transaction costs (d) | — | — | — | — | ||||||||||||||||||||
Adjusted income before income taxes | 53,500 | 54,100 | 238,800 | 241,900 | ||||||||||||||||||||
Tax impact on adjusted income before taxes (f) | (12,100 | ) | (12,200 | ) | (54,300 | ) | (55,200 | ) | ||||||||||||||||
Adjusted net income attributable to common stockholders |
$ | 41,400 | $ | 41,900 | $ | 184,500 | $ | 186,700 | ||||||||||||||||
Per common share information: | ||||||||||||||||||||||||
Diluted earnings | $ | 0.58 | $ | 0.59 | $ | 2.55 | $ | 2.59 | ||||||||||||||||
Income tax expense (f) | 0.12 | 0.13 | 0.70 | 0.71 | ||||||||||||||||||||
Income before income taxes | 0.70 | 0.72 | 3.25 | 3.30 | ||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Stock-based compensation expense | 0.06 | 0.06 | 0.25 | 0.25 | ||||||||||||||||||||
Amortization of intangible assets (a) | 0.14 | 0.14 | 0.54 | 0.54 | ||||||||||||||||||||
Transaction costs (d) | — | — | — | — | ||||||||||||||||||||
Tax impact on adjusted income before taxes (f) | (0.20 | ) | (0.21 | ) | (0.92 | ) | (0.93 | ) | ||||||||||||||||
Diluted adjusted earnings per common share | $ | 0.70 | $ | 0.71 | $ | 3.12 | $ | 3.16 |
(a) Represents amortization of intangible assets, including
approximately
(b) Represents the write-off of
unamortized deferred financing costs and original issue discount
associated with indebtedness that was repaid in connection with a
refinancing.
(c) Represents rent in excess of cash paid for rent,
recognized on a straight line basis over the life of the lease in
accordance with Accounting Standards Codification Topic 840, Leases.
(d)
Represents costs incurred in connection with completed acquisitions,
secondary offerings, the disposition of assets in
(e) Represents income
tax expense calculated on adjusted income before tax at an effective tax
rate of approximately 24% and 34% in 2017 and 2016, respectively. The
tax rate for 2017 represents a tax rate of approximately 36% applied to
the adjusted income before tax for the full year, less the effect of
excess tax benefits related to certain equity transactions of
(f) Represents
estimated income tax expense using the tax rate of approximately 27% to
28% for the year ended
(g)
Forward guidance amounts are estimated based on a number of assumptions
and actual results could differ materially from estimates provided
herein.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180208006432/en/
Source: Bright Horizons Family Solutions® Inc.
Investors:
Bright Horizons
Elizabeth Boland, 617-673-8125
CFO
eboland@brighthorizons.com
or
Solebury
Communications Group
Kevin Doherty, 203-428-3233
MD
kdoherty@soleburyir.com
or
Media:
Bright
Horizons
Ilene Serpa, 617-673-8044
VP - Communications
iserpa@brighthorizons.com