Q3 2024 Bright Horizons Family Solutions Inc Earnings Call Transcript
Key Points
- Bright Horizons Family Solutions Inc (BFAM) reported a strong third quarter with total revenue increasing by 11% to $719 million.
- The backup care segment performed exceptionally well, with revenue increasing by 18% to $202 million, driven by stronger employee engagement and use.
- Adjusted EBITDA increased by 20% to $121 million, and adjusted EPS grew by 26% to $1.11 per share.
- The company added six new centers in the third quarter, including partnerships with notable clients such as Colorado School of Mines and Yale New Haven Health system.
- The UK operations showed significant improvement, narrowing losses compared to the previous year, indicating progress towards pre-pandemic performance levels.
- Enrollment growth in the full-service childcare segment was only in the low single digits, indicating slower-than-desired growth.
- Occupancy rates remained in the low 60s, with a significant portion of centers still underperforming, particularly in the UK.
- The educational advisory segment experienced muted participant growth, with efforts ongoing to revitalize this area.
- The company closed 10 centers in the third quarter, reflecting challenges in certain locations.
- The bottom cohort of centers, particularly those under 40% occupied, continues to face challenges in improving enrollment momentum.
Greetings, and welcome to the Bright Horizons Family Solutions third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Michael Flanagan, Vice President of Investor Relations. Thank you. You may begin.
Thanks, Julian, and welcome to Bright Horizons' third-quarter earnings call. Before we begin, please note today's call is being webcast and a recording will be available under the Investor Relations section of our website, brighthorizons.com.
As a reminder to participants, any forward-looking statements made on this call, including those regarding future business, financial performance, and outlook are subject to the Safe Harbor statement included in our earnings release. Forward-looking statements inherently involve risks and uncertainties that may cause actual operating and financial results to differ materially and should be considered in conjunction with the
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