BFAM - Earnings call transcript Q2 2018 | Bright Horizons Family Solutions Inc.

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Operator

Greetings and welcome to the Bright Horizons Family Solutions Second Quarter 2018 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Elizabeth Boland, Chief Financial Officer of Bright Horizons Family Solutions. Ms. you, Thank Boland.

begin. You may

Elizabeth J. Boland

and With hello Officer; the Devin, everyone Dave to are Stephen today. me Chair. Executive our call Kramer, Lissy, Thanks, Executive on our and Chief

let I of at me administrative Before our Today's being be website recording is brighthorizons.com. and call over Investor available it to under matters. just off the a turn cover few a will webcast Stephen, Relations section

financial including performance statements forward-looking subject As a those are on Harbor regarding this participants, future our Safe reminder the that call in earnings are made to any included to statement release.

inherently and forward-looking to the statements. we which it's actual involve operating Forward-looking any speaks materially. in undertake statements cause Form date on no results financial statement risks of differ detail XXXX in as and our update and may made Any described to that obligation XX-K forward-looking uncertainties only

is GAAP section to today our earnings We and detailed also financial which reconciled under are refer measures counterparts in our which website. available to the their non-GAAP release, of IR

Now, over update for the Stephen on it to the and review business. turn I'll

Stephen Howard Kramer

for again Thanks, joining thanks us this Elizabeth. And evening.

and will start your update outlook more with things off quarter of our questions. for the open recap financial of detailed operating then numbers Elizabeth follow me with results with the for up review second a XXXX. and growth for we it Let our today an a before

our pleased all various segments. near are the both reach against we our initiatives growth with really we midpoint targets As performance long-term across drive be and we of and to year, our the business to our the in making progress of with continue

of acquisitions Texas UK. We along tuck-in quarter. first per two with grew year. the from full last center In Georgia, in increased in multi-center QX, JPMorgan strong the client $XXX Mercedes-Benz For including revenue in million the new XX added to XX% grew HCA had quarter, we and $X.XX in in the and centers for segment, adjusted service continuing our earnings XX% centers revenue share in start Tennessee XX%

XX% XX% new the Recent while well Barclays. and include grew back-up for by rate in quarter, Edison, launches Viacom advisory of also Con launches client as Schwab, Zappos, expanded segments educational as Our these new division Charles clients, expanded increases. utilization on

projected the in client performance for the ed With to year-to-date achieve of XXXX on new top second and we back-up half of XX% line track target adds and services. remain growth additional our the year, for to XX% advisory XX%

results growth, last in the performance expanded begin solid points, from also with on solid second business. consistent continue the business. efficiencies from making been the to and adjusted we over line the In quarter, we've operating operating the operating realize this year certain as Following core across so top income continued to investments we deliver our or along strong basis XX

on Let key a the me couple of investment expand areas.

web and technology with respect and both continue piloting I our clients really our as across back-up mobile as of First, to our we be parent personalized marketing roll our out outreach as to investments, select about and greater receptivity users, clients of well to the progress, services. all functionality excited

time goals overriding client our services. customers' for support utilization and our services of build automated reminder, investments are a and experience, within user As to to enhance workforces, our levels over efficient deliver these our more to

of the to a of these and urban demographic, target meet population we of settings center strong centers lease/consortia see concentrated in have supply of select a where our now client to partners. needs strategy, opportunities our Turning high-quality we XX opened limited childcare, our

now While at ramped fully these mature we earliest are of another levels. contributing opening operating cohort year, classes the are this and centers

operations marketing and that summary, we our to margin contribute see first year part naturally a slight ramp results positive In a in for headwind from the significant these continue of in headwind begun the result, has with of over to expect centers XXXX, collectively opportunity we to in shift more maturity. the a As continue and diminish in the centers these pleased value modest to they to as teams are creation these are time. to centers the and we classes delivering specifically contributor

the As we aspects move so of with do our into across second XXXX, half momentum business. of all we good

growth on have focused acquisition strategy well we As previously discussed, growth. as as is organic our

with existing pipeline of in our clients. interest both with each industries remain and Our services sales strong across new

this growth in puts our in solid a to us of organic position achieve All plan XXXX.

the the On completed in two tuck-in the in second are additional acquisitions front, both to UK. have acquisition quarter, pleased we

we range that have abroad, here we deals in and to-date in both and scale action. that completed the have four opportunities about, As the reflect talked in continue in we to XXXX strategy U.S. pursue

key Our plan. and strong U.S. to the Europe, smaller with mix of pipeline opportunities good both in and single contributor we forward our remains a to center a here in growth continue to acquisitions networks expect be and

is for success entire case childcare history, the is our our Bright been single employees people. has based to continued to critical group centers. than our Horizons commitment in unwavering more teachers our of on As No XX-year our the

teachers truly Degree Given childhood early education. of expertise of division, earn associate's recently Achievement EdAssist qualified win-win-win. we breakthrough Plan. program in pool we educators degree diminishing and a announced the our a Horizons and is enable an pool Bright in the to Early our bachelor's Leveraging to This program labor tightening general, developed Education the early

will and engaged us, more and continue highly even educated Bright ahead. an in the quality workforce Our the highest benefit will to we teachers with grow years families Horizons qualified and from the will serve and careers enjoy their become more care education,

of our update me let for you the the year. Finally, outlook remainder on

more in in our detail numbers to or With the range to back $X.XX operating adjusted XX% range growth over leverage the of of are guidance Q&A. to reiterating to and that, in XXXX review XXXX to and growth We EPS X% XX% per revenue can $X.XX drive be I'll during performance XX% Elizabeth you the share.

Elizabeth J. Boland

cost the from division is quarter increased the million the growth again, XX% back-up of can revenue, Once up was income million or margins for service up XX.X% clients the services segment from expanded $X $X Stephen. line for headlines expanded increases, but also quarter, which when and quarter expanded of approximately basis in this up to $XX client price utilization utilization operating centers was was you, our was top and service and gains, the contributions both the ed in the structure. ed by XX.X% enrollment XX% XX.X% operating timing from a margins our of XX% income was new vary our million expanded of client revenue our launch XX On $XX million points. revenue. ramping of mature overall and to and to and quarter advisory on enrollment million Adjusted XX.X% on Thank the back-up In The and income respectively. quarter. or XX in XX% in total foreign million centers new and and The from basis, primarily the the operating recapping ahead these profit center Great. also new exchange. gross in driven acquired levels, million operating In was and existing launches advisory based increased new service million on to full revenue our segments to centers, $XX base. rate positive $XXX from adjusted full $X.X increases, $XX and increase bps contributions and QX, gains segment, from the by

this expense lower to of as in beginning discussed realize some While interest borrowings to offset Interest acquisitions which of rates. our previously, we QX million quarter. XXXX efficiencies, we over of are operating XXXX in share finance investments continue repurchases margins effects Stephen absorb and from incremental are reflected the revolver improving by $X near-term was operating down $XX.X just million were as the to

loans X% Our of $XXX swap. fixed an ended current and of to X.X rate debt at interest term EBITDA. quarter turns cost We borrowing the with are million approximates net our

over June movements contributed of operating trend. positive Our of working reported estimate XXXX, of was in and full year, than it's this consistent performance percentage more Through we XX% $XXX for XXXX levels. X point operating what down $XX quarter XX%. from flow that approximates with to capital XXXX and almost million structural in million rate we cash what up the tax Improving year that's the

growth of part also capital program allocation our new centers $XX the of on that of a the center in our year top XXX,XXX by clients X,XXX across shares XXXX, the our share acquiring gains the ed advisory range to than and to June and to Adding of for including to we earlier, illustrated X% continue As new bit project XX% XX% back-up year year-to-date in first to through We've total in continue children headlines operated of X,XXX and XX, XXXX, investments full service strategy, the division acquisitions, have now investments serve touched in and XXXX. to for growth on guidance execute a acquisitions. low our XXX,XXX serve over we first full with XX% XX% spent we more our our At is half continue double-digit lines. centers services. continued we the over growth capacity the roughly priority to Stephen on in repurchase line million revenue

as centers. outlook new approximately organic also closing of to years. our add XX XX both XX discipline several centers, new contemplates in over established maintain we the we've the to expect centers approximately We XXXX, acquired inclusive and And last

to interest over of key for a margin expect basis contribute $XX compared our year, expansion XXXX, we approximately plan year, couple consistent be of and of $XX.X to the interest network. in center to expense points of around of for diminish XXX X% from we're million and stock XXXX All operating million. Based compensation gain in P&L our to the with full price average of margins the performance the XX depreciation in XXXX to we centers borrowings range in projecting metrics to range continue increases the amortization enrollment X.X% factors improved the On $XX ramping million X% million. other million to in to outstanding in estimates to increases year. On our XXXX $XX $XX estimate the estimate XXXX, and our million, to on mitigating of side and these and from operating the $XX to as around we mature X% course additional approximately across elements rate

expect of to in adjusted to million factors of in $XXX the shares million outstanding invest translates tax The be to year. we to We're $XX flow that to combination expected to which million our Overall, average to will As will in a approximately total million projection of of business. all that $XXX from flow share XXXX. we'll center of yielding these $XX million XX% CapEx, to to XXXX adjusted ongoing opening net free $XXX million the cash maintenance and to the in cash capital a million about lead of well of to as previously to operations new for and centers those $XXX have as for are generate million full open million the invest XXXX, $XX reviewed, million in of Weighted $XXX approximately EPS. growth that adjusted $XXX $X.XX projected XX we $X.XX also XX% is EPS or in approximate rate growth generate income structural XX% that are early XXXX. estimating

$XX is QX in projecting adjusted range share. of income to in line top adjusted XX% growth to again the the our outlook for to and of and specifically XXXX, of X% we're $XX $X.XX million per range $X.XX for EPS net to million Looking

to with So, that, ready we Q&A. to go Devon, are

Operator

Thank you.

your the Steinerman question. of Our from Andrew proceed first line with JPMorgan. with comes question Please

Michael Y. Cho

Cho evening. and Hi. Michael in for Good is This Andrew.

a had the... on Just question

Elizabeth J. Boland

Hello.

Michael Y. Cho

Hi.

projected what On lease/consortium XXXX as for is we number center projected new year-to-date What stand number the the is the openings today? XXXX. for and

Elizabeth J. Boland

Right.

and added depending the the licensing, a of have cycle are of to year-to-date on cetera. weighting, projecting between we X and the completion for XX X and half heavier back So have we the year, are total et a projecting so we construction remainder of the

Michael Y. Cho

XXXX on the up in points. basis margin gave that I expansion? And the referenced it. to you. XXX terms so, new of centers outlook, lease/consortium that outlook of for how just the you that one, the terms XX if margin impact And has in Got follow guide? original Thank guess, did guide changed to you since

Elizabeth J. Boland

Yeah.

year of more there, Just Stephen touching now of we far say, centers XXXX. context mentioned, early to in have six bit we of a I little XX X years and have, this sort lease/consortium into sort so have last five XX open of opened and another, as to these as to on urban-centric the

as timing and, and is portfolio as trajectory. to land say, be guided the the on be to the we broadly other get in natural array the I the dependent getting of on, But are construction that now we're said, the ramp wide when track of we of a the to we obviously, there's, where planned done, So they couple as ramps planned. classes speaking, of performing may Compared this had challenge year. earliest licensing continue And beginning cycle of year, have will it's time on sort the where timing the behind opened. units probably open precisely to a a we at for

with to about and in for the answer we we of some we get the track couple and there the margin end in on year to year continue contribution the to we to we've and have contribution that goal. a net density of is losses – the last is group ramp-up positive we've by see of So years be what that beginning timeframe that will so at to achieve I think that outlook the this beginning of abate to had the track the the on headwind as that talking the time the whole broad been planned

Michael Y. Cho

you. Thank Great. Okay.

Stephen Howard Kramer

you. Thank

Operator

Thank you.

next proceed comes Barclays. the from Patnaik of Please question line your Manav question. Our with with

Manav Patnaik

Thank you. Good evening.

on Barclays congratulations that Good job. Firstly, contract.

Elizabeth J. Boland

Manav. Thanks,

Stephen Howard Kramer

Manav. Thanks,

Manav Patnaik

stick on advisory though. that to Just piece, ed

just Like, has does contracts reason year – the to on is any here? of you been pretty all and how dependent understand down? revenue these whatever growth can in slows help the through new think Does and or talked first, that obviously try Schwab like the there is about. for terms new businesses Barclays (XX:XX:XX) that that like start us impressive, half these then So, whatever, flowing it business reason new second then EBITDA mean like, solely maybe of you

Stephen Howard Kramer

Yeah.

relationships our ed background So contractual just to of terms a bit on work how in side. little give the advisory of

what and contract a an with a typically implementation So will client will sign happen phase. be is there'll new we then

During true with over are see gets that live, implementation economics the But because the associated the when once we to phase, particular service ultimately the that start that contract. actually of the we goes not economics is accruing contract the life of contract. amortized the

client the employees we live, are the is when the once to So start that the utilizing see service, is economics.

is nice other – business the build as of live, about and it's to in true a So, once are the start back-up what's advisory in nice business ed we in the the terms well, the services see revenue.

the for what contract on of this over So true economics per and have visibility I obviously think you'll year clients, see we're them scenario into to the remainder of hold into implement continue then to good where time continue and that the a basis. is we'll new used a seeing ultimately future, we'll will to kinds the garner

Elizabeth J. Boland

And the... where that's also

Manav Patnaik

Go ahead, Elizabeth.

Elizabeth J. Boland

this. and when a a lend also building the to I eligible of is does mentioned marketing absorbing new utilization happen, and was and the the program client can that's becomes utilization within so rollout the the as I efforts our as more was and part revenue the of Stephen and stages in also it's along, with the utilization to pervasive going the that awareness that's but just that quarter-to-quarter (XX:XX:XX) client business each to the it's build variability comes of say awareness the is employees. the early saying, where of some

Manav Patnaik

right? that basis, growing mean, least in guess, seasonality a there's I I the with seems sequentially last no few years, just from per it look utilization. like mean, it fair? in se business, I the keeps back I dollar Is And, when at

Elizabeth J. Boland

is be more – consistently during summer and as in the timeframe seasonality can back-up some back-up weeks. there vacation will utilization in there used school some care care Well, vacation certainly be

So – ramping throughout structure there some it's that cost advisory, of – with cost school it's more individually. there ed on think size element but will be be cycling, in there's I be bit to there'll less the the that it's and visible summer But the capitated clients some little of to such actually other business less that to and some year. of utilization, the a opposite a so the cost phase, the in the because because year the fact can of

Manav Patnaik

the, guess, for employees, I mean, that's your more a just tuition just see great I And guess, on launched program one retention the tool. I you how can I

Just any implications forth in or adjust that. terms structure of pay and the to expenses so accommodate if you

Just any thought, that would be helpful.

Stephen Howard Kramer

the investment right? I what in terms would reception been from to employees a has mean, in, absolutely. Yeah, And of comes that slow terrific. program, the excited back obviously big a very people. will about Because decision school is that for about say it exactly we build how we're it is be going our

think market So we the in have our as base. gotten both employee I well as great receptivity existing recruiting from

the this As out we year, right? exit impact. time, to it's offsets, anticipate don't to have as imagine we then, first a it start that, cutting that into be we our be into of understanding the our and over in expense builds, steady cost-neutral also retention there state. anticipate sort we'll be benefits, a we so see enter recruiting to choice to This being time, learners And it fact over and significant we employer expect So should there will program, on ROI real relates we mention the being an reinforcing a not real as and as built field. relatively this type of that stamp culture is edge our there that and that culture a both program,

that leadership is to sets great apart see in But as ultimately to Manav, going us see centers the in. ultimately, a from retention teacher a again, be to that and attraction this to Bright be to a standpoint. quality the something Horizons like as So, and see puts I think thought great we in we really as it it, us it position we benefit our the great we is benefit and benefit an then

Manav Patnaik

a guys. Thanks it. lot, Got

Stephen Howard Kramer

Manav. Thanks,

Elizabeth J. Boland

Thanks.

Operator

Thank you.

comes America. question the question. from Please line next Our Bank Chu of of proceed with with David your

David Chu

Thanks. Hi.

a quarter note anything to back-up tougher despite here? So lift there this we care saw a in Is comparison. nice

Elizabeth J. Boland

are quarter I $X we million think it's that is to so in terms it we that around with added. what's seeing suite care what business we've of slight about, clients move years. both close revenue, the that back-up been the The the on the variability are growth I have But a or can think we in us for many $XX see. pleased talked so million in David, with and across can of utilization in

I encouraging think of most we're with this. but are the new them in the thing who that that along array. that's remarks, seeing the We cited prepared of the nice additions nice adopting clients some

really movement had XX% XX% maybe said little revenue a deliver to continue that year, a what beginning we the say, in from bit on to see on quarter. track I growth of between step last think capability we that. nice you and So as it's you quarter, of despite we're this to see back-up quarters the seeing at a And

David Chu

Great. That's Okay. helpful.

lease so the in I'm maturity Correct well? gauge centers, trying is if to me of have maturity, Just – as this I'm wrong. at like just sense years example, my XXXX are now to consortium centers, terms which reached And in they for started gauge. the is trying XXXX.

Elizabeth J. Boland

Yeah. as you're the right. We used year. kind baseline No, of XXXX

bit ballpark in class, a centers the XXXX maturity. little that, still year class the mix either XXXX at of there's they in XXXX and which but some so are ones in of and some And clarify opened sort in would you're last mature. right you're XXXX certainly of are right about the The that be the ramping the mature, classes, are of that to so the class, part

David Chu

question, one FX lastly, housekeeping the just quarter? for And impact Okay. the

Elizabeth J. Boland

bit FX, in operating revenue, on as under last of the X.X% say, year, was just So, a it sort just a effect income. similar X.X% under the quarter and on so slightly the little to a under I bump X.X%

David Chu

Perfect. you. Thank Okay.

Operator

Thank you.

question. the Tong from George of line comes question with next Please your Sachs. with Our Goldman proceed

Allison Chou

and your This is taking elaborate please update on Chou my initiatives? is Thanks clients on and you for Hi, everyone. on an building existing George. how with cross-selling sales provide for your Could your pipeline new Allison question.

Stephen Howard Kramer

Absolutely.

few from that So, rightly has client in our certainly, about only focused more buy opportunities And as those on that over course, current continue one enjoy and with one static service who then prospects Bright time, the the service. it addition a a real you services we in introduce more of at way have new undertake we currently of Horizons. year think to services. Bright last than of don't clients out, percentage we base effort than of who are to been point increase XX% clients that, Ultimately, But, our individually. so is have we one again any number pretty service new that bringing the clients that two, buying or the same we're while Horizons or

so configurations. certainly are And seeing We're service of pleased we seeing We opportunities all nice are between the base. different with opportunities client efforts. the across our

So centers. we're EdAssist seeing clients buy seeing center clients we're back-up, buy

nicely. And the the given there organizations war that Horizons current not the time, marketplace, nice is all working individual Bright for out the are in we're from So have in worked interest really seeing that configurations at with the past. talent of same

year. good pipeline in really feeling about at the sales this point we're So the

Allison Chou

terms client discuss And U.S. guys trends purchasing please in That's you current and as one international, first great. of both dynamics? follow-up. the Could competitive in the terms environment well just as in selling of

Stephen Howard Kramer

Sure.

is So the in first States. work what do I would we employer say here the most that is of United that

So a business UK. we The comes government. is from in back-up that a have Netherlands support small the third-party

that we U.S. focused we employer the it talent, is is The positive. is in here I when think said, very primarily war think given, selling environment So the about for as one the opportunity,

are more the make same that employers their out ways productive. differentiate other figuring from very they at in themselves workforces current can time, organizations interested So, and

strategies. play into of people those our so services And types very nicely

onsite each to next back-up ed that we competitive from consistent significant largest In service or the of be competitor, terms is our in enjoy of that the a our seen be lines very competitive I advisory. whether be what environment, care childcare distance in over pretty that whether In three we've that centers, in or years. would near-site it say whether

So and referenceable I have base we chip good blue at companies us same have gives continue continue the time great deliver. and in to the we the think to that additional quality with sell a the pretty position addition relationships leverage strong strong of that services that to market really that advantage to we services

Allison Chou

Great. Very helpful. Thanks.

Stephen Howard Kramer

Thank you.

Elizabeth J. Boland

you. Thank

Operator

Thank you.

next line W. Jeff question the Our comes proceed Meuler with Robert Please your with of Baird. from question.

Nick J. Nikitas

Hey, good afternoon, guys. pretty This is comp. Nick service Nikitas on a growth more difficult organic slightly for despite Jeff. looked Full good

You out or But you acquisition that still gave Thanks then the as the with strength, driver a that benefiting can contribution ramp FX. point? is underlying for of at margin from that. break and the more the is this just lease/consortium well

Elizabeth J. Boland

Yeah.

had mentioned, a the UK. tuck-ins – contributed acquisitions Stephen of done we couple So, in

full contribution a growth. have strong bit be organic the lease/consortium acquisition continues up of of from revenue that in service a a we contribution the So some and little to Still It's centers are certainly cohort ramping. coming bump there under of this X.X% overall there quarter. is little the

classes are centers to well this contributing year. we've as XXXX, that the So modestly XXXX, still as that added those XXXX

more on that's our tuition average, X% I other X%. like think X% to are X.X% slightly range to so the average, at the X% of higher than the end positive on increases X% our element, overall to the rate maybe

along to too of revenue stream. increases the a takes from happen think I gain contributions three-year of rate So comes there's the but a it over get sort of the enrollment into as stability one time, portfolio as the it the and the ramp. that's enjoy across couple we while, stable but benefits centers It the tailwind of on years the for new of But a with well. front contributor that

Nick J. Nikitas

Yeah. footprint expand grow existing That's footprint looking as have over helpful. couple where new are continued strong kind you just or you demand that expanding you the still to you a of guys fully this maybe it markets continue about presence cities? within years, more to Thanks. of And point to your the is and at next then the meeting lease/consortium isn't capacity see

Stephen Howard Kramer

up this we XXX existing over in markets that currently at Yeah, so point, circled we've focus on. sites

or or those about York we London the opportunity to or infill metros continue Boston like continue a think see urban or major in Area, Rotterdam, the the Seattle, look you you markets. New to that to place be So at Amsterdam whether really in U.S., good Bay

near presence geographies is is build across our term those three out urban in to So, to in continue that the we really the which operate. in our markets focus

Nick J. Nikitas

Great. Thanks.

Elizabeth J. Boland

Thank you.

Stephen Howard Kramer

Thank you.

Operator

Thank you.

you're to a all increases seeing in you Our this next talking from line end. as inflation wanted price Please the and This Are proceed labor I question the being that the Hamzah. high for Kayvan that market question. of (USA), from environment? mean, is contributing on about Capital Mazari Rahbar change factor? around in your think tightness should Macquarie. with Rahbar we this how at Macquarie we increase back I comes to Hi. in filling - just Inc. Kayvan Hamzah go to price

Elizabeth J. Boland

higher price the on just faster of ago, what are little it's trending do or wages year ahead range, and front. and and to see the average wages. That and slightly benefits expect are by slightly distinction of to end center bit make the we a that X.X% with increases on and that than that price think trended a standpoint of reflective a the decisions X%. our seeing certainly locally we're individually reason so center I'll it's I of the a we higher at strategy is at – along from philosophy rewards see up so from total rest going we've to wage the trending a Wages up make

is when maintain wages allows of any for costs. price some both year timing that or between absorb the to target So once and we a we variability the of in is when which X% going incur and to need differential tuition that personnel increase

the client are that in tightness So we our market. seeing the are way same partners seeing a

We also some we're and it. seeing wage reflecting are firmness

also as – quality Stephen we the employees, we of in want to offer choice, for be continue employer but the We of to the that leader want compensation package. outlined have the we both before, be the our

that continue Macquarie seeing on Rahbar we well, Capital we that, the so of be are - forefront yes. (USA), Kayvan Inc. So to as

for government you international there, Thank Okay. can centers, that. follow-up a foresee question, just changes you And any support quick in the then any there recent trends? are

Stephen Howard Kramer

been it's Yeah, interesting.

in most continue global of but in on to lots increase decrease. as UK two markets, Netherlands. the generosity we operate both that track and opposed markets, the which the So the the we to course obviously is is on government And are focused of

example to hours market free the care So X-year-olds. good XX free of at and and of X- a UK you from is XX for hours like care moved a look of that they've

So think invest as are the in of Netherlands, need support low more again, are is again looking given plans childcare. the look to what to for they support they And people traditional getting which when interest their the into increase we call more their recognize additional then rates. their unemployment and they at KDV, I workforce,

so government in the and market, that of comes the continue continue form And in that to that rate. market again of see to in the generosity we increase also

rate increasing also their starting in are they XXXX. So

to in supporting All importance right. helpful. greater Thanks governments those It's - (USA), the opposed see that. at appreciate. of and childcare Kayvan Macquarie we Capital thinking the it again, less. in very two for in markets least I So about ways Rahbar importance as of Inc.

Elizabeth J. Boland

Kayvan. Thanks,

Stephen Howard Kramer

Excellent. this Take you. enjoy us you the very Thank hope Great. all Well, joining rest of care. you your summer. And thank for much evening.

Elizabeth J. Boland

you See road. everyone. on Thanks, the

Operator

today's This teleconference. concludes

for time. at your disconnect participation. may this you You Thank lines your

Elizabeth J. Boland	Bright Horizons Family Solutions, Inc.
Stephen Howard Kramer	Bright Horizons Family Solutions, Inc.
Michael Y. Cho	JPMorgan Securities LLC
Manav Patnaik	Barclays Capital, Inc.
David Chu	Bank of America Merrill Lynch
Allison Chou	Goldman Sachs & Co. LLC
Nick J. Nikitas	Robert W. Baird & Co., Inc.
Kayvan Rahbar	Macquarie Capital (NYSE:USA), Inc.

Bright Horizons Family Solutions (BFAM) 2 Aug 182018 Q2 Earnings call transcript