BFAM - Earnings call transcript Q3 2018 | Bright Horizons Family Solutions Inc.

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Operator

Greetings, and welcome to the Bright Horizons Family Solutions Third Quarter 2018 Earnings Conference Call. [Operator Instructions].

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

Elizabeth Boland

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

let I me matters. Before over it to cover a few turn off administrative Stephen,

call stated, webcast being available today's will of our and Relations the Investor As section recording website be is just a under at brighthorizons.com.

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

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

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

let review the and Stephen business. turn update for the it Now on over to me

Stephen Kramer

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

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

business end in against near- all to XXXX, continue really segments. our our we the both to come of and progress initiatives drive growth targets and our performance As with across we're with various we the of to be long-term the pleased making

added we and for Methodist the the opened XX% service Arts for centers last share $XXX half and grew Electronic the had grew We in segment, University, of Centene. QX, start centers, year. million centers ExxonMobil, in year. Tennessee In Southern first For new $X.XX, and adjusted X% full revenue earnings to the strong XX including continuing X% revenue our per we client of from increased in quarter, additional

in Fred expanded by these cross-selling in Our In the and rate and opportunities. segments strong these across line launches backup we our results consistent quarter, XX% continue about Tracking the top to for division new of grew strong business. increases. more gains expanded expanded Hutchinson full and our solid see points, of who growth, our and newer client the XX clients, and centers, We operating XXX while and making. clients, more Recent operating launches new include been than enrollment Anheuser-Busch educational as Zürich. XX% Sprint on to cross-sells basis leverage to advisory operating from well income third quarter, also adjusted and our deliver Advising have service we've utilization we than investments Cancer be now Research services continue maintain purchased and very backup ramping excited we as the as Educational efficiencies that contributions segments from one

you a update areas. of investment key the me Let couple on

e-mail at by use. the of such the conversion One improve a our to respect encouraged who the subsequent technology technology about to one to customer programs, are to of really of open marketing the target number to personalized pursuing we and sample not clients. targeted to and I been a of all and journeys We've registered marketing and quarter backup used with small rates backup year. First, speed outreach investments, users, journey last utilize piloting had backup talked experience. programs past care strength select the the in our

functionality across enhance are to marketing. and our experience also positive we example, mobile continue response this of just parent for of perspective, From user have type While to this and as ahead all client date our success we is it's pleased the to our targeted illustrative one opportunities of web services. the and really

As services the user and we our really to customers levels over experience, have revenue in areas. the ensuing. are goals reminder, and long-term growth these technology investments to investments build deliver these of time, been to overall overriding associated impact investments growth a in The that reinforces had utilization opportunity our success We have utilization value making automated conviction these and that and with like support. enhance for the to in making more are our our efficient date continued that and

lease/consortium in centers. to strategy our Turning to invest

to at XX of classes concentrated mature opportunities We fully ramped of where in than settings, partners. contributing care centers operating see these we the and and of high-quality have our child population select urban client demographic, needs our levels. supply of now opened a earliest are meet target strong more limited The now

newer we still opening the the are are cohorts, including this While enrollment. their centers ramping year,

diminish second the half to the As time. in of expect part headwind from naturally these a XXXX. more maturity. centers result, significant margin In the we first in contribute has to we in as opportunity to centers to to contributor the continue these collectively ramp slight headwind over begun a the year creation to modest shift summary, a of And see continue classes value

of look strategy approach growth beyond, I'm about business. organic ahead optimistic as the growth to momentum as well And on is and as growth. aspects we the all end focused this our year really XXXX across of Our acquisition sales and and

from from Our services. new new current growth of our and of expanding cross-sells existing client relationship additional and clients cultivating take-up comes services to

nature most need. we both attract the and services pipeline clients. people with intense of significant existing retain they with remains presents strong sales industries of to in each across competition services to given for offer employers talent Our interest The new our and our opportunities, the

puts and our a unique organic continue us to in plan 'XX position reputation XXXX. momentum achieve as and solid quality Our positioning a leader growth in in the

our contributor to acquisition continue plan. key our and strategy a also We to growth acquisitions execute expect continue be on to to

completed that So XXXX, XX far in transactions we of centers. total have added

and pursuing prospects, in pipeline our networks and opportunities has of of a scale, center single pipeline that mix We a great abroad solid range U.S. continue both opportunities. here and in to cultivate the

the announced Before has achievement to degree associates plan qualified wanted of education pool buzz the the program, the our on that and general. early market prospective summer, is our up, with breakthrough address in no degree initiatives childcare enable bachelor's generated and diminishing at to I in early education labor both one I cost which to earn update a teachers this significant This our we initial early current in educators centers as employees to wrap past of designed absolutely to of teacher. childhood tight you success and

have in terms of that ROI, the and both levels Given a strong enrollment stability the are in interest will in optimistic our quality workforce. program, of we this

let XXXX, to me on in outlook. Now adjusted XX% to update per growth of in to We our range track $X.XX the XX% you growth $X.XX XX% share. EPS revenue and X% over to or on remain XXXX achieve

on the want initial some We years. well perspective to to also we're I provide positioned positive Finally, demonstrated the XXXX. continue believe we've over momentum

year, yet leverage. the we're anticipate revenue guidance performance this for margin year's of XX% continuation X% sustained next providing While a operating we not and to in range detailed with of growth

share review this low- numbers the to for I'll and rate detail, in all for We to tax per mid-teens. growth the a interest in With Q&A. expect and you year XXXX more adjusted effective higher earnings rates we and be to next during higher in Elizabeth, will translate can back to into factor slightly need that,

Elizabeth Boland

expanded of the on inflation. increases advisory XX Ed The in operating our X.X% you, profit in ahead quarter. the basis the of the services driven a expectations. contributions timing million broadly Both XX.X% margins enrollment was to revenue the support and ramping million $XXX spending to reported $XX.X $XX revenue $X advisory launches, Thank in consistent X% of contributions income certain timing growth from operating Great. of was margins on client million the line million center a and basis, our points Overall, based our enrollment expanded quarter from of and client revenue. our new solid centers. expense these centers Interest and in the from by million by the quarter. again, segment, approximately service was backup division our million utilization and expanded from adjusted XX%, respectively, base. operating Once In Stephen. but new of increases, from segments repurchases, foreign primarily with was XX%, up levels acquisitions or headwind price rates. to and $X million increased $XX and about XX%, the quarter-to-quarter On growth which 'XX in on higher and recapping the for and cost In or modest, or mature up exchange for revolver backup for gross vary and interest modestly financed XXXX of full our launches segment QX the slight million just share revenue increased $X operating The income new from borrowings, centers top up have XX% incremental quarter. of was acquired over service headlines $XX.X million gains was increase from QX, levels, and income impact utilization full million existing or of to the our $XX can $X and rate growth. in The service was gains, adjusted and new to client

quarter an loans half Our net X.Xx at million X% with debt-to-EBITDA. or borrowing cost the about approximates interest swap. current term with ended rate $XXX of We our fixed

Our cash up we million operating with flow year, capital $XXX tax XXXX the on movements, XX%, Through levels. our rate in estimate over generate from for of flow. positive XXXX. XXXX September approximate million down XX% adjusted net strong performance and operating of And to this continues the structural was $XX to our income cash continue working improved

with as investments around our is million, so share in service across than year new a acquisitions. to we children. our also we acquired continue new centers illustrated growth by our far XXX,XXX on serve acquisitions. At our strategy, $XXX were September, of XX, through to centers investments X,XXX we've and shares under And operating priority the X,XXX more repurchase As than capital lines. more part be and we just this Through center spent first to program. XXX,XXX allocation serve capacity And continues September reminder, clients this

Just to on that earlier. headlines adding touched guidance briefly Stephen the

project full XXXX. We the the of for growth top line in X% XX% to continue over range year to

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

XXXX, approximately of P&L X% X.X% center from the in ramping to price network. realize side line our to On in we range and increases to the expect top add for and our to to across mature centers the enrollment operating continue X% X% to

of basis point elements XXXX improved compared as in amortization million. compensation other All the of diminished projecting metrics of estimates estimating our of around $XX range expansion of margins margin XXXX XX million this interest to interest outstanding we're to of year. range XX XXXX, the these Based improvement we're mitigated for rest million, in the to stock and that XXXX, On of contribute in million. around the full course $XX rates performance in million, the year $XX year, and million to factors for depreciation some $XX the $XX borrowings on the of $XX expense of the have key over to operating

same rate is expected mentioned, in XX% that year-to-date. to XXXX, As is tax applied the structural previously approximate the rate

approximately in we the estimate million free $XXX growth to perspective, of $XX will shares flow operating the average cash which cash and $XX of million are flow million that weighted $XXX to of cash for a have to million $XX be maintenance capital, million million Lastly, year. ongoing invest outstanding generate business. flow $XXX projected our we'll to From yield of

million $X.XX The and capital lead XXXX. a net income We in projection factors $X.XX to year. this year to combination adjusted all million XX% for to to or EPS $XXX range for opening to share of a and/or our new $XXX invest that expect of to of XX% million in the adjusted million will of are that these of XXXX growth also for centers of $XX be $XX opening center early

Steve, we and to remarks over are to Q&A. with So ready prepared go our that, are

Operator

[Operator Instructions].

question Our with from Manav is first Patnaik Barclays.

Manav Patnaik

XXXX to any of slowdown preliminary doesn't question, first appreciate the that. Obviously, demand seeing like and it Steve, obviously, us you're or I or My is around either gave things bit? to prior whatever. maybe of behavior But signs you of see kind like sound that like compared are guidance, to get clients, a curious, what you indication we just going were would from sort periods slow some if down that

Stephen Kramer

Manav. thanks, so Yes,

that At base. pervasively seeing having talent on work aren't the or what industries. we that sort discussions in prospect of So would our across we're really client point, the for is that this I and that exists say are focused conversations

that our retain discussion openings how so in employers are cases, help to productive, make focused around And about employees have. given can having attract, talking how of even the and more either certainly services have that, they're those they they and can that we're many employees the number they

So at market. as to conversations point, be choice, how we're competitors slowdown. them help can we to employers not about how about of from this We're conversations support also not but the in can hearing differentiate really employers hearing we only themselves them

Manav Patnaik

that And to all before more cross-sells, using Can you to, cross-sells than one. been I know piece but Or guess, just like, XXX clients are the clients? we've up, broadly. you just just well, have curious the makes compared And center comment signed many to was talked on it. well? I able sense? about like Got Ed sell full your more I frame advisory backup total you how you and have as curious firstly, these the

Stephen Kramer

Yes, great no. That's question, Manav. a

So pleased more all in an of terms about seeing XX% uptick, than the have services. the directions. X,XXX the I'm so how total is point, cross-sells that of happening, approaches clients terms offer of and we to we've At of them base. at of towards we're on universe our really And in in this now way seen we're our go are that report our one X,XXX client clients

are So clients as which centers. have center additional I adding mentioned, we

care. backup introducing are that clients center have We

that our We clients seeing a Ed have areas are those advisory. care then center introduce first And certainly, dependent time. care introducing for clients we're in the backup our

the that, base happening kinds client incentives So are services. sales cross-sells the say and around and the team the what these we our is, so right that I teams I would gotten have, our account structures and believe across of across management

Manav Patnaik

interest in would be? just can and maybe maybe 'XX, year help Elizabeth, And you us just question. in the the rate tax higher pieces last it. what Got of the just next for moving terms rate tell - versus

Elizabeth Boland

the biggest Well, the state range federal standpoint, rate business. with from The XX% of is it's XX% still in our and a U.S. tax to a rate of and U.S. is the the matter portion blended mix. really obviously

then So their is the the while other options there invest, lower goes pushes tax slightly into the when also up that - the have grow. rates transactions, a is in rate mix factor there or tax abroad, of we equity we exercise the they expense. rate windfall as And that individuals effect is tax benefit the

becomes just that portion smaller the so of And a mix.

things years reason the will between XX the XXX from up direction the affect standpoint. We couple there's the that's for variety that of a pick the So points general year basis that's and Obviously, tax rate. but just a can next a that of that estimate future, modeling. general it in

to try rate the follow curve. we the front, interest On LIBOR

against half LIBOR. and floating is is debt it half other is Our fixed just - of the

have two generate and expense will moving rate just revolver, So next cash the another increases we considered interest down bit total. then continue we be little more a to but the interest into our that year. And pay push there overall pieces would

Operator

Andrew question with next is Our JP from Steinerman Morgan.

Andrew Steinerman

growth think center acquisitions, And Anyhow, the there rate, is I a terms want just applies of College about you've could rate, awesome. just to that baked FX what $X an in semester, addition us to let to the XX%, college, we in closings growth I you assume with give X% was if and I should that? of to range? sense it number XXXX know into you has and do as question daughter my my to Coach use this

Elizabeth Boland

Sure.

And $X.XX, we would Overall, can exchange that XX%. we're algorithm wouldn't investor a to between XX different similar so doesn't of what larger which which so to between the contemplate us. to our Andrew. So where course, it it pound and would from call average dramatic foreign average that we're to have of now, range we element difference has there. the acquisition. $X.XX been pound deck, in The from what the closings not probably in high for range effect It's expect of dramatically in of in there is that growth be been but and would a XX X% the center that's FX much again centers in that be we're XX-or-so being be an range considering considering be XX change, added, closing coming - of $X.XX,

from growth the coming organic. X/X the rest So of and acquisition

Andrew Steinerman

so X% what a be the and to? assumed in meant like basis, your - X% X% typical in revenues is on actually slide works I is X%, to to it acquisitions Elizabeth, is out deck, percentage to your that closings that

Elizabeth Boland

I Maybe - another that and That's apply. I me metrics take those take way. haven't okay. looked at Let if still I'll look. it see another look

Stephen Kramer

being and JPMorgan thanks Great. multiservice Andrew, Chase Thanks, client. a to for

Operator

question Bank Lynch. is with of next Our from Gary Bisbee America Merrill

Jitaek Chu

for David Chu is This Gary.

So assume just along preliminary really XXXX the the kind of segment haven't either. changed I expectations framework,

Elizabeth Boland

would would XX% range from to so Ed right. probably mid- in and Ed double-digit, so they we businesses be coming to low again advisory We backup the the XX% that's in growing the that expect in to high-teens. backup X% getting would that X% be that business XX% the and the to of range advising services Probably X.X% our

Jitaek Chu

these you've addressed quarters. just then, great. Okay, sure And it discuss like future not for can early program? past expected in I'm you the education costs if

Stephen Kramer

material be of to addition the overall the in retain cost strong Yes, that amounts ability structure. dollar is, actual to address won't Again, say have of that, investing terms And directly we expect we'll we we financial a ROI be. in in it would didn't terms attract would our our in be employees. of the dollar that so what what will and this context

Jitaek Chu

of quarter bridge lines just for the lease/consortium drag you some? provide if there then in are the could quarter? the well a lastly, tech you for investments, could Okay, as great. as quantify the the along So just margins Elizabeth, benefit And

Elizabeth Boland

Yes, positive the obviously, I operating models to mean, the quarter some come as continuing would developed, characterize lease margin leverage. we I along.

XX technology or in maybe investment sort marketing - From basis to in so points tech overall So X I we basis efforts. we're of adding points, tech these that standpoint, invest continue think, contribution. to efforts a

ongoing. that just there But lapping modest. the of may in understands drag of we year, terms point, So phone not everyone this a on make they I sure be still say kinds that it's in at bit were little these one-and-done - are are there but to last investments, of

So and to that in I the sort will basic we that think some of spend performance fruitful. we've we're days that there's outcomes are the that of investments largely of what spending. that But continue be step refine as proving in a is value to investment that of initial you're pleased continue a there. benefit But early road. operating ongoing the having through it doing positive down And we maybe what seeing seeing modest to headwind in is the we're about up level what bedded lapped and that see

Okay.

answer before go we just to me Let the next question.

our just will Andrew in contribution impact. X% the me revenue in X% Let is estimate. from acquisitions to be acquisitions indeed, that would range Andrew's be question about answer range It of

Operator

Tong Sachs. Our with next from question is Goldman George

George Tong

in you percentage that indicated mix are trending for service. where light your of And XXXX framework was than guidance? year? on the particularly approximately your Can next what see this year, purchasing this of elaborate You've over more XX% clients last X

Stephen Kramer

Yes.

So previous actually a as right? good calls, pretty in is, what percentage on the of terms resistance we've there's commented

Elizabeth Boland

XX%, in it's And XX%.

Stephen Kramer

XX%, XX%. the it's So in

in Now it's XX%.

and is are it So is who service. clients the first just growing slowly introducing because their denominator with relatively moves large also

is that service, in bringing service that So the making we're terms while introductory what their prospects, are are progress one in of number existing additional an progress good I say are we also of making buying our service. really who great clients would new ultimately purchasing as at

percentage terms see progress. percentage, that we at that great we'll heightened in of So a But in nice to in don't to the we certainly, any rate expect plan, move way. continue

George Tong

your newer And sense. you to are helpful. lease/consortium makes It starting then, indicated, centers reach Very maturity.

you can the comment And XXXX, to to the pace of new what performance? centers impact lease/consortium that what margin look forward like? look on you what might As - will be

Elizabeth Boland

Yes.

in that earliest these more about, this are classes of we mentioned, we've So Stephen have cohort centers, than as recent sort of the of maturing, more now XX which talked contributing.

a if year a similar this centers open this XX to be teed on couple get next. expect quarter to - we open XX the to them in range openings would we in year's open will So versus up that depending are fourth

Next the the XX to would something we between expect centers. XX - and open year, of in similarly

expectation will be points of to a So between to Individually, so another margin ramp to of have consistent breakeven individual mature - as get contributing the would the enrollment maturing, more we early get a class headwind that period. we though maybe they months ramp-up the and what we - be but XX will it the this that's that tailwind to our is XX stage and year, there. be it class to saw that, continue basis themselves in XX in up because will is continue stage long classes they takes have to XX

Operator

Instructions]. [Operator

question Jeff is next with Baird. Our Meuler from

Jeffrey Meuler

channels, like the care.com Starbucks headlines, partnership anything and changing anything know lot Obviously, the for a on is, short care in expansion the investments? point business? going in But competition different delivery get going anything that? tech be, or what being to margin to don't anything standpoint? terms changing going than what there channels And from question the covers, caught I'm I what's on of sustain the like form about the delivered else is be, of of happen is to more needs back for other do a backup the under to what care your is you So more guess, going expensive longer wondering at but

Stephen Kramer

Yes.

let me competition. with So start

always would entrants really What those the the position be size markets to say new that which come competition compete, and right? within we marketplace. when depart. you have had services are competitive of to confident that feel forever, continue in our the is, addressable about our I there that white we've in exists look, we going So in And space

a And two example, continue even our we lines largest next Xx the as share to more in compared amount number the maintain still It's the of using so competitor. to of our market business, of center service. our other

we really we So our also that, good win feel say I'd position. about about rate. feel competitive our really good

So we don't it while the rate we're every we think, Obviously, our win very hand, specific was time, but I high. know that you every disappointed the chose on win for time. reasons. don't if time, And is other Starbucks we Care, I win win all incredibly that just observed almost

competition see terms we don't that key headwind that we say advisory backup would addition What going future. of a into in So ingredient Ed is growth to look in as as being and a businesses. at I the

we any may of slightly are the that enjoy. really growth of changing focused profile, day, quarter, have on And but the so end algorithms service we the given what those in we're continuing two margin at in lines

growth that's see think And is to you're we what business. focus and and starting sustained so some I how also good really that

Jeffrey Meuler

for because market, that need was of acceleration But went for your pricing, the bigger there ever been? push you're perceive examples you, So any won't. gradual like thinking, state I talk just if any through inflation, in through to I'm if to a it maybe a you a increase there cash Okay. this price in announcement I to the meaningfully been step-function can has ability to that, know then, pass And $XX should minimum is there's just and maybe kind up occur? clients, it on where there that will wages increases. will, historical guess, that maybe able big benefit one, impact comp. a I it have of Amazon But don't that's wage just

Elizabeth Boland

So well while we've there's given it been we've And think for what for that challenging certainly wage that. states to Jeff, - but address be wages many but been employee us, - affected levels for been it's time, changes say, doing - years able over environment working to and I that labor on-ramp a have have have programs challenging complex affect it's example minimum market of legislative to those years. for individual of for other does it able as continue to as and been address that, a by able been we now. price challenging I in been that, it's pointing challenging this, many as for some a it They've announced of been it that becomes an longer that and out that costs. a an more be we're we've us on. It's kinds lot you're against goes to promulgated different been been successfully the that battling And address have

To addressing offer have I it's in as the the for about in it's that - value we wage sure doing. of state happening proposition about quality step - we us, anyway. this of think are so that making had as what having are know question in Washington, for much Seattle, that they're that hesitant minimum information, it as the we and about and example that changes, your is Amazon, effect happening we that they've not we're

it's done make more doing And know... be that have significant sustained time, and as it's rather Stephen, one to opportunity because occasionally, for But, we geography. in than we more in an ups, locations been there's we steps that that major paced time. I families but too, step so price absorbable And don't like over as over to other can

Stephen Kramer

package the and and organization work Certainly, is an so in And teachers in in package. I their that other equally grow about element on benefits their we pride professionalizes their centers. right, Jeff do. that career wage think the on important our offer, of we that continue know, terms point, they ability ourselves, force, if the with you to But as labor the our an to overall be think really we really

very we the are related families we're because and very wages. of offer services we we continue so, wages that to have increases, focused to quality on yes, ensuring that those And of yes, on the focused our absorb price

with have our we On think that is just the wage. other employees simply the than broader hand, proposition we value

Jeffrey Meuler

it. to just sorry, it. missed quarter? if one And contribution I what acquisition then, Got final the was me - from But in the one revenue

Elizabeth Boland

it so the X%. quarter just revenue - was One the about Acquisitions, was growth second. overall in

Jeffrey Meuler

X% to consolidated or X% to full service?

Elizabeth Boland

X% to consolidated.

Operator

Our next Group. from Mazari question is Macquarie with Hamzah

Mario Cortellacci

This for in is filling Cortellacci Mario Hamza.

markets any have would the there maybe guys similar if to Netherlands that be where are wondering, you sense make international the - in? Just it and to besides U.K. characteristics, for other

Stephen Kramer

great it's Yes, a question.

look support in So some we at third-party is expansion most for interested we there where the are of way international we the form offer. that is, markets services

in employers really here early childhood we've the partner invest government. a like the concept cost of alongside Netherlands, the in the quality pioneered of the full education. And our example, offset cost, families U.S., is place of for a to So really having

so the has and alongside offset subsidy to of significant invest government families. And

And but markets, has places strong the on we if that, criteria employer There again, rubric we that employer support. in other horizon, the like and the is are that as we and that. a are that France meet describing are government world, U.K. necessarily about look obviously, some as not support. these around places immediate like some they look at places And the that we're think we that beyond government look is And at support. between. is then so There look

support. There employer look Australia, government which either support. places and have employer have have places in at that Asia and/or You again like government again are

country likely one leaders the the from and keep maintain as continuing those are our that those on. on like-minded those new enter And providers. market we So and focused history, partnering we world, providers continue sorry, relationships true the we eye providers see with in quality to watchful quality ultimately, by to with are you'll around a of on kinds - employer of remain would the focused those places are typically, that in

Mario Cortellacci

perspective. more demographic that a this guys at is key a just And maybe for I'm an from quick follow-up, looking seen maybe Great. speak and you too and even a you to maybe a the watching sure while, something lately, you've on? not U.S. eye that shift macro Could keep some or you're in trends it's

Stephen Kramer

to rate continue macro is to and when trend think key at watch. services so we about us look the overall, certainly Yes, a trends, for we our unemployment

current for this are think who as focused rate later. very later more So When highly-educated, on we first affluent we've our been very in it's are having vibrant unemployment of market more us child the segment, parents, obviously, call. about the low their childcare on discussing we a and course, market,

And so the that watch demographic that be at. looking because that trend to tends we're we

So necessarily those a us, we we demographic the on doesn't statistics we Excellent. are the generically? Thank out and for to this we focus to much macro a not tends is you forward questions, participating that asked not of thank And the or you get that kinds at. on look many serve. of evening. sort We of given whether rate that, be speak good for to birth look the actual fact that to indicator that very seeing Well, for and statistic the you road. often

Elizabeth Boland

Have everybody. Thanks, a night. good

Operator

This concludes today's teleconference.

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

Bright Horizons Family Solutions (BFAM) 4 Nov 182018 Q3 Earnings call transcript