BFAM - Earnings call 4 2023 | Bright Horizons Family Solutions Inc.

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Operator

Greetings, and welcome to the Bright Horizons Family Solutions Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Flanagan, Vice President of Investor Relations. Thank you, Michael.

You may begin.

Michael Flanagan

everyone, Horizons' welcome, Call. Quarter and Paul, to Fourth Bright Earnings Thanks,

Relations website, we today's be recording Investor that please available of is the Before note The call begin, brighthorizons.com. being webcast. under section our will

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

materially our financial any as other and and SEC of forward-looking uncertainties be statements. that cause release, no made, filings. results only may of to Form with date undertake statements and differ speaks detail in conjunction it's which that involve statement risks earnings in Forward-looking XX-K statements are the should and XXXX in actual considered update Any to and may we forward-looking obligation cautionary operating the described

to We Relations investors.brighthorizons.com. reconciled counterparts the GAAP and may measures, available also the detailed earnings is refer which website are at to of which our under our non-GAAP in financial release, section Investor

follow on detailed Joining it business. Chief before up results Stephen Chief our and and questions. reviewing Boland. Executive an open start Officer, are review Elizabeth provide of update on the Kramer; Financial Stephen will our more Officer, Elizabeth will today's with we call a by the numbers to your

Stephen. over let that, to the turn With call me

Stephen Kramer

everyone welcome and to is who joining Mike, Thanks, call. the

and achieving XX% surpassing the Service mark, quarter. I Full results impressive revenue in really nearly strong, Performance year am revenue full the up year, EPS expanding better-than-expected the are results revenue Care million with finished we XXXX. the an XX% for how and $XXX in fourth pleased Back-Up with

services. who of dedication were by deliver continue high-quality driven our talented teams These focus, and work tirelessly to to accomplishments execution the our

of an of per which and $XXX of specifics, $X.XX, of get in year. prior XX% adjusted to some from into yielded share million the adjusted X% revenue total million, earnings increase increased So QX, EBITDA the to $XX

adjusted were full revenue been share occupancy. $XXX our for with XXXX, million. $X.XX, billion, to X% pricing more $X.X with the expanding high increased growth earnings per revenue than segment, this of XX% child In opened in XX% the drivers For quarter of fourth care that expanding XXXX. enrollment a have and X year centers of Full Service representing growth enrollment XX% single-digit averaging QX in of XX% to year The at and rate over

single-digit groups the fourth XX% with the life to mid- enrollment high the U.S., preschool mid-single-digit a age U.S., growth groups QX. in and increased these in growth centers younger our to QX in double-digit of increased XXXX. year-over-year rate in age In in compared at enrollment quarter Outside

operating performance the overall environment in to QX a Service that in seen enrollment the the we into in part U.K. growth the early have to challenging segment, Although of XXXX. to compared be QX, and progress U.K. the the of -- headwind continues continue increased Full improved modestly and

long-term greatest ensure time, the time. same the profitability over and portfolio viability centers in At continue the our momentum on we operating U.K. rationalize to focus regaining improved in to with

In and averaging portfolios both our enrollment was Dutch and in to upgrade our with XX%. line occupancy Australian expectations in continue above with operations, QX, levels

X,XXX cases and these Using higher were use all ended than our continue and year. strong increased trended the the use more Centers, Back-Up to to expectations Revenue Horizons turn now $XXX than year. me to business. the as primary drivers strong, our delivered the clients. XX% utilization Let Care, network across Traditional quarter outstanding be to centers network for we on which finish Back-Up an in-home million Bright

a years wider introduced deliver and solid care and very growth We interest use use. opportunity as couple that year tremendous saw the set need in from encouraged backup portfolio I'm the we this care. We're see to have of broader a for eligible families across us care. types. cases to employees. record continue demand serve newer the by all do was We to record growth encouraged enables last operationally capture for of XXXX by client of our ability in

$XXX mentioned earlier, I milestone in XXXX, we an important As reached in revenue. surpassing million

families, For grown context, years, clients. to profile employees over a in significantly, $XXX impact XXXX. last was along profitability Back-Up company's And Care with X and has the the contribution business revenue its million its on and

Service be earnings very in as go-forward profile, continued poised are enrollment Care to its excited opportunity and is Full we about earnings the segment. recovery, and contributor structurally continues our growth Even a to Back-Up larger this

employers Our the focused quarter business this and new Chartered Southern, in included Coach, of College revenue launches Verisign. $XX delivered education in for Notable and on The million Norfolk client Standard employees. of needs -- quarter. underway reskilling of advisory segment and upskilling and the their including and transformation is evolving EdAssist the meeting

against and market. investing in large believe the to continue are this available We in opportunity

year As as our We Horizons to these as children, partners. we business. the to not employer important achieved made progress great and and client turn this want mission education delivering families, quality core to across to family the learners well many care our member without Bright XXXX, been of who take partners to moment commitment of services. their our every a our past I This in dedication highest thank invest could have dimensions in and

working during and San who XXers for this game integrate children A of Francisco A of out example teachers great Sunday. to cared our past we special Las the to life. Vegas in shout the work big the support families how

to momentum, and near-term levels, We believe and $X.X our of billion. success We making years XX%, the to growth backup well also our good in XXXX while in strengthen made foundation for in to with capacity we One to our and support to our billion entered of executed investments revenue infrastructure XXXX in progress approximately expanding come. Horizons resulting footing against to $X.X continued the our build-out increasing rebuilding solid drive a goals capabilities see expect in enrollment, I revenue growth and significant Bright on we staffing the of vision.

the earnings in $X.XX EPS On $X per range the we share. are to of projecting adjusted side,

With outlook. call our into to around that, I'll share dive and XXXX Elizabeth, who more will details quarterly the over turn the numbers

Elizabeth Boland

closing Thank XX% to of 'XX, Great. of or fourth Stephen, in XX% revenue everybody new the centers million to X operating revenue, and hi quarter, QX adjusted with X,XXX quarter. of while the to ended income To quarter you, XX and XX% million. who's the adding today. revenue over million of $XX fourth able XX% We the Adjusted of increased $XX prior recap centers, year. XX.X% increased or over us EBITDA increased join overall centers $XXX

up million, in opened $XXX high more To break bit than this pricing. our further, at in the Full the single X for XX% digits increased Service the revenue of QX in down a year high centers in our increased Enrollment expectations end of was portfolio. enrollment on across

levels in XX% averaged XX% enrollment occupancy QX QX mentioned, for and consistent range digits the XX% as was with U.S. enrollment prior and Stephen increased year. to international of over the the levels, enrollment mid-single up expected in seasonality. typical As given

we continue to of XX% QX our our from of in In center the discussed XX% period. to performing our 'XX in show QX, the of occupancy, defined top centers QX have prior we XX% cohort, of above In year cohorts previously, improvement centers over XXXX. as that improved

cohort the bottom compared XX% centers, XX% of in under Our those as represents of year period. to occupied, operating centers XX% prior

tuition, a year. $X muted Adjusted Higher reduction over program segment, by of in Service higher the enrollment, operating million government improved million largely and $XX over increased $XX operating the support million leverage income from in year. ARPA prior Full received tuition increases prior the funding the were

in U.K. and to to to over better are Stephen our operating time. rationalize taking As improve position portfolio the previewed, footprint performance we steps our

and closed Specifically, we've in centers next XX X have XX centers including locations XXXX, U.K. currently close an to months. in to the the additional XX to QX identified XX XX over in

margins has in we've in been several had operated Service up single income approximately U.K. the losing in operating last unprofitable leading adjusted to calls, years XXXX. high the the million Full business As on discussed in in but pandemic, $XX prior at the the years, digits

the We improved in performance along part associated to the operating of the rationalization portfolio remaining expect drive with enrollment 'XX and improved later staffing the the reduced gains in operating footprint with XXXX. and costs into then

the on care for this operating We in eye will new expanded optimizing on of of portfolio cost which support with a is the particular focus on for younger tuck-in to of defraying some family. continue environment. the impact children, focused

operating Revenue revenue of growing expectations the Turning had $XXX and or well the grew to the year XX% XX% in million, XX% ahead income million, over to quarter prior year. Care. was to fourth finish the we of $XX adjusted Back-Up

in-health traditional than we higher particularly was detailed, care. use Stephen care the with used and types, on across As volume anticipated strong center

educational Lastly, $XX XX%. revenue million of segment of reported advising margin delivered and operating

businesses Coach quarter. X% College million, for by and segment in EdAssist $XX grew in quarter X% this fourth Sittercity an resulting business while the Marketplace Our overall declined, the to in revenue growth the

of basis the of income to million XXXX net per Only to both About points the structural an XXX second in increased million related purchase QX our on in we acquisition the to $X half increased quarter expense increase deferred over The in price XXXX that $XX excluding Interest adjusted million of rate Children. on XX.X% quarter, 'XX. QX, of $X.X and had the in tax

cash and flow. sheet balance the to Turning

$XX we in end fixed of compared EBITDA, $XXX the net in invested X.XXx of acquisition year, at the including from 'XX, cash operations and XXXX. in million million of debt a million, About $XXX million generated investments $XXX XXXX. and cash Children. ratio to asset with the XXXX. ended In $XXX For We from We down in had we XXXX in invested million Only leverage acquisitions to X.Xx

on change will to for reflect the segment ed to operating up change growth on the our quarter to wanted advisory of moved and Effective I back in and impact a XXXX, segment the first Care move I guidance, reporting minor Back-Up we reporting structure. to other have in from Sittercity both ed the better advisory touch that our comparisons Before to segments. our

For quarterly segment X-K the recast in associated the comparisons our we with revenue operating filed year and release. prior clarity, earnings income

Our of comparisons. restated Care reflect revenue growth Advisory XXXX the XXXX does Ed off Back-Up guidance and

So now our on outlook. to moving XXXX

billion, range which billion $X.X in we to revenue terms of expect expect X% translates X% to and level, on tuition growth be XX% top a the At enrollment to the segment mid-single on participation. In we gains to of to Full grow XX% $X.X line, increases. in digits Back-Up expanded XX%. XXXX Care currently to to use Service and increased XX% higher Advisory with increase roughly to Ed

reporting earnings, margins share. there funding $X to last the expect of of In range specifically the end expense. are earnings per interest in to ARPA our year, rates and XXXX items $X.XX some discrete be of to to we terms related adjusted growth affecting EPS 'XX, in Similar and

for the an year full $XX $XX headwind in increase we share a $X.XX for XXXX items growth that million those million reflecting from year, and to the centers full the in received interest XXXX, account last an approximately P&L funding expect In claims expense. ARPA to approximate we of for X estimated

As again, Advisory we XX%, to and top in in Service of look line for mid-single same Ed growth XX% that specifically to the XX% our digits. growth outlook XX% to and is Back at total with to XX%, Up Full QX, rate, the range XX% of

that expect earnings, headwind of EPS more items ARPA support we in to I XXXX. $X.XX share. And interest and be in received the of we terms QX In of $X.XX the the $XX $X adjusted mentioned million in expense had above, million a have regarding range to from a to QX discrete we expect

items QX through move We and 'XX. only to time $X each year-over-year of ease do headwinds the the million as with from to a and these approximately million combined by the we QX headwind earnings to million QX in falling we $XX get X headwind expect of $XX year QX in then from

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

Operator

[Operator Instructions] Our first question JPMorgan. Steinerman is with from Andrew

Andrew Steinerman

be might increased the the of you that industry might new kind opportunity funding and M&A Horizons this United ARPA it States of stated clients. Stephen, in outside an struggle really winning Bright or just for there saw

ARPA terms you of the seeing kind faded, Now has industry that what in the of are the broader after in effect?

Stephen Kramer

Thanks for Andrew. the question,

ARPA the end the stated, September. So at we of ended as funding

they that focus and XXXX. always They'll vocationally industry, we to over tend effects transpire focus specifically so we and on on They things our ultimately Competitors, of And owner operators. the time. are individual uneconomic their felt had be indicated XXXX that are and for period in will into very minded some do may teachers that of that would families.

looking are them Others some given available, many others point, funding this try they're the out at are that economics. through decrement can wages think And what the to COVID their they're looking doing period. isn't at capture in they their decisions wages. their figure that around are at trying that structurally making reducing reduce to seeing discounting of to I to and then the pricing do of

we're effects the think going elimination still I that in So early we ARPA to see the funding. possibly the of of are the innings from

are or acquired. the process, the unfold over But XX turning keys in there next so And still to months. to it's point, the in isolated operators XX where early be effects at are owner I deciding expect that think this very and we examples to

Operator

with from Jefferies. Stephanie is question next Moore Our

Stephanie Benjamin Moore

footprint in maybe about centers footprint U.K. some I in touch was quarter, hoping of the thinking Maybe you comment count But XXXX. in and should about be talk could think changes rationalization. by we rationalization and about know in year-end. bit the outside center optimizing your as a in called U.S. expectations kind of just broad on the U.S. I as what you making you total the your a about

Elizabeth Boland

Sure.

can can Stephen color. and add I on start the and if So I question see touch

are So but number the the demand see. circled have out may that's again, of called that environment we XXXX, of that in keeping expanded U.K. as the up the the U.K. in foreclosure how centers you funding rationalization areas, on we've certain in effects an main a impact we eye say, and

to globally this a Overall, number what would year. expect we to closed we close similar

so this would to we expect a year, adds. XX, center again to Openings in total centers and XX XXXX. see that around overall XX with XX of new averaged So

a XX footprint So net of down. overall reduction in center net

be X,XXX at So just year. we ended the -- of year over at end around the would the X,XXX, it so

Stephanie Benjamin Moore

Okay. And just follow-up on as a that.

certainly could kind the the about to made are progress stance a of pretty in at think aggressive of as have drive just enrollment you not, lowest or that cohort at center improvement you aspect lowest centers a rationalization business -- at the at drive potential utilization is you Or year-over-year. level? improvement your look But see what to that one that lowest opportunities some on cohort if to are that maybe pull you lever and that an As that one could there meaningful the level more is cohort?

Elizabeth Boland

the lowest mentioned, XX% have cohort, then is footprint can more and add on -- talking Yes. the about. Again, group opened I'll color. been Stephen start that The been that about as of we've centers than

new enrollment intersection that centers, center all client relationships that along X we the in open there know at That, been our the on staff to and and on to that supply, centers where the able enrollment close under -- services, and and high. overall we've And marketplace center. really ability to have demand so we the there's taking our centers where with closures, continue about of the the what and children eye take supplier regard that there's of are contracting our long take cite as to has to gated mindful a And -- that impact care opportunities affordability we the look and continues demand the an demand some having that of of a that improving just time there's realization are both see new talking to centers as the of enrollment with been takes Stephen a on is. the are they was from of enrollment we and it of density also, to as we And and those rightsize. the on our demand the see age we best for persistently

waiting And in timing more are ahead on be to to centers, given so the be through life far and too the about And we not them, interval. actually time. rationalization of whether closing get quite time centers costly to actually careful going this you're it's more that some close challenging want just lease of the need long

Stephen Kramer

the the I as environment. in a here think I thing to still the to back think States bit would out United there is, And only relates Andrew's to question, it add is competitive play Yes. I going

really And alluded from micro really Elizabeth by challenge watching then micro we're the stems on And that to, core closely a as market in the so basis. that. U.K. market

U.K. progress the to some we centers extent some the the to progress it relates in so we'll and And potentially to that to make that as continue able able staffing, to are see staffing I of associated with think costs be

So some well I in that to of is months next XX both would environment competitive the pressures that macro over of as observe XX about ease it just may the some geographies. the as

Operator

is from question next with Our Sachs. Goldman Tong George

Keen Fai Tong

occupancy What some your you assuming would XX% to perspectives about occupancy averaging could quarter you be by too? provide for in rates guidance helpful XXXX? quarter. talked rates if the XX% You that in And are

Elizabeth Boland

off Full we as So a to enrollment sure George, start it's again. enrollment story. mainly the and Service price expansion next for I'll growth year, The look overall, ahead the

increases average in contributing from would that the the range. mid-single so top closures price on digits growth were enrollment of talking And that mid-single around just to X% that digits by mid-single the line in rate about, headwind offset in digits range with it's come overall a that the bit we also and

course, that our highest top is centers performing quite already occupied. Of cohort fully

real more the cohort lot generally more So gain there. -- XXX% occupied from our group. improve occupied in there's to XX% not enrollment XX% to It the had middle that would a opportunity of be coming be or

that growth is an seeing overall, So standpoint. from what we enrollment are

QX it and QX of would XX% the is the for over be QX. the But XX% and cyclicality, be to. cadence QX sort stable is we pretty occupancy QX growing but from to the cadence then a XX% to from that's of improving summer the what quarter, would is year. enrollment to retrenchment similar the to XX% tough It is guide quarter,

Keen Fai Tong

And you've recover? Got with seeing as what be do enrollments operating it. to That's centers to that as Service Full a respect labor latest been helpful. you given the to continue incremental costs facility margins for costs, expect just follow-up, and

Elizabeth Boland

year of a headwind couple you in in of remarks factors, cessation, funding, mentioned the coming so ex have digits $XX We segment. will Service we be play operating Service. that in ARPA course, a to ARPA 'XX. looking So we ARPA that results -- I Full mid-single of that low have million into the the will, all at prepared in sort if the would to into be of and margins Full for that's account overall the taking with the

to that top-performing -- digits, to lot but that bit there the we U.K., is the group a that has with single centers operating And margin have more in our in of a They XX%. the well. mix are that's group headwind go, middle of of a expected. X% in that cohort number because we of to room performing enrollment is in U.K. as the certainly had that in we as have see bottom in XX% representative are that's that the the and is that cohort, exists. particular, centers back group where XX% to that performance the both cohort high a the centers middle, that's They in pre-COVID levels The of

in more group. And would like a the U.K., plus so the structure we in that mid-single-digit see underperformance and the cost with

to occupied. is bottom of XX% need cohort They XX be certainly yet. and they're end, more then, be over range. the And closer the not to XX% positive to profitable course, At

mid-single top we some the U.K. the to the that out overall, at see and shoots would year, with for both looking see green the blending just that to cohorts portfolio but headwind the without we to in out good digits So low the pencil from

Operator

question with is Our from Barclays. next Manav Patnaik

Manav Patnaik

on to wanted just I Back-Up. focus

'XX? the this help utilization you've Steve break clients, and So had was Camp could growth out big was guiding just to Kate's’ XX% you're deceleration much thrown talked How and credit phenomenon why about year. that you of was the other a acquisitions in I addition the it much by for that you & that services of hoping and you all just before? such how new just these

Stephen Kramer

Yes.

Manav. thanks, So

certainly, So is in the we're we Look, a growth that about this XX% achieved utilization-based excited XXXX. service.

So is given more vast from use. any of improvement majority really year in the

usage of new of fact that have been comes new season of is a really in as both clients take so end of among they with that that And that that of clients the the are existing at But combination portion number small growth to the the clients. time growth. and our increasing well us. day, Most the as from

the other of newer that use Certainly, we in-center and say piece was of the growth saw traditional nice in I'd that our growth growth. of in-home but the not majority is the majority from use cases, was the it cases. a the

traditional we installed care the So the about really that as use growth of types thinking it as growing base, vast achieved. the in majority

we we look just growth in out observing first, we to XXXX, XX% XX% did 'XX, growth that did When in 'XX.

So this is a comps. of double sort increasingly year difficult of

continuing be greater And said, And well use need have occurred client supply really penetration out of but use, and ahead as being the the drive we're mindful to continued as acceleration mindful of to as continuing years. over that. that users last of budgets several the of of I build so utilization-based mindful we to just of focused as on we're a service,

to where 'XX. of XX% that's delivery growth on we segment So for a XX% our land Back-Up in

Manav Patnaik

margins, nice. know just margins investing in the you I And on help incremental business, said could to Got Okay. margins you what were keep it. about growth year Elizabeth, kind any the that we be the the would but how of of think help maybe there should are? going you us if for that or

Elizabeth Boland

And about you that Care, you're asking Back-Up is what said?

Manav Patnaik

correct. yes, Care, Back-Up Yes,

Elizabeth Boland

Yes.

margins similar EBIT seen what continue do. So to a Back-Up to Care, we us expect XX% would to you've XX%

direct the pay much user investing have into the in I then are systems baked costs. is other that then the that experience that use the both we and providers of balance that the fact the we as cost And the and think both the expanded of that's structure. third-party we

that XX%. of So XX% sustain level think can we to we

it be that more we would for margin be bit In a 'XX, year. business, in on to little operating -- there's the if closer front investment so it the would XX% Advisory expect would

Operator

Josh with from is UBS. Chan question next Our

Joshua Chan

Maybe discussion Care. on continuing the Back-Up

As what clients you to rate feel of to new the extent comprised of opposed growth type drive continuing And up of how will a the as do look the like opportunity is? be years, sustainable out couple you double-digit to usage? then

Stephen Kramer

Yes.

we growth So see to to And use. lot to the certainly years. opportunity of drive the to users XX% and will XX% many number expanding come over continue from of that the a continue then ultimately expanding

I R&D as cases. think that is use will we the broaden something use certainly around -- of to to continuing continue do number well types

along So of we continuing penetration at ability really increase that, something there broaden of continues the level. then growth. we among to the top see the be to lives as of where predominance the to cases continue number to obviously, the a use client it And eligible being the have on with interest

algorithm. clients the growth new to other is time the adding component So over

Joshua Chan

U.K. XXXX. you Service potentially you're on out think for there the And 'XX? the how to on could of a in from I narrow kind based side, the much that contemplating loss ballpark Full the Okay. Is headwind called EBIT actions that way

Elizabeth Boland

Yes.

call a was loss was $XX a around level So in million XXXX. out it and that we -- did at that

in million would XXXX. that $X to million expect So we $XX likely by to ease

and view across and the beyond is but a making profitability, where Full of getting not course, profitability year the year then, Service back that still objective fully looking back the headway the portfolio in to kind digits. of -- half into the back part the for were more full return against really we be we'd of that of pre-COVID single in to high XXXX So

Operator

Kaplan question Morgan from Our Stanley. with Instructions] is [Operator Toni next

Toni Kaplan

the a able I add Is you color from underperforming know impaired? little centers? last impairment. those being what's guess expenses? rationale just as well, on this did assets $XX I better. back but I was it to million the year And give you it could bit to being more wanted understand are hoping what just And

Elizabeth Boland

Sure.

lease this have then -- centers the lease with those the chunk that having cash to the of are that and of recover a would -- centers leasehold either a long-term be a That's to of centers and asset improvements ability performance generation sort operating standpoint right-of-use the impairment been good so of right-of-use an So relates that and on that and have recovery associated the the the doesn't close. asset improvements. and but to clear flow impaired, slated the from accounting convention obligation also

from so And our adding that from standpoint it expense non of pandemic. the of back, in recurring it the is context a that view the I it's think -- standout is recovering is

years it the impairments over outsized had we that over as some continued years but last portfolio the and we've have refine We of of operating see evolving recovery, couple as the is are certainly to the book that predictable. we it an expense is not

see coming is it isolated that so where it's from. and it to -- so understand like best feel people can And it's

of we out One determined in that convention, how market, is of point is accounting are course, the and things a to some an about, the of it in challenge this an assets sticky space environment you to with fairly sublease where being negotiate. with are may in leases long-life is estimate to be for the desire able to landlords their to what

play. that comes so And certainly into

Toni Kaplan

you the for what technology And been Advisory, color it. you've to Ed Is X if the couple last Got could that is, it you're maybe down margins -- some making? making area? And investments investments quarters, that give technology that if were year-over-year. in related on

Stephen Kramer

Sure, Toni.

personalized technology, to a their and invest are we going product, to people, upskill answer And transformation. able reskill multiyear in so that we but employer we've to for fact in going going we're a called area we're technology. in in a of going positioned. quite investments transformation, the used focused employees is invest that It's going investments clients we've be we're that concept marketing invest been Care to similar to efforts. yes, and the supporting playbook making in see our that this quick the particularly that we're the that and on in we've believe believe out So opportunity in that been making Back-Up an well we really to the large to is deploy be we the are

So a represents degradation in XX% our as expectation on that and a XXXX is we'll margin, that in this run segment. Elizabeth stated, investing particular with in a at clear focus margin

Operator

Jeff next with Our BMO is from Capital Markets. question Silber

Jeffrey Silber

said funding a more sure you if I give support got in color that on think you that? little bit not if something the expanding just right. us U.K. can I about But did, I I'm

Elizabeth Boland

Sure.

support had has So funding that long a had U.K. -- -- parents. has the is to

olds year, families. the is are an and be April this But strain. of cultivating expanded that's provided U.K. or economic groups to for olds. expanded XX environment has it X- available looking of they made further in down encompass infant of X-year then tuition that provides funding a more supported and was to what of XX now is as And ], it to the will starting hours to X make age been generally more also That year So families [ for childcare expanded X-month-old above hours affordable rate and it to has in and care it the overstatement called have care is.

weeks care XX XX to So hours XX some for is general but families a for up of year. availability eligible for hours, are supported

parents the may what of pay help it need. -- can that that it the XX%, XX% of so they so And is for upside or care

the us. per tuition, funding opportunity a an revenue more And is is to demand more has not because for is but support se It opportunity parents' the drive demand. to it the so to it enhancer drive

Jeffrey Silber

as back this I this the impacts Okay. business. higher in towards just on from back know get at but X be a how of you're apply can And -- days It to terms office, impact or year. seen home maybe before, more the the a more going more seems that your business least to think your they're maybe you've you back I going in seems but to arguments more a to know see? week, then level, globally not like X forth this push That's the companies that great. talked but of X some and color. good Any there's working about of been well. probably move U.S., you've to at and

Stephen Kramer

information X is last had as I a going quite office of a a have care over we seems years. of return you sharing pointed been the with And good time have what ultimately, really majority who week feels client the several at So are where week. be X right? is plans have someone It think want point. base, look, number us of our to have days pretty to we So they sort that certainly been clients from of a their working flow out, that the indicated where like, ultimately have for standard Jeff, X always this days to to we

client-based actually the stronger so our clients' employees real their many opportunity over we is quarters use to had leverage on our for reason occupancy a the in to And centers because margin, on-site have now there centers. high-quality

the again, a on business. arc think upward describe to not same a about I And and but this we saw kind evolving It's the of that have something that has positive as are our it increase in significant sort based way landscape. longer it. seeing good in But we always benefit portfolio that feel that we ultimately, so is business of that this trend, we have that or footprint ultimately we

Well, the this you Okay. rest day. joining have for great thank of and us evening, all a

Elizabeth Boland

Thank you.

Operator

conference. today's concludes This

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

Bright Horizons Family Solutions (BFAM) 13 Feb 242023 Q4 Earnings call transcript