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Bright Horizons Family Solutions Inc. (BFAM) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Bright Horizons Family Solutions Inc.

CIK: 1437578 Ticker: BFAM


Exhibit 99.1
Bright Horizons Family Solutions® Reports Fourth Quarter and Full Year 2014 Financial Results

BOSTON, February 12, 2015 /PRNewswire/ — Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality child care, early education and other services designed to help employers and families better address the challenges of work and life, today announced financial results for the fourth quarter and full year of 2014.
Fourth quarter 2014 Highlights (compared to fourth quarter 2013):
 
Revenue increased 6% to $338 million
Adjusted EBITDA* increased 14% to $61 million
Adjusted income from operations* rose 25% to $39 million
Adjusted net income* increased 22% to $26 million
Diluted adjusted earnings per pro forma common share* increased 22% to $0.39
Year ended December 31, 2014 Highlights (compared to year ended December 31, 2013):
 
Revenue increased 11% to $1.35 billion
Adjusted EBITDA* increased 14% to $238 million
Adjusted income from operations* rose 18% to $150 million
Adjusted net income* increased 24% to $97 million
Diluted adjusted earnings per pro forma common share* increased 22% to $1.45

"We generated strong operating results for the fourth quarter and the full year in 2014 as we executed on our growth strategy," said David Lissy, Chief Executive Officer.  "Our solid financial performance across our broad suite of solutions, reflects the investments we continue to make in the people and systems needed to strengthen our position as the leader in our field, and we are well positioned to continue to deliver growth and operating leverage in 2015."

“It was affirming that President Obama, in his January State of the Union Address, called out child care as an economic imperative for our country and ‘not a nice to have but a must have’ for working families in order to be successful integrating work and life. It highlighted for the rest of the nation what we at Bright Horizons, our clients and working parents across the country have long known - quality child care and other key supports are essential not only to the success of working families, but also for employers as they seek to engage the talent they need to sustain competitive advantage,” Lissy said.
The Company also announced today that its Board of Directors has authorized a stock repurchase program of up to $250 million of the Company’s outstanding common stock. The stock repurchase program, which has no expiration date, replaces the prior $225 million authorization, of which $3.6 million remained. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions, applicable legal requirements, and compliance with the terms of the Company’s senior secured credit facility.
Fourth Quarter 2014 Results
Revenue increased $18.6 million, or 6%, in the fourth quarter of 2014 from the fourth quarter of 2013 on contributions from new and ramping full service child care centers, average price increases of 3-4%, and expanded sales of back-up dependent care and educational advisory services.

In the fourth quarter of 2014, adjusted EBITDA increased $7.6 million, or 14%, and adjusted income from operations increased $7.9 million from the fourth quarter of 2013. The adjusted EBITDA increase reflects operating leverage from enrollment gains


The following information was filed by Bright Horizons Family Solutions Inc. (BFAM) on Thursday, February 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity (deficit)
Consolidated Statements Of Changes In Stockholders' Equity (deficit) (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (tables)
Accounts Payable And Accrued Expenses - Summary Of Accounts Payable And Accrued Expenses (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Allocation Of Purchase Price (detail)
Acquisitions - Summary Of Operating Results (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Payments Of Long-term Debt (detail)
Commitments And Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (detail)
Credit Arrangements And Debt Obligations
Credit Arrangements And Debt Obligations (tables)
Credit Arrangements And Debt Obligations - Additional Information (detail)
Credit Arrangements And Debt Obligations - Schedule Of Long-term Debt (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Fixed Assets
Fixed Assets (tables)
Fixed Assets - Additional Information (detail)
Fixed Assets - Summary Of Fixed Assets (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (detail)
Goodwill And Intangible Assets - Estimated Amortization Expense Related To Intangible Assets (detail)
Goodwill And Intangible Assets - Intangible Assets Subject To Amortization (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Net Deferred Tax Liability (detail)
Income Taxes - Income (loss) Before Income Taxes (detail)
Income Taxes - Income Tax (benefit) Expense (detail)
Income Taxes - Reconciliation Of Federal Statutory Rate To Effective Rate (detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (detail)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (policies)
Organization And Significant Accounting Policies (tables)
Organization And Significant Accounting Policies - Activity In Allowance For Doubtful Accounts (detail)
Organization And Significant Accounting Policies - Additional Information (detail)
Other Current Liabilities
Other Current Liabilities (tables)
Other Current Liabilities - Summary Of Other Current Liabilities (detail)
Other Long-term Liabilities
Other Long-term Liabilities (tables)
Other Long-term Liabilities - Summary Of Other Long-term Liabilities (detail)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (tables)
Prepaid Expenses And Other Current Assets - Schedule Of Prepaid Expenses And Other Current Assets (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Quarterly Results (unaudited) - Schedule Of Quarterly Financial Information (detail)
Redeemable Non-controlling Interest
Redeemable Non-controlling Interest (tables)
Redeemable Non-controlling Interest - Changes In Redeemable Non-controlling Interest (detail)
Redeemable Noncontrolling Interest - Additional Information (detail)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Additional Information (detail)
Segment And Geographic Information - Income From Operations By Segment (detail)
Segment And Geographic Information - Income From Operations By Segment - Footnotes (detail)
Segment And Geographic Information - Revenue And Long-lived Assets By Geographic Region (detail)
Stockholder's Equity And Stock-based Compensation - Additional Information (detail)
Stockholders' Equity And Stock-based Compensation
Stockholders' Equity And Stock-based Compensation (tables)
Stockholders' Equity And Stock-based Compensation - Reconciliation Of Changes In Class L Common Stock (detail)
Stockholders' Equity And Stock-based Compensation - Stock Option Activity Under Equity Plan (detail)
Stockholders' Equity And Stock-based Compensation - Weighted Average Assumptions For Fair Value Of Stock Option (detail)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: BFAM
CIK: 1437578
Form Type: 10-K Annual Report
Accession Number: 0001437578-15-000020
Submitted to the SEC: Mon Mar 02 2015 4:06:54 PM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: Child Day Care Services

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