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Bright Horizons Family Solutions Inc. (BFAM) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Bright Horizons Family Solutions Inc.

CIK: 1437578 Ticker: BFAM


Exhibit 99.1
Bright Horizons Family Solutions Reports Second Quarter of 2019 Financial Results
WATERTOWN, MA - (Business Wire - August 1, 2019) - Bright Horizons Family Solutions® Inc. (NYSE: BFAM), a leading provider of high-quality child care, early education and other services designed to help employers, families and adult learners better address the challenges of work and family life, today announced financial results for the second quarter of 2019 and updated certain financial guidance for the full year 2019.
Second Quarter 2019 Highlights (compared to second quarter 2018):
Revenue increased 8% to $528 million
Income from operations increased 16% to $75 million
Net income increased 22% to $49 million and diluted earnings per common share increased 22% to $0.83
Non-GAAP measures
Adjusted income from operations* increased 13% to $75 million
Adjusted EBITDA* increased 11% to $106 million
Adjusted net income* increased 15% to $58 million and diluted adjusted earnings per common share* increased 14% to $0.99
“We are pleased to report strong financial results for the second quarter of 2019,” said Stephen Kramer, Chief Executive Officer.  “Our performance continues to reflect the value that families and learners place on the high-quality services we provide, as well as our commitment to expanding the impact we have with our multi-national clients and their employees across life and career stages in key markets around the globe.”
“Our continued success is the direct result of the work of our 34,000 employees dedicated to our important mission and unique culture.” Kramer continued. “We remain focused on being an employer of choice and on recognizing the vital contributions of our people.”
Second Quarter 2019 Results
Revenue increased $38.4 million, or 8%, in the second quarter of 2019 from the second quarter of 2018 on contributions from new and ramping full service child care centers, average price increases of 3% to 4%, and expanded sales and utilization of our back-up care and educational advisory services.
Income from operations was $74.8 million for the second quarter of 2019, an increase from $64.6 million in the same 2018 period. Increases in revenue and gross profit reflect contributions from enrollment gains in mature and ramping centers, new child care centers, back-up care and educational advisory clients that have increased utilization levels or been added since the second quarter of 2018, efficiencies in service delivery across the expanding customer base, and strong cost management. These gains were partially offset by investments in marketing and technology to support our customer user experience, service delivery and operating efficiency, and costs incurred during the pre-opening and ramp-up phase of newer lease/consortium centers. Net income was $49.3 million for the second quarter of 2019 compared to net income of $40.4 million in the same 2018 period, an increase of $8.9 million, or 22%, attributable to the expanded income from operations. Diluted earnings per common share was $0.83 for the second quarter of 2019 compared to $0.68 in the same 2018 period.
In the second quarter of 2019, adjusted EBITDA increased $10.5 million, or 11%, to $105.9 million, and adjusted income from operations increased $8.6 million, or 13%, to $74.8 million from the second quarter of 2018 due primarily to the expanded gross profit. Adjusted net income increased by $7.6 million, or 15%, to $58.5 million on the expanded income from operations. Diluted adjusted earnings per common share was $0.99 compared to $0.87 in the second quarter of 2018.
As of June 30, 2019, the Company had more than 1,100 client relationships with employers across a diverse array of industries and operated 1,083 child care and early education centers with the capacity to serve approximately 120,000 children and their families.


The following information was filed by Bright Horizons Family Solutions Inc. (BFAM) on Thursday, August 1, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bright Horizons Family Solutions Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Changes In Stockholders' Equity Statement
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Notes)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions - Additional Information (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 - Future Principal Payments Under New Term Loan (Detail)
Credit Arrangements And Debt Obligations - Outstanding Borrowing (Detail)
Credit Arrangements And Debt Obligations Derivative Assets At Fair Value (Details)
Credit Arrangements And Debt Obligations Effect Of Derivatives On Other Comprehensive Income (Loss) (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation Of Basic Earnings Per Common Share (Detail)
Earnings Per Share - Computation Of Diluted Earnings Per Common Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Contingent Consideration (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
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 - Additional Information (Detail)
Leases (Notes)
Leases (Tables)
Leases Additional Cash Flow Disclosures (Details)
Leases Lease Expense (Details)
Leases Maturities Of Lease Liabilities (Details)
Leases Maturities Of Lease Liabilities Under Asc 840 (Details)
Leases Notes (Details)
Leases Weighted Average (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Significant Accounting Policies - Additional Information (Detail)
Revenue (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition Disaggregation Of Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Income From Operations By Segment (Detail)

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Bright Horizons Family Solutions Inc. provided additional information to their SEC Filing as exhibits

Ticker: BFAM
CIK: 1437578
Form Type: 10-Q Quarterly Report
Accession Number: 0001437578-19-000018
Submitted to the SEC: Wed Aug 07 2019 12:50:16 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Child Day Care Services

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