#Bright horizon full#

*Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are non-GAAP measures. Diluted adjusted earnings per common share* was $0.71 for the second quarter of 2022 compared to $0.49 for the same period in 2021.Īs of June 30, 2022, the Company had more than 1,350 client relationships with employers across a diverse array of industries, and operated 1,014 early education and child care centers with the capacity to serve approximately 114,000 children and their families, of which 992 early education and child care centers were open.

Adjusted net income* increased $12.3 million, or 41%, to $42.1 million, due to the increase in income from operations, partially offset by a higher effective tax rate.

#Bright horizon full#

In the second quarter of 2022, adjusted EBITDA* increased $15.1 million, or 22%, to $83.1 million, and adjusted income from operations* increased $16.3 million, or 48%, to $50.3 million from the second quarter of 2021, due primarily to the increase in gross profit in the full service center-based child care segment. Diluted earnings per common share was $0.42 for the second quarter of 2022 compared to $0.31 for the second quarter of 2021. Net income was $24.9 million for the second quarter of 2022 compared to $18.8 million for the second quarter of 2021, an increase of 33%, due to the increase in income from operations noted above, partially offset by transaction costs associated with acquisitions and a higher effective tax rate. The increase in income from operations reflects improved gross profit contributions in the full service center-based child care segment arising from increased enrollment and a higher level of support from government programs compared to the prior year. Income from operations was $47.8 million for the second quarter of 2022 compared to $34.0 million for the second quarter of 2021, representing a 41% increase. While we continued to see steady gains in enrollment in our child care centers during the quarter, our centers are still operating below pre-COVID-19 enrollment levels during this re-ramping phase. Revenue increased $48.9 million, or 11%, in the second quarter of 2022 from the second quarter of 2021, primarily attributable to enrollment gains at our centers and expanded sales and utilization of back-up care services, partially offset by lower foreign currency exchange rates for our United Kingdom and Netherlands operations. Our teams have been working hard on the integration and we remain very excited about the possibilities this acquisition brings to Bright Horizons’ global platform.”

“We are also thrilled to announce we completed the acquisition of Only About Children on July 1st.

While the operating environment remains fluid, we continue to be very optimistic about our strategy, operating quality and discipline, the strength and value of our client relationships and the commitment of our employees.” “Occupancy levels improved sequentially and, in June, traditional back-up use eclipsed pre-COVID-19 levels for the first time since the pandemic began. “We continued to make good progress in our second quarter with 11% revenue growth and 45% adjusted EPS growth,” said Stephen Kramer, Chief Executive Officer. Net income of $25 million and diluted earnings per common share of $0.42 (increases of 33% and 35%, respectively)Īdjusted income from operations* of $50 million (increase of 48%)Īdjusted EBITDA* of $83 million (increase of 22%)Īdjusted net income* of $42 million and diluted adjusted earnings per common share* of $0.71 (increases of 41% and 45%, respectively) Income from operations of $48 million (increase of 41%) Revenue of $490 million (increase of 11%) Second Quarter 2022 Highlights (compared to Second Quarter 2021): (NYSE: BFAM), a leading provider of high-quality education and care solutions designed to help employers support employees across life and career stages, today announced financial results for the second quarter of 2022 and revised financial guidance for 2022. 2, 2022-īright Horizons Family Solutions ® Inc.