BFAM
$118.69
Bright Horizons Family Solutions
($1.51)
(1.26%)
Earnings Details
3rd Quarter September 2018
Thursday, November 01, 2018 4:20:00 PM
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Summary

Bright Horizons Narrows Guidance

Bright Horizons Family Solutions (BFAM) reported 3rd Quarter September 2018 earnings of $0.68 per share on revenue of $471.6 million. The consensus earnings estimate was $0.66 per share on revenue of $471.7 million. Revenue grew 8.8% on a year-over-year basis.

The company said it now expects 2018 non-GAAP earnings of $3.14 to $3.16 per share and continues to expect revenue of $1.88 billion to $1.91 billion. The company's previous guidance was earnings of $3.13 to $3.16 per share and the current consensus earnings estimate is $3.15 per share on revenue of $1.90 billion for the year ending December 31, 2018.

Bright Horizons Family Solutions Inc is a provider of high-quality child care and early education services as well as other services designed to help employers and families address the challenges of work and life.

Results
Reported Earnings
$0.68
Earnings Whisper
-
Consensus Estimate
$0.66
Reported Revenue
$471.6 Mil
Revenue Estimate
$471.7 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Bright Horizons Family Solutions Reports Third Quarter of 2018 Financial Results

WATERTOWN, Mass.--(BUSINESS WIRE)-- 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 family life, today announced financial results for the third quarter of 2018 and updated certain financial guidance for the full year 2018.

Third Quarter 2018 Highlights (compared to third quarter 2017):

  • Revenue increased 9% to $472 million
  • Income from operations increased 23% to $55 million
  • Net income increased 8% to $34 million and diluted earnings per common share increased 12% to $0.57

Non-GAAP measures

  • Adjusted income from operations* increased 14% to $55 million
  • Adjusted EBITDA* increased 11% to $85 million
  • Adjusted net income* increased 16% to $43 million and diluted adjusted earnings per common share* increased 18% to $0.73

“We are pleased to report strong financial results for the third quarter of 2018,” said Stephen Kramer, Chief Executive Officer. “Bright Horizons continues to lead our field in creating innovative solutions for employers, and in delivering high quality care to hundreds of thousands of children, working parents and adult learners every day,” said Kramer. “We are also very proud to have been named one of Fortune magazine's “Best Workplaces for Women.” Supporting women is essential to our culture, our growth and the organizations we serve, and this recognition is a testament to our own commitment to be a great place to work.”

Third Quarter 2018 Results

Revenue increased $38.3 million, or 9%, in the third quarter of 2018 from the third quarter of 2017 on contributions from new and ramping full service child care centers, average price increases of 3-4%, and expanded sales of our back-up dependent care and educational advisory services.

Income from operations was $55.5 million for the third quarter of 2018, an increase from $45.0 million in the same 2017 period. Increases in revenue and gross profit reflect contributions from enrollment gains in mature and ramping centers, new child care centers, back-up dependent care and educational advisory clients that have increased utilization levels or been added since the third quarter of 2017, 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 $33.6 million for the third quarter of 2018 compared to net income of $31.1 million in the same 2017 period, an increase of $2.5 million, or 8%, attributable to expanded income from operations, offset by a higher effective tax rate primarily due to the one-time benefit associated with the final disposition of our investment in Ireland during the third quarter of 2017. Diluted earnings per common share was $0.57 for the third quarter of 2018 compared to $0.51 in the same 2017 period.

In the third quarter of 2018, adjusted EBITDA increased $8.6 million, or 11%, to $85.2 million, and adjusted income from operations increased $6.8 million, or 14%, to $55.5 million, from the third quarter of 2017 due primarily to the expanded gross profit. Adjusted net income increased by $5.8 million, or 16%, to $42.9 million on the expanded income from operations and a lower effective tax rate. Diluted adjusted earnings per common share was $0.73 compared to $0.62 in the third quarter of 2017.

As of September 30, 2018, the Company operated 1,071 child care and early education centers with the capacity to serve 118,300 children and their families.

*Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are non-GAAP measures. Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, straight line rent expense, stock-based compensation expense, and transaction costs. Adjusted income from operations represents income from operations before transaction costs. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, transaction costs and the income tax provision (benefit) thereon. Diluted adjusted earnings per common share is a non-GAAP measure, calculated using adjusted net income. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Measures” and the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”

Balance Sheet and Cash Flow

For the nine months ended September 30, 2018, the Company generated approximately $239.7 million of cash flows from operations compared to $213.0 million for the same 2017 period and invested $114.3 million in fixed assets and acquisitions compared to $80.6 million in the same 2017 period. Net cash used in financing activities totaled $118.2 million in the nine months ended September 30, 2018 compared to $95.1 million for the same 2017 period. The Company reported a net reduction in cash and cash equivalents of $1.9 million to $21.3 million as of September 30, 2018.

2018 Outlook

As described below, the Company is updating certain financial guidance. For the full year 2018, the Company currently expects:

  • Revenue growth in 2018 in the range of 8-10%
  • Net income in the range of $150 million to $151 million and diluted earnings per common share in the range of $2.53 to $2.55
  • Adjusted net income in the range of $185 million to $186 million and diluted adjusted earnings per common share in the range of $3.14 to $3.16
  • Diluted weighted average shares of approximately 59 million shares

For a reconciliation of the non-GAAP measures to their most directly comparable GAAP measure, refer to the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”

Conference Call

Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039 or, for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through November 22, 2018 at 1-844-512-2921 or, for international callers, 1-412-317-6671, conference ID #13678192. The webcast of the conference call, including replays, and a copy of this press release are also available through the Investor Relations section of the Company’s web site, www.brighthorizons.com.

Forward-Looking Statements

This press release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth plan, strategies, our service offerings, our clients, estimated effective tax rate, estimates and impact of recently enacted tax legislation and excess tax benefits, our investments, and our 2018 financial guidance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company believes that these risks and uncertainties include, but are not limited to, changes in the demand for child care and other dependent care services, including variation in enrollment trends and lower than expected demand from employer sponsor clients; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; the impact of recently enacted tax legislation; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed February 28, 2018, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements - adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share - which present operating results on a basis adjusted for certain items. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement. We also believe these non-GAAP measures provide investors with useful information with respect to our historical operations. These non-GAAP measures are not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. The use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are reconciled from the respective measures under GAAP in the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”

Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, expenses related to the completion of secondary offerings and debt financing transactions, and expenses associated with completed acquisitions as well as tax effects associated with these items. These adjustments to net income and diluted earnings per common share in future periods are generally expected to be similar to the types of charges and costs excluded from adjusted net income and diluted adjusted earnings per common share in prior quarters, although we can provide no assurance as to the timing or magnitude of any such adjustments. The exclusion of these charges and costs in future periods will have an impact on the Company’s adjusted net income and diluted adjusted earnings per common share.

About Bright Horizons Family Solutions Inc.

Bright Horizons Family Solutions® is 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 family life. The Company provides full service center-based child care, back-up dependent care and educational advisory services to more than 1,100 clients across the United States, the United Kingdom, the Netherlands, Canada and India, including more than 150 Fortune 500 companies and more than 80 of Working Mother magazine’s 2018 “100 Best Companies for Working Mothers.” Bright Horizons has been recognized 17 times as one of Fortune magazine’s “100 Best Companies to Work For” and is one of the U.K. and Netherlands’ Best Workplaces as designated by the Great Place to Work® Institute. Bright Horizons is headquartered in Watertown, MA. The Company’s web site is located at www.brighthorizons.com.

 
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

(Unaudited)

  Three Months Ended September 30,
2018   %   2017   %
Revenue $ 471,585   100.0 % $ 433,316   100.0 %
Cost of services 358,545     76.0 % 330,122     76.2 %
Gross profit 113,040 24.0 % 103,194 23.8 %
Selling, general and administrative expenses 49,427 10.5 % 46,369 10.7 %
Amortization of intangible assets 8,153 1.7 % 8,191 1.9 %
Other expenses     % 3,671     0.8 %
Income from operations 55,460 11.8 % 44,963 10.4 %
Interest expense—net (11,795 )   (2.5 )% (10,824 )   (2.5 )%
Income before income tax 43,665 9.3 % 34,139 7.9 %
Income tax expense (10,065 )   (2.2 )% (3,034 )   (0.7 )%
Net income $ 33,600     7.1 % $ 31,105     7.2 %
 
Earnings per common share:
Common stock—basic $ 0.58 $ 0.53
Common stock—diluted $ 0.57 $ 0.51
 
Weighted average number of common shares outstanding:
Common stock—basic 57,719,730 58,811,488
Common stock—diluted 58,924,423 60,088,078
 
 
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

(Unaudited)

     
Nine Months Ended September 30,
2018   %   2017   %
Revenue $ 1,424,941 100.0 % $ 1,301,026 100.0 %
Cost of services 1,072,320     75.3 % 978,557     75.2 %
Gross profit 352,621 24.7 % 322,469 24.8 %
Selling, general and administrative expenses 152,776 10.7 % 141,384 10.9 %
Amortization of intangible assets 24,477 1.7 % 24,241 1.8 %
Other expenses     % 3,671     0.3 %
Income from operations 175,368 12.3 % 153,173 11.8 %
Interest expense—net (35,459 )   (2.5 )% (32,252 )   (2.5 )%
Income before income tax 139,909 9.8 % 120,921 9.3 %
Income tax expense (28,585 )   (2.0 )% (15,402 )   (1.2 )%
Net income $ 111,324     7.8 % $ 105,519     8.1 %
 
Earnings per common share:
Common stock—basic $ 1.91 $ 1.78
Common stock—diluted $ 1.88 $ 1.74
 
Weighted average number of common shares outstanding:
Common stock—basic 57,841,382 59,039,931
Common stock—diluted 59,044,561 60,457,004
 
 
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 
  September 30, 2018   December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 21,304 $ 23,227
Accounts receivable—net 104,965 117,138
Prepaid expenses and other current assets 48,189   52,096
Total current assets 174,458 192,461
Fixed assets—net 586,411 575,185
Goodwill 1,339,450 1,306,792
Other intangibles—net 329,319 348,540
Other assets 67,776   45,666
Total assets $ 2,497,414   $ 2,468,644
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 10,750 $ 10,750
Borrowings under revolving credit facility 94,000 127,100
Accounts payable and accrued expenses 160,030 132,897
Deferred revenue and other current liabilities 187,737   189,908
Total current liabilities 452,517 460,655
Long-term debt—net 1,039,074 1,046,011
Deferred income taxes 74,422 74,069
Other long-term liabilities 151,188   138,849
Total liabilities 1,717,201   1,719,584
Total stockholders’ equity 780,213   749,060
Total liabilities and stockholders’ equity $ 2,497,414   $ 2,468,644
 
 
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 
  Nine Months Ended September 30,
2018   2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 111,324 $ 105,519
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 75,146 70,289
Stock-based compensation expense 10,304 8,777
Deferred income taxes (3,719 ) 1,038
Other non-cash adjustments—net 3,286 8,860
Changes in assets and liabilities 43,355   18,548  
Net cash provided by operating activities 239,696   213,031  
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets—net (62,549 ) (63,070 )
Payments and settlements for acquisitions—net of cash acquired (51,744 ) (17,526 )
Net cash used in investing activities (114,293 ) (80,596 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit facility—net (33,100 ) (10,500 )
Principal payments of long-term debt (8,063 ) (5,375 )
Payments for debt issuance costs (292 ) (1,314 )
Purchase of treasury stock (85,725 ) (74,935 )
Taxes paid related to the net share settlement of stock options and restricted stock (7,452 ) (25,830 )
Proceeds from issuance of common stock upon exercise of options 14,893 18,709
Proceeds from issuance of restricted stock 4,457 4,363
Payments of contingent consideration for acquisitions (2,965 ) (185 )
Net cash used in financing activities (118,247 ) (95,067 )
Effect of exchange rates on cash and cash equivalents (271 ) 2,084  
Net increase in cash, cash equivalents and restricted cash 6,885 39,452
Cash, cash equivalents and restricted cash—beginning of period (1) 36,570   16,055  
Cash, cash equivalents and restricted cash—end of period (1) $ 43,455   $ 55,507  
 

(1) Upon adoption of Accounting Standards Update No. 2016-18, Restricted Cash, the Company changed the presentation of the condensed consolidated statements of cash flows for all periods presented. As a result, changes in restricted cash that have historically been presented in operating activities have now been excluded and restricted cash is combined with cash and cash equivalents when reconciling the beginning and ending period balances. Restricted cash is primarily comprised of deposits associated with the Company’s wholly-owned captive insurance company and cash deposits that guarantee letters of credit. Restricted cash is recorded in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets and totaled $22.2 million at September 30, 2018 and $13.3 million at December 31, 2017.

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

SEGMENT INFORMATION

(In thousands)

(Unaudited)

 
 

Full service

center-based

child care

 

Back-up

dependent

care

 

Educational

advisory

services

 

Total

Three Months Ended September 30, 2018

Revenue $ 387,048 $ 66,484 $ 18,053 $ 471,585
Income from operations 34,006 16,941 4,513 55,460
Adjusted income from operations 34,006 16,941 4,513 55,460
 

Three Months Ended September 30, 2017

Revenue $ 358,094 $ 60,085 $ 15,137 $ 433,316
Income from operations 24,742 15,886 4,335 44,963
Adjusted income from operations (1) 28,413 15,886 4,335 48,634
 

(1) Adjusted income from operations represents income from operations excluding expenses incurred in connection with the disposition of our remaining assets in Ireland, which have been allocated to the full service center-based child care segment.

       
Full service

center-based

child care

Back-up

dependent

care

Educational

advisory

services

Total

Nine Months Ended September 30, 2018

Revenue $ 1,193,794 $ 179,985 $ 51,162 $ 1,424,941
Income from operations 115,857 47,207 12,304 175,368
Adjusted income from operations (1) 117,772 47,207 12,304 177,283
 

Nine Months Ended September 30, 2017

Revenue $ 1,094,911 $ 164,171 $ 41,944 $ 1,301,026
Income from operations 99,921 43,794 9,458 153,173
Adjusted income from operations (2) 105,537 43,794 9,458 158,789
 

(1) Adjusted income from operations represents income from operations excluding expenses incurred in connection with the May 2018 amendment to the credit agreement, the March 2018 secondary offering, and completed acquisitions, which have been allocated to the full service center-based child care segment.
(2) Adjusted income from operations represents income from operations excluding expenses incurred in connection with the disposition of our remaining assets in Ireland, and the May 2017 amendment to the credit agreement and secondary offering, which have been allocated to the full service center-based child care segment.

 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(In thousands, except share data)

(Unaudited)

 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
2018   2017 2018   2017
Net income $ 33,600 $ 31,105 $ 111,324 $ 105,519
Interest expense—net 11,795 10,824 35,459 32,252
Income tax expense 10,065 3,034 28,585 15,402
Depreciation 17,060 15,494 50,669 46,048
Amortization of intangible assets (a) 8,153   8,191   24,477   24,241  
EBITDA 80,673 68,648 250,514 223,462
Additional Adjustments:
Deferred rent (b) 829 1,064 1,055 3,647
Stock-based compensation expense (c) 3,715 3,263 10,304 8,777
Transaction costs (d)   3,671   1,915   5,616  
Total adjustments 4,544   7,998   13,274   18,040  
Adjusted EBITDA $ 85,217   $ 76,646   $ 263,788   $ 241,502  
 
Income from operations $ 55,460 $ 44,963 $ 175,368 $ 153,173
Transaction costs (d)   3,671   1,915   5,616  
Adjusted income from operations $ 55,460   $ 48,634   $ 177,283   $ 158,789  
 
Net income $ 33,600 $ 31,105 $ 111,324 $ 105,519
Income tax expense 10,065   3,034   28,585   15,402  
Income before income tax 43,665 34,139 139,909 120,921
Stock-based compensation expense (c) 3,715 3,263 10,304 8,777
Amortization of intangible assets (a) 8,153 8,191 24,477 24,241
Transaction costs (d)   3,671   1,915   5,616  
Adjusted income before income tax 55,533 49,264 176,605 159,555
Adjusted income tax expense (e) (12,634 ) (12,193 ) (40,221 ) (41,083 )
Adjusted net income $ 42,899   $ 37,071   $ 136,384   $ 118,472  
 
Weighted average number of common shares—diluted 58,924,423   60,088,078   59,044,561   60,457,004  
Diluted adjusted earnings per common share $ 0.73   $ 0.62   $ 2.31   $ 1.96  
 
 

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

NON-GAAP RECONCILIATIONS

(In thousands, except share data)

(Unaudited)

 
  Forward Guidance (h)
Year Ended
December 31, 2018
Low   High
Net income $ 150,250 $ 151,250
Net income allocated to unvested participating shares (800 ) (800 )
Income tax expense (f) 41,200   41,550  
Income before income tax 190,650 192,000
Stock-based compensation expense (c) 14,250 14,250
Amortization of intangible assets (a) 32,400 32,800
Transaction costs (d) 1,900   1,900  
Adjusted income before income tax 239,200 240,950
Tax impact on adjusted income before income tax (g) (53,900 ) (54,500 )
Adjusted net income attributable to common stockholders $ 185,300   $ 186,450  
 
Per common share information:
Diluted earnings per common share $ 2.53 $ 2.55
Income tax expense (f) 0.70   0.70  
Income before income tax 3.23 3.25
Stock-based compensation expense (c) 0.24 0.24
Amortization of intangible assets (a) 0.55 0.56
Transaction costs (d) 0.03 0.03
Tax impact on adjusted income before income tax (g) (0.91 ) (0.92 )
Diluted adjusted earnings per common share $ 3.14   $ 3.16  
 

(a) Represents amortization of intangible assets, including approximately $4.7 million in each quarter of 2018 and 2017, associated with intangible assets recorded in connection with our going private transaction in May 2008.
(b) Represents rent expense in excess of cash paid for rent, recognized on a straight line basis over the life of the lease in accordance with Accounting Standards Codification Topic 840, Leases.
(c) Represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation.
(d) Represents transaction costs incurred in connection with the disposition of our remaining assets in Ireland in September 2017, the May 2017 and May 2018 amendments to the credit agreement, the May 2017 and March 2018 secondary offerings, and completed acquisitions.
(e) Represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately 23% and 25% for 2018 and 2017, respectively. The tax rate for 2018 represents a tax rate of approximately 28% applied to the expected adjusted income before tax for the full year, less the estimated effect of additional excess tax benefits related to equity transactions for the full year 2018, which the Company estimates will be in the range of $11.5 million to $12.5 million. However, the timing, volume and tax benefits associated with such future equity activity will affect these estimates and the estimated effective tax rate for the year.
(f) Represents estimated income tax expense using an effective tax rate of approximately 22% for the year ended December 31, 2018, based on projected consolidated income before income tax and including the estimated impact of excess tax benefits related to equity transactions, which the Company estimates in the range of $11.5 million to $12.5 million for the full year in 2018. However, the timing, volume and tax benefits associated with such future equity activity will affect these estimates and the estimated effective tax rate for the year. In addition, the impact of the U.S. Tax Cuts and Jobs Act may differ from these estimates due to, among other things, changes in interpretations, analysis and assumptions made by the Company, additional guidance that may be issued, and tax planning the Company may undertake.
(g) Represents estimated tax on adjusted income before income tax using an effective tax rate of approximately 23%.
(h) Forward guidance amounts are estimated based on a number of assumptions and actual results could differ materially from the estimates provided herein.

Investors:
Bright Horizons
Elizabeth Boland, 617-673-8125
CFO
eboland@brighthorizons.com
or
Solebury Communications Group
Kevin Doherty, 203-428-3233
MD
kdoherty@soleburyir.com
or
Media:
Bright Horizons
Ilene Serpa, 617-673-8044
VP - Communications
iserpa@brighthorizons.com

Source: Bright Horizons Family Solutions Inc.