Diluted adjusted earnings per common share* was $0.77 for the fourth quarter of 2022 compared to $0.65 in the same period in 2021.Īs of December 31, 2022, the Company had more than 1,400 client relationships with employers across a diverse array of industries, and operated 1,078 early education and child care centers with the capacity to serve approximately 120,000 children and their families. Adjusted net income* increased by $5.2 million, or 13%, to $44.3 million, due to the increase in income from operations, partially offset by higher interest expense and a higher effective tax rate. In the fourth quarter of 2022, adjusted EBITDA* increased $11.7 million, or 15%, to $90.5 million, and adjusted income from operations* increased $9.0 million, or 19%, to $55.5 million from the fourth quarter of 2021, due primarily to the increase in gross profit in the full service center-based child care segment, and increased contributions from our back-up care and educational advisory services. Diluted earnings per common share was $0.31 for the fourth quarter of 2022 compared to $0.29 for the fourth quarter of 2021. Net income was $18.0 million for the fourth quarter of 2022, compared to $17.7 million for the fourth quarter of 2021, an increase of 2%, due to the increase in income from operations noted above, partially offset by higher interest expense 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 resulting from higher enrollment compared to the prior year, as well as increased contributions from back-up care and educational advisory services, partially offset by incremental impairment costs of $3.5 million in the full service center-based child care segment. ![]() Income from operations was $39.6 million for the fourth quarter of 2022 compared to $35.3 million for the same period in 2021, representing a 12% increase. These contributions were partially offset by lower foreign currency exchange rates for our United Kingdom and Netherlands operations. Revenue increased $66.9 million, or 15%, in the fourth quarter of 2022, from the fourth quarter of 2021, attributable to contributions from the 75 centers acquired in Australia in July 2022, enrollment gains at our existing centers, alongside, expanded sales and utilization of back-up care and educational advisory services. We enter 2023 with a strong foundation and well positioned to capitalize on the growth prospects that lie ahead.” “We achieved a lot in 2022 from investing in our product and people, expanding our footprint, deepening our client relationships, and adapting to a dynamic environment. “I am pleased to close out 2022 on a strong note, with revenue growth across all of our service lines, solid progression toward our enrollment growth goals, and solid use and participation activity in Back-Up Care and Educational Advisory,” said Stephen Kramer, Chief Executive Officer. Net income of $81 million and diluted earnings per common share of $1.37 (increases of 14% and 19%, respectively)Īdjusted income from operations* of $183 million (increase of 30%)Īdjusted EBITDA* of $317 million (increase of 17%)Īdjusted net income* of $152 million and diluted adjusted earnings per common share* of $2.60 (increases of 25% and 31%, respectively) Income from operations of $158 million (increase of 22%) Year Ended DecemHighlights (compared to Year Ended December 31, 2021): ![]() Net income of $18 million and diluted earnings per common share of $0.31 (increases of 2% and 7%, respectively)Īdjusted income from operations* of $56 million (increase of 19%)Īdjusted EBITDA* of $91 million (increase of 15%)Īdjusted net income* of $44 million and diluted adjusted earnings per common share* of $0.77 (increases of 13% and 18%, respectively) ![]() Income from operations of $40 million (increase of 12%) Revenue of $530 million (increase of 15%) (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 fourth quarter and full year of 2022 and provided guidance for 2023.įourth Quarter 2022 Highlights (compared to Fourth Quarter 2021): NEWTON, Mass.-( BUSINESS WIRE)-Bright Horizons Family Solutions ® Inc.
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