Bright Horizons Family Solutions® Reports Fourth Quarter and Full Year 2015 Financial Results
BOSTON, Feb. 8, 2016 /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 2015.
Fourth Quarter 2015 Highlights (compared to fourth quarter 2014):
- Revenue increased 10% to $372 million
- GAAP income from operations increased 20% to $45 million
- Non-GAAP adjusted income from operations* increased 15% to $45 million
- Adjusted EBITDA* increased 12% to $68 million
- GAAP net income increased 27% to $24 million and GAAP diluted earnings per share increased 39% to $0.39
- Non-GAAP adjusted net income* increased 12% to $29 million and diluted adjusted earnings per share* increased 21% to $0.47
Year Ended December 31, 2015 Highlights (compared to year ended December 31, 2014):
- Revenue increased 8% to $1.46 billion
- GAAP income from operations increased 24% to $182 million
- Non-GAAP adjusted income from operations* increased 22% to $182 million
- Adjusted EBITDA* increased 15% to $273 million
- GAAP net income increased 30% to $94 million and GAAP diluted earnings per share increased 40% to $1.50
- Non-GAAP adjusted net income* increased 19% to $115 million and diluted adjusted earnings per share* increased 28% to $1.85
"We are pleased to report strong financial results for the fourth quarter and the full year in 2015," said David Lissy, Chief Executive Officer. "At Bright Horizons, we are leading the way in providing our employer clients and the working families that we serve with the critical supports they need to maximize their productivity. Our deep commitment and long history of delivering high quality care, education and service allows us to grow and thrive as we engage employees through critical life stages in our broad suite of solutions."
"Our solid financial results in 2015 reflect 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 2016," added Lissy.
Fourth Quarter 2015 Results
Revenue increased $33.8 million, or 10%, in the fourth quarter of 2015 from the fourth quarter of 2014 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 2015, adjusted EBITDA increased $7.1 million, or 12%, and adjusted income from operations increased $5.8 million, or 15%, from the fourth quarter of 2014. The adjusted EBITDA increase reflects operating leverage from enrollment gains in mature and ramping centers, contributions from new child care centers, expanded back-up dependent care and educational advisory services, and strong cost management, partially offset by the costs incurred during the ramp up of certain new lease/consortium centers opened during 2014 and 2015. The increase in adjusted income from operations reflects a $9.4 million increase in gross profit, partially offset by increases in selling, general and administrative expenses ("SG&A").
Income from operations was $44.9 million for the fourth quarter of 2015 compared to $37.3 million in the same 2014 period, and net income was $23.9 million for the fourth quarter of 2015 compared to $18.9 million in 2014. Adjusted net income increased by $3.0 million, or 12%, to $28.7 million as compared to the fourth quarter of 2014, on expanded adjusted operating income. Diluted adjusted earnings per common share increased 21% from $0.39 in the fourth quarter of 2014 to $0.47 in the fourth quarter of 2015.
As of December 31, 2015, the Company operated 932 early care and education centers with the capacity to serve 107,000 children and 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, expenses related to secondary offerings, and expenses associated with completed acquisitions. Adjusted income from operations represents income from operations before expenses related to the completion of secondary offerings, and expenses associated with completed acquisitions. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, secondary offering expenses, expenses associated with completed acquisitions 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 year ended December 31, 2015, the Company generated approximately $171.1 million of cash flow from operations compared to $174.3 million in 2014 and invested $156.4 million in fixed assets and acquisitions compared to $78.0 million in 2014. Net cash used in financing activities totaled $90.6 million in 2015 compared to $36.4 million used in 2014. In 2015, the Company repurchased a total of 2.2 million shares of common stock for a total of $128.1 million. In 2014, the Company issued $165.0 million of incremental term loans in December 2014 under the terms of its existing Credit Agreement, and repurchased a total of 5.0 million shares of common stock for a total of $221.6 million. During the year ended December 31, 2015, the Company's cash and cash equivalents decreased $76.3 million to $11.5 million.
2016 Outlook
As described below, the Company is providing certain financial guidance. For the full year 2016, the Company currently expects:
- Overall revenue growth in 2016 in the range of 8-10%
- Adjusted EBITDA growth in 2016 in the range of 13-14%
- Adjusted net income growth in 2016 in the range of 15-17%
- Diluted adjusted earnings per common share growth in the range of 18-20%
- Diluted weighted average shares of approximately 62 million shares
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 David Lissy. Replays of the entire call will be available through February 23, 2016 at 1-877-870-5176 or, for international callers, at 1-858-384-5517, conference ID # 13628294. 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, strategies, the industries served, investments, operating leverage, and our 2016 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; changes in our relationships with employer sponsors; our substantial indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; significant competition within our industry; our ability to implement our growth strategies successfully; and other risks and uncertainties more fully described in the "Risk Factors" section of our Annual Report on Form 10-K filed March 2, 2015, 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 measures for the purpose of evaluating performance internally. 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."
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 life. The Company provides center-based full service child care, back-up dependent care and educational advisory services to more than 1,000 clients across the United States, the United Kingdom, Ireland, the Netherlands, Canada and India, including more than 140 FORTUNE 500 companies and more than 80 of Working Mother magazine's 2015 "100 Best Companies for Working Mothers." Bright Horizons is one of FORTUNE magazine's "100 Best Companies to Work For" and is one of the UK's 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.
Contacts:
Investors:
Elizabeth Boland
CFO - Bright Horizons
[email protected]
617-673-8125
Kevin Doherty
MD - Solebury Communications Group
[email protected]
203-428-3233
Media:
Ilene Serpa
VP - Communications - Bright Horizons
[email protected]
617-673-8044
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited)
|
|||||||||||
| Three Months Ended December 31, |
|||||||||||
| 2015 |
% |
2014 |
% |
||||||||
| Revenue |
$ |
371,596 |
100.0 |
% |
$ |
337,768 |
100.0 |
% |
|||
| Cost of services |
281,693 |
75.8 |
% |
257,290 |
76.2 |
% |
|||||
| Gross profit |
89,903 |
24.2 |
% |
80,478 |
23.8 |
% |
|||||
| Selling, general and administrative expenses |
38,010 |
10.2 |
% |
36,219 |
10.7 |
% |
|||||
| Amortization of intangible assets |
7,011 |
1.8 |
% |
6,931 |
2.0 |
% |
|||||
| Income from operations |
44,882 |
12.2 |
% |
37,328 |
11.1 |
% |
|||||
| Interest expense, net |
(10,732) |
(3.0) |
% |
(8,870) |
(2.7) |
% |
|||||
| Income before income taxes |
34,150 |
9.2 |
% |
28,458 |
8.4 |
% |
|||||
| Income tax expense |
(10,232) |
(2.8) |
% |
(9,564) |
(2.8) |
% |
|||||
| Net income |
$ |
23,918 |
6.4 |
% |
$ |
18,894 |
5.6 |
% |
|||
| Earnings per share: |
|||||||||||
| Common stock—basic |
$ |
0.40 |
$ |
0.29 |
|||||||
| Common stock—diluted |
$ |
0.39 |
$ |
0.28 |
|||||||
| Weighted average number of common shares |
|||||||||||
| Common stock—basic |
60,005,507 |
65,182,552 |
|||||||||
| Common stock—diluted |
61,548,783 |
66,674,772 |
|||||||||
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited)
|
|||||||||||
| Years Ended December 31, |
|||||||||||
| 2015 |
% |
2014 |
% |
||||||||
| Revenue |
$ |
1,458,445 |
100.0 |
% |
$ |
1,352,999 |
100.0 |
% |
|||
| Cost of services |
1,100,690 |
75.5 |
% |
1,039,397 |
76.8 |
% |
|||||
| Gross profit |
357,755 |
24.5 |
% |
313,602 |
23.2 |
% |
|||||
| Selling, general and administrative expenses |
148,164 |
10.2 |
% |
137,683 |
10.2 |
% |
|||||
| Amortization of intangible assets |
27,989 |
1.9 |
% |
28,999 |
2.1 |
% |
|||||
| Income from operations |
181,602 |
12.4 |
% |
146,920 |
10.9 |
% |
|||||
| Interest expense, net |
(41,446) |
(2.8) |
% |
(34,606) |
(2.6) |
% |
|||||
| Income before income taxes |
140,156 |
9.6 |
% |
112,314 |
8.3 |
% |
|||||
| Income tax expense |
(46,229) |
(3.2) |
% |
(40,279) |
(3.0) |
% |
|||||
| Net income |
$ |
93,927 |
6.4 |
% |
$ |
72,035 |
5.3 |
% |
|||
| Earnings per share: |
|||||||||||
| Common stock—basic |
$ |
1.53 |
$ |
1.09 |
|||||||
| Common stock—diluted |
$ |
1.50 |
$ |
1.07 |
|||||||
| Weighted average number of common shares |
|||||||||||
| Common stock—basic |
60,835,574 |
65,612,572 |
|||||||||
| Common stock—diluted |
62,360,778 |
67,244,172 |
|||||||||
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||||||
| December 31, |
|||||||
| 2015 |
2014 |
||||||
| ASSETS |
|||||||
| Current assets: |
|||||||
| Cash and cash equivalents |
$ |
11,539 |
$ |
87,886 |
|||
| Accounts receivable—net |
97,295 |
83,066 |
|||||
| Other current assets |
46,093 |
52,206 |
|||||
| Total current assets |
154,927 |
223,158 |
|||||
| Fixed assets—net |
429,736 |
398,947 |
|||||
| Goodwill |
1,147,809 |
1,095,738 |
|||||
| Other intangibles—net |
389,331 |
406,249 |
|||||
| Other assets |
28,567 |
16,984 |
|||||
| Total assets |
$ |
2,150,370 |
$ |
2,141,076 |
|||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
| Current liabilities: |
|||||||
| Current portion of long-term debt |
$ |
9,550 |
$ |
9,550 |
|||
| Borrowings on revolving line of credit |
24,000 |
— |
|||||
| Accounts payable and accrued expenses |
116,991 |
116,425 |
|||||
| Deferred revenue and other current liabilities |
157,017 |
153,448 |
|||||
| Total current liabilities |
307,558 |
279,423 |
|||||
| Long-term debt—net |
905,661 |
911,627 |
|||||
| Deferred income taxes |
113,100 |
127,036 |
|||||
| Other long-term liabilities |
96,443 |
72,031 |
|||||
| Total liabilities |
1,422,762 |
1,390,117 |
|||||
| Total stockholders' equity |
727,608 |
750,959 |
|||||
| Total liabilities and stockholders' equity |
$ |
2,150,370 |
$ |
2,141,076 |
|||
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
|
|||||||
| Years Ended December 31, |
|||||||
| 2015 |
2014 |
||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||||
| Net income |
$ |
93,927 |
$ |
72,035 |
|||
| Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
| Depreciation and amortization |
78,666 |
77,447 |
|||||
| Amortization of original issue discount and deferred financing fees |
3,583 |
3,052 |
|||||
| Stock-based compensation |
9,200 |
7,922 |
|||||
| Deferred income taxes |
(758) |
(13,376) |
|||||
| Other non-cash adjustments, net |
3,319 |
3,816 |
|||||
| Changes in assets and liabilities: |
|||||||
| Accounts receivable |
(13,660) |
(4,604) |
|||||
| Prepaid expenses and other current assets |
(6,599) |
5,679 |
|||||
| Accounts payable and accrued expenses |
(6,752) |
9,589 |
|||||
| Other, net |
10,154 |
12,737 |
|||||
| Net cash provided by operating activities |
171,080 |
174,297 |
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||||
| Purchases of fixed assets |
(77,735) |
(65,809) |
|||||
| Payments for acquisitions—net of cash acquired |
(78,680) |
(13,222) |
|||||
| Settlement of purchase price for prior year acquisitions |
23 |
1,030 |
|||||
| Net cash used in investing activities |
(156,392) |
(78,001) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||||
| Line of credit, net |
24,000 |
— |
|||||
| Borrowings of long-term debt, net |
— |
161,803 |
|||||
| Principal payments of long-term debt |
(9,550) |
(7,900) |
|||||
| Purchase of treasury stock |
(128,103) |
(221,577) |
|||||
| Proceeds from the issuance of common stock upon exercise of options |
9,811 |
17,422 |
|||||
| Proceeds from issuance of restricted stock |
3,864 |
4,709 |
|||||
| Tax benefit from stock-based compensation |
9,397 |
9,123 |
|||||
| Net cash used in financing activities |
(90,581) |
(36,420) |
|||||
| Effect of exchange rates on cash and cash equivalents |
(454) |
(1,575) |
|||||
| Net (decrease) increase in cash and cash equivalents |
(76,347) |
58,301 |
|||||
| Cash and cash equivalents—beginning of period |
87,886 |
29,585 |
|||||
| Cash and cash equivalents—end of period |
$ |
11,539 |
$ |
87,886 |
|||
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. |
|||||||||||||||
| SEGMENT INFORMATION |
|||||||||||||||
| (In thousands) |
|||||||||||||||
| (Unaudited) |
|||||||||||||||
| Full service center-based care |
Back-up dependent care |
Other educational advisory services |
Total |
||||||||||||
| Three months ended December 31, 2015 |
|||||||||||||||
| Revenue |
$ |
311,735 |
$ |
47,634 |
$ |
12,227 |
$ |
371,596 |
|||||||
| Amortization of intangibles |
6,687 |
182 |
142 |
7,011 |
|||||||||||
| Income from operations |
26,137 |
14,808 |
3,937 |
44,882 |
|||||||||||
| Adjusted income from operations (1) |
26,491 |
14,808 |
3,937 |
45,236 |
|||||||||||
| Three months ended December 31, 2014 |
|||||||||||||||
| Revenue |
$ |
286,116 |
$ |
42,197 |
$ |
9,455 |
$ |
337,768 |
|||||||
| Amortization of intangibles |
6,606 |
181 |
144 |
6,931 |
|||||||||||
| Income from operations |
21,642 |
13,089 |
2,597 |
37,328 |
|||||||||||
| Adjusted income from operations (1) |
23,463 |
13,358 |
2,657 |
39,478 |
|||||||||||
| (1) |
Adjusted income from operations represents income from operations excluding expenses incurred in connection with secondary offerings, completed acquisitions and costs in connection with the November 2014 amendment to the Credit Agreement. |
| Full service center-based care |
Back-up dependent care |
Other educational advisory services |
Total |
||||||||||||
| Year ended December 31, 2015 |
|||||||||||||||
| Revenue |
$ |
1,236,762 |
$ |
181,574 |
$ |
40,109 |
$ |
1,458,445 |
|||||||
| Amortization of intangibles |
26,690 |
725 |
574 |
27,989 |
|||||||||||
| Income from operations |
115,149 |
56,891 |
9,562 |
181,602 |
|||||||||||
| Adjusted income from operations (1) |
116,014 |
56,891 |
9,562 |
182,467 |
|||||||||||
| Year ended December 31, 2014 |
|||||||||||||||
| Revenue |
$ |
1,156,661 |
$ |
162,886 |
$ |
33,452 |
$ |
1,352,999 |
|||||||
| Amortization of intangibles |
27,696 |
725 |
578 |
28,999 |
|||||||||||
| Income from operations |
92,229 |
49,317 |
5,374 |
146,920 |
|||||||||||
| Adjusted income from operations (1) |
94,600 |
49,586 |
5,434 |
149,620 |
|||||||||||
| (1) |
Adjusted income from operations represents income from operations excluding expenses incurred in connection with secondary offerings, completed acquisitions and costs in connection with the November 2014 amendment to the Credit Agreement. |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC. |
|||||||||||||||
| NON-GAAP RECONCILIATIONS |
|||||||||||||||
| (In thousands, except share data) |
|||||||||||||||
| (Unaudited) |
|||||||||||||||
| Three Months Ended December 31, |
Years Ended December 31, |
||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||||||||
| Net income |
$ |
23,918 |
$ |
18,894 |
$ |
93,927 |
$ |
72,035 |
|||||||
| Interest expense, net |
10,732 |
8,870 |
41,446 |
34,606 |
|||||||||||
| Income tax expense |
10,232 |
9,564 |
46,229 |
40,279 |
|||||||||||
| Depreciation |
13,116 |
12,184 |
50,677 |
48,448 |
|||||||||||
| Amortization of intangible assets (a) |
7,011 |
6,931 |
27,989 |
28,999 |
|||||||||||
| EBITDA |
65,009 |
56,443 |
260,268 |
224,367 |
|||||||||||
| Additional adjustments: |
|||||||||||||||
| Deferred rent (b) |
432 |
960 |
2,736 |
3,092 |
|||||||||||
| Stock-based compensation expense (c) |
2,300 |
1,460 |
9,200 |
7,922 |
|||||||||||
| Expenses related to stock offerings, completed |
354 |
2,150 |
865 |
2,700 |
|||||||||||
| Total adjustments |
3,086 |
4,570 |
12,801 |
13,714 |
|||||||||||
| Adjusted EBITDA |
$ |
68,095 |
$ |
61,013 |
$ |
273,069 |
$ |
238,081 |
|||||||
| Income from operations |
$ |
44,882 |
$ |
37,328 |
$ |
181,602 |
$ |
146,920 |
|||||||
| Expenses related to stock offerings, completed acquisitions and the Credit Agreement amendment (d) |
354 |
2,150 |
865 |
2,700 |
|||||||||||
| Adjusted income from operations |
$ |
45,236 |
$ |
39,478 |
$ |
182,467 |
$ |
149,620 |
|||||||
| Net income |
$ |
23,918 |
$ |
18,894 |
$ |
93,927 |
$ |
72,035 |
|||||||
| Income tax expense |
10,232 |
9,564 |
46,229 |
40,279 |
|||||||||||
| Income before tax |
34,150 |
28,458 |
140,156 |
112,314 |
|||||||||||
| Stock-based compensation expense (c) |
2,300 |
1,460 |
9,200 |
7,922 |
|||||||||||
| Amortization of intangible assets (a) |
7,011 |
6,931 |
27,989 |
28,999 |
|||||||||||
| Expenses related to stock offerings, completed acquisitions and the Credit Agreement amendment (d) |
354 |
2,150 |
865 |
2,700 |
|||||||||||
| Adjusted income before tax |
43,815 |
38,999 |
178,210 |
151,935 |
|||||||||||
| Adjusted income tax expense (e) |
(15,109) |
(13,296) |
(62,819) |
(54,697) |
|||||||||||
| Adjusted net income |
$ |
28,706 |
$ |
25,703 |
$ |
115,391 |
$ |
97,238 |
|||||||
| Weighted average number of common shares—diluted |
61,548,783 |
66,674,772 |
62,360,778 |
67,244,172 |
|||||||||||
| Diluted adjusted earnings per common share |
$ |
0.47 |
$ |
0.39 |
$ |
1.85 |
$ |
1.45 |
|||||||
| (a) |
Represents amortization of intangible assets associated with intangible assets recorded in connection with our going private transaction in May 2008, including approximately $4.5 million for each of the three months ended December 31, 2015 and 2014, and approximately $18.0 million and $19.0 million for the years ended December 31, 2015 and 2014, respectively. |
| (b) |
Represents rent 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. |
| (d) |
Represents costs incurred in connection with completed acquisitions in 2014 and 2015, secondary offerings of common stock in March and December 2014, and in May, August and November 2015, and costs in connection with the November 2014 amendment to the Credit Agreement. |
| (e) |
Represents income tax expense calculated on adjusted income before tax at the effective rate of approximately 35.3% and 36.0% in 2015 and 2014, respectively. |
SOURCE Bright Horizons Family Solutions Inc.
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