$BFAM
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

2014 Q1 Form 10-Q Financial Statement

#000119312514192416 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $332.2M $280.1M
YoY Change 18.57% 8.52%
Cost Of Revenue $255.0M $214.3M
YoY Change 18.98% 7.11%
Gross Profit $77.15M $65.79M
YoY Change 17.27% 13.39%
Gross Profit Margin 23.23% 23.49%
Selling, General & Admin $35.40M $43.61M
YoY Change -18.81% 71.9%
% of Gross Profit 45.89% 66.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.62M $16.45M
YoY Change 19.27% 2.35%
% of Gross Profit 25.42% 25.0%
Operating Expenses $35.40M $43.61M
YoY Change -18.81% 71.9%
Operating Profit $34.01M $15.44M
YoY Change 120.32% -40.86%
Interest Expense $8.742M $13.29M
YoY Change -34.22% -33.16%
% of Operating Profit 25.7% 86.09%
Other Income/Expense, Net
YoY Change
Pretax Income $25.28M -$61.51M
YoY Change -141.1% -1086.89%
Income Tax $9.236M -$10.73M
% Of Pretax Income 36.53%
Net Earnings $16.05M -$50.74M
YoY Change -131.63% -1546.08%
Net Earnings / Revenue 4.83% -18.11%
Basic Earnings Per Share $0.24 -$0.91
Diluted Earnings Per Share $0.24 -$0.91
COMMON SHARES
Basic Shares Outstanding 65.41M shares 55.80M shares
Diluted Shares Outstanding 67.21M shares 55.80M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.70M $96.70M
YoY Change -21.72%
Cash & Equivalents $75.73M $63.00M
Short-Term Investments
Other Short-Term Assets $54.00M $52.60M
YoY Change 2.66%
Inventory
Prepaid Expenses
Receivables $59.40M $57.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $189.0M $207.0M
YoY Change -8.67%
LONG-TERM ASSETS
Property, Plant & Equipment $393.5M $346.0M
YoY Change 13.7%
Goodwill $1.097B $987.8M
YoY Change 11.01%
Intangibles $427.4M $424.6M
YoY Change 0.64%
Long-Term Investments
YoY Change
Other Assets $14.89M $8.438M
YoY Change 76.49%
Total Long-Term Assets $1.933B $1.768B
YoY Change 9.28%
TOTAL ASSETS
Total Short-Term Assets $189.0M $207.0M
Total Long-Term Assets $1.933B $1.768B
Total Assets $2.122B $1.975B
YoY Change 7.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.7M $99.90M
YoY Change 4.8%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.900M $7.900M
YoY Change 0.0%
Total Short-Term Liabilities $241.5M $226.3M
YoY Change 6.73%
LONG-TERM LIABILITIES
Long-Term Debt $755.1M $760.0M
YoY Change -0.64%
Other Long-Term Liabilities $22.52M $22.72M
YoY Change -0.87%
Total Long-Term Liabilities $777.6M $782.7M
YoY Change -0.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.5M $226.3M
Total Long-Term Liabilities $777.6M $782.7M
Total Liabilities $1.207B $1.185B
YoY Change 1.8%
SHAREHOLDERS EQUITY
Retained Earnings -$366.5M -$445.9M
YoY Change -17.81%
Common Stock $66.00K $65.00K
YoY Change 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $914.9M $782.2M
YoY Change
Total Liabilities & Shareholders Equity $2.122B $1.975B
YoY Change 7.4%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $16.05M -$50.74M
YoY Change -131.63% -1546.08%
Depreciation, Depletion And Amortization $19.62M $16.45M
YoY Change 19.27% 2.35%
Cash From Operating Activities $51.64M $52.27M
YoY Change -1.2% 37.14%
INVESTING ACTIVITIES
Capital Expenditures $14.29M $22.19M
YoY Change -35.6% 71.76%
Acquisitions $0.00 $0.00
YoY Change
Other Investing Activities $300.0K
YoY Change
Cash From Investing Activities -$14.12M -$22.19M
YoY Change -36.39% 71.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $1.975M $1.975M
YoY Change 0.0% -59.15%
Cash From Financing Activities $8.577M $33.27M
YoY Change -74.22% -864.1%
NET CHANGE
Cash From Operating Activities $51.64M $52.27M
Cash From Investing Activities -$14.12M -$22.19M
Cash From Financing Activities $8.577M $33.27M
Net Change In Cash $46.10M $63.35M
YoY Change -27.22% 203.95%
FREE CASH FLOW
Cash From Operating Activities $51.64M $52.27M
Capital Expenditures $14.29M $22.19M
Free Cash Flow $37.35M $30.08M
YoY Change 24.18% 19.38%

Facts In Submission

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CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
44021000 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
40950000 USD
CY2013Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
234944000 USD
CY2014Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2013Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
233300000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
769360000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
4709000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0 USD
CY2013Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
140000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3985000 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1672000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
-50781000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
16048000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
390894000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
393467000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
78691000 USD
CY2014Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
59361000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1975000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1975000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-382542000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-366494000 USD
CY2014Q1 us-gaap Revenues
Revenues
332155000 USD
CY2013Q1 us-gaap Revenues
Revenues
280123000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35404000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43605000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2385000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6620000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.300
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0182
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.10
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M18D
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11600000 shares
CY2013Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
5000000 USD
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
225000000.0 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
889137000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
914938000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1600000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1600000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67209378 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55797534 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55797534 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65407851 shares
CY2014Q1 bfam Discountand Issuance Cost
DiscountandIssuanceCost
7900000 USD
CY2014Q1 bfam Financing Fees
FinancingFees
12700000 USD
CY2014Q1 bfam Increasedecreaseindeferredrentandrelatedobligations
Increasedecreaseindeferredrentandrelatedobligations
780000 USD
CY2013Q1 bfam Increasedecreaseindeferredrentandrelatedobligations
Increasedecreaseindeferredrentandrelatedobligations
839000 USD
CY2014Q1 bfam Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
780125000 USD
CY2013Q1 bfam Payments For Extinguishment Of Debt
PaymentsForExtinguishmentOfDebt
972468000 USD
CY2014Q1 bfam Payments For Extinguishment Of Debt
PaymentsForExtinguishmentOfDebt
0 USD
CY2014Q1 bfam Restricted Stock Priceasa Percentageof Fair Valueofthe Stock
RestrictedStockPriceasaPercentageofFairValueoftheStock
0.5
CY2013Q1 bfam Stock Conversion Ratio
StockConversionRatio
35.1955
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001437578
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
65644394 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

Files In Submission

Name View Source Status
0001193125-14-192416-index-headers.html Edgar Link pending
0001193125-14-192416-index.html Edgar Link pending
0001193125-14-192416.txt Edgar Link pending
0001193125-14-192416-xbrl.zip Edgar Link pending
bfam-20140331.xml Edgar Link completed
bfam-20140331.xsd Edgar Link pending
bfam-20140331_cal.xml Edgar Link unprocessable
bfam-20140331_def.xml Edgar Link unprocessable
bfam-20140331_lab.xml Edgar Link unprocessable
bfam-20140331_pre.xml Edgar Link unprocessable
d717013d10q.htm Edgar Link pending
d717013dex311.htm Edgar Link pending
d717013dex312.htm Edgar Link pending
d717013dex321.htm Edgar Link pending
d717013dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending