$BFAM
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

2014 Q2 Form 10-Q Financial Statement

#000143757814000087 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2 2013 Q1
Revenue $348.1M $310.8M $280.1M
YoY Change 12.0% 14.5% 8.52%
Cost Of Revenue $265.0M $235.4M $214.3M
YoY Change 12.57% 13.76% 7.11%
Gross Profit $83.11M $75.43M $65.79M
YoY Change 10.19% 16.84% 13.39%
Gross Profit Margin 23.88% 24.27% 23.49%
Selling, General & Admin $33.20M $32.43M $43.61M
YoY Change 2.4% -22.54% 71.9%
% of Gross Profit 39.95% 42.99% 66.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.40M $17.70M $16.45M
YoY Change 9.6% 7.27% 2.35%
% of Gross Profit 23.34% 23.47% 25.0%
Operating Expenses $33.20M $32.43M $43.61M
YoY Change 2.4% -22.54% 71.9%
Operating Profit $42.54M $35.40M $15.44M
YoY Change 20.17% 120.39% -40.86%
Interest Expense $8.625M $8.963M $13.29M
YoY Change -3.77% -56.38% -33.16%
% of Operating Profit 20.28% 25.32% 86.09%
Other Income/Expense, Net
YoY Change
Pretax Income $33.92M $26.47M -$61.51M
YoY Change 28.13% -696.51% -1086.89%
Income Tax $12.21M $1.966M -$10.73M
% Of Pretax Income 35.99% 7.43%
Net Earnings $21.71M $24.58M -$50.74M
YoY Change -11.66% -1349.57% -1546.08%
Net Earnings / Revenue 6.24% 7.91% -18.11%
Basic Earnings Per Share $0.33 $0.38 -$0.91
Diluted Earnings Per Share $0.32 $0.37 -$0.91
COMMON SHARES
Basic Shares Outstanding 65.77M shares 64.73M shares 55.80M shares
Diluted Shares Outstanding 67.46M shares 66.64M shares 55.80M shares

Balance Sheet

Concept 2014 Q2 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.3M $63.00M $96.70M
YoY Change 78.25% 0.32%
Cash & Equivalents $112.3M $63.00M $63.00M
Short-Term Investments
Other Short-Term Assets $54.30M $53.50M $52.60M
YoY Change 1.5% 58.28%
Inventory
Prepaid Expenses
Receivables $58.10M $56.70M $57.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $224.7M $173.2M $207.0M
YoY Change 29.72% 19.54%
LONG-TERM ASSETS
Property, Plant & Equipment $400.7M $366.8M $346.0M
YoY Change 9.25% 17.15%
Goodwill $1.104B $1.047B $987.8M
YoY Change 5.48%
Intangibles $421.9M $434.4M $424.6M
YoY Change -2.88%
Long-Term Investments
YoY Change
Other Assets $14.56M $11.17M $8.438M
YoY Change 30.34% 36.18%
Total Long-Term Assets $1.942B $1.860B $1.768B
YoY Change 4.42% 5.87%
TOTAL ASSETS
Total Short-Term Assets $224.7M $173.2M $207.0M
Total Long-Term Assets $1.942B $1.860B $1.768B
Total Assets $2.166B $2.033B $1.975B
YoY Change 6.58% 6.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.4M $111.1M $99.90M
YoY Change 1.17% 928.7%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.900M $7.900M $7.900M
YoY Change 0.0% 777.78%
Total Short-Term Liabilities $250.1M $245.3M $226.3M
YoY Change 1.92% 8.9%
LONG-TERM LIABILITIES
Long-Term Debt $753.9M $758.8M $760.0M
YoY Change -0.64% -14.79%
Other Long-Term Liabilities $22.35M $17.93M $22.72M
YoY Change 24.63% -61.92%
Total Long-Term Liabilities $776.2M $776.7M $782.7M
YoY Change -0.06% -17.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $250.1M $245.3M $226.3M
Total Long-Term Liabilities $776.2M $776.7M $782.7M
Total Liabilities $1.215B $1.212B $1.185B
YoY Change 0.2% -8.26%
SHAREHOLDERS EQUITY
Retained Earnings -$344.8M -$421.3M -$445.9M
YoY Change -18.17%
Common Stock $66.00K $65.00K $65.00K
YoY Change 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $951.7M $812.5M $782.2M
YoY Change
Total Liabilities & Shareholders Equity $2.166B $2.033B $1.975B
YoY Change 6.58% 6.91%

Cashflow Statement

Concept 2014 Q2 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income $21.71M $24.58M -$50.74M
YoY Change -11.66% -1349.57% -1546.08%
Depreciation, Depletion And Amortization $19.40M $17.70M $16.45M
YoY Change 9.6% 7.27% 2.35%
Cash From Operating Activities $52.80M $46.10M $52.27M
YoY Change 14.53% -11.85% 37.14%
INVESTING ACTIVITIES
Capital Expenditures -$16.30M -$17.50M $22.19M
YoY Change -6.86% 18.24% 71.76%
Acquisitions $0.00
YoY Change
Other Investing Activities -$5.800M -$64.20M
YoY Change -90.97% -40.67%
Cash From Investing Activities -$22.10M -$81.70M -$22.19M
YoY Change -72.95% -33.58% 71.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.079M
YoY Change
Debt Paid & Issued, Net $1.975M
YoY Change -59.15%
Cash From Financing Activities 5.600M 2.000M $33.27M
YoY Change 180.0% -97.57% -864.1%
NET CHANGE
Cash From Operating Activities 52.80M 46.10M $52.27M
Cash From Investing Activities -22.10M -81.70M -$22.19M
Cash From Financing Activities 5.600M 2.000M $33.27M
Net Change In Cash 36.30M -33.60M $63.35M
YoY Change -208.04% -392.17% 203.95%
FREE CASH FLOW
Cash From Operating Activities $52.80M $46.10M $52.27M
Capital Expenditures -$16.30M -$17.50M $22.19M
Free Cash Flow $69.10M $63.60M $30.08M
YoY Change 8.65% -5.22% 19.38%

Facts In Submission

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CY2013Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
-26164000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-110000 USD
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-72000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
37621000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
24579000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-26164000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
21631000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
2000000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
42535000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
76546000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
35397000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
50834000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
15027000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14555000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
7014000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5489000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
104000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11964000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-11964000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
104000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5489000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7014000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
24560000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
44776000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
27203000 USD
CY2014Q2 us-gaap Other Liabilities Current
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16236000 USD
CY2013Q4 us-gaap Other Liabilities Current
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20302000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
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19006000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
22351000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
159000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
159000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
2143000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
0 USD
us-gaap Payments For Proceeds From Previous Acquisition
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-1030000 USD
us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3079000 USD
CY2014Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3079000 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1600000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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64213000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6522000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39662000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30701000 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 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
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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44021000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
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41286000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
234944000 USD
CY2013Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
769360000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
4709000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11027000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4668000 USD
us-gaap Profit Loss
ProfitLoss
37762000 USD
us-gaap Profit Loss
ProfitLoss
-26274000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
24507000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
21714000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
390894000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
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400724000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
78691000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
58084000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3950000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3950000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-382542000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-344780000 USD
CY2013Q2 us-gaap Revenues
Revenues
310813000 USD
CY2014Q2 us-gaap Revenues
Revenues
348100000 USD
us-gaap Revenues
Revenues
590936000 USD
us-gaap Revenues
Revenues
680255000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
76031000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
68608000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33204000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32426000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4423000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8305000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.300
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0182
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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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
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
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
951728000 USD
CY2014Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
78447 shares
CY2014Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2000000 USD
CY2014Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1600000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67456880 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60265132 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66635484 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67333130 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65772698 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60265132 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65590275 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64732730 shares
bfam Discountand Issuance Cost
DiscountandIssuanceCost
7900000 USD
bfam Financing Fees
FinancingFees
12700000 USD
bfam Increasedecreaseindeferredrentandrelatedobligations
Increasedecreaseindeferredrentandrelatedobligations
1363000 USD
CY2014Q2 bfam Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
778200000 USD
bfam Payments For Extinguishment Of Debt
PaymentsForExtinguishmentOfDebt
972468000 USD
CY2013Q1 bfam Stock Conversion Ratio
StockConversionRatio
35.1955
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001437578
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
66020905 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
BRIGHT HORIZONS FAMILY SOLUTIONS INC.

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