Bright Horizons Q1 2021 Earnings Report
Key Takeaways
Bright Horizons Family Solutions reported a decrease in revenue by 23% to $391 million compared to Q1 2020, primarily due to the COVID-19 pandemic's impact on operations. Net income decreased by 77% to $7 million, and diluted earnings per share decreased to $0.12. The company's recovery is ongoing, with child care centers operating below pre-COVID-19 enrollment levels despite improvements during the quarter.
Revenue decreased by 23% to $391 million compared to Q1 2020.
Income from operations decreased by 68% to $14 million.
Net income decreased by 77% to $7 million, with diluted earnings per share at $0.12.
Adjusted EBITDA decreased by 43% to $46 million.
Bright Horizons
Bright Horizons
Bright Horizons Revenue by Segment
Forward Guidance
Bright Horizons is not providing full earnings guidance for the remainder of fiscal 2021 due to the unpredictable broad effects, duration, and scope of the ongoing COVID-19 disruption.
Positive Outlook
- Focused on the ramping of centers.
- Phased re-opening of the limited number of centers that remain temporarily closed.
- Confident in business model.
- Strength of client partnerships.
- Strength of balance sheet and liquidity position.
Challenges Ahead
- COVID-19 pandemic has substantially disrupted global operations.
- Broad effects of COVID-19 cannot be predicted.
- Duration and scope of the ongoing disruption cannot be predicted.
- Negative financial impact to results and future financial performance cannot be reasonably estimated.
- Not providing full earnings guidance for the remainder of fiscal 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income