We are particularly excited about the success of our new Teacher Degree Program, which is creating a professional career path for teachers, while ensuring we continue to provide quality early education experiences in the classroom for generations to come. Increases in revenue and gross profit reflect contributions from enrollment gains in mature and ramping centers, new child care centers, back-up care and educational advisory clients that have increased utilization levels or been added since the fourth quarter of , and strong cost management.
Tax Cuts and Jobs Act's federal tax legislation, enacted in December Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, straight line rent expense, stock-based compensation expense, and transaction costs. Adjusted income from operations represents income from operations before transaction costs. Adjusted net income represents net income determined in accordance with GAAP, adjusted for stock-based compensation expense, amortization expense, transaction costs and the income tax provision benefit thereon.
Diluted adjusted earnings per common share is a non-GAAP measure, calculated using adjusted net income. As described below, the Company is providing certain financial guidance. For the full year , the Company currently expects:. Interested parties are invited to listen to the conference call by dialing or, for international callers, , and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer.
Replays of the entire call will be available through March 5, at or, for international callers, at , conference ID 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.
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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 plan, strategies, our service offerings, our clients, estimated effective tax rate and tax expense, estimates and impact of excess tax benefits and equity transactions, our investments, including our Teacher Degree Program, and our financial guidance.
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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. 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.
In addition to the results provided in accordance with U. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement. 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. Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of intangible assets, expenses related to the completion of debt financing transactions, and expenses associated with completed acquisitions as well as tax effects associated with these items.
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These adjustments to net income and diluted earnings per common share in future periods are generally expected to be similar to the types of charges and costs excluded from adjusted net income and adjusted diluted earnings per common share in prior quarters, although we can provide no assurance as to the timing or magnitude of any such adjustments. Bright Horizons is trusted by families around the world to provide care and education for their children. Operating approximately 1, child care centers, Bright Horizons cares for approximately , children annually in the United States, the United Kingdom, the Netherlands, Canada and India.
Used by more than 1, of the world's best employers across industries, Bright Horizons back-up and elder care, education advising, tuition program management, and student loan repayment programs support employees through every life and career stage, and help people succeed at work and at home. For more information, go to www. Upon adoption of Accounting Standards Update No. As a result, changes in restricted cash that have historically been presented in operating activities have now been excluded and restricted cash is combined with cash and cash equivalents when reconciling the beginning and ending period balances.
Three months ended December 31, Full service center-based child care. Year ended December 31, Represents rent expense 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 , Leases.
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Represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic , Compensation-Stock Compensation. However, the timing, volume and tax benefits associated with such future equity activity will affect these estimates and the estimated effective tax rate for the year. Log In Sign Up. Three Months Ended December 31,.
Our Leadership Institute is a dedicated resource designed to advance your management skills throughout the many stages of your career. Gain valuable skills, knowledge, and confidence to grow as a teacher through this nationally recognized, free program that includes online instruction, group and individual calls, online communities, and practice assignments.
If your career goals include learning from an institute of higher education, we can help. Whether you choose an AA, BA, Director Credential from McCormick directors only , or something else, our generous tuition assistance program can help your dream become a reality. Connect, collaborate, and learn with peers at regional learning events, monthly staff development meetings, annual Professional Development Days, and more.
Supporting the communities in which we work and live is at our core. Bright Horizons proudly stands behind our many employees who give their time, offering them grants and awards for the hard work they do to make the world a better place. At Bright Horizons, we don't just talk about diversity and inclusion, we embrace it.
We understand the importance of welcoming difference, creating a sense of belonging and providing opportunities for our employees to bring their full selves to work.
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Everyone at Bright Horizons has the opportunity to make an impact. Get to know us and consider a career with Bright Horizons today! Centers and schools teams are the foundation of what we do. As a teacher, leader, support staff member, or in-home caregiver, you'll have meaningful interactions, ample learning opportunities, and the chance to make a difference in the lives of children and families. Find out if it is the job for you.
Give families peace of mind while enjoying a day of fun and learning as a Bright Horizons nanny. Find out how you can create your own flexible work schedule while making a difference in the lives of children and families. Employees at Bright Horizons have opportunities to grow their career and their education, all while making a difference in the lives of children. The Bright Future Scholarship program offers assistance to students pursuing a career in early childhood education.
Contact Us. See All Solutions. For Employers. Who We Are. Resources for Employers. Resources for Families. Search Bright Horizons. Find a Center Locate our child care centers, preschools, and schools near you. Log in to Schedule Backup Care. I'm interested in Looking for a child care center Accessing my benefits Providing benefits to my employees Joining the Bright Horizons Team. A Career That's More.