Bright Horizons Family Solutions Inc. (BFAM) 2023 Q2 法說會逐字稿

Greetings, welcome to the Bright Horizons Family Solutions Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Michael Flanagan, Vice President of Investor Relations. Thank you. You may begin.

各位好，歡迎參加 Bright Horizons Family Solutions 2023 年第二季財報電話會議。（接線員指示）請注意，本次會議將被錄音。我現在把會議交給投資人關係副總裁 Michael Flanagan。謝謝。您可以開始了。

Thank you, Sherry, and welcome to Bright Horizons second quarter earnings call. Before we begin, please note that today's call is being webcast and a recording will be available under the Investor Relations section of our website, brighthorizons.com. As a reminder to participants, any forward-looking statements made on this call, including those regarding future business, financial performance and outlook, are subject to the safe harbor statements included in our earnings release.

謝謝你，Sherry，也歡迎各位參加 Bright Horizons 第二季財報電話會議。在開始之前，請注意今天的電話會議將以網路直播方式進行，並且錄音將會在我們網站 brighthorizons.com 的「投資人關係」專區提供。提醒各位與會者，本次電話會議中所做的任何前瞻性陳述（包括關於未來業務、財務表現與展望者）均受我們財報新聞稿中所載之安全港聲明所規範。

Forward-looking statements inherently involve risks and uncertainties that may cause actual operating and financial results to differ materially and should be considered in conjunction with the cautionary statements that are described in detail in our earnings release, 2022 Form 10-K and other SEC filings.

前瞻性陳述本質上涉及風險與不確定性，可能導致實際營運與財務結果出現重大差異，並應結合我們財報新聞稿、2022 年 Form 10-K 以及其他 SEC 申報文件中所詳述的警示性聲明一併考量。

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statements. We'll also refer to these non-GAAP financial measures, which are detailed and reconciled to their GAAP counterparts in our earnings release, which is available under the IR section of our website at investors.brighthorizons.com.

任何前瞻性陳述僅截至其作出之日有效，我們不承擔更新任何前瞻性陳述之義務。我們也將提及這些非 GAAP 財務衡量指標，其定義與與 GAAP 對應指標之調節已在我們的財報新聞稿中詳述；該新聞稿可於我們網站 investors.brighthorizons.com 的投資人關係（IR）專區取得。

Joining me on today's call are Chief Executive Officer, Stephen Kramer; and our Chief Financial Officer, Elizabeth Boland. Stephen will start with reviewing our second quarter results and provide an update on the business. Elizabeth will follow with a more detailed review of the numbers before we open it up to your questions.

今天與我一同參與電話會議的有執行長 Stephen Kramer，以及財務長 Elizabeth Boland。Stephen 將先回顧我們第二季的業績並提供業務最新進展；接著 Elizabeth 將更詳細地說明財務數字，之後我們將開放提問。

With that, let me turn the call over to Stephen.

接下來，讓我把電話會議交給 Stephen。

Thanks, Mike, and welcome to everyone who has joined the call. I am really pleased with our performance in the second quarter. We delivered strong results with another 20% plus year-over-year revenue growth quarter and solid adjusted earnings of $0.64 per share. Occupancy improved sequentially in Q2, and we realized year-over-year mid-single-digit enrollment growth. Back-up care delivered an outstanding growth quarter with use and users outpacing our expectations and with June posting the highest traditional network use month in our history.

謝謝你，Mike，也歡迎所有加入本次電話會議的各位。我對我們第二季的表現感到非常滿意。我們交出強勁成果，營收年增再次超過 20%，並實現每股 0.64 美元的穩健調整後盈餘。第二季入住率（occupancy）較前一季改善，且我們實現年增中個位數的招生（enrollment）成長。備援照護（back-up care）也繳出卓越的成長季度，使用量與使用人數均超出我們預期，且 6 月創下我們歷史上傳統網路使用量最高的單月紀錄。

There is one area that continues to trail our plan for the year, our U.K. full-service business, where persistent staffing and enrollment challenges remain a headwind to our overall earnings performance. Overall, our first half results position us well to continue to make good progress against our 2023 objectives.

有一個領域仍持續落後於我們今年的計畫，也就是英國（U.K.）的全方位服務（full-service）業務；持續的人力配置與招生挑戰，仍對我們整體獲利表現造成阻力。整體而言，我們上半年成果使我們處於良好位置，得以持續朝 2023 年目標取得良好進展。

So to get into some of the specifics. Revenue in the quarter increased 23% to $603 million with adjusted net income of $37 million and adjusted EPS of $0.64.

接著談一些具體數字。本季營收年增 23% 至 6.03 億美元，調整後淨利為 3,700 萬美元，調整後每股盈餘（adjusted EPS）為 0.64 美元。

In our full-service childcare segment, revenue increased 23% in the second quarter to $459 million. From a utilization standpoint, we made further progress across the center cohorts we have discussed over the last few quarters. Specifically in Q2, 43% of our centers were in the top cohort, defined as above 70% occupancy. Only 14% of our centers are under 40% occupancy in Q2, an improvement from the high teens in Q1.

在我們的全方位托育（full-service childcare）部門，第二季營收年增 23% 至 4.59 億美元。就使用率而言，我們在過去幾季所討論的各中心群組（center cohorts）上持續取得進展。具體而言，第二季有 43% 的中心位於最高群組，該群組定義為入住率高於 70%。第二季入住率低於 40% 的中心僅占 14%，較第一季的高十幾個百分點有所改善。

We are pleased with the continued enrollment gains and feel that we are well positioned as we head into the typical seasonal summer enrollment dip. To a bit more detail, in centers that have been opened for more than 1 year, enrollment increased at a mid-single-digit rate in Q2, and occupancy averaged more than 60% for the quarter.

我們對持續的招生成長感到滿意，並認為在進入典型的夏季季節性招生下滑之前，我們已具備良好態勢。再補充一些細節：對於開業超過 1 年的中心，第二季招生以中個位數的速度成長，且本季平均入住率超過 60%。

In the U.S., year-over-year enrollment increased 10% in these life centers with sustained solid performance across all age groups and center models and notable momentum in our younger age groups, with growth accelerating in the low teens in our infant and toddler classrooms. While staffing remains a constraint in some locations, the overall labor environment in the U.S. continues to stabilize, and the many actions we have taken have driven considerable progress in staffing.

在美國，這些成熟中心（life centers）年增招生達 10%，各年齡層與中心模式均維持穩健表現；其中較年幼年齡層動能尤為明顯，我們的嬰兒與幼兒教室招生成長加速至低十幾個百分點。雖然部分地點的人力仍是限制因素，但美國整體勞動環境持續趨於穩定，而我們採取的多項措施已在人力配置方面帶來顯著進展。

With retention rates ahead of pre-pandemic levels and applications and hiring levels continuing to improve, we are able to tour and offer places to families more quickly and better meet their care needs. These improvements will continue to help us to serve more children and families today and build the pipeline for future enrollment.

在留任率高於疫情前水準、且應徵與招募水準持續改善的情況下，我們能更快速地安排家庭參觀並提供名額，更好地滿足其照護需求。這些改善將持續協助我們在當下服務更多兒童與家庭，並為未來招生建立管道。

Looking outside the U.S., centers opened for more than 1 year, increased enrollment in the low single digits, improving sequentially from flattish year-over-year growth in Q1. The Netherlands and Australia maintained higher levels of occupancy through the pandemic, so the cadence of their enrollment recovery is, therefore, more modest.

在美國以外地區，開業超過 1 年的中心招生以低個位數成長，較第一季年增近乎持平的表現呈現連續改善。荷蘭與澳洲在疫情期間仍維持較高的入住率，因此其招生復甦的節奏相對較為溫和。

With this, we continue to be pleased by the 2023 performance in these 2 geographies as they build back to pre-pandemic levels. Conversely, as I previewed, the enrollment recovery in the U.K. continues to lag our growth expectations with a less favorable macroeconomic backdrop and a staffing environment that has remained particularly challenging.

因此，我們對這兩個地區在 2023 年的表現仍感到滿意，因其正逐步回到疫情前水準。相對地，如我先前所提，英國的招生復甦仍落後於我們的成長預期，原因包括較不利的總體經濟背景，以及一直特別具挑戰性的人力環境。

Labor costs and margins are pressured by higher wage rates, greater reliance on more costly agency staff and inherent inefficiency at current occupancy levels. As a result, our operating performance is suboptimal and behind our plan. While we have instituted a number of actions, including expanded apprenticeship programs, international recruiting and streamlined candidate experience, we anticipate our overall labor costs to remain elevated for the remainder of the year and enrollment progress to be relatively limited.

勞動成本與利潤率受到較高薪資水準、更依賴成本較高的派遣人力，以及在目前入住率水準下固有的效率不彰所壓抑。因此，我們的營運表現未達最佳狀態，且落後於計畫。雖然我們已推動多項措施，包括擴大學徒計畫、國際招募以及簡化候選人流程體驗，但我們預期今年剩餘期間整體勞動成本仍將維持在較高水準，且招生進展相對有限。

Let me now turn to back-up care, which delivered an outstanding quarter, outpacing our expectations. Revenue grew 27% to $116 million as utilization increased and as we extended our client partnerships with new launches in Q2 for Duke University Health System, Public Storage and Sikorsky Aircraft, to name only a few. Traditional network use was higher than we projected in the quarter with broad-based expansion of use across all care types, particularly strong was use within Bright Horizons and network centers with overall use growth accelerating through the quarter.

接著談備援照護（back-up care），本季表現卓越，超出我們預期。營收年增 27% 至 1.16 億美元，主要受惠於使用率提升，以及我們與客戶夥伴關係的延伸；第二季新增上線的客戶包括 Duke University Health System、Public Storage 與 Sikorsky Aircraft 等（僅舉數例）。本季傳統網路使用量高於我們的預估，所有照護類型的使用均呈現廣泛擴張；其中 Bright Horizons 自有中心與網路中心的使用尤為強勁，整體使用成長在本季逐月加速。

The investments we have made in additional supply, product development and technology initiatives to enhance awareness and access for client employees are showing real results as the uptick of the benefit grows across a wider swath of users. The summer is off to a strong start, and I continue to be excited about the opportunity to expand our back-up business, extending our reach to clients and families and accelerating our company's growth and margin profile.

我們在增加供給、產品開發與科技計畫上的投資，用以提升客戶員工的認知與可近性，已展現實質成果；隨著福利在更廣泛的使用者族群中擴散，使用量也隨之上升。夏季開局強勁，我仍對擴大備援業務的機會感到振奮，這將延伸我們對客戶與家庭的觸及範圍，並加速公司成長與利潤率結構的提升。

Our education advisory business delivered revenue of $28 million. Notable new client launches in the quarter for EdAssist and College Coach included (inaudible), [Wyatt] games and VF Corporation.

我們的教育諮詢（education advisory）業務營收為 2,800 萬美元。本季 EdAssist 與 College Coach 的重要新客戶上線包括（聽不清楚）、[Wyatt] games 以及 VF Corporation。

Before I wrap up, I want to highlight some of the work we are doing in partnering with this sector to advance the early education field. Last month, we had the honor of hosting 100 researchers, policymakers and practitioners at the Early Childhood Innovation Summit. This unique gathering united thinkers, doers, scholars and practitioners to foster fresh thinking, innovative approaches and creative problem solving that no doubt will drive the field of early education forward. This event was a great opportunity for us to showcase our leadership in the field and to learn from some of the industry's best and brightest.

在我結語之前，我想強調我們與本產業合作、推動幼兒教育領域進步的一些工作。上個月，我們很榮幸主辦「幼兒創新高峰會」（Early Childhood Innovation Summit），邀請 100 位研究人員、政策制定者與實務工作者參與。這場獨特的聚會匯聚思想者、行動者、學者與實務者，促進新思維、創新方法與創意問題解決，我相信這將推動幼兒教育領域向前發展。這項活動也讓我們有機會展現我們在該領域的領導地位，並向業界最優秀的人才學習。

In closing, I am pleased with our solid first half of 2023. Given the year's performance so far, we have moved up our 2023 full year revenue growth guidance to a range of 16% to 19% or $2.35 billion to $2.4 billion. We are also revising our adjusted EPS guidance to a range of $2.70 to $2.80, reflecting the lower operating performance we now anticipate in the U.K. for 2023.

最後，我對 2023 年上半年的穩健表現感到滿意。鑑於今年迄今的表現，我們將 2023 年全年營收成長指引上調至 16% 至 19% 的區間，或 23.5 億至 24.0 億美元。我們也將調整後每股盈餘（adjusted EPS）指引修正至 2.70 至 2.80 美元的區間，反映我們目前預期英國 2023 年營運表現將較低。

With that, I'll turn the call over to Elizabeth, who will dive into the quarterly numbers and share more details around our outlook.

接下來，我把電話會議交給 Elizabeth，她將深入說明季度財務數字，並分享更多關於我們展望的細節。

Thank you, Stephen, and hello, everybody, who's joined us tonight. To recap the second quarter, overall revenue increased 23% to $603 million. Adjusted operating income was 8% of revenue or $46 million, which is down $5 million from Q2 of 2022, while adjusted EBITDA was 14% of revenue or $82 million, roughly flat compared to the prior year. We added 6 new centers in the second quarter and closed 14, ending the quarter with 1,068 centers.

謝謝你，Stephen，也向今晚加入我們的各位問好。回顧第二季，整體營收年增 23% 至 6.03 億美元。調整後營業利益為營收的 8%，即 4,600 萬美元，較 2022 年第二季減少 500 萬美元；而調整後 EBITDA 為營收的 14%，即 8,200 萬美元，與去年同期大致持平。我們在第二季新增 6 家中心並關閉 14 家，季末中心總數為 1,068 家。

To break this down a bit further, full-service revenue increased $87 million to $459 million in Q2 or 23% over the prior year, which is ahead of our expectations for an 18% to 22% increase. Net organic constant currency revenue grew approximately 12%, driven by an increased enrollment and pricing, while acquisitions added roughly 11% or $39 million to revenue in the quarter.

進一步拆解來看，全方位服務（full-service）營收在第二季增加8,700萬美元至4.59億美元，較去年同期成長23%，高於我們原先預期的18%至22%增幅。以淨有機、固定匯率口徑計算的營收約成長12%，主要由入園人數增加與定價帶動；而併購在本季約為營收貢獻11%或3,900萬美元。

With respect to foreign exchange, the year-over-year change in FX rates had a negligible impact on the quarter. Enrollment in our centers opened for more than 1 year, increased mid-single digits across the portfolio, and occupancy levels in these centers ticked up sequentially, averaging in the range of 60% to 65% for Q2.

就外匯而言，匯率年對年變動對本季影響可忽略不計。對於開業超過1年的中心，我們的入園人數在整體組合中呈現中個位數成長；這些中心的入住率亦較前一季上升，第二季平均約落在60%至65%的區間。

As Stephen mentioned, U.S. enrollment grew 10%, while enrollment in our U.K. and Netherlands centers increased 2% over the prior year. Adjusted operating income of $13 million in the full-service segment contracted $9 million in Q2 the year-over-year decrease was driven by a $7 million reduction in support received from the ARPA government funding program over the prior year and the impact of the teacher compensation investments that we made in the fall of 2022 as well as the continued inefficient spend in the U.K. on labor and agency staffing. Partially offsetting these headwinds were contributions from the enrollment growth as well as tuition increases.

如Stephen所提，美國入園人數成長10%，而英國與荷蘭中心的入園人數較去年同期成長2%。全方位服務部門第二季調整後營業利益為1,300萬美元，年對年減少900萬美元；下降主因包括：相較去年，ARPA政府補助計畫提供的支援減少700萬美元、我們於2022年秋季進行的教師薪酬投資之影響，以及英國在人力與派遣人員配置上持續存在的低效率支出。部分抵銷上述逆風的因素，則包括入園成長的貢獻以及學費調漲。

Turning to back-up care. Revenue grew 27% in the second quarter to $116 million, well ahead of our expectations for 15% to 18% growth. As Stephen mentioned, we were pleased with the volume and breadth of use throughout the quarter. Operating income of $27 million was 23% of revenue, which is in line with our expectations for the quarter.

接著談備援照護（back-up care）。第二季營收成長27%至1.16億美元，明顯優於我們原先預期的15%至18%成長。如Stephen所提，我們對本季整體使用量與使用廣度感到滿意。營業利益為2,700萬美元，占營收23%，符合我們對本季的預期。

Our educational advisory segment reported revenue growth of 4% to $28 million on expanded use of our workforce education and college admissions advising services as well as contributions from new client launches. And operating margin improved to 20% on spending efficiency. Interest expense totaled $11 million in Q2, excluding the $1.5 million per quarter related to the deferred purchase price for our acquisition of Only About Children.

我們的教育諮詢（educational advisory）部門營收成長4%至2,800萬美元，主要來自企業員工教育與大學入學諮詢服務使用擴大，以及新客戶上線的貢獻；同時在支出效率提升下，營業利益率改善至20%。第二季利息費用合計1,100萬美元（不含每季150萬美元、與我們收購Only About Children之遞延收購價款相關的費用）。

This $11 million represents an increase of $3 million over 2022, attributable to higher interest rates and increased revolver borrowings. The structural tax rate on adjusted net income increased to 28.3% in the quarter, an increase of 210 basis points over Q2 of '22.

這1,100萬美元較2022年增加300萬美元，主要歸因於利率上升以及循環信用額度（revolver）借款增加。本季調整後淨利的結構性稅率上升至28.3%，較2022年第二季提高210個基點。

So turning to the balance sheet and cash flow. For the quarter, we generated $113 million in cash from operations compared to $67 million in Q2 of '22. We invested $50 million in fixed assets and acquisitions compared to $14 million in Q2 of '22 and paid down the remaining $45 million outstanding on our revolving credit facility. We ended the quarter with $66 million of cash and a leverage ratio of 2.8x net debt to EBITDA, down from 3.25x at the beginning of the year.

接著看資產負債表與現金流。本季我們營運活動產生現金流入1.13億美元，對比2022年第二季為6,700萬美元。我們在固定資產與併購上投資5,000萬美元，對比2022年第二季為1,400萬美元，並償還循環信用額度剩餘未償的4,500萬美元。本季末我們持有現金6,600萬美元，槓桿比率（淨負債／EBITDA）為2.8倍，較年初的3.25倍下降。

Moving on to our updated 2023 outlook. We are moving our 2023 full year revenue guidance to $2.35 billion to $2.4 billion to reflect the revenue outperformance in the first half of the year. In terms of segment revenue, we now expect full service to grow roughly 17% to 20%, back-up care to grow 15% to 17% and ed advisory to grow in the high single digits.

接著說明我們更新後的2023年展望。為反映上半年營收優於預期，我們將2023年全年營收指引上調至23.5億至24.0億美元。就各部門營收而言，我們目前預期全方位服務約成長17%至20%，備援照護成長15%至17%，教育諮詢則為高個位數成長。

On an EPS basis, we are guiding to an adjusted EPS range of $2.70 to $2.80 a share. This reflects performance in line with our previous expectations across the majority of the business with a reduction specifically related to lower anticipated performance in the U.K. through the remainder of 2023.

以EPS口徑來看，我們指引調整後EPS為每股2.70至2.80美元。此反映公司大部分業務表現與先前預期一致，但因預期英國在2023年剩餘期間的表現較弱而下修。

In a more immediate time frame, our outlook for Q3 is for overall revenue growth of 13% to 15%, with full-service revenue growth of 14% to 16%, back-up care revenue growth of 12% to 15% and ed advisory in the high single digits or 8% to 10%. We expect Q3 adjusted EPS to be in the range of $0.80 to $0.85.

就更近期而言，我們對第三季的展望為整體營收成長13%至15%；其中全方位服務營收成長14%至16%，備援照護營收成長12%至15%，教育諮詢為高個位數或8%至10%。我們預期第三季調整後EPS約為0.80至0.85美元。

Before I close, as we've done in the last couple of quarters, I wanted to also provide the additional context and summarize 3 discrete items that are affecting our reported margins and earnings growth rates in 2023, specifically related to ARPA funding, interest expense and our tax rate. We now expect those items to account for roughly $0.60 to $0.65 a share headwind to growth for the full year, including the effect of $30 million less in ARPA funding at P&L centers, $12 million more in interest expense and a 210 basis point increase in the tax rate.

在我結束前，如同過去幾季，我也想補充一些背景並總結三項在2023年影響我們已揭露毛利率與獲利成長率的獨立因素，分別與ARPA補助、利息費用以及稅率相關。我們目前預期，這些因素全年合計將對成長造成約每股0.60至0.65美元的逆風，其中包括：損益中心（P&L centers）的ARPA補助減少3,000萬美元、利息費用增加1,200萬美元，以及稅率上升210個基點的影響。

Specifically, in Q3, we expect those items to account for roughly $0.15 a share headwind to year-over-year growth for Q3 with $8 million less in ARPA funding -- at -- government funding at P&L centers, roughly $2 million more in interest expense and approximately 160 basis points higher tax rate. Again, this is all for Q3.

具體而言，在第三季我們預期上述因素將對第三季年對年成長造成約每股0.15美元的逆風，包括：損益中心的ARPA補助（政府補助）減少800萬美元、利息費用約增加200萬美元，以及稅率約提高160個基點。再次強調，這些都是針對第三季。

So with that, Sherry, we are ready to go to Q&A.

那麼，Sherry，我們準備進入問答。

(Operator Instructions) Our first question is from George Tong with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的George Tong。

You talked about seeing sequential occupancy improvement in the quarter. Can you talk about where occupancy rates ended in the quarter and what your latest expectations are for occupancy by the end of this year?

你提到本季入住率呈現逐季改善。你能談談本季末入住率落在什麼水準，以及你們對今年年底入住率的最新預期嗎？

Sure. So in the quarter, we had an average about 60% to 65%, so picked up several percentage points from last quarter. We are at the highest seasonal point in the year for childcare. So we will go into a bit of a dip in the third quarter and then begin to bring it back in Q4. So we would expect that end the year at this point in the low 60s percent. So just a bit behind where we are now after dipping down into Q3.

當然。本季平均約為60%至65%，較上一季提升了幾個百分點。我們目前正處於一年中托育（childcare）季節性最高點。因此第三季會稍微下滑，之後在第四季開始回升。所以以目前來看，我們預期年底會落在60%出頭的水準，也就是在第三季下滑後，會比現在略低一些。

Got it. That's helpful. And you talked about seeing the U.K. business trade a little bit below or behind expectations with staffing and enrollment challenges weighing on overall results. Can you talk a little bit about what -- when you might expect that to reverse and how overall performance outside of the U.K., any other positives or negatives to call out?

了解，這很有幫助。你也提到英國業務的表現略低於或落後於預期，整體結果受到人力配置與入園挑戰的影響。你能談談你們預期何時可能出現反轉嗎？另外，英國以外的整體表現是否還有其他值得一提的正面或負面因素？

Yes. So I think that the view on the U.K. is one of it being a more protracted challenging labor environment than we had anticipated earlier in the year and coming out of 2022, although it has been a challenging labor environment around the world. We've seen more improvement, more forward strides in the U.S. and in the Netherlands and as well in Australia. So the performance outside the U.S. and the other countries that we operate has been pretty steady.

是的。我認為對英國的看法是：其勞動市場的挑戰期比我們在年初以及走出2022年時所預期的更為拉長，儘管全球各地的勞動市場都具挑戰。我們在美國、荷蘭以及澳洲都看到更多改善與更明顯的進展。因此，美國以外以及我們營運的其他國家的表現一直相當穩定。

The recovery to pre-COVID levels isn't complete in the Netherlands and Australia. They are both still a few percentage points behind where their occupancy levels would have been pre-COVID, but they have held steadier through the pandemic than the rest of the business already. So that recovery is, as Stephen, I think, referred to in the prepared remarks, is a bit more muted because they are already at a higher starting place, but the performance there is solid.

荷蘭與澳洲尚未完全恢復到COVID前的水準；兩者的入住率仍比COVID前低了幾個百分點，但在疫情期間相較於公司其他業務已經維持得更穩。因此，如同Stephen在事先準備的發言中提到的，那邊的復甦幅度相對較溫和，因為它們原本的起點就較高，但當地表現仍然穩健。

It's really the U.K. that is seeing this more profound cost implications that is not only affecting -- it's affecting the labor cost structure, but it's also because of the labor supply and the challenges of having sufficient staff, we are somewhat constrained on enrollment as well. And to when that -- to revise, I think it's -- certainly, we're seeing it persist through the end of this year and the -- need to get through the fall and that this fall enrollment cycle to have more color on that looking into '24.

真正面臨更顯著成本影響的是英國；這不僅影響人力成本結構，也因為勞動供給與人手不足的挑戰，我們在入園方面也受到一定限制。至於何時會反轉，我認為——可以確定的是，我們看到這種情況將持續到今年年底；我們需要走過秋季以及這一波秋季入園週期，才能在展望2024年時有更清楚的判斷。

Our next question is from Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的Andrew Steinerman。

Elizabeth, just remind me, I thought previously the company talked about a 2023 guide for full-service operating margins to be kind of low-single digits to high-single digits. And I did hear a comment today in that regard or that specific, has there been any change to your expectations in terms of full-service operating margins? And if you can make a comment about third quarter full-service operating margins as well, that would be helpful.

Elizabeth，提醒我一下，我記得先前公司談到 2023 年全方位服務（full-service）營運利潤率的指引大概是低個位數到高個位數。我今天也聽到你提到相關或更具體的說法；你們對全方位服務營運利潤率的預期有任何改變嗎？另外，如果也能評論一下第三季全方位服務營運利潤率，會很有幫助。

Sure. So the first part of that is right, Andrew. I just would refine it. We did talk about sort of low to mid-single digits for full-service operating margins this year. This quarter, we are certainly in that range. And we would expect to see that tapers back a little bit in the third quarter with the cyclical seasonality coming in and offset by a little bit of positiveness of our Australia operations, which is coming into sort of its strong season, if you will.

當然。Andrew，你前半段的理解是對的，我只是想稍微修正一下。我們確實談過今年全方位服務營運利潤率大概在低到中個位數的區間。本季我們確實就在那個範圍內。我們預期第三季會因為週期性的季節因素進來而略為回落，但會被我們澳洲業務的一些正面因素部分抵銷，澳洲正要進入相對強勁的旺季。

The one other headwind in Q3 is we will have ARPA sunsetting, the ARPA government funding program is sunsetting at the end of September. And so we had about $9 million of ARPA funding in Q2. We would expect that to be $5 million to $6 million in Q3 as it tapers off to be completed.

第三季另一個逆風是 ARPA 將到期；ARPA 政府補助計畫將在 9 月底結束。因此我們在第二季約有 900 萬美元的 ARPA 補助。我們預期第三季會隨著逐步退場而降至約 500 萬到 600 萬美元，直到結束。

So the puts and takes there is that it would still be in the low single digits, so a little bit behind where we are this quarter and then ticking up a bit as we get into the fourth quarter a little closer to the -- between low-single digits and mid-single digits. So I don't think we were ever in the high single digits.

所以綜合這些因素，我們認為仍會在低個位數，只是會比本季稍微低一些；接著進入第四季會再回升一點，較接近低個位數到中個位數之間。我不認為我們曾經預期會到高個位數。

Our next question is from Jeff Meuler with Baird.

下一個問題來自 Baird 的 Jeff Meuler。

So what are you planning to change in the U.K. to the extent to which -- I get it's a tough environment, but to the extent to which there could be controllables that you could address with BFAM initiatives?

那麼在英國，你們計畫做哪些改變——我理解環境很艱難，但就你們可控的部分而言，有哪些可以透過 BFAM 的措施來改善？

Sure, Jeff. Thank you. So as I outlined in the prepared remarks, clearly, there are actions that we have undertaken and continue to undertake. I'll highlight a few and go into a little bit of detail. We believe that growing our own talent is something that we are specifically well suited to do in the U.K. And so increasing the scale of our apprenticeship program is going to be an important element going forward.

當然，Jeff，謝謝。如同我在事先準備的發言中所說，很明顯我們已採取、並將持續採取一些行動。我先強調幾點並稍微說明細節。我們相信在英國「自培人才」是我們特別擅長的方向，因此擴大我們的學徒制（apprenticeship）計畫規模，將會是未來很重要的一環。

When we think about it, it's not just about enlarging the classes of apprenticeships but we are also taking actions to make sure that we are supporting our working learners so that they can persist through the program, complete and do it in the most economical time possible. We are also looking beyond -- so we have a history of international recruitment in Spain. We are looking at expanding that program to additional countries so that we can expand the scope of that program so that we can be bringing in talent from overseas, if you will, for the U.K.

我們在思考這件事時，不只是把學徒班的規模做大；我們也在採取行動，確保能支持這些在職學習者，讓他們能夠持續完成計畫，並以最具成本效益的時間完成。我們也在往外看——我們過去在西班牙有國際招募的經驗；我們正在評估把這個計畫擴展到更多國家，以擴大計畫的範圍，讓我們能為英國從海外引進人才。

And then finally, like we did here in the U.S., we continue to look at ways that we can improve the candidate experience starting with the job seeker all the way through their onboarding. And so those are 3 examples of actions that we, at this point, have underway and are going to continue to push hard on.

最後，就像我們在美國所做的一樣，我們持續尋找方法改善候選人的體驗，從求職者開始一路到入職（onboarding）。以上是三個例子，這些行動目前都已在進行中，我們也會持續大力推動。

Got it. And then in back-up care, you signed a lot of new clients through the pandemic. You added a lot of new services. You've had a couple of really strong growth quarters, and I feel like every quarter, your like quarter out guidance implies deceleration. Can you just -- what are the limiting factors on the growth in back-up care? Or maybe talk about what kind of success are you having increasing use banks and care types among the clients that either signed up during the pandemic or prior to adding the new services?

了解。接著在備援照護（back-up care）方面，你們在疫情期間簽了很多新客戶，也新增了很多新服務。你們有幾個季度成長非常強勁，但我感覺每一季你們對下一季的指引都暗示成長會放緩。你能否說明一下——備援照護成長的限制因素是什麼？或者談談你們在提高使用額度（use banks）以及照護類型（care types）方面的成效，特別是那些在疫情期間簽約或在新增服務之前就已是客戶的企業？

Absolutely. So what we had talked about in Q1 when we outperformed was the possibility that, that was a pull forward of use related to individuals that we're pulling forward, their use and then ultimately, we then modulated out for the remainder of the year, thinking that they may ultimately at the individual level be out of uses.

當然可以。我們在第一季談到超出預期時，提過一種可能性：那可能是個人使用量的「提前發生」（pull forward），也就是部分個人把原本之後才會用到的使用量提前使用；因此我們在推估今年剩餘期間時做了調整，認為在個人層級上，他們最終可能會把可用次數用完。

What we saw in Q2, very excitingly, was actually an expansion of the user base, which was really positive for us. Some of that is that maturation of some of the new clients that you referenced that we're able to garner in the pandemic period. But certainly, as we look at the first half of the year, we also need to be mindful of the fact that we were comping against the time in 2022 where COVID still existed in a more pronounced way.

而我們在第二季看到的、非常令人振奮的是，實際上使用者基礎（user base）擴大了，這對我們非常正面。其中一部分來自你提到的那些在疫情期間取得的新客戶逐漸成熟。但同時，回看上半年，我們也必須留意：我們的比較基期是 2022 年當時 COVID 的影響仍更為明顯的時期。

And so we had Omicron in the first quarter. We had -- at least in our centers, we were still wearing masks into the -- into Q2. And so when we look at the use acceleration in the second half of the year of 2022, we now will be comping against that going into the second half, which is why, again, I think we're going to have a really strong performance year overall. But why we don't have expectations that are stronger on a growth rate basis in Q3 and Q4.

因此第一季有 Omicron；而且至少在我們的中心裡，我們到第二季仍在戴口罩。所以當我們看 2022 年下半年使用量加速的情況時，我們今年下半年將會對比到那段期間。這也是為什麼我仍認為全年整體表現會很強，但我們對第三季與第四季在成長率上的預期不會更高。

Our next question is from Manav Patnaik with Barclays.

下一個問題來自 Barclays 的 Manav Patnaik。

Elizabeth, just like you did with the full service, could you just help us with the margin expectations if anything has changed for the full year for back-up and ed? And also for 3Q, what that might look like?

Elizabeth，就像你剛才談全方位服務那樣，你能否也協助我們了解備援照護與教育（ed）業務的全年利潤率預期是否有任何變化？另外第三季大概會是什麼樣子？

Sure. So as you saw this quarter, we were at about 23% for the quarter and use is in its strongest period here, in Q3. We would expect it to be even higher than we saw in Q2. This is the heat of the summertime. And so the margin, we would expect to tick up in Q3 to be more like 25% to 30% for the quarter. Overall for the year, it'd be more like 25% to 28%. So carrying some of that benefit through to Q4, but a little bit more like the normalized average by the end of the year. So back-up continues to deliver at that higher level.

當然。如你們本季所見，我們本季約為 23%，而使用量在第三季是最強的時期。我們預期第三季會比第二季更高，因為這是夏季最旺的時段。因此利潤率我們預期第三季會上升到約 25% 到 30%。全年來看，大概會在 25% 到 28% 左右，也就是部分效益會延續到第四季，但到年底會更接近常態化的平均水準。因此備援照護仍會維持在較高水準的表現。

From an ed advisory standpoint, we would deliver 20% this quarter, an EBIT margin. We'd expect that to be ticking up again. The EdAssist and College Coach businesses are both very much participant-driven businesses and the participation tends to pick up in the fall -- in sort of the late summer and fall period. So we would expect those margins to tick back up to more like 25% to 30% as well.

在教育諮詢（ed advisory）方面，本季我們的 EBIT 利潤率會是 20%，我們預期之後也會再上升。EdAssist 與 College Coach 兩項業務都非常以參與者（participant）驅動，而參與度通常會在秋季——也就是夏末到秋季這段期間——提升。因此我們預期利潤率也會回升到約 25% 到 30%。

Got it. And I guess just in terms of the visibility for the fall, can you just talk about -- I apologize if I missed it, but what utilization assumption you have for 3Q and 4Q? Like how much enrollment visibility do you have now?

了解。那我想就秋季的能見度而言，你能否談談——如果我漏聽了先說抱歉——你們對第三季與第四季的使用率（utilization）假設是什麼？目前你們對招生（enrollment）的能見度有多高？

I'm sorry, I didn't quite -- how much utilization...

抱歉，我沒有完全聽清楚——你是問使用率有多高……

How much enrollment visibility do we have...

我們對招生能見度有多高……

Enrollment visibility, sorry. Yes, so pretty -- we're in a stage where, of course, preschoolers, the least visibility we have as it relates to some of the changes that can happen in the older age groups and the timing of when not so much when a child who's going into the elementary school may leave. We know what age they are when they go to elementary school, but some parents make decisions for 4-year olds to get them in a program that's associated with their elementary school. So there can be some variability in that 3- and 4-year old age group turning over, whereas we typically see infants and toddlers continue to age up and persist through our program.

招生能見度，抱歉。是的，所以——我們目前所處的階段是：當然，就學齡前幼兒而言，我們的能見度相對最低，因為較大年齡層可能會有一些變動，以及離開的時間點——不是那麼取決於要上小學的孩子何時離開。我們知道他們上小學的年齡，但有些家長會在孩子 4 歲時就決定讓他們進入與其小學相關聯的課程。因此在 3 歲與 4 歲這個年齡層的流動（turn over）會有一些變動性；相較之下，我們通常看到嬰幼兒會隨年齡成長並持續留在我們的計畫中。

So we have reasonable visibility into the fall at this point. So far in the summer, it's tracking to our plan. But there is that -- there is a little bit of unknown in terms of who may be leaving in the month of August, September to associate with some of these elementary school programs, as I say. But it's not quantifiable like we've got 80% in a locked and loaded backlog, but we have reasonable visibility with the infants and toddlers who comprise -- at this point, infants and toddlers are more than 50% of our overall enrollment base. So pretty solid view there.

所以就目前而言，我們對秋季有合理的能見度。到目前為止，夏季的走勢符合我們的計畫。但確實仍有一些未知數：在 8 月、9 月可能會有部分孩子離開，去參加我剛提到的那些與小學相關的課程。不過這不像是我們有 80% 已鎖定、已確定的在手訂單（backlog）那樣可量化；但對於嬰幼兒我們有合理的能見度，而嬰幼兒目前占我們整體招生基礎的 50% 以上，所以在那部分的視野相當穩健。

Our next question is from Stephanie Moore with Jefferies.

我們的下一個問題來自 Jefferies 的 Stephanie Moore。

I wanted to touch a little bit on tuition increases or just pricing. So first part of the question, I don't -- and maybe I just didn't hear it correctly. But in the U.K., are you planning on any kind of tuition increases or anything like from that respect that might help with some of the enrollment in the labor environment kind of similar to what you implemented in the U.S.?

我想稍微談一下學費調漲或定價。問題的第一部分，我不確定——也許是我沒有聽清楚。但在英國，你們是否計畫進行任何形式的學費調漲，或從這個角度來看，是否可能在目前的勞動力環境下對招生有所幫助，類似你們在美國所採取的作法？

And then second part of the question on pricing. Maybe just talk a little bit if you're getting any pushback or how you view the tuition increases and how they have resonated here in the U.S.?

然後第二部分是關於定價。能否談談你們是否遇到任何反彈，或你們如何看待學費調漲，以及這些調漲在美國這邊的反應如何？

Yes. So I can start and Stephen can add color, Stephanie. But overall, the price increase decisions that we make, while they're local and can be varied on a particular market, on average, we did tuition increases this year from 6% to 7%, and that was also true in the U.K. And as we look ahead to 2024, we would be certainly -- really making sure that we're comping to the market and staying both as competitive and recognizing what other choices parents may have in order to set price.

好的。我可以先回答，Stephen 也可以補充說明，Stephanie。整體而言，我們所做的漲價決策雖然是因地制宜、也可能因不同市場而有所差異，但平均來看，我們今年的學費調漲約為 6% 到 7%，英國也是如此。展望 2024 年，我們當然會——確保與市場水準對標，並在訂價時同時維持競爭力，也考量家長可能有的其他選擇。

But knowing that the inflationary environment is what it is, it's labor inflation, it's other cost inflation as well, we certainly want to be as assertive as possible on price while balancing that with getting the enrollment into the centers. We have found -- certainly this year, we have found parents to be generally quite understanding of price increases. They recognize the labor environment, they recognize the challenge of getting staff and keeping staff in centers. So I think it's been reasonably well absorbed, and that's part of the reason that we've taken a measured approach not trying to recover all of the cost investment in 1 cycle, but looking at it over a couple of cycles and making sure that we are capturing as much of that marginal enrollment as possible, and we feel like it's bearing fruit.

但考量目前的通膨環境就是如此——包含人力通膨以及其他成本通膨——我們當然希望在價格上盡可能積極，同時也要在讓中心能夠招到足夠人數之間取得平衡。我們發現——至少今年——家長普遍對漲價相當能理解。他們理解勞動力環境，也理解招募與留任中心員工的挑戰。所以我認為整體吸收得還不錯；這也是我們採取較為審慎作法的原因之一：不是試圖在一個週期內把所有成本投入都回收，而是拉長到幾個週期，同時確保我們能盡可能抓住邊際招生，我們覺得這正在產生效果。

I think the market in the U.K. has other challenges that go beyond just tuition pricing and affordability is a challenge and one of the programs -- one of the elements of the government in the U.K. has been looking at is revising the reimbursement rates. They support enrollment of 3- to 5-year olds. And more recently, they added 2-year olds to be covered by a certain number of hours of care per week. And so they have been looking at those reimbursement rates to try to right size them for the inflationary environment, but it still doesn't completely address the affordability issue. So price is a consideration for sure.

我認為英國市場還有一些不僅僅是學費定價的其他挑戰；可負擔性是一項挑戰，而英國政府正在檢視的其中一個方案——其中一個要素——是調整補助報銷費率。他們支持 3 到 5 歲幼兒的入園。最近他們也把 2 歲幼兒納入，每週一定時數的照護可獲補助。因此他們一直在檢視這些補助報銷費率，試圖在通膨環境下把費率調整到合理水準，但這仍無法完全解決可負擔性問題。所以價格確實是一個考量。

Okay. No, that's helpful color. I appreciate it. And then maybe in the same line as just sticking in the U.K. So kind of you called out affordability and pricing, is there also a sense that maybe some of these centers are structurally disadvantaged post-COVID? Or are you seeing anything else that might have to be evaluated probably more so in 2024 as we kind of continue to look at what has been kind of an underperformance for maybe a year or so? So maybe just talk about some of those other factors?

好的，不，這些補充很有幫助，謝謝。那也許沿著同一條思路，繼續談英國。你提到可負擔性與定價，那是否也有一種感覺是：部分中心在 COVID 之後在結構上處於不利地位？或者你們是否看到其他可能需要評估的因素——也許在 2024 年更需要——因為我們持續看到可能已經一年左右的相對低迷表現？能否談談其他一些因素？

Sure. So I think -- and I'll sort of elevate it to say this is how we think about it globally. And then obviously, it applies to the U.K., which is we look at each center and sort of the sustainability and the viability of each center individually and uniquely. And so as we continue to look at the centers in the U.K., in particular, we are trying to make a trade-off between the sight line to getting back to pre-COVID levels, both from an enrollment perspective but also from a contribution perspective.

當然。我想——我先把層次拉高，說明我們在全球是如何看待這件事的；然後很明顯也適用於英國。我們會逐一檢視每一家中心，從個別且獨特的角度評估其可持續性與可行性。因此，當我們持續檢視英國的中心時，特別是，我們正試圖在「回到 COVID 前水準的可見度」之間做取捨——不論是從招生角度，還是從貢獻（獲利貢獻）角度。

At the same time, there are some that will be underperformers. But because of the life left on their lease, it can be more economical to continue to operate those centers because they actually lose less than the amount that their rent would be each year. And so continuing to operate that makes a lot of sense. We haven't found landlords, and this is sort of categorical. We have not found landlords to be particularly open-minded as it relates to either taking back space and/or reducing rents in the current environment. Again, that may change. But at this point, they've been pretty stubborn about continuing to maintain the leases even in places that may have been dislocated.

同時，也會有一些表現較差的中心。但由於租約剩餘年限的關係，繼續營運那些中心可能更具經濟性，因為它們實際上的虧損小於每年必須支付的租金金額。因此繼續營運在很多情況下是合理的。我們尚未發現房東——這算是整體性的觀察——在目前環境下，對於收回空間和／或降低租金特別願意配合。當然，這未來可能會改變。但就目前而言，即使在某些可能已經受到衝擊的地點，他們仍相當強硬地維持租約條款。

So overall, we look at it on an individual case-by-case basis. And as Elizabeth outlined earlier, the reality is that we continue to see a reducing number of centers that are in our lowest cohort. And so we're encouraged categorically with the progress that we're able to make even in that lowest occupancy group.

所以整體而言，我們會以個案逐一評估。正如 Elizabeth 先前提到的，現實是：我們持續看到落在最低分組的中心數量在減少。因此，從整體分類來看，即便是在最低入住率那一組，我們仍對能取得的進展感到鼓舞。

Our next question is from Toni Kaplan with Morgan Stanley.

我們的下一個問題來自 Morgan Stanley 的 Toni Kaplan。

I just really wanted to quickly clarify the 60% to 65% utilization. I know you prefaced it with centers open for a year or more. Is that comparable to the 55% to 60% that you gave last quarter and the metrics that you've been providing in the last number of quarters?

我想很快釐清一下 60% 到 65% 的使用率。我知道你先說明這是針對開業滿一年或以上的中心。這是否可與你們上季提供的 55% 到 60% 以及過去幾季一直提供的指標相互比較？

Yes, exactly. That's a comparative progression from the 55% to 60% last quarter.

是的，完全正確。這就是相較於上季 55% 到 60% 的可比進展。

Okay. And then I wanted to ask just on the EPS guide, you talked about the U.K. challenges driving that EPS guide down. Is there anything outside of the U.K. that is causing you to lower the EPS guide? The margin has been maybe a little bit disappointing as well across other areas.

好的。接著我想問一下 EPS 指引。你提到英國的挑戰把 EPS 指引往下拉。除了英國之外，還有其他因素導致你們下調 EPS 指引嗎？其他領域的利潤率看起來也有點令人失望。

There's really very minor noise around the rest of the business. And so just -- there may be a little bit of softness on the ed advising, but that's really the only other thing. The rest of the business is performing pretty steady according to the plan and the initial outlook at the beginning of the year.

其他業務其實只有非常輕微的雜訊。所以——可能在教育諮詢（ed advising）方面有一點點疲軟，但那幾乎是唯一的其他因素。其餘業務都相當穩定，符合年初的計畫與初始展望。

Okay. I did want to ask one last one on ed advisory. It seemed a little bit light this quarter and last quarter in terms of growth rate. The comps get a little bit tougher in the second half. And it seemed like the guidance that you gave on the call was maybe expecting some acceleration. So I just wanted to know if there's something that has been pressuring it in the first half that will reverse or that will drive the acceleration in the second half?

好的。我還想最後問一個關於教育諮詢的問題。就成長率而言，這一季和上一季看起來都有點偏弱。下半年比較基期會更具挑戰。而且你們在電話會議上給的指引似乎是在預期會有一些加速。所以我想了解，上半年是否有什麼因素在壓抑表現，而這些因素會在下半年反轉，或會驅動下半年的加速？

Yes. So I think it's fair to say that we would have expected better results in this area. We have our own level of disappointment in this particular area given the opportunity that we see in front of us. I would say that, certainly, we have made and taken some actions to try and improve the performance in this area. We hired a new leader for this area. We have hired a new marketing leader in this area. And so our expectation is that we're going to have the ability to first make some short-term actions that are going to accelerate things in the second half of the year. And then in the longer term, we have a good expectation of how this business should and will perform.

是的。我想可以公平地說，我們原本預期這個領域會有更好的結果。就我們看到的機會而言，這個領域的表現確實讓我們有一定程度的失望。我會說，確實，我們已經採取了一些行動來改善這個領域的表現。我們為這個領域聘請了新的負責人，也聘請了新的行銷主管。因此我們的預期是：我們將能先採取一些短期措施，在今年下半年加速表現；而從長期來看，我們也對這項業務應該、也將會如何表現有清楚的期待。

Our next question is from Faiza Alwy with Deutsche Bank.

我們的下一個問題來自 Deutsche Bank 的 Faiza Alwy。

So a few clarifying questions. One, just remind us how big the U.K. is? I think you disclosed how many centers are in the U.K., but I'm curious from a revenue perspective, how much of a contribution the U.K. provides? And more importantly, give us a sense of what the margins were like in this business, pre-COVID and sort of where they are now and how they compare to the U.S.?

我有幾個釐清問題。第一，請提醒我們英國業務的規模有多大？我記得你們披露過英國有多少家中心，但我想從營收角度了解，英國貢獻了多少？更重要的是，請讓我們了解這項業務在 COVID 之前的利潤率大概如何、現在大概在哪裡，以及與美國相比如何？

Sure. So the U.K. business overall is around USD 350 million in revenue. It has a component portion of the business that is a back-up like business, pretty similar network to our back-up business in the U.S., but so $320 million versus about $40 million is back-up. So the full-service business is around $320 million. And that's associated with 280 centers across various portions of the U.K.

當然。英國業務整體營收約為 3.5 億美元。其中有一部分是備援（back-up）類型的業務，網路型態與我們在美國的備援業務相當類似；因此大約是 3.2 億美元對比約 4,000 萬美元是備援。也就是說，全日制（full-service）業務約為 3.2 億美元。這部分對應英國各地約 280 家中心。

As it relates to that, the business performed similarly to the U.S. pre-COVID considering a focus on the full-service business. So within the sort of mid- to high single digits operating income on the revenue flow from there with, again, a small contribution from back-up then, which has been able to expand.

就此而言，若聚焦在全日制業務，該業務在 COVID 之前的表現與美國相近。也就是在該營收規模上，營業利益率約落在中到高個位數百分比；另外，當時備援業務的貢獻較小，但其後也有能力擴張。

At this point, where we're seeing the performance there, they're certainly well below that and have not been -- the full-service business is not contributing. So it's behind that. It has -- the runway to get back is based on getting this enrollment recovered.

在這個時間點，從我們看到的表現來看，它們確實遠低於那個水準，而且一直沒有——全方位服務業務並未帶來貢獻。所以它落後於那個水準。它——要回到原來水準的跑道，取決於把這個註冊人數恢復起來。

Great. And then just on back-up care, you've had really strong growth on the top line. But margins, I would think that margins should be stronger. So I'm curious, like is that just higher costs? Or is there more to it? Like how should we think about long-term margins in this business?

很好。接著就備援照護而言，你們的營收端成長非常強勁。但就利潤率來看，我原本會以為利潤率應該更強。所以我想了解，這只是成本較高嗎？還是還有其他因素？我們應該如何看待這項業務的長期利潤率？

Yes. So there's a number of considerations over the last couple of years that have made it maybe a little bit less predictable or consistent from quarter-to-quarter. As we've been coming out of the pandemic, there were relatively higher than average margins. Typically, we would expect the back-up business to be performing in the 25% to 30% operating margin range. We have had as a result of relatively lower direct care service. In 2020, 2021, we've actually had higher margin because of the lack of third-party provider fees that needed to be paid to deliver the service. And by that, I mean, the Bright Horizons network of centers, our network partners, the Bright Horizons affiliation within home caregivers. So there are more direct costs as we provide more use now.

是的。所以過去幾年有一些因素，使得它在季度之間可能比較不那麼可預測或一致。隨著我們走出疫情，利潤率曾相對高於平均。一般而言，我們預期備援業務的營業利潤率會落在 25% 到 30% 的區間。我們之所以出現過較高利潤率，是因為直接照護服務相對較少。在 2020 年、2021 年，因為不需要支付提供服務所需的第三方供應商費用，我們實際上有較高的利潤率。我所指的第三方包括：Bright Horizons 的中心網路、我們的網路合作夥伴，以及 Bright Horizons 旗下的到府照護人員。因此，隨著現在使用量增加、我們提供更多服務，直接成本也會增加。

And so that coupled with the -- essentially the technology backbone and the account management team that supports the more than 1,000 clients we have in back-up is what drive the other investments that go into the business. And so during some quarters of the year, we'll be in this 20% to 25% range and in other, as we mentioned in this coming quarter, we would expect to be in the 25% to 30% range.

此外，再加上——基本上支撐我們超過 1,000 家備援客戶的技術骨幹與客戶管理團隊——這些都推動了我們對該業務的其他投入。因此，在一年中的某些季度，我們會落在 20% 到 25% 的區間；而在其他季度，如同我們提到的下一季，我們預期會落在 25% 到 30% 的區間。

So the drivers are around utilization, paying third-party providers and then ensuring that we're investing in the innovation to access customers to make the customer experience smooth and to ensure that we are matching care with the need.

所以驅動因素包括使用率、支付第三方供應商費用，以及確保我們投資於創新以觸達客戶、讓客戶體驗順暢，並確保我們能把照護資源與需求做出匹配。

(Operator Instructions) Our next question comes from Josh Chan with UBS.

（接線員指示）下一個問題來自 UBS 的 Josh Chan。

I was wondering if you could talk about the performance of your lease/consortium centers and if those are kind of stronger than the other centers, does that make you more inclined to open more the lease/consortium centers as we go into the future?

我想請你談談你們租賃／聯盟中心（lease/consortium centers）的表現；如果這些中心確實比其他中心更強，這是否會讓你們在未來更傾向開設更多租賃／聯盟中心？

Yes. So our lease/consortium centers structurally have the opportunity to be our highest-performing cohort. It's where we are taking risk on the site, and we have full control and responsibility for the P&L, the control over tuitions and the decisions around staff rates, et cetera, as opposed to a cost-plus kind of an environment where the client is making more of those decisions, and we have more of a fixed fee that we earn.

是的。我們的租賃／聯盟中心在結構上有機會成為我們表現最佳的一組。因為在這種模式下，我們承擔場址風險，並對損益表（P&L）擁有完全的控制與責任，也能掌控學費、以及員工薪資水準等決策；相較之下，在成本加成（cost-plus）那種環境裡，客戶會做出更多這類決策，而我們獲得的則較偏固定費用。

Our lease/consortium centers are performing well. The enrollment levels are within -- they are a couple of points behind maybe where our direct client centers are, but they are very proximate and recovering as consistently as we would expect them to in terms of overall enrollment. And so we would -- yes, expect -- we would be expecting to continue to open locations where we see an undersupply. We see professionals, young families living and working.

我們的租賃／聯盟中心表現良好。招生水準——相較於我們的直接客戶中心，可能落後幾個百分點，但非常接近，且在整體招生方面的復甦也如我們預期般穩定。因此我們會——是的，預期——在看到供給不足、且有專業人士與年輕家庭居住與工作的地方，持續開設據點。

And so we're being certainly thoughtful over the next coming 12 to 24 months about where those commitments are undertaken given the dynamic environment that we're operating in, but we feel good about the model as it allows us to access markets that may otherwise be underserved.

因此，在接下來 12 到 24 個月，我們會非常審慎地評估在目前所處的動態環境下要承諾哪些據點，但我們對這個模式感到樂觀，因為它讓我們能進入原本可能服務不足的市場。

Okay. That's great color. And then I guess on the guidance for Q3 with the EPS being higher than Q2, is that primarily a function of the back-up care seasonality? I'm just kind of trying to reconcile the trajectory going from Q2 to Q3.

好的，這些說明很有幫助。接著我想問，關於第三季指引中 EPS 高於第二季，這主要是備援照護的季節性所致嗎？我只是想把從第二季到第三季的走勢串起來理解。

Yes. So certainly, the back-up performance is higher in Q3 versus Q2 by substantial measure. The revenue is a lot higher and with margins, not only moving from 23% this quarter to 25% to 30% in Q3, that's a lot of velocity, and that's the main reason for the move.

是的。備援業務在第三季相較第二季確實會顯著更強。營收會高很多，而利潤率也不僅是從本季的 23% 提升到第三季的 25% 到 30%；這個提升幅度很大，而這也是變動的主要原因。

And our final question is from Jeff Silber with BMO Capital Markets.

最後一個問題來自 BMO Capital Markets 的 Jeff Silber。

I apologize I came on late. I hope this question wasn't asked. I think you said you closed 14 centers in the quarter. That seems to be a little bit higher than normal. And I know it creeped up also a little bit last quarter. Can you give us a little bit more color, where are those center closures? And are you being more aggressive in deciding when to close underperforming centers?

抱歉我比較晚才加入，希望這個問題還沒被問過。我想你們說本季關閉了 14 家中心。這看起來比平常稍微高一些。我也知道上季也略有上升。你們能否多提供一些背景，這些中心關閉主要發生在哪裡？以及你們在決定何時關閉表現不佳中心時，是否變得更積極？

Yes. So the center closings this quarter certainly were -- there's a little bit of variety here, and Patrick will give you some color, Jeff. So probably, overall, we closed 22 so far this year. But in the quarter, 3 of the centers were back-up centers. So we have operated a network of back-up centers and have found that the solution that works for more parents rather than having their children come to a smaller, say, downtown back-up site is to utilize either the Bright Horizons network at large or third-party providers or in home. So there's a couple of locations that really just have not come back for the pandemic, and we permanently closed those. So that's one element.

是的。本季的中心關閉確實——情況有一些不同類型，Patrick 會補充一些細節，Jeff。整體來看，我們今年迄今大概關閉了 22 家。但就本季而言，其中有 3 家是備援中心。我們一直營運一個備援中心網路，並發現對更多家長而言，與其讓孩子到較小、例如市中心的備援據點，不如使用更大範圍的 Bright Horizons 中心網路、或第三方供應商、或到府服務。因此，有幾個據點在疫情後確實沒有回來，我們就永久關閉了。這是一個面向。

There's a couple of centers that we had temporarily closed that we did ultimately say, to your point, we're just -- they're not going to reopen. We don't have sight line on this (inaudible) site. So there were a couple of more that came into that category. And there are a couple of client centers, they were government agencies actually that had never really recovered given where they're located in the D.C. area. That has been -- that not been a bounce-back market for us and others. And so that's probably the 3, I call out, is notable.

另外有幾家中心原本是暫時關閉的，但我們最終也決定——如你所說——它們就是不會再重開了。我們看不到這個（聽不清）據點的可行性。因此又有幾家落入這一類。還有幾家是客戶中心，實際上是政府機構，因為它們位於華盛頓特區（D.C.）地區，復甦一直不理想。那一直——對我們和其他業者而言都不是一個反彈的市場。所以我認為這三類是比較值得指出的。

And then I'm sorry, the second part of the question, just generally, are you being a bit more aggressive when you're deciding to close these centers? Am I reading too much into it?

然後抱歉，問題的第二部分是，整體而言，你們在決定關閉這些中心時是否更積極一些？我是不是過度解讀了？

Yes. I would say you may be reading a little bit into it, Jeff. I would say that we continue to be really disciplined about our closures. And part of the decision, of course, becomes like it is in typical times that some of this is about when the lease end occurs. But I would say that in general, I think we've been pretty disciplined about closures. And so yes, this quarter had a few more than typical. On the other hand, I would say I wouldn't read anything into it in particular.

是的。我會說你可能有點過度解讀了，Jeff。我會說我們在關閉中心方面一向非常有紀律。當然，決策的一部分——就像在一般時期一樣——也與租約到期時間點有關。但我會說整體而言，我們在關閉方面一直相當有紀律。所以是的，本季確實比典型情況多關了幾家；但另一方面，我也不會說這背後有什麼特別需要解讀的訊號。

Terrific. Well, thank you all very much for joining us this evening and look forward to seeing you out on the road this fall.

太好了。非常感謝各位今晚加入，也期待今年秋天在路演行程上與各位見面。

Thanks, everybody. Have a good night.

謝謝大家。祝各位晚安。

Thank you. This will conclude today's conference. You may disconnect at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以斷線。感謝您的參與。