Bright Horizons Family Solutions Inc (BFAM) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Bright Horizons Family Solutions Fourth Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Flanagan, Vice President of Investor Relations. Thank you, Michael. You may begin.

您好，歡迎參加 Bright Horizo​​ns Family Solutions 2023 年第四季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁 Michael Flanagan。謝謝你，麥可。你可以開始了。

Thanks, Paul, and welcome, everyone, to Bright Horizons' Fourth Quarter Earnings Call.

謝謝保羅，歡迎大家參加 Bright Horizo​​ns 的第四季財報電話會議。

Before we begin, please note that today's call is being webcast. The recording will be available under the Investor Relations section of our website, brighthorizons.com.

在我們開始之前，請注意今天的電話會議正在進行網路直播。錄音將在我們網站 Brighthorizo​​ns.com 的投資者關係部分提供。

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 safe harbor statement included in our earnings release.

提醒參與者，本次電話會議中所做的任何前瞻性陳述，包括有關未來業務、財務業績和前景的陳述，均須遵守我們收益發布中包含的安全港聲明。

Forward-looking statements may 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. Any forward-looking statement speaks only as of the date of which it's made, and we undertake no obligation to update any forward-looking statements.

前瞻性陳述可能涉及風險和不確定性，可能導致實際營運和財務結果出現重大差異，應與我們的收益發布、2022 年 10-K 表格和其他 SEC 文件中詳細描述的警示性陳述結合起來考慮。任何前瞻性聲明僅代表其發布之日的情況，我們不承擔更新任何前瞻性聲明的義務。

We may also refer to non-GAAP financial measures, which are detailed and reconciled to the GAAP counterparts in our earnings release, which is available under the Investor Relations section of our website at investors.brighthorizons.com.

我們也可能參考非GAAP 財務指標，這些指標在我們的收益報告中詳細說明並與GAAP 財務指標進行了核對，該報告可在我們網站的投資者關係部分找到，網址為Investors.brighthorizo​​ns .com。

Joining on today's call are Chief Executive Officer, Stephen Kramer; and our Chief Financial Officer, Elizabeth Boland. Stephen will start by reviewing our 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.

執行長 Stephen Kramer 參加了今天的電話會議；以及我們的財務長伊麗莎白·博蘭 (Elizabeth Boland)。史蒂芬將首先回顧我們的結果並提供業務最新情況。在我們回答您的問題之前，伊麗莎白將更詳細地審查這些數字。

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

現在，讓我把電話轉給史蒂芬。

Thanks, Mike, and welcome to everyone who is joining the call.

謝謝邁克，並歡迎所有加入通話的人。

I am really pleased with how we finished the year, achieving better-than-expected revenue and EPS results in the fourth quarter. Performance for the full year results are strong, with Full Service revenue expanding nearly 20% and Back-Up Care revenue surpassing the $500 million mark, up an impressive 26% in 2023.

我對我們今年的表現感到非常滿意，第四季的營收和每股盈餘都比預期好。全年業績表現強勁，全方位服務收入成長近 20%，後備照護收入突破 5 億美元大關，2023 年成長 26%，令人印象深刻。

These accomplishments were driven by the focus, dedication and execution of our talented teams who continue to work tirelessly to deliver our high-quality services. So to get into some of the specifics, in Q4, total revenue increased 16% to $616 million, which yielded adjusted EBITDA of $99 million and adjusted earnings per share of $0.83, an increase of 8% from the prior year.

這些成就是由我們才華橫溢的團隊的專注、奉獻和執行力推動的，他們繼續不懈地努力提供高品質的服務。具體而言，第四季總營收成長 16%，達到 6.16 億美元，調整後 EBITDA 為 9,900 萬美元，調整後每股收益為 0.83 美元，較上年增長 8%。

For the full year 2023, revenue of $2.4 billion, representing growth of 20% with adjusted earnings per share of $2.84, expanding 9% over 2022. In our Full Service child care segment, revenue increased 15% in the fourth quarter to $447 million. The drivers of this growth were enrollment and pricing with centers that have been opened for more than 1 year expanding enrollment at a high single-digit rate in Q4 and averaging 58% to 60% occupancy.

2023 年全年營收為24 億美元，成長20%，調整後每股收益為2.84 美元，比2022 年成長9%。在我們的全方位服務兒童照護領域，第四季營收成長15%，達到4.47億美元。這一成長的驅動因素是入學率和定價，已開業超過 1 年的中心在第四季度以高個位數的速度擴大入學率，平均入住率達到 58% 至 60%。

In the U.S., year-over-year enrollment increased 10% in these life centers with double-digit growth in our younger age groups and mid- to high single-digit growth in preschool age groups in Q4. Outside the U.S., enrollment increased at a mid-single-digit rate in the fourth quarter compared to Q4 of 2022. Although the operating environment in the U.K. continues to be challenging and a headwind to the performance of the overall Full Service segment, enrollment growth in the U.K. increased -- improved modestly in Q4 compared to Q3, and we have seen that progress continue into the early part of 2024.

在美國，第四季度這些生活中心的入學人數年增了 10%，其中較年輕年齡組的入學人數實現兩位數增長，學齡前年齡組的入學人數實現中高個位數增長。在美國以外的地區，與2022 年第四季相比，第四季的入學人數以中個位數成長。儘管英國的營運環境仍然充滿挑戰，並且對整體全方位服務細分市場的業績構成不利影響，但入學人數增長英國的增長——與第三季度相比，第四季度略有改善，我們看到這種進展持續到 2024 年初。

At the same time, we continue to rationalize our portfolio in the U.K. to ensure focus on centers with the greatest long-term viability and improved momentum in regaining operating profitability over time.

同時，我們繼續合理化我們在英國的投資組合，以確保重點關注具有最大長期生存能力的中心，並隨著時間的推移恢復營運盈利能力的勢頭有所改善。

In our Dutch and Australian operations, enrollment was in line with our expectations in Q4, and both portfolios continue to upgrade with occupancy levels averaging above 70%.

在我們的荷蘭和澳洲業務中，第四季的入學人數符合我們的預期，並且兩個投資組合都在繼續升級，平均入住率超過 70%。

Let me now turn to Back-Up Care, which delivered an outstanding quarter to finish the year. Revenue increased 24% to $135 million on strong utilization across our more than 1,100 clients. Traditional network use trended higher than our expectations as we ended the year. Using Bright Horizons Centers, network centers and in-home were all strong, and these use cases continue to be the primary drivers for the Back-Up business.

現在讓我談談 Back-Up Care，該公司在今年的季度表現非常出色。由於 1,100 多個客戶的強勁利用率，營收成長了 24% 至 1.35 億美元。截至年底，傳統網路使用趨勢高於我們的預期。使用 Bright Horizo​​ns 中心、網路中心和家庭都很強大，這些用例仍然是備份業務的主要驅動力。

We do continue to see solid growth across all care types. We're encouraged by the growth opportunity from the newer use cases that we have introduced in the last couple of years as this broader portfolio enables us to serve a wider set of eligible client employees. 2023 was a tremendous year for backup care. We saw record interest and record use. I'm very encouraged by our ability to capture demand and operationally deliver for families in need of care.

我們確實繼續看到所有護理類型的穩健增長。我們對過去幾年推出的新用例帶來的成長機會感到鼓舞，因為更廣泛的產品組合使我們能夠為更廣泛的合格客戶員工提供服務。 2023 年對後備照護來說是重要的一年。我們看到了創紀錄的興趣和創紀錄的使用。我對我們捕捉需求並為需要照護的家庭提供服務的能力感到非常鼓舞。

As I mentioned earlier, we reached an important milestone in 2023, surpassing $500 million in revenue. For context, Back-Up Care was a $300 million business in 2019. And over the last 4 years, its contribution to the company's revenue and profitability profile has grown significantly, along with its impact on families, employees and clients. Even as Full Service continues its enrollment and earnings recovery, Back-Up Care is poised to be a structurally larger contributor to our go-forward earnings profile, and we are very excited about the continued growth opportunity in this segment.

正如我之前提到的，我們在 2023 年實現了一個重要的里程碑，收入超過 5 億美元。就背景而言，Back-Up Care 在2019 年的業務價值為3 億美元。在過去4 年裡，它對公司收入和盈利狀況的貢獻顯著增長，同時對家庭、員工和客戶也產生了影響。即使全方位服務的註冊和收入繼續恢復，備用護理也有望在結構上對我們未來的盈利狀況做出更大的貢獻，我們對這一領域的持續增長機會感到非常興奮。

Our education advisory business delivered revenue of $34 million in the quarter. Notable new client launches in the quarter for EdAssist and College Coach, including -- included Norfolk Southern, Standard Chartered and Verisign. The transformation of this segment is underway and focused on meeting the evolving upskilling and reskilling needs of employers and their employees. We continue to believe in and are investing against the large opportunity available in this market.

我們的教育諮詢業務本季實現營收 3,400 萬美元。 EdAssist 和 College Coach 在本季度推出了引人注目的新客戶，包括 Norfolk Southern、Standard Chartered 和 Verisign。此細分市場的轉型正在進行中，重點在於滿足雇主及其員工不斷變化的技能提升和再培訓需求。我們繼續相信並針對這個市場上存在的巨大機會進行投資。

As we turn to 2024, I want to take a moment to thank every member of the Bright Horizons family as well as our client partners who invest in these important services. We made great progress this past year across many dimensions of our business. This could not have been achieved without their dedication and commitment to our core mission in delivering the highest quality education and care to children, families, learners and our employer partners.

展望 2024 年，我想花點時間感謝 Bright Horizo​​ns 家族的每位成員以及投資這些重要服務的客戶合作夥伴。去年，我們在業務的許多方面都取得了巨大進步。如果沒有他們對我們為兒童、家庭、學習者和雇主合作夥伴提供最高品質的教育和照護的核心使命的奉獻和承諾，這一目標是不可能實現的。

A special shout out to our teachers who cared for the children of the San Francisco 49ers in Las Vegas during the big game this past Sunday. A great example of how we support working families to integrate work and life.

特別感謝我們的老師們，他們在上週日的拉斯維加斯大型比賽中照顧了舊金山 49 人隊的孩子們。這是我們如何支持薪資家庭整合工作和生活的一個很好的例子。

I believe we executed well against our near-term goals in 2023 while also making investments to strengthen our foundation to drive our success in the years to come. We made significant progress in rebuilding our staffing levels, increasing enrollment, expanding capacity and capabilities to support backup growth and in the continued build-out of the infrastructure for our One Bright Horizons vision. We entered 2024 on a solid footing and with good momentum, and we expect to see revenue growth of approximately 10%, resulting in revenue of $2.6 billion to $2.7 billion. On the earnings side, we are projecting adjusted EPS in the range of $3 to $3.20 per share.

我相信，我們在 2023 年的近期目標上表現出色，同時也進行了投資，以鞏固我們的基礎，推動我們在未來幾年取得成功。我們在重建人員配置水平、增加入學人數、擴大支持後備增長的容量和能力以及為實現“One Bright Horizo​​ns”願景而持續建設基礎設施方面取得了重大進展。我們以堅實的基礎和良好的勢頭進入 2024 年，預計營收成長約 10%，營收達到 26 億至 27 億美元。在獲利方面，我們預計調整後每股收益將在 3 美元至 3.20 美元之間。

With that, I'll turn the call over to Elizabeth, who will dive into the quarterly numbers and share more details around our 2024 outlook.

接下來，我會將電話轉給 Elizabeth，她將深入研究季度數據並分享有關我們 2024 年展望的更多細節。

Great. Thank you, Stephen, and hi to everybody who's able to join us today. To recap the fourth quarter, overall revenue increased 16% to $616 million. Adjusted operating income of $64 million or 10.3% of revenue increased 15% over Q4 of '22, while adjusted EBITDA of $99 million or 16% of revenue, increased 10% over the prior year. We ended the quarter with 1,049 centers, adding 4 new centers and closing 18 centers in the fourth quarter.

偉大的。謝謝你，史蒂芬，並向今天能夠加入我們的所有人致以問候。回顧第四季度，總營收成長 16%，達到 6.16 億美元。調整後營業收入為 6,400 萬美元，佔營收的 10.3%，比 22 年第四季成長了 15%，而調整後 EBITDA 為 9,900 萬美元，佔營收的 16%，比前一年成長了 10%。本季末，我們擁有 1,049 個中心，第四季新增 4 個中心並關閉 18 個中心。

To break this down a bit further, Full Service revenue of $447 million, was up 15% in Q4 at the high end of our expectations on increased enrollment in pricing. Enrollment in our centers opened for more than 1 year increased in the high single digits across the portfolio. As Stephen mentioned, occupancy levels averaged in the range of 58% to 60% for Q4 as expected and consistent with Q3 levels, given typical enrollment seasonality. U.S. enrollment was up 10% and international enrollment increased in the mid-single digits over the prior year.

進一步細分，第四季度全方位服務收入為 4.47 億美元，成長了 15%，達到了我們對定價註冊人數增加的預期上限。我們開設一年多的中心的註冊人數在整個投資組合中呈現高個位數成長。正如 Stephen 所提到的，考慮到典型的入學季節性，第四季度的平均入住率在 58% 至 60% 之間，符合預期，並且與第三季度的水平一致。與前一年相比，美國入學人數增加了 10%，國際入學人數增加了中個位數。

In the center cohorts that we have discussed previously, we continue to show improvement over the prior year period. In Q4, our top performing cohort, defined as above 70% occupancy, improved from 25% of our centers in Q4 of '22 to 36% of our centers in Q4 of 2023. Our bottom cohort of centers, those operating under 40% occupied, represents 18% of centers as compared to 20% in the prior year period.

在我們之前討論過的中心隊列中，我們繼續表現出較上年同期有所改善。在第四季度，我們表現最好的中心群體（入住率超過70%）從22 年第四季的25% 提高到2023 年第四季的36%。我們表現最差的中心群體，即入住率低於40% 的中心，佔中心的 18%，而去年同期為 20%。

Adjusted operating income of $13 million in the Full Service segment, increased $1 million over the prior year. Higher tuition, higher enrollment, tuition increases and improved operating leverage were largely muted by a $12 million reduction in support received from the ARPA government funding program over the prior year.

全方位服務部門調整後營業收入為 1,300 萬美元，比前一年增加 100 萬美元。上一年 ARPA 政府資助計畫減少了 1,200 萬美元的支持，在很大程度上抵消了學費上漲、入學率上升、學費增加和營運槓桿改善的影響。

As Stephen previewed, we are taking steps to rationalize our footprint in the U.K. to better position our portfolio and to improve operating performance over time. Specifically, we've closed 12 centers in the U.K. in 2023, including 3 locations in Q4 and have currently identified an additional 20 to 30 centers to close over the next 12 to 18 months.

正如史蒂芬所預見的那樣，我們正在採取措施合理化我們在英國的業務，以更好地定位我們的投資組合併隨著時間的推移提高營運績效。具體來說，我們已於 2023 年關閉了英國的 12 個中心，其中包括第四季度的 3 個中心，目前已確定在未來 12 至 18 個月內另外關閉 20 至 30 個中心。

As we've discussed on prior calls, the U.K. Full Service business had operated at margins in the high single digits in the years leading up to the pandemic, but has been unprofitable in the last several years, losing approximately $30 million in adjusted operating income in 2023. We expect the reduced operating costs associated with the footprint rationalization along with improved staffing and enrollment gains in the remaining portfolio to drive the improved operating performance in the later part of '24 and then into 2025.

正如我們在之前的電話會議中討論的那樣，英國全方位服務業務在疫情爆發前的幾年裡一直保持著高個位數的利潤率，但在過去幾年中一直沒有盈利，調整後的營業收入損失了約3,000 萬美元2023 年。我們預計，與佔地面積合理化相關的營運成本降低，以及剩餘投資組合的人員配置和入學人數的增加，將推動24 年下半年以及2025 年營運績效的改善。

We will continue to focus on optimizing the portfolio in this new operating environment. with a particular eye on the impact of expanded tuck-in support for younger children, which is focused on defraying some of the cost of care for family.

我們將繼續專注於在新的營運環境中優化產品組合。特別關注擴大對年幼兒童的入睡支持的影響，該支持的重點是支付部分家庭護理費用。

Turning to Back-Up Care. Revenue grew 24% in the fourth quarter to $135 million, well ahead of the expectations we had to finish the year and adjusted operating income was 30% of revenue or $41 million, growing 25% over the prior year. As Stephen detailed, used volume was higher than we anticipated with strong use across care types, particularly on the traditional center and in-health care.

轉向後備護理。第四季營收成長 24%，達到 1.35 億美元，遠遠超出了我們對全年的預期，調整後的營業收入佔收入的 30%，即 4,100 萬美元，比上年增長 25%。正如史蒂芬所詳述的，使用量高於我們的預期，在各種護理類型中都有大量使用，特別是在傳統中心和醫療保健中。

Lastly, educational advising segment reported $34 million of revenue and delivered operating margin of 29%. Our EdAssist and College Coach businesses grew revenue by 6% in the fourth quarter to $32 million, while the Sittercity Marketplace business declined, resulting in an overall 2% growth in this segment for the quarter.

最後，教育諮詢部門報告收入為 3,400 萬美元，營業利潤率為 29%。我們的 EdAssist 和 College Coach 業務第四季度的營收成長了 6%，達到 3,200 萬美元，而 Sittercity Marketplace 業務則有所下降，導致該領域本季整體成長了 2%。

Interest expense increased $2 million to $13 million in Q4, excluding the $1.5 million per quarter that we had both in 2023 and in the second half of 2022 related to the deferred purchase price on our acquisition of Only About Children. The structural tax rate on adjusted net income increased to 28.3% in the quarter, an increase of 200 basis points over Q4 of '22.

第四季利息支出增加了 200 萬美元，達到 1,300 萬美元，其中不包括 2023 年和 2022 年下半年與收購 Only About Children 的遞延購買價格相關的每季 150 萬美元。本季調整後淨利的結構性稅率增至28.3%，比2022年第四季提高了200個基點。

Turning to the balance sheet and cash flow. For the year, we generated $256 million in cash from operations compared to $188 million in 2022. We invested $130 million in fixed asset investments and acquisitions in 2023. In '22, we had invested $270 million, including the acquisition of Only About Children. We ended 2023 with $72 million in cash and a leverage ratio of 2.5x net debt to EBITDA, down from 3.25x at the end of 2022.

轉向資產負債表和現金流量。今年，我們從營運中產生了2.56 億美元的現金，而2022 年為1.88 億美元。2023 年，我們在固定資產投資和收購方面投資了1.3 億美元。2022 年，我們投資了2.7 億美元，包括收購Only About Children。截至 2023 年末，我們擁有 7,200 萬美元現金，淨債務與 EBITDA 的槓桿率為 2.5 倍，低於 2022 年底的 3.25 倍。

Before I move on to guidance, I wanted to touch on a minor change in our segment reporting that the change will impact the growth comparisons in both our ed advisory and back up segments. Effective for the first quarter of 2024, we have moved to reporting Sittercity from ed advisory and other to the Back-Up Care segment to better reflect our operating structure. For clarity, we recast the prior year quarterly segment revenue and associated operating income comparisons in the 8-K filed with our earnings release.

在繼續指導之前，我想談談我們的部門報告中的一個小變化，即該變化將影響我們的教育諮詢和備份部門的成長比較。自 2024 年第一季起，我們已將 Sittercity 的報告從教育諮詢和其他部門轉移到後備護理部門，以更好地反映我們的營運結構。為了清楚起見，我們在收益發布中提交的 8-K 中重新調整了上一年季度部門收入和相關營業收入比較。

Our 2024 Back-Up Care and Ed Advisory revenue guidance does reflect growth off of the 2023 restated comparisons. So now moving on to our 2024 outlook. In terms of top line, we currently expect 2024 revenue to be $2.6 billion to $2.7 billion, which translates to growth in the range of 8% to 12%. At a segment level, we expect Full Service to increase roughly 8% to 12% on enrollment gains and tuition increases. Back-Up Care increased 10% to 12% with higher use and Ed Advisory to grow in the mid-single digits on expanded participation.

我們的 2024 年後備護理和教育諮詢收入指引確實反映了 2023 年重述比較的成長。現在我們展望 2024 年。就營收而言，我們目前預計 2024 年營收為 26 億至 27 億美元，成長 8% 至 12%。在細分市場層面，我們預計全方位服務將因入學人數增加和學費增加而增加約 8% 至 12%。隨著使用率的提高，後備護理增加了 10% 至 12%，而 Ed Advisory 則隨著參與範圍的擴大而實現了中個位數的增長。

In terms of earnings, we expect 2024 adjusted EPS to be in the range of $3 to $3.20 per share. Similar to last year, there are some discrete items affecting our reporting margins and earnings growth rates in '24, specifically related to the end of ARPA funding and interest expense.

在獲利方面，我們預計 2024 年調整後每股盈餘將在每股 3 美元至 3.20 美元之間。與去年類似，有一些離散項目影響我們 24 年的報告利潤率和獲利成長率，特別是與 ARPA 資金和利息支出的結束有關。

In the full year 2024, we expect those 2 items to account for an approximate $0.55 a share headwind to growth for the full year, reflecting the last claims from approximately $34 million ARPA funding for P&L centers that we received in 2023 and an estimated increase of $10 million in interest expense.

在 2024 年全年，我們預計這兩項對全年增長造成每股約 0.55 美元的阻力，反映了我們在 2023 年收到的損益中心約 3400 萬美元 ARPA 資金的最新索賠，預計增加利息支出1000萬美元。

As we look specifically to Q1, our outlook is for total top line growth in the range of 10% to 12%, again, with Full Service at that same rate, 10% to 12%, and Back Up growth of 10% to 15% and Ed Advisory in the mid-single digits. In terms of earnings, we expect Q1 adjusted EPS to be in the range of $0.42 to $0.47 a share. And regarding the discrete items that I mentioned above, we expect to have $3 million more in interest expense and a $15 million headwind from the ARPA support we had received in Q1 of 2023.

當我們具體關注第一季時，我們的預期是總收入成長在 10% 至 12% 範圍內，而全方位服務的成長率為 10% 至 12%，備份成長率為 10% 至 15% % 和Ed Advisory 處於中個位數。就獲利而言，我們預計第一季調整後每股收益將在 0.42 美元至 0.47 美元之間。關於我上面提到的離散項目，我們預計利息支出將增加 300 萬美元，並且我們在 2023 年第一季獲得的 ARPA 支援將帶來 1500 萬美元的阻力。

We do expect a year-over-year earnings headwind from these 2 items to ease as we move through the year with the combined headwinds falling from $18 million in Q1 to approximately $12 million headwind in each of Q2 and Q3 and then only $2 million by the time we get to Q4 of '24.

我們確實預計，隨著全年的推進，這兩項收入的同比盈利逆風將有所緩解，總逆風將從第一季度的1800 萬美元降至第二季度和第三季度的約1200 萬美元，然後到第二季僅為200 萬美元。時間到了 24 年第四季。

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

保羅，我們準備好要進行問答了。

(Operator Instructions) Our first question is from Andrew Steinerman with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的安德魯·斯坦納曼（Andrew Steinerman）。

Stephen, you saw it in the United States this ARPA funding stated that the industry really kind of outside of Bright Horizons might struggle and there might be an opportunity for increased M&A or just winning new clients. Now that ARPA has faded, what are you seeing in the broader industry in terms of the kind of the after effect?

史蒂芬，你在美國看到了這一 ARPA 資金表明，該行業在 Bright Horizo​​ns 之外確實可能會陷入困境，並且可能有機會增加併購或只是贏得新客戶。現在 ARPA 已經消退，您認為更廣泛的行業會產生什麼樣的後果？

Thanks for the question, Andrew. So as we stated, the ARPA funding ended at the end of September. And so we had always indicated that we felt that the effects of that would transpire over 2024 and into 2025. Competitors, specifically in our industry, tend to be individual owner operators. They are very vocationally minded and they ultimately will focus on families. They'll focus on their teachers and may do things that are uneconomic for some period of time.

謝謝你的提問，安德魯。正如我們所說，ARPA 資助於 9 月底結束。因此，我們一直表示，我們認為這種影響將在 2024 年至 2025 年顯現。競爭對手，特別是我們行業的競爭對手，往往是個體業主經營者。他們非常注重職業，最終會關注家庭。他們會專注於他們的老師，並可能在一段時間內做一些不經濟的事情。

I think at this point, given that the funding isn't available, many of them are making decisions around pricing to try to capture some of the decrement that they're seeing in their economics. Others are looking at reducing their discounting that they're doing through the COVID period. And then others are looking at their wages and trying to figure out what they can do structurally to reduce wages.

我認為，在這一點上，鑑於無法獲得資金，他們中的許多人正在圍繞定價做出決策，以試圖抓住他們在經濟中看到的一些下降。其他人正在考慮減少他們在新冠疫情期間所做的折扣。然後其他人則關注他們的工資，並試圖找出他們可以採取哪些結構性措施來降低工資。

So I think we're still in the early innings of the effects that we are possibly going to see from the elimination of the ARPA funding. And so there are isolated examples where owner operators are turning in the keys or deciding to be acquired. But I think at this point, it's still very early in that process, and we expect the effects to unfold over the next 12 to 18 months.

因此，我認為我們仍處於 ARPA 資金取消所帶來的影響的早期階段。因此，存在業主經營者交出鑰匙或決定被收購的孤立例子。但我認為目前該過程還處於早期階段，我們預計其影響將在未來 12 至 18 個月內顯現。

Our next question is from Stephanie Moore with Jefferies.

我們的下一個問題來自傑弗里斯的史蒂芬妮摩爾。

I was hoping you could touch a bit on your comment about footprint rationalization in 2024. I know in the quarter, you called about maybe making some changes in optimizing centers in the U.K. But as you just think of broad footprint rationalization. Maybe talk about your expectations in the U.S. and outside the U.S. and what we should be kind of thinking about as a total center count by year-end.

我希望您能談談您對 2024 年足跡合理化的評論。我知道在本季度，您打電話說可能會對英國的優化中心做出一些改變，但您只考慮廣泛的足跡合理化。也許可以談談您對美國和美國以外地區的期望，以及我們應該如何考慮到年底的中鋒總數。

Sure. So I can start and see if I touch on the question and Stephen can add color. So 2024, as you say, we've called out a number of centers that we have circled up foreclosure in the U.K. and again, are keeping an eye on how the effects of the expanded funding environment in the U.K. may impact demand in certain areas, but that's the main rationalization that we see.

當然。所以我可以開始看看我是否觸及這個問題，史蒂芬可以添加顏色。因此，正如您所說，到 2024 年，我們已經召集了一些在英國取消抵押品贖回權的中心，並再次密切關注英國擴大的融資環境可能如何影響某些領域的需求，但這就是我們看到的主要合理化。

Overall, we would expect to close globally a similar number to what we closed this year. So with a total of 49 centers overall this year, and we would expect to see that again in 2024. Openings averaged around 25, so 20 to 30 new center adds. So a net reduction in overall center footprint of net 25 down. So we ended the year at 1,049, so it would be just over -- around 1,025 at the end of the year.

總體而言，我們預計全球關閉數量與今年相似。因此，今年總共有 49 個中心，我們預計 2024 年會再次出現這種情況。平均空缺數量約為 25 個，因此會增加 20 到 30 個新中心。因此，中心整體佔地面積淨減少 25 個。因此，我們以 1,049 結束了這一年，所以年底時大約為 1,025。

Okay. And just as a follow-up on that. As you think about the cohort of your business in the centers that are kind of at that the lowest utilization level and certainly have made pretty meaningful progress year-over-year. But is there a potential to see maybe a more aggressive stance on some center rationalization just as you look at that lowest cohort or is that one aspect you could -- one lever you could pull to drive an improvement at that level? Or if not, what are the opportunities to drive enrollment improvement at that lowest cohort?

好的。作為後續行動。當您想到中心的業務群體時，它們的利用率水平處於最低水平，並且肯定逐年取得了相當有意義的進展。但是，正如您觀察最低群體一樣，是否有可能在某些中心合理化方面採取更積極的立場，或者您可以在一個方面——您可以拉動一個槓桿來推動該水平的改進？或者如果沒有，有哪些機會可以推動最低群體的入學率提高？

Yes. Again, I'll start and then Stephen can add color. The lowest cohort, as mentioned, is about 18% of the footprint on centers that have been opened more than -- the group that we've been talking about. And so with regard to there's closures, there's improving enrollment and there's really having an eye on some of the opportunities that we see as demand continues to rightsize. And as we are mindful of the impact of what Stephen was just talking about on the overall marketplace on centers that they close and our ability to take on enrollment from those centers that are contracting the supply, and also, as we continue to staff our centers and are able to take enrollment where demand has been persistently high. And we've been gated in taking all the enrollment demand that there is. That, along with the realization that -- we look at where we see the best intersection of supplier centers, the demand for our -- both our services, the client relationships that we have and the affordability of care and the density of children under the age of 5 and know that it takes a long time to cite a new center and to open a new center.

是的。再次，我將開始，然後史蒂芬可以添加顏色。如同前面所提到的，最低的群體大約佔開設數量超過我們一直在談論的群體的中心的 18%。因此，就關閉而言，入學率有所提高，並且隨著需求的不斷調整，我們確實關注了我們看到的一些機會。我們注意到史蒂芬剛才所說的對他們關閉的中心的整體市場的影響，以及我們從那些承包供應的中心接收註冊的能力，而且，隨著我們繼續為我們的中心配備人員，並能夠在需求持續高漲的地方進行註冊。我們已經接受了所有的報名需求。除此之外，我們還認識到，我們著眼於供應商中心的最佳交匯點、對我們的服務、我們擁有的客戶關係、護理負擔能力以及兒童密度的需求。5 歲，知道引用一個新中心並開設一個新中心需要很長時間。

And so we want to be careful about the rationalization timing and not get too far ahead of closing centers that are just actually need more time. And given the long lease life on some of centers, it's actually quite costly to close them, whether you're going to be waiting through this more challenging time in the interval.

因此，我們要謹慎對待合理化時機，不要在關閉實際上需要更多時間的中心之前走得太遠。考慮到一些中心的租期很長，關閉它們實際上成本相當高，無論你是否要等待這段更具挑戰性的時期。

Yes. And I think the only thing I would add is, going back to Andrew's question, I think there is still a bit to play out here in the United States as it relates to the competitive environment. And so we're watching that really closely on a micro market by micro market basis. And then as Elizabeth alluded to, in the U.K. the core challenge really stems from that. And so to the extent that we are able to make some progress as it relates to staffing and the costs associated with that staffing, I think we'll be able to potentially continue to see some progress of centers in the U.K.

是的。我想我唯一要補充的是，回到安德魯的問題，我認為在美國仍有一些問題需要解決，因為這與競爭環境有關。因此，我們正在逐個微觀市場地密切關注這一情況。正如伊莉莎白所提到的，在英國，核心挑戰確實源自於此。因此，如果我們能夠在人員配置和與人員配置相關的成本方面取得一些進展，我認為我們將能夠繼續看到英國中心的一些進展。

So I would just observe that some of it is about the macro environment as well as some of the competitive pressures that may ease over the next 12 to 18 months in both geographies.

因此，我認為其中一些與宏觀環境以及未來 12 至 18 個月內這兩個地區可能緩解的一些競爭壓力有關。

Our next question is from George Tong with Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

You talked about occupancy rates averaging 58% to 60% in the quarter. What occupancy rates are you assuming in your guidance for 2024? And if you could provide some perspectives by quarter that would be helpful too?

您談到本季的平均入住率為 58% 至 60%。您在 2024 年指導中假設的入住率是多少？如果您能按季度提供一些觀點，這也會有幫助嗎？

So sure George, I'll start off again. The overall, the enrollment as we look ahead to the Full Service growth for next year, it's mainly a price and enrollment expansion story. And so with price increases in the mid-single digits around that 5% range on average and enrollment also in the mid-single digits contributing to that top line growth rate offset by a bit of the headwind that would come from the closures we were just talking about, it's overall in that mid-single digits range.

當然，喬治，我會重新開始。總體而言，當我們展望明年的全方位服務成長時，註冊人數主要是價格和註冊人數擴張的故事。因此，隨著價格平均上漲 5% 左右，入學人數也達到中個位數，收入成長率被學校關閉帶來的一些阻力所抵消。總的來說，它處於中等個位數範圍內。

Of course, our highest performing centers that top cohort is already quite fully occupied. So there's not a lot more enrollment gain to be had there. It would be coming more generally from that middle cohort of 40% to 70% occupied or the real -- improve our opportunity in the 140% occupied group. So overall, that is what we are seeing from an enrollment growth standpoint.

當然，我們表現最好的頂級中心中心已經滿了。因此，那裡的入學人數不會增加太多。更普遍的是，它會來自 40% 到 70% 的中間群體，或真實的——改善我們在 140% 的群體中的機會。總的來說，這就是我們從入學人數成長的角度看到的情況。

It would be 60% to 65% occupancy for the year. similar cadence to improving from Q1 is a growing quarter, Q2 is the tough quarter, Q3 is sort of the retrenchment of enrollment over the summer and then it would be pretty stable from Q3 to Q4. But that's the cadence and the cyclicality, but 60% to 65% is what we guide to.

全年入住率將達 60% 至 65%。與第一季的改善類似的節奏是成長的季度，第二季度是艱難的季度，第三季度是夏季招生的緊縮，然後從第三季度到第四季度將相當穩定。但這就是節奏和週期性，但我們指導的是 60% 到 65%。

Got it. That's helpful. And just as a follow-up, given the latest operating costs that you've been seeing with respect to labor and facility costs, what do you expect incremental margins to be for Full Service centers as enrollments continue to recover?

知道了。這很有幫助。作為後續行動，考慮到您所看到的勞動力和設施成本方面的最新營運成本，隨著入學人數繼續恢復，您預計全方位服務中心的利潤增量是多少？

So we have a couple of factors, of course, coming into play with Full Service. I mentioned in the prepared remarks that the cessation, if you will, of the ARPA funding, so that's a $34 million headwind and all in the Full Service segment. We would be looking at operating margins to be in the low to mid-single digits overall for the year taking into account that ARPA -- sort of ex ARPA results that we will have in '24.

當然，我們有幾個因素會影響全方位服務。我在準備好的發言中提到，如果您願意的話，ARPA 資金的停止，將帶來 3400 萬美元的逆風，而且全部發生在全方位服務領域。考慮到 ARPA——我們將在 24 年獲得的前 ARPA 結果，我們預計今年的整體營業利潤率將處於中低個位數。

And that is -- that's representative of the mix of centers that we have in the performance that top-performing cohort is back to our pre-COVID operating margin levels in that high single digits, 8% to 10%. They are certainly performing there as we had expected. The group that's in the middle, that 40% to 70% cohort has a bit more room to go, both with enrollment and because of the headwind that we see in the U.K., in particular, that's where a lot of the U.K. centers exists. They have a group that is in the bottom cohort, but a number of the centers are in that middle group as well. And so with the underperformance and the cost structure in the U.K., we would see more like a mid-single-digit plus in that group.

也就是說，這代表了我們的中心組合的表現，表現最好的群體已恢復到新冠疫情前的營業利潤率水平，即 8% 至 10%。他們的表演確實正如我們所預期的那樣。處於中間的群體，即 40% 到 70% 的群體，還有更大的發展空間，一方面是入學人數，另一方面是因為我們在英國看到的逆風，特別是英國有很多中心。他們有一個小組屬於底部隊列，但許多中心也屬於中間組。因此，鑑於英國的表現不佳和成本結構，我們將看到該組的表現更像是中個位數以上。

And then, of course, the bottom cohort is not positive yet. At the end, they're 40% occupied. They need to be certainly over 40 and closer to 50% to be more profitable range. So overall, we would see that blending out to pencil out to the low to mid-single digits for the year, but with some good green shoots from both the top cohorts and just looking at the portfolio without the headwind that we see in the U.K.

當然，墊底的那群人還不是很積極。最後，他們的佔用率為 40%。他們必須超過 40 並接近 50% 才能獲得更高的利潤範圍。因此，總體而言，我們將看到今年的業績將下降至中低個位數，但兩個頂級群體都出現了一些良好的萌芽，並且只看投資組合，沒有我們在英國看到的逆風。

Our next question is from Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

I just wanted to focus on Back-Up. So the 26% growth that you had this year. I was just hoping you could help just break that out by how much of that was new clients, the credit utilization phenomenon you talked about before? How much was it the addition of Steve & Kate's’ Camp and all these other services and acquisitions you've thrown in and just why you're guiding to such a big deceleration for '24?

我只是想專注於備份。今年的成長率為 26%。我只是希望你能幫忙弄清楚其中有多少是新客戶，也就是你之前談到的信用利用現象？史蒂夫和凱特的營地以及您投入的所有其他服務和收購的增加是多少？為什麼您要引導 24 世紀的減速如此之大？

Yes. So thanks, Manav. So certainly, we're excited about the 26% growth that we achieved in 2023. Look, this is a utilization-based service. So the vast majority in any given year of improvement is really from more use. And so that is both the combination of existing and new clients. But at the end of the day, the number of new clients as well as the fact that they take time to season in are really a small portion of that growth. Most of that growth comes from increasing usage among our clients that have been with us.

是的。所以謝謝，馬納夫。當然，我們對 2023 年實現的 26% 的成長感到興奮。看，這是一項基於利用率的服務。因此，在任何一年中，絕大多數的改進實際上都來自於更多的使用。這就是現有客戶和新客戶的結合。但歸根結底，新客戶的數量以及他們需要時間適應的事實實際上只是成長的一小部分。大部分成長來自於我們的客戶使用量的增加。

I'd say the other piece of it is that the majority of the growth was from our traditional in-center and in-home use cases. Certainly, we saw a nice growth in the newer use cases, but that was not the majority of the growth. So really thinking about it as the installed base, growing use in traditional care types as the vast majority of the growth that we achieved.

我想說的另一部分是，大部分成長來自我們傳統的中心和家庭用例。當然，我們看到新用例的良好成長，但這並不是成長的大部分。因此，真正將其視為安裝基礎，傳統護理類型的使用不斷增長是我們實現的增長的絕大多數。

When we look out to 2024, first, just observing that we did 26% growth in '23, we did 17% growth in '22. So this is sort of a double year of increasingly difficult comps. And so we're mindful of that. And as I just said, as a utilization-based service, we're really focused on continuing to drive greater penetration of users and use, but we need to be mindful of continuing to build out supply ahead of the use as well as being mindful of the continued acceleration of client budgets that have occurred over the last several years. So that's where we land on a delivery of 10% to 12% growth in our Back-Up segment for '24.

當我們展望 2024 年時，首先，我們在 23 年實現了 26% 的成長，在 22 年實現了 17% 的成長。因此，今年的比賽難度越來越高。所以我們注意到這一點。正如我剛才所說，作為一項基於利用率的服務，我們真正專注於繼續推動用戶和使用的更大滲透，但我們需要注意在使用之前繼續建立供應並注意過去幾年客戶預算持續增加。因此，我們預計 2024 年備份業務將達到 10% 至 12% 的成長。

Okay. Got it. And Elizabeth, maybe just on the margins, if you could help us how we should think about the margins of that growth or what the incremental margins are? I know you said you were going to keep kind of investing in that business, but any help there for the year would be nice.

好的。知道了。伊莉莎白，也許只是在邊緣，如果你能幫助我們如何考慮成長的利潤或增量利潤是多少？我知道你說過你將繼續對該業務進行投資，但今年任何幫助都會很好。

And you're asking about Back-Up Care, is that what you said?

您問的是後備護理，您是這麼說的嗎？

Yes, Back-Up Care, yes, correct.

是的，後備護理，是的，正確。

Yes. So Back-Up Care, we would continue to expect a 25% to 30% EBIT margins similar to what you've seen us do. I think that's the balance of both the expanded use and then the fact that we are investing in both the systems and the user experience that much of that is baked into the cost structure. And then we have the third-party providers that we pay as the other direct costs.

是的。因此，對於後備護理，我們將繼續預期 25% 至 30% 的息稅前利潤率，與您所看到的類似。我認為這是擴大使用的平衡，然後是我們對系統和使用者體驗的投資，其中大部分都融入了成本結構。然後我們向第三方提供者支付其他直接成本。

So we think we can sustain that level of 25% to 30%.

所以我們認為我們可以維持 25% 到 30% 的水平。

In the Advisory business, it would be a little bit -- if there's more investment on that front in '24, so it would be closer to 20% operating margin we would expect for the year.

在諮詢業務方面，如果 24 年在這方面有更多投資，那麼這將是一點點，那麼今年的營業利潤率將接近我們預期的 20%。

Our next question is from Josh Chan with UBS.

我們的下一個問題來自瑞銀集團的 Josh Chan。

Maybe continuing the discussion on Back-Up Care. As you look out a couple of years, how sustainable do you feel like the double-digit type of growth rate is? And to what extent will the opportunity then be comprised of new clients as opposed to continuing to drive up the usage?

也許繼續討論後備護理。展望未來幾年，您認為兩位數成長率的可持續性如何？與持續提高使用量相比，新客戶將在多大程度上提供機會？

Yes. So we certainly see the opportunity to continue to drive 10% to 12% growth over many years. And a lot of that will continue to come from expanding the number of users and then ultimately expanding the use. I think something that certainly we will continue to do R&D around is continuing to broaden the number of use types as well -- use cases.

是的。因此，我們當然看到了多年來繼續推動 10% 至 12% 成長的機會。其中很大一部分將繼續來自用戶數量的擴大以及最終擴大使用。我認為我們肯定會繼續進行研發，繼續擴大使用類型的數量——用例。

So we really see it as something where we have the ability to continue to increase the penetration among the eligible lives along with continuing to broaden the number of use cases being a predominance of the growth. And then on top of that, obviously, there continues to be interest at the client level. So adding new clients over time is the other component to the growth algorithm.

因此，我們確實認為我們有能力繼續提高合格生活中的滲透率，同時繼續擴大用例數量，這是成長的主導因素。最重要的是，顯然，客戶層面仍然有興趣。因此，隨著時間的推移增加新客戶是成長演算法的另一個組成部分。

Okay. And on the Full Service side, I think you called out the EBIT headwind from the U.K. in 2023. Is there a way to kind of ballpark how much that loss could potentially narrow based on the actions that you're contemplating for '24?

好的。在全方位服務方面，我認為您指出了 2023 年來自英國的息稅前利潤逆風。有沒有一種方法可以根據您考慮在 24 年採取的行動來估計這種損失可能會縮小多少？

Yes. So we did call that out and it was around a $30 million -- was a loss at that level in 2023. So we would expect that to ease by $5 million to $10 million likely in 2024. So still not getting fully profitability, but making more headway in the back part of the year -- back half of the year against that objective and the view then, of course, is that we'd be looking into 2025 and beyond for really a full return to profitability across the Full Service portfolio back to kind of where we were pre-COVID in the high single digits.

是的。因此，我們確實指出了這一點，大約為3000 萬美元，在2023 年這個水平上是虧損。因此，我們預計到2024 年，這一損失可能會減少500 萬美元至1000 萬美元。因此，仍然沒有完全盈利，但今年下半年將取得更多進展 - 下半年將實現這一目標，當然，我們將著眼於 2025 年及以後，以真正全面恢復全方位服務組合的盈利能力回到了新冠疫情爆發前的高個位數水準。

(Operator Instructions) Our next question is from Toni Kaplan with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的托尼卡普蘭（Toni Kaplan）。

I was hoping you could give a little bit more color on the $36 million impairment. And what assets are being impaired? Is this just underperforming centers? And I guess what's the rationale from being able to add back those expenses? I know you did it last year as well, but just wanted to understand it better.

我希望您能為 3600 萬美元的減值提供更多的資訊。哪些資產正在受到損害？這只是表現不佳的中心嗎？我想能夠增加這些費用的理由是什麼？我知道你去年也這麼做過，但只是想更好地理解它。

Sure. So the impairment relates to centers and so this would be the right-of-use asset on -- from a lease standpoint and the ability to recover the lease obligation and then the leasehold improvements associated with centers that have -- either are slated to close. That's a good chunk of those that have been impaired, but also centers that having an operating performance and a cash flow generation that doesn't clear the sort of accounting convention of the long-term recovery of the right-of-use asset and improvements.

當然。因此，減損與中心有關，因此，從租賃的角度來看，這將是使用權資產，以及收回租賃義務的能力，然後是與中心相關的租賃權益改良，其中任何一個都計劃關閉。這其中很大一部分已經受到損害，但也集中在經營業績和現金流生成方面，不明確使用權資產的長期回收和改進的會計慣例。 。

And so from the standpoint of adding it back, I think our view is that it is a standout expense that is non -- it's recurring in the context of recovering from the pandemic. We have had some impairments over the last couple of years as we've continued to refine the book that we are operating and the portfolio as we see it evolving over the years of recovery, but it is certainly an outsized expense that is not predictable.

因此，從將其加回來的角度來看，我認為我們的觀點是，這是一項突出的支出，它不是在從大流行中恢復的背景下經常出現的。在過去的幾年裡，隨著我們不斷完善我們正在運營的賬簿和投資組合，因為我們看到它在復甦的幾年中不斷發展，我們遭受了一些減值，但這肯定是一筆不可預測的巨額支出。

And so feel like it is -- it's best to isolated so that people can see it and understand where it's coming from. One of the things to point out about, of course, it is an accounting convention, how this is determined and some of the challenge in a market, that we are in is to long-life assets with leases to estimate what you may be able to sublease the space for in an environment where landlords are being fairly sticky with their desire to negotiate. And so that certainly comes into play.

所以感覺是這樣的——最好將其隔離，以便人們可以看到它並了解它來自哪裡。當然，需要指出的一件事是，這是一種會計慣例，這是如何確定的，以及我們所處的市場中的一些挑戰，即通過租賃的長期資產來估計您的能力在房東相當堅持談判意願的環境下轉租空間。所以這肯定會發揮作用。

Got it. And for Ed Advisory, the last couple -- 2 quarters, the margins were down year-over-year. Is that related to technology investments that you've been making? And maybe if it is, if you could give some color on what technology investments you're making in that area?

知道了。對 Ed Advisory 來說，過去兩個季度，利潤率較去年同期下降。這與您一直在進行的技術投資有關嗎？如果是的話，您是否可以介紹一下您在該領域進行的技術投資？

Sure, Toni. So yes, so the quick answer is that we've been making investments in people, we've been making investments in technology. And we've called out the fact that this is an area that we are focused on transformation. It's going to be a multiyear transformation, and we believe that we are going to be able to deploy a similar playbook that we used for Back-Up Care in that we're going to invest in the product, we're going to invest in the technology, we're going to invest in the personalized marketing efforts. but really see quite a large opportunity in the concept of supporting our employer clients to upskill and reskill their employees and believe that we're particularly well positioned.

當然，托尼。所以是的，所以快速的答案是我們一直在對人員進行投資，我們一直在對技術進行投資。我們已經指出，這是我們重點關注的轉型領域。這將是一個多年的轉型，我們相信我們將能夠部署一個與後備護理類似的劇本，因為我們將投資於產品，我們將投資於技術方面，我們將投資於個人化行銷工作。但我們確實看到了支持我們的雇主客戶提高員工技能和再培訓的概念中存在相當大的機會，並相信我們處於特別有利的位置。

So as Elizabeth stated, our expectation in 2024 is that we'll run at a 20% margin, and that represents a degradation in margin with a clear focus on investing in this particular segment.

因此，正如伊麗莎白所說，我們對 2024 年的預期是，我們將以 20% 的利潤率運營，這代表著利潤率的下降，並且明確地重點投資於這一特定領域。

Our next question is from Jeff Silber with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Jeff Silber。

I think you said something about expanding funding support in the U.K. I'm not sure if I got that right. But if I did, can you just give us a little bit more color on that?

我想你說過關於擴大英國的資金支持，我不確定我是否正確。但如果我這樣做了，你能為我們提供更多的資訊嗎？

Sure. So the U.K. has had -- has long had a funding support that is -- to parents. So it is called [cultivating environment], that's an overstatement of what it is. But it generally provides 15 hours of care and has provided 15 hours of care and a supported tuition rate for 3- to 5-year olds. That was expanded or has been expanded now to encompass 2 year olds starting in April of this year, and then it will be further made available down to the infant age groups 9-month-old and above as the U.K. is looking to make childcare more affordable to families. And they have also expanded the funding for families that are in more economic strain.

當然。因此，英國長期以來一直為父母提供資金支持。所以叫‘修練環境’，這有點誇張了。但它一般提供15小時的看護，並為3至5歲的孩子提供15小時的看護和學費補貼。從今年 4 月開始，該計劃已擴大或現已擴大到 2 歲兒童，然後將進一步擴大到 9 個月大及以上的嬰兒年齡組，因為英國希望提高兒童保育水平家庭負擔得起。他們也擴大了對經濟壓力較大的家庭的資助。

So some families are eligible for up to 30 hours, but general availability for 15 hours of care is supported for 38 weeks a year. And so what -- the upside of it is that it can help parents pay for 25%, 35% or so of the care that they may need. And so it has the opportunity to drive more demand for us. It is not a revenue enhancer per se because the funding is to support the parents' tuition, but it is an opportunity to drive more demand.

因此，有些家庭有資格獲得最多 30 小時的護理，但每年 38 週都支援 15 小時的一般護理。那又怎樣——它的好處是，它可以幫助父母支付他們可能需要的 25%、35% 左右的護理費用。因此它有機會為我們帶來更多需求。它本身並不是一種收入成長因素，因為資金是為了支持父母的學費，但它是一個推動更多需求的機會。

Okay. That's great. I know you've talked about this before, but just good to get more of the color. And then at a higher level, probably more in the U.S., but maybe this can apply globally as well. I know there's been some arguments back and forth in terms of working from home and the move back towards the office, how that impacts your business. It seems like more companies -- maybe they're not going back to 5 days a week, but 3 to 4 seems to be more of a push at least this year. Any impact on your business that you've seen or you think you're going to see?

好的。那太棒了。我知道您之前已經討論過這一點，但很高興獲得更多的顏色。然後在更高的層面上，可能更多的是在美國，但也許這也適用於全球。我知道關於在家工作和回到辦公室工作以及這對您的業務有何影響存在一些爭論。似乎有更多的公司——也許他們不會回到每週工作 5 天，但至少今年 3 到 4 天似乎更有推動力。您已經看到或您認為將會看到對您業務的任何影響嗎？

So look, I think we have had sort of a really good flow of information from our client base, right? So we have quite a number of clients who have been sharing with us what their return to office plans have been over the last several years. It certainly feels like, as you pointed out, Jeff, that 3 to 4 days a week seems to be pretty standard at this point. And ultimately, we have always indicated that where someone is working the majority of the time is where they ultimately are going to want care for 5 days a week.

所以看，我認為我們從客戶群那裡獲得了非常好的資訊流，對吧？因此，我們有相當多的客戶與我們分享了他們在過去幾年中重返辦公室的計劃。傑夫，正如您所指出的，現在每週工作 3 到 4 天似乎是相當標準的。最終，我們始終指出，某人大部分時間工作的地方就是他們最終需要每週 5 天接受護理的地方。

And so on the margin, we have had stronger occupancy in our client-based centers actually over many quarters now because there is a real reason for our clients' employees to leverage the high-quality opportunity to use their on-site centers. And so ultimately, we feel good about the portfolio that we have and footprint that we have in this evolving landscape. But again, I think that in the same way that we always describe our business as sort of a longer arc kind of business. It's not that we saw or are seeing a significant increase based on this trend, but it is something that ultimately has upward positive benefit to it.

因此，在邊際上，我們的客戶中心的入住率實際上在許多季度中都有所提高，因為我們客戶的員工有真正的理由利用高品質的機會使用他們的現場中心。因此，最終，我們對我們擁有的產品組合以及我們在這個不斷變化的環境中的足跡感到滿意。但我再次認為，就像我們總是將我們的業務描述為一種較長弧線的業務一樣。這並不是說我們看到或正在看到基於這種趨勢的顯著成長，但它最終會帶來向上的正面效益。

Okay. Well, thank you all for joining us this evening, and have a great rest of the day.

好的。好的，謝謝大家今晚加入我們，祝您今天休息愉快。

Thank you.

謝謝。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。