Bright Horizons Family Solutions Inc (BFAM) 2024 Q4 法說會逐字稿

Greetings, and welcome to Bright Horizons Family Solutions fourth-quarter 2024 earnings call. (Operator Instructions)

大家好，歡迎參加 Bright Horizo​​ns Family Solutions 2024 年第四季財報電話會議。（操作員指令）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Michael Flanagan, Vice President, Investor Relations. Thank you, Mr. Flanagan you may begin.

提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Michael Flanagan。謝謝您，弗拉納根先生，您可以開始了。

Thank you, Sherry, and welcome to Bright Horizons' fourth-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.

謝謝你，雪莉，歡迎參加 Bright Horizo​​ns 第四季財報電話會議。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 the safe harbor statement included in our earnings release. 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, 2023, Form 10-K and other SEC filings.

提醒參與者，本次電話會議上所做的任何前瞻性陳述，包括有關未來業務、財務績效和前景的陳述，均受我們收益報告中的安全港聲明約束。前瞻性陳述本身涉及風險和不確定性，可能導致實際營運和財務結果存在重大差異，應與我們在 2023 年收益報告、10-K 表格和其他 SEC 文件中詳細描述的警示聲明一起考慮。

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. Today, we 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 IR section of our website at investors.brighthorizons.com.

任何前瞻性陳述僅代表其作出之日的觀點，我們不承擔更新任何前瞻性陳述的義務。今天，我們也參考了非 GAAP 財務指標，這些指標在我們的收益報告中進行了詳細說明並與 GAAP 對應指標進行了協調，您可以在我們網站 investors.brighthorizo​​ns.com 的 IR 部分找到。

Joining me on today's call is our 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 (inaudible) detailed review of the numbers before we open it up to your questions.

參加今天電話會議的還有我們的執行長史蒂芬‧克萊默 (Stephen Kramer)；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進展。在我們回答你們的問題之前，伊莉莎白會對這些數字進行（聽不清楚）詳細的審查。

So with that, let me turn the call over to Stephen.

因此，讓我將電話轉給史蒂芬。

Thanks, Mike, and good evening to everyone on the call. I am pleased with our strong performance in the fourth quarter and how we finished the year. Total revenue and adjusted EPS exceeded our expectations for the quarter, largely driven by the outstanding performance of our backup care segment on the top and bottom line. For the year, total revenue increased by 11%, while adjusted EPS grew by 22%, significantly surpassing our initial projections for the year.

謝謝，麥克，祝大家晚上好。我對我們第四季的強勁表現以及今年的收官感到滿意。本季總收入和調整後每股收益超出了我們的預期，這主要得益於我們的備用護理部門在營收和利潤方面的出色表現。全年總收入成長了 11%，調整後每股盈餘成長了 22%，大大超過了我們對今年的初步預測。

We achieved the highest operating income in the company's history, with our Backup Care segment generating $170 million of EBIT, which represents earnings performance in excess of the contribution of our entire full-service segment prior to the COVID pandemic. This impressive growth spanning more than 1,100 clients and multiple geographies has fundamentally changed and strengthened the overall business mix, and we believe the growth trajectory of Bright Horizons for the years ahead.

我們實現了公司歷史上最高的營業收入，其中備用護理部門創造了 1.7 億美元的息稅前利潤，這一盈利表現超過了新冠疫情之前我們整個全方位服務部門的貢獻。這一令人印象深刻的成長涵蓋了 1,100 多個客戶和多個地區，從根本上改變並加強了整體業務組合，我們相信未來幾年 Bright Horizo​​ns 的成長軌跡。

To get into some of the specifics on the recent quarter. Revenue increased 10% to $674 million in Q4, with adjusted EBITDA up 12% to $111 million and adjusted EPS growing 18% to $0.98 per share. In our full-service childcare segment, revenue increased 8% to $485 million. We added 7 centers in the fourth quarter, including client centers for Ragon Institute and St. Jude's Hospital and our second center in India for Morgan Stanley.

了解最近一個季度的一些具體情況。第四季營收成長 10% 至 6.74 億美元，調整後 EBITDA 成長 12% 至 1.11 億美元，調整後每股盈餘成長 18% 至每股 0.98 美元。在我們的全方位兒童保育服務部門，收入成長了 8%，達到 4.85 億美元。我們在第四季度增加了 7 個中心，包括為 Ragon Institute 和 St. Jude 醫院設立的客戶中心以及為摩根士丹利在印度設立的第二家中心。

For the full year, we opened 26 centers, of which 17 were for client employers, most of which are new to the Bright Horizons family.

我們全年開設了 26 個中心，其中 17 個是為客戶雇主開設的中心，大多數都是 Bright Horizo​​ns 家族的新成員。

Enrollment in centers opened for more than one year increased at a low single-digit rate in Q4 across our US and international operations with average occupancy percentage in the low 60s, consistent with the prior quarter.

第四季度，我們在美國和國際業務中開業超過一年的中心的入學人數以低個位數增長，平均入住率在 60% 以下，與上一季度持平。

As a reminder, Q3 and Q4 are historically our lowest occupancy quarters due to traditional enrollment seasonality. We are pleased to see our top cohort of centers nearly 40% of our portfolio continue to demonstrate very high levels of occupancy, averaging more than 80% in the fourth quarter. As such, our enrollment growth opportunity continues to be concentrated in our middle and bottom cohorts, which saw mid-single-digit enrollment growth in the fourth quarter.

提醒一下，由於傳統的入學季節性，第三季和第四季歷來是我們入住率最低的季度。我們很高興地看到，我們投資組合中近 40% 的頂級中心繼續保持非常高的入住率，第四季度平均入住率超過 80%。因此，我們的入學人數成長機會繼續集中在中間和底層群體，這些群體在第四季度實現了中等個位數的入學人數成長。

With that said, the pace of growth in our underperforming centers remains below our expectations, and we continue to intensify our efforts to drive improved results. In a number of our underperforming centers located in the business district of D.C., New York City and Seattle, we have seen some early signs that return to office policy changes by employers are driving an uptick in enrollment inquiries. I'm encouraged by the shift in trends we have seen at these locations, and we are well suited to accommodate families childcare needs as they readjust to return to office mandate.

話雖如此，我們表現不佳的中心的成長速度仍然低於我們的預期，我們將繼續加強努力來改善業績。在我們位於華盛頓特區、紐約市和西雅圖商業區的一些表現不佳的中心中，我們已經看到一些早期跡象，表明雇主重返辦公室政策的變化正在推動入學諮詢量的上升。我對在這些地方看到的趨勢轉變感到鼓舞，我們非常適合滿足家庭在重新調整重返辦公室任務時對兒童保育的需求。

In the UK, we continue to make operational and financial progress in the fourth quarter, narrowing the losses as compared to last year. For the full year, we delivered much improved financial and operational performance across our UK portfolio on strong enrollment growth, improved center staff retention and lower agency spend. While the UK is still a headwind to our overall full-service margins, I'm encouraged by the steady progress and momentum in the business.

在英國，我們在第四季度繼續取得營運和財務進展，與去年相比損失有所縮小。就全年而言，我們英國投資組合的財務和營運業績均大幅改善，得益於入學人數的強勁增長、中心員工留任率的提高以及代理機構支出的降低。儘管英國對我們的整體全方位服務利潤率來說仍然是一個阻力，但我對業務的穩步進展和發展勢頭感到鼓舞。

We see a clear path to earnings breakeven performance in 2025 with continued improvement of results in the years to follow.

我們看到，2025 年獲利收支平衡的實現之路十分清晰，接下來幾年業績將持續改善。

Let me now turn to Backup Care, which delivered a strong quarter with 15% revenue growth to $157 million. Traditional network use trended higher than our expectations as we ended the year with use in center-based and in-home care, showing particularly strong growth. We also continue to add to our client base with new employer launches in the fourth quarter, including Harris Health and Lonza.

現在我來談談 Backup Care，該公司本季表現強勁，營收成長 15%，達到 1.57 億美元。傳統網路的使用趨勢高於我們的預期，因為我們在年底以中心和家庭護理為中心，顯示出特別強勁的成長。我們也透過在第四季度引入新的雇主來繼續擴大我們的客戶群，包括 Harris Health 和 Lonza。

As I mentioned earlier, 2024 was another standout year for backup care. Greater adoption of the backup care benefit among eligible employees drove revenue topping $600 million with operating income of $170 million. We were pleased to see the continued expansion of the backup care benefit with more unique users utilizing the benefit and users consuming more of their annual use payments.

正如我之前提到的，2024 年是備用護理領域又一個突出的一年。符合資格的員工更多地採用備用護理福利推動收入突破 6 億美元，營運收入達到 1.7 億美元。我們很高興看到備用護理福利不斷擴大，越來越多的獨立用戶享受這項福利，而用戶消耗的年度使用費也越來越多。

This increased adoption has been supported by our marketing initiatives, expanded suite of care type and greater provider availability. With the momentum we saw exiting the year and the outlook we have for 2025, I remain confident that Backup Care will be a significant growth engine for the company's top and bottom line for many years.

這種增加的採用得益於我們的行銷措施、擴大的護理類型和更高的提供者可用性。憑藉我們在年初看到的強勁勢頭以及對 2025 年的展望，我仍然相信 Backup Care 將在未來許多年成為公司營收和利潤的重要成長引擎。

Our Education Advisory business grew to $32 million in the quarter and operating margin of 29% ticked up slightly from the same quarter last year. We added new clients to the portfolio, notably launching Atlantic Health Systems and United Natural Foods and continue to see more adoption of our student loan repayment products. As this segment continues to execute on its transformation focused on meeting the evolving upskilling and reskilling needs of employers and their employees, we continue to believe in and are investing for the large opportunity available in this market.

本季度，我們的教育諮詢業務成長至 3,200 萬美元，營業利潤率為 29%，較去年同期略有上升。我們在投資組合中增加了新的客戶，特別是推出了大西洋健康系統和聯合天然食品，並且繼續看到更多人採用我們的學生貸款償還產品。隨著該領域繼續實施轉型，重點是滿足雇主及其員工不斷變化的技能提升和再培訓需求，我們繼續相信並投資於該市場的巨大機會。

Before I wrap up, I want to take a moment to express our heartfelt sympathies for those affected by the devastating fires in Los Angeles. While the overall operational impact for Bright Horizons was quite limited, we have many in our communities, employees, families and clients who have been significantly impacted. We share the deep sense of loss that permeates across Southern California.

在結束之前，我想花點時間向洛杉磯毀滅性火災的受害者表示沉痛的同情。雖然 Bright Horizo​​ns 的整體營運影響非常有限，但我們的社區、員工、家庭和客戶中的許多人都受到了嚴重影響。我們和南加州人民一樣，深感失落。

Over the past few months, we have witnessed a series of natural disaster and unimaginable tragedy and I'm very proud of the way our team has stepped up. While our employees are not first responders, they are supporting many who have been called on in the wake of these devastating tragedies.

在過去的幾個月裡，我們目睹了一系列自然災害和難以想像的悲劇，我為我們團隊的努力感到非常自豪。雖然我們的員工不是第一個響應者，但他們為許多在這些毀滅性悲劇發生後被召喚的人提供支持。

Looking ahead to 2025, I remain excited about our growth prospects, and I continue to have tremendous confidence in the resiliency of our business model, the strength of our more than 1,450 client relationships and our ability to drive long-term value to all stakeholders. We entered 2025 with a strong foundation and expect to deliver a range of $2.85 billion to $2.9 billion of revenue.

展望 2025 年，我對我們的成長前景依然感到興奮，並且我對我們的業務模式的彈性、我們與 1,450 多個客戶的關係的實力以及我們為所有利益相關者創造長期價值的能力依然充滿信心。我們帶著強勁的基礎邁入 2025 年，預計將達到 28.5 億至 29 億美元的營收。

And on the earnings side, we are projecting adjusted EPS of $3.95 to $4.15 per share or growth of approximately 15% to 20% for the year.

在獲利方面，我們預計調整後的每股收益為 3.95 美元至 4.15 美元，或全年增長約 15% 至 20%。

With that, I'll turn the call over to Elizabeth, who will dive into the quarterly numbers and share more details around our 2025 outlook.

說完這些，我將把電話轉給伊麗莎白，她將深入探討季度數據並分享有關我們 2025 年展望的更多細節。

Thanks, Stephen, and hello to everybody who is able to join the call. To recap the fourth quarter, overall revenue increased 10% to $674 million, adjusted operating income of $79 million or 11.8% of revenue increased 25% over Q4 of '23, while adjusted EBITDA of $111 million or 16.4% of revenue increased 12% over the prior year. We ended the year with 1,019 centers, having added 7 and closed 16 locations in the fourth quarter.

謝謝您，史蒂芬，並向所有參加電話會議的人問好。回顧第四季度，總營收成長 10% 至 6.74 億美元，調整後營業收入為 7,900 萬美元，佔營收的 11.8%，較 23 年第四季成長 25%，而調整後的 EBITDA 為 1.11 億美元，佔營收的 16.4%，較上年同期成長 12%。截至年底，我們的中心總數為 1,019 個，其中第四季度新增 7 個，關閉 16 個。

To break this down a bit further, full-service revenue was $485 million and was up 8% in Q4 on pricing increases, low single-digit enrollment growth and approximately 50 basis points of tailwind from FX. As Stephen mentioned, Q4 occupancy levels across our portfolio of centers that have been opened for more than one year, increased over the prior year and remained relatively consistent from Q3 levels in the low 60s percent utilization.

進一步細分，全方位服務收入為 4.85 億美元，第四季成長 8%，得益於價格上漲、低個位數入學人數成長和外匯約 50 個基點的順風。正如史蒂芬所提到的，我們開業一年以上的中心在第四季度的入住率較上年有所增加，並且與第三季度的入住率保持相對穩定，利用率約為 60%。

In the center cohorts we have discussed on prior calls, we continue to increase the number of centers in the top cohorts over the prior year period. In Q4, our top-performing cohort, defined as above 70% occupancy, improved from 36% of these centers in Q4 of '23 to 39% in Q4 of '24. In our bottom cohort of centers, those under 40% occupied now represent 16% of centers, improving from 18% in the prior year period.

在先前的電話會議中，我們已經討論過中心隊列，與去年同期相比，我們繼續增加了頂級隊列中的中心數量。在第四季度，我們表現最好的群體（定義為入住率超過 70%）從 23 年第四季的 36% 提高到了 24 年第四季的 39%。在我們排名靠後的中心中，佔用率低於 40% 的中心目前佔 16%，比去年同期的 18% 有所提高。

Adjusted operating income of $17 million in the Full-Service segment increased $4.5 million over the prior year. Higher enrollment and improved operating leverage, particularly in our US and UK operations helped to drive the growth in earnings.

全方位服務部門調整後的營業收入為 1,700 萬美元，較前一年增加 450 萬美元。入學人數增加和經營槓桿提高（尤其是在美國和英國的業務）有助於推動獲利成長。

Turning to backup care. Revenue grew more than $20 million or 15% in the fourth quarter to $157 million. Strong overall use in Q4 drove the better-than-expected revenue growth as well as the adjusted operating income of $53 million in Q4 of '24 or 33% of revenue.

轉向備用護理。第四季營收成長超過 2,000 萬美元，增幅 15%，達到 1.57 億美元。第四季整體使用強勁，推動營收成長優於預期，2024年第四季調整後營業收入達5,300萬美元，佔營收的33%。

For the year, revenue grew 16% to $610 million, topping our expectations of 14% to 15% growth. Lastly, our revenue in the Educational Advising segment ticked up to $32.5 million in Q4 and delivered operating margin of 29%, modestly higher than the prior year, reflecting improved operating leverage.

今年的營收成長了 16%，達到 6.1 億美元，超過了我們預期的 14% 至 15% 的成長。最後，我們教育顧問部門的營收在第四季小幅上升至 3,250 萬美元，營業利潤率為 29%，略高於上年，反映出營業槓桿的提高。

Net interest expense in the quarter of $11.5 million was down over the prior year, largely due to incremental interest income on invested cash.

本季淨利息支出為 1,150 萬美元，較上年同期下降，主要由於投資現金的利息收入增加。

The structural effective of tax rate on adjusted net income was 27.5% in the quarter, roughly in line with the full year effective rate. Turning to the balance sheet and cash flow. For the full year 2024, we generated $337 million in cash from operations compared to $256 million in 2023.

本季調整後淨收入的結構性有效稅率為27.5%，與全年有效稅率大致一致。轉向資產負債表和現金流。2024 年全年，我們的營運現金流為 3.37 億美元，而 2023 年為 2.56 億美元。

We made fixed asset investments totaling $95 million in '24 as compared to $91 million in 2023.

我們在 2024 年的固定資產投資總額為 9,500 萬美元，而 2023 年為 9,100 萬美元。

And lastly, with the continued cash build and specifically free cash flow generated in Q4, we repurchased roughly $85 million of stock in the quarter, our first repurchase activity since the summer of 2022.

最後，隨著第四季度現金的持續累積以及產生的自由現金流，我們在本季回購了約 8,500 萬美元的股票，這是自 2022 年夏季以來的首次回購活動。

We ended the year with $110 million of cash, a leverage ratio of roughly 2x net debt to adjusted EBITDA and approximately 58.5 million weighted average shares outstanding.

截至年底，我們的現金餘額為 1.1 億美元，槓桿率約為淨負債與調整後 EBITDA 的 2 倍，加權平均流通股數約為 5,850 萬股。

Now moving on to our 2025 outlook. In terms of the top line, we currently expect 2025 revenue to be in the range of $2.85 billion to $2.9 billion. This growth of 6% to 8% includes a 115-basis point year-over-year headwind from the strengthening of the US dollar against our foreign currencies. As a result, we expect constant currency revenue to grow approximately 7% to 9%.

現在我們來談談 2025 年的展望。就營業收入而言，我們目前預計 2025 年收入將在 28.5 億美元至 29 億美元之間。這一 6% 至 8% 的成長率包括因美元兌本國外幣走強而造成的 115 個基點的同比阻力。因此，我們預計固定貨幣收入將成長約 7% 至 9%。

Looking at a segment level. In full service, we expect reported revenue to grow in the range of 4.5% to 6.5%, with constant currency revenue growth of 6% to 8% on enrollment gains and tuition increases, offset by a modest headwind from net center closings.

從細分層面來看。在全面服務方面，我們預計報告收入將增長 4.5% 至 6.5%，由於入學人數增加和學費上漲，固定貨幣收入將增長 6% 至 8%，但中心淨關閉帶來的適度阻力將抵消這一增長。

In Backup Care, we expect reported revenue to increase 11% to 13%, driven by the continued expansion of use. And in net advisory, we expect to grow in the low to mid-single digits. As Stephen previewed, in terms of earnings, we expect 2025 adjusted EPS to be in the range of $3.95 to $4.15 a share.

在 Backup Care 方面，我們預計報告營收將成長 11% 至 13%，這得益於使用範圍的持續擴大。在淨諮詢方面，我們預期成長率將達到低至中等個位數。正如史蒂芬預測的那樣，在獲利方面，我們預計 2025 年調整後每股收益將在 3.95 美元至 4.15 美元之間。

Turning now to -- specifically to the first quarter of 2025. Our outlook is for total top line growth in the range of 6% to 8% on a reported basis to $660 million to $670 million, reflecting roughly 100 basis points headwind from FX over the prior year. We expect full service to grow reported revenue again, in the range of 4.5% to 6.5% or 6% to 8% in constant currency. Back up to grow 11% to 13% and at advisory in the mid-single digit. In terms of earnings, we expect Q1 adjusted EPS to be in the range of $0.63 to $0.68 a share.

現在轉向——具體來說是 2025 年第一季。我們預計總營業收入將在報告基礎上成長 6% 至 8%，達到 6.6 億至 6.7 億美元，反映出外匯收入比上年下降約 100 個基點。我們預計全方位服務的報告收入將再次成長，增幅在 4.5% 至 6.5% 之間，或以固定匯率計算在 6% 至 8% 之間。回升至成長 11% 至 13% 之間，預計成長率在個位數中間。在收益方面，我們預計第一季調整後的每股收益將在 0.63 美元至 0.68 美元之間。

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

雪莉，我們現在可以開始問答環節了。

(Operator Instructions) Manav Patnaik, Barclays.

(操作員指示) 巴克萊銀行的 Manav Patnaik。

I was hoping you could just break out that 6% to 8% (inaudible). I know you said pricing enrollment and then enclosure. But I was hoping you could just quantify a little bit what the pricing of those (inaudible) basically?

我希望您能將這個數字從 6% 提高到 8%（聽不清楚）。我知道您說過要先定價入學，然後再封閉。但我希望您可以稍微量化一下這些（聽不清楚）的定價基本情況？

So Manav, if I heard your question right, this is for the 2025.

所以 Manav，如果我沒有聽錯的話，這是針對 2025 年的。

Yes, for the 6% to 8% full center guide specifically?

是的，具體針對 6% 到 8% 的全中心指南嗎？

Yes. Sorry, I just was -- you were breaking up a little bit. So yes. Overall, we would be looking at price increase in the 4% to 5% range. Enrollment in the 2.5% to 3.5% range.

是的。抱歉，我剛才──你有點崩潰了。所以是的。總體而言，我們預計價格將上漲 4% 至 5% 左右。入學率在2.5%到3.5%之間。

And then the net closure effect, if you will, the openings offset by the effect of centers we have closed in the 0.5% or so offsetting those two growth items. And then the foreign exchange is 1.5 points to 150 basis points headwind.

然後是淨關閉效應，如果你願意的話，開放額度被我們已經關閉的中心的影響所抵消，大約 0.5% 抵消了這兩個成長項目。然後外匯是1.5個基點到150個基點的逆風。

Okay. Got it. Understood. Helpful. And then just like you have before, could you just help us with the margin perhaps for the full year in the three segments?

好的。知道了。明白了。很有幫助。然後就像您以前一樣，您能否幫助我們了解三個部門的全年利潤率？

I know you've done that before for that in the quarter?

我知道您之前在本季已經這樣做過嗎？

Sure. So this year, we're in the low-ish to mid-single digits for the full service segment, so around 4%. We would be looking to improve that to mid-single digits, 150 basis points or so. That comes from some of the leverage from the enrollment and the pricing to cost, et cetera. So that's full service in that range.

當然。因此，今年我們的全方位服務領域的成長率處於低個位數到中等個位數，約為 4%。我們希望將其提高到中等個位數，即150個基點左右。這是由於招生、定價、成本等等因素帶來的一些影響。這就是該範圍內的全方位服務。

Our backup business for the year, we would expect it to be similar to what we've delivered in 2024. So in that 20%, 25% to 30% range on the higher end of that, similar to what we did this year. There's a little bit of different phasing for that. It would be mid- to high teens for the first quarter specifically. So a little bit of difference versus the full year, but you can see the trend of that this year, next year as well.

我們預計今年的備份業務將與 2024 年的類似。因此，在 20%、25% 到 30% 的較高範圍內，與我們今年的情況類似。對於這一點，有一點點不同的階段。具體來說，第一季的成長率將會達到 15% 到 20% 之間。因此與全年相比會有一點不同，但你可以看到今年和明年的趨勢。

And then in the ed advising business, overall, again, some phasing throughout the year, but in the the mid- to high teens operating income for the year.

然後在教育諮詢業務中，總體而言，全年都會分階段進行，但全年的營業收入將達到中高水準。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

You mentioned that the occupancy is currently in the low 60s, consistent with 3Q. Can you provide your latest views on how occupancy rates will trend over the course of 2025?

您提到入住率目前在 60% 以下，與第三季一致。您能否提供 2025 年入住率趨勢的最新看法？

Yes. I mean our expectation is for -- overall for enrollment growth in the, call it, 2.5% to 3.5% range, maybe a little bit -- a little bit more, we have harder comps in the first half than the second half, modestly, but fairly steady growth through the year, but maybe weighted slightly to the back end.

是的。我的意思是，我們的預期是 — — 總體而言，入學人數增長率在 2.5% 到 3.5% 之間，可能稍微高一點，上半年的競爭比下半年更激烈，但全年的增長相當穩定，但可能稍微偏向後端。

And what about the percentage? Would you expect the low 60s to reach mid-60s, to mid- to high 60s.

那麼百分比是多少？您是否預期 60 年代初期會達到 60 年代中期，甚至 60 年代中期至晚期？

Yes. Sorry, George, it would be in the mid-60s, yes. That's where we (inaudible).

是的。抱歉，喬治，是的，應該是在 60 年代中期。這就是我們（聽不清楚）。

And I know there's seasonality over the course of the year. How would you expect -- I'm assuming the step-up happens in the first half of the year and then step back down in the second half?

我知道一年之中會有季節性的變化。您如何預期－我假設上半年會有所提升，下半年則會有所回落？

Yes, exactly. It would be -- because the enrollment, we would expect the growth to be fairly consistent, it would be higher in the first half like it was this year and then tapering back in the second half.

是的，確實如此。因為入學人數，我們預期成長會相當穩定，上半年會像今年一樣較高，然後在下半年逐漸減少。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Elizabeth, I thought I heard you say that the number of center closings in would only drag revenues by 0.5 point. Maybe you could mention how many centers that would be. It just sounds low to me because when I think about the pre-COVID years, the many years of center pruning, which was normal, would drag about 1% or 2% a year. So if it's only 0.5% this year, it just seems like you're not pruning even like kind of a normal amount of pre-COVID centers for a year.

伊莉莎白，我記得你說過關閉中心的數量只會使收入下降 0.5 個百分點。也許您可以提到有多少個中心。我覺得這個數字聽起來很低，因為當我回想新冠疫情之前的幾年時，多年的中心修剪（這是正常的）每年會拖累約 1% 或 2%。因此，如果今年只有 0.5%，那麼看起來你甚至沒有像一年內 COVID 之前正常數量的中心那樣進行修剪。

Yes. So I think that the factor there, Andrew, I mean, it's a -- we're trying to quantify the point about it, but I think it's net, of course, of the openings. So that was intended to be a net unit revenue factor. So closings will be higher than that. So call it, if closings are 2% and openings are or 2.25 and openings are 1% and 1.25% then that shapes down to less than 1% net.

是的。所以我認為那裡的因素，安德魯，我的意思是，這是一個——我們正在試圖量化它的觀點，但我認為它當然是淨開口。所以這本來就是一個淨單位收入因素。因此收盤價將會高於這個數字。可以這麼說，如果收盤價為 2%，開盤價為 2.25%，或開盤價為 1% 和 1.25%，那麼淨值就會下降到不到 1%。

We do have -- I think I'll point out one thing, though, about that, which is that the newer -- we are opening centers. We opened 26 centers here in 2024. We would expect a similar number of openings based on what is in the pipeline and in development right now. Those centers open and they are ramping up and delivering sort of a more typical historic ramp profile.

我們確實有——不過我想我要指出一點，那就是較新的——我們正在開設中心。我們將於 2024 年在這裡開設 26 個中心。根據目前正在籌備和開發的專案情況，我們預計開業數量也會類似。這些中心已開業並且正在逐步擴大規模並提供更典型的歷史坡道輪廓。

The centers we are closing have been under enrolled there at a revenue level that is already somewhat tapered down. So the effect of it is a headwind on revenue, but perhaps not completely representative of what you might have seen in the past.

我們即將關閉的中心招生人數不足，收入水準也已經下降。因此，它對收入的影響是不利的，但可能不完全代表你過去所看到的情況。

Right. And what was in the fourth quarter, the same question, what was the revenue drag from center closing in the fourth quarter just reported?

正確的。那麼第四季的情況如何呢？

Yes, from a gross basis, it was about a 250 basis point headwind from center closing. We've got some new centers. So the net was closer to.

是的，從整體來看，距離中心收盤約有 250 個基點的逆風。我們有一些新的中心。所以網路更接近。

100 basis points in Q4.

第四季為 100 個基點。

Jeff Mueler, Baird.

傑夫穆勒、貝爾德。

Stephen, you mentioned just the disappointment with the underperforming centers and intensifying efforts. Can you go into more detail on what the intensifying efforts part means? Like what are you doing differently going into '25 that you've been doing throughout the COVID recovery just from an operational side to drive that up in full service?

史蒂芬，你剛才提到了對錶現不佳的中心和不斷加大的努力感到失望。您能否更詳細地說明加大力度部分的涵義？例如，在進入 25 年之際，您做了哪些與在整個 COVID 復甦過程中所做的不同的事情，僅從營運方面來推動全面服務？

Yes. So I think a lot of it -- Jeff, thank you for the question. I think a lot of it is really focused on continuing to refine the prospect family experience. So again, I think what we have continued to do and are, again, redoubling our efforts on are things like how a prospective family is handled as an inquiry. And so really making sure that we're intensifying the personal touch that those families are receiving through the process.

是的。所以我考慮了很多——傑夫，謝謝你的提問。我認為其中許多都真正集中在繼續改善未來家庭的體驗。所以，我認為我們一直在做的事情，以及正在加倍努力的事情，例如如何處理對潛在家庭的調查。因此，我們要真正確保在整個過程中加強這些家庭所獲得的個人關懷。

I think we continue to improve our tour experience and making sure that we are providing greater visibility into the great experience that family will have once they enroll in the center.

我認為我們將繼續改善我們的旅遊體驗，並確保我們為家庭提供更大的可見性，讓他們了解一旦進入中心將獲得的美好體驗。

And then I would say that we are also improving our ability to leverage the backup care use within our own centers and using more systems to convert backup users into full-time enrollment and really providing them that first experience through a backup use and then ultimately, having them enroll on a permanent basis.

然後我想說的是，我們也在提高我們在自己的中心內利用備用護理的能力，並使用更多的系統將備用用戶轉換為全職註冊，並真正透過備用使用為他們提供第一次體驗，最終讓他們永久註冊。

So I would say a lot of it is down to how we're managing that funnel and making sure that the family has as many opportunities to see the great work that happens within our centers and expose them to that so that it can differentiate with other options in the community.

因此，我想說，這很大程度上取決於我們如何管理這個管道，並確保家庭有盡可能多的機會看到我們中心內發生的偉大工作，並讓他們了解這些工作，以便能夠與社區中的其他選擇區分開來。

Got it. And then just on Backup Care, could you just talk about client budget discussions or annual budget adjustments going into '25 as we think about that as a growth driver versus driving up allowance of the existing use banks and new clients?

知道了。然後就在 Backup Care 上，您能否談談客戶預算討論或 25 年的年度預算調整，因為我們認為這是增長動力，而不是提高現有使用銀行和新客戶的津貼？

Yes, sure. So first of all, just to take a step back, obviously, we're really pleased with how backup performed throughout 2024 growing 16%, which, again, gives us the confidence to guide to 11% to 13% for 2025. I would say specifically related to the renewal season, we had really positive conversations in this third and fourth quarter as it relates to the conversations and discussions we had with our existing client base. . Obviously, they invested more than they had in the prior year.

是的，當然。首先，退一步來說，顯然，我們對 2024 年備份表現成長 16% 感到非常滿意，這再次讓我們有信心將 2025 年的成長預期控制在 11% 至 13% 之間。我想說，具體到續約季節，我們在第三季和第四季進行了非常積極的對話，因為這與我們與現有客戶群的對話和討論有關。。顯然，他們的投資比前一年多。

We got really good signals from our clients through both renewal as well as anecdotal evidence that they are interested in continuing to grow those investments. Again, their focus as is ours, is on continuing to grow the number of unique users, so in terms of the lever that we see as the important one and our employer clients are aligned with, we are looking to broaden the base of users within our client base and only in a really small incremental way grow the number of uses per user.

我們透過續約和軼事證據從客戶那裡得到了非常好的信號，表明他們有興趣繼續增加這些投資。再次強調，他們的重點與我們一樣，是繼續增加獨立用戶的數量，因此，就我們認為重要的槓桿而言，並且我們的雇主客戶與之保持一致，我們希望擴大客戶群中的用戶群，並且只以非常小的增量增加每個用戶的使用次數。

And so we're not seeing many changes as it relates to the used bank that employers are offering. But instead, they are continuing to allow for a broader set of unique users that ultimately will come with additional use.

因此，我們沒有看到雇主提供的二手銀行有太大變化。但相反，他們繼續允許更廣泛的獨立用戶使用，最終將帶來更多用途。

So we felt really good about Q3 and (inaudible) in terms of the renewal season, feel good about our ability to continue to drive marketing and other efforts as well as supply against the increased demand.

因此，我們對第三季和（聽不清楚）就續約季節而言感到非常滿意，對我們繼續推動行銷和其他努力以及根據不斷增長的需求進行供應的能力感到滿意。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Stephen, I think you mentioned the return to office potentially being a little bit of a tailwind. How important of a factor is that do you -- would you attribute that factor to explain much of the difference between your current occupancy and your pre-covid occupancy? Just kind of kind of the ballpark, how impactful office might be to you in your mind?

史蒂芬，我想你提到過重返辦公室可能會帶來一點順風。這個因素有多重要？只是大致了解一下，您覺得辦公室對您來說有多大的影響？

Yes. Look, I think that as we have grown the enrollment across the base of centers, Clearly, there have been a number of factors that have gone into us continuing to be able to increase and improve enrollment. I would say with some of the most suborn of enrollment challenges. So think about the ones that are in the third cohort. There are a selection of those.

是的。看，我認為隨著我們在整個中心基礎上增加入學人數，顯然，有許多因素促使我們能夠繼續增加和改善入學人數。我想說，這是入學面臨的最嚴峻挑戰之一。所以請考慮一下第三批人。其中有多種選擇。

And I think I alluded to them in the prepared remarks, which is there is a selection of those in that bottom cohort that are in urban business district. So think about D.C., think about Midtown to downtown Manhattan, think about downtown Seattle, and in those isolated markets, certainly return to office appears to be something that at this point, could have an unlock.

我想我在準備好的發言中提到他們，也就是在最底層的群體中，有一部分人居住在城市商業區。所以想想華盛頓特區，想想曼哈頓中城，想想西雅圖市中心，在那些孤立的市場中，重返辦公室似乎肯定是一件可以解鎖的事情。

We're starting to see increased inquiries in some of those markets that historically have been particularly stubborn. I wouldn't say it's the key driver in terms of our enrollment progress to date nor going forward, but there are a selection of the centers that certainly will and hopefully will get assisted by return to office policies.

我們開始看到，在一些歷史上特別頑固的市場中，詢問有所增加。我不會說這是我們迄今為止或未來招生進度的關鍵驅動因素，但有一些中心肯定會並且希望能夠透過重返辦公室政策獲得幫助。

Great. In the UK, I think you mentioned a path to breakeven. Does that mean that you expect to fully get to breakeven for the full year? And if so, what are some of the initiatives beyond the ones that kind of led to last year's improvement that you're undertaking this year to drive that kind of result in the UK.

偉大的。在英國，我認為您提到了一條實現收支平衡的途徑。這是否意味著您預計全年將完全達到收支平衡？如果是的話，除了去年促使英國取得進步的舉措之外，今年您還採取了哪些措施來推動英國取得這樣的成果？

Sure. So I think we had shared in previous calls that we had an expectation of a loss within the full-service segment in the UK of [$15 million] , and it's going to be actually closer to [$10 million] this year, 2024. And certainly, in 2025, our expectation is we're going to be able to get that to breakeven. I think what allowed us to do better in 2024 and start to see the kinds of improvements that we saw was down to enrollment growth. So our team in the UK did a really nice job of growing our enrollment.

當然。因此，我認為我們在先前的電話會議中已經提到，我們預計英國全方位服務部門的虧損為 [1500 萬美元]，而今年（2024 年）的虧損實際上將接近 [1000 萬美元]。當然，我們期望到 2025 年能夠達到收支平衡。我認為，我們之所以能在 2024 年取得更好的成績並開始看到我們所看到的改進，是因為入學人數的增長。因此，我們英國的團隊在擴大招生方面做得非常出色。

They certainly work really diligently on getting better and more efficient staffing. And as a result, we're able to really reduce our reliance on agency third-party staffing accommodations. We will continue to roll all of those efforts forward into this year 2025 and then the only other sort of additional piece of the puzzle for 2025 is that we have an expectation given that the government has announced that for 0 to 3 year olds, there will be increased numbers of hours. So they're going to go from 15 hours of free entitlement to 30 hours of free entitlement. And so our expectation is that, that will create some additional velocity in Q3 and Q4.

他們確實非常努力地提高員工配置品質和效率。因此，我們能夠真正減少對機構第三方人員配備安排的依賴。我們將繼續將所有這些努力推進到 2025 年，而 2025 年唯一的另一個難題是，我們有一個預期，因為政府已經宣布，0 至 3 歲兒童的教育時間將會增加。因此，他們的免費使用時間將從 15 小時增加到 30 小時。因此，我們預計這將在第三季和第四季創造一些額外的速度。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I wanted to start out with enrollment trends in third quarter and fourth quarter, you had the low single-digit enrollment and you've guided to about 2.5% to 3.5% for the coming year. And this was all laid out last quarter. So I don't feel like there was a lot new here, but just what do you think has driven this lower enrollment than you had seen previously? -- just thinking about it in the post-COVID period, I guess, enrollment was a lot higher because you were still sort of seeing people come back to center care. Just wanted to get your thoughts on the the enrollment trends?

我想先介紹一下第三季和第四季的入學趨勢，你們的入學率處於個位數的低位，而你們預計明年的入學率將達到 2.5% 到 3.5% 左右。這一切都是在上個季度製定的。所以我覺得這裡沒有什麼新鮮事，但您認為是什麼原因導致了入學率比以前更低呢？ ——想想在後疫情時期，我想，入學率要高得多，因為你仍然可以看到人們回到中心接受護理。只是想了解您對入學趨勢的看法？

Yes. Thanks, Toni. I think the parsing it a little bit is helpful in terms of where we are actually seeing the opportunity for enrollment growth. So our best-performing centers, we are over 80% occupied. Those centers are -- they may for a period of time, gain some enrollment.

是的。謝謝，托尼。我認為，進行一些分析有助於我們了解入學人數實際成長的機會。我們表現最好的中心的佔用率超過 80%。這些中心可能會在一段時間內吸引一些學生。

But ultimately, when you've got a center that's that full, there will always be cycling out of older children into elementary school, et cetera. So maintaining those centers in the same enrollment level means not much enrollment growth from that cohort at all.

但最終，當一個中心擠滿了人時，總會有大孩子被送到小學，等等。因此，維持這些中心的入學人數水準意味著該群體的入學人數不會有太大增長。

The real growth opportunity is in those centers that are sub 70% enrolled, and that's where we have seen good improvement in the middle, sort of the middle cohort that we've characterized as 40% to 70% occupied, mid-single digits. We are in the stage of enrollment in those centers where it's always a little bit difficult to piece the age of children and the availability of spaces together in all cases.

真正的成長機會是在那些入學率低於 70% 的中心，我們看到中間群體取得了良好的進步，我們把中間群體定義為入學率在 40% 到 70% 之間的群體，入學率在個位數的中間水平。我們正處於這些中心的招生階段，在所有情況下，將孩子的年齡和可用的空間拼湊在一起總是有點困難。

(inaudible) Stephen mentioned it and we talked a little bit earlier, not as in reflecting on where the improvement has been slower, slower than we would have expected, even though the most underperforming centers have have a high percentage of enrollment gain. They're still stubbornly below 40%. And that is, in some cases, it's down to where they are located in a very urban work-centric environment where there has been less opportunity to enroll families who are coming to that area. They've made other choices closer to their home. But it is also -- I think that the environment during the pandemic recovery for families who can afford child care, they've explored other options, and we're needing to grow back an awareness and an interest level in this kind of solution in some of these environments.

（聽不清楚）史蒂芬提到了這一點，我們之前也談過一點，並不是在反思哪些地方的改進比較慢，比我們預期的要慢，儘管表現最差的中心入學人數增長了很高的比例。他們仍然頑固地低於 40%。也就是說，在某些情況下，這是因為他們所處的環境非常以城市化工作為中心，而來到該地區的家庭入學機會較少。他們已經做出了離家更近的其他選擇。但我認為，在疫情恢復期間，對於那些能夠負擔得起兒童保育費用的家庭來說，他們已經探索了其他選擇，我們需要在某些環境中重新提高對此類解決方案的認識和興趣。

So we're serving a population that is higher income has other choices. We are serving generally in urban, near urban environments. And we continue to see, as we've talked about, we continue to see good enrollment at our client centers tend to be more enrolled. Centers that have been open longer tend to be more enrolled. And so those that are under enrolled may have characteristics of being what I just described or even just newer to open or reopen.

因此，我們服務的對像是收入較高且擁有其他選擇的人口。我們一般在城市和近城市環境中提供服務。而且正如我們之前談到的，我們繼續看到客戶中心的入學率不斷提高。開放時間較長的中心往往會招收較多的學生。因此，那些入學人數不足的學校可能具有我剛才所描述的特點，甚至是剛開設或重新開放的學校。

Perfect. Then in Backup Care, you mentioned the strength in home care. I was wondering if the financials of that are sort of higher revenue with lower margin or how to think about the profile there? And is that large enough within backup care to move the needle or is it still just a very nascent offering that you're providing?

完美的。然後在《備用護理》中，您提到了家庭護理的優勢。我想知道其財務狀況是否屬於收入較高但利潤較低的情況，或如何看待那裡的狀況？在備用護理中，這是否足以產生影響，還是說這仍然只是您提供的一項非常新興的服務？

So the in-home care is -- it's a really important part of the overall solution. Many families appreciate that alternative. But the majority of our care is actually -- is center-based. It's own centers, primarily at the top group and then our network partners is the next group. So in home care, it's not nascent or incidental.

因此，家庭護理是整體解決方案中非常重要的一部分。許多家庭都欣賞這種替代方案。但我們的大部分護理實際上是以中心為基礎的。它有自己的中心，主要是最頂層的群體，然後我們的網路合作夥伴是下一層群體。因此，在居家照護中，這並不是新事物或偶然現象。

It's an important portion of our service delivery. And it is -- it's more expensive than providing care within our own centers or a center-based solution, but it's an important part of the overall solution in terms of providing optionality and having to meet the needs of the parent population.

這是我們提供服務的重要部分。確實，這比在我們自己的中心或以中心為基礎的解決方案內提供護理更昂貴，但就提供可選性和滿足父母群體的需求而言，這是整體解決方案的重要組成部分。

So we see it as continuing to grow that in-home capacity. But along with that, having enough of our own center-based capacity and/or our network partners is certainly we're economics are most optimal, but because the service delivery in the round is critical. We want to have as many care types as we can to serve the needs that the end consumer has.

因此，我們認為家庭容量將持續成長。但同時，擁有足夠的中心容量和/或網路合作夥伴無疑是我們經濟效益最優的，但全面的服務交付也至關重要。我們希望提供盡可能多的護理類型來滿足最終消費者的需求。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（操作員指示）Jeff Silber，BMO 資本市場。

I wanted to shift gears and talk a little bit about labor supply and more specifically, wage inflation. I know we started to see a tick up generally I'm just wondering what you are seeing. And if it does go higher, do you have an opportunity to raise prices maybe midyear to offset any increase going forward.

我想換個話題，談談勞動力供應，更具體地說是薪資通膨。我知道我們開始看到整體上漲，我只是想知道您看到了什麼。如果價格確實上漲，您是否有機會在年中提高價格，以抵消未來的任何上漲？

Yes. So I think that we're comfortable with the estimates that we have at this point. Again, we've made some significant wage investments over the last 4 years. So we feel good about where our employees are being compensated. Again, in addition to wage itself, we obviously invest in benefits and other ways in which we enrich the package for those in our employee.

是的。所以我認為我們對目前的估計感到滿意。再次，我們在過去四年中對工資進行了重大投資。因此，我們對員工的薪酬狀況感到很滿意。再次強調，除了薪資本身之外，我們顯然還會投資於福利和其他方式來豐富員工的福利。

I would say that in terms of seeing wage inflation that is greater than what we expect, first, we don't expect that, but in the event where that was the case, we always have the opportunity, especially for new families to consider that, although, again, at this point, that's not our expectation.

我想說的是，就看到薪資通膨高於我們的預期而言，首先，我們並不期望這種情況發生，但如果出現這種情況，我們總是有機會，特別是對於新家庭來說，考慮到這一點，儘管這還不是我們的預期。

Okay. That's really helpful. And you had mentioned the share repurchase in the quarter. I know it's been the first time in a little while. I'm just curious if you can just talk about your thought process behind that.

好的。這真的很有幫助。您曾提到本季的股票回購。我知道這已經是一段時間以來的第一次了。我只是好奇您是否可以談談您背後的想法。

What drove you to do that this quarter as opposed to using it for other purposes?

是什麼促使您本季這樣做而不是將其用於其他目的？

Yes. I mean we have been in the last couple of years, both between our investments in our business in Australia and sort of making sure that the overall performance has stabilized. We've been building cash over the course of this year, certainly have visibility to continued cash flow generation in the coming years and thought -- we are as opportunistic as we can be. The plant has been out there, and we've just been, I think, being judicious about capital deployment, but we've got very well-priced debt, and it's a good option for us to be active in that plan at this time.

是的。我的意思是，過去幾年來，我們一直在對澳洲業務進行投資，並確保整體業績穩定。我們今年一直在累積現金，當然也能看到未來幾年將繼續產生現金流，而且我們盡可能地抓住機會。工廠已經建在那裡，我認為我們只是對資本配置很審慎，但我們的債務價格非常合理，因此，對於我們來說，積極參與該計劃是一個不錯的選擇。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

So I know you have talked about potential store closings. And I'm curious, where do you think the utilization cohort that's below 40% utilized would be next year around this time?

我知道您談到了可能關閉商店的問題。我很好奇，您認為明年此時利用率低於 40% 的群體會在哪裡？

Yes. So we are -- as mentioned on the call, we are about 16% or so of that group of centers that are in that bottom cohort. Pre-COVID, we always have had centers in a sort of suboptimal performance group. And so getting to somewhere between 16% and probably 5% or so of the portfolio is where we would target at the end of '25 based on -- based on what we would expect enrollment to grow this year. And we do have some continued pruning expected.

是的。因此，正如電話會議中所提到的，我們約佔該底層中心群體的 16% 左右。在疫情之前，我們的中心表現一直不太理想。因此，根據我們預計今年入學人數的成長，我們計劃在 25 年底將投資組合的比例達到 16% 到 5% 左右。我們確實預計會繼續進行一些修剪。

We may not be all the way to that 5% threshold but certainly expect to see at least a few points of improvement in the overall cohort group. I think it's a matter of improving those by enrollment gains in the centers that have been most affected. But I think overall, the look there would be that we also will have some centers that are opening and ramping. So I don't want you to think that, that number would ever be getting to 0.

我們可能無法完全達到 5% 的門檻，但可以肯定的是，我們會看到整個群體至少有幾點的進步。我認為關鍵是要透過增加受影響最嚴重中心的入學人數來改善這些問題。但我認為總體而言，我們還將有一些中心正在開放和發展。所以我不想讓你認為這個數字會趨近於 0。

Okay. Okay. Understood. And then just on the full service margin expansion, I know you talked about 150 basis points just coming from enrollment, et cetera. So -- but I'm curious -- I know we talked about the margins within each of these utilization cohorts.

好的。好的。明白了。然後，就全面服務利潤率擴張而言，我知道您談到了僅來自入學人數等的 150 個基點。所以 — — 但我很好奇 — — 我知道我們討論了每個利用群體內的利潤率。

And so could you give us an update on sort of how you think about those margins in the above 70% utilization cohort versus the 40% to 70% at this point?

那麼，您能否向我們介紹一下，您如何看待 70% 以上利用率群體與目前 40% 到 70% 利用率群體的利潤率？

Yes. I mean, broadly speaking, the best -- the most enrolled centers, the group that's above 70% is essentially back to pre-COVID operating margin level. So we were in the full service business, we were at 10% or so EBIT margins, and those centers are certainly back to that level even better. They were the better performers. And so doing well.

是的。我的意思是，從廣義上講，最好的——入學人數最多的中心，超過 70% 的群體基本上恢復到了 COVID 之前的營業利潤率水平。因此，我們從事全方位服務業務，我們的息稅前利潤率達到 10% 左右，而這些中心肯定會回到那個水平，甚至更好。他們的表演更出色。所以做得很好。

The middle cohort enrolled in that 40% to 70% are less than that. They're positive, but call it more like our overall average in the mid-single digits range. It's the underperforming group that's 16% we were just talking about that is they are actually losing money.

中間群體的入學率約為40%到70%，比這個數字還要低。它們是正面的，但更像是我們的整體平均值在中等個位數範圍內。我們剛才談到的是表現不佳的群體，佔 16%，他們實際上正在虧損。

And so as a group, they lose some level. So we're not quoting -- it's not really that relevant to quote it as a percentage of revenue. They're under enrolled. The revenue isn't that representative of where they would be if they were performing, but they are -- they're losing on a unit basis, they're losing money. So that's where the headwind and the improvement to margins will come from getting those to breakeven and then positive.

因此，作為一個群體，他們失去了一些水準。因此，我們不會引用——將其作為收入百分比來引用實際上並不那麼相關。他們的入學人數不足。收入並不能代表他們的實際業績，但是，以單位計算，他們在虧損，他們在虧損。因此，這就是阻力和利潤率提高的來源，以實現收支平衡並實現正成長。

And then ultimately, the bigger opportunity really is almost in that middle group of centers where, call it, 45% or so of the centers are in that middle group and have the opportunity to move from mid-single digits back closer to that 10% level.

然後最終，更大的機會實際上幾乎是在中間那群中鋒中，大約有 45％ 的中鋒處於中間群體，並且有機會從中等個位數回到接近 10％ 的水平。

Okay. Thank you all very much for joining us this evening and wishing you all a great time.

好的。非常感謝大家今晚參加我們的活動並祝大家度過愉快的時光。

Thanks, everyone. Take care.

謝謝大家。小心。

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

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。