Bright Horizons Family Solutions Inc (BFAM) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Bright Horizons Family Solutions second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Bright Horizo​​ns Family Solutions 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Michael Flanagan, Group Vice President of Finance. Please go ahead.

現在我很高興介紹集團財務副總裁 Michael Flanagan。請繼續。

Thank you, Joe, and welcome to everyone 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, investors.brighthorizons.com.

謝謝喬，歡迎大家參加 Bright Horizo​​ns 第二季財報電話會議。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，錄音可在我們網站 investors.brighthorizo​​ns.com 的投資者關係部分找到。

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 2024, Form 10-K, and other SEC filings.

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、財務績效和前景的陳述，均受我們收益報告中的安全港聲明的約束。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 2024 年收益報告、10-K 表格和其他 SEC 文件中詳細描述的警示性聲明一起考慮。

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 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 指標進行了協調，您可以在我們網站 investors.brighthorizo​​ns.com 的 IR 部分找到這些指標。

Joining me 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.

參加今天電話會議的還有執行長史蒂芬‧克萊默 (Stephen Kramer) 和財務長伊麗莎白‧博蘭 (Elizabeth Boland)。史蒂芬將首先回顧我們的業績並提供業務最新進展。在我們回答大家的問題之前，伊莉莎白將對這些數字進行更詳細的審查。

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

說完這些，讓我把電話轉給史蒂芬。

Thanks, Mike, and welcome to everyone who has joined the call. We delivered another quarter of strong execution and solid performance with revenue increasing 9% to $732 million and adjusted EPS growing 22% to $1.07, both ahead of our expectations. These results reflect the depth of our client relationships, the essential nature of our services to the customers we serve, and our continued focus on service delivery across all of our lines of business.

謝謝，麥克，歡迎所有參加電話會議的人。我們又一個季度表現出色、執行力強，營收成長 9% 至 7.32 億美元，調整後每股收益成長 22% 至 1.07 美元，均超出我們的預期。這些結果反映了我們與客戶關係的深度、我們為客戶服務的本質以及我們對所有業務線服務交付的持續關注。

In our Full Service segment, revenue of $540 million increased 7%, driven by a combination of continued enrollment growth, tuition increases and new center openings. In particular, we added five new centers this quarter, including two additional centers for an existing multi-service client, the University of Virginia. Openings like this reinforce our leadership in the employer-sponsored care market and underscore the strategic role on-site childcare continues to play in workforce strategies.

在我們的全方位服務部門，收入 5.4 億美元，成長 7%，這得益於入學人數持續成長、學費上漲和新中心開設等因素。具體來說，我們本季增加了五個新中心，其中包括為現有的多服務客戶維吉尼亞大學增加兩個中心。此類開設鞏固了我們在雇主贊助的託管市場中的領導地位，並強調了現場托兒服務在勞動力戰略中繼續發揮的戰略作用。

Enrollment and centers opened for more than one year, increased again this quarter at a low single-digit rate and average occupancy stepped up to the high 60% range. Across this group of centers, the fastest growth is in centers below 40% occupancy, driven by meaningful improvement in select underperforming centers.

本季度，入學人數和開設一年多的中心再次以低個位數增長，平均入住率升至 60% 的高位。在這組中心中，成長最快的是入住率低於 40% 的中心，這得益於部分錶現不佳的中心的顯著改善。

Among our top performing centers, where average occupancy remains impressively above 80%, we have seen some centers cycle through peak enrollment levels, which naturally tempers the contribution to enrollment growth from that group, even as the overall operating performance remains strong. In our centers operating between 40% and 70% occupancy, operating performance and enrollment both continue to progress as well.

在我們表現最好的中心中，平均入住率仍然高達 80% 以上，我們看到一些中心經歷了招生高峰期，這自然會抑制該群體對招生增長的貢獻，即使整體運營表現仍然強勁。我們的中心入住率在 40% 至 70% 之間，營運績效和入學率也都在持續進步。

As we move through the second half of the year, when we absorb the enrollment transitions associated with age outs tied to the school calendar, our outlook on enrollment growth is relatively consistent with what we experienced in the second quarter. Enrollment is expected to continue to grow at a low single-digit rate, and we remain focused on streamlining the path from inquiry to enrollment including enhanced technology and more personalized and proactive communication to help families make confident care decisions.

隨著我們進入下半年，當我們消化與學校日曆相關的年齡超齡相關的入學轉變時，我們對入學增長的展望與第二季度的情況相對一致。預計入學人數將繼續以較低的個位數增長，我們仍將致力於簡化從諮詢到入學的流程，包括增強技術和更個性化和主動的溝通，以幫助家庭做出自信的護理決定。

In the UK, we saw continued operational and financial momentum in the second quarter with solid growth in both enrollment and margins. We continue to see the benefits of our efforts over the past two years, investments in staffing, technology, and programming that have meaningfully improved the experience and efficiency across our center footprint.

在英國，我們在第二季度繼續保持營運和財務成長勢頭，入學人數和利潤率均穩步增長。我們繼續看到過去兩年的努力所帶來的成果，在人員、技術和程式設計方面的投資顯著改善了我們中心的體驗和效率。

Of note, Bright Horizons in the UK was recently named one of Europe's best employers by Great Place to Work, reflecting our strong culture and overall teacher satisfaction. This recognition underscores the link between our investments in people and culture and the resulting improved performance through the first half of 2025.

值得注意的是，英國的 Bright Horizo​​ns 最近被 Great Place to Work 評為歐洲最佳雇主之一，這反映了我們強大的文化和教師的整體滿意度。這項認可強調了我們在人才和文化方面的投資與 2025 年上半年業績提升之間的連結。

Turning to Back-up Care, revenue grew 19% to $163 million, reflecting strong client and user engagement. Among other launches in the quarter, we welcome McKesson, a Fortune 10 employer to our client base, reinforcing the continued interest by large employers seeking high-quality care solutions to meet today's workforce needs.

談到備份護理，營收成長 19% 至 1.63 億美元，反映出強大的客戶和用戶參與。在本季推出的其他產品中，我們歡迎財富 10 強雇主 McKesson 加入我們的客戶群，這增強了大型雇主對尋求高品質護理解決方案以滿足當今勞動力需求的持續興趣。

From a uses perspective, we experienced particularly strong demand for center, camp, and in-home care. We kicked off our seasonally high use summer period with strong growth in June, which we have seen continue into July. Utilization over the early summer months has been particularly strong among families utilizing care in our owned in-network school agent camp-based programs.

從用途角度來看，我們對中心、營地和家庭護理的需求尤其強勁。6 月份，我們迎來了季節性的高使用率夏季時期，並實現了強勁增長，這種勢頭一直持續到 7 月份。在初夏的幾個月裡，使用我們自有網路學校代理營地護理計劃的家庭的利用率特別高。

The strategic expansion of supply over the past few years enhancing both geographic reach and programming has enabled us to deliver high-quality care when and where our families need it most. I remain confident in the strong momentum in our Back-up Care business which continues to be a critical support for working families, a strategic advantage for our employer clients and a key growth driver for Bright Horizons.

過去幾年來，我們透過策略性地擴張供應，擴大了地理覆蓋範圍並規劃了項目，使我們能夠在家庭最需要的時間和地點提供高品質的護理。我對我們的後備護理業務的強勁發展勢頭充滿信心，該業務將繼續為工作家庭提供重要支持，為我們的雇主客戶提供戰略優勢，並為 Bright Horizo​​ns 提供關鍵成長動力。

Moving to our Education Advisory segment, revenue grew 8% to $29 million this quarter. Participant and usage growth was solid, particularly in College Coach, where we saw increased demand for advising services. We continue to position Edisys for long-term growth through targeted investments in technology and product development, aligning our offerings with the evolving needs of working learners. We are adding new clients and expanding adoption within our existing base as we build momentum across the business.

轉向我們的教育諮詢部門，本季營收成長 8%，達到 2,900 萬美元。參與者和使用量成長穩健，特別是在 College Coach，我們看到對諮詢服務的需求增加。我們將繼續透過對技術和產品開發進行有針對性的投資，使我們的產品與在職學習者不斷變化的需求保持一致，從而實現 Edisys 的長期成長。隨著我們整個業務的發展勢頭強勁，我們正在增加新客戶並在現有客戶群內擴大採用率。

Before I close, I want to highlight the continued progress we are making on our One Bright Horizons strategy. Our effort to expand the reach and value of our offerings by engaging more employees and employers across the full spectrum of Bright Horizons solutions. This quarter, we saw full-service client, Centene, add Back-up Care to better support their national workforce facing everyday disruptions. And Northwell Health, a Back-up Care client introduced College Coach to extend their dependent care benefits to employees with teenage children navigating the college process.

在結束之前，我想強調我們在「一個光明前景」策略上的持續進展。我們致力於透過全方位的 Bright Horizo​​ns 解決方案吸引更多員工和雇主，從而擴大我們產品的覆蓋範圍和價值。本季度，我們看到全方位服務客戶 Centene 增加了 Back-up Care，以更好地支持其面臨日常乾擾的全國勞動力。Back-up Care 的客戶 Northwell Health 引入了 College Coach，將其受撫養人護理福利擴展到有十幾歲孩子正在辦理大學入學手續的員工。

Client expansions like these, coupled with the growth of users across our lines of business demonstrate the power of our employer-sponsored model and portfolio of services. As we continue to execute against this strategy, we remain confident in our ability to grow our impact and deepen our employee and employer penetration.

像這樣的客戶擴展，加上我們業務線上用戶的成長，證明了我們雇主贊助模式和服務組合的強大力量。隨著我們繼續執行這項策略，我們仍然有信心擴大我們的影響力並加深我們的員工和雇主滲透力。

Before I close, I want to highlight a few insights from our 2025 Modern Family Index, which again underscores the real and recurring stress that working parents face, particularly during the summer months. Nearly two-thirds of parents report that childcare gaps during school breaks directly impact their productivity, well-being and ability to stay focused at work. Summer remains a particularly difficult time as families navigate the challenge of finding dependable and affordable care.

在結束之前，我想強調我們 2025 年現代家庭指數中的一些見解，這些見解再次強調了在職父母面臨的真實且反覆出現的壓力，尤其是在夏季。近三分之二的家長表示，學校假期期間的育兒空白直接影響了他們的工作效率、幸福感和專注工作的能力。夏季仍然是一個特別困難的時期，因為家庭面臨著尋找可靠且負擔得起的護理的挑戰。

In addition to meeting that elevated summer need through our traditional Back-up Care network of owned and partner suppliers, we also lead in to our unique on-site capabilities with AT&T, to run a Steve & Kate's camp at their Dallas headquarters. The program has provided families with a convenient, trusted, and affordable child care solution right at their workplace. This distinctive offering demonstrates our unique capability to collaborate with the client, leverage our well-developed capabilities for on-site employer-sponsored care, and operationalize an innovative care solution that responds to a client's particular need.

除了透過我們傳統的自有和合作供應商的備用護理網絡滿足夏季日益增長的需求之外，我們還與 AT&T 合作，利用我們獨特的現場能力，在其達拉斯總部開設史蒂夫和凱特營。該計劃為家庭提供了在工作場所即可享受便利、可靠且價格合理的兒童保育解決方案。這項獨特的服務展示了我們與客戶合作的獨特能力，利用我們成熟的現場雇主贊助護理能力，並實施滿足客戶特定需求的創新護理解決方案。

In summary, I am pleased with our solid first half of 2025. Given the year's positive performance and momentum, we have moved up our 2025 full-year guidance to a revenue growth range of $2.9 billion to $2.92 billion or 8% to 9% and adjusted EPS in the range of $4.15 to $4.25 per share.

總而言之，我對我們 2025 年上半年的穩健表現感到滿意。鑑於今年的積極表現和勢頭，我們已將 2025 年全年預期上調至收入增長範圍 29 億美元至 29.2 億美元或 8% 至 9%，調整後每股收益範圍為 4.15 美元至 4.25 美元。

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

說完這些，我將把電話轉給伊麗莎白，她將深入了解季度數據並分享有關我們前景的更多細節。

Thank you, Stephen, and thanks to everyone for joining us on the call tonight. As mentioned, I'll start with our financial highlights.

謝謝你，史蒂芬，也謝謝大家今晚參加我們的電話會議。正如所提到的，我將從我們的財務亮點開始。

Revenue for the second quarter grew 9% to $732 million, driven by continued growth and disciplined execution across each of our segments. Adjusted operating income rose 25% to $86 million with operating margins up 150 basis points over the prior year to 11.8%. Adjusted EBITDA increased 13% to $116 million, representing an adjusted EBITDA margin of 16% of revenue. And lastly, adjusted EPS of $1.07 came in ahead of our expectations, supported by solid top line growth and operating leverage.

第二季營收成長 9%，達到 7.32 億美元，這得益於我們各部門的持續成長和嚴格執行。調整後的營業收入成長 25% 至 8,600 萬美元，營業利潤率較上年增長 150 個基點至 11.8%。調整後的 EBITDA 成長 13% 至 1.16 億美元，調整後的 EBITDA 利潤率為營收的 16%。最後，調整後的每股盈餘為 1.07 美元，超出了我們的預期，這得益於穩健的營收成長和營運槓桿。

To break this down a bit, Full Service revenue of $540 million was up 7% in Q2 on pricing increases, enrollment gains, and an approximate 150 basis point tailwind from FX. The centers we have closed since Q2 of 2024 partially offset these gains. Enrollment in our centers opened for more than one year, increased low-single digits across the portfolio. As Stephen mentioned, occupancy levels averaged in the high 60s for Q2, stepping up from the prior year as well as sequentially from last quarter, given that Q2 is typically our peak enrollment quarter.

具體來說，第二季全方位服務收入為 5.4 億美元，年增 7%，這得益於價格上漲、入學人數增加以及外匯帶來的約 150 個基點的順風。自 2024 年第二季以來我們關閉的中心部分抵銷了這些收益。我們的中心開放招生已經一年多了，整個投資組合的招生人數增加了低個位數。正如 Stephen 所提到的，由於第二季通常是我們的入學高峰期，因此第二季的平均入住率在 60% 以上，比去年同期有所提高，也比上一季有所提高。

In the specific center cohorts that we've been tracking for comparative purposes since the second half of 2022 and discussed on prior calls, we continue to see improvements over the prior year period. Our top-performing cohort, defined as above 70% occupancy, improved from 51% of these centers in the second quarter of 2024 to 54% in the second quarter of 2025. As a reminder, this cohort continues to sustain strong average occupancy levels above 80% which inherently limits its enrollment expansion opportunity.

在我們自 2022 年下半年以來一直在追蹤的用於比較目的並在之前的電話會議上討論過的特定中心群組中，我們繼續看到與去年同期相比的改善。我們表現最好的群體（定義為入住率超過 70%）從 2024 年第二季的 51% 提高到 2025 年第二季的 54%。需要提醒的是，該群體繼續保持 80% 以上的強勁平均入住率，這本質上限制了其招生擴張機會。

In our middle and bottom groups, defined as 40% to 70% and below 40% occupancy, respectively, enrollment increased at a mid-single-digit rate in the second quarter. Centers in the middle cohort now represent 36% of the total and the bottom cohort represents 10% of these centers. Adjusted operating income of $40 million in the Full Service segment increased $8 million over the prior year and represents 7.5% of revenue in the quarter. Higher enrollment and improved operating leverage helped drive the growth in earnings.

在我們的中間和底部群體中，入住率分別定義為 40% 至 70% 和 40% 以下，第二季度的入學人數以中等個位數的速度增長。目前，中間隊列的中心佔總數的 36%，而底部隊列的中心佔總數的 10%。全方位服務部門調整後的營業收入為 4,000 萬美元，較上年增加 800 萬美元，佔本季營收的 7.5%。入學人數的增加和經營槓桿的提高有助於推動獲利的成長。

Turning to Back-up Care. Revenue grew 19% in the first quarter to $163 million, driven by strong early summer demand, as Stephen outlined. The adjusted operating income for the segment was $41 million, up $9 million over the prior year, which translates to operating margins of 25%. Lastly, the Educational Advising revenue increased 8% to $29 million and delivered operating margins of 17%, ahead of our expectations and broadly consistent with the prior year. Net interest expense decreased to $10.5 million from $12 million in Q2 of 2024, largely due to lower interest rates and lower overall borrowings. The structural effective tax rate on adjusted net income was 27.25%.

轉向後備護理。正如史蒂芬所述，受初夏強勁需求的推動，第一季營收成長 19%，達到 1.63 億美元。該部門調整後的營業收入為 4,100 萬美元，比上年增加 900 萬美元，營業利潤率為 25%。最後，教育諮詢收入成長 8%，達到 2,900 萬美元，營業利潤率達到 17%，超出我們的預期，與上年基本持平。淨利息支出從 2024 年第二季的 1,200 萬美元降至 1,050 萬美元，主要原因是利率下降和整體借款減少。調整後淨收入的結構性有效稅率為27.25%。

Turning to the balance sheet and cash flow. We generated $134 million in cash from operations in the second quarter. We made success in investments of $19 million and repurchased $41 million of stock in the quarter. We ended Q2 with $179 million of cash and our reduced leverage ratio is now 1.7 times net debt to adjusted EBITDA.

轉向資產負債表和現金流。我們第二季的營運現金流為 1.34 億美元。本季我們成功投資了 1,900 萬美元，並回購了價值 4,100 萬美元的股票。我們在第二季結束時擁有 1.79 億美元現金，我們的槓桿率降低至淨債務與調整後 EBITDA 的 1.7 倍。

So moving on to the outlook that Stephen previewed. In terms of the top line, we are modestly raising the midpoint of our reported revenue outlook by $20 million to a range of $2.9 billion to $2.92 billion, which reflects a roughly $15 million or 50 basis point favorable change in FX as compared to our prior guidance. This equates to a reported growth rate of approximately 8% to 9%.

接下來我們來談談史蒂芬所預測的前景。就營收而言，我們將報告的收入預期中位數小幅上調 2000 萬美元，至 29 億美元至 29.2 億美元之間，與我們之前的指引相比，這反映了約 1500 萬美元或 50 個基點的外匯有利變化。這相當於報告的成長率約為8%至9%。

Let me break that down into the segments. In Full Service, we now expect reported revenue to grow in the range of 5.75% to 6.75%, which reflects a roughly 75 basis point tailwind from FX for the year. In Back-up Care, we've increased our expectations for revenue growth to 14% to 16%. And in Ed Advisory, we expect to grow in the mid-single digits range.

讓我把它分解成幾個部分。在全方位服務方面，我們現在預計報告收入將成長 5.75% 至 6.75%，這反映了今年外匯帶來的約 75 個基點的順風。在後備照護方面，我們將營收成長預期提高至 14% 至 16%。在教育諮詢方面，我們預期成長率將達到個位數中段。

In terms of earnings, we now expect 2025 adjusted EPS to be in the range of $4.15 to $4.25 a share. As we look specifically to Q3, our outlook is for the total top line of $775 million to $785 million or growth in the range of roughly 8% to 9% on a reported basis. This reflects roughly 50 basis point tailwind from FX over the prior year.

在收益方面，我們現在預計 2025 年調整後的每股盈餘將在 4.15 美元至 4.25 美元之間。具體來看第三季度，我們預計總營業收入將達到 7.75 億美元至 7.85 億美元，或報告成長率約為 8% 至 9%。這反映了外匯市場較上年同期約 50 個基點的順風。

We expect Full Service to grow reported revenue 5.25% to 6.25%, again, reflecting a roughly 75 basis point tailwind from FX. We would look to back up growth of 14% to 16% in Q3 in Ed Advisory again in the mid-single digits. In terms of earnings, we expect Q3 adjusted EPS to be in the range of $1.29 to $1.34 per share.

我們預計全方位服務業務的報告收入將成長 5.25% 至 6.25%，這再次反映了外匯帶來的約 75 個基點的順風。我們預計 Ed Advisory 第三季的成長率將再次達到中等個位數，達到 14% 至 16%。在收益方面，我們預計第三季調整後的每股盈餘將在 1.29 美元至 1.34 美元之間。

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

喬，我們已經準備好進入問答環節了。

[Operator Instructions]

[操作員說明]

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

This is Princy Thomas on for Manav. Just wanted to see if you could expand your margin expectations by segment for full year as well.

這是 Princey Thomas 代替 Manav 上場。只是想看看您是否可以按部門擴大全年的利潤預期。

Princy, yes, so let me start with the Back-up business just because it's been a pretty consistent story in Back-up. So for the year, we would be looking for 25% to 30% operating margins in Back-up consistent with what we have said. The second half of the year is more heavily weighted than the first half of the year. So we would see a similar pattern of increase in Q3 and staying relatively higher in Q4, not quite at the Q3 level. But similar cadence or pattern to last year, but still overall in the range, ending some more similar to where we were in 2024.

是的，Princy，所以讓我先從 Back-up 業務開始，因為這在 Back-up 中一直是一個非常一致的故事。因此，就今年而言，我們希望備份業務的營業利潤率達到 25% 至 30%，與我們所說的一致。下半年的權重比上半年更大。因此，我們會看到第三季出現類似的成長模式，並在第四季保持相對較高的水平，但不完全處於第三季的水平。但節奏或模式與去年相似，但總體上仍在範圍內，結局與 2024 年的情況更為相似。

In the Full Service business, we would expect to see, call it, 125 basis points or so of overall operating margin expansion for the year. We were a little north of that overall in the first half and expect to be in a similar range over the second half of the year with Q3, as I mentioned, in around 125 basis points or so of margin expansion there.

在全方位服務業務中，我們預計今年的整體營業利潤率將成長 125 個基點左右。上半年我們的利潤率總體略高於這一水平，預計下半年的利潤率也將處於類似的水平，正如我所提到的，第三季的利潤率將擴大約 125 個基點。

And then Ed Advisory, again, pretty similar to last year in the high teens to 20% or so operating margin range for the full year.

然後，Ed Advisory 的全年營業利潤率與去年同期非常相似，介於 15% 到 20% 左右之間。

Got it. And just trying to pick your brain on the Big Beautiful Bill and what you're hearing from clients and what benefits you would be seeing?

知道了。只是想了解《美麗大法案》以及您從客戶那裡聽到了什麼，您會看到什麼好處？

Sure. So in -- so I would say that most specific to our sector, we would focus on 45F and the updated 45F program. First and foremost, I would just observe, really underscores the importance of employer-supported child care, and that's why I want to focus on that. Under the program, 40% of qualified child care expenditures up to $500,000 or taxable credit enabled, and that's an increase from $150,000 previously.

當然。因此 — — 所以我想說，對於我們的行業來說，我們將重點關注 45F 和更新的 45F 計劃。首先，我想說的是，這確實強調了雇主支持的兒童照護的重要性，這就是我想要關注這一點的原因。根據該計劃，符合資格的兒童保育支出的 40% 最高可達 50 萬美元或可獲得應稅抵免，比之前的 15 萬美元有所增加。

We think for existing accounts. This could be an attractive way for our existing accounts, whether they be center clients with subsidies or Back-up clients, they could benefit more significantly than they would have done in the past. I would say that we're more cautious about what this might mean in terms of velocity for new clients because certainly, this has been in place, again, at a lower level, hasn't had a huge impact on stimulating demand. On the other hand, on the margin, it's certainly positive.

我們為現有帳戶著想。對於我們現有的客戶來說，這可能是一種有吸引力的方式，無論他們是有補貼的中心客戶還是後備客戶，他們都可以比過去獲得更大的利益。我想說的是，我們對這對新客戶速度意味著什麼持更加謹慎的態度，因為當然，這種情況已經存在，而且處於較低水平，並沒有對刺激需求產生巨大影響。另一方面，從邊際上看，這肯定是正面的。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Elizabeth, I heard you talk about the expectations for continued low single-digit enrollment growth in Full Service. Did you give a specific figure for that? Does that mean like 2% to 3%. And if you could give a comment on how September enrollments are looking.

伊莉莎白，我聽到您談到對全方位服務入學人數持續保持低個位數成長的預期。您是否給出了具體數字？這是否意味著 2% 到 3%？您能否對九月份的入學情況發表一下評論？

Yes. So we would expect it to look a lot like we saw this quarter. So low single digits, meaning probably close to 2% similar cadence for the rest of this year. September enrollment cycle is certainly in full froth at this point, the fall cycle is and we are marketing well. We have good lead generation and we stepped up a lot of our efforts at targeted outreach and have taking parts through the enrollment process. And so we are feeling good about the that level of enrollment.

是的。因此我們預計它看起來會和本季看到的情況很相似。如此低的個位數，意味著今年剩餘時間的節奏可能接近 2%。目前，九月份的招生週期已經非常忙碌，秋季招生週期也是如此，而且我們的行銷工作進展順利。我們擁有良好的潛在客戶開發能力，並加強了有針對性的推廣力度，並透過註冊流程吸引人們參與。因此，我們對這樣的入學水準感到滿意。

It is one that we -- obviously as important as we have seen the infant and toddler enrollment is where we have some great opportunity as we've had strong enrollment last year there. And then those children are aging up into the preschool age group range and this is where there's the least supply in the market. And so given the structure of our centers, we're able to serve more of the parents in those younger age groups. So that's where we're focused.

顯然，正如我們所見，嬰幼兒入學人數很重要，這是我們的一個巨大機會，因為去年我們在那裡的入學人數很高。然後這些孩子就進入了學齡前年齡段，而這個年齡層的市場供應量最少。因此，考慮到我們中心的結構，我們能夠為更多年輕年齡層的父母提供服務。這就是我們關注的重點。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

You mentioned taking initiatives to streamline the path from inquiry to enrollment. And I know last quarter, there was some elongation of the sales cycle because of macro uncertainty. Can you talk a little bit more about what you're seeing with the sales cycles and commitment cycles from new customers?

您提到要採取措施簡化從諮詢到註冊的流程。我知道上個季度，由於宏觀不確定性，銷售週期有所延長。能否再多談談您對新客戶的銷售週期和承諾週期的看法？

Sure. So I think as Elizabeth just sort of put a fine point in terms of the enrolling growth expectations that we have through the remainder of the year. We continue to see [a cadence] similar to what we saw this quarter and highlighted this past quarter. And so ultimately, as you alluded to, we are certainly taking action steps to continue to support families who are inquiring about our centers.

當然。因此，我認為伊莉莎白對於今年剩餘時間入學人數成長的預期提出了一個很好的觀點。我們繼續看到與本季所見和上個季度強調的類似的[節奏]。因此，最終，正如您所提到的，我們肯定會採取行動步驟，繼續為詢問我們中心的家庭提供支援。

We certainly have made investments around our web experience and helping to nurture those families early in their discovery process. We have put sort of additional resource against white-glove support by enrollment managers for families. And ultimately, we're using technology to make sure that we are creating and providing a more personalized experience, all the way from inquiry to enrollment. And so overall, I would say that's how we're thinking about the sales funnel from a family perspective.

我們確實對我們的網路體驗進行了投資，並在這些家庭的發現過程早期就幫助他們培養這些家庭。我們投入了額外的資源，讓招生經理為家庭提供白手套支援。最終，我們利用科技來確保從諮詢到註冊的整個過程中創造和提供更個人化的體驗。總的來說，我想說這就是我們從家庭角度思考銷售管道的方式。

Got it. That's helpful. You mentioned occupancy is now in the high 60s. I think seasonally, that will likely step down next quarter. At this point, do you have visibility as to when occupancy will get back to 70%-plus?

知道了。這很有幫助。您提到入住率目前已達 60 多。我認為從季節性來看，下個季度這一數字可能會下降。目前，您是否知道入住率何時會恢復到 70％ 以上？

Well, for this year, as mentioned, we're a couple of hundred basis points of enrollment expansion this quarter. We expect that similar cadence the rest of the second half of this year. And so ending the year in the mid-60s for the full year, we're at the high point in Q2. So we would be stepping up from last year a bit.

嗯，正如所提到的，今年本季我們的招生人數增加了幾百個基點。我們預計今年下半年剩餘時間也將出現類似的節奏。因此，以全年 60 年代中期的水平結束這一年，我們在第二季度達到了最高點。因此，我們會比去年有所進步。

So in terms of the overall -- the time line for getting back to 70%, obviously, we've got more than 50% of our centers are well above 70%. And the driver there will be getting the underperformers -- certainly the improvers in the middle group, 40% to 70% gaining enrollment, but also being able to both rationalize the most significant underperformers and either exit those centers or improve them. And that is where we see probably the most drag on getting back to 70% as an overall average.

因此，就總體而言 - 恢復到 70% 的時間表而言，顯然，我們有超過 50% 的中心遠高於 70%。而驅動力將是吸引表現不佳的學校——當然是中間群體中進步較大的學校，40% 到 70% 的學校將獲得入學資格，但同時也能夠合理化表現最差的學校，要么退出這些中心，要么改善它們。我們認為這可能是恢復到 70% 總體平均的最大障礙。

And I think just as a qualitative commentary, we feel really -- we feel good about the way that the top-performing cohort has been able to sustain the enrollment now over several years. So we feel that, that is a great indicator of being obviously right locations, serving the families who need it, both our client employer-sponsored centers as well as our community facing centers. And that's where we're looking to both replicate those -- that success in some of the other locations and also, as I say, exit if they are just stubbornly -- we're not able to turn around the enrollment performance.

我認為，從定性評論的角度看，我們真的對錶現最好的群體能夠在幾年內維持入學率的方式感到滿意。因此，我們認為，這是一個很好的指標，表明我們位於正確的位置，為有需要的家庭提供服務，包括我們的客戶雇主贊助的中心以及面向社區的中心。這就是我們希望複製的地方——在其他一些地方取得的成功，而且，正如我所說，如果他們只是固執己見——我們就無法扭轉招生表現。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

I just want to circle back to 45F. I get that it historically hasn't had great uptake in terms of companies or organizations claiming the credit. But as the market leader, it feels like there's an opportunity for you to amplify the message and make prospects aware of it. So can you just talk about what your sales force is planning to message?

我只是想回到 45F。我知道從歷史上看，它並沒有得到太多公司或組織的支持。但作為市場領導者，您似乎有機會擴大資訊範圍並讓潛在客戶意識到這一點。那麼你能談談你的銷售人員計畫傳達什麼訊息嗎？

And then within Back-up Care for 45F, the increased credit seems pretty sizable relative to what I would think, typical Back-up Care spend is. So what's the opportunity in Back-up Care specifically from 45F, including on potentially getting existing customers to increase spud levels?

然後在 45F 的備用護理中，相對於我認為的典型備用護理支出而言，增加的信用額度似乎相當可觀。那麼 45F 在 Back-up Care 方面有哪些具體的機會，包括是否有可能讓現有客戶增加馬鈴薯水平？

Thanks. So curious what I would say. Certainly, I appreciate the compliment that we are the leader in employer-sponsored care. And certainly, the sales team as well as the marketing team here at Bright Horizons have been getting the message out in full force both among prospects as well as existing accounts, and that comes in the form of meetings directly with prospects and clients. It comes in the form of webinars that we are hosting to help educate prospects and clients on 45F in particular. And really helping them to see the value of leading into this.

謝謝。我很好奇我會說什麼。當然，我很感激大家對我們在雇主資助醫療服務領域中處於領先地位的稱讚。當然，Bright Horizo​​ns 的銷售團隊和行銷團隊一直在向潛在客戶和現有客戶全力傳播這一訊息，而這透過直接與潛在客戶和客戶會面的形式來實現。它以我們舉辦的網路研討會的形式出現，旨在幫助潛在客戶和客戶了解 45F。並真正幫助他們認識到引領這一進程的價值。

I would say that, in addition to all that awareness and education, it is fair to say that the increase in the amount should have real impact, especially among our existing accounts around their ultimate investment in our Back-up Care programs. And as we think about new clients coming in on that, that is certainly the case as well.

我想說的是，除了所有的意識和教育之外，公平地說，金額的增加應該會產生真正的影響，特別是對我們現有的帳戶在我們的後備護理計劃上的最終投資。當我們考慮新客戶的加入時，情況確實也是如此。

I think the biggest challenge, if there was a challenge with this, is the disconnection between our buyer who tends to be within HR and benefits and the folks who are spending the most time thinking about tax, which tend to be in finance. And so who actually needs to have the budget versus the people who are keeping score as it relates to the net costs are different. But certainly, we are trying to do outreach not only to the HR community, but are also encouraging that coordination between HR and finance.

我認為，如果說這方面有挑戰的話，最大的挑戰是我們的買家（往往在人力資源和福利部門）與那些花最多時間考慮稅收的人（往往在財務部門）之間的脫節。因此，真正需要預算的人與負責記錄淨成本的人是不同的。但當然，我們不僅在嘗試接觸人力資源界，而且還在鼓勵人力資源和財務之間的協調。

But you're right to say that in principle, this should be a good stimulant. We are certainly best-positioned in the industry to take advantage of it, and it's still early days. So we'll be able to give you updates over time whether or not we're seeing more momentum on 45F than we have seen in the past.

但您說得對，原則上這應該是一種很好的興奮劑。我們當然在產業中處於最有利的位置來利用它，而且現在還處於早期階段。因此，無論 45F 的發展勢頭是否比過去更大，我們都能及時向您提供最新消息。

Got it. And then another great summer for Back Up Care, recognize you've expanded the coverage and the service types and everything. What are you seeing in terms of like client behavior? Anything that they're maybe doing differently in terms of allowing longer duration usage among their employee base to address that cool-off period challenge that you referenced?

知道了。接下來是 Back Up Care 的另一個美好夏天，認識到您已經擴大了覆蓋範圍、服務類型和一切。就客戶行為而言，您看到了什麼？為了解決您提到的冷靜期挑戰，他們在允許員工使用更長時間方面可能做了哪些不同的事情？

Sure. So I'll answer that in two ways. The first is that we aren't seeing employers changing the sizes of their banks. So the user and use growth that we're seeing and experiencing that is driving the velocity of our growth is really down to getting out the vote of more users and then, ultimately, having them use. It's not about program design per se within our client organizations.

當然。我將用兩種方式來回答這個問題。首先，我們沒有看到雇主改變其銀行的規模。因此，我們看到和經歷的用戶和使用量成長推動了我們的成長速度，這實際上取決於獲得更多用戶的投票，並最終讓他們使用。這與我們的客戶組織內部的程序設計本身無關。

We did see this year, and we had started to see it over the last several years, the allowance of booking earlier, so extending the booking window to accommodate for employees wanting to get reservations in for the summer period in known gaps in their own care arrangements. So again, I think that, that has given us more confidence going into the summer to be able to guide the way we have is certainly extending those windows of reservation allows us an even greater window into the amount of use that we can expect this summer. And so those would be the two elements that I would highlight.

我們今年確實看到了，而且我們在過去幾年中也開始看到這種情況，允許提前預訂，從而延長預訂窗口，以適應那些希望在夏季預訂護理服務的員工，因為他們自己的護理安排存在已知的差距。因此，我再次認為，這讓我們更有信心進入夏季，能夠指導我們的方式，當然延長這些預訂窗口可以讓我們更好地了解今年夏天的使用量。這就是我要強調的兩個要素。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Based on the data that we track, wages in the industry are growing at about 4.5%, but I think the price increase this year, you were expecting to be in the 4% to 5% range. But Full Service margins have been particularly strong, especially just given sort of a tight spread there.

根據我們追蹤的數據，該行業的薪資成長率約為 4.5%，但我認為今年的價格漲幅預計在 4% 到 5% 之間。但全方位服務的利潤率特別高，特別是考慮到那裡的價差很小。

And so I was wondering if you could talk about, I'm sure, a lot of that margin expansion is coming from the closing of the underperforming centers. And so I was wondering if you could sort of -- is there a way to break out how much closing the centers has benefited that margin expansion out of the real massive increase that you had in the Full Service margin.

所以我想知道您是否可以談談，我確信利潤率的擴大很大程度上來自於表現不佳的中心的關閉。所以我想知道您是否可以——有沒有辦法計算關閉這些中心對利潤率擴張有多少好處，以及全方位服務利潤率的實際大幅增長。

Sure. Toni, just to maybe frame that up. I don't have at hand a specific because it's not really a meaningful impact on the margin expansion. We've seen wage personnel cost increases lighter than what you're describing. So our 4% to 5% price increase has been against something that's averaging closer to 3% to 4%. So it's around 100 basis points, maybe 50 basis points in some areas. So we are seeing that be the typical algorithm in terms of the price to sort of main cost structure.

當然。東尼，也許只是為了解決這個問題。我手頭上沒有具體數據，因為它對利潤擴張並沒有真正的重大影響。我們發現工資人員成本的成長幅度比您所描述的還要小。因此，我們的價格上漲 4% 至 5%，而平均漲幅則接近 3% 至 4%。所以大約是 100 個基點，在某些地區可能是 50 個基點。因此，我們看到，這是根據價格對主要成本結構進行排序的典型演算法。

We have closed a number of centers, and they have been headwinds to the margin over time. But in terms of the extra, if you will, that kick to the margin expansion, it's pretty minor. Enrollment growth in the 200-basis-point arena is really the primary driver, I think, along with the price to cost discipline. So we -- I think we mentioned UK has been recovering. That has been -- I would point out that last year, we were seeing the UK with a headwind to the overall margins. It was north of 150 basis points.

我們已經關閉了一些中心，隨著時間的推移，它們對利潤產生了不利影響。但就額外影響而言，如果你願意的話，這對利潤率的擴大是相當小的。我認為，200 個基點領域的入學人數成長才是真正的主要驅動力，同時價格與成本的限制也扮演了同樣的角色。所以我們——我想我們提到英國正在復甦。我想指出的是，去年，我們看到英國的整體利潤率面臨阻力。它超過了 150 個基點。

It was even higher than that in of '23, I believe. So that has come down. That has tapered to something that's closer to 100 bps. So that's the one other thing I would isolate.

我相信，它甚至比 23 年還要高。所以這已經發生了。目前該利率已降至接近 100 個基點。這是我要分離出來的另一件事。

Terrific. And then maybe just on a separate topic in terms of M&A. I think going -- in the post-COVID period, a lot of the smaller centers were struggling. I think we're still in an environment, particularly with the enrollment being a little bit more challenging for the industry that you still are seeing sort of challenges in some of the smaller centers.

了不起。然後也許只是討論併購方面的一個單獨話題。我認為──在後疫情時代，許多較小的中心都在苦苦掙扎。我認為我們仍處於這樣的環境中，特別是招生對於行業來說更具挑戰性，你仍然會看到一些較小的中心面臨挑戰。

And so just wondering if -- how your M&A pipeline is looking? I think just wanted to understand also, like, I guess, why haven't you done maybe more M&A to this point, just given that we're probably in a pretty good environment for that. Appreciate it.

所以我只是想知道——您的併購管道看起來怎麼樣？我想我也只是想了解一下，例如，我想，為什麼到目前為止你還沒有進行更多的併購，因為我們可能處於相當不錯的環境。非常感謝。

Sure. Thank you, Toni. So look, we certainly have not been as active in the M&A program as we have seen in our past. That is fact. What I would say is that we remain very focused on our strategy, which is not one to tackle turnarounds. We really look for programs that are in strategic locations that are high quality and that have good financial characteristics.

當然。謝謝你，托尼。所以看起來，我們在併購計劃中肯定不像過去那麼活躍。這是事實。我想說的是，我們仍然非常專注於我們的策略，這不是一個解決扭轉局面的策略。我們真正在尋找的是位於策略位置、高品質且具有良好財務特徵的專案。

And among the programs that fit that profile, there still is a pretty good imbalance between seller expectations and what we think is a fair and crucial price debate. So we continue to be really disciplined about that. And certainly, in the meantime, we've been really focused on continuing to build enrollment in our own centers. And so we continue to see a nice uptick in that way. So I would say that from an M&A perspective, while slower, we still continue to build good relationships and in the long term, believe that, that will be an important part of our algorithm in the future.

在符合該條件的項目中，賣方期望與我們認為公平且關鍵的價格辯論之間仍然存在相當大的不平衡。因此，我們將繼續嚴格遵守這項規定。當然，同時，我們一直致力於繼續擴大我們自己中心的招生規模。因此，我們繼續看到這方面的良好上升趨勢。因此我想說，從併購的角度來看，雖然速度較慢，但我們仍在繼續建立良好的關係，從長遠來看，我相信這將是我們未來演算法的重要組成部分。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Elizabeth, I apologize if I missed this, but I think you usually give us the number of centers that you opened and closed during the quarter. Can we get that?

伊麗莎白，如果我錯過了這一點，我很抱歉，但我認為您通常會告訴我們您在本季度開設和關閉的中心數量。我們能得到它嗎？

Yes. We opened five in the quarter, Jeff, and we closed eight. So a net decrement of three in the quarter. Year to date, we're positive one, net one, and that is, broadly speaking, plus/minus zero is what we would expect for the year.

是的。傑夫，我們在本季開設了五家分店，並關閉了八家分店。因此本季淨減少 3 個。今年迄今為止，我們的利潤為正一，淨利潤為一，也就是說，廣義上講，我們對今年的預期是正負零。

Okay. And on the eight that were closed, was there any specific geographic area? Was it US? Was it UK or kind of mix?

好的。被關閉的 8 家店有特定的地理區域嗎？是美國嗎？是英國的還是混合的？

It was primarily US. There are a couple outside the US, but primarily US more than half.

這主要是美國。其中有幾個是美國以外的國家，但主要有一半以上是美國本土。

All right. Great. And then Toni was asking about the UK. You mentioned the headwind. But I think in the past that you said you might be -- or you were hoping to be on the pathway to breakeven by the end of the year in the UK. Is that still a goal?

好的。偉大的。然後托尼詢問了英國的情況。您提到了逆風。但我認為您過去曾說過，您可能會——或者您希望在今年年底前在英國實現收支平衡。這還是一個目標嗎？

It is still a goal, and we are on track to achieve that. As a reminder, last year, we were close to $10 million in the Full Service segment specifically. We are close to $10 million of losses in the UK, a little bit in that range, and we are expecting to get to breakeven and the momentum has been really good in the first half of the year. So we definitely feel on track to achieve that. And ideally, we make progress beyond that and set up well for 2026 with that -- with the progress.

這仍然是一個目標，我們正在朝著實現這一目標的方向前進。提醒一下，去年我們在全方位服務領域的收入接近 1,000 萬美元。我們在英國的損失接近 1000 萬美元，略微在這個範圍內，我們預計將實現收支平衡，而且今年上半年的勢頭非常好。因此，我們確信我們能夠實現這一目標。理想情況下，我們會取得更大的進步，並為 2026 年做好準備——取得進步。

It's been both a good operating execution story alongside a good demand environment that has been supported by an expanded parent fee support through a government funding program that has been expanded to broader age groups and more hours of coverage. So the combination of being able to serve and a demand profile that's escalating to help support that and we feel really good about the progress.

這既是一個良好的營運執行故事，也帶來了良好的需求環境，這得益於政府資助計劃擴大了家長費用支持，該計劃已擴展到更廣泛的年齡組並增加了覆蓋時間。因此，能夠提供服務和不斷升級的需求狀況相結合有助於支持這一點，我們對進展感到非常滿意。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

I wanted to maybe take a step back and as you think about the Full Service margin trajectory as you think over the next several years and you look at the tremendous progress that's been made kind of post-COVID. Is there anything that you look, as you look at that business, that's structural that you think can keep it from reaching kind of that pre-COVID record margin, call it, 9% to 10% as you look at the business today and then as it moves forward?

我想退一步思考一下，當你思考未來幾年全方位服務的利潤軌跡時，你會看到後疫情時代所取得的巨大進步。當您審視該業務時，您是否認為存在任何結構性因素，會阻礙其達到新冠疫情之前的利潤率記錄，即目前的 9% 到 10%，然後隨著業務的發展？

Yes. I think the short answer is, no, we don't think there's any structural reason that we wouldn't be able to get back to that 9% to 10% range in the Full Service business. We have more than, as I mentioned, more than 50% of our centers are now operating at a level -- at a utilization level that is above of a precoded level. And so those centers are back to their pre-COVID operating margin level. They're the best performers. So they actually are better than that 10% threshold.

是的。我認為簡短的回答是，不，我們認為沒有任何結構性原因導致我們無法回到全方位服務業務的 9% 到 10% 的範圍。正如我所提到的，我們有超過 50% 的中心現在處於一定水平 - 利用率高於預編碼水平。因此，這些中心的營業利潤率已恢復到疫情之前的水準。他們是最好的表演者。所以他們實際上比 10% 的門檻要好。

It's the underperforming and the improving centers that are still -- the underperformers, the sub 40% occupied centers are -- they lose money as a group. And the middle cohort, the improvers are probably mid-single digits. And so the additional movement in that improver group to the top cohort will certainly drive margin expansion. We have most of the cost investment already in the mix. And so getting additional enrollment is a primary driver there.

表現不佳和正在進步的中心仍然在虧損——表現不佳的中心、佔用率低於 40% 的中心——作為一個整體，它們都在虧損。而中間群體的進步可能只有個位數的中間值。因此，改進型群體向頂級群體的進一步轉變必將推動利潤率的擴大。我們已經完成了大部分成本投資。因此，增加招生人數是主要推動力。

And then the sub-40%, which is roughly 10% of our centers. So it's not a huge portion, but certainly the headwind of centers losing money is barrier to having the whole portfolio at that high-single digits to 10%. So that's where we're focused on ensuring that we're rationalizing the portfolio in a thoughtful way and keeping open all options to meet parents where their needs are to drive both enrollment and sustained enrollment of families in the centers where they need care.

然後是 40% 以下，大約占我們中心的 10%。因此，雖然佔比不大，但中心虧損的阻力無疑是整個投資組合達到高個位數至 10% 的障礙。因此，我們專注於確保以周到的方式合理化投資組合，並保持所有選擇的開放性，以滿足父母的需求，從而推動家庭在他們需要照顧的中心進行入學和持續入學。

Got it. And then just as a follow-up, can you remind us your outlook in terms of kind of reaching that -- those targeted pre-COVID or just general targeted enrollment levels for the total, I guess, total mix?

知道了。然後作為後續問題，您能否提醒我們您對達到這一目標的展望——那些在 COVID 之前的目標，或者只是總體目標入學水平？

Yes. I mean we have obviously achieved it in a good portion of the portfolio. I think the reality is targeting overall enrollment at that level is we always operated with centers that were sub-70% and some of them performed quite well even at levels significantly below 70%. So it's not a one size fits all.

是的。我的意思是，我們顯然已經在很大一部分投資組合中實現了這一目標。我認為，現實情況是，我們的目標是將整體入學率保持在那個水平，我們經營的中心總是低於 70%，其中一些中心甚至在遠低於 70% 的水平上表現得相當好。所以它並不是萬能的。

I would say that taking the bottom 10% of our centers out of the equation for a moment, we would expect that improving group to continue to make progress. And in the next year or two, we would have a majority of the performer of the portfolio back to pre-COVID levels. It's that sub-40% enrolled that 10% of the centers that is where we will probably need to carve out in an explanation here as we're talking with you, which -- what the effect of that is. But the majority of the portfolio is certainly with an eyesight of where the operating margins were in totality for the Full Service business, which is why we feel really good about the progress.

我想說的是，暫時將排名墊底的 10% 的中心排除在外，我們預計不斷進步的群體將繼續取得進步。在未來一兩年內，我們投資組合中的大部分股票的表現將恢復到新冠疫情之前的水平。正是因為有不到 40% 的參與者，即 10% 的中心，我們在與您交談時可能需要在此做出解釋，這會產生什麼影響。但投資組合中的大部分肯定都著眼於全方位服務業務的整體營業利潤率，這就是我們對進展感到非常滿意的原因。

(Operator Instructions)

（操作員指示）

Josh Chan, UBS.

瑞銀的 Josh Chan。

Stephen, Elizabeth, really strong Back-up Care growth this quarter? And you mentioned expanding your geographic reach and programming. Could you talk about that. How much are you expanding? And to what extent that's kind of enabling more growth that wasn't previously available?

史蒂芬、伊莉莎白，本季 Backup Care 的成長真的很強勁嗎？您還提到了擴大地理覆蓋範圍和程式設計。你能談談這個嗎？你要擴張多少？這在多大程度上能夠實現以前無法實現的成長？

Sure. Thank you, Josh. So what we mean by expanding the capacity is really partly down to owned assets, right? So obviously, we have our Stephen Case Camps that's really important over the summer as an option for working families. We continue to invest in building out that footprint. In addition to that, we own Jovie, which is the nanny agency franchisor. And so we continue to stimulate more capacity through owned assets like that.

當然。謝謝你，喬希。所以我們所說的擴大產能其實部分取決於自有資產，對嗎？顯然，我們有史蒂芬凱斯夏令營，這對工薪家庭來說在夏天是一個非常重要的選擇。我們將繼續投資以擴大這一影響力。除此之外，我們還擁有保母仲介特許經營商 Jovie。因此，我們將繼續透過這樣的自有資產來刺激更多的產能。

And at the same time, our team is working really diligently to continue to extend partnerships with center-based providers, camp-based providers, in-home providers so that we can provide the type of care in the locations where we have the demand. And so the strategy and approach has really been a combination of continuing to build out owned assets and, at the same time, continuing to expand our third-party network.

同時，我們的團隊正在努力繼續擴大與中心提供者、營地提供者和家庭提供者的合作夥伴關係，以便我們能夠在有需求的地方提供相應的護理服務。因此，我們的策略和方法實際上是繼續擴大自有資產，同時繼續擴大我們的第三方網路。

That makes a lot of sense. And on the Full Service side, you mentioned aging up. I guess, I know you can't count exclusively on aging up, but to what extent do you think that could be a tailwind to your margins next year as those kids kind of fill the older classrooms and a more fuller way than the prior cohort?

這很有道理。在全方位服務方面，您提到了年齡的增長。我想，我知道你不能只指望年齡的增長，但是你認為這在多大程度上會對你的明年的利潤產生推動作用，因為這些孩子會比上一屆學生更滿地填滿老教室？

I mean it's an important point, Josh, because the economics in a center are somewhat more favorable with older age, more utilization in the older age groups. And there's a lease supply in infants and toddlers, and that's where we've -- notwithstanding individual enrollment statistics that we've cited. We have generally seen our infant and toddler rooms be more full, proportionately more full than preschool. There's more capacity in preschool, it expands greater ages. And when the five-year-olds age out, there's always a big group to backfill.

喬希，我的意思是，這是一個重要的觀點，因為中鋒的經濟狀況對年齡較大的球員更為有利，年齡較大的球員的利用率更高。嬰兒和幼兒的供應量較小，這就是我們所看到的——儘管我們引用了個人入學統計數據。我們通常看到嬰兒室和幼兒室更加擁擠，比例上比學前班更加擁擠。幼兒園的容量越來越大，接受教育的年齡層也越來越廣。當五歲的孩子長大後，總會有一大群孩子需要填補。

And so as we continue to infill the centers and get from a center that may be at 55% to 60%, 65%, there's a lot of positive operating leverage that occurs because of the level of enrollment skewed towards preschool because that's where the most capacity tends to be. So I think that our focus is always on -- we want to serve all age groups because we know that we have the ability to serve families for three, four, five years as they come into a childcare experience that works for them. And starting as an infant and staying through preschool is built a long-standing relationship that can then extend frankly, into Back-up Care and even to college coach down the road.

因此，隨著我們繼續增加幼兒園的招生人數，並將入學率從 55% 提高到 60% 或 65%，就會產生許多積極的經營槓桿，因為入學人數傾向於學前教育，因為學前教育往往是容量最大的地方。所以我認為我們的重點始終是——我們希望為所有年齡層的人提供服務，因為我們知道我們有能力為家庭提供三、四、五年的服務，讓他們獲得適合自己的兒童保育體驗。從嬰兒時期開始一直到幼兒園，這種關係就建立起來了，坦白說，這種關係可以延伸到後備護理，甚至延伸到大學教練。

So there are certainly befits of being able to serve families over time. But within a center, we need to have all age groups in order to have that kind of aging-up cadence and to continue to both bring in new families from outside the center, but also to sustain the enrollment over time as children naturally age up.

因此，長期為家庭服務肯定是有好處的。但在一個中心內，我們需要涵蓋所有年齡層的孩子，這樣才能保持這種年齡增長的節奏，才能繼續從中心外引進新的家庭，同時也能隨著孩子自然長大而維持招生規模。

Great. Thank you, both, for the color and the time. Good luck on the second half.

偉大的。謝謝你們兩位，謝謝你們的色彩和時間。祝你下半場好運。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to ask about Some, you talked about replicating some of the success that you're seeing with centers that are more than 80% occupied towards maybe some of that middle cohort. So I'm curious if you could talk a little bit more about that and if there's any -- sort of what specifically are you doing there?

我想問一下，您談到複製您所看到的一些成功經驗，這些中心的佔用率超過 80%，也許可以針對部分中間群體。所以我很好奇您是否可以再多談談這個問題，以及您在那裡具體做什麼？

Sure. So I think that as we think about that middle cohort and building enrollment in that middle cohort, we are clearly always continuing to focus on making sure that, first and foremost, we articulate the uniqueness of that Bright Horizons center experience. And so one of the things that is really important is for us to continue to express the value proposition that we have on offer for working families, whether that be the quality of our programming backgrounds and qualifications of our teachers. Whether that be the actual environments and making sure that prospective families become aware of those differences, first and foremost.

當然。因此，我認為，當我們考慮中間群體並增加中間群體的入學人數時，我們顯然始終專注於確保首先闡明光明視野中心體驗的獨特性。因此，對我們來說真正重要的事情之一是繼續表達我們為工薪家庭提供的價值主張，無論是我們的程式設計背景品質還是教師的資格。無論是實際環境還是確保未來的家庭首先意識到這些差異。

And secondly, we continue to get sharper about how we really nurture a family from their initial inquiry all the way through to when they start. And so that comes in different forms. Some of that is through technology. Some of that is through a white glove experience. But it really takes the form all the way through the funnel to make sure that we're cultivating that relationship all the way through.

其次，我們將繼續更敏銳地了解如何真正地培養一個家庭，從他們最初的諮詢一直到他們開始生活。因此，它有不同的形式。其中一些是透過技術實現的。其中有些是透過白手套體驗來實現的。但它確實採取了整個漏斗的形式，以確保我們在整個過程中都在培養這種關係。

And then in the middle of that process is typically when they are doing a center visit and making sure that that visit really is a flawless experience and demonstrates the value of what that family can expect once they enroll. So we're spending a lot of time on making sure that, that experience end to end for prospective families is really strong.

然後，在這個過程的中間，他們通常會進行中心訪問，並確保訪問確實是一次完美的體驗，並展示該家庭入學後可以期待的價值。因此，我們花費了大量時間來確保未來家庭能夠獲得真正良好的端到端體驗。

And then at the same time, obviously, we continue to see strong retention rates among those who are currently enrolled. And so it's really the combination of those two that gives us confidence that we'll continue to make progress in that middle cohort.

同時，我們顯然繼續看到目前入學的學生的保留率很高。因此，正是這兩者之間的結合讓我們有信心繼續在中間群體中取得進步。

Great. And then I also wanted to ask about Back-up Care where, again, you've had really strong growth and you've talked a little bit about the dynamics there. I'm curious around your margin guide, which is still sort of 25% to 30%. And I know historically, you've talked about sort of the mix of the business there.

偉大的。然後，我也想問 Back-up Care 的情況，你們在該領域取得了非常強勁的成長，你們也談了一些那裡的動態。我對您的利潤率指南很感興趣，它仍然在 25% 到 30% 之間。我知道，從歷史上看，您曾談論過那裡的業務組合。

So I was hoping for a bit more color on maybe if you could break out for us, again, as you were talking about previously about the different types of services that you're providing there, sort of, what the various margins level are. And is there a point where you can sort of break out above the 25% to 30% range?

因此，我希望您能更詳細地介紹一下，就像您之前談到的，您所提供的不同類型的服務，以及各種利潤水平是多少。那麼，是否存在一個可以突破 25% 至 30% 範圍的點呢？

Yes. So let me take a stab at providing some color there. So the Back-up business, of course, is one that is we have been at this for a number of years and started out with center-based back-up care and expanded it to a network solution and since then have expanded to new care types, which allow us to serve more eligible employees of the employers who are sponsoring the service.

是的。因此，讓我嘗試提供一些顏色。因此，我們當然已經在後備業務領域耕耘多年，從以中心為基礎的後備護理起步，逐漸擴展為網絡解決方案，之後又擴展到新的護理類型，這使我們能夠為贊助該服務的雇主的更多合格員工提供服務。

So we are investing in this business and are consciously investing and making sure that we are developing and sustaining -- cultivating and sustaining a very healthy network of both service providers who can allow us to extend to new types of care as well as to extend our service capability into geographies where we may not have a presence and a client has employees and has interest in our services.

因此，我們正在投資這項業務，並且有意識地進行投資，確保我們正在開發和維持——培育和維持一個非常健康的服務提供者網絡，這些服務提供者可以讓我們擴展到新類型的護理，並將我們的服務能力擴展到我們可能沒有業務的地區，以及客戶有員工並對我們的服務感興趣的地區。

And so in that way, we have a hybrid of our owned care. So our own centers, our own dedicated Back-up centers, our own Full Service centers where we can take Back-up Care, the camp provider, Steve & Kate's camps that we brought into the Bright Horizons family a couple of years ago. But the augmenting of that with other third-party providers enables us to rent networks where we don't always have presence.

這樣，我們就有了一種混合型的自有護理。因此，我們有自己的中心、自己的專用後備中心、自己的全方位服務中心，我們可以在那裡提供後備護理、營地提供者，以及幾年前我們引入 Bright Horizo​​ns 大家庭的 Steve & Kate 營地。但透過與其他第三方提供者的合作，我們可以租用我們並不經常使用的網路。

And so in that way, the investment is critical to that service supply as is the technology to be sure the parents can reserve care when they need it and for the type of care they need, and we can be completely connected to our third-party network. And then the marketing efforts, the outreach, the ability to meet parents at the time that they need caring that they're aware of the care types.

因此，從這個意義上講，投資對於服務供應至關重要，技術也同樣重要，以確保父母能夠在需要時預約護理，並根據他們所需的護理類型進行預約，並且我們可以完全連接到我們的第三方網路。然後是行銷工作、外展工作，以及在父母需要照顧時與他們見面並讓他們了解照顧類型的能力。

So all of that investment goes into continuing to grow the business in the -- we've provided the sort of mid-teens guidance of growth this year. We've seen growth in the double digits, certainly in the last several years and continuing to see a long tail on that. So while we would probably have an opportunity to get margins above 25% over time, I just wanted to give the color on why we feel like the investment cadence against the revenue opportunity is -- keeps us in that sort of in that band.

因此，所有這些投資都用於繼續發展業務——我們今年提供了中等水平的成長指導。我們已經看到了兩位數的成長，尤其是在過去幾年中，並將繼續保持這種成長勢頭。因此，雖然我們可能有機會隨著時間的推移獲得 25% 以上的利潤率，但我只是想說明為什麼我們認為投資節奏與收入機會相適應，可以讓我們保持這種水平。

Got it. Very helpful. Thank you so much.

知道了。非常有幫助。太感謝了。

Okay. Thank you, all, very much for joining us on the call and wishing you a good night.

好的。非常感謝大家參加我們的電話會議，祝大家晚安。

Thanks, everyone.

謝謝大家。

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。現在您可以斷開線路。感謝您的參與。