Bright Horizons Family Solutions Inc (BFAM) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Bright Horizo​​ns Family Solutions 第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Michael Flanagan, Group Vice President of Strategic Finance. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人麥可‧弗拉納根，他是集團策略財務副總裁。謝謝。你可以開始了。

Thank you, Shamali, and welcome to Bright Horizons' third 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.

謝謝沙瑪莉，歡迎參加Bright Horizo​​ns第三季財報電話會議。在會議開始之前，請注意，今天的電話會議將進行網路直播，錄音將在我們網站的投資者關係部分（investors.brighthorizo​​ns.com）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.

提醒各位參與者，本次電話會議中作出的任何前瞻性陳述，包括有關未來業務、財務業績和展望的陳述，均受我們盈利報告中所包含的安全港聲明的約束。

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. 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.

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與預期有重大差異，因此應結合我們在獲利報告、2024 年 10-K 表格和其他提交給美國證券交易委員會的文件中詳細描述的警示性聲明來考慮。任何前瞻性聲明僅代表其發布之日的觀點，我們不承擔更新任何前瞻性聲明的義務。

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 Investor Relations section of our website at investors.brighthorizons.com.

今天，我們也會提及非GAAP財務指標，這些指標在我們的收益報告中有詳細說明，並與相應的GAAP指標進行了核對。此收益報告可在我們網站 investors.brighthorizo​​ns.com 的投資者關係部分查閱。

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 will provide an update on the business. Elizabeth will follow with a more detailed review of the numbers before we open it up to your questions.

今天與我一起參加電話會議的有我們的執行長史蒂芬·克雷默；以及我們的財務長伊麗莎白·博蘭。史蒂芬將首先回顧我們的業績，並提供業務最新進展。伊莉莎白隨後將對這些數字進行更詳細的分析，之後我們才會開放提問環節。

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

那麼，我把電話交給史蒂芬吧。

Thanks, Mike, and welcome to everyone who has joined the call. We delivered another quarter of solid execution and performance with revenue increasing 12% to $803 million and adjusted EPS growing 41% to $1.57, both well ahead of our expectations.

謝謝麥克，也歡迎所有參加通話的人。我們又一個季度實現了穩健的執行和業績，營收成長 12% 至 8.03 億美元，調整後每股收益成長 41% 至 1.57 美元，均遠超預期。

Demand persisted from both client employees and employers for our broad suite of education and care benefits, and our teams executed with discipline and focus. This quarter's performance positioned us to finish the year with strong momentum and confidence in our ability to deliver on our strategic objectives.

客戶員工和雇主對我們種類繁多的教育和照護福利的需求持續存在，我們的團隊以嚴謹的態度和專注的精神執行了這些需求。本季的出色表現使我們能夠以強勁的勢頭和十足的信心完成今年的戰略目標。

Let me start with backup care, which was a clear standout in the third quarter as it has been all year. Revenue increased 26% to $253 million with strong broad-based demand for all care types across our own supply and our partner network.

讓我先從備用護理說起，這方面在第三季表現突出，而且全年都是如此。營收成長 26% 至 2.53 億美元，這得益於我們自身供應和合作夥伴網路中所有護理類型的強勁廣泛需求。

The momentum we saw in early summer carried through the quarter, particularly in our programs catering to school-age children, supported by working parents significant needs during the school breaks. More employees use care, existing users leaned in further and more employers signed on to offer the benefit, notably new client MIT and Appian Corporation.

我們在初夏看到的勢頭一直延續到本季度，尤其是在我們面向學齡兒童的計畫中，這些計畫得到了在校父母的支持，滿足了他們在學校假期期間的重大需求。更多員工使用護理服務，現有用戶進一步加強使用，更多雇主簽約提供這項福利，特別是新客戶麻省理工學院和 Appian 公司。

Our operations team executed exceptionally well, delivering record levels of care during this compressed high-intensity period. And our marketing and technology teams continue to progress our personalization efforts to attract and stimulate use among client employees.

我們的營運團隊表現出色，在這高強度、高壓力的時期內提供了創紀錄的照護水準。我們的行銷和技術團隊將繼續推動個人化工作，以吸引和刺激客戶員工的使用。

Backup care continues to be an exciting growth engine, both financially and strategically and a core pillar of our long-term value creation. While today, it stands as our largest driver of revenue and profit growth, we believe we are still in the early innings of the opportunity.

備用醫療服務在財務和策略上仍然是一個令人興奮的成長引擎，也是我們長期價值創造的核心支柱。雖然目前它已成為我們收入和利潤成長的最大驅動力，但我們相信我們仍處於這一機會的早期階段。

Our current reach spans more than 1,000 employers and millions and millions of eligible employees, but employer adoption and usage remains modest relative to its potential. Our strategy to close this gap is focused on expanding the number of unique users within our existing client base, increasing frequency of use among those who already value the service and continuing to grow our client roster.

我們目前的覆蓋範圍包括 1000 多家雇主和數百萬符合資格的員工，但與它的潛力相比，雇主的採用和使用仍然不多。我們彌補這一差距的策略是：擴大現有客戶群中的獨立用戶數量，提高已重視該服務的用戶的使用頻率，並繼續擴大我們的客戶群。

As we look ahead, we will continue to invest to support the growth of backup care, expanding capacity, deepening personalization and reinforcing the value proposition for both employers and client employees. A critical differentiator in our model and our ability to deliver on this growth is the breadth and quality of our delivery network. Our full-service centers remain foundational in that effort, serving as a direct source of care and as an essential infrastructure that supports reliability, responsiveness, quality and scale across our global platform.

展望未來，我們將繼續投資以支持備用護理的發展，擴大服務能力，深化個人化服務，並加強對雇主和客戶員工的價值主張。我們模式的關鍵差異化因素以及我們實現成長的能力在於我們交付網路的廣度和品質。我們的全方位服務中心仍然是這項工作的基礎，它們既是直接的醫療服務來源，也是支援我們全球平台可靠性、反應、品質和規模的重要基礎設施。

Now moving to our full-service centers. Revenue in full service increased 6% to $516 million, driven by a combination of enrollment growth, tuition increases and new center openings. We added three new centers this quarter, including two centers for a new higher ed client and a third location for Dartmouth-Hitchcock Medical Center. These openings not only reinforce our leadership in employer-sponsored child care, but also underscore the enduring importance of on-site care as a strategic workforce solution.

現在轉移到我們的全方位服務中心。全方位服務收入成長 6% 至 5.16 億美元，主要得益於入學人數成長、學費上漲以及新中心的開設。本季我們新增了三個中心，其中包括為一家新的高等教育客戶提供的兩個中心，以及為達特茅斯-希契科克醫療中心提供的第三個中心。這些職缺不僅鞏固了我們在雇主贊助的兒童保育領域的領先地位，也凸顯了現場保育作為策略性勞動力解決方案的持久重要性。

Enrollment in centers opened for more than one-year increased at a low single-digit rate, while average occupancy ticked down to the mid-60s sequentially given the usual summer to fall seasonality. While the pace of enrollment growth has moderated over the course of the year, we continue to see the fastest growth in select centers operating below 40% occupancy.

開辦超過一年的中心入學人數以個位數低增速增長，而平均入住率則隨著夏季到秋季的季節性變化而逐年下降至 60% 左右。雖然今年入學人數成長速度有所放緩，但我們仍然看到入住率低於 40% 的特定中心成長最快。

Centers in the 40% to 70% occupancy range also continued to show enrollment growth and margin improvements. And among our top-performing centers, those with occupancy above 70%, we continue to have strong profitability, while the natural cycling of last year's strong occupancy levels tempered our overall enrollment growth.

入住率在 40% 到 70% 之間的中心也持續顯示招生人數成長和利潤率提高。在我們表現最佳的中心（入住率超過 70%）中，我們繼續保持強勁的盈利能力，而去年強勁的入住率水平的自然週期性波動抑制了我們整體的招生增長。

Outside the US, our UK. Full Service business continues to regain ground. Enrollment growth has continued with increased demand among working families, a segment we are well positioned to serve and more favorable government support to families. Operationally, we are seeing the benefits of disciplined cost management, improved staffing and retention and an improved labor environment.

美國以外的地方，就是我們的英國。全方位服務業務持續復甦。隨著薪資家庭需求的增加，以及政府對家庭支持的加強，入學人數持續增加。我們完全有能力服務這群人。在營運方面，我們已經看到了嚴格的成本管理、人員配備和留任率的提高以及勞動環境的改善所帶來的好處。

The UK remains a strengthening component to our Full Service segment and is now on track to contribute modestly positive earnings in 2025. As we exit 2025 and plan for 2026, our focus in full service remains on delivering quality at scale, expanding occupancy and fulfilling increasing amounts of backup use. We are also ensuring our portfolio is aligned with long-term opportunities for growth and margin improvement.

英國仍然是我們全方位服務業務的重要組成部分，目前預計在 2025 年帶來適度的正收益。展望 2025 年及 2026 年，我們全方位服務的重點仍是大規模提供高品質服務、擴大入住率並滿足日益增長的備用使用需求。我們也在確保我們的投資組合與長期成長和利潤率提升的機會保持一致。

Moving on to our Education Advisory segment. Revenue grew 10% this past quarter to $34 million, ahead of our expectations, led by the continued strength of College Coach, which contributed both top line growth and strong margins. In addition, EdAssist expanded its participant base as employees continue to explore education benefits to support their career development.

接下來進入教育諮詢環節。上個季度營收成長 10% 至 3,400 萬美元，超出預期，這主要得益於 College Coach 的持續強勁表現，該業務既貢獻了營收成長，又帶來了強勁的利潤率。此外，隨著員工不斷探索教育福利以支持其職業發展，EdAssist 的參與者群體也隨之擴大。

We believe that our investments in this product offering and customer experience position us well to meet the evolving client upskilling needs and create value over time. We added new clients to the portfolio this quarter, including Sony Music and Premier Health Partners, expanding our reach and reinforcing the relevance of education and coaching benefits in today's landscape.

我們相信，我們對該產品和客戶體驗的投入，使我們能夠更好地滿足客戶不斷變化的技能提升需求，並隨著時間的推移創造價值。本季我們新增了索尼音樂和 Premier Health Partners 等客戶，擴大了我們的業務範圍，並鞏固了教育和輔導福利在當今環境中的重要性。

Before I turn it over to Elizabeth, I want to take a moment to reflect on one of the most meaningful traditions at Bright Horizons, our awards of excellence celebration. This year, we once again had the privilege of gathering in person to honor the extraordinary contributions of our employees. With more than 20,000 nominations from colleagues, families and clients, the awards and the events were powerful reminders of the deep impact our teams have on the lives of those we serve.

在將發言權交給伊麗莎白之前，我想花點時間回顧一下 Bright Horizo​​ns 最有意義的傳統之一——我們的卓越獎頒獎典禮。今年，我們再次有幸齊聚一堂，表揚員工們所做的卓越貢獻。這次頒獎典禮和相關活動共收到來自同事、家人和客戶的 20,000 多份提名，有力地提醒我們，我們的團隊對我們所服務對象的生活產生了深遠的影響。

Celebrating together with our Westminster, Colorado and Newton, Massachusetts teams was a true highlight, a chance to recognize the passion, care and commitment that define our culture. To all our employees, thank you for the work you do every day and for the difference you make in the lives of children, families, learners and employers around the world.

與科羅拉多州威斯敏斯特和馬薩諸塞州牛頓的團隊一起慶祝，真是一大亮點，讓我們有機會表彰定義我們文化的熱情、關懷和奉獻精神。致我們所有的員工：感謝你們每天的工作，感謝你們為世界各地的兒童、家庭、學習者和雇主的生活帶來的改變。

In closing, this terrific quarter reflects strong contributions across all of our service lines. As we look ahead, we remain focused on building a more integrated Bright Horizons, one that aligns our delivery model, technology and client partnerships to provide a more seamless experience for working families.

總之，本季業績斐然，反映了我們所有服務線的強勁貢獻。展望未來，我們將繼續專注於建立一個更加一體化的 Bright Horizo​​ns，將我們的交付模式、技術和客戶合作關係相結合，為工作家庭提供更無縫的體驗。

Our broad portfolio is central to this effort and backup care stands out as a cornerstone of our One Bright Horizons strategy, serving as a strategic lever for strengthening client relationships, enhancing employee productivity and driving enterprise-wide value.

我們廣泛的產品組合是這項工作的核心，而備用服務是我們「同一個光明未來」策略的基石，它作為加強客戶關係、提高員工生產力和推動企業整體價值的策略槓桿。

Given our results year-to-date and our current outlook for Q4, we are upgrading our full year earnings guidance. We now expect revenue to be approximately $2.925 billion, representing 9% growth, and we are increasing our adjusted EPS to a range of $4.48 to $4.53.

鑑於我們今年迄今的業績以及我們對第四季度的展望，我們將上調全年盈利預期。我們現在預計營收約為 29.25 億美元，成長 9%，我們將調整後的每股盈餘預期上調至 4.48 美元至 4.53 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.

接下來，我將把電話交給伊莉莎白，她將深入分析季度數據，並分享更多關於我們展望的細節。

Thanks, Stephen, and greetings to everyone on the call tonight. Let me start with our financial highlights. Revenue for the third quarter grew 12% to $803 million, driven by continued growth and disciplined execution across each of our segments.

謝謝史蒂芬，也向今晚參加電話會議的各位問好。首先，讓我介紹一下我們的財務亮點。第三季營收成長 12% 至 8.03 億美元，這得益於我們各個業務部門的持續成長和嚴謹執行。

Adjusted operating income rose 39% to $124 million, with operating margins up roughly 300 basis points over the prior year to 15.5%. Adjusted EBITDA increased 29% to $156 million and represents an adjusted EBITDA margin of 19% in the quarter.

經調整後的營業收入成長了 39%，達到 1.24 億美元，營業利潤率比去年同期成長了約 300 個基點，達到 15.5%。經調整的 EBITDA 成長 29% 至 1.56 億美元，本季經調整的 EBITDA 利潤率為 19%。

Lastly, adjusted EPS of $1.57 came in well ahead of our expectations, supported by strong backup revenue performance and operating leverage. Breaking this down a bit further into the segment results. As noted, back-up care revenue grew 26% in the third quarter to $253 million, driven by strong demand over the peak summer season.

最後，經調整後的每股盈餘為 1.57 美元，遠超我們的預期，這得益於強勁的後備收入表現和營運槓桿。接下來我們進一步細分一下各個細分市場的結果。如前所述，第三季備用護理收入成長了 26%，達到 2.53 億美元，這主要得益於夏季旺季的強勁需求。

At this high watermark of utilization for the year, we also delivered significant operating leverage as adjusted operating income of $95 million increased $25 million over the prior year, and that translates to an operating margin of 38%.

在這一年利用率達到最高點之際，我們也實現了顯著的經營槓桿效應，調整後的營業收入為 9,500 萬美元，比前一年增加了 2,500 萬美元，這轉化為 38% 的營業利潤率。

Full Service revenue of $516 million was up 6% in Q3, mainly on pricing increases, modest enrollment gains and an approximate 125 basis point tailwind from foreign exchange. The centers that we have closed since Q3 of 2024 did partially offset these top line gains.

第三季全服務收入為 5.16 億美元，成長 6%，主要得益於價格上漲、註冊人數小幅成長以及外匯匯率帶來的約 125 個基點的利好。自 2024 年第三季以來關閉的中心部分抵消了這些營收成長。

Enrollment in our centers opened for more than one-year increased low single digits across the portfolio. As Stephen mentioned, occupancy levels across our portfolio opened for more than one-year averaged in the mid-60s for Q3, improving over the prior year, but naturally stepping down sequentially from last quarter given typical summer seasonality.

在我們所有開設超過一年的中心中，入學人數均實現了個位數的小幅增長。正如 Stephen 所提到的，我們旗下所有開業超過一年的酒店，第三季度的平均入住率在 60% 左右，比上一年有所提高，但考慮到典型的夏季季節性因素，自然比上一季有所下降。

In the specific center cohorts that we've previously discussed, we continue to show improvement over the prior year. Our top-performing cohort, that is centers above 70% occupied, improved from 42% of these centers in the third quarter of '24 to 44% in the third quarter of '25. The bottom cohort of centers, those under 40% occupied, improved modestly from 13% last year to 12% this past quarter.

在我們之前討論過的特定中心群體中，我們繼續顯示出比上一年有所改善。我們表現最佳的群體（即入住率超過 70% 的中心）從 2024 年第三季的 42% 提高到 2025 年第三季的 44%。入住率低於 40% 的中心，入住率從去年的 13% 略微提高到上一季的 12%。

Adjusted operating income of $20 million in the Full Service segment increased $8 million over the prior year and represented 4% of revenue in the quarter compared to 2.6% in the same 2024 period. This improved operating leverage was bolstered by higher enrollment to help drive that growth in earnings.

全方位服務部門的調整後營業收入為 2,000 萬美元，比去年同期增加了 800 萬美元，佔本季收入的 4%，而 2024 年同期為 2.6%。更高的入學率進一步提升了營運槓桿，從而推動了獲利成長。

Lastly, Educational Advisory revenue, which increased 10% to $34 million, delivered operating margins of 26%, an improvement over the prior year with strong flow-through on the higher utilization of services. Recurring interest expense was $10 million in Q3, down from $12 million in Q3 of 2024, largely due to lower interest rates and lower overall borrowings. The structural effective tax rate on adjusted net income was 27%.

最後，教育諮詢收入成長了 10%，達到 3,400 萬美元，營業利潤率為 26%，較上年有所提高，這主要得益於服務利用率的提高。第三季經常性利息支出為 1,000 萬美元，低於 2024 年第三季的 1,200 萬美元，這主要是由於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%。

Relative to the balance sheet through September of this year, we have generated $203 million in cash from operations, made fixed asset investments of $59 million and have repurchased $105 million of stock. We ended Q3 with $117 million of cash, and we've reduced our net leverage ratio of 1.7 times net debt to adjusted EBITDA.

截至今年9月，我們已從經營活動中產生現金2.03億美元，進行了5,900萬美元的固定資產投資，回購了1.05億美元的股票。第三季末，我們持有現金 1.17 億美元，淨槓桿率（淨債務與調整後 EBITDA 比率）已降至 1.7 倍。

Now moving on to our updated 2025 outlook. We're updating our '25 guidance for both revenue and adjusted EPS to reflect the outperformance in Q3 as well as our expectations now for Q4. We now expect revenue to approximate [$2.9 billion to $5] billion and adjusted EPS to be in the range of $4.48 to $4.53.

接下來，我們來看看更新後的2025年展望。我們正在更新 2025 年的營收和調整後每股盈餘預期，以反映第三季的優異表現以及我們現在對第四季的預期。我們現在預計營收約為 29 億美元至 50 億美元，調整後每股收益將在 4.48 美元至 4.53 美元之間。

In terms of our updated full year outlook by segment, we expect Full Service revenue to grow roughly 6%, back-up care to grow roughly 18% and Ed Advisory growth to be in the high single digits for -- again, for the full year.

就我們更新後的全年各業務板塊展望而言，我們預計全方位服務收入將增長約 6%，備用護理收入將增長約 18%，教育諮詢收入將增長接近兩位數——同樣，這是全年展望。

With this full year outlook translates to for Q4 is overall revenue in the range of $720 million to $730 million and adjusted EPS in a range of $1.07 to $1.12.

根據這項全年展望，第四季總營收預計在 7.2 億美元至 7.3 億美元之間，調整後每股盈餘預計在 1.07 美元至 1.12 美元之間。

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

那麼，沙瑪莉，我們準備進入問答環節。

(Operator Instructions)

（操作說明）

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Hi there. So obviously, I wrote a report sizing out the backup care industry recently and your backup growth was just tremendous. I surely wanted to ask you about the sustainability of these type of growth rates. I remember that you like to refer to kind of low double-digit growth as the sustainable rate, but you're growing above that now and into the fourth quarter.

你好呀。所以很明顯，我最近寫了一份關於備用護理行業的規模報告，你們的備用護理行業成長非常驚人。我當然想問您這種成長速度是否可持續。我記得你喜歡把兩位數的低成長率稱為永續成長率，但你們現在的成長速度已經超過了這個水平，而且這種成長勢頭還將持續到第四季。

Yeah. So thanks, Andrew. We're just looking at each other, who goes first. So thanks for the question. Well, as noted, we're looking at now, given the performance in the third quarter, which was certainly very substantial and outsized to our own expectations.

是的。謝謝你，安德魯。我們互相看著對方，看誰先走。謝謝你的提問。正如之前提到的，鑑於第三季的業績，我們現在正在關注，該季度的業績確實非常出色，遠遠超出了我們自己的預期。

We're looking at about 18% growth for this year. And that reflects, obviously, the growth over a prior year and continuing that going forward. We would -- still -- it's early days. We're not going to be providing detailed guidance yet for 2026. But as we look ahead, certainly, that low double digits ticking up a bit probably from that to maybe 11% to 13% would be where we would be looking for next year, but it is a model that does have a tremendous amount of opportunity, as Stephen alluded to in terms of the piece parts of how we can grow that.

我們預計今年的成長率約為18%。這顯然反映了比上一年有所增長，並且預計未來將繼續保持這一增長勢頭。我們會——不過——現在還為時過早。我們目前不會提供2026年的詳細指導。但展望未來，我們當然希望明年能達到兩位數的低位增長，可能從目前的水平略微上升到 11% 到 13%，但正如 Stephen 所暗示的那樣，這是一個充滿機遇的模式，我們可以從各個方面來發展壯大。

And maybe I'll turn it over to him to talk a bit more about that.

或許我會把麥克風交給他，讓他再多談談這件事。

Great. Thank you, Elizabeth. And Andrew, thank you for the note that you put out. It highlighted a really critical part of our business. And when we think about the long-term sustainability around the back-up care business, we were very encouraged this quarter, but candidly, for the whole year around our ability to continue to grow both the user base as well as the frequency of use.

偉大的。謝謝你，伊麗莎白。安德魯，謝謝你發出的留言。它凸顯了我們業務中一個非常關鍵的部分。當我們考慮備用護理業務的長期可持續性時，本季度我們感到非常鼓舞，但坦白說，我們對全年用戶群和使用頻率的持續成長能力也感到非常鼓舞。

And look, at the end of the day, we're really focused around getting new users from among our client base, but also making sure that those who use return. And so when we think about the full scope of the opportunity, at this point, we have, call it, over 1,000 clients out of tens of thousands of potential clients.

歸根究底，我們真正關注的是從現有客戶群中獲取新用戶，同時也要確保現有用戶能夠再次使用。因此，當我們考慮整個機會的範圍時，目前我們已經擁有超過 1000 位客戶，而潛在客戶卻有數萬之眾。

We have, call it, 10 million lives that we have the ability to impact. They're eligible for these services, of which we have less than 10% penetration. And so when we really think about the opportunity, we're really looking at it through that lens and believe that long term, this continues to be an important part of our growth algorithm.

我們有能力影響大約1000萬人的生活。他們有資格享受這些服務，但我們的這些服務滲透率不到 10%。因此，當我們真正思考這個機會時，我們確實是從這個角度來看待它，並且相信從長遠來看，這仍然是我們成長演算法的重要組成部分。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good afternoon. You mentioned enrollments increased in the low single-digit range. Can you clarify what low single digits means and if your full year enrollment growth outlook is still 2%?

您好，謝謝。午安.您提到入學人數僅增加了個位數。您能否解釋一下「個位數低成長率」具體指的是什麼？以及您全年的招生成長預期是否仍然是 2%？

Yeah. So we had -- as we talked about last quarter, George, we had probably about 2% growth last quarter and are looking at something closer to 1%, 1% plus this quarter. So low single digits being a little bit of a taper from where we saw last quarter, and that's the pace at which we would expect to exit the year similar to that 1%, 1% plus.

是的。所以，正如我們上個季度討論的那樣，喬治，我們上個季度的成長率可能在 2% 左右，而本季預計接近 1%，甚至超過 1%。所以，個位數的低增速比上個季度有所放緩，我們預計今年年底的增速將與 1% 或 1% 以上類似。

Got it. That's helpful. And I guess following up on that, what would you think could be positive catalysts to drive a reacceleration in enrollment growth? Is it going to be external and market-driven? Or are there internal initiatives that you have that can help pick up that growth?

知道了。那很有幫助。那麼，我想就此展開討論，您認為哪些正面因素可以推動入學人數成長再次加速？它會是外部驅動和市場驅動的嗎？或者，貴公司內部是否有任何舉措可以幫助實現這一成長？

Yes. I mean, certainly, the opportunity through what we're controlling our own initiatives include a variety of the improvements to the customer experience, the ability to move from inquiry or just interest in a place to actual registration and enrollment.

是的。我的意思是，當然，透過我們自己掌控的舉措，我們有機會改善客戶體驗，使客戶能夠從諮詢或對某個地方感興趣，到實際註冊和報名。

We have a number of both initiatives in terms of more effective marketing, more targeted outreach to our customers, connecting customers who are part of our employer base across our network of centers. So there are a number of initiatives in that way, but just smoothing the experience for a parent who is able to register and then and start using care when they need it.

我們在行銷、更有針對性地接觸客戶、以及透過我們的中心網絡將雇主客戶聯繫起來等方面都有多項措施。因此，這方面有許多舉措，但只是為了讓家長能夠順利註冊，並在需要時開始使用照顧服務，從而簡化他們的體驗。

But certainly, I think external factors are in play. There is, I think, an environment from an economic standpoint that is continues to be a bit unsettled with different pressures on the consumers and the return to office cadence continues to be moving faster in some areas than others.

但我認為外部因素肯定發揮了作用。我認為，從經濟角度來看，當前的環境仍然有些不穩定，消費者面臨不同的壓力，而且有些地區的復工復產節奏比其他地區更快。

And so parent demand can be somewhat variable there. But we're pleased with our general placement of our portfolio in terms of being close to where working families are living and/or working and where employers are able to generate a concentrated amount of use, but we are also mindful of the pressures on the end consumer who does typically pay the lion's share for this service. So being affordable in the market, our value proposition very visible and available to parents to see those kinds of things are certainly in our control.

因此，父母的需求可能會有所不同。但就投資組合的整體佈局而言，我們對這些佈局感到滿意，因為它們靠近工薪家庭居住和/或工作的地方，以及雇主能夠集中使用的地方，但我們也意​​識到最終消費者所面臨的壓力，他們通常為這項服務支付大部分費用。因此，在市場上價格合理，我們的價值主張非常明顯，家長們也很容易看到這些事情，這些當然都在我們的掌控之中。

Very helpful. Thank you.

很有幫助。謝謝。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Yeah, thank you. Just given those economic conditions that you just referenced, how are you planning tuition pricing, I guess, in calendar year 2026 for Full Service?

是啊，謝謝。鑑於您剛才提到的經濟狀況，我想請問您計劃如何制定 2026 年全日制課程的學費價格？

Yeah. On balance, Jeff, we're looking at around a 4% average that would be at the higher end of our historic range. But in this kind of an environment, it's a bit of a middle-of-the-road pricing strategy. We have, as you know, a variable implementation of that. So that's an average, but we do make individual localized decisions that take into account market factors, other choices or competitors that may be in an environment.

是的。總的來說，傑夫，我們預計平均漲幅在 4% 左右，這處於我們歷史漲幅範圍的較高水平。但在這種環境下，這是一種比較折衷的定價策略。如你所知，我們對此有多種不同的實作方式。所以這只是平均值，但我們確實會根據市場因素、其他選擇或競爭對手等因素，做出因地制宜的決策。

And in the centers that we have that still remain under enrolled, we may take a more aggressive pricing approach. And in those that have higher demand, we may price higher. And by aggressive, I mean we may go lower than that average and then we may price higher than average where the demand is higher. But the average is looking to be in the neighborhood of 4%.

對於那些招生人數仍然不足的中心，我們可能會採取更積極的定價策略。對於需求量較高的產品，我們可能會提高價格。所謂積極進取，我的意思是，我們可能會以低於平均水平的價格出售，而在需求較高的地方，我們可能會以高於平均水平的價格出售。但平均值預計在 4% 左右。

Okay. And then for back-up care, just with that big opportunity and also just with the demand we're seeing and the strong execution we're seeing in your results, I guess, how are those factors intersecting with the budgetary environment as clients do calendar year 2026 planning and budgeting for your service? Are they kind of leaning in like we've seen in the strong results this year? Or is there any sort of increased hesitancy for budgetary reasons?

好的。那麼，對於備用護理而言，鑑於這一巨大的機遇，以及我們看到的需求和你們業績中展現出的強勁執行力，我想，這些因素是如何與客戶在 2026 年日曆年規劃和預算你們的服務時所面臨的預算環境相交織的呢？他們是不是像我們今年看到的強勁成績那樣，正在積極佈局呢？或是否有因預算原因而導致的猶豫不決的情況？

Sure, Jeff. So we are through the lion's share of our renewal season at this point. And first, I would say that our clients were really pleased with the way this year has turned out for them and their employees. The feedback has been incredibly strong from their employee base, which is a real marker of the importance of the backup care service. I think we have done an increasingly positive job of articulating the ROI, especially as it relates to productivity related to our service.

當然可以，傑夫。至此，我們的續訂季節基本上已經結束了。首先，我想說的是，我們的客戶對他們和他們的員工今年的發展都非常滿意。員工們的回饋非常強烈，這真正體現了備用護理服務的重要性。我認為我們在闡明投資回報率方面做得越來越好，尤其是在與我們的服務相關的生產力方面。

And so I think we're well set up going into 2026 for our clients to continue to be interested in investing. Contextually, backup care still represents a really small part of a benefits budget. And so when they think about some of the larger items like health care or even a 401(k), those are areas where, obviously, those are significant in terms of their investment.

因此，我認為我們已經做好充分準備，迎接 2026 年，讓我們的客戶繼續保持對投資的興趣。從實際情況來看，備用照顧在福利預算中所佔比例仍然很小。因此，當他們考慮醫療保健甚至 401(k) 等一些較大的項目時，很明顯，這些領域對他們的投資來說意義重大。

I think that for any individual client, while the kind of growth that we've experienced over the last several years is important for our business, I think it's very reasonably absorbed by our client base given that context and the importance of the service.

我認為對於任何單一客戶而言，雖然我們在過去幾年中所經歷的成長對我們的業務來說很重要，但考慮到這種背景和服務的重要性，我認為我們的客戶群能夠非常合理地消化這種成長。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. Good evening. My first question was just in the backup performance this quarter, where did you see the outperformance versus kind of the expectations of the guide that you had given? And maybe I don't know if that correlates with the context on, Stephen, you said it's very early innings in back-up care. Like is that new logos, upsell, a combination of both? I was just hoping for some color there.

謝謝。晚安.我的第一個問題是關於本季的備用機效能，您認為哪些方面的表現優於您先前給出的預期？或許我不知道這是否與上下文相關，史蒂芬，你說現在還處於後備護理的早期階段。是推出新logo，還是追加銷售，抑或是兩者兼具？我只是希望那裡能有點色彩。

Sure. Happy to. So I think we mentioned a couple of new logos. But in any given year, the reality is that the vast, vast majority of the growth that we experienced is from the existing user base and existing client base. And so what we really saw was our ability to grow new users and continue to get existing users to come back and reuse was an important component of the outperformance.

當然。樂意之至。所以我想我們提到了幾個新標誌。但實際上，在任何一年中，我們所經歷的絕大部分成長都來自現有用戶群和現有客戶群。因此，我們真正看到的是，我們發展新用戶並持續吸引現有用戶回來重複使用產品的能力，是業績優異的重要組成部分。

Clearly, in this quarter, we saw good use across the different use types, but school age programs were an important component of the quarter. And what's nice about school age programs, in particular, is our ability to flex up and down given ratios, given flexibility of space and the numbers of new opportunities through Steven Kates as well as through our extended network.

顯然，在本季度，我們看到各種使用類型的使用情況都很好，但學齡兒童計畫是本季度的重要組成部分。而學齡兒童計畫的好處在於，我們能夠根據比例靈活調整人數，利用空間的靈活性，並透過 Steven Kates 以及我們擴展的網路獲得許多新的機會。

And so all those things taken together really allowed for our outperformance. Manav, if you'll remember from the last quarter call, we highlighted that we saw some strong indications of early reservations. And I think what ended up happening was that got compounded with working families who came much more closer to the date of needed care and ultimately drove what we saw this quarter.

因此，所有這些因素加在一起，才真正促成了我們出色的表現。馬納夫，如果你還記得上個季度的電話會議，我們強調我們看到了一些早期預訂的強烈跡象。我認為最終的結果是，隨著越來越多的工薪家庭臨近需要護理的日期，這種情況進一步加劇，並最終導致了我們本季度看到的情況。

Okay. Got it. And Elizabeth, just you've given some good helpful color for the fourth quarter and some early look at '26. I was hoping you could just fill in the gaps on the margin front, like where do you think margins end up in '25? And then anything to keep in mind when we model out next year?

好的。知道了。伊麗莎白，你為第四季度提供了一些很好的參考信息，也對 2026 年的情況做了一些初步的展望。我希望你能幫我填補頁邊距方面的空白，例如你認為 25 年的頁邊距最終會是多少？那麼，在製定明年的模型時，有什麼需要注意的嗎？

Yeah. So we -- obviously, maybe ticking through the different segments. So full service this quarter had a nice step-up in margin, 140 basis points or so. We would expect to finish off the year in the 125 basis points or so range for the full year. And back-up care obviously had a very strong quarter this quarter.

是的。所以，我們——顯然，可能是在逐一瀏覽不同的部分。因此，本季全方位服務利潤率有了顯著提升，大約提升了 140 個基點。我們預計全年利率將在 125 個基點左右徘徊。顯然，本季備用護理業務表現非常強勁。

The volume of use helps that. And we would expect to be at the upper end of the range. We've given a range of 25% to 30% as our expected long-term sustainable target for the back-up care segment. And so with the performance in the third quarter and that kind of volume, we would expect to be at the higher end of that range, again, for the full year. And then the Ed Advising business in the 20% or so plus, low 20s as we've seen in the last couple of quarters.

使用量對此有所幫助。我們預計會處於該範圍的高端。我們已將 25% 至 30% 的範圍設定為備用護理領域的預期長期永續目標。因此，根據第三季的業績和這樣的銷量，我們預計全年業績將再次達到該區間的較高水準。然後是教育諮詢業務，佔比在 20% 左右，或者像我們在過去幾季看到的那樣，佔比在 20% 出頭。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

At least three of your representative clients have announced headcount reductions in the thousands in the past six months, two of which in September and October. Should we expect to see any impact from that? Or because of your multiyear contracts and maybe backup care strength, would that offset any impact from those?

在過去的六個月裡，您的至少三家代表客戶宣布裁員數千人，其中兩家分別在九月和十月宣布裁員。我們預計這會產生什麼影響嗎？或者，由於你們簽訂了多年合同，並且可能擁有強大的後備醫療團隊，這些因素能否抵消這些影響？

So Tony, I think the question you just asked was related to layoffs at some of our clients and the impact that, that might have on their investment. What I would say is I would harken back to what I shared about the low penetration that we have within the existing eligible base of employees within our client employees, right?

所以托尼，我認為你剛剛問的問題與我們一些客戶的裁員以及這可能會對他們的投資產生的影響有關。我想說的是，我之前提到過，我們客戶員工中現有合格員工群體的滲透率很低，對吧？

So at a sort of sub 10% penetration, we categorically have a lot of room even with some reductions in force. And so yes, we have multiyear contracts. But ultimately, what is going to drive the day in terms of where we see continued investment is going to be in our ability to continue to get new users and to get existing users to repeat their use.

因此，在滲透率低於 10% 的情況下，即使減少一些力度，我們也絕對還有很大的提升空間。是的，我們簽訂的是多年合約。但歸根結底，決定我們未來持續投資方向的關鍵在於我們能否持續獲得新用戶，並讓現有用戶重複使用我們的服務。

And so given the small penetration that we have, our expectation is that with our efforts, we should continue to see good progress going forward even in those accounts that are having reductions in force.

因此，鑑於我們目前的滲透率較小，我們期望透過我們的努力，即使在那些正在裁員的客戶中，我們也應該繼續看到良好的進展。

Great. Maybe in your experience of companies where they do have reductions in force, do they typically change their benefit levels? I'm sure there's like a delay or anything like that, but have you ever seen Full Service clients switch to backup care? Or is that not really a thing because they've already normally built a center already?

偉大的。根據你的經驗，在那些裁員的公司裡，員工福利水準通常會改變嗎？我確信可能會有延遲之類的，但是你見過全方位服務的客戶轉而使用備用護理服務嗎？或者說，這其實不存在，因為他們通常已經建好了中心？

Yeah. So I think on the center side, as we've shared, I mean, that's a really long-term decision. And so I think clients generally, unless they get into an incredibly compromised position, generally will persist with their center. And so again, I think on the center side, we see really good retention rates on the basis that a client will understand that there'll be better and worse cycles and they'll continue to push through that.

是的。所以我覺得在中場方面，正如我們之前討論過的，那真的是一個非常長遠的決定。因此我認為，除非客戶處於極其不利的境地，否則他們通常都會堅持自己的中心。所以，我認為在中心方面，我們看到了非常好的客戶留存率，因為客戶會理解會有好的週期和壞的週期，他們會繼續努力克服這些困難。

I would say on the backup side, from a program design standpoint, again, we don't typically see clients change their program design, for example, how many uses an individual employee can have access to because ultimately, when they do find themselves in situations where they are reducing their force, what that really means is they're expecting more from the employees that remain.

從備份方案設計的角度來看，我們通常不會看到客戶改變他們的方案設計，例如，單一員工可以使用的次數，因為最終，當他們發現自己處於裁員的情況下時，這意味著他們對留下的員工有更高的期望。

And so given that backup is so aligned with being a productivity tool for employees who use it, employers generally understand that for those that remain, they need all the support that they can get as it relates to staying focused on their work.

因此，鑑於備份對於使用它的員工來說是一種提高生產力的工具，雇主通常會理解，對於那些留下來的員工來說，他們需要盡可能多的支持，才能專注於他們的工作。

(Operator Instructions)

（操作說明）

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hi, good afternoon, Stephen and Elizabeth, congrats on the good quarter. I guess on backup, as you think about going into next year, how are you planning to resource the business, I guess? And if you were faced with kind of surprisingly high demand again, how do you -- or what do you do to kind of fill capacity in that scenario?

嗨，下午好，史蒂芬和伊麗莎白，祝賀你們本季業績出色。我想問一下，在考慮明年的發展時，你們打算如何為公司提供資源？如果再次面臨出乎意料的高需求，你會如何——或者說，你會採取什麼措施來滿足這種情況下的產能需求？

Yeah. I mean, look, we go through an extensive planning cycle, and we look at our expected demand client by client, and then we also look at it geography by geography. And so we have a really comprehensive team that focuses on the BI behind the business and then a provider relations team that really tries to map what expected demand is against the provider network that we have.

是的。我的意思是，你看，我們會經歷一個漫長的規劃週期，我們會逐一客戶地查看預期需求，然後我們也會逐一地區地查看。因此，我們有一個非常全面的團隊，專注於業務背後的商業智能，還有一個供應商關係團隊，致力於將預期需求與我們現有的供應商網路進行匹配。

And so what I would say is that we have fairly sophisticated tools to make sure that we don't get caught out with extra demand that can't be fulfilled. And because both in our own centers as well as in our own Steven case camps, in home care delivery as well as all of our extended partners, we are leveraging sort of excess capacity on any given day.

因此，我想說的是，我們擁有相當先進的工具，以確保我們不會因為無法滿足的額外需求而措手不及。而且，無論是在我們自己的中心，還是在我們自己的史蒂文病例營地，無論是在家庭護理服務，還是在我們所有的合作夥伴中，我們都在利用每天的剩餘產能。

We have a really good track record of being able to fulfill a high percentage of the care requests that ultimately are required. And so I appreciate the question. I think it's an important one, and we spend a lot of time making sure that we invest behind the capacity to make sure that it is available for our clients and their employees because that is such an important metric to those who we serve.

我們在滿足最終所需的大部分護理請求方面有著非常好的記錄。所以我很感謝你的提問。我認為這一點很重要，我們投入大量時間確保對產能進行投資，以確保我們的客戶及其員工能夠獲得所需的服務，因為這對於我們服務的對象來說是一個非常重要的指標。

Great. And I guess how does the backup strength, does it alleviate the need for you to raise enrollment quickly in full service as you think about maybe having some of that capacity to serve your strong backup demand? Does that change the way you're thinking about enrollment in full service?

偉大的。那麼，備用容量如何呢？它是否能減輕您在全面招生方面快速提高招生人數的需求，因為您或許可以利用部分容量來滿足強大的備用需求？這是否會改變您對參加全科醫療服務的看法？

Well, I'll say -- I'll start and then perhaps Elizabeth will play color. But I think if we take a step back on that question, which I think is an important one, as I shared in the prepared remarks, our center footprint is a critical component of our ability to fulfill backup cases. And so when we think about the value of that center footprint, we are increasingly seeing the amount of care that we can fulfill through our own network of Bright Horizon centers as an important sort of shared resource between backup and Full Service.

好吧，我先來，然後也許伊莉莎白會扮演顏色。但我認為，如果我們退後一步來思考這個問題（我認為這是一個重要的問題，正如我在準備好的發言稿中所說），我們的中心規模是我們滿足備用病例能力的關鍵組成部分。因此，當我們考慮中心規模的價值時，我們越來越意識到，透過我們自己的 Bright Horizo​​n 中心網絡，我們可以提供大量的護理服務，這是備用服務和全方位服務之間重要的共享資源。

So the implication of what you just said is true, which is the strategic value of our Full Service centers is not just about how quickly can we enroll, but it is also about how much demand can we fulfill on the backup side of our business in our own centers because clearly, when we think about the margin profile for the company, the margin profile for the company of fulfilling back-up care cases, obviously, is strong and therefore, is important to make sure we're able to deliver on.

所以你剛才說的意思是，我們全方位服務中心的策略價值不僅在於我們能多快招到病人，還在於我們能在自己的中心滿足多少後備業務的需求，因為很明顯，當我們考慮公司的利潤率時，滿足後備護理案例的利潤率顯然很高，因此，確保我們能夠做到這一點非常重要。

Yeah. And Josh, there's certainly some cases where we have been in a position where a center has not only pretty significant backup demand, but predictable enough backup demand that we can dedicate a room or two to specifically cover backup care and/or school aged care in the vacation weeks and other things like that.

是的。喬希，確實有些情況下，中心不僅有相當大的備用需求，而且備用需求也足夠可預測，以至於我們可以專門騰出一兩個房間來專門處理備用照護和/或假期期間的學齡兒童照護等事宜。

So there are good opportunities for us to utilize the full service footprint in the way that you described that goes to what Stephen is talking about from the strategic fulfillment side of the equation, but also just utilizing the capacity that exists. In our full service centers now, certainly, some are still under enrolled, but they have always had capacity since we don't operate full every day.

因此，我們有機會以您所描述的方式利用全方位服務網絡，這與 Stephen 從策略履行方面所說的相符，同時也能充分利用現有能力。現在，在我們所有服務中心，當然有些中心仍然沒有招滿學員，但由於我們並非每天都滿負荷運轉，所以這些中心一直都有招生名額。

And it's been both a helpful muscle that we've been able to develop over time. And as our systems of placement get more -- both speedier and more accurate from a time placement standpoint, we're able to fulfill more of that care.

而且，隨著時間的推移，它也成為了我們能夠培養的一種有益的能力。隨著我們的安置系統變得越來越快、越來越準確（從時間安置的角度來看），我們能夠提供更多的照護服務。

That makes a lot of sense. Thank you both for the color and congrats.

這很有道理。感謝你們帶來的色彩和祝賀。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

This is Harold on for Stephanie Moore. Just real quick on the UK. I know you guys are seeing some improvements there. So I just wanted to get any more color. What percentage of the centers are there?

這裡是哈羅德，替史蒂芬妮摩爾為您報道。簡單說一下英國的情況。我知道你們那邊已經取得了一些進展。所以我只是想增添一些色彩。中心佔總數的百分比是多少？

What percent of revenue is it running? And I think you wanted to break even this year. I guess, how has it been running year-to-date compared to your projections? And then I guess, what would you be saying -- what would you be thinking the contribution to '26 would be? Just anything around that would be very helpful. Thank you.

它佔總收入的百分之多少？我認為你今年的目標是收支平衡。我想問的是，今年迄今為止的營運情況與您的預測相比如何？那麼，我想，你會怎麼說——你會認為對 26 年的貢獻是什麼？任何相關的資訊都將非常有幫助。謝謝。

Yeah. Thanks for the question. And certainly, the team have been very hard at work in the UK to bring that well-positioned portfolio back to its prior operating capability. And the performance this year has been both steady.

是的。謝謝你的提問。當然，英國團隊一直在努力工作，以使這一定位良好的投資組合恢復到先前的營運能力。今年的表現一直都很穩定。

It's been steady for several quarters now, but it has been steady and improving enough that we are comfortable with the visibility of being more on the positive side than just breakeven side for the UK. And as we look ahead to 2026, the performance for the UK has been a contributor to the improvement in the margin in full service this year. It still is a headwind, probably 50 basis points or so headwind.

已經連續幾個季度保持穩定，而且一直穩步改善，因此我們有信心，英國的業績不僅能夠達到盈虧平衡，而且能夠實現盈利。展望 2026 年，英國的業績對今年全方位服務利潤率的提高做出了貢獻。這仍然是一個不利因素，大概有50個基點左右的不利因素。

And as it continues to improve and contribute to next year, that will -- it still is trailing where we are in the US business as an example. So it still is a bit of a tailwind but it will contribute to our momentum as well next year.

而且隨著它不斷改進並為明年做出貢獻，它仍然落後於我們在美國業務的水平。所以這仍然是一個有利因素，而且明年也將有助於我們保持發展勢頭。

Full service, overall, I think that the point about enrollment, we talked about tuition rate increases, et cetera. Overall, we would continue to expect to see some margin expansion next year, maybe not at the pace that we're seeing this year, more like 50 to 100 basis points of margin expansion, but the UK would be a component of that.

總的來說，我認為關於招生這一點，我們討論了學費上漲等等問題。總體而言，我們預計明年利潤率將繼續擴張，但可能不會像今年這樣快速成長，利潤率擴張幅度可能在 50 到 100 個基點左右，而英國將是其中的一部分。

Thank you, that's all.

謝謝，就這些。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

Hey, thank you so much. This is Ryan on for Jeff. Just had a quick follow-up question on the pricing for next year. Just based on the data we track on child care service wages, they've been growing around 4%. I'm not sure if you're seeing anything differently. So wondering how you see the wage inflation dynamic evolving?

嘿，非常感謝。這裡是瑞恩替傑夫報道。我還有一個關於明年價格的後續問題。根據我們追蹤的兒童保育服務薪資數據，其成長率約為 4%。我不確定你是否看到了什麼不同的東西。所以我想知道您如何看待薪資通膨動態的變化？

And then what is your confidence level in just being able to price over that? I know it's a little bit different by market, but just in relation to the 4% pricing you said on average for next year?

那麼，你對僅憑此定價的信心有多大？我知道不同市場的情況略有不同，但就您提到的明年平均4%的價格漲幅而言呢？

Yeah. We have -- I appreciate the context of some general market factors. We tend to be paying at certainly the median to higher on wages. And so we feel like we will be able to sustain that. We have typically targeted a 100 basis point spread between average tuition increases and average wages.

是的。我理解您提到的某些一般市場因素。我們的工資水平通常處於中等偏上水平。因此我們覺得我們能夠維持下去。我們通常將平均學費漲幅與平均薪資之間的差距設定為 100 個基點。

And we would, at this point, expect to be able to sustain that given where we see our labor cohort. So I think confidence -- we do feel confident that we can price ahead of wage, balancing out, as mentioned before, some of the conditions where we may be a bit more aggressive on price in order to continue to drive demand and enrollment in the centers that are more underperforming.

就目前而言，鑑於我們勞動力隊伍的狀況，我們預計能夠維持這種情況。所以我認為信心——我們確實有信心能夠先於工資進行定價，從而平衡一些情況，正如之前提到的，在這些情況下，我們可能會在價格上更加激進，以便繼續推動表現較差的中心的需求和入學人數。

That's very helpful. And then just for the follow-up, I was wondering how we should be thinking about the net center openings for next year. Are you in a position now where you think you'll be a net closer of centers just looking at the, I think, the 12%, sub-40% utilization you called out? And how do you kind of think about that going into the next year? Thank you.

那很有幫助。然後，作為後續問題，我想知道我們應該如何考慮明年網球場的開放。現在您是否認為，僅憑您提到的 12% 和低於 40% 的利用率，您就能實現中心數量的淨減少？那麼，您如何看待明年的情況呢？謝謝。

Sure. So this year, we had -- I think we entered the year looking to be plus/minus close to net 0 on the openings versus closures. And given the cadence of where we have a number of centers that are in development that have pushed into the early part of next year. So our openings are trailing by a handful this year. And then we have also been opportunistic about some of the closures.

當然。所以今年，我們——我認為我們年初的目標是新店開業與關店關閉的淨額接近 0。鑑於我們目前有許多中心正在開發中，這些中心的建設進度已經推進到明年年初。所以今年我們的招募人數比往年少了幾個。此外，我們也抓住了一些機會，關閉了一些門市。

So we expect that we will be net closing this year, probably closer to 5 to 10 centers. As we look ahead to next year, and so that would be closures in the neighborhood of 25 to 30 or so centers. So we would be looking to close, I would estimate at this point, we're still in the planning process for 2026, but a closure level in that same range.

因此我們預計今年將淨關閉5到10家中心。展望明年，預計會有大約 25 到 30 個中心關閉。因此，我們預計會關閉，我目前估計，我們仍在為 2026 年制定計劃，但關閉水準將與此大致相同。

So we may not be net positive in 2026, but that is really down to the those centers that are in the sub -40% occupied, as you mentioned, there's probably 80 P&L centers in that cohort. There are a handful of client centers, but there's 80 that are in our sort of P&L responsibility.

因此，我們可能不會在 2026 年實現淨盈利，但這實際上取決於那些入住率低於 -40% 的中心，正如您所提到的，這類中心可能有 80 個損益中心。客戶中心屈指可數，但我們負責損益的卻有 80 個客戶中心。

And of those, a portion of them are operating at a level where they're partially covering their rent, and they have some strategic opportunity with the client relationships that Stephen mentioned, some backup use. So not all of those would close, but they -- that's the group that would be the most likely candidates for closure.

其中一部分人的營運水準已經能夠部分支付租金，他們也擁有史蒂芬提到的客戶關係的一些策略機會，以及一些備用用途。所以並非所有這些店家都會關閉，但它們——這間分店鋪是最有可能關閉的。

Okay. Well, thank you very much. Really appreciate everyone joining today's call and wishing you all a good night and a happy Halloween.

好的。非常感謝。非常感謝今天參加電話會議的各位，祝大家晚安，萬聖節快樂。

Thank you everybody.

謝謝大家。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您可以斷開線路了。感謝您的參與。