Bright Horizons Family Solutions Inc (BFAM) 2025 Q4 法說會逐字稿

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

各位好，歡迎參加 Bright Horizo​​ns Family Solutions 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我榮幸地向大家介紹投資人關係副總裁麥可‧弗拉納根。請繼續。

Thanks, Paul, and welcome to Bright Horizons fourth quarter earnings call. Before we begin, please note that today's call is being webcast and a recording will be available under the Investor Relations section of our website, investors.brighthorizons.com.

謝謝保羅，歡迎參加 Bright Horizo​​ns 第四季財報電話會議。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.

前瞻性陳述本身涉及風險和不確定性，可能導致實際經營和財務結果與預期有重大差異，應結合我們在 2024 年收益報告、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進行考慮。

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

任何前瞻性聲明僅代表其作出之日的觀點，我們不承擔更新任何前瞻性聲明的義務。今天，我們也將提及非GAAP財務指標，這些指標的詳細內容以及與GAAP對應指標的調節表已在我們的獲利報告中列出。該報告可在我們網站投資者關係欄位（investors.brighthorizo​​ns.com）查閱。

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 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執行長史蒂芬·克雷默和財務長伊麗莎白·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, I let turn the call over to Stephen.

於是，我把電話轉給了史蒂芬。

Thanks, Mike, and good evening to everyone on the call. I am pleased to report a strong finish to 2025, closing out a year of solid growth and continued progress across the business. In the fourth quarter, revenue increased 9% to $734 million and adjusted EPS increased 17% to $1.15 both ahead of our expectations.

謝謝麥克，也祝所有參加電話會議的朋友們晚上好。我很高興地報告，2025 年以強勁的勢頭收官，為公司穩健增長和持續進步的一年畫上了圓滿的句號。第四季度，營收成長9%至7.34億美元，調整後每股收益成長17%至1.15美元，均超出我們的預期。

For the full year, we delivered revenue of $2.93 billion, up 9% over the prior year and adjusted EPS of $4.55 representing 31% growth year-over-year. These results exceeded the expectations shared at the beginning of the year and highlight the continued evolution of Bright Horizons into a diversified, integrated solutions provider of employer-sponsored education and care. The improvements in our business mix throughout 2025, combined with our growing impact on families and employers, reinforce our confidence in the durability of our model and long-term opportunity for growth.

全年來看，我們實現了 29.3 億美元的收入，比上年增長 9%；調整後每股收益為 4.55 美元，年增 31%。這些結果超出了年初的預期，凸顯了 Bright Horizo​​ns 向多元化、綜合雇主贊助教育和護理解決方案提供者的持續發展。2025 年，我們業務組合的改善，以及我們對家庭和雇主日益增長的影響，增強了我們對自身模式的持久性和長期成長機會的信心。

Let me now walk through the segments. First, back-up care again delivered strong growth and earnings contribution in Q4 as it is done over the course of 2025. In Q4, revenue increased 17% to $183 million. Driven by solid utilization across center-based, in-home and school age programs. Utilization during the quarter reflected a combination of unplanned CAGR when regular arrangements were disrupted along with more predictable care needs such as scheduled school breaks and holiday coverage.

現在讓我逐一講解各個部分。首先，備用護理業務在第四季度再次實現了強勁成長並貢獻了收益，正如2025年全年所預期的那樣。第四季營收成長17%，達1.83億美元。得益於中心式、家庭式和學齡兒童計畫的穩健利用。本季度的使用情況反映了計劃外複合年增長率 (CAGR) 和計劃外護理需求（如學校假期和假日護理）的綜合情況。

For the full year, back-up care revenue grew 19% to $728 million and sustained strong operating margins. Our service reach spans more than 1,100 employer clients and millions of eligible employees globally. Importantly, our existing clients had double-digit growth in backup users even as their eligible populations remain relatively flat, meaning growth was driven by deeper penetration into the eligible population, underscoring the value of the benefit to an increasing number of working families.

全年來看，備用護理收入成長了 19%，達到 7.28 億美元，並維持了強勁的營業利潤率。我們的服務涵蓋全球超過 1100 家雇主客戶和數百萬符合資格的員工。重要的是，即使現有客戶的符合條件的人口數量保持相對平穩，他們的備用用戶數量也實現了兩位數的增長，這意味著增長是由對符合條件的人口更深入的滲透所驅動的，這凸顯了這項福利對越來越多的工薪家庭的價值。

Looking forward, our focus remains on scaling the backup business by expanding unique users within existing clients, increasing frequency of use among those utilizing care and continuing to retain and add new employer clients. This growth relies upon an unmatched delivery model that combines owned capacity across our full-service centers and backup operations alongside a broad third-party provider network.

展望未來，我們的重點仍然是擴大備份業務，具體措施包括：增加現有客戶中的獨特使用者數量，提高接受照護人員的使用頻率，以及繼續留住並增加新的雇主客戶。這一成長依賴於無與倫比的交付模式，該模式結合了我們全方位服務中心和備用營運的自有產能以及廣泛的第三方供應商網路。

We still well less than 10% penetration within existing clients we have a significant opportunity to further expand active user adoption and utilization through targeted marketing, expanded capacity across use types and our One Bright Horizons initiatives to increase awareness across our services. We remain confident that back-up care will continue to be a durable source of growth in earnings while also strengthening broader employer partnerships across Bright Horizon services.

我們現有客戶的滲透率仍然遠低於 10%，我們有很大的機會透過有針對性的行銷、擴大各種使用類型的容量以及我們的「同一個光明前景」計劃來進一步擴大活躍用戶的採用率和使用率，從而提高人們對我們服務的認識。我們仍然相信，備用照顧服務將繼續成為獲利成長的持久來源，同時加強 Bright Horizo​​n 各項服務與更廣泛的雇主合作關係。

Turning to full service. Revenue increased 6% in the fourth quarter to $515 million, with growth driven by a combination of tuition increases and enrollment growth tempered by our continued portfolio rationalization. We added six new centers this quarter, including four client centers, three of which were transitioned of management for Stormont Vail Health and Cone Health. These additions extend our leadership in employer-sponsored child care and reaffirm the critical role on-site care plays in supporting working families and their employers.

轉向全方位服務。第四季營收成長 6% 至 5.15 億美元，成長主要得益於學費上漲和入學人數成長，但同時也受到我們持續的投資組合合理化調整的影響。本季我們新增了六個中心，其中包括四個客戶中心，其中三個中心已從 Stormont Vail Health 和 Cone Health 的管理系統中移交。這些新增措施鞏固了我們在雇主贊助的兒童保育領域的領先地位，並重申了現場保育在支持工作家庭及其雇主方面發揮的關鍵作用。

Enrollment in centers opened for more than one year increased approximately 1% in the fourth quarter, and occupancy averaged in the mid-60% range, broadly consistent with seasonal patterns we typically see in the back half of the year.

第四季度，已開放一年以上的中心入學人數增加了約 1%，平均入住率在 60% 左右，這與我們通常在下半年看到的季節性模式基本一致。

Underlying enrollment dynamics remained similar to what we saw throughout 2025, with solid demand in many geographies, countered by more muted enrollment growth levels in some of our more challenged areas. We are pleased to see continued progress, particularly in our lower occupancy cohort, were centers operating below 40% occupancy declined from 16% to 12% of the portfolio in the fourth quarter year-on-year.

2025 年的整體入學動態與我們之前看到的類似，許多地區的需求強勁，但一些面臨挑戰的地區的入學成長水準則較為溫和。我們很高興看到持續的進展，尤其是在入住率較低的物業組合中，入住率低於 40% 的物業組合在第四季度同比從 16% 下降到 12%。

Specifically in the UK, our full-service business continued to make progress and delivered positive operating profit for the year, a significant milestone post pandemic and a meaningful turnaround from the $30 million of annual losses we absorbed just two years ago. This progress reflects higher occupancy, more consistent staffing and improved affordability for families aided by expanded government supports.

具體來說，在英國，我們的全方位服務業務繼續取得進展，並實現了年度正營業利潤，這是疫情後的一個重要里程碑，也是對我們兩年前每年虧損 3000 萬美元的重大扭轉。這項進展反映了入住率的提高、人員配備的更加穩定以及在政府支持力度加大下，家庭的住房負擔能力有所改善。

Looking ahead, our focus remains on serving families where they work and live, continuing to invest in the quality of our services and strengthening the long-term economics of our portfolio. We will continue to operate in locations that are important to our client partners, are strategic in delivering back-up care and in areas with strong supply-demand dynamics. At the same time, we'll continue to rationalize locations where these characteristics are not present.

展望未來，我們的重點仍然是服務於工作和生活的家庭，繼續投資於服務質量，並加強我們投資組合的長期經濟效益。我們將繼續在對我們的客戶合作夥伴至關重要的地點、在提供後備護理方面具有戰略意義的地點以及供需動態強勁的地區開展業務。同時，我們將繼續對不具備這些特徵的地點進行合理化調整。

Turning to Ed advisory. Revenue increased 10% to $36 million in the quarter and for the full year grew 9% to $125 million, both ahead of our initial expectations. College Coach led the growth in margin performance as more families engage with our college counseling services, while EdAssist also continued to expand its participant base. During the quarter, we added new employer clients to the portfolio, including launches with [Samsung] Estee Lauders and Becton Dickinson, among others.

轉向教育諮詢。本季營收成長 10% 至 3,600 萬美元，全年營收成長 9% 至 1.25 億美元，均超出我們最初的預期。隨著越來越多的家庭使用我們的大學諮詢服務，College Coach 引領了利潤率的成長，而 EdAssist 的參與者群體也持續擴大。本季度，我們為客戶組合新增了雇主客戶，其中包括與三星、雅詩蘭黛和貝克頓·迪金森等公司的合作。

Before I turn it over to Elizabeth, I want to take a moment to recognize an important milestone. 2026 marks the 40th anniversary of Bright Horizons. When our founders launched the company in 1986 they, believed employers could play a meaningful role in supporting working families.

在把發言權交給伊莉莎白之前，我想花一點時間來紀念一個重要的里程碑。 2026年是「光明地平線」成立40週年。1986 年，我們的創辦人創立了這家公司，他們相信雇主可以在支持薪資家庭方面發揮重要作用。

And then doing so, we benefit children, parents and employers alike. Over four decades, Bright Horizons has developed thoughtfully alongside changes in the workforce, employer priorities and the needs of working families. Central to that evolution has been the development of our back-up care business. and the expansion of our services to support families and employees across life and career stages, broadening our impact to a much wider population.

這樣做，對兒童、家長和雇主都有好處。四十多年來，Bright Horizo​​ns 與勞動力市場的變化、雇主的優先事項以及工作家庭的需求同步發展，並進行了深思熟慮的調整。這一演變的核心在於我們後備護理業務的發展，以及我們服務範圍的擴大，旨在為處於不同人生和職業階段的家庭和員工提供支持，從而擴大了我們服務的影響範圍，惠及更廣泛的人群。

That progression reflects our ability to listen to clients adapt to changing needs and invest in ways to maximize impact, all while remaining grounded in our mission to support children, families and employers. We are proud of what this organization has built over four decades. Deeply grateful to our employees whose dedication make it possible and appreciative of our client partners and customers who place their trust in us.

這項發展歷程體現了我們傾聽客戶需求、適應不斷變化的需求並以最大限度發揮影響力的方式進行投資的能力，同時始終堅守我們支持兒童、家庭和雇主的使命。我們為本組織四十多年來所取得的成就感到自豪。我們衷心感謝所有員工的辛勤付出，正是他們的奉獻精神才使得這一切成為可能；同時，我們也感謝所有客戶合作夥伴和顧客對我們的信任。

In closing, 2025 was a year of solid financial performance and meaningful progress across many dimensions of our business. We grew revenue 9%, expanded adjusted operating margins 200 basis points and delivered 30% earnings growth. We strengthened our balance sheet, repurchased $225 million of shares and position the company for long-term success.

綜上所述，2025 年是公司財務表現穩健、業務各方面都取得顯著進展的一年。我們實現了9%的營收成長，調整後的營業利潤率提高了200個基點，獲利成長了30%。我們加強了資產負債表，回購了價值 2.25 億美元的股票，為公司的長期成功奠定了基礎。

As we look ahead to 2026 we are optimistic about the opportunities in front of us and look to build on the momentum we saw in 2025. Elizabeth will walk through the guidance in more detail, but at a high level, we expect revenue to be in the range of $3.075 billion to $3.125 billion and adjusted EPS to be in the range of $4.90 to $5.10 per share.

展望 2026 年，我們對擺在我們面前的機會充滿信心，並希望在 2025 年取得的良好勢頭基礎上再接再厲。伊莉莎白將更詳細地解讀業績指引，但總體而言，我們預計營收將在 30.75 億美元至 31.25 億美元之間，調整後每股收益將在 4.90 美元至 5.10 美元之間。

With that, I will turn the call over to Elizabeth.

接下來，我將把電話交給伊莉莎白。

Thanks, Stephen, and hello to everyone who's joined the call tonight. I'll start with our financial highlights. Revenue in the fourth quarter was $734 million, representing 9% growth year-over-year and modestly ahead of our expectations. The quarter reflected solid execution across the business with continued strength in back-up care and steady performance in full service and ed advisory.

謝謝史蒂芬，也向今晚參加電話會議的各位問好。我先從我們的財務亮點說起。第四季營收為 7.34 億美元，年增 9%，略高於我們的預期。本季業務整體執行穩健，後備護理業務持續強勁，全方位服務及教育諮詢業務表現穩定。

Adjusted operating income rose 14% to $91 million, with operating margins up roughly 60 basis points over the prior year to 12.3%. Adjusted EBITDA increased 12% to $123 million representing an adjusted EBITDA margin of 17%. And lastly, adjusted EPS of $1.15 per share, ahead of our expectations, grew 17% over the prior year. Breaking this down into the segment results. back-up care revenue grew 17% in the fourth quarter to $183 million, driven by solid demand over the fall and holiday season.

經調整後的營業收入成長 14% 至 9,100 萬美元，營業利潤率較上年同期成長約 60 個基點至 12.3%。調整後 EBITDA 成長 12% 至 1.23 億美元，調整後 EBITDA 利潤率為 17%。最後，調整後每股收益為 1.15 美元，超出我們的預期，比上年增長了 17%。分拆來看，第四季後備護理收入成長17%，達到1.83億美元，主要得益於秋季和假日季的強勁需求。

As Stephen mentioned, utilization continues to be driven by both predictable and planned needs as well as unexpected care disruptions. Operating margins remained strong in the quarter at 32% and in line with our expectations for the higher volume of care that we deliver in the second half of the year, while also reflecting our disciplined expense management and a favorable mix of utilization.

正如史蒂芬所提到的，醫療資源利用率仍然受到可預測和計劃內的需求以及意外的醫療服務中斷的影響。本季營業利潤率保持強勁，達到 32%，符合我們對下半年醫療服務量增加的預期，同時也反映了我們嚴格的費用管理和良好的利用率組合。

Full-service revenue of $515 million was up 6% in Q4, mainly on pricing increases, modest enrollment gains and an approximate 175 basis point tailwind from foreign exchange. Centers we have closed as part of our portfolio rationalization since Q4 of '24 partially offset these gains representing an approximate 200 basis point headwind.

第四季全服務收入為 5.15 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 175 個基點的利好。自 2024 年第四季以來，我們為進行投資組合合理化而關閉的幾個中心部分抵消了這些收益，造成了約 200 個基點的不利影響。

Enrollment in our centers opened for more than one year increased approximately 1% and occupancy levels across our portfolio averaged in the mid-60s for Q4. In the specific center cohorts we have discussed on prior calls, we continued to show improvement over the prior year period. Our top-performing cohort centers above 70% occupied, improved from 39% of those centers in Q4 of '24 to 40% of centers in Q4 of '25.

在我們已開設一年以上的中心，入學人數增加了約 1%，第四季度我們所有中心的平均入住率在 60% 左右。在我們之前電話會議中討論過的特定中心群體中，我們繼續顯示比上一年有所改善。我們表現最佳的隊列中心入住率超過 70%，從 2024 年第四季的 39% 提高到 2025 年第四季的 40%。

And as Stephen commented, our bottom cohort of centers those sub-40% occupied, improved from 16% in the prior year period to 12% of the total population this past quarter. Adjusted operating income of $20 million in the full service segment increased roughly 45 basis points to 4%, up $3 million over the prior year higher enrollment and improved operating leverage, particularly in our US and UK operations helped drive the growth in earnings, while higher benefits costs partially offset some of these advances.

正如 Stephen 所評論的那樣，入住率低於 40% 的中心群體，其入住率從去年同期的 16% 提高到上個季度的 12%。全方位服務部門的調整後營業收入為 2,000 萬美元，成長約 45 個基點至 4%，比上年增長 300 萬美元。更高的參保率和改善的營運槓桿，尤其是在我們美國和英國的業務中，幫助推動了獲利成長，而更高的福利成本部分抵消了這些成長。

Lastly, our revenue in the educational advisory segment increased 10% over the prior year to $36 million with operating margins of 30%, consistent with Q4 '24. Net interest expense ticked up to $12 million in Q4 of '25, also consistent with the prior year quarter and totaled $45 million for the full year. Our non-GAAP effective tax rate was 26.4% in the quarter -- in the fourth quarter, bringing the effective rate for the full year to 27%.

最後，我們在教育諮詢領域的收入比上年增長了 10%，達到 3,600 萬美元，營業利潤率為 30%，與 2024 年第四季持平。2025 年第四季淨利息支出小幅上升至 1,200 萬美元，與去年同期持平，全年淨利息支出總計 4,500 萬美元。本季（第四季）我們的非GAAP實際稅率為26.4%，使全年實際稅率達到27%。

Turning to the balance sheet and cash flow. For the full year 2025, we generated $351 million in cash from operations compared to $337 million in 2024. Capital investments totaled $91 million in the current year 2025 as compared to $95 million in the prior year. And with the continued cash build specifically free cash flow generated in Q4, we repurchased $225 million of stock in 2025, including roughly $120 million in the fourth quarter. We ended the year with $140 million of cash and a leverage ratio of roughly 1.7 times net debt to adjusted EBITDA.

接下來來看資產負債表和現金流量表。2025 年全年，我們的經營活動產生的現金為 3.51 億美元，而 2024 年為 3.37 億美元。2025 年的資本投資總額為 9,100 萬美元，而前一年為 9,500 萬美元。隨著現金持續積累，特別是第四季產生的自由現金流，我們在 2025 年回購了價值 2.25 億美元的股票，其中包括第四季約 1.2 億美元的股票。年底時，我們擁有 1.4 億美元的現金，槓桿比率約為淨債務與調整後 EBITDA 的 1.7 倍。

Moving on to our 2026 outlook. In terms of the top line, we currently expect 2026 revenue to be in the range of $3.075 billion to $3.125 billion or growth of 5% to 6.5%. Looking at this at a segment level, in full service, we expect reported revenue to grow in the range of 3.5% to 4.5% on enrollment gains and tuition increases offset by approximately 200 basis points in headwind from net center closings. In back-up care, we expect reported revenue to increase 11% to 13% and driven by the continued expansion of use. And in ed advisory, we expect to grow in the mid-single digits.

接下來展望2026年。就營收而言，我們目前預計 2026 年營收將在 30.75 億美元至 31.25 億美元之間，即成長 5% 至 6.5%。從細分市場來看，在全方位服務領域，我們預計報告收入將成長 3.5% 至 4.5%，這主要得益於入學人數增加和學費上漲，但淨中心關閉帶來的不利影響將抵消約 200 個基點。在備用護理領域，我們預計報告收入將成長 11% 至 13%，這主要得益於使用量的持續成長。在教育諮詢領域，我們預期成長率將達到中等個位數。

In terms of earnings, we expect 2026 adjusted EBITDA, EPS, excuse me, to be in the range of $4.90 to $5.10 a share. As we look specifically in Q1 '26, our outlook is for total top line growth in the range of 6% to 7.5%. The segment breakdown would be full service reported revenue growth of 5.5% to 6.5% back-up of 11% to 13% and ed advisory in the low to mid-single digits. In terms of earnings, we expect Q1 adjusted EPS to be in the range of $0.75 to $0.80 a share.

就獲利而言，我們預計 2026 年調整後的 EBITDA（每股盈餘）將在 4.90 美元至 5.10 美元之間。具體來看 2026 年第一季度，我們預期總營收成長將在 6% 到 7.5% 之間。細分市場來看，全方位服務報告收入成長5.5%至6.5%，支援服務成長11%至13%，教育諮詢服務成長個位數低至中等。就獲利而言，我們預計第一季調整後每股收益將在 0.75 美元至 0.80 美元之間。

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

那麼，保羅，我們準備進入問答環節。

(Operator Instructions)

（操作說明）

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Yeah, thank you. Can you help us with how you're thinking about the full-service margin outlook, including as you close these centers that are a 200 basis point revenue headwind on average, are they at a loss? Or just how should we factor in the different drivers of full-service margin outlook?

是啊，謝謝。您能否幫我們分析一下您對全方位服務利潤率前景的看法？例如，當您關閉這些平均會造成 200 個基點收入損失的中心時，它們是否會虧損？或者，我們應該如何考慮影響全方位服務利潤前景的不同因素？

Yes. Thanks, Jeff. So as we look at 2026, we had, obviously, good performance this year and are building off of where we ended 2025 into '26. We mentioned a couple of things on the prepared remarks, including about 100 basis points of enrollment gain in the year. That will contribute some continued performance in our UK business, which had a certainly a strong year in 2025, and that velocity will be -- continues to grow, but it will be expanding at a little bit lower pace than it was able to this year.

是的。謝謝你，傑夫。展望 2026 年，顯然，我們今年的表現不錯，並且正在以 2025 年末的成績為基礎，繼續邁向 2026 年。我們在準備好的演講稿中提到了一些事情，包括今年入學人數增加了約 100 個基點。這將有助於我們英國業務的持續成長，該業務在 2025 年取得了強勁的業績，成長速度將繼續保持，但成長速度將比今年略低。

So we're looking overall at about 25 basis points to 50 basis points of margin improvement in the full service business in '26. That captures some effect of these closures as you're highlighting, most of them are in a loss-making position, yes, because that's the reason for underperformance leading to a closure decision.

因此，我們預計 2026 年全方位服務業務的利潤率將整體提高約 25 至 50 個基點。正如你所強調的，這反映了這些關閉措施的一些影響，其中大多數都處於虧損狀態，是的，因為業績不佳是導致關閉決定的原因。

There is some tail to those costs even as the center ceases operations if we're running dark and/or we're not able to fully exit the lease are paying off multiple years of lease expense in advance. So we are having some ongoing effect of that, but it does add modestly to the operating leverage as we are exiting these underperforming centers. But overall, full service 25 bps to 50 bps.

即使中心停止運營，如果我們停業和/或無法完全解除租賃合同，並且需要提前支付多年的租賃費用，那麼這些成本仍然會有一些後續影響。因此，我們目前正受到一些持續的影響，但隨著我們退出這些業績不佳的中心，它確實略微增加了營運槓桿。但總體而言，全服務速率為 25 bps 至 50 bps。

Got it. And then just given the headlines and new stories, can you just comment on health and safety protocols, any changes that you're making or considering? And then just how you think about any sort of like local market or licensing risks or a private public partnership for UPK opportunities that could be impacted from those issues.

知道了。鑑於最近的新聞報道，您能否就健康和安全規程發表一下看法，以及您正在進行或考慮的任何更改？然後，你還要考慮諸如本地市場或授權風險，或是公私合作的UPK專案機會，這些都可能受到上述問題的影響。

Sure. Thank you for the question, Jeff. As you'll know, and those who interact with know, our number 1 priority continues to always be delivering high-quality care and education for families and ultimately for the clients that we serve. When we have any incident at a center. We take it incredibly seriously.

當然。謝謝你的提問，傑夫。如您所知，與我們互動的人也都知道，我們始終將為家庭以及我們服務的客戶提供高品質的護理和教育放在首位。當中心發生任何事故時。我們對此極為重視。

What I would say is that enrolled families at other centers tend to focus on the experience that they are having at their individual center. And the relationships that we enjoy with our clients. We focus on transparency and also strong communication so that we can express to them exactly what has occurred. And then ultimately, the actions that we are taking to make ourselves even stronger going forward.

我想說的是，其他中心的註冊家庭往往更關注他們在各自中心獲得的體驗。以及我們與客戶之間建立的良好關係。我們注重透明度和有效的溝通，以便能夠準確地向他們說明發生了什麼。最終，我們將採取哪些行動來使我們在未來變得更強大。

So overall, to be very direct with you, we continue to see strong retention of families in our centers. We continue to see stability in our client base. And so overall, while we take these incidentally seriously, from a business impact perspective, I would say, at this point, our view is that, that is not the case. You referenced the relationships that we may have with UPK, so for example, in New York City, in particular.

總的來說，坦白說，我們中心的家庭留存率一直很高。我們的客戶群持續保持穩定。因此，總的來說，雖然我們偶爾會認真對待這些問題，但從業務影響的角度來看，我認為，目前我們的觀點是，情況並非如此。您提到了我們可能與 UPK 建立的關係，例如，尤其是在紐約市。

And what I would say is that we enjoy contracts in the majority of our centers for UPK. We have received feedback from the regulator. Having visited almost all of our UPK centers in recent months that we continue to perform at a high level. There is never a guarantee that contracts will ultimately be renewed over time. On the other hand, we feel confident in our position at this point within the New York City market and our ability to continue to deliver for the large number of families that we do.

我想說的是，我們的大多數中心都與 UPK 簽訂了合約。我們已收到監管機構的回饋意見。最近幾個月，我們走訪了幾乎所有的UPK中心，發現我們一直保持著高水準的辦學品質。合約最終能否續約永遠無法保證。另一方面，我們對目前在紐約市市場的地位以及繼續為眾多家庭提供服務的能力充滿信心。

A full perspective. Thank you.

全面的視角。謝謝。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you, Elizabeth, maybe just firstly on the guide, if you could help us with the assumption on pricing and enrollment growth in the full center business? And then also just if you want to just knock out the margins for the other two businesses in 1Q and the full year.

謝謝伊莉莎白，首先關於這份指南，您能否幫我們分析全中心業務的定價和招生成長的假設？此外，如果您只想計算其他兩家公司第一季和全年的利潤率的話。

Sure. So overall, we're looking at price increases, which would vary as I'm sure most on the call know we make individual localized decisions on this. But on average, the price increases for '26 are approximately 4% and we are looking at overall enrollment for the year plus 100 basis points give or take. So the two of those are the two primary components there. The price increase reflects what we see in the wage offsetting around 3% or so range against that 4% for wages.

當然。所以總的來說，我們預計價格會上漲，但具體漲幅會因地區而異，我相信參加電話會議的大多數人都知道，我們會根據各地情況做出不同的決定。但平均而言，2026 年的價格漲幅約為 4%，我們預計全年的總入學人數將增加 100 個基點左右。所以，這兩個就是其中兩個主要的組成部分。物價上漲反映了我們看到的工資上漲，大約在 3% 左右，而薪資上漲幅度為 4%。

As it relates to the overall margin in the other businesses. So back up, we would be looking at our long-term average. Just to reiterate that, we would expect to be 25% to 30% operating margin over time. We certainly have been performing well against that, and we would look in '26, we would look to be seeing that in the upper half of that range. So call it, 27%, 28% to 30% for the year. So that's what we're seen in back-up care. And then in ed advisory business similar to this year overall in the low 20s.

因為它與其它業務的整體利潤率有關。所以，回到正題，我們要看一下我們的長期平均值。再次重申一下，我們預計長期來看，營業利潤率將達到 25% 至 30%。我們在這方面確實表現出色，展望 2026 年，我們希望能夠達到該區間的上半部。所以，就暫定為全年27%、28%到30%吧。這就是我們在後備護理方面所看到的。然後，教育諮詢業務與今年整體情況類似，整體水準在 20% 左右。

Got it. And maybe just back to New York City, I guess, with the new mayor and the free child care proposal. I wanted to just get your take, if you've spoken to the administration, you're involved in there. Just some color on what your New York City exposure is? I know in the past with pre-K and those kinds of things, you benefit from wraparound care, but I'm not sure what these proposals look like.

知道了。或許我會回到紐約市，看看新市長和免費托兒提案。我想聽聽你的看法，如果你和校方談過，或是你參與其中的話。能否簡單介紹一下你對紐約市的了解程度？我知道過去在學前班之類的計畫中，全程照顧服務是有好處的，但我不太清楚這些提案具體是什麼樣的。

Sure. So as I shared, we -- as the majority of the centers that we have in New York City proper, we participate in UPK and that is a good relationship with the city in terms of a good demonstration of the power of private public partnerships. It's an environment where the city funds at a level that supports quality and likewise, is an environment that is open to working with private providers like us.

當然。正如我剛才所說，我們——作為我們在紐約市中心的大多數中心，我們參與了UPK項目，這與我們市政府建立了良好的關係，很好地展現了公私合作的力量。這是一個市政府投入資金以支持高品質服務的環境，同時也是一個願意與像我們這樣的私人供應商合作的環境。

So New York City has been, in our opinion, a really good example of where UPK can work well both for the city, but also for Bright Horizons and the families that we serve. The expectation going forward is there have been conversations about moving to younger age groups, so the twos, so [2k] and there is an indication that it would likely look similar to the UPK program that's in place only for younger age groups. The expectation also is that they are going to be starting with a pilot that is focused on the neediest areas of the city and then potentially expand in the way they did previously to a much broader aspects of the city.

因此，我們認為紐約市是一個很好的例子，說明 UPK 模式不僅對紐約市有益，而且對 Bright Horizo​​ns 和我們服務的家庭也同樣有益。預計未來將會有討論將課程擴展到更小的年齡組，例如兩歲組（2k），並且有跡象表明，它可能會類似於目前只針對更小年齡組的UPK課程。預計他們將首先在城市中最需要幫助的地區開展試點項目，然後可能會像以前一樣，將試點範圍擴大到城市更廣泛的區域。

In terms of the relationship, yes, I mean, I think we as one of the largest providers in New York City or UPK, we certainly have a good and ongoing relationship with the folks that manage those programs and continue to feel like we have a good sense of how this may unfold over time.

就合作關係而言，是的，我的意思是，我認為作為紐約市最大的UPK（學前教育）提供者之一，我們與管理這些計畫的人員之間肯定保持著良好且持續的關係，並且我們仍然覺得我們對未來發展方向有很好的把握。

Thank you.

謝謝。

Andrew Steinerman, JP Morgan.

Andrew Steinerman，摩根大通。

Hi, so Bright Horizons continues to have strong backup cap growth as employees at the corporate clients engage and use their additional use cases of their backup benefits. I was wondering how do the corporate clients feel about that kind of the increased spend that comes as employees realize and use their backup benefits more and do you see any tightening of backup benefits in terms of like use cases that are allowed by corporate clients?

您好，Bright Horizo​​ns 的備用金上限持續強勁成長，因為企業客戶的員工正在積極參與並使用其備用金福利的其他用途。我想知道，隨著員工更意識到並使用他們的備用福利，企業客戶對這種支出增加有何看法？您是否看到企業客戶在允許的類似使用案例方面對備用福利有任何收緊？

Sure. I'm happy to answer that, Andrew. So first, it's fair to say that we're very pleased with the 19% growth that we experienced this year. And that is in addition to the last several years of very strong growth. And as you all know, the majority of the revenue that we derived is directly from the employer support of these programs because there's really a limited co-pay that goes along with it at the employee level.

當然。我很樂意回答這個問題，安德魯。首先，我們可以說，我們對今年取得的 19% 的成長非常滿意。而且，這還是在過去幾年強勁成長的基礎上實現的。如大家所知，我們獲得的大部分收入直接來自雇主對這些計畫的支持，因為員工層面的共同支付費用非常有限。

But I think that we have done a really good job of articulating to employers the value in terms of productivity. That backup provides to their employees and then ultimately accrues to them as employers. And so I think that strong ROI has really held us in good stead as it relates to the continued investments that they're making.

但我認為，我們在向雇主闡明生產力價值方面做得非常好。這種保障措施為他們的員工提供便利，最終也會使雇主受益。因此，我認為強勁的投資報酬率確實讓我們受益匪淺，也為他們持續的投資奠定了良好的基礎。

I would also observe that within the benefits portfolio that HR manages, backup is still a pretty modest line item, especially as it compares to some of the more traditional and larger benefits that they manage. And so while the increases are significant for us and obviously for the progress that we have continued to make from any one employer's perspective, it's still a pretty modest line item despite the fact that on a percentage basis for them, it is growing more significantly. But again, I think our teams have done a really good job of ensuring that we are focused on -- and secondly, the feedback from employees around the backup benefit continues to be incredibly strong.

我還注意到，在人力資源部門管理的福利組合中，備用金仍然是一個相當小的支出項目，尤其是與他們管理的一些更傳統、規模更大的福利相比。因此，雖然這些成長對我們來說意義重大，而且從任何雇主的角度來看，這些成長顯然也標誌著我們持續取得的進步，但儘管從百分比來看，這筆支出對他們來說成長更為顯著，但它仍然是一個相當適中的項目。但再次強調，我認為我們的團隊在確保我們專注於——其次，員工對備用福利的回饋仍然非常強烈。

Okay. Thank you.

好的。謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good afternoon. You mentioned occupancy averaged mid-60s in 4Q. Based on your guide for this year, can you describe how you expect occupancy to unfold over the course of 2026 by quarter roughly?

您好，謝謝。午安.您提到第四季平均入住率在 60% 左右。根據您今年的指導方針，您能否大致描述一下您預計 2026 年各季度的入住率變化？

Yes. So the seasonal pattern would be pretty consistent where we see a lift in enrollment in the first half of the year, particularly in Q2 is where it would be peaking in the -- it was in the high 60s in 2025, so being picked up -- it would tick up a bit above that.

是的。因此，季節性模式相當一致，我們會看到上半年入學人數有所增加，尤其是在第二季度達到高峰——2025 年的入學人數在 60 多人，所以入學人數有所增加——會略高於這個數字。

And then in the second half, it would be back down into the mid-60s for the second half of the year, Q3 and ending the year similar to Q4 as Q3. So it's a lift in Q1 and Q2 and then similar to the pattern you saw this year.

然後到了下半年，氣溫會回落到 60 多華氏度，第三季和第四季結束時的氣溫與第三季相似。所以第一季和第二季有所成長，然後就跟今年你看到的模式類似了。

Got it. So by 4Q this year, would you expect it to be better than mid-60s from 4Q last year? Or do you think you've reached the steady state and mid-60s as a reasonable year-end?

知道了。那麼，您預計今年第四季會比去年第四季的 60 多美元的情況好嗎？還是你認為你已經達到了穩定狀態，60多歲是個合理的年終數字？

Yes. It would be still in the mid-60s exiting '26 because with a growth rate of just 100 basis points in a year. We're we're making headway against that gradually, but it wouldn't be getting beyond the mid-60s by the end of the year. Still growth to come though. We are heartened by the continued interest, and we have the overall number of enrollment in the 100 basis point range is masks the improvement in the middle and lower cohorts, which are growing low to mid-single digits because they're more under enrolled than the top cohort, which is very well enrolled.

是的。到 2026 年底，它仍然會處於 60 年代中期，因為一年的成長率只有 100 個基點。我們正在逐步取得進展，但到年底也不會超過 60 多度。不過，未來仍有成長空間。我們對大家持續的興趣感到鼓舞，但總體入學人數在 100 個基點的範圍內，這掩蓋了中低年級學生的進步，他們的增長率只有個位數，因為他們的入學人數比入學人數非常多的頂尖學生少。

And in fact, can't really take any more enrollment and may see some cycling. So overall, we're pleased with the ongoing momentum, it's modest, and it's year-by-year, quarter-by-quarter, but we are seeing growth and think that will continue to allow us to move beyond the mid-60s over time. That won't happen, we wouldn't expect in '26 but certainly have the opportunity down the road.

事實上，我們已經無法再接收更多學生了，可能會出現招生週期性波動。總的來說，我們對目前的成長勢頭感到滿意，雖然增速不大，而且是逐年、逐季度增長，但我們看到了增長，並認為這將使我們能夠隨著時間的推移突破 60 多美元的水平。這不會發生，我們預計2026年不會發生，但未來肯定有機會。

Got it. Very helpful. Thank you.

知道了。很有幫助。謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. I was hoping you could start maybe giving additional color on the closures. Just wondering if there are any sort of commonalities on why the centers got up to a higher level of utilization and I'm sure there were a number of things that you tried. And so just wanted to understand the reason for that. But were there a number of leases that came up this year? Just trying to understand also like how to think about closures for maybe '27 as well.

非常感謝。我希望你們能考慮在髮箍上添加一些其他顏色。我只是想知道這些中心利用率提高的原因是否有一些共同點，我相信你們也嘗試了很多方法。所以，我只是想弄清楚其中的原因。但今年是否有大量租賃合約到期？我也想了解一下，例如如何考慮 2027 年的閉幕式。

Yeah. So I think the common theme is probably the centers that have been circled up for closure. And in fact, we have closed already in '26 close to half of what we would expect to close for the year. we'd expect to be in the range of 45 to 50 or so closures this year overall, and we've closed more than 20 already in this quarter.

是的。所以我認為共同的主題可能是那些已被圈起來準備關閉的中心。事實上，2026年我們已經完成了近一半的預期交易量。我們預計今年全年總共完成45到50筆交易，而本季我們已經完成了20多筆。

And that the circling up of those has been a combination of the things that you mentioned, Toni, which is some were within a year or two or three of the end of their lease. And so the underperformance, the lagging enrollment and the overall economics of operating compared to covering the fixed cost was not sensible. And so we were able to in many cases, move the families and the staff to other nearby centers and to accommodate the needs of everyone in that way. And so that's obviously the best-case scenario where we can rationalize portfolio and retain the enrollment and the staff as well.

而這些租戶的聚集，正是你提到的那些因素的綜合作用，托尼，其中一些租戶的租約還有一兩年或三年就到期了。因此，與彌補固定成本相比，業績不佳、招生人數落後以及整體營運經濟效益低都是不合理的。因此，在許多情況下，我們能夠將家庭和工作人員轉移到附近的其它中心，並以這種方式滿足每個人的需求。因此，這顯然是最好的情況，我們可以合理化課程組合，同時保留招生人數和教職員。

Also, there certainly were some cases where the underperformance is so significant and there is no particular lease action, the lease is not coming up for still several more years, but we have elected to stop operations and do this either combine or just stop operations because the demand is not sufficient. The operations are quite -- the operating performance is quite low, and therefore, we are shutting down operations and may have some tail of costs that carries on for a couple of years if we are not able to sublease the space, we will certainly work to do that, but it's not the most amenable market for that. But I think it's just a decision point of persisting looking at the client relationships, is there client interest in full-time care? Is there a client interest in back-up care? Is there a landlord negotiation that can get us a more tolerable occupancy cost?

此外，確實存在一些業績不佳的情況，而且沒有特別的租賃措施，租賃合約還有好幾年才到期，但我們選擇停止運營，要么進行合併，要么直接停止運營，因為需求不足。營運狀況相當糟糕——營運業績相當低，因此，我們正在停止運營，如果我們無法轉租場地，可能會有一些後續成本持續幾年，我們當然會努力轉租，但目前的市場環境並不太適合轉租。但我認為這只是一個需要繼續關注客戶關係的決定點，客戶是否對全職照護感興趣？客戶對備用護理服務有興趣嗎？能否透過與房東協商，爭取更合理的租金？

Are there other -- and of course, the main ones, which are can we enlist more enrollment by more parent awareness and more marketing conversion, but that's all of those things go into a decision, which is a tough one to make.

還有其他因素嗎？當然，最主要的因素是，我們能否透過提高家長意識和提高行銷轉換率來招收更多學生，但所有這些都會影響最終的決定，而這是一個很難做出的決定。

Great. And then for my follow-up on back-up care, I guess, anecdotally, we're aware of at least one employer who added days during COVID and now is cutting back on days going back to sort of pre-COVID levels. And so I wanted to understand if that is just a one-off situation or if there is sort of a larger trend of cutting back on days?

偉大的。至於備用護理方面，我想補充一點，據我們所知，至少有一家雇主在新冠疫情期間增加了工作天數，現在正在減少工作天數，恢復到新冠疫情前的水平。所以我想知道這只是個別情況，還是存在著減少工作天數的更大趨勢？

And what I'm trying to get at is if you're seeing any changes in the drivers of growth in back-up care like going forward versus like recent years, are you seeing sort of more growth from new employers signing on as opposed to those adding days or any difference in usage, et cetera. I just wanted to understand directionally the back-up care drivers and if that is something that is changing.

我想問的是，與過去幾年相比，您是否觀察到後備護理增長的驅動因素發生了任何變化，例如，您是否看到更多的增長來自新雇主的簽約，而不是那些增加服務天數的雇主，或者使用情況等方面有任何差異。我只是想了解備用護理人員的發展方向，以及這種情況是否正在改變。

So Toni, what I would say is now the drivers in 2026. And moving forward, we expect actually will look very similar to the last several years. So the vast, vast majority of the growth comes from the existing client base. Of course, we continue to add clients, but that is not a large source of growth given the maturation that is required of a new client, and it takes time for the benefits to become known and then ultimately used in a more mature way.

所以托尼，我想說的是，2026 年的車手們。展望未來，我們預計情況實際上會與過去幾年非常相似。因此，絕大部分的成長都來自現有客戶群。當然，我們一直在增加客戶，但考慮到新客戶需要經歷一個成熟期，這並不是我們成長的主要來源。客戶需要時間才能認識到產品的好處，並最終以更成熟的方式加以利用。

So when we think about the drivers, number one, is continuing to increase the number of unique users. And so as I shared, we grew that at sort of mid-double-digit rate and so getting more penetration within our existing base is a really critical component.

因此，當我們考慮驅動因素時，首要因素是持續增加獨立用戶數量。正如我剛才所說，我們的成長率達到了兩位數中段，因此，在現有客戶群中獲得更大的滲透率是一個非常關鍵的因素。

I would say that to the question around program design and policy changes, it was not actually the norm for most of our employers to change their program parameters even during COVID. We had a select number that really had some outsized programs that have come back into more of our normalized program policy.

關於專案設計和政策變更的問題，我想說的是，即使在新冠疫情期間，我們大多數雇主也並沒有改變專案參數，這實際上並不是常態。我們有一些規模特別大的項目，這些項目已經回歸到我們更規範的項目政策中。

But the reality is in the current operating environment, most of those who use do not use their full bank, whether it be an outsized bank or even a more traditional sized bank. So again, it's this combination of continuing to drive users continuing to drive their frequency of use, understanding that most do not use their full bank, and those become the two most important determinants of the continued growth algorithm.

但現實情況是，在當前的營運環境下，大多數用戶並沒有充分利用他們的銀行資源，無論是規模龐大的銀行還是規模較為傳統的銀行。所以，再次強調，持續推動用戶提高使用頻率，同時了解大多數用戶不會用完他們的全部帳戶餘額，這兩者就成了持續增長演算法的兩個最重要的決定因素。

Thank you.

謝謝。

(Operator Instructions) Josh Chan, UBS.

（操作說明）Josh Chan，瑞銀集團。

Hi, good afternoon, Steven, Elizabeth. I guess, around your expectation to grow enrollment 100 basis points which is similar to kind of the exit rate in Q4. Have you seen kind of a solid or pretty stable fall enrollment season during Q4 to kind of inform you of that? Just I'm just wondering how the enrollment season kind of progressed.

嗨，下午好，史蒂文，伊莉莎白。我猜，這和您預期的招生人數增加 100 個基點差不多，這與第四季度的退學率類似。您在第四季是否觀察到較為穩定或強勁的秋季招生季，從而得出上述結論？我只是想知道招生季的進展如何。

Yes. It was -- I would say that we had a bit of a slowdown in the second half of the year. We were a little faster growth in 1H of '25, and then it tapered in the second half. So it was -- the momentum coming through the fall was and into the rest of the year was similar to what we had expected and stable going into next year. I'd say that the maybe the notable element as we're looking ahead is a little bit of an uptick in younger age group enrollment.

是的。可以說，我們在下半年發展速度有所放緩。2025 年上半年我們的成長速度稍快一些，然後下半年成長速度放緩。事實的確如此——秋季及之後一年的發展勢頭與我們預期的類似，並且穩定地延續到了明年。我認為，展望未來，最值得關注的一點可能是年輕年齡層的入學人數略有上升。

The mix is it's not dramatically different, but it's an uptick in younger age interest. And so that's always a positive, of course, for just growing the younger children into the older age groups as they stay with us. So that's one of the elements of positive outlook that we are seeing.

雖然整體情況沒有顯著變化，但年輕人的興趣卻上升。當然，這對於讓年幼的孩子在我們這裡成長為年長的孩子來說，始終是一件好事。這是我們看到的積極前景的要素之一。

And we talked last -- throughout 2025, it is last year, and we're talking about Q4, but some of the supports that we are seeing outside the US has certainly helped to improve affordability to families in the countries that we operate, where government funding for child care is available to all families. It's means tested, but it's available to all families at some level, and that enables more families to afford care. So that has driven some good stability also in the enrollment outlook.

我們上次談到——2025 年全年，也就是去年，我們談到的是第四季度，但我們在美國以外看到的一些支持措施無疑有助於提高我們運營所在國家/地區家庭的負擔能力，在這些國家/地區，所有家庭都可以獲得政府提供的兒童保育資金。雖然需要進行經濟狀況調查，但所有家庭都能在一定程度上獲得這項服務，這使得更多家庭能夠負擔得起照護費用。因此，這也對招生前景起了一定的穩定作用。

Okay. Yes. Thank you. That makes sense. And then in terms of your center count, I guess, how many centers are you aiming to open next year? And at what point do you feel like you can get to kind of net neutral center count in the future?

好的。是的。謝謝。這很有道理。那麼就中心數量而言，我想問的是，你們明年計劃開設多少家中心？你覺得未來什麼時候才能達到淨中立的中心數量？

Yes. So in '26, we'd look to be opening plus/minus 20 or so. And I think I mentioned closing 45 to 50. So we would be in the net closure position as you say, in '26. It will go a long way, closing getting underperformers closed throughout the rest of this year.

是的。所以到了 2026 年，我們預計開盤價會在正負 20 左右。我想我之前提到過收盤價在 45 到 50 之間。所以正如你所說，到 2026 年，我們將處於淨收盤狀態。這將大有裨益，有助於在今年剩餘的時間內關閉那些表現不佳的公司。

We'll go a long way toward addressing that bottom cohort. We mentioned there's 12% of centers in the bottom cohort about just under 90 of those or so are P&L centers that we control the bottom line. And even after the closures in the early part of this year, it's already ticked down meaningfully to -- in the neighbourhood of 70. So we will be in a good position to have made progress through many of the centers, but I'd still say we would -- we'd probably be in another year beyond '26, '27 before we're meaningfully net positive.

我們將大力改善底層群體的生活狀況。我們提到，在排名墊底的群體中，有 12% 的中心，其中大約有 90 個左右是損益中心，我們能夠控制這些中心的盈虧。即使在今年年初的關閉之後，這個數字也已經顯著下降到——大約 70 左右。因此，我們在許多中心取得進展將處於有利地位，但我仍然認為，我們可能還要再過一年，也就是 2026 年、2027 年之後，才能真正實現淨正收益。

Okay, great. Yeah. Thank you for the color and the time.

好的，太好了。是的。感謝您帶來的色彩和時間。

Thank you, Josh.

謝謝你，喬許。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Hi, good afternoon. Thank you. I was hoping you could talk a little bit about what you're seeing from just an overall pricing standpoint, general appetite from parents and customers on tuition increases, how you view kind of pricing going forward now that inflation is kind of arguably a bit under control, labor is in a little bit better positioned. So I would just love to get your kind of updated view on general pricing trends.

您好，下午好。謝謝。我希望您能從整體定價的角度談談您目前觀察到的情況，家長和顧客對學費上漲的普遍接受程度，以及您如何看待未來的定價策略，因為通貨膨脹在某種程度上得到了控制，勞動力市場也略有好轉。所以我很想了解您對整體價格趨勢的最新看法。

Yes. I mean it's obviously the economy has been in many families have been quite stressed with the whole of inflation in general over the last many years. Child Care has, for many years, been a higher than inflation cost service, mainly because of the labor intensity that goes into it and the pandemic really added some fuel to that with significant increases to the labor cost as some significant wage steps were made early on in the pandemic. And then we continue to do increases, but they're much more market level increases over the last couple of years.

是的。我的意思是，很顯然，在過去幾年裡，經濟狀況一直不佳，許多家庭都因為普遍的通貨膨脹而承受很大的壓力。多年來，兒童保育服務的成本一直高於通貨膨脹率，主要是因為這項服務需要大量的勞動力。疫情更加劇了這種情況，疫情初期採取了一些重大的工資措施，導致勞動成本大幅上漲。然後我們繼續升息，但在過去幾年裡，升息更多是市場層面的。

So I think the parents are understanding that the cost of care is very much driven by personnel costs. We mentioned benefits costs on this call, in particular, because it is one of the important cost wage and benefits is an important element of the total rewards package for our teachers. It's one of the things that's attractive to them about our employee value proposition and why they work here, but it is a cost that we need to be continuing to bake into the overall cost structure and the tuition recovery over time.

所以我認為家長們明白，托兒費用很大程度是由人員成本決定的。我們在這次電話會議上特別提到了福利成本，因為它是重要的成本之一，而薪資和福利是我們教師整體薪資方案的重要組成部分。這是吸引他們加入我們公司的原因之一，也是我們員工價值主張的重要組成部分，但我們需要繼續將這部分成本納入整體成本結構和學費回收。

So we feel like our algorithm will continue to hold. Parents understand where the increases are coming from and the I think that our measured approach to tuition increases that tries to balance the economics, covering costs in the center as well as attracting enrollment, retaining enrollment and bringing as economic value to families and to our client partners as we can will ultimately carry the day. So we're always looking for ways that we can be effective in making the cost of care affordable to families but transparent about the fact that it does increase with -- primarily with those personnel costs each year.

因此，我們認為我們的演算法將繼續有效。家長們理解學費上漲的原因，我認為我們採取的審慎的學費上漲方式，力求在經濟上取得平衡，既要覆蓋中心成本，又要吸引和留住學生，並儘可能為家庭和客戶合作夥伴帶來經濟價值，最終必將取得成功。因此，我們一直在尋找有效的方法，讓家庭能夠負擔得起照護費用，同時也要讓大家清楚地知道，照護費用確實會隨著——主要是隨著每年的人員成本而增加。

Absolutely. No, I think that's fair. And just as a follow-up, and I do apologize if I missed this, but wondering if you guys could give an update on getting back to 70% enrollment or what you view as an optimal enrollment level, just kind of update and timeline there? Thanks.

絕對地。不，我覺得很公平。另外，我想跟進一下，如果我錯過了之前的回复，請見諒。我想問你們能否更新一下招生人數恢復到 70% 的情況，或者你們認為的最佳招生水平是多少？能否提供最新的進展和時間表？謝謝。

Sure. So, we're in the mid-60s right now across the portfolio and about half of our centers operate above 70%. And actually, they operate above 80% on average. And so I would say that our target would still be to aim for 70% many centers performed just fine below that, 60%, 70%, it doesn't -- it's not a magic number, but it is certainly one that we aspire to in terms of critical mass in the center of the right kind of mix of age groups that bring the operating efficiency that is natural in a childhood center where this labor intensity is as high as it is.

當然。所以，我們目前整體營運效率在 60% 左右，其中大約一半的營運效率超過 70%。事實上，他們的平均營運率超過 80%。因此，我認為我們的目標仍然是爭取達到 70%，很多中心在低於這個數字（60%、70%）的情況下也表現良好，這並不是一個神奇的數字，但它確實是我們努力追求的目標，因為在兒童中心，合適的年齡段組合能夠帶來運營效率，而兒童中心的勞動密集程度如此之高，70% 正是實現這一目標的必要條件。

And so our view at 100 basis points a year of enrollment gain, we will be making headway on that and getting closer to 70%. But the other factor there is as we continue to rationalize the portfolio, and we have fewer centers that are operating sub 40%. We will naturally be drifting up, if you will. But it's really having the enrollment that's the most important factor. And it's -- the top group is doing well. It's doing great.

因此，我們認為，如果每年入學人數增加 100 個基點，我們將取得進展，並接近 70% 的目標。但另一個因素是，隨著我們不斷優化投資組合，營運效率低於 40% 的中心數量減少了。我們自然而然地會向上漂移。但真正最重要的因素還是招生人數。而且——頂尖組的表現很好。它運行良好。

They're sustaining enrollment above 80% even as the natural age up and cycling happens. So that is the most heartening part of it. It's that middle cohort of, call it, 40% of our centers that have the real opportunity to be adding 5, 10, 15 basis points of children -- 5, 10, 15 percentage points of enrollment to really get us closer to that 70% average.

即使隨著年齡增長和人口更替等自然因素的影響，他們的入學率仍然保持在 80% 以上。所以，這是最令人鼓舞的部分。正是這中間那 40% 的中心，才真正有機會增加 5、10、15 個基點的孩子——也就是 5、10、15 個百分點的入學率，從而真正使我們更接近 70% 的平均水平。

Great. Well, thanks again for joining us on the call and wishing you all a good night.

偉大的。再次感謝各位參加電話會議，祝大家晚安。

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

今天的會議到此結束。您可以在此時斷開線路。再次感謝您的參與。