Bright Horizons Family Solutions Inc. (BFAM) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Bright Horizons Family Solutions first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Bright Horizons Family Solutions 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我很榮幸介紹集團策略財務副總裁 Michael Flanagan。請開始。

Thank you, Stacy, and welcome to Bright Horizons first-quarter earnings call. Before we begin, please note that today's call is being webcast, and a recording will be available on the Investor Relations section of our website, investors.brighthorizons.com.

謝謝你，Stacy，也歡迎各位參加 Bright Horizons 第一季財報電話會議。在開始之前，請注意今天的電話會議將進行網路直播，並將在我們網站 investors.brighthorizons.com 的投資人關係專區提供錄音回放。

As a reminder to participants, any forward-looking statements made on this call, including those regarding future business, financial performance, and outlook, are subject to the safe harbor statement included in our earnings release. Forward-looking statements inherently involve risks and uncertainties that may cause actual operating and financial results to differ materially and should be considered in conjunction with the cautionary statements that are disclosed in detail in our earnings release, our 2025 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.

提醒各位與會者，本次電話會議中所作的任何前瞻性陳述（包括關於未來業務、財務表現與展望者）均受我們財報新聞稿中所載之「安全港」聲明所規範。前瞻性陳述本質上涉及風險與不確定性，可能導致實際營運與財務結果出現重大差異；並應結合我們財報新聞稿、2025 年 Form 10-K 以及其他 SEC 申報文件中所詳細揭露的警示性聲明一併考量。任何前瞻性陳述僅截至其作出之日有效，我們不承擔更新任何前瞻性陳述之義務。

Today, we'll also refer to non-GAAP financial measures, which are detailed and reconciled to their GAAP counterparts in our earnings release, which is available on the IR section of our website at investors.brighthorizons.com. Along with today's earnings release, we have posted an updated investor presentation to our website, which we will reference during tonight's call.

今天我們也會提及非 GAAP 財務衡量指標；相關內容已在我們的財報新聞稿中詳述，並與其 GAAP 對應項目進行調節，該新聞稿可於 investors.brighthorizons.com 的投資人關係專區取得。除今天的財報新聞稿外，我們也已在網站上發布更新版投資人簡報，並將在今晚的電話會議中加以引用。

And here joining me on the call are our Chief Executive Officer, Stephen Kramer; and our Chief Financial Officer, Elizabeth Boland. Stephen will start by reviewing our results and provide an update on the business, and Elizabeth will follow with a more detailed review of the numbers before we open up to your questions.

今天與我一同參與電話會議的還有執行長 Stephen Kramer，以及財務長 Elizabeth Boland。Stephen 將先回顧我們的業績並更新業務進展，接著 Elizabeth 會更詳細地說明財務數字，之後我們將開放提問。

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

接下來，我把電話交給 Stephen。

Thanks, Mike, and good evening, everyone. 2026 is off to a positive start. Revenue grew 7% in the first quarter, in line with our expectations and earnings came in slightly ahead, reflecting continued execution across our business segments.

謝謝你，Mike，各位晚安。2026 年開局良好。第一季營收成長 7%，符合我們的預期；獲利略優於預期，反映我們在各業務區隔持續落實執行。

In Q1, we delivered double-digit revenue growth in Back-Up, expanded operating margins in Full Service, and made progress on transforming our Education Advisory business. Taken together, these results reflect the diversity and strength of our model and the enduring demand from working families and learners for the services that we provide, along with the employers who support them.

第一季，我們在 Back-Up 業務實現兩位數營收成長，在 Full Service 擴大營業利潤率，並在推動 Education Advisory 業務轉型方面取得進展。綜合而言，這些成果反映我們商業模式的多元性與韌性，以及在職家庭與學習者對我們所提供服務的長期需求，並且也反映支持他們的雇主客戶的需求。

Before I get into the segment results for the quarter, I want to take a different approach tonight and start by addressing the thoughtful questions we have received from analysts and investors in recent quarters. Specifically, I want to take a few minutes to highlight how our strategy post-COVID is focused on delivering long-term growth and earnings performance while increasing our impact on those we serve.

在我進入本季各業務區隔的表現之前，今晚我想換個方式，先回應近幾季我們從分析師與投資人收到的一些深思熟慮的問題。具體而言，我想花幾分鐘說明我們在 COVID 之後的策略，如何聚焦於在提升我們服務對象影響力的同時，帶來長期成長與獲利表現。

Bright Horizon's unique business model centers around partnering with employers to deliver high-quality solutions that support client employees across critical life and career stages while delivering a compelling ROI for our employer clients. Over time, we have expanded our education and care offerings and more recently, have sharpened our focus on the integration of our full suite of services for the benefit of our clients and their employees.

Bright Horizon 獨特的商業模式核心在於與雇主合作，提供高品質解決方案，在關鍵的人生與職涯階段支持客戶的員工，同時為雇主客戶帶來具吸引力的投資報酬率（ROI）。隨著時間推進，我們擴大了教育與照護服務內容；而在近期，我們更聚焦於整合完整服務組合，以造福我們的客戶及其員工。

To that end, we have taken steps to unify our go-to-market strategy, executed by a singular sales force and integrated account management team, and underpinned by new resources and tools. In parallel, we are developing a fully connected continuum of service delivered through both our owned assets and trusted partners. To make that work at scale, we are strengthening our foundational capabilities, specifically a common client employee credit model across our offerings, an integrated CRM and consumer data platform and ultimately, a more consistent and seamless customer experience.

為此，我們已採取措施統一我們的上市推廣（go-to-market）策略，由單一銷售團隊與整合的客戶管理團隊執行，並以新的資源與工具作為支撐。同時，我們也在打造一個完全連結的服務連續體，透過我們自有資產與值得信賴的合作夥伴共同提供服務。為了能在規模化下運作，我們正在強化基礎能力，特別是：跨各項服務共用的客戶員工額度/信用模型、整合式 CRM 與消費者資料平台，並最終提供更一致且更無縫的客戶體驗。

As Mike mentioned, alongside tonight's earnings release, we have included an updated investor deck that outlines our client-centric business model, our competitive advantages, and illustrates the scope of the growth opportunity. As one example, I'll use Back-Up Care, our largest segment by earnings contribution. Using slides 12 through 15 in our new investor presentation, I will walk through the growth framework: penetration within existing clients, expansion of our care and education ecosystem, and winning new logos.

如 Mike 所提，配合今晚的財報新聞稿，我們也提供了更新版投資人簡報，概述以客戶為中心的商業模式、競爭優勢，並展示成長機會的範圍。作為其中一個例子，我將以 Back-Up Care（按獲利貢獻計為我們最大的業務區隔）來說明。我將使用新版投資人簡報第 12 至 15 頁，帶各位走過成長框架：在既有客戶中的滲透率提升、擴展我們的照護與教育生態系，以及贏得新客戶（new logos）。

Starting with penetration on slide 12. User penetration is less than 5% across our client base, which highlights the significant opportunity ahead. The latent demand is substantial. More than four in five working US adults have at least one care need that our Back-Up Care offering addresses.

先從第 12 頁的滲透率談起。在我們的客戶基礎中，使用者滲透率低於 5%，凸顯未來仍有顯著機會。潛在需求相當可觀。超過五分之四的美國在職成年人至少有一項照護需求，而我們的 Back-Up Care 服務可加以滿足。

Over the last several years, we have thoughtfully listened to clients and broadened our capabilities to include an even wider range of care types, increasing relevance across employee populations. This, in turn, enables our employer partners to meet their strategic objectives of fewer vendors delivering broader and deeper value, directly aligned with our approach.

過去幾年，我們審慎聆聽客戶需求並擴充能力，納入更廣泛的照護類型，提升對不同員工族群的相關性。這也進一步使我們的雇主合作夥伴能達成其策略目標：以更少的供應商提供更廣、更深的價值，這與我們的方法直接一致。

We also break down penetration by industry and illustrate the dispersion within each sector on slide 13. The takeaway is clear. Penetration is low across all industries. And even within the same sector, there is wide variation, demonstrating that the opportunity is less about maturity and more about how the benefit is deployed within each client.

我們也在第 13 頁按產業拆解滲透率，並展示各產業內部的分布差異。結論很清楚。所有產業的滲透率都偏低。即使在同一產業內，差異也很大，顯示機會與其說取決於成熟度，不如說取決於各客戶如何部署這項福利。

To highlight one example, healthcare, the median client penetration is below 2%, which increases to more than 7% at the 95th percentile and exceeds 10% among our most highly utilized healthcare clients.

舉一個例子，在醫療保健產業，客戶滲透率的中位數低於 2%；在第 95 百分位數則提升至 7% 以上，而在我們使用率最高的醫療保健客戶中更超過 10%。

Next, on slide 14, we illustrate that a key driver of growing utilization is the breadth of our care network. We have built an ecosystem that spans traditional childcare centers, in-home care providers, school age programs, academic tutoring, pet care, and elder care through a mix of owned assets and a vetted network of partners. Expanding that network helps us to meet more employee needs, which support adoption and retention among both new and existing users.

接著在第 14 頁，我們說明推動使用率成長的一個關鍵驅動因素是我們照護網絡的廣度。我們建立了一個生態系，涵蓋傳統托育中心、到府照護提供者、學齡兒童方案、學業家教、寵物照護與長者照護，並透過自有資產與經審核的合作夥伴網絡相結合來提供。擴大該網絡有助於我們滿足更多員工需求，進而支持新舊使用者的採用與留存。

Finally, turning to slide 15. New logos are another meaningful growth channel in Back-Up. We estimate that 90%-plus of the SMB market remains unvended today and roughly half of the Fortune 500 does not have a Back-Up Care solution in place. What positions us exceptionally well to capitalize on this opportunity is our ability to deliver high-quality care across care types, geographies and employee needs with flexibility, scale, and trust that are difficult to replicate. We believe this advantage becomes even more important as employer adoption continues to grow.

最後來到第 15 頁。新客戶（new logos）是 Back-Up 業務另一個重要的成長管道。我們估計，目前中小企業（SMB）市場仍有 90% 以上尚未由供應商提供服務，而《財富》500 大企業中約有一半尚未導入 Back-Up Care 解決方案。讓我們能夠極具優勢地把握此機會的是：我們能以難以複製的彈性、規模與信任，在不同照護類型、地理區域與員工需求之間提供高品質照護。我們相信，隨著雇主採用持續成長，這項優勢將變得更加重要。

I highlighted Back-Up Care as the example because it reflects the broader playbook across Bright Horizons, drive deeper client and user adoption, expand the range of needs we can serve, and deliver a more connected experience for families. By way of a real-time example, we put this strategy into action this past week at our On the Horizon Summit. We hosted more than 100 clients, including HR and benefits leaders from Bank of America, Comcast and Cone Health, to name a few.

我之所以以 Back-Up Care 作為例子，是因為它反映了 Bright Horizons 更廣泛的作戰手冊：推動更深的客戶與使用者採用、擴大我們可服務的需求範圍，並為家庭提供更緊密連結的體驗。以一個即時的例子來說，我們在上週的 On the Horizon Summit 將此策略付諸實行。我們接待了超過 100 家客戶，包括美國銀行（Bank of America）、康卡斯特（Comcast）與 Cone Health 等公司的 HR 與福利主管等。

The discussion encompassed the future of employer-sponsored education and care and modern ways to deliver a unified experience for employees and their families. We received tremendous feedback from clients about the event and the innovations that we introduced. We look forward to sharing more over time. And at this point, I would like to turn back to our first quarter segment results. In Back-Up Care, revenue increased 12.5% to $145 million in the quarter, and adjusted operating margins were 18%, both in line with our expectations.

討論涵蓋了雇主贊助之教育與照護的未來，以及為員工及其家庭提供一致體驗的現代化交付方式。我們從客戶對本次活動以及我們所推出的創新獲得了極為熱烈的回饋。我們期待隨著時間推移分享更多內容。此時，我想回到我們第一季各業務分部的業績表現。在備援照護（Back-Up Care）方面，本季營收成長12.5%至1.45億美元，調整後營運利潤率為18%，兩者皆符合我們的預期。

Growth was driven by continued expansion in unique users with solid use across all care types. And looking ahead to the summer months and peak utilization for school-age programs, we are encouraged by continued user growth and the visibility of use through early reservations for the second and third quarters.

成長主要來自獨立使用者數持續擴張，且各類照護型態的使用情況皆穩健。展望接下來的暑期月份以及學齡兒童方案的使用高峰期，我們對使用者持續成長以及透過第二、第三季早期預約所帶來的使用能見度感到鼓舞。

Turning to Full Service. Revenue grew 6% to $541 million, in line with our expectations. Growth was driven by a combination of tuition increases and a tailwind from foreign exchange, partially offset by center closures as we continue to rationalize the portfolio. We opened two centers in the first quarter, one in the Netherlands and our third location for Toyota here in the United States. Occupancy averaged in the mid-60% range in Q1, improving sequentially from the fourth quarter and the prior year.

接著談全方位服務（Full Service）。營收成長6%至5.41億美元，符合我們的預期。成長來自學費調升與外匯帶來的順風因素之組合，但部分被我們持續精簡資產組合所造成的中心關閉所抵銷。我們在第一季新開設兩個中心，一個位於荷蘭，另一個是我們在美國為豐田（Toyota）設立的第三個據點。第一季平均入園率約在60%中段區間，較第四季及去年同期呈現連續改善。

Enrollment growth in centers opened for the last year was modestly positive in the first quarter. This included approximately 100 basis points of headwind from our Australia operations, where we experienced an elevated enrollment decline in this group of 78 centers.

過去一年新開設中心的招生人數在第一季呈現小幅正成長。其中包含約100個基點的逆風，來自我們澳洲業務；在該78家中心組合中，我們經歷了較高幅度的招生下滑。

In contrast to our other geographies, our Australia portfolio's occupancy has drifted lower in the years following the pandemic. And this quarter, the enrollment contraction was much more significant than prior year's school year transition cycle. With the broader Australian ECE industry also experiencing meaningful weakness in 2026, we expect a more challenged enrollment picture and overall performance profile as we look to the rest of the year.

相較於其他地區，我們澳洲資產組合的入園率在疫情後的幾年逐步走低。而在本季，招生收縮幅度遠較去年學年轉換週期更為顯著。由於澳洲整體幼兒教育與照護（ECE）產業在2026年亦出現明顯疲弱，我們預期在今年剩餘期間，招生情勢與整體營運表現輪廓將更具挑戰。

More broadly, we remain encouraged by the sequential improvement in occupancy across our network of centers, the continued recovery across our middle and lower cohorts and the improved operating margin we drove this quarter despite a headwind from Australia. Our focus remains on expanding our enrollment with improved consumer experience and quality value, achieving improved operating leverage and operating efficiency and rationalizing the center portfolio where appropriate.

更廣泛而言，我們仍對中心網絡入園率的連續改善、中低分群的持續復甦，以及本季在澳洲逆風下仍推動的營運利潤率改善感到鼓舞。我們的重點仍在於：透過改善消費者體驗與品質價值來擴大招生、提升營運槓桿與營運效率，並在適當情況下精簡中心資產組合。

As previewed on our call in February, we closed 24 centers this quarter as we continue to position our portfolio to serve employees of our client partners and working parents where they live and work.

如同我們在2月電話會議中所預告的，本季我們關閉了24個中心，持續調整資產組合，以便在客戶夥伴的員工與職場父母居住與工作之處提供服務。

Our Education Advisory business delivered revenue of $27 million in the quarter, and increased 2% over the prior year. Notable new client launches in the quarter included NXP Semiconductors, Visa and Huntington Bank, and we continue to be focused on driving participant growth and use across our College Coach and EdAssist Services.

本季我們的教育諮詢（Education Advisory）業務營收為2,700萬美元，較去年同期成長2%。本季值得一提的新客戶上線包括恩智浦半導體（NXP Semiconductors）、Visa與亨廷頓銀行（Huntington Bank）；我們也持續專注於推動College Coach與EdAssist服務的參與者成長與使用。

So to close, our Q1 results demonstrate solid demand and execution across the business. We remain encouraged by the progress we are making in our core operations while maintaining financial and operational discipline. As such, we are reaffirming our 2026 full-year revenue guidance range of $3.075 billion to $3.125 billion, and our adjusted EPS guidance range of $4.90 to $5.10 per share.

總結而言，我們第一季的結果展現了各項業務穩健的需求與執行力。在維持財務與營運紀律的同時，我們對核心營運所取得的進展仍感到鼓舞。因此，我們重申2026年全年營收指引區間為30.75億至31.25億美元，調整後每股盈餘（EPS）指引區間為每股4.90至5.10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.

接下來我將把電話會議交給Elizabeth，她將深入說明本季數字並分享更多關於我們展望的細節。

Thanks, Stephen, and hello to everyone who's joined the call. I'll start with our financial highlights. Revenue in the first quarter was $712 million, representing 7% growth year over year and in line with our expectations. Adjusted operating income of $65 million increased 4% over the prior-year quarter and represented 9.1% of revenue. Adjusted EBITDA of $96 million also grew 4% and came in at 13.4% of revenue.

謝謝你，Stephen，也向所有加入本次電話會議的各位問好。我先從財務重點開始。第一季營收為7.12億美元，年增7%，並符合我們的預期。調整後營業利益為6,500萬美元，較去年同期成長4%，占營收比重為9.1%。調整後EBITDA為9,600萬美元，同樣成長4%，占營收比重為13.4%。

Adjusted EPS of $0.82 a share rose 6% over the prior year quarter, and finished slightly ahead of our guidance set at $0.75 to $0.80.

調整後每股盈餘為0.82美元，較去年同期上升6%，且略高於我們先前給出的0.75至0.80美元指引。

Taking a closer look at each of our three business lines, Back-Up revenue grew 12.5% in the first quarter to $145 million. Increased users and expanded use within existing clients continues to drive the majority of the growth. And Q1 marked the 16th consecutive quarter of double-digit top line growth. Adjusted operating margins were 18% in the quarter, which we expect at this time of year when use is seasonally lower.

更仔細檢視我們三條業務線，備援照護第一季營收成長12.5%至1.45億美元。使用者增加以及既有客戶內部使用擴大，仍是推動大部分成長的主要因素。而第一季也標誌著我們連續第16個季度實現營收雙位數成長。本季調整後營運利潤率為18%，這符合我們對每年此時因使用量季節性較低而出現的水準預期。

As we move into the higher use quarters over the rest of the year, we gain operating leverage, and we continue to expect to see margins achieve our full year target of 28% to 30%.

隨著我們進入今年其餘期間使用量較高的季度，我們將獲得營運槓桿；我們也仍預期利潤率可達成全年28%至30%的目標。

Turning to Full Service. Revenue of $541 million expanded 6% over the prior year quarter, driven primarily by tuition increases, enrollment gains, and the tailwind from foreign exchange, which were all partially offset by an approximately 250-basis-point headwind from the impact of closed centers over the past year and to a lesser extent, to enrollment declines in Australia.

接著談全方位服務（Full Service）。營收為5.41億美元，較去年同期成長6%，主要由學費調升、招生增加以及外匯順風所帶動；但上述因素部分被過去一年中心關閉影響所帶來約250個基點的逆風所抵銷，此外也在較小程度上受到澳洲招生下滑的影響。

During the quarter, we had net closures of 22, resulting in a center count at quarter end of 988 centers. As Stephen mentioned, enrollment in centers opened for the last year was modestly positive in the first quarter, although it would have increased roughly 100 basis points without the enrollment contraction we experienced in Australia. Occupancy averaged in the mid-60s range, increasing from both the fourth quarter of 2025 and the prior-year period.

本季我們淨關閉22個中心，使季末中心數量為988家。如Stephen所提，過去一年新開設中心的招生在第一季小幅為正；若不計我們在澳洲所經歷的招生收縮，該指標約可再增加100個基點。平均入園率約在60%中段區間，較2025年第四季及去年同期皆有所提升。

With respect to the center cohorts we've discussed on prior calls, we also continue to see improvement over the prior year. Our top-performing cohort, that is 7 -- centers that are above 70% occupancy improved from 47% of these centers in the first quarter of 2025 to 48% in the first quarter of '26. And more notably, our bottom cohort, centers below 40% occupancy, has now fallen below 10% of these centers, improving from 13% in the prior year to 8% this quarter, reflecting both enrollment progress and the results of our focus on closing underperforming centers.

就我們在先前電話會議中討論過的中心分群而言，我們也持續看到較去年改善。我們表現最佳的分群，也就是入園率高於70%的中心，其占比由2025年第一季的47%提升至2026年第一季的48%。更值得注意的是，我們表現最弱的分群——入園率低於40%的中心——其占比現已降至10%以下，從去年同期的13%改善至本季的8%，反映了招生進展以及我們專注關閉表現不佳中心的成果。

Adjusted operating income of $37 million in Full Service increased $4 million over the prior year, and represented 6.8% of revenue, an expansion of 30 basis points. Tuition increases ahead of average wage costs and continued progress in our UK operations drove the margin expansion. That said, reported margin improvement was meaningfully constrained by the enrollment and operating challenges in Australia. Excluding this effect in Australia, margin expansion would have been more than 50 basis points over the prior year.

全方位服務的調整後營業利益為3,700萬美元，較去年增加400萬美元，占營收比重為6.8%，擴張30個基點。學費調升幅度高於平均薪資成本，以及我們英國業務持續改善，帶動了利潤率擴張。不過，受澳洲招生與營運挑戰影響，報告利潤率的改善幅度受到明顯限制。若排除澳洲的影響，利潤率擴張幅度將較去年超過50個基點。

Given the current operating performance and outlook for the rest of this year, we expect Australia to remain a larger headwind to reported margin performance than we had originally expected.

鑑於目前的營運表現以及對今年剩餘期間的展望，我們預期澳洲對報告利潤率表現的逆風將比我們原先預期更大。

Our Educational Advising segment had revenue of $27 million, an increase of 2% from the prior year quarter and adjusted operating margins of 9%, which were broadly consistent with the prior year quarter. Interest expense rose to $12 million in Q1, up from $10 million in the prior year quarter due to higher average interest rates as well as higher average borrowings on elevated share repurchases in the quarter. The structural effective tax rate on adjusted net income was also 27.5%, consistent with Q1 of 2025.

我們的教育諮詢（Educational Advising）業務部門營收為2,700萬美元，較去年同期成長2%，調整後營運利潤率為9%，與去年同期大致一致。第一季利息費用升至1,200萬美元，高於去年同期的1,000萬美元，主要因平均利率較高，以及本季在較高的股票回購規模下平均借款增加所致。調整後淨利的結構性有效稅率亦為27.5%，與2025年第一季一致。

Turning to the cash flow statement. We generated $108 million in cash from operations and made net fixed asset investments of $20 million, resulting in free cash flow of $88 million. Over the last 12 months, free cash flow was $276 million, representing a 106% conversion relative to adjusted net income. As mentioned, in Q1, we opportunistically repurchased $225 million of stock, funding the buybacks with free cash flow and incremental revolver borrowings. As of the end of the quarter, $577 million remains on the new repurchase authorization that we announced in March.

接著看現金流量表。我們自營運活動產生1.08億美元現金，並進行2,000萬美元的固定資產淨投資，因而自由現金流為8,800萬美元。過去12個月，自由現金流為2.76億美元，相對於調整後淨利的轉換率為106%。如前所述，我們在第一季把握時機回購2.25億美元股票，並以自由現金流及額外的循環信貸（revolver）借款為回購提供資金。截至季末，我們在3月宣布的新回購授權額度下仍剩餘5.77億美元可用。

Lastly, we ended Q1 with $133 million of cash and a leverage ratio of 1.9x net debt to adjusted EBITDA.

最後，我們在第一季末持有1.33億美元現金，槓桿比率為淨負債對調整後EBITDA的1.9倍。

Now moving on to our 2026 outlook. We are reaffirming our 2026 full-year guidance for revenue 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. Our guidance does not include the effects of any additional share repurchases on either interest expense or on the share count.

接下來談我們對2026年的展望。我們重申2026年全年指引：營收介於30.75億至31.25億美元之間，調整後每股盈餘（adjusted EPS）介於4.90至5.10美元之間。我們的指引未納入任何額外股票回購對利息費用或股數的影響。

If we look at a segment level, in full service, we expect reported revenue to grow in the range of 2.5% to 3.5% on enrollment gains and tuition increases, offset by approximately 200 basis points of headwind from net center closings and approximately 100 basis points on reduced expected performance from our Australia operations.

若以部門層級來看，在全方位服務（full service）方面，我們預期申報營收將因入學人數增加與學費調升而成長2.5%至3.5%，但將被中心淨關閉帶來約200個基點的不利因素，以及澳洲業務預期表現下修帶來約100個基點的不利因素所抵銷。

In Back-Up Care, we now expect reported revenue to increase 12% to 14%, driven by the continued expansion of use. And lastly, in Ed Advisory, we expect to grow in the mid-single digits.

在備援照護（Back-Up Care）方面，我們目前預期申報營收將成長12%至14%，主要由使用量持續擴張所帶動。最後，在教育諮詢（Ed Advisory）方面，我們預期將以中個位數成長。

Lastly, on the full-year guidance, we are now estimating full year interest expense of $50 million to $52 million and an adjusted effective tax rate of 28% to 28.5%, up approximately 100 basis points from our prior guide. As we look specifically to Q2, our outlook is for total top-line growth in the range of 5.25% to 6.5%. Breaking that down by segments would be full-service reported revenue growth of 2.5% to 3.5% Back-Up growth of 15% to 17%, and Ed Advisory in the low single digits. In terms of earnings for Q2, we are expecting adjusted EPS in the range of $1.17 to $1.22.

最後，就全年指引而言，我們目前估計全年利息費用為5,000萬至5,200萬美元，調整後有效稅率為28%至28.5%，較先前指引上調約100個基點。就第二季而言，我們預期整體營收（top-line）成長介於5.25%至6.5%。若按部門拆分，將為：全方位服務申報營收成長2.5%至3.5%、備援照護成長15%至17%，以及教育諮詢為低個位數成長。就第二季獲利而言，我們預期調整後每股盈餘介於1.17至1.22美元。

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

以上，Stacy，我們準備進入問答環節。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

I think you raised the Back-Up Care annual revenue guidance. Correct me if I'm wrong, but was that on the back of -- or driven by the early Back-Up Care reservations for Q2 or Q3? Or what was it? And just how much visibility at this point do you have, I guess, into summer usage?

我認為你們上調了備援照護（Back-Up Care）的全年營收指引。如果我沒理解錯的話，這是基於——或是由第二季或第三季備援照護的早期預訂所帶動嗎？還是因為其他原因？另外，就目前而言，你們對於夏季使用量大概有多少能見度？

Sure. Thank you for the question, Jeff. So we certainly raised the guidance, right? So the previous guidance was from 11% to 13% for the year. Now we're at 12% to 14% for the year.

當然。謝謝你的提問，Jeff。我們確實上調了指引，對吧？先前的全年指引是成長11%到13%。現在我們將全年指引調整為成長12%到14%。

And it's really based on our conviction around the momentum that we have around active users as well as their use patterns. As you rightly noted, we have a large swath of our clients that have extended windows for reservations going into the summer. And so we do have good visibility around those reservations. And based on our historical trends, we believe that it was prudent to increase the guidance.

這主要是基於我們對活躍用戶動能以及其使用型態的信心。如你所指出，我們有相當大一部分客戶在進入夏季時有較長的預訂窗口期。因此，我們對這些預訂具有良好的能見度。並且基於我們的歷史趨勢，我們認為上調指引是審慎之舉。

Got it. And then just help us understand the fundamental issue in Australia, if it's supply/demand or immigration or affordability and alternatives. Just what's the issue? And is there any reason to think it's cyclical versus kind of the front end of a more structural headwind?

了解。接著請協助我們理解澳洲的根本問題：是供需、移民、可負擔性與替代方案，還是其他因素？究竟問題是什麼？另外，有沒有理由認為這是景氣循環性的，而不是更偏結構性逆風的開端？

Sure. So happy to talk a little bit about the Australia piece, which is -- look, I think that the first thing that is important to start is that we entered that market back in 2022, and we were attracted to the market given the third-party funding support that existed. And in the case of Australia, it was really around government. And at the time, we had the opportunity to acquire a high-quality leader in Only About Children. At the time, they enjoyed and we enjoyed high occupancy rates.

好的。我很樂意談談澳洲這一塊——我想首先重要的是，我們在2022年進入該市場，當時之所以被吸引，是因為市場存在第三方資金支持。就澳洲而言，主要是政府支持。當時我們有機會收購高品質的領導品牌Only About Children。當時他們以及我們都享有很高的入園率（occupancy rates）。

And in fact, the sector in general, enjoyed high occupancy rates. And the challenge that we were looking to ameliorate at that time was really one around the workforce and labor, specifically around quantity of labor as well as the costs.

事實上，整個產業當時普遍也有很高的入園率。而我們當時希望改善的挑戰，主要在於人力與勞動力，特別是勞動力的數量以及成本。

We expected that, that would ameliorate over time. That hasn't ameliorated as well over time. And the enrollment since 2022 has been on a slow degradation path over that time period. And what I would say, Jeff, is that different from other geographies, we saw pretty steady increases in supply in the post-COVID period, right? So in that market, there was an acceleration of supply that came into the market.

我們原本預期這些問題會隨時間改善。但隨時間推移，改善幅度並不如預期。自2022年以來，入學人數在這段期間呈現緩慢下滑的趨勢。我想說的是，Jeff，與其他地區不同的是，我們在COVID之後看到供給相當穩定地增加，對吧？因此在該市場，新增供給加速進入市場。

And so certainly would highlight the fact that the saturation rates of child care got higher, especially in the key markets in which we operate.

因此我們特別要強調的是，托育（child care）的飽和率提高了，尤其是在我們營運的主要市場。

And so then we turn to Q1 and the enrollment degradation was sharper in Q1 than we would have expected. It's certainly a time of year in Australia where families typically transition to school and new enrollments backfill. But ultimately, we had a quite atypical leaver dynamic, but we didn't see the level of new starters. And so hopefully, that encapsulates the challenges that we see, and we really do see them as different from other geographies in which we operate.

接著看第一季，入學人數的下滑在第一季比我們預期更為明顯。在澳洲，這確實是一年中家庭通常轉入學校、並由新入學者補位的時期。但最終我們出現相當不尋常的離園（leaver）動態，同時卻沒有看到相應規模的新入園者。希望這能概括我們所看到的挑戰，而我們確實認為這些情況與我們營運的其他地區不同。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通（JPMorgan）。

So you're keeping the guide for the year, but Australia was worse. Back-Up was bumped up. Is there any other part of your, let's call it, non-Australia business that's sort of performing better than expected, which overall as a portfolio is keeping you in line with your targeted range? And if you could just mention how big Australia is.

所以你們維持全年指引不變，但澳洲表現更差。備援照護則上調。那麼在你們所謂的非澳洲業務中，是否還有其他部分的表現優於預期，使得整體投資組合仍能維持在你們目標區間內？另外也請你們提一下澳洲的規模有多大。

Sure. So yes, to answer the question, we had a pretty significant share repurchase cadence in Q1. And so that is adding a tailwind to the earnings results, although with the offset, we do have a bit higher interest expense because of the financing of it in the near term, but it will continue to be accretive over time. But this year, it would be contributing in the high single digits, call it, sort of 8% net of the -- or $0.08, sorry, net of the interest expense that we've incurred. So that's a positive to the business that is also contributing.

當然。所以是的，回答這個問題，我們在第一季的股票回購節奏相當顯著。因此這對盈餘結果形成助力，不過相對地，因為短期內以融資方式進行回購，我們的利息費用會稍微高一些，但隨著時間推移仍將持續具增益效果。但就今年而言，扣除——或者說，扣除我們已發生的利息費用後，預計將貢獻高個位數，約8%的淨貢獻——或抱歉，約0.08美元。所以這對業務是正面的，也正在帶來貢獻。

I think the other factor besides Australia's performance -- besides the operating performance is that because the position in Australia is one of loss-making, we have a nondeductibility of all those losses. So it has a more amplified effect in the year. So compared to our previous guide, it's close to $0.20 of an impact just from Australia between the operations and the tax impact.

我認為除了澳洲的表現——除了營運表現之外，另一個因素是，由於我們在澳洲的部位是虧損的，因此這些虧損全部都無法抵稅。所以它在年度中的影響會被放大。因此相較於我們先前的指引，光是澳洲在營運與稅務影響合計，就接近0.20美元的影響。

And I asked, besides for Back-Up being bumped up in the guided range, is there anything else outside of Australia that's coming in better than anticipated as you're now a quarter into the year?

我想問的是，除了Back-Up在指引區間中被上調之外，隨著今年已經過了一季，澳洲以外是否還有任何表現優於預期的地方？

Well, the share repurchase is adding, call it, $0.08 or so.

嗯，股票回購帶來的增益大約是0.08美元左右。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

You mentioned that Back-Up Care margins tend to be a little bit softer in the first quarter, but they were still down on a year-over-year basis. Is there something specific that happened this quarter relative to last year?

你提到Back-Up Care的利潤率在第一季通常會稍微偏弱，但它們仍然呈現年對年下滑。相較於去年，這一季是否發生了什麼特定事件？

No, not really. It's somewhat mix-dependent, Jeff. It is a relatively low use quarter. And so it is dependent on the -- it's more days out and school vacation week rather than the intensity of school-age care that we see over the summer. So depending on the center in-home, different care types mix of that different provider network. So it's just down to that mix.

沒有，並沒有什麼特別的。Jeff，這在某種程度上取決於組合。第一季的使用量相對較低。因此它取決於——更多是提前預訂的天數以及學校放假週，而不是我們在夏季看到的學齡照護使用強度。所以會受到中心式、到府等不同照護類型的組合，以及不同供應商網絡的影響。所以就是組合因素。

Okay. If I could shift over to Full Service center. I know it's a bit early, but can we get any color on how sign-ups are for the fall enrollment period?

了解。如果我可以轉到全方位服務中心（Full Service center）。我知道現在可能還有點早，但我們能否了解一下秋季入學期間的報名情況？

Yes, I think it's fair to say that we're seeing a sort of similar cadence to how we closed out last year. And so as we look through this year, we really do see that opportunity to enroll at a similar rate as we saw in the second half of last year. We have that in terms of completed tours, which for us is a really important indicator in terms of forward bookings. And so I feel good that that's the outlook that we have.

可以，我認為可以說我們看到的節奏與去年年底收官時相當類似。因此展望今年，我們確實看到有機會以與去年下半年相近的速度進行招生。我們從已完成的參觀（tours）中看到這一點，對我們而言，這是衡量未來預訂非常重要的指標。所以我對這樣的展望感到樂觀。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I know you were expecting a bunch of closures in the beginning of the year, and we did see that in the numbers. I guess, are you still expecting that 25 to 30 net to be the decrease in centers for the full year? And I guess when you're opening new centers, you're going to open a bunch, I guess, in the remaining part of the year. I guess when is the best time to open new centers? Just trying to understand the seasonality there.

我知道你們原本預期年初會有一批關閉，我們也確實在數字上看到了。我想問的是，你們是否仍預期全年中心數量淨減少25到30家？另外，當你們開設新中心時，我猜會在今年剩餘期間開出不少。那麼什麼時候是開設新中心的最佳時點？只是想了解其中的季節性。

Yes. Well, and if we could control the timetable of the opening, Toni, you're right, we would certainly be opening probably middle to the being ready to be available in the fall season. So opening July, August, and so you can enroll for the fall is probably the optimal time, but it ends up being center construction cycles end up governing more of that opening cadence.

是的。嗯，如果我們能掌控開設時程，Toni，你說得對，我們當然會選擇在年中開設，讓中心能在秋季旺季前就緒並可供使用。所以在7月、8月開設，讓家長能為秋季入學報名，可能是最理想的時間點，但實際上中心的建設週期往往更主導開設節奏。

The next best time would be to be opening right before the new year turns over, because that's often when families are enrolling. We do think that we will be in that neighborhood of 25 to 30 net reduction, net contraction of centers for the full year despite the outsized first quarter because we do have some openings that we've already done this quarter, and we see in the pipeline to be open. They, of course, are governed by this timetable. But we have the closures pretty well circled up, and that's the quantity that we're looking at.

其次較好的時間點是在新年度開始前開設，因為那通常是家庭報名的時候。儘管第一季的變動幅度較大，但我們仍認為全年中心數量淨減少、淨收縮會落在25到30家的區間，因為本季我們已經有一些開設，而且我們也看到管線中還有將會開設的中心。當然，這些都受制於時程安排。但我們對關閉的中心已經掌握得相當清楚，這就是我們所預期的數量。

Yes. Got it. And then I guess when I think about Back-Up and you did some nice slides there. You talked about the backup penetration being under 5%. I guess what do you attribute that to?

是的。了解。然後我想回到Back-Up，你們在投影片上做了很好的說明。你們提到備援照護（backup）的滲透率低於5%。你認為這主要是什麼原因造成的？

Because is it that employees just aren't aware of the programs? And like, I guess, what are the ways that you can sort of drive that higher?

是因為員工根本不知道有這些方案嗎？那你們有哪些方式可以把滲透率推得更高？

Sure. So I think that the reality is the employee benefit space is noisy, right? So employers offer a lot and employees' ability to understand all that they have on offer is challenged in that noisy environment. What I would say is that when we think about sort of standing out within that context, it's some of the actions that we had talked about in the prepared remarks, right?

當然。我認為現實是員工福利市場很嘈雜、資訊量很大，對吧？雇主提供很多福利，而員工在這樣嘈雜的環境中要理解自己有哪些可用福利，確實有難度。我想說的是，當我們思考如何在這樣的情境中脫穎而出時，就會回到我們在事先準備的發言中提到的一些行動，對吧？

So the onus is really on our account management team that we have really repositioned against our client base to build deeper partnerships, create more opportunities for us to get awareness out within the client base and then to ultimately have our account management team partnering even more with our marketing apparatus to ensure that we are getting good communication and good messaging out so that people receive the information at times where they might naturally need the service.

因此，重點其實在於我們的客戶管理團隊；我們已針對客戶群重新調整定位，以建立更深的合作夥伴關係，創造更多機會在客戶內部提升認知，並最終讓我們的客戶管理團隊與行銷體系更緊密合作，確保我們能傳遞良好的溝通與訊息，讓人們在自然可能需要服務的時點收到資訊。

So a lot of what we've talked about in prior calls is around this idea of personalization and really trying to get messaging that is personalized to the individual that helps to highlight what needs they may have and then how we can help to solve against those needs.

所以我們在先前多次電話會議中談到的重點之一，是「個人化」這個概念——真正嘗試提供針對個人的個人化訊息，協助凸顯他們可能有哪些需求，以及我們如何協助解決這些需求。

George Tong, Goldman Sachs.

George Tong，高盛。

You're currently focused -- you're focused on a unified approach to client engagement and service adoption. Can you talk about whether there are additional steps of the sales force or sales process you still have to implement in order to fully realize this vision?

你們目前——你們正專注於以一致化的方法來推動客戶互動與服務採用。你能談談為了完全實現這個願景，在銷售團隊或銷售流程上是否還有其他步驟需要落實嗎？

Sure. So I'll talk about some of the recent actions that we've taken that obviously are not sort of yet bearing fruit, but will start to have impact over the coming quarters and years. So the first thing we did most recently was really separate out our enterprise approach from our geographic approach. And so we now have individuals that are squarely focused on the largest and most complex sales opportunities, both new logos as well as within our existing client base.

當然。我會談談我們最近採取的一些行動；這些行動顯然還沒有立刻反映成果，但會在接下來幾季與幾年開始產生影響。我們最近做的第一件事，是把企業級（enterprise）策略與地區型（geographic）策略真正區隔開來。因此我們現在有一些人員專注於最大、最複雜的銷售機會，包括新客戶（new logos）以及我們既有客戶群內的機會。

And then we have another set of individuals that are focused on the best opportunities outside of enterprise within geographic territories. So the first is structural.

接著我們還有另一組人員，專注於企業級以外、在各地理區域中的最佳機會。所以第一項是結構性的調整。

The second is that we really have deployed new sales training and tools to allow them to be more effective against this unified message because, again, we used to have individuals that would be selling individual products. And now the expectation is that our singular unified sales team will be going out and talking about the full totality of the Bright Horizons sets of offerings and then tailoring the solution to the needs of individual clients. So I would put that into sort of category 1. That is a new piece of it that we are now deploying into the market.

第二項是，我們確實已部署新的銷售訓練與工具，讓他們能在這個一致化訊息下更有效率地推進，因為同樣地，我們過去是由不同人員銷售單一產品。而現在的期待是，我們單一且一致化的銷售團隊將對外溝通Bright Horizons完整的產品與服務組合，並依據個別客戶的需求量身打造解決方案。所以我會把這歸類為第一類。這是我們現在正推向市場的一個新環節。

I would say the second is that as we think about how we are unifying and going after the opportunities, we're really doing that at the user level as well. And so really starting to think about those employers who today offer more than one service how do we help employees to understand and value services that may be across what are the silos within Bright Horizons to really enable additional use patterns. And so I'll give you an example of that.

我會說第二點是，當我們思考如何整合並把握這些機會時，我們也確實是在使用者層級來推動。因此，我們開始思考：對於那些目前提供不只一項服務的雇主，我們要如何協助員工理解並重視可能橫跨 Bright Horizons 內部各個「孤島」的服務，從而真正促成更多的使用情境。我舉個例子。

A client that may offer College Coach and also through its Back-Up line of service, offer tutoring and helping to cross-pollinate College Coach users to leverage a tutoring offering and tutoring users to take advantage of the College Coach offering. And so that's sort of the multilevel example of how we're thinking about it, which is, first, at the enterprise level and then secondly, at the individual user level.

例如某個客戶可能同時提供 College Coach，並且透過其 Back-Up 服務線提供家教（tutoring），我們就能讓 College Coach 的使用者去運用家教服務，也讓家教服務的使用者去使用 College Coach 的服務，達到相互導流。這就是我們思考方式的多層次例子：第一是在企業層級，其次是在個別使用者層級。

That's very helpful. And then on Back-Up Care, you mentioned you've seen 16 consecutive quarters of double-digit growth. Given that extended history of strong double-digit growth, are you ready to update your longer-term target for Back-Up Care growth at this point?

這非常有幫助。接著談到 Back-Up Care，你提到你們已經連續 16 個季度維持雙位數成長。在這麼長一段強勁的雙位數成長歷史之後，你們是否準備在此時更新 Back-Up Care 的長期成長目標？

Yes. So I think that, again, you will have just received the presentation, but I will draw your attention to slide 28, where we do update the Back-Up Care building block within our growth algorithm and are really calling at this point for a longer-term growth algorithm of 11% to 13%, which is an upgrade from what you will have seen historically.

是的。我想你們應該剛收到簡報，我請你們特別看第 28 頁，我們在那裡更新了成長演算法中 Back-Up Care 的組成要素，目前我們對長期成長演算法的預期是 11% 到 13%，相較你們過去看到的歷史假設有所上調。

(Operator Instructions) Josh Chan, UBS.

(接線員指示) Josh Chan，瑞銀（UBS）。

I guess on the Back-Up Care penetration slide that you showed, I guess, what in your mind causes the difference in penetration? Obviously, the slide suggests that industry has some factor to it, but then is tenure? Is it geographic location? Kind of what causes some of the employers to have higher versus lower penetration?

我想就你們展示的 Back-Up Care 滲透率那張投影片來問，在你看來，造成滲透率差異的原因是什麼？顯然投影片顯示產業因素有一定影響，但是否也與合作年限（tenure）有關？或是地理位置？到底是什麼原因導致某些雇主的滲透率較高、某些較低？

Sure. So first, I'll talk about what the differences are between industries, and then we can talk about within industry. Between industry, part of the differential comes down to employee demographics, right? And so you'll see within financial services, where financial services and professional services we tend to have the strongest penetration, we're talking about demographics and a work style that really does comport very well to when there is a breakdown in care arrangement, that employee really needing and valuing having a replacement care arrangement.

好的。我先談產業之間的差異，然後再談同一產業內部的差異。在產業之間，部分差異歸因於員工的人口結構，對吧？因此你會看到在金融服務業（以及專業服務業）我們往往有最強的滲透率，這反映的是人口結構與工作型態非常契合：當照護安排出現中斷時，員工確實需要並重視有一個替代照護安排。

And so therefore, we'll see higher utilization in those kinds of industries. In a place like industrial, where perhaps these are manufacturing plants or other traditionally male-dominated kinds of industries, we've seen less pickup. But I think the more interesting part of this chart between -- even more so than between industries is within industries. And you see that there is quite a bit of disparity between those that are on the least penetrated to those that are on the most in companies and organizations that should have similar traits.

因此，我們會在這類產業看到更高的使用率。而在工業類別，例如製造工廠或其他傳統上男性占比較高的產業，我們看到的採用度較低。但我認為這張圖更有意思的部分——甚至比產業之間的差異更值得關注——是在同一產業內部。你會看到，在理應具備相似特徵的公司與組織中，從滲透率最低到最高之間仍存在相當大的落差。

And so we are really undertaking, first and foremost, studying our most highly utilized clients and our least utilized. We are really through our changes on the account management side, working very diligently to try to work towards having our less penetrated clients look more like our more highly penetrated clients and continuing to extend the growth of those that are more highly penetrated, understanding that on average, we still have a modest penetration. And so between the work we're doing on the analytical side and by aligning the account management function and marketing functions, we believe we have the ability to continue to show good progress on this.

因此，我們首先正在進行的工作，是研究我們使用率最高的客戶與使用率最低的客戶。同時，透過我們在客戶管理端的調整，我們非常努力地推動低滲透客戶朝向高滲透客戶的樣貌靠攏，並持續延伸高滲透客戶的成長；因為我們也理解，平均而言，我們的滲透率仍屬溫和。因此，結合分析面的工作，以及將客戶管理職能與行銷職能對齊，我們相信我們有能力在這方面持續展現良好進展。

That's really helpful color on the Back-Up Care. And then on the Full service side, you did outline a 4.5% to 6.5% growth over the long term. I was just wondering what underpins that, including tuition and center openings, et cetera, in terms of the Full Service drivers?

這些對 Back-Up Care 的補充說明很有幫助。接著在 Full Service 方面，你們確實提出長期 4.5% 到 6.5% 的成長。我想請教這背後的支撐因素是什麼？包括學費（tuition）、中心開設等，Full Service 的成長驅動因素有哪些？

Yes. I mean, over time, those are the building blocks. It would be price increases and then enrollment in the earlier question about adding centers. So as we return to more of a cadence of at least neutral, hopefully, next year, neutral net openings to positive again, that ramping in the ramp-up of centers in their enrollment and then that just modest enrollment gains would be a contributor to that over time. So unit growth to some degree and then enrollment growth would be the other components in that besides a, call it, a 3% to 4% or so price increase and then the other pieces would be enrollments in new centers.

是的。長期來看，這些就是組成要素。包括價格調漲，以及你前面提到的新增中心所帶來的入園（enrollment）。因此，當我們回到較有節奏的展店步調——至少達到淨開設持平，並希望明年能先做到淨開設持平、之後再轉為正成長——新中心在爬坡期的入園提升，加上些許的入園增長，長期都會有所貢獻。所以，一部分來自單位數量成長，另一部分來自入園成長；除此之外，還有大約 3% 到 4% 左右的價格調漲，而其他部分則是新中心的入園。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行（Deutsche Bank）。

I wanted to follow up just on the Full service margin side. So a couple of related questions. One was just, could you help us frame the impact from Australia to margin specifically? Apologies if I missed this, but I know you gave us the top-line impact. But just curious if you still expect to see 25 to 50 basis points this year?

我想追問一下 Full service 的利潤率。有幾個相關問題。第一個是，你能否協助我們具體理解澳洲對利潤率的影響？如果我漏聽了先說抱歉，我知道你們提供了營收端的影響。但我想確認，你們今年是否仍預期會有 25 到 50 個基點的影響？

And if there's any offsets to the impact from Australia? And related to that, just as part of the long-term building blocks, I see the 9% to 10%, I guess, I can call it target. So just curious when you expect to sort of get there?

以及是否有任何因素可以抵銷澳洲帶來的影響？另外，關於長期的組成要素，我看到 9% 到 10%（我想可以稱之為目標）。想請教你們預期何時能達到那個水準？

Sure. By that, I think I got the gist of the question. So if I didn't please circle back. But I think the question is around what are the Full Service margins considering this impact of Australia. And I think there's 2 ways that may be helpful to answer that.

好的。就你剛才的說法，我想我理解問題的重點。如果我理解有誤，請再追問。我認為你的問題是在問：在澳洲影響之下，Full Service 的利潤率會如何表現。我想用兩種方式來回答可能會比較有幫助。

One is what is the impact with Australia and the results? And then what is the actual headwind just talking about Australia in totality. And so we had guided to the year to have 25 to 50 basis points of margin expansion. And given the headwind of this, the revenue degradation, which is in the 100-basis-point range of -- the enrollment is 100 basis points, it's, call it, $20 million or so. The margin degradation is even more than that.

第一種是：澳洲對實際結果的影響是什麼？第二種是：單就澳洲整體而言，實際的逆風有多大？我們原先指引今年利潤率將擴張 25 到 50 個基點。但考量這個逆風、也就是營收下滑（約在 100 個基點的量級——入園約 100 個基點，約 2,000 萬美元左右），利潤率的惡化幅度甚至比這還更大。

And so we have an element of call it, flat margin growth or so this year, but it would be 25 to 50 basis points without the effect of Australia. So that's the impact of it being included. If we think about Australia just standing alone, it has a full year revenue profile that's in the neighborhood of around $140 million of revenue. And with losses in the $20 million to $25 million range in total, it's about 150 basis points of overall headwind to the Full Service business.

因此，今年我們大致呈現利潤率成長持平左右；但若不考慮澳洲的影響，本來會是 25 到 50 個基點的擴張。這就是把澳洲納入後的影響。如果單獨看澳洲，它的全年營收規模大約在 1.4 億美元左右。而總體虧損約在 2,000 萬到 2,500 萬美元區間，約相當於對 Full Service 業務整體造成約 150 個基點的逆風。

So we talked about how much -- the question earlier came in about what is the impact on the guide? Are there puts and takes within the guide for Australia. And so we did have to absorb some of the underperformance this year. But again, just standing alone, Australia with the tax impact and that kind of a loss profile is close to $0.40 of overall headwind to the earnings performance.

所以我們也談到——先前有問題問到對指引的影響有多大。在指引中，澳洲是否有一些正負因素的拉扯。因此，今年我們確實必須吸收部分表現不如預期的影響。但再次強調，若單獨看澳洲，考量稅務影響以及這樣的虧損結構，對整體獲利表現的逆風接近每股 0.40 美元。

Great. That's super helpful. And then I guess the second part of my question was just around the long-term building blocks, the 9% to 10%. I know we've been asking this question for some time really since COVID. So just curious how your views have evolved.

太好了。這非常有幫助。然後我想我問題的第二部分是關於長期的組成要素，也就是 9% 到 10%。我知道我們從 COVID 以來就問這個問題已經有一段時間了。所以只是好奇你們的看法是如何演變的。

Yes. And so from the standpoint of if we just look at the base, we started this year, we ended last year, I should say, with 5.5%. If we have 150 basis points of headwind from Australia, and we are able to be gaining 25 to 50 basis points a year, we would, all things being equal, be at 7. We would be adding 25 to 50 bps a year as we continue to gain enrollment. We have -- also a number of the centers that we have closed, which we have talked about on prior calls that have some tail of operating costs as we work to completely exit those leases. Some of them have run dark costs that we are incurring.

是的。所以從如果我們只看基礎面的角度來看，我們今年年初的起點——應該說去年年底——是 5.5%。如果我們受到來自澳洲 150 個基點的不利因素影響，而我們每年能夠提升 25 到 50 個基點，那麼在其他條件相同下，我們會到 7%。隨著我們持續增加入園人數，我們每年會再增加 25 到 50 個基點。我們也有——一些我們已關閉的中心，我們在先前的電話會議中談過，因為我們要完全退出那些租約，仍有一些尾端的營運成本。其中一些有閒置成本（run dark costs）是我們正在承擔的。

So that's another, call it, 50 basis points or so that will taper out of the margin in the next couple of years. And so we are well on our way to that 9% to 10% with continued improvement, and we still have some centers to exit from the portfolio. So that combination, along with operating leverage and efficiency from enrollment gains year over year, we think we are certainly within striking distance, and we see that in our best-performing centers, but some of these outliers are putting a pretty severe headwind on the reported margin at the moment.

所以這又是另外一個，大概 50 個基點左右，會在未來幾年逐步從利潤率中消退。因此，隨著持續改善，我們正穩步邁向 9% 到 10%，而且我們的投資組合中仍有一些中心需要退出。因此，這樣的組合，再加上營運槓桿，以及入園人數逐年增加所帶來的效率提升，我們認為我們確實已在可達範圍之內；我們在表現最好的中心也看得到，但目前有些離群值正對已揭露的利潤率造成相當嚴重的不利影響。

Understood. And then just a quick follow-up. I'm curious if you're seeing any benefits even sort of as you're talking to clients from the 45F, OBDA impact that increased the annual cap for tax credits. I know this had come up sort of last year, but just curious how your conversations have trended on this topic.

了解。然後再快速追問一下。我很好奇，當你們與客戶溝通時，是否看到 45F、OBDA 的影響帶來任何好處——它提高了稅額抵免的年度上限。我知道這在去年曾被提到，但只是好奇你們在這個主題上的對話趨勢如何。

Sure. So look, I think that the quick answer on that is that 45F hasn't had much of an impact in terms of the conversations or in the adoption by our client base. And so I think that while it can be an interesting talking point in a way into new client conversations, I would say that it certainly, from our perspective, is not one that is moving the needle as it relates to ultimately getting clients over the line and/or seeing it much as something that's being adopted by our current clients.

當然。所以你看，我認為簡短的答案是，45F 在對話層面或在我們客戶群的採用上，並沒有帶來太多影響。因此我認為，雖然它在某種程度上可以成為與新客戶對話時一個有趣的切入點，但我會說，至少從我們的角度來看，它並不是那種能真正帶動成效、最終促使客戶拍板，和／或讓我們看到現有客戶大量採用的因素。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I guess just maybe circling back to the Back-Up Care. Can you talk a little bit about your clients that use more than one service within the Back-Up Care services, I think that might be helpful.

我想可能回到 Back-Up Care（備援照護）這塊。你能談談在 Back-Up Care 服務中使用不只一項服務的客戶嗎？我覺得這可能會有幫助。

Sure. So I guess I'll take a step back and say that how Back-Up Care used to be defined in the earliest days was around providing care in center and then ultimately got extended to in-home. And over time, right, we have extended that to include school-age programs. We have extended that to include elder care. We've extended that into academic tutoring and pet care.

當然。我想我先退一步說明，Back-Up Care 在最早期的定義，是提供中心式照護，之後才延伸到到府照護。而隨著時間推進，我們也把它擴展到包含學齡兒童方案。我們也擴展到包含長者照護。我們也延伸到課業輔導與寵物照護。

And what I would say is that almost universally, our clients offer the in-center and in-home for both children and aging adults.

而我會說，幾乎普遍而言，我們的客戶都同時提供中心式與到府服務，涵蓋兒童與高齡成人。

I would say that we have very strong majority type take-up as it relates to academic tutoring. And then I would say that the lowest adopted of the offerings is pet care, although from a user perspective, that happens to be quite a popular part of the offering. And so again, part of it is what's being offered, which I shared a fair characterization and the other is how it is adopted by the end user. But that's how I would characterize it. All offer it in-center, in-home, adult and child, most offer it for tutoring and then, to a lesser extent, the pet care.

我會說，在課業輔導方面的使用率屬於非常高的多數。然後我會說，在各項服務中採用率最低的是寵物照護，不過從使用者角度來看，它其實是相當受歡迎的一部分。所以再說一次，一部分是「提供了什麼」——我剛剛已做了相當貼切的描述——另一部分則是終端使用者如何採用。大致上我會這樣描述。全部都提供中心式、到府、成人與兒童；大多數提供輔導；至於寵物照護則相對少一些。

Got it. That's really helpful. And maybe just -- I don't think anyone has asked so far in just the UK business. I think a lot of progress has been made on that front over the last year or so.

了解。這真的很有幫助。另外可能——我想目前還沒有人問到英國業務這塊。我認為過去一年左右在那方面已經取得了很大進展。

So maybe how we should think about just the improvement in operating income and general performance there?

所以我們應該如何看待那邊營業利益與整體表現的改善？

Yes. So I appreciate the reminder because certainly, the UK business has been on a journey, and we're very pleased to see both the sequential, the quarter-to-quarter progress, the year-over-year progress. And so as a reminder, last year, the UK had turned the corner and was positive from an operating performance, operating income contribution standpoint, still a headwind to the overall Full Service margins in the low single digits rather than the 5.5% overall that we were reporting.

是的。謝謝提醒，因為英國業務確實走過一段轉型歷程，而我們很高興看到無論是環比（逐季）、還是同比（逐年）都有進展。提醒一下，去年英國業務已經轉正，從營運表現、營業利益貢獻的角度來看是正向的；但對整體全方位服務（Full Service）利潤率仍是低個位數的不利因素，而不是我們當時揭露的整體 5.5%。

And this year, continue to see both between the enrollment gains and just the continued operating execution that, that has continued to improve. It's still -- it's making progress to the overall average, still is a little bit of a headwind, but it's a big contributor in terms of the turnaround. It's just not -- the velocity of the improvement contributes to our overall leverage, but it's just at a little bit lower pace than it was in 2025.

而今年，我們持續看到，無論是入園人數增加，還是持續的營運執行，都讓它持續改善。它仍然——正在朝整體平均水準邁進，仍然稍微有些不利影響，但在扭轉表現方面是很大的貢獻者。只是——改善的速度對我們整體槓桿有貢獻，但步調比 2025 年時稍微慢一些。

Wonderful. Well, thank you all very much for joining us on the call and wishing you a great night.

太好了。非常感謝各位參加本次電話會議，祝各位今晚愉快。

Thanks, everyone.

謝謝大家。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

本次電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。