Bright Horizons Family Solutions Inc. (NYSE:BFAM) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET

Company Participants

Michael Flanagan - Senior Director, Investor Relations

Stephen Kramer - Chief Executive Officer

Elizabeth Boland - Chief Financial Officer

Conference Call Participants

Manav Patnaik - Barclays

George Tong - Goldman Sachs

Andrew Steinerman - JPMorgan

Jeff Silber - BMO Capital Markets

Stephanie Moore - Jefferies

Jeff Meuler - Baird

Toni Kaplan - Morgan Stanley

Faiza Alwy - Deutsche Bank

Operator

Greetings and welcome to the Bright Horizons Family Solutions Fourth Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Flanagan, Senior Director of Investor Relations. Thank you, Michael. You may begin.

Michael Flanagan

Thanks, Paul and hello to everyone on the call today. With me here are Stephen Kramer, our Chief Executive Officer; and Elizabeth Boland, our Chief Financial Officer. I will turn the call over to Stephen after covering a few administrative matters. Today’s call is being webcast and a recording will be available under the IR section of our website, brighthorizons.com.

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 are described in detail in our 2021 Form 10-K and other SEC filings. Any forward-looking statement speaks only as of the date on which it is made and we are going to take no obligation to update any forward-looking statements. We may also refer today to non-GAAP financial measures, which are detailed and reconciled to the GAAP counterparts in our earnings release, which is available under the IR section of our website.

Stephen will now take us through the review and update on the business.

Stephen Kramer

Thanks, Mike and welcome to everyone who has joined the call. To start this evening, I will recap our 2022 results and outline how our progress this past year positions us well for 2023 and beyond. Elizabeth will follow with a more detailed review of the numbers and outlook before we open it up for questions.

I am pleased with the way we finished the year as I reflect on the past few years and in particular, 2022, I feel incredibly proud of all that we have accomplished recovering from the effects of the pandemic. The last 3 years have been some of the most challenging our sector and our business have ever faced, Beginning with the temporary closure of most of our centers in 2020 followed by the unprecedented disruption of staffing to the unpredictable and recurring coronavirus variants that contributed to an uneven recovery in late 2021 and into 2022.