Bright Horizons Family Solutions, Inc. (NYSE:BFAM) Q4 2023 Earnings Conference Call February 13, 2024 5:00 PM ET

Company Participants

Michael Flanagan - Sr. Director of IR

Stephen Kramer - CEO, President & Director

Elizabeth Boland - CFO

Conference Call Participants

Andrew Steinerman - JPMorgan Chase & Co.

Stephanie Moore - Jefferies

George Tong - Goldman Sachs Group

Joshua Chan - UBS

Manav Patnaik - Barclays Bank

Toni Kaplan - Morgan Stanley

Jeffrey Silber - BMO Capital Markets

Operator

Greetings, and welcome to the Bright Horizons Family Solutions Fourth Quarter 2023 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael Flanagan, Vice President of Investor Relations. Thank you, Michael. You may begin.

Michael Flanagan

Thanks, Paul, and welcome, everyone, to Bright Horizons' Fourth Quarter Earnings Call.

Before we begin, please note that today's call is being webcast. The recording will be available under the Investor Relations 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 safe harbor statement included in our earnings release.

Forward-looking statements may 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, 2022 Form 10-K and other SEC filings. Any forward-looking statement speaks only as of the date of which it's made, and we undertake no obligation to update any forward-looking statements.

We may 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.

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

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

Stephen Kramer

Thanks, Mike, and welcome to everyone who is joining the call.

I am really pleased with how we finished the year, achieving better-than-expected revenue and EPS results in the fourth quarter. Performance for the full year results are strong, with Full Service revenue expanding nearly 20% and Back-Up Care revenue surpassing the $500 million mark, up an impressive 26% in 2023.