Bright Horizons Family Solutions Inc. (NYSE:BFAM) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET

Company Participants

Michael Flanagan – Vice President, Investor Relations
Stephen Kramer – Chief Executive Officer
Elizabeth Boland – Chief Financial Officer

Conference Call Participants

Andrew Steinerman – JPMorgan
George Tong – Goldman Sachs
Josh Chan – UBS
Manav Patnaik – Barclays
Jeff Meuler – Baird
Toni Kaplan – Morgan Stanley
Jeff Silber – BMO Capital Markets

Operator

Greetings, and welcome to the Bright Horizons Family Solutions First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

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

Michael Flanagan

Thank you, Stephanie. Sorry, thank you, Stacy. Welcome to Bright Horizon's first quarter earnings call. Before we begin, please note that today's call is being webcast and 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 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 described and detailed in our earnings release, 2023 Form 10-K and other SEC filings.

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. We also refer today to non-GAAP financial measures, which are detailed and reconciled to their GAAP counterparts in our earnings release, which is available under the IR section of our website at investors.brighthorizon.com.

Joining me on today's call is our Chief Executive Officer, Stephen Kramer; and our Chief Financial Officer, Elizabeth Boland. Stephen will start by reviewing our results and we'll 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 has joined the call. We are really pleased with the solid start to 2024 and our performance in the first quarter. Revenue increased double-digits year-over-year, and earnings outperformed our expectations. With occupancy in our full service segment ticking up to greater than 60% globally and back-up use continuing its solid year-over-year growth trends we are tracking to deliver on our 2024 guidance.