BRIGHT HORIZONS FAMILY SOLUTIONS INC. (BFAM) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
North America	1,501.4	1,293.1	1,164.1	1,585.3	1,455.3	1,353.0	1,277.2	1,182.6
Europe and other						387.9	292.7	275.8
Back-up care	409.6	351.1	388.3	296.3	245.5	224.3	200.1
Educational advisory services						58.9	48.0
Other	109.5	111.1		180.4	202.3
Total revenues	2,020.5	1,755.3	1,515.1	2,062.0	1,903.2	1,740.9	1,569.8	1,458.4
Revenue growth [+]	15.1%	15.9%	-26.5%	8.3%	9.3%	10.9%	7.6%	7.8%
North America	16.1%	11.1%	-26.6%	8.9%	7.6%	5.9%	8.0%	10.0%
Europe and other						32.5%	6.1%	-0.8%
Back-up care	16.6%	-9.6%	31.0%	20.7%	9.5%	12.1%
Educational advisory services						22.6%
Other educational advisory services								19.9%
Cost of goods sold	1,541.8	1,340.3	1,210.5	1,539.1	1,429.9	1,310.3	1,179.0	1,100.7
Gross profit	478.7	415.0	304.5	522.9	473.3	430.6	390.8	357.8
Gross margin	23.7%	23.6%	20.1%	25.4%	24.9%	24.7%	24.9%	24.5%
Selling, general and administrative	289.2	256.8	219.6	221.5	201.6	188.9	164.0	148.2
Other operating expenses						3.7
Adjusted EBITDA	291.8	260.9	186.0	393.4	353.8	312.3	294.2	269.5
Adjusted EBITDA margin	14.4%	14.9%	12.3%	19.1%	18.6%	17.9%	18.7%	18.5%
Stock-based compensation	28.1	23.1	21.0	17.3	13.8	12.1	11.6	9.2
EBITDA [+]	263.7	237.8	165.0	376.1	340.0	300.2	282.5	260.3
EBITDA growth	10.9%	44.2%	-56.1%	10.6%	13.3%	6.3%	8.6%	16.0%
EBITDA margin	13.1%	13.6%	10.9%	18.2%	17.9%	17.2%	18.0%	17.8%
Depreciation	74.2	79.7	80.0	74.6	68.4	62.2	55.6	50.7
EBITA	189.5	158.2	85.0	301.4	271.7	238.0	226.9	209.6
EBITA margin	9.4%	9.0%	5.6%	14.6%	14.3%	13.7%	14.5%	14.4%
Amortization of intangibles	31.9	29.2	31.7	33.6	32.6	32.6	29.6	28.0
EBIT [+]	157.6	129.0	53.3	267.8	239.1	205.4	197.2	181.6
EBIT growth	22.1%	141.9%	-80.1%	12.0%	16.4%	4.2%	8.6%	23.6%
EBIT margin	7.8%	7.4%	3.5%	13.0%	12.6%	11.8%	12.6%	12.5%
Interest expense	39.5	36.1	37.7	45.2	47.5	44.0	42.9	41.4
Interest expense	39.5	36.1	37.7	45.2	47.5	44.0	42.9	41.4
Other income (expense), net [+]	-5.9	-2.6					-11.1
Gain (loss) on debt retirement		-2.6					-11.1
Gain (loss) on foreign currency transactions	-5.9
Pre-tax income	112.2	90.3	15.7	222.7	191.6	161.4	143.2	140.2
Income taxes	31.5	19.9	-11.3	42.3	33.6	4.4	48.4	46.2
Tax rate	28.1%	22.0%		19.0%	17.5%	2.7%	33.8%	33.0%
Net income	80.6	70.5	27.0	180.4	157.1	156.0	93.9	93.3
Net margin	4.0%	4.0%	1.8%	8.7%	8.3%	9.0%	6.0%	6.4%

Basic EPS [+]	$1.38	$1.17	$0.45	$3.12	$2.72	$2.65	$1.59	$1.53
Growth	18.3%	157.7%	-85.5%	14.8%	2.6%	67.1%	3.4%	40.2%
Diluted EPS [+]	$1.38	$1.16	$0.45	$3.06	$2.66	$2.59	$1.55	$1.50
Growth	19.1%	158.6%	-85.4%	14.9%	2.8%	67.1%	3.6%	40.2%


Shares outstanding (basic) [+]	58.3	60.3	59.5	57.8	57.8	58.9	59.2	60.8
Growth	-3.3%	1.3%	2.9%	0.0%	-1.8%	-0.6%	-2.6%	-7.3%
Shares outstanding (diluted) [+]	58.5	60.9	60.3	58.9	59.0	60.3	60.6	62.4
Growth	-3.9%	0.9%	2.3%	-0.1%	-2.1%	-0.6%	-2.8%	-7.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.