Bright horizons family solutions inc. (BFAM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss) Attributable to Parent

30,732

47,763

41,254

49,327

42,042

46,657

33,600

40,426

37,298

51,444

31,105

33,040

41,374

17,120

22,510

30,403

24,727

23,918

20,558

26,919

22,532

18,894

15,379

21,714

16,048

23,676

14,942

24,507

-50,781

4,227

2,606

-1,914

3,590

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

28,221

27,842

27,080

26,885

26,462

25,797

25,213

25,250

24,683

24,487

23,685

23,190

23,414

23,194

20,999

20,566

20,525

20,127

19,873

19,280

19,386

19,115

19,382

19,335

19,615

19,495

18,712

18,155

16,446

16,138

12,593

16,548

16,069

Gain (Loss) on Extinguishment of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-63,682

-

-

-

-

Amortization of original issue discount and deferred financing costs

-

-

-

-

-

-

-

-

-

453

442

442

439

613

958

960

943

911

911

913

848

793

753

753

753

754

754

753

502

-

-

-

-

Impairment losses on long-lived assets

5,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19

275

0

400

Loss on foreign currency transactions and other

691

-

-

-

-1,460

-

-

-

-

1,608

-1,668

41

19

-99

-66

0

122

41

-149

61

-185

219

-94

93

-69

-

50

-76

37

-

-

-136

34

Interest paid in kind

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,143

6,226

6,031

5,840

5,657

Change in the fair value of the interest rate cap

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-3

-20

-44

Non-cash revenue and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

29

-

29

28

80

-

80

79

80

379

80

79

80

95

65

79

80

(Gain) Loss on disposal of fixed assets

-

-

-

-

-

-

-

-

-

-478

-1,546

-67

-669

64

-64

-23

166

-71

-153

-13

-114

-291

-11

-73

-292

155

-88

-162

-471

-62

116

-336

-155

Stock-based compensation expense

4,283

4,944

4,721

4,512

3,106

3,507

3,715

3,698

2,891

3,295

3,263

3,137

2,377

3,170

2,830

3,049

2,597

2,300

2,300

2,300

2,300

1,460

2,039

2,038

2,385

1,164

1,223

1,685

6,620

896

901

15,574

225

Deferred income taxes

-5,048

-15,429

444

-155

3,796

-1,750

-1,372

-1,857

-490

-38,600

-3,154

1,407

2,785

-7,392

-1,651

-1,312

-1,766

-6,021

1,090

-222

4,395

-13,317

100

-71

-88

-13,777

-64

501

-70

2,868

-1,603

-10,353

-2,957

Non-cash lease expense

-

-

-

-

-

-

-

-

8

-

1,064

1,430

1,153

5,903

984

205

425

2,338

650

687

967

1,090

817

535

780

312

505

524

839

-

-

-

-

Other non-cash adjustments — net

-

-

-

-

-

-

1,532

1,038

716

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Accounts receivable

23,421

30,507

6,586

-18,788

-2,587

26,170

14,486

-16,149

-10,009

21,013

14,108

-17,279

847

14,041

11,168

-12,226

-12,905

24,728

4,567

-7,775

-8,180

18,542

6,777

-1,362

-19,353

22,435

-3,286

-2,676

-5,015

14,739

-471

-58

-12,630

Prepaid expenses and other current assets

11,422

-13,161

1,166

10,742

-565

3,466

150

-21,595

15,184

-6,526

1,346

4,573

4,057

7,418

9,646

-1,094

-8,601

-23,092

12,003

2,997

4,267

-3,295

4,162

954

-3,995

-15,730

2,867

3,661

14,595

7,493

3,732

-6,660

-455

Accounts payable and accrued expenses

24,529

-13,663

22,732

1,062

-1,099

-9,239

13,442

-13,328

25,037

-11,903

22,442

-13,362

8,735

-5,044

-7,161

109

5,238

-22,828

748

22,544

-6,912

13,206

-7,787

7,471

-3,301

918

-5,766

1,715

3,498

-5,177

-11,435

21,299

-3,532

Income taxes

1,367

-

-

-

2,073

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Leases

-16,839

-21,327

-326

12,442

-2,551

-7,135

181

1,833

578

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-5,299

18,992

-8,968

-10,913

23,927

13,355

-11,213

-12,594

22,525

5,167

-16,784

-2,604

23,537

11,281

-4,713

-9,001

10,183

15,687

-3,479

-9,012

-241

18,761

-845

-4,483

826

19,871

-4,405

-7,820

14,704

6,675

-7,013

-6,758

5,402

Accrued rent and related obligations

-

-

-

-

-

-

-

-

-

-

56

262

1,366

-

5,609

980

291

-

321

1,796

-200

-

496

637

554

-

355

5,094

941

-

1,816

313

1,202

Other assets

-1,894

560

-1,027

64

1,307

-4,908

2,063

-85

2,830

1,133

557

182

-1,485

1,476

1,841

-2,097

-901

10,377

2,818

293

808

2,347

-124

-397

-154

-2,115

670

2,453

-1,157

942

1,146

-68

160

Other current and long-term liabilities

-2,871

-1,195

1,247

1,385

850

2,285

2,518

644

607

3,892

-3,888

1,432

4,262

2,718

231

-314

544

14,461

3,387

-1,857

863

5,151

-2,602

4,093

-9,714

6,940

-2,924

4,321

1,815

1,212

-2,329

4,580

-951

Net cash provided by operating activities

64,083

57,923

81,819

83,598

107,013

55,051

50,917

82,931

105,848

35,162

45,434

60,924

106,673

48,264

18,071

61,085

85,797

27,793

27,244

67,757

47,262

52,986

16,942

52,728

51,641

38,214

23,039

46,156

52,270

14,333

2,206

52,328

38,115

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets

17,094

37,353

26,341

23,956

24,195

29,630

23,635

26,414

12,812

25,052

20,875

22,301

19,894

24,868

23,173

16,656

10,637

16,370

19,615

24,889

16,911

18,241

17,252

16,410

14,291

14,350

15,497

17,470

22,192

21,295

20,103

14,768

12,920

Proceeds from the maturity of debt securities and sale of other investments

3,247

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of other investments and debt securities

42

-

-

-

20,011

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments and settlements for acquisitions — net of cash acquired

3,529

22,584

4,981

6,370

19,490

15,367

1,120

33,908

16,716

3,958

500

14,047

2,979

206,430

19,948

-574

2,933

10,983

44,226

21,338

1,072

6,700

0

6,522

0

4,423

61,176

64,213

0

-

-

-

-

Proceeds from the disposal of fixed assets

4,454

2,749

1,195

2

3,134

1,514

241

26

45

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Purchases of debt securities and other investments

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of purchase price for prior year acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

2,060

0

-855

-175

-

-

-

-

-

-

-

-

Net cash used in investing activities

-12,964

-62,206

-35,965

-30,337

-60,562

-44,250

-24,514

-60,296

-29,483

-24,725

-21,375

-36,348

-22,873

-230,064

-43,121

-16,082

-13,570

-27,303

-63,841

-46,227

-17,983

-24,556

-17,252

-22,077

-14,116

-20,584

-76,673

-81,683

-22,192

-25,059

-19,975

-122,936

-12,920

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt, net of issuance costs of $20.6 million

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

769,360

-

-

-

-

Extinguishment of long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

972,468

-

-

-

-

Payments of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,002

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from initial public offering, net of issuance costs of $20.6 million

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

234,944

-

-

-

-

Borrowings under revolving credit facility

10,500

115,800

14,500

47,874

110,500

186,800

132,300

151,100

209,700

168,200

152,400

194,101

128,500

175,368

113,800

91,100

65,600

149,200

118,100

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments under revolving credit facility

10,500

115,800

14,500

97,582

178,650

162,600

150,600

168,200

207,400

106,600

153,900

142,001

189,600

129,368

113,400

61,500

89,600

151,700

91,600

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments of long-term debt

2,688

2,687

2,688

2,687

2,688

2,687

2,688

2,687

2,688

2,688

2,687

0

2,688

0

2,388

2,387

2,388

2,387

2,388

2,387

2,388

1,975

1,975

1,975

1,975

1,975

1,975

1,975

1,975

212

212

213

4,835

Purchase of treasury stock

32,658

19,530

11,333

630

60

40,954

0

0

85,725

87,260

1,712

66,753

6,470

17,115

781

71,511

23,385

10,565

44,894

71,906

738

214,344

4,154

3,079

0

-

-

-

-

0

0

0

5,140

Taxes paid related to the net share settlement of stock options and restricted stock

5,231

4,795

991

2,761

2,779

88

378

3,898

3,176

3,968

2,521

37

23,272

0

7,747

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase

15,962

8,952

4,127

2,066

11,414

8,040

3,232

3,815

7,846

8,279

3,358

3,180

12,171

2,531

4,670

2,796

1,682

2,359

1,253

1,989

4,210

3,766

2,629

7,042

3,985

2,369

4,003

2,996

1,672

0

0

0

2,115

Proceeds from issuance of restricted stock

-

-

-

-

-

-

0

0

4,457

-

58

0

4,305

0

0

331

3,351

0

0

0

3,864

-

0

0

4,709

0

0

0

0

-

-

-

-

Payments of contingent consideration for acquisitions

1,088

0

4,200

0

0

0

350

0

2,615

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of contingent consideration for acquisitions

-

-

-

-

-

-

-

-

-

-

185

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

2,407

5,381

3,183

1,920

3,018

1,434

1,873

3,072

2,267

1,412

3,586

1,858

1,078

2,054

1,055

1,736

0

-125

0

3,506

Net cash used in financing activities

-25,703

-21,959

-14,791

-50,115

-62,263

-15,946

-18,484

-20,162

-79,601

-28,797

-5,189

-12,824

-77,054

176,780

-465

-38,738

-43,822

-10,075

-18,095

-70,431

8,020

-48,483

-2,088

5,574

8,577

-23,266

24,682

2,076

33,269

-212

-337

82,108

-4,354

Effect of exchange rates on cash, cash equivalents and restricted cash

-1,203

525

-380

-134

548

168

-801

99

431

-577

878

1,091

115

89

-27

-1,391

208

-269

-835

2,160

-1,524

-1,069

-877

324

47

211

963

-285

-721

-10

399

-287

262

Net increase (decrease) in cash, cash equivalents and restricted cash

24,213

-25,717

30,683

3,012

-15,264

-4,977

7,118

2,572

-2,805

-18,937

19,748

12,843

6,861

-4,931

-25,542

4,874

28,613

-9,854

-55,527

-46,741

35,775

-21,122

-3,275

36,549

46,149

-5,425

-27,989

-33,736

62,626

-10,948

-17,707

11,213

21,103

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest

9,535

9,998

10,717

10,953

11,383

11,925

11,267

11,876

11,054

11,014

10,322

10,097

13,031

8,338

9,538

9,420

9,794

9,681

9,490

9,605

9,334

8,214

7,820

8,156

8,283

8,171

8,489

8,462

9,806

21,623

13,549

4,216

12,586

Cash payments of income taxes

6,026

9,862

13,455

24,142

3,094

12,997

7,125

21,263

551

6,294

4,501

18,288

2,207

5,265

10,556

15,043

3,806

6,666

16,252

15,398

11,503

11,116

9,665

12,714

8,218

4,020

3,507

2,077

4,327

4,851

4,937

1,444

1,591

Cash paid for amounts included in the measurement of lease liabilities

29,130

-

-

-

30,034

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses

3,514

-970

1,334

-684

4,869

1,259

600

1,527

2,973

-1,500

0

0

3,000

0

0

0

3,000

-1,500

-1,000

2,500

2,000

1,000

0

0

2,000

0

0

0

0

-

-

-

-

Operating right-of-use assets obtained in exchange for operating lease liabilities — net

56,825

-

-

-

24,496

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-