KinderCare (KLC) 2026财年第二季度业绩电话会：随着托育中心关闭规模扩大，业绩指引更新

核心要点

• KinderCare (KLC) 公布 2026 财年第二季度营收为 6.98 亿美元，而上年同期为 7.00 亿美元。同店营收减少 1400 万美元（即下降 2%），主要归因于入学人数减少和中心关停。
• 同店入托率为 68.6%，同比下降 240 个基点。网点布局优化为本季度入托率贡献了 70 个基点。
• 调整后 EBITDA 从 8200 万美元降至 6300 万美元，反映出入托率下降和运营杠杆减弱。降幅中约有 500 万美元与保险和法律准备金调整有关。
• 公司在第二季度关停了 49 家中心，预计到年底将关停 80 至 85 家。按年化计算，该优化措施预计将减少约 5700 万美元的营收，同时为调整后 EBITDA 带来 800 万美元的增益。
• 管理层更新了 2026 财年展望，预计营收为 26.6 亿至 27.0 亿美元，调整后 EBITDA 为 2.00 亿至 2.20 亿美元，调整后每股收益（EPS）为 0.05 至 0.15 美元。
• Champions 业务营收同比增长 13%，而 Learning Adventures 业务营收几乎翻倍。高端品牌夏令营入学人数增长约 26%。

关键财务数据

业务与运营表现

KinderCare 的旗舰业务继续面临入学人数压力。管理层表示，定向营销和简化中心负责人的职责旨在随着时间的推移提升家庭参与度、入学转化率和留存率。

提供拼读、STEM 和西班牙语等拓展课程的 Learning Adventures 所产生的营收几乎是上年同期的两倍。KinderCare 正将该项目扩展至更多中心，并推出更多季节性课程。

Champions 实现了连续第四个季度的双位数营收增长。得益于自 2025 财年第二季度以来净增 85 个新网点以及现有网点运营效率的提升，营收增长了 13%。

KinderCare for Employers 继续在多个行业新增合作伙伴。管理层强调，公司业务覆盖 42 个州，这是其提供雇主赞助的托儿和学费补贴福利的一大优势。

公司在第二季度新建了 5 家中心并收购了 5 家中心。收购的现金对价约为 50 万美元。KinderCare 还通过在本顿维尔设立中心进入阿肯色州，并在华盛顿州里奇菲尔德开设了一家中心。本季度结束后，其高端品牌在加利福尼亚州欧文开设了首家门店。

网点布局优化

KinderCare 在第二季度关停了 49 家中心，约占其总网点规模的 3%。这些关停的网点主要处于业绩排名的后 40%（第四和第五分位数），平均入托率低于 37%。

管理层表示，公司的整合计划已完成约三分之二，预计到年底关停总数将达到 80 至 85 家，大部分剩余关停工作计划在第四季度进行。

计划完全完成后，管理层预计该项目将：

• 带来约 5700 万美元的年化营收逆风。
• 为年度调整后 EBITDA 增益约 800 万美元。
• 减少约 700 万美元的年租金费用。
• 提高约 150 个基点的入托率。

公司目前能明确处理约 36 份租赁退租，预计需支付 2000 万至 2500 万美元相关费用。其他租赁解约的时间尚不确定，部分现金支出可能会延续至 2027 年。

管理层业绩指引

全年展望包含了约 800 万美元的增量保险费用，这与公司对工伤补偿和通用责任自保的精算分析有关。

管理层假设全年的入托率将下降约 3%。学费预计将贡献约 2.5% 的营收增长，反映出州补贴退款增幅放缓。Champions 和 B2B 业务预计将贡献 1%，而新开中心和收购预计将分别贡献约 50 个基点。中心整合预计将形成 1.5% 的营收增长逆风。

对于 2026 财年第三季度，管理层预计营收为 6.60 亿至 6.80 亿美元，调整后 EBITDA 为 4400 万至 4800 万美元。

风险与关注领域

入学人数和入托率下降继续对运营杠杆构成压力。随着 KinderCare 完成中心整合，管理层还预计季度之间将出现波动。

租赁退租支付和其他优化成本预计将使全年自由现金流降至不到 1000 万美元。由于公司需要为剩余工作提供资金，管理层预计到年底净杠杆率将适度上升。

其他不确定领域包括租赁谈判的时间和成本、州补贴退款增幅放缓以及保险相关费用。部分租赁退租现金支出可能会延续至 2027 年。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Thank you. Welcome to KinderCare's second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the telephone keypad. If you would like to withdraw your question, press star 1 again. It is now my pleasure to introduce Jason Terry, KinderCare's Director of Investor Relations. Mr. Terry, you may begin the conference.

Unknown Speaker

Thank you and good afternoon everyone. Welcome to KinderCare's second quarter 2026 earnings call. Joining me from the company are Chief Executive Officer Tom Wyatt and Chief Financial Officer Tony Amandi. Following Tom and Tony's comments today, we will have a question and answer session. During this call, we will be discussing non-GAAP financial measures, the most directly comparable GAAP financial measures and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available in our earnings release and within the supplemental earnings presentation, both of which are posted on our investor relations website at investors.kimney.com. A reminder that certain statements made today may be forward-looking statements. These statements are made based upon management's current expectations and beliefs concerning future events impacting the company and involve a number of uncertainties and risks which are explained in detail in the risk factor section of our most recent annual report on Form 10-K and other filings with the SEC.

Please refer to these filings for more detailed discussion of forward-looking statements and the risks and uncertainties of such statements. The actual results of operations or financial condition of the company could differ materially from those expressed or implied in our forward-looking statements. All forward-looking statements are made as of today and, except as required by law, KinderCare undertakes no obligation to publicly update or revise any forward-looking statements, whether as of today or as of tomorrow. as a result of new information, future developments, or otherwise. I'll now turn the call over to our Chief Executive Officer, Tom Wyatt.

Unknown Speaker

Thank you Jason and good afternoon everyone. I'm pleased to share updates on our second quarter performance with you today. We deliver results largely in line with expectations, along with a few bright spots that reinforce the progress we are making. During the quarter, we remained focused on the priorities we outlined earlier this year. strengthening execution across our centers, simplifying day-to-day responsibilities of our center leaders, and positioning the business for long-term growth. Revenue was down slightly compared to last year as we began optimizing our footprint during the quarter. This is partially offset by continued growth in champions and kinder care for employers. And our premium brand, the Crim School, continued building on the progress we've seen this year.

Same center occupancy for the quarter was just under 69% and benefited from our optimization work. We're encouraged by the progress we're continuing to make and we know there's more work ahead. I'll begin with our flagship brand, KINDERCARE. Improving our enrollment trend within our largest brand is going to be the result of more consistent performance over time. The actions we took to enhance our targeted marketing are helping us connect with more prospective families. At the same time, we are simplifying the responsibilities of our center directors. give them more time to leave their centers, support their teachers, and engage with families in meaningful ways. Those day-to-day interactions are the heart of great family experiences, and over time, they help convert interest into enrollment and retain families longer.

That's how operational improvements translate into better results. We put a renewed emphasis on our small group enrichment programs called Learning Adventures. These have expanded learning in our classrooms in areas like phonics, STEM, and Spanish. Family response continues to exceed our expectations as revenue from these programs has almost doubled from a year ago. We're expanding these offerings across more centers and into additional seasonal programming, giving families even more opportunities to extend their child's learning experience beyond our core curriculum, which we believe is a key differentiator. We're also investing thoughtfully to expand our geographic footprint where we see a attractive long-term potential and strong man for high quality early education During the quarter we entered our 42nd state with a new center in Bentonville, Arkansas. We also opened a center in Ridgefield, Washington, a thriving community often described as a childcare desert.

Both centers expand access to childcare where it's needed most. We're applying that same discipline approach to CRIMS schools, our premium brand, expanding into markets where we see growing demand. Just after the quarter ended, we opened the CRIM school at Great Park in Irvine, our first CRIM location in California. The school features modern learning environments, elevated amenities, and personalized educational experiences. This is an important milestone and expands CRIM into a large and very attractive market. We are pleased with enrollment in our summer camp programs at CRIM, where enrollment increased approximately 26% compared to last year. It's another encouraging sign that our repositioning efforts are gaining traction.

As we grow this brand, we're focused on delivering differentiated educational experiences that families value. Turning to champions, we delivered another strong quarter of double-digit revenue growth, extending our streak to four consecutive quarters. That growth reflects both the addition of 85 net new sites since Q2 of last year and improved productivity across our existing sites. Summer programming at Champions is going well and reinforces our relationships with families and our school district partners. We're expanding into additional schools within our existing districts while bringing our before and after school programs to new districts. Within KinderCare for Employers, we're continuing to see organizations look to partner with us to meet their employees' child care needs. During the quarter, we welcome several new partners across a range of industries, reflecting continued demand for our employer-sponsored childcare solutions.

That's an area of the business we're excited about, and we expect it to remain an important part of our growth strategy. We're also encouraged by the opportunity we see in tuition benefit. Our large national footprint gives us a clear advantage in offering childcare benefits to employers across 42 states. And we are able to connect more families with high quality care in the communities where they live and work. We believe that combination positions us well as employer demand for child care solutions continues to grow. Our breadth and flexible platform allow us to partner with employers in a variety of ways. For example, we have supported public safety employees in Dallas by providing 24-hour childcare during the World Cup this past quarter.

Just another example of how we can tailor our childcare solutions to meet the needs of employers. careers, and communities. Quickly touching on the policy environment, the overall direction has been encouraging. We continue to see steady bipartisan support at all levels as federal policy has remained supportive, and many states are expanding child care access. For instance, New York recently announced a massive investment of $1.7 billion into ECE programs. announced, it will add another $220 million toward 20,000 new mixed delivery childcare and New Hampshire is creating a childcare tax credit, incentivizing employers to be a part of childcare solutions. We applaud these leaders for listening to the needs of the working parents. As a national provider serving working families across the country, we're continually evaluating how we best serve them. THAT NAME IS EXPANDING INTO GROWING COMMUNITIES LIKE GROWING COMMUNITIES LIKE GROWING COMMUNITIES LIKE VINVILLE, RIDGEFIELD, AND VINVILLE, RIDGEFIELD, AND VINVILLE, RIDGEFIELD, AND IRVINE.

IRVINE. also means thoughtfully consolidating centers where demand has shifted. This is an important part of how we manage our presence across the country. As part of the ongoing evaluation of our center footprint, we've identified several consolidation opportunities that we believe will better align our centers with the communities we serve as families' needs and local demand for childcare have evolved over time. While the majority of our centers continue to perform well, some are no longer in the best locations to serve communities. As a result, we're consolidating those centers and as of today, we are approximately two-thirds of the way through this work, including 49 center closures completed during the second quarter. Those centers represented about 3% of our total center footprint and were primarily from our fourth and fifth quintile and on average were below 37% occupied. These decisions are never easy, and we evaluate every center individually.

Our priority is minimizing disruption for families, teachers, and the communities we serve. And wherever possible, we help families and employees transition to nearby locations. We're encouraged that both family and employee retention have exceeded our expectations through this process. We believe that the result will be a center footprint that's better aligned with where our families live and work today, And it will allow us to focus our people, our resources, and investments where they can have the greatest impact for families. As we complete the remaining consolidations this year, you should expect some quarter-to-quarter variability in our financial results. We believe that's a responsible tradeoff because these actions will strengthen KinderCare and better position us to serve families, continue investing in high-quality early education, and support long-term access to high-quality child care. Looking ahead, our priorities remain the same.

We'll continue improving execution across the business. We will continue to invest where we see the greatest opportunities, and we will continue supporting our center teams so they can deliver the best possible experiences for our families. We're encouraged by the progress we're making, confident in the actions we're taking, and excited about the opportunities ahead.

Anthony Amandi

Tony will now provide more details on our financial results. Thank you, Tom. I'll start with our Q2 results and then discuss our outlook for the remainder of the year. Second quarter revenue was $698 million, down slightly from $700 million the prior year. Enrollment pressure was partially offset by strong performance in champions and contributions from KinderCare for Employers, Learning Adventures, and our newer centers. While current performance remains below prior year levels, the year over year gap has narrowed significantly and the underlying trend continues to improve. Overall, same center revenue decreased by $14 million or 2%. This was mainly driven by lower enrollment and an $11 million impact from closures, $5 million of which was our footprint optimization work.

Higher tuition rates and strong performance from centers newly included in the same center cohort helped offset a portion of the enrollment headwind. Total enrollment declined by 4% year over year, reflecting both ongoing pressure and impact from our center consolidation action. Pricing contributed approximately 2.6% to ECE revenue during the quarter. We see positive developments overall in subsidy reimbursement rates. We expect the benefits to remain modest through the current state budget cycle. The consolidations provided a 70 basis point benefit to same center occupancy for the quarter, which was 68.6% down 240 basis points from last year. Champion's revenue in the second quarter increased 13% year-over-year, driven by a mixture of new site openings and higher average revenue per site.

Along with KinderCare for Employers, these B2B businesses are broadening our revenue mix and supporting our overall growth strategy. We opened five new centers and acquired five new centers during the quarter. Cash consideration for the acquisitions in Q2 was about a half million dollars, funded completely out of the $45 million in free cash flow generated in the quarter. Unacquired Centers this year have contributed approximately $2.6 million in revenue year-to-date. As Tom mentioned, we closed 49 centers during the quarter and expect that number to reach 80 to 85 by the end of the year, with the majority of the remaining happening in the fourth quarter. On an estimated annualized basis, the optimization work would represent approximately a $57 million revenue headwind and an $8 million benefit to adjusted EBITDA. We estimate annual rent expense would decline by approximately $7 million, and occupancy would improve by roughly 150 basis points once the work is fully completed.

As we discussed earlier, you'll see some quarter-to-quarter variability in our financial results as we complete the remaining consolidations, and we've reflected those expected impacts in our updated outlook for the remainder of the year. To help investors better understand the optimization work, we've included a supplemental slide summarizing the impacts of consolidations completed to date and our expectations for the remaining work this year. Continuing down the income statement, reported a net loss of $8.8 million and reported a loss of $0.07 per share for the second quarter. Adjusted EBITDA was $63 million for the quarter, down from $82 million a year ago, reflecting the impact of lower occupancy on operating leverage. About $5 million of the decline was driven by adjustments to our insurance and legal reserves. Adjusted net income was $9.9 million and adjusted EPS was $0.08 compared to $26 million and $0.22 respectively in the prior year period. The quarter also included footprint optimization related impacts, primarily impairment expense and accelerated depreciation, along with other transition costs, including about a half million in severance expense.

While our optimization work has near-term financial impacts, we expect it to better align our center footprint and support stronger returns on capital over time. SG&A was 10.5% of revenue, down 76 basis points from last year. We remain focused on managing expenses while investing in the highest priorities. Interest expense was $18 million for the quarter, down from $20 million in the prior year, driven by a repricing last year. We expect to see favorable comparisons for the remainder of this year as well. Turning to the balance sheet, we ended this quarter with $174 million in cash and $188 million of available capacity under a revolving credit facility. Net debt to adjust the EBITDA is approximately three times.

We expect modest increase in that ratio over the balance of the year as we complete the remaining consolidations and fund costs associated with exiting leases. Our balance sheet provides the flexibility to complete the remaining optimization work. Today, we have line of sight to approximately 36 lease exits, representing approximately 20 to 25 million of expected lease exit payments. Those payments are reflected in our updated free cash flow outlook. The remaining leases are at varying states of negotiation, and their timing and ultimate resolution will vary by location. We'll continue to update investors as we gain additional visibility into the associated cash impacts, some of which may extend into 2027. Looking ahead, we are updating our full-year outlook to reflect the expected impact of our footprint optimization work.

For the full year, we now expect revenue between $2.66 and $2.7 billion, adjusted EBITDA between $200 and $220 million, and adjusted EPS between $0.05 and $0.15. Included in our updated outlook is approximately $8 million of incremental insurance related to our actuarial analysis on our workers' comp and general liability self-insurance. For our revenue growth assumptions, we are maintaining our occupancy to be down approximately 3% as reduced capacity from the optimization work partially offsets enrollment pressure. We now expect tuition contribution to revenue growth of approximately 2.5% for the year. Primarily reflecting the slower pace of state subsidy reimbursement rate increases than we previously expected. We expect the revenue growth contributions from champions and B to B to be 1%. With new centers and acquisitions to both remain consistent about 50 basis points each. consolidations are now expected to represent about 1.5 percent headwind to revenue growth this year we We expect CapEx this year to be between $120 and $130 million.

Free cash flow is expected to be less than $10 million, primarily reflecting elevated cash costs associated with the footprint optimization work. For modeling purposes, assume our effective tax rate to be 27% for the year. To provide better transparency as we move into the second half, we're providing an outlook for the third quarter. We expect revenue to be between $660 and $680 million and adjusted EBITDA to come in between $44 and $48 million. Human Saver Q3 is expected to be in the mid-60s. We'll continue to provide updates on the financial impact of the remaining consolidations throughout the balance of this year. By completing this work in 2026, we expect to enter 2027 with a better line center footprint, improved occupancy trends, and a cost structure that better supports sustainable long-term growth.

To wrap things up, our priorities for the second half are straightforward. We remain focused on discipline execution, completing our footprint optimization work, and investing in the opportunities that matter most. We believe those actions will position as well as we enter 2027. Now let's go ahead and open up the line for questions.

Operator

We will now begin the question and answer session. Please limit yourself to one question and one follow up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.

Your first question comes from the line of Josh Chan with UBS. Your line is open. Please go ahead. A reminder to mute and unmute yourself locally as needed. Josh, your line is open. Your next question comes from the line of Jeff Silver with BMO Capital Markets. Your line is open. Please go ahead.

分析师问答

Joshua Chan

Thanks so much. Can you hear me?.

Operator

TRUE. NEW SPEAKER P. AND IT SEEMS LIKE JEFF CAN'T HEAR.

Jeffrey Silber

Yes, I can hear me now. Both lines are open. Thank you. Okay. Can you hear me? Okay, I'm going to ask a question assuming that you can hear me. I'm just trying to get a little bit more color on the impact of the center closures. And forgive me, I came on the call late. If you hadn't, I guess, done all these center closures, what would have been the impact of guidance going forward, would it have been maintained, changed in any way, any color you could give would be great. Thank you. All right. Forgive me, we can't hear you at all.

I don't know if you're answering my question. Ladies and gentlemen. Can you hear me?.

Operator

We are currently experiencing technical difficulties. Please stand by as we resolve the issue.

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[Call has ended.]