Shares of Bright Horizons Family Solutions, Inc., (BFAM, Financial) a leading provider of high-quality, corporate-sponsored child care, experienced a negligible drop in the quarter. We still believe the outlook for this consistently well-run company is bright, grounded on an attractive business model characterized by high revenue and earnings visibility, low capital intensity, superior ROI, and solid cash flows. Growth avenues include additional centers, continued cross-sale of other high-margin services, accretive acquisitions, geographic expansion, and greater center utilization.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund fourth-quarter 2019 shareholder letter.
