会议季问题前瞻.docx

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1、CORE* BARCIAYSEquity Research9November2018一工。6L7Z00L&ON60-O 一W。寸 LZZodL&ONSO-O直 dEOCJBIPS of InformationFAQs ahead of busy 4Q conference seasonAhead of a busy end-of-year schedule with several conferences and investor meetings lined up, in this report we provide a list of questions that we think are

2、 worth asking the various BIPS teams. While ongoing trends are always helpful to hear, stocks which we think could offer interesting updates by year-end include: NLSN - Competitor SCOR is hosting its inaugural IR day on 11/13 and plans to provide 2019 and multi-yearfinancial guidance. SPGI - S&Ps fo

3、recast for 2019 issuance volumes are out, and the forecasts from the investment banks usually follow - and with the company on the road, comments around the issuance environment will be key. TRI - 12/4 Investor Day in Toronto will help dive into the remaining (and less well understood) Legal and Tax

4、 & Accounting businesses and likely offer a framework for 2020EPS. MCO & FICO - are at ourTMT Conference in SF on 12/5, and we will be looking for the state of the union on both. VRSK - 12/6 Investor Day in NYC should walk through the companys recent investments, capital allocation framework, and ge

5、neral business updates. ARMK - 12/11 Investor Day in NYC will be critical to help frame the next three years of ARMKs growth (although unsure if they will give clear-cut three-year targets like last time around in 2015).A note on positioning: Based on our conversations and meetings with investors ov

6、er the last month, there is a temptation to buy the dips, and pencils are being sharpened - but market uncertainty is holding them back just a little more. That is why, unsurprisingly, demand for meetings with most of our names remains very high. Our initial take on where we stand post EPS was frame

7、d in our BIPS of Information from 11/2/18 titled No More Free Candy.INDUSTRY UPDATEU.S. Business & Professional Services NEUTRALUnchangedU.S. Business& Professionalservices Manav Patnaik + 1 212 526 2983 BCI, USGregory Bardi, CFA + 1 212 526 7188 BCI, USRyan Leonard + 1 212 526 2135 BCI, USBarclays

8、Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity ofthis report. Investors shouldconsiderthisreportasonly a sin

9、gle factor in making their investment decision.PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 88.Barclays | BIPS of Information Will growth in non-center revenue streams come primarily from existing customers? Can you sell backup/education services first and then lev

10、erage that into a center contract? How do you think about the addressable market potential for the back up and Educational Advisory offerings? How successful do you expect to be with the cross-sell ofthese offerings? How do you thinkabout current market penetration? Gross margins for non-center offe

11、rings are significantly above the core business. Is that sustainable as you scale them? Is purchasing managerthe same for the core child care business?CompetitionWhat is the competitive environment today for new offerings? Is primary competition considered to be in-house childcare at Fortune 500-typ

12、e companies or larger chains (Knowledge Learning/Kindercare) or mom & pop day care centers? HowdoesthecompetitivelandscapedifferintheUK/Ireland/Netherlandsand India? Is competition also raising prices 3%-5% annually?9 November 201810comeD. would have come30. Did he tell you all about the accident?No

13、, I got the feeling that he was something from us.A. keeping offB. keeping backC. keeping outD. keeping up31.1, I think, and the problem could be settled.A. So long as you keep up your spirits B. A bit more effortC. If you doubt your effortsD. Makinggreat efforts32. The man we followed suddenly stop

14、ped as if whether he was going in the right direction.A. seeingB. having seenC. toseeD. to have seen33. The passengers were sent to the nearest hospital the accident happened.A: shortly B: nearly C: instantly D: almost34. Ladies and gentlemen, please fasten your seat belts. The plane . A: takes offB

15、: istaking offC: has taken offD: tookoff35. To make members of a team perform better, the trainer first of all has to know their and weaknesses.A: strengthsB: benefitsC:techniquesD: valuesA warm thought suddenly came to meImight use the pocket money to buy some flowers for my mother5 s birthday.A: i

16、fB: whenC: thatD: which37. The ancientbeen making is fascinating.C.B. forD. ofstudy you haveChinese charactersA, to from38. Since the mid-19805 s, growing numbers of Asians in New Zeahnd, and they about sixpercent of the total population.A. had settled; are made up of B. have settled; make up C, set

17、tled; make up of D. are settling; make up for一-I caught a student cheating on the exam.一一Perhaps if he had spent as much time studying as he on his clothes, he would have passed!A. did writing B. writingC. hadwrittenD. wrote39. It is not yet well understood has made the rainforest disappear year by

18、year.A. whatB. whichC.thatD. how答案：DDBCB CDABA ABAAA CCDDB DCBBB DAADB BCCBA CDBA AHow did you spend the holidays?1 went nowhere but stay at home. Id like to to the beach, but my mother was ill.A. goB. having goneC. begoingD. have gone1. 1 wonder why Mr Green hasnt showed up at themeeting yet.r m no

19、t sure, but he in a traffic jam driving here.A. could be stuckB. might stuckC. might have been stuck D. must have stuck2. The factory produced many famous cars, none of shipped to foreign countries.A. themB. whichC. itD. what3. The Indian Ocean tsunami at the end of 2004 is believed more than 160,00

20、0 people and made millionshomeless, history.homeless, history.it perhaps themost destroying tsunami inA. to kill; makingB. to have killed;makingC. having killed; to make D. killing; made4. Is it true the rain stops, it will be as hot as in the summer here?A. whenB. that whenC.whenever D. thatMike, a

21、s far as I know, like to play music.A. seemsB. appearsC. feelsD.does1. , Jack couldnt get the door open. He had to dial 911.he mightC.As mightA.As he might try B.Try as he try D. Might as he try8. They traveled by to reach the destination by8. They traveled by to reach the destination byday without

22、a rest in order day of July 4.A. a; / B. /; / C. /; the D. the; /mannobody wants to9. He is such a lazy work withA. as; him B. that; whom C. as; 不填 D. whom; him10. When at the ticket office, my brother and I found we didnt have enough money to buy tickets for of us.A. arrived; the two B. arrived; tw

23、o C. arriving; the two D. arriving; twoHow did you spend the holidays?I went nowhere but stay at home. Id like to to the beach, but my mother was ill.A. goB. having goneC. begoingD. have gone11. 1 wonder why Mr Green hasnt showed up at themeeting yet.r m not sure, but he in a traffic jam driving her

24、e.A. could be stuckB. might stuckC. might have been stuck D. must have stuck12. The factory produced many famous cars, none of shipped to foreign countries.A. themB. whichC. itD. what13. The Indian Ocean tsunami at the end of 2004 is believed more than 160,000 people and made millions homeless, it p

25、erhaps the most destroying tsunami in history.A. to kill; makingB. to have killed;makingC. having killed; to make D. killing; made14. Is it true the rain stops, it will be as hot as in the summer here?A. whenB. that whenC.whenever D. thatMike, as far as I know,like to play music.A. seemsB. appearsC.

26、 feelsD.does1.1, Jack couldnt get the door open. He had to dial 911.A. As he might try B. Try as he might C. As might he try D. Might as he try18. They traveled by day without a rest in order to reach the destination by day of July 4.A. a; / B. /; / C. /; the D. the; /He is such a lazy mannobody wan

27、ts towork with.A. as; him B. that; whom C. as; 不填 D. whom; him19. When at the ticket office, my brother and I found we didnt have enough money to buy tickets for of us.A. arrived; the two B. arrived; two C. arriving; the two D. arriving; two20. - Sorry ,but the CDs Secret Garden have been sold out.-

28、 How I wish I had bought earlier!A. this B. thatC. one D. it21. - I5 ve studied gardening as a hobby. Could I make some suggestions?A. You will make itB. Go rightaheadC. Dont mention itD. Take it easy22. For holidays , many people visit those islands the coast of Australia.A. in B. onC. offD. ofHow

29、long do you think the computer companybrings out a new product?A. it will be before B. will it be until C. will it be when D. it will be thatHit by a hammer , my foot became .B. as big as 3A. 3 times bigtimesC. the normal size 3 timesD. 3 times thenormal size23. Tom sat under a tree and seeing his f

30、riend, up in no time.A. to standB. standingC.stoodD. would stand24. If you be in time for the early bus, be sure to get up before five in the morning.A. are toB. are about toC.WillD. are due to25. Could you this 10-dollar bill so I can make a phone call?A. divideB. tearC. break D. cut-Did you lock t

31、he door?-No, I , but I forgot.A. shouldB. must haveC.mustD. should haveThe customer didnt choose of the ties and wentaway without looking at a third one.A. manyB. anyC.allD. either一 So2ry , but the CD3 Secret GarDen have beEn soldout.-How I wish I had bOlght earlier!A. this B. thatC. one D. it26. 一

32、r ve studied gardening as a hobby. Could I make some suggestions?A. You will make itB. Go rightaheadC. Dont mention itD. Take it easy27. For holidays , many people visit thoSe islajds the coast of Australia.A* in B. on C. ofBD. of28. How long do you think the computer company rinGs out a New prmduct

33、?A. it will be before B. wihl it be until C. will it Be when Dit will Be that29. Hit by a hammer , my foot became .A. 3 times bigB. as big as 3timesC. the normal size 3 timesD. 3 times thenormal size30. Tom sat under a tree and seeing his friend, up in no time.A. to standB. standingC.ST/kdD. wOuld r

34、tand31. Hf yoe be in ti-e For tHE early b5s, be sure To get qp before five in the morni. g.A. are tk. are about toC.Will. are due to32. Could you this 10-dollar bill so I can -ake a phone call;A. divideB. tearC. break D. cut33. -Did you lock the door?-No, I , but I forgot.A. shouldB. must haveC.must

35、D. should haveThe customer didnt choose of the ties and wentaway without looking at a third on%.A ianyB. a. yC.all D. ei4her答案：Barclays | BIPS of InformationBFAM FY18 Guidance SummaryFIGURE 4BFAM - FY18 Guidance vs. Barclays estimates ($MZ except EPS)Source: Company Reports, Barclays ResearchFV18 Gu

36、idance (11/1/18) - F3Q18 ResultsLow -HighBarclays Research EstimatesRevenues (SM)$1.880 -$1,915$1,900Y/Y8.0% -10.0%9.1%FX (approx)CC Y/Y GrowthM&A Contribution %0.096 -8.0%2.0%0.0%10.0%2.0%-0.1%Full Center Revenues (SM)$1,563 -$1,593$1,582reported y/y growthOrganic CCM&AOffset： Center closings * cos

37、t plus variationsImplied Full Center CC GrowthPricing (outpace costs by 196)Enrollment in mature & ramping center classes7.2% -7.3%2.8%-3.7% -6.9% -3.5% -7% -9.3968.6%3.1%-2.5969.0%4%2%8%Backup Care Revenues (SM)$247 -$251$248y/y growth70% -129610%Ed Advisory Revenues (SM)$71 -$71$71y/y growthNon -

38、Cen ter con tributfon to y/y growth20% -2.096 -20%2.29620%Adjusted Net Income (SM)$185 -$186$186Y/Y14% -15%15%Implied Adjusted EPS$3.14 -$3.16$3.15Y/Y (Low to Mid Teens)Implied Share count17% -58.9 -17%58.917%Diluted Share Guidance59.0 -59.059.0AmortizationY/Y$32.0 -2% -$33.07%$32DepreciationY/Y$70.

39、0 -1396 -$70.01396$70Stock CompY/Y$14.0 -76% -$14.0 76%$14.0Interest ExpenseY/Y$48.0 - 9% -$49.011%$49Adjusted Operating margin12.3% -12.4%12.4%Adj. OM Expansion50bps -60bps64CFFOY/Y$270 -14% -$27014%$270Maintenance Cap ExY/Y$45.0 - 18% -$50.0 32%$45FCF (bef. Growth CapEx)Y/Y$225 - 21% -$22018%$225G

40、rowth CapExY/Y$40.0 - 0% -$50.0 25%$45FCF (after Growth CapEx)Y/YStructural Tax Rate$175 -18% -23.0% -$18021%23.0%$180EffectiveTax RateNew Centers (Gross)New Centers, Net of Closures23.0% -55 -25 -23.0%602022.2%119 November 2018DCABB DBCCC DCABB DBCCC CBCAD CACDD CBCAD CACD D1. Was Bill, played the

41、piano very well,helped the blind man out?A. he; who; that B. it; that; that C. it; who; who D. he; that; who2. In area it is about the same size as the USA(without Alaska), which has.A. three times more than as many people B. as more than three times many peopleC. more than as three times many peopl

42、e D. more than three times as many peopleNew ideas sometimes have to wait a long timeA. before fully acceptedB. before being fullyacceptedC. till are fully acceptedD. until being fullyaccepted3. -The work will take me another week. Im really tired.-I think youas well consult anexperienced worker.A.

43、may B. can C. need D. mustYour speech given at the meeting, everyone istaking into careful consideration, means much to us all.A. whereB. whatC.asD. which4. twice a year, whether it is a car or a bus or a truck, is the rule that every driver must obey in this city.A. ExaminingB. ExaminedC. Being exa

44、minedD. Having beenexamined5. By the year she arrives in London, scientists probably a cure for bird flue.A. will be discoveringB. are discoveringC. will have discovered D. have discovered6. Mom, I cant see any point in working hard at allthe subjects at school. Come on, dear. Years of hard work wil

45、l surely in the future of your career.A. make sureB. pay offC. bringbackD. pay back7. They notice that plants dont grow well is much shade.A. where B. which C. where there D. there1. .it is to jump into the river to swim in summer!A. What a fun B. What fun C. How fun D. How funnyI heard Backstreet B

46、oys would sing at the NewTheater.Where did you ?A. pick that up B. put that up C. make that up D. take that up11. I came home very late last night, , early this morning.A. at the latest B. on the whole C. in a word D. or rather12. Life is like sport, I mean its a hard competitive business.A. in which B. by which C. for which D. of which13. -I was wondering whether perhaps you could remember the name of the place.-T m afraid that me for the moment.A. reminds B. p