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Bright Horizons Family Solutions Inc. (NYSE: BFAM) is a renowned provider of education and care solutions designed to help employers support their employees in achieving a balanced work-life integration. Established in 1986, Bright Horizons has been a pioneer in creating employer-sponsored child care centers, transforming the modern business culture by addressing the needs of working parents. Today, the company operates over 1,000 child care centers globally, relied upon by thousands of working families.
The company operates through three main business segments: full-service center-based child care, backup care, and educational advisory services. The full-service center-based child care segment, which includes traditional center-based child care and early education services, is the primary revenue generator for the company. This segment ensures that children receive the best early education and care, providing parents with peace of mind as they pursue their careers.
In addition to child care services, Bright Horizons offers backup care solutions, which encompass in-home child and elder care. These services provide critical support to employees in times of need, ensuring that both children and elderly family members are well cared for. The educational advisory services segment offers tuition assistance and education consulting, supporting both child and adult learners in their educational journeys.
Bright Horizons collaborates with many of the world's top employers, who consider the company's benefits programs a cornerstone of their employee support strategies. These programs have consistently earned recognition on prestigious lists such as Fortune's “Best Companies to Work For” and Working Mother's top workplace lists. The company's dedication to creating supportive cultures for its clients extends to its own workforce, fostering an environment where both employees and clients can thrive.
Financially, Bright Horizons generates more than half of its revenue from North America, reflecting its strong presence and trusted reputation in the region. The company's commitment to excellence is evident in its continuous efforts to innovate and expand its services, ensuring that it remains a leader in the education and care industry.
Bright Horizons (NYSE:BFAM) has been named one of the Top Places to Work in Massachusetts by The Boston Globe for the third consecutive year, ranking 11th in the largest companies category among 175 employers. As the only education and care company on the list, Bright Horizons operates 59 centers serving over 6,000 families in Massachusetts.
The recognition is based on an employee survey conducted by Energage, measuring factors such as company direction, execution, connection, management, work, pay, benefits, and engagement. The survey included nearly 68,000 employees from 323 Massachusetts organizations.
Headquartered in Newton, MA, the company emphasizes employee empowerment, respect, recognition, and celebrates diversity in workplace culture through various initiatives including onboarding experiences, DEI programs, and professional development opportunities.
Bright Horizons Family Solutions reported strong Q3 2024 financial results with revenue increasing 11% to $719 million. Income from operations rose 34% to $89 million, while net income grew 37% to $55 million. The company achieved diluted earnings per share of $0.94, up 36% year-over-year.
The growth was driven by enrollment gains and tuition increases in centers, plus increased utilization of back-up care services. Full Service segment revenue grew 9%, while Back-Up Care segment delivered 18% revenue growth. The company operated 1,028 early education and child care centers with capacity to serve approximately 115,000 children as of September 30, 2024.
Bright Horizons Family Solutions (NYSE: BFAM) has announced its schedule for the release of third quarter 2024 earnings. The company will disclose its financial results for the quarter ending September 30, 2024, on Monday, November 4, 2024, after the stock market closes. Following this, a conference call with investors and analysts is scheduled for 5:00 p.m. ET on the same day.
Interested parties can join the call by dialing 1-877-407-9039 (or 1-201-689-8470 for international callers) and requesting the Bright Horizons Family Solutions conference call. The call will be moderated by CEO Stephen Kramer. Replays will be available until November 18, 2024. The earnings release and a webcast link will be accessible through the company's Investor Relations website.
The Surgeon General's Advisory on 'Parents Under Pressure' aligns with findings from Bright Horizons' 10th annual Modern Family Index (MFI). The MFI, surveying 2,000 working parents, reveals:
- 34% feel overworked
- 63% worry about family commitments
- 58% report not giving their all at work
- 43% feel underpaid and stressed
46% of respondents prioritize childcare payment support over other benefits, yet only 29% receive such assistance. 35% have minimal support outside work. The Surgeon General's advisory highlights factors contributing to parental stress, including work-related childcare concerns.
70% of working parents consider work-life balance benefits 'non-negotiable'. Bright Horizons CEO Stephen Kramer urges employers to offer family support benefits for talent retention and acquisition. Companies like Bank of America, Toyota, and Walmart are leading in providing family-friendly benefits to reduce employee stress and boost productivity.
Bright Horizons' (NYSE:BFAM) fourth annual Education Index reveals significant challenges for American workers in career advancement and financial mobility. The study, conducted by The Harris Poll, highlights that while 74% of workers are interested in developing new skills, 58% don't know where to start. Student loan debt is a major barrier, with 68% of debt-holders feeling their education wasn't worth the impact on their well-being. Additionally, AI advancements are causing concern, with 26% feeling pressure to learn new skills and 30% worried about job replacement.
The report also shows that student loan debt is influencing voting decisions, with 36% of employees considering it for the 2024 presidential election. Despite AI's potential benefits, only 34% of employees use it regularly, partly due to lack of employer-provided training. The study emphasizes the need for companies to address education barriers and provide support for employee skill development to remain competitive in the evolving job market.
Bright Horizons Family Solutions (NYSE: BFAM) reported strong financial results for Q2 2024, with significant growth across key metrics. Revenue increased 11% to $670 million, while net income surged 90% to $39 million. The company saw notable improvements in its full-service center-based child care and back-up care segments. Diluted EPS rose 91% to $0.67, and adjusted EPS grew 38% to $0.88.
Based on these positive results, Bright Horizons has updated its 2024 outlook, projecting revenue between $2.65 billion and $2.7 billion, with diluted adjusted EPS expected to range from $3.30 to $3.40. The company's strong performance is attributed to enrollment gains, tuition price increases, and increased utilization of back-up care services.
Bright Horizons Family Solutions (NYSE: BFAM) has announced the date for its second quarter 2024 earnings release and conference call. The company will release its financial results for the quarter ended June 30, 2024, on Thursday, August 1, 2024, after the stock market closes. Following the release, Bright Horizons will host a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the Q2 2024 results, updated business outlook, strategy, and performance.
Interested parties can join the call by dialing 1-877-407-9039 (US) or 1-201-689-8470 (international). The call will be moderated by CEO Stephen Kramer. Replays will be available until August 15, 2024. The earnings release and a link to the audio webcast will be accessible through the Investor Relations section of the company's website.
The 10th annual Modern Family Index (MFI) conducted by Bright Horizons (NYSE:BFAM) and The Harris Poll reveals that parents are ready to leave jobs for family-friendly benefits, with 78% comfortable speaking up about family responsibilities with employers. The research shows 70% prioritize working for a company offering work/life balance benefits, and 66% would delay having more children until finding a job with better family planning support. Employers not providing childcare assistance risk losing employees. However, there is optimism among parents for workplace improvements like flexible schedules and enhanced benefits.
Bright Horizons Family Solutions reported strong financial results for the first quarter of 2024, with revenue increasing by 12% to $623 million. The company also saw significant growth in income from operations, net income, and diluted earnings per common share. Adjusted EBITDA, adjusted income from operations, and adjusted net income all showed positive increases. The company reaffirmed its financial guidance for 2024, with expectations of revenue in the range of $2.6 billion to $2.7 billion and diluted adjusted earnings per common share of $3.00 to $3.20.
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