Bright Horizons Family Solutions Reports Financial Results for Second Quarter of 2024

Rhea-AI Summary

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.

Positive

• Revenue increased by 11% to $670 million in Q2 2024
• Net income surged 90% to $39 million
• Diluted EPS rose 91% to $0.67
• Adjusted EPS grew 38% to $0.88
• Full-service revenue growth of 11% and back-up care revenue growth of 15%
• Increased 2024 outlook for both revenue and adjusted EPS

Negative

• Decrease of $9.3 million in funding received from pandemic-related government support programs

Financial Analyst

Bright Horizons Family Solutions' Q2 2024 results demonstrate robust financial performance and positive momentum. The company reported an 11% increase in revenue to $670 million, driven by enrollment gains, tuition price increases and increased utilization of back-up care services. Notably, income from operations surged by 52% to $69.1 million, primarily due to improved operating leverage in the full-service center-based child care segment.

The company's profitability metrics are particularly impressive. Net income soared by 90% to $39.2 million, while diluted earnings per share nearly doubled to $0.67. Adjusted EBITDA, a key measure of operational efficiency, increased by 25% to $102.6 million. These figures suggest that Bright Horizons is effectively managing costs while driving top-line growth.

The company's balance sheet remains strong, with $140.2 million in cash and cash equivalents and $389.8 million available under its revolving credit facility. The 25.4% increase in cash generated from operations (to $225.8 million) in the first half of 2024 indicates improved cash flow management.

Looking ahead, Bright Horizons has raised its full-year outlook, projecting revenue between $2.65 billion and $2.7 billion, with diluted adjusted EPS expected to be in the range of $3.30 to $3.40. This upward revision suggests management's confidence in the company's growth trajectory and operational efficiency.

Investors should note the company's expansion, now operating 1,032 early education and child care centers with a capacity to serve approximately 115,000 children. This scale provides a solid foundation for future growth and market share gains in the early education and child care sector.

Market Research Analyst

Bright Horizons' Q2 2024 results reflect broader trends in the early education and child care market. The 11% revenue growth, particularly the 15% increase in back-up care revenue, suggests a strong rebound in demand for child care services as more parents return to office work or hybrid arrangements post-pandemic.

The company's ability to implement tuition price increases while still achieving enrollment gains indicates a favorable supply-demand dynamic in the sector. This pricing power is important in an inflationary environment and speaks to the essential nature of Bright Horizons' services for working families.

The expansion to 1,032 centers serving approximately 115,000 children underscores the company's market leadership position. This scale not only provides operational efficiencies but also enhances Bright Horizons' attractiveness to corporate clients seeking comprehensive child care solutions for their employees.

The strong performance in back-up care services (15% revenue growth) highlights the increasing importance of flexible child care options in today's dynamic work environment. This trend is likely to continue as companies strive to support their employees' work-life balance needs.

Investors should consider the potential long-term tailwinds for Bright Horizons, including the ongoing need for quality child care, increasing female workforce participation and corporate focus on employee retention through enhanced benefits. However, they should also be aware of potential challenges such as labor shortages in the education sector and the impact of economic cycles on corporate spending on employee benefits.

NEWTON, Mass.--(BUSINESS WIRE)-- Bright Horizons Family Solutions^® Inc. (NYSE: BFAM), a leading provider of high-quality early education and child care, family care solutions, and workforce education services designed to support working families and client employees across life and career stages, today announced financial results for the second quarter of 2024 and updated financial guidance for 2024.

Second Quarter 2024 Highlights (compared to Second Quarter 2023):

• Revenue of $670 million (increase of 11%)
• Income from operations of $69 million (increase of 52%)
• Net income of $39 million and diluted earnings per common share of $0.67 (increases of 90% and 91%, respectively)

Non-GAAP financial measures

• Adjusted EBITDA* of $103 million (increase of 25%)
• Adjusted income from operations* of $69 million (increase of 52%)
• Adjusted net income* of $51 million and diluted adjusted earnings per common share* of $0.88 (increases of 39% and 38%, respectively)

“We had a strong second quarter of 2024,” said Stephen Kramer, Chief Executive Officer. “We continued to execute well and delivered solid top and bottom-line growth in the quarter, highlighted by 11% full-service revenue growth, 15% back-up care revenue growth and 38% adjusted EPS growth. With the strong first-half results and the positive momentum we see in our business, we are increasing our full-year outlook for both revenue and adjusted EPS.”

Second Quarter 2024 Results

Revenue increased by $66.8 million, or 11%, in the second quarter of 2024 from the second quarter of 2023, due to enrollment gains and tuition price increases at our centers, as well as increased utilization of back-up care services.

Income from operations was $69.1 million for the second quarter of 2024 compared to $45.5 million for the second quarter of 2023, an increase of 52%. The increase in income from operations is primarily related to incremental gross profit contributions resulting from enrollment growth and improving operating leverage in our full service center-based child care segment, as well as higher utilization of back-up care services in our back-up care segment. These contributions were partially offset by a decrease of $9.3 million in funding received from pandemic-related government support programs and incremental overhead costs to support expanded service delivery. Net income was $39.2 million for the second quarter of 2024 compared to $20.6 million for the second quarter of 2023, an increase of 90%, due to the increase in income from operations noted above, as well as a lower effective tax rate. Diluted earnings per common share was $0.67 for the second quarter of 2024 compared to $0.35 for the second quarter of 2023.

In the second quarter of 2024, adjusted EBITDA* increased by $20.7 million, or 25%, to $102.6 million, and adjusted income from operations* increased by $23.5 million, or 52%, to $69.1 million from the second quarter of 2023, due primarily to the increase in gross profit in the full service center-based child care segment. Adjusted net income* increased by $14.5 million, or 39%, to $51.3 million, as a result of the increase in adjusted income from operations. Diluted adjusted earnings per common share* was $0.88 for the second quarter of 2024 compared to $0.64 for the second quarter of 2023.

As of June 30, 2024, the Company operated 1,032 early education and child care centers with the capacity to serve approximately 115,000 children.

*Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), which are commonly referred to as “non-GAAP financial measures.” Adjusted EBITDA represents EBITDA (which is net income, as determined in accordance with GAAP, before interest expense, income tax expense, depreciation, and amortization) adjusted to exclude stock-based compensation expense and non-recurring costs, such as value-added tax expense related to prior periods and at times, other non-recurring costs, such as transaction costs and impairment costs. Adjusted income from operations represents income from operations, as determined in accordance with GAAP, adjusted to exclude non-recurring costs, such as value-added tax expense related to prior periods and at times, other non-recurring costs, such as transaction costs and impairment costs. Adjusted net income represents net income, as determined in accordance with GAAP, adjusted to exclude amortization, stock-based compensation expense, and non-recurring costs, such as value-added tax expense related to prior periods, interest on deferred consideration, and the income tax provision (benefit) thereon, and at times, other non-recurring costs, such as transaction costs and impairment costs. Diluted adjusted earnings per common share is calculated using adjusted net income. These non-GAAP financial measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Financial Measures” and the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations,” respectively.

Balance Sheet and Liquidity

At June 30, 2024, the Company had $140.2 million of cash and cash equivalents and $389.8 million available for borrowing under our revolving credit facility. In the six months ended June 30, 2024, we generated $225.8 million of cash from operations, compared to $180.0 million for the same period in 2023, and made net investments totaling $64.1 million, compared to $68.7 million for the same period in the prior year. Additionally, during the six months ended June 30, 2024, the Company paid deferred and contingent consideration related to acquisitions, including $106.5 million related to its 2022 acquisition of Only About Children, a child care operator in Australia.

2024 Outlook

Based on current trends and expectations, we currently expect fiscal year 2024 revenue to be in the range of $2.65 billion to $2.7 billion and diluted adjusted earnings per common share to be in the range of $3.30 to $3.40. The Company will provide additional information on its outlook during its earnings conference call.

Conference Call

Bright Horizons Family Solutions will host an investor conference call today at 5:00 pm ET to discuss the results for the second quarter of 2024, as well as the Company’s updated business outlook, strategy and operating expectations. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470, and asking for the Bright Horizons Family Solutions conference call moderated by Chief Executive Officer Stephen Kramer. Replays of the entire call will be available through August 15, 2024 at 1-844-512-2921, or for international callers, at 1-412-317-6671, conference ID #13744696. A link to the audio webcast of the conference call and a copy of this press release are also available through the Investor Relations section of the Company’s web site, www.brighthorizons.com.

Forward-Looking Statements

This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, including statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, operating expectations, execution and delivery of our services and solutions, business trends, our future growth opportunities, enrollment and occupancy levels, back-up care utilization, long-term growth strategy, estimated effective tax rate, tax expense, our future business and financial performance, and our 2024 financial guidance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company believes that these risks and uncertainties include, but are not limited to, changes in the demand for child care, dependent care and other workplace solutions, including variations in enrollment trends and lower than expected demand from employer sponsor clients as well as variations in workforce demographics and work environments; the constrained labor market for teachers and staff and ability to hire and retain talent, including the impact of increased compensation and labor costs; the availability or lack of government support and impact of government child care benefit programs; our ability to respond to changing client and customer needs; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; changes in general economic, political, business and financial market conditions, including the impact of inflation and interest rate fluctuations; fluctuations in currency exchange rates; the effects of a cyber-attack, data breach or other security incident on our information technology system or software or those of our third party vendors; changes in tax rates or policies; impacts to our brand or reputation; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on February 27, 2024, and other factors disclosed from time to time in our other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Financial Measures

In addition to the results provided in accordance with GAAP throughout this press release, the Company has provided certain non-GAAP financial measures that present operating results on a basis adjusted for certain items. The Company uses these non-GAAP financial measures as key performance indicators for the purpose of evaluating performance internally, and in connection with determining incentive compensation for Company management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement. We believe that these non-GAAP financial measures provide investors with useful information with respect to our historical operations. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. The use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

With respect to our outlook for diluted adjusted earnings per common share, we do not provide the most directly comparable GAAP financial measure or corresponding reconciliation to such GAAP financial measure on a forward-looking basis. We are unable to predict with reasonable certainty and without unreasonable effort certain items such as the timing and amount of net excess income tax benefits, future impairments, transaction costs, and other non-recurring costs, as well as gains or losses from the early retirement of debt and the outcome from legal proceedings. These items are uncertain, depend on various factors outside our management’s control, and could significantly impact, either individually or in the aggregate, our future period earnings per common share as calculated and presented in accordance with GAAP.

For more information regarding adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share, refer to the reconciliation of GAAP financial measures to the non-GAAP financial measures in the attached table “Bright Horizons Family Solutions Inc. Non-GAAP Reconciliations.”

About Bright Horizons Family Solutions Inc.

Bright Horizons^® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For more than 35 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates more than 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, Australia and India, and serves more than 1,450 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.

BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited)
		Three Months Ended June 30,
			2024			%				2023			%
Revenue		$	670,059			100.0	%		$	603,216			100.0	%
Cost of services			507,647			75.8	%			466,653			77.4	%
Gross profit			162,412			24.2	%			136,563			22.6	%
Selling, general and administrative expenses			87,499			13.1	%			81,899			13.6	%
Amortization of intangible assets			5,854			0.8	%			9,132			1.5	%
Income from operations			69,059			10.3	%			45,532			7.5	%
Interest expense — net			(12,013	)		(1.8	)%			(12,219	)		(2.0	)%
Income before income tax			57,046			8.5	%			33,313			5.5	%
Income tax expense			(17,872	)		(2.7	)%			(12,719	)		(2.1	)%
Net income		$	39,174			5.8	%		$	20,594			3.4	%
Earnings per common share:
Common stock — basic		$	0.68						$	0.36
Common stock — diluted		$	0.67						$	0.35
Weighted average common shares outstanding:
Common stock — basic			57,971,350							57,707,565
Common stock — diluted			58,438,186							57,905,424

BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share data) (Unaudited)
		Six Months Ended June 30,
			2024			%				2023			%
Revenue		$	1,292,768			100.0	%		$	1,156,822			100.0	%
Cost of services			995,228			77.0	%			898,645			77.7	%
Gross profit			297,540			23.0	%			258,177			22.3	%
Selling, general and administrative expenses			175,045			13.5	%			164,670			14.2	%
Amortization of intangible assets			13,499			1.1	%			17,330			1.5	%
Income from operations			108,996			8.4	%			76,177			6.6	%
Interest expense — net			(25,694	)		(2.0	)%			(25,135	)		(2.2	)%
Income before income tax			83,302			6.4	%			51,042			4.4	%
Income tax expense			(27,139	)		(2.1	)%			(22,322	)		(1.9	)%
Net income		$	56,163			4.3	%		$	28,720			2.5	%
Earnings per common share:
Common stock — basic		$	0.97						$	0.50
Common stock — diluted		$	0.96						$	0.50
Weighted average common shares outstanding:
Common stock — basic			57,924,875							57,655,715
Common stock — diluted			58,374,296							57,807,667

BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
		June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	140,246			$	71,568
Accounts receivable — net			184,987				281,710
Prepaid expenses and other current assets			70,785				93,621
Total current assets			396,018				446,899
Fixed assets — net			578,925				579,296
Goodwill			1,788,166				1,786,405
Other intangible assets — net			203,930				216,576
Operating lease right-of-use assets			756,215				774,703
Other assets			114,145				92,265
Total assets		$	3,837,399			$	3,896,144
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt		$	23,500			$	18,500
Accounts payable and accrued expenses			282,760				259,077
Current portion of operating lease liabilities			100,934				100,387
Deferred revenue			258,896				272,891
Other current liabilities			46,396				148,578
Total current liabilities			712,486				799,433
Long-term debt — net			931,857				944,264
Operating lease liabilities			775,324				796,701
Other long-term liabilities			104,702				109,915
Deferred income taxes			29,809				33,155
Total liabilities			2,554,178				2,683,468
Total stockholders’ equity			1,283,221				1,212,676
Total liabilities and stockholders’ equity		$	3,837,399			$	3,896,144

BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
		Six Months Ended June 30,
			2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	56,163			$	28,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			53,099				56,229
Stock-based compensation expense			15,516				13,313
Deferred income taxes			(3,921	)			(4,250	)
Non-cash interest and other — net			7,411				5,434
Changes in assets and liabilities			97,482				80,596
Net cash provided by operating activities			225,750				180,042
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets — net			(42,016	)			(40,115	)
Purchases of debt securities and other investments			(36,281	)			(8,956	)
Proceeds from the maturity of debt securities and sale of other investments			17,713				11,227
Payments and settlements for acquisitions — net of cash acquired			(3,548	)			(30,884	)
Net cash used in investing activities			(64,132	)			(68,728	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit facility — net			—				(84,000	)
Principal payments of long-term debt			(8,000	)			(8,000	)
Proceeds from issuance of common stock upon exercise of options			6,901				7,382
Taxes paid related to the net share settlement of stock options and restricted stock			(1,786	)			(1,629	)
Payments of deferred and contingent consideration for acquisitions			(103,872	)			(225	)
Net cash used in financing activities			(106,757	)			(86,472	)
Effect of exchange rates on cash, cash equivalents and restricted cash			(723	)			(330	)
Net increase in cash, cash equivalents and restricted cash			54,138				24,512
Cash, cash equivalents and restricted cash — beginning of period			89,451				51,894
Cash, cash equivalents and restricted cash — end of period		$	143,589			$	76,406

BRIGHT HORIZONS FAMILY SOLUTIONS INC. SEGMENT INFORMATION (In thousands) (Unaudited)
		Full service center-based child care				Back-up care				Educational advisory services				Total
Three Months Ended June 30, 2024
Revenue		$	507,077			$	136,490			$	26,492			$	670,059
Income from operations			32,644				31,593				4,822				69,059
Adjusted income from operations			32,644				31,593				4,822				69,059
As a percentage of revenue			6	%			23	%			18	%			10	%
Three Months Ended June 30, 2023
Revenue		$	458,531			$	118,838			$	25,847			$	603,216
Income from operations			13,070				27,470				4,992				45,532
Adjusted income from operations			13,070				27,470				4,992				45,532
As a percentage of revenue			3	%			23	%			19	%			8	%
		Full service center-based child care				Back-up care				Educational advisory services				Total
Six Months Ended June 30, 2024
Revenue		$	990,717			$	251,162			$	50,889			$	1,292,768
Income from operations			54,088				47,576				7,332				108,996
Adjusted income from operations			54,088				47,576				7,332				108,996
As a percentage of revenue			5	%			19	%			14	%			8	%
Six Months Ended June 30, 2023
Revenue		$	888,722			$	217,968			$	50,132			$	1,156,822
Income from operations			21,503				45,243				9,431				76,177
Adjusted income from operations (1)			23,247				49,539				9,431				82,217
As a percentage of revenue			3	%			23	%			19	%			7	%

(1)

For the six months ended June 30, 2023, adjusted income from operations represents income from operations excluding value-added-tax expense of $6.0 million related to prior periods, of which $4.3 million was associated with the back-up care segment and $1.7 million was associated with the full service center-based child care segment.

BRIGHT HORIZONS FAMILY SOLUTIONS INC. NON-GAAP RECONCILIATIONS (In thousands, except share data) (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Net income		$	39,174			$	20,594			$	56,163			$	28,720
Interest expense — net			12,013				12,219				25,694				25,135
Income tax expense			17,872				12,719				27,139				22,322
Depreciation			19,612				19,787				39,600				38,899
Amortization of intangible assets (a)			5,854				9,132				13,499				17,330
EBITDA			94,525				74,451				162,095				132,406
As a percentage of revenue			14	%			12	%			13	%			11	%
Additional adjustments:
Stock-based compensation expense (b)			8,105				7,463				15,516				13,313
Other costs (c)			—				—				—				6,040
Total adjustments			8,105				7,463				15,516				19,353
Adjusted EBITDA		$	102,630			$	81,914			$	177,611			$	151,759
As a percentage of revenue			15	%			14	%			14	%			13	%
Income from operations		$	69,059			$	45,532			$	108,996			$	76,177
Other costs (c)			—				—				—				6,040
Adjusted income from operations		$	69,059			$	45,532			$	108,996			$	82,217
As a percentage of revenue			10	%			8	%			8	%			7	%
Net income		$	39,174			$	20,594			$	56,163			$	28,720
Income tax expense			17,872				12,719				27,139				22,322
Income before income tax			57,046				33,313				83,302				51,042
Amortization of intangible assets (a)			5,854				9,132				13,499				17,330
Stock-based compensation expense (b)			8,105				7,463				15,516				13,313
Other costs (c)			—				—				—				6,040
Interest on deferred consideration (d)			—				1,471				—				2,925
Adjusted income before income tax			71,005				51,379				112,317				90,650
Adjusted income tax expense (e)			(19,704	)			(14,540	)			(31,395	)			(25,536	)
Adjusted net income		$	51,301			$	36,839			$	80,922			$	65,114
As a percentage of revenue			8	%			6	%			6	%			6	%
Weighted average common shares outstanding — diluted			58,438,186				57,905,424				58,374,296				57,807,667
Diluted adjusted earnings per common share		$	0.88			$	0.64			$	1.39			$	1.13

(a)		Amortization of intangible assets represents amortization expense, including amortization expense of $3.3 million and $5.0 million for the three months ended June 30, 2024 and 2023, respectively, and of $8.3 million and $10.0 million for the six months ended June 30, 2024 and 2023, respectively, associated with intangible assets recorded in connection with our going private transaction in May 2008.
(b)		Stock-based compensation expense represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation.
(c)		Other costs in the six months ended June 30, 2023 consist of value-added tax expense of $6.0 million related to prior periods, of which $4.3 million was associated with the back-up care segment and $1.7 million was associated with the full service center-based child care segment.
(d)		Interest on deferred consideration represents the imputed interest on the deferred consideration issued in connection with the July 1, 2022 acquisition of Only About Children, a child care operator in Australia. The deferred consideration was paid in January 2024.
(e)		Adjusted income tax expense represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately 28% for both the three and six months ended June 30, 2024 and 2023. The jurisdictional mix of the expected adjusted income before income tax for the full year will affect the estimated effective tax rate for the year.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801456916/en/

Investors:

Elizabeth Boland

Chief Financial Officer - Bright Horizons

eboland@brighthorizons.com

617-673-8125

Michael Flanagan

Vice President - Investor Relations - Bright Horizons

michael.flanagan@brighthorizons.com

617-673-8720

Media:

Ilene Serpa

Vice President - Communications - Bright Horizons

iserpa@brighthorizons.com

617-673-8044

Source: Bright Horizons Family Solutions Inc.

FAQ

What was Bright Horizons' (BFAM) revenue for Q2 2024?

Bright Horizons reported revenue of $670 million for Q2 2024, representing an 11% increase compared to Q2 2023.

How much did Bright Horizons' (BFAM) net income grow in Q2 2024?

Bright Horizons' net income grew by 90% to $39.2 million in Q2 2024 compared to Q2 2023.

What is Bright Horizons' (BFAM) updated revenue guidance for 2024?

Bright Horizons updated its 2024 revenue guidance to a range of $2.65 billion to $2.7 billion.

How many early education and child care centers did Bright Horizons (BFAM) operate as of June 30, 2024?

As of June 30, 2024, Bright Horizons operated 1,032 early education and child care centers with the capacity to serve approximately 115,000 children.