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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 Family Solutions (NYSE: BFAM) reported a strong third quarter of 2021, with revenue rising 36% to $460 million compared to the same quarter in 2020. Net income reached $27 million, leading to diluted earnings per share of $0.44, a significant improvement from a loss in the previous year. Adjusted EBITDA also increased by 163% to $79 million. The company re-opened 23 centers and added 19 new ones as it navigates the impacts of COVID-19. Despite this progress, the company refrains from providing full earnings guidance for the remainder of 2021 due to ongoing uncertainties related to the pandemic.
Bright Horizons Family Solutions Inc. (NYSE: BFAM) will release its third quarter 2021 results on November 2, 2021, after market close. A conference call with analysts and investors is scheduled for 5:00 p.m. ET the same day to discuss earnings, business outlook, and strategy. Interested participants can join by dialing 1-877-407-9039 or 1-201-689-8470 for international calls. The earnings release and a link to the audio webcast will be available on the company's website.
Bright Horizons EdAssist Solutions has partnered with Dutch Bros Coffee to launch an innovative Education Benefit Program. This program enables Dutch Bros employees to pursue degrees or certifications, promoting career and financial mobility. By covering education costs upfront, the initiative aims to eliminate financial barriers and support employee development. Dutch Bros operates over 480 locations across 11 states, emphasizing their commitment to employee success and community contributions.
Bright Horizons (NYSE: BFAM) has been recognized by PEOPLE magazine and Great Place to Work® as one of the 2021 Companies that Care®. This marks the company's first appearance on this prestigious list, celebrating organizations that excel in business while prioritizing employee welfare and community support. Key initiatives include the FirstRespondersFirst program, which provided free childcare during the pandemic, and the Horizons Teacher Degree Program, which enables employees to earn degrees in early childhood education at no cost.
Bright Horizons (NYSE: BFAM) has announced a new COVID-19 safety policy requiring employees at U.S. child care centers to be vaccinated or undergo weekly testing, starting September. The company emphasizes health and safety, offering a $100 incentive for vaccinations. Stringent protocols will remain in place, including daily health checks and mask requirements. This move aims to protect staff and children amid the ongoing pandemic. Bright Horizons, a leader in early education and child care, supports over 1,000 centers across the U.S. and beyond.
Bright Horizons Family Solutions (BFAM) reported financial results for Q2 2021, showing significant growth compared to Q2 2020. Revenue increased by 50% to $441 million, driven by higher enrollment in child care centers as operations ramped up post-COVID-19. Income from operations surged by 319% to $34 million, and net income rose to $19 million, with diluted EPS of $0.31. Adjusted EBITDA was $68 million, up 13%. Despite improvements, back-up care services saw revenue declines. The company maintains a strong balance sheet with $419 million in cash as of June 30, 2021.
Bright Horizons Family Solutions® Inc. (NYSE: BFAM) will announce its financial results for Q2 2021 on August 4, 2021, post-market close. A conference call will follow at 5:00 p.m. ET, hosted by CEO Stephen Kramer, to discuss performance and updated business strategies. Interested parties can listen in via specified phone numbers, and a replay will be available until August 25, 2021. The earnings release and audio webcast will be accessible on the Company's Investor Relations website: www.brighthorizons.com.
Bright Horizons has joined the OneTen initiative aimed at upskilling, hiring, and promoting one million Black Americans over the next decade. The company acknowledges the higher unemployment rates for Black Americans and intends to leverage its expertise to create career pathways. Bright Horizons has launched the Horizons Teacher Degree Program to help its employees in early childhood education. The firm has received recognition for its diversity and inclusion efforts, appearing on various prestigious lists for promoting workforce equity.
Bright Horizons (NYSE: BFAM) announces an extension of free child care for individuals receiving COVID-19 vaccines through Labor Day. This initiative, in collaboration with the White House, aims to boost vaccination rates among American adults. The program allows employees of participating companies to access back-up child care during their vaccination process. Bright Horizons has engaged with employers representing over 10 million Americans. Additionally, the company incentivizes its staff with $100 for getting vaccinated and conducts research on COVID-19's impact on working parents.
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