Bright Horizons Family Solutions Inc. Files 10-Q for Q1 2024

TL;DR

<b>Bright Horizons Family Solutions Inc. filed its Q1 2024 10-Q, detailing financial performance and operational segments.</b>

AI Summary

BRIGHT HORIZONS FAMILY SOLUTIONS INC. (BFAM) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Bright Horizons Family Solutions Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Services-Child Day Care Services. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for various periods.

Why It Matters

For investors and stakeholders tracking BRIGHT HORIZONS FAMILY SOLUTIONS INC., this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Bright Horizons, crucial for understanding its current performance and future outlook. The detailed segment information allows for analysis of revenue drivers and operational focus areas within the company's child day care services.

Risk Assessment

Risk Level: medium — BRIGHT HORIZONS FAMILY SOLUTIONS INC. shows moderate risk based on this filing. The filing is a standard quarterly report, indicating ongoing operational and financial reporting requirements typical for a public company in the child day care services industry.

Analyst Insight

Review the detailed segment performance and financial statements in the 10-Q to assess Bright Horizons' growth trajectory and profitability in Q1 2024.

Key Numbers

• 20240331 — Period of Report (Conformed period of report)
• 20240506 — Filing Date (Date filed)
• 8351 — SIC Code (Standard Industrial Classification)
• 1231 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• BRIGHT HORIZONS FAMILY SOLUTIONS INC. (company) — Filer name
• BFAM (company) — Ticker symbol
• 20240331 (date) — Period of report
• 20240506 (date) — Filing date
• 800188269 (company) — IRS number
• 001-35780 (regulator) — SEC file number
• 2 WELLS AVENUE (address) — Business address
• NEWTON (location) — Business address city

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Covers Q1 2024 financial data.
• 2024-05-06: Filing Date — Date the 10-Q was submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance between annual reports.)

Common Stock

A security that represents ownership in a corporation. (Key component of the company's equity structure, detailed in the balance sheet.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders. (Indicates the company's profitability over time and its ability to reinvest earnings.)

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share BFAM New York Stock

Filing Documents

• bfam-20240331.htm (10-Q) — 952KB
• bfam-033124xex311.htm (EX-31.1) — 10KB
• bfam-033124xex312.htm (EX-31.2) — 10KB
• bfam-033124xex321.htm (EX-32.1) — 6KB
• bfam-033124xex322.htm (EX-32.2) — 6KB
• bfam-20240331_g1.gif (GRAPHIC) — 19KB
• 0001437578-24-000017.txt (&nbsp;) — 5901KB
• bfam-20240331.xsd (EX-101.SCH) — 42KB
• bfam-20240331_cal.xml (EX-101.CAL) — 78KB
• bfam-20240331_def.xml (EX-101.DEF) — 206KB
• bfam-20240331_lab.xml (EX-101.LAB) — 563KB
• bfam-20240331_pre.xml (EX-101.PRE) — 400KB
• bfam-20240331_htm.xml (XML) — 736KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 33 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) BRIGHT HORIZONS FAMILY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 63,683 $ 71,568 Accounts receivable — net of allowance for credit losses of $ 2,738 and $ 2,317 at March 31, 2024 and December 31, 2023, respectively 219,761 281,710 Prepaid expenses and other current assets 64,774 93,621 Total current assets 348,218 446,899 Fixed assets — net 574,446 579,296 Goodwill 1,771,412 1,786,405 Other intangible assets — net 208,430 216,576 Operating lease right-of-use assets 767,470 774,703 Other assets 121,427 92,265 Total assets $ 3,791,403 $ 3,896,144 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 21,000 $ 18,500 Accounts payable and accrued expenses 237,966 259,077 Current portion of operating lease liabilities 99,769 100,387 Deferred revenue 278,592 272,891 Other current liabilities 49,097 148,578 Total current liabilities 686,424 799,433 Long-term debt — net 938,060 944,264 Operating lease liabilities 788,894 796,701 Other long-term liabilities 105,784 101,259 Deferred revenue 10,554 8,656 Deferred income taxes 32,418 33,155 Total liabilities 2,562,134 2,683,468 Stockholders' equity: Preferred stock, $ 0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 475,000,000 shares authorized; 57,953,066 and 57,817,593 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 58 58 Additional paid-in capital 663,406 645,894 Accumulated other comprehensive loss ( 77,009 ) ( 59,101 ) Retained earnings 642,814 625,825 Total stockholders' equity 1,229,269 1,212,676 Total liabilities and stockholders' equity $ 3,791,403 $ 3,896,144 See accompanying notes to cond