Bright Horizons Files Q2 2024 10-Q
Ticker: BFAM · Form: 10-Q · Filed: 2024-08-06T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, earnings, financials, childcare
TL;DR
BHZN Q2 10-Q filed. Financials and operations for period ending 6/30/24.
AI Summary
Bright Horizons Family Solutions Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. The company, a provider of child day care services, is based in Newton, MA.
Why It Matters
This filing provides investors with a detailed look at Bright Horizons' financial health and operational performance during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and market conditions reported can introduce medium-level risk.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the report.)
- 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- BRIGHT HORIZONS FAMILY SOLUTIONS INC. (company) — Filer
- 2 WELLS AVENUE, NEWTON, MA 02459 (location) — Business and Mail Address
- 20240630 (date) — Period of Report
- 20240806 (date) — Filed as of Date
FAQ
What is the primary business of Bright Horizons Family Solutions Inc.?
Bright Horizons Family Solutions Inc. is primarily involved in Services-Child Day Care Services, as indicated by its SIC code [8351].
What is the filing date and the period it covers?
The filing date is 20240806, and it covers the period ending 20240630 (Q2 2024).
What is the company's main address and phone number?
The company's business and mail address is 2 WELLS AVENUE, NEWTON, MA 02459, and its business phone number is 617-673-8000.
What was the company's previous name?
The company's former name was BRIGHT HORIZONS SOLUTIONS CORP, with a date of name change on 20080612.
What are the key dates associated with the financial reporting period?
The filing covers the period from 2024-01-01 to 2024-06-30, with specific quarterly periods noted as 2024-04-01 to 2024-06-30 and 2023-04-01 to 2023-06-30.
Filing Stats: 4,568 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-08-06 16:48:51
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share BFAM New York Stock
Filing Documents
- bfam-20240630.htm (10-Q) — 1307KB
- bfam-063024xex311.htm (EX-31.1) — 10KB
- bfam-063024xex312.htm (EX-31.2) — 10KB
- bfam-063024xex321.htm (EX-32.1) — 6KB
- bfam-063024xex322.htm (EX-32.2) — 6KB
- bfam-20240630_g1.gif (GRAPHIC) — 19KB
- 0001437578-24-000026.txt ( ) — 6917KB
- bfam-20240630.xsd (EX-101.SCH) — 43KB
- bfam-20240630_cal.xml (EX-101.CAL) — 80KB
- bfam-20240630_def.xml (EX-101.DEF) — 208KB
- bfam-20240630_lab.xml (EX-101.LAB) — 590KB
- bfam-20240630_pre.xml (EX-101.PRE) — 411KB
- bfam-20240630_htm.xml (XML) — 995KB
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 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 36 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
Signatures
Signatures 38 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) June 30, 2024 December 31, 2023 (In thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 140,246 $ 71,568 Accounts receivable — net of allowance for credit losses of $ 3,221 and $ 2,317 at June 30, 2024 and December 31, 2023, respectively 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 91,564 101,259 Deferred revenue 13,138 8,656 Deferred income taxes 29,809 33,155 Total liabilities 2,554,178 2,683,468 Stockholders' equity: Preferred stock, $ 0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 475,000,000 shares authorized; 57,986,925 and 57,817,593 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 58 58 Additional paid-in capital 673,013 645,894 Accumulated other comprehensive loss ( 71,838 ) ( 59,101 ) Retained earnings 681,988 625,825 Total stockholders' equity 1,283,221 1,212,676 Total liabilities and stockholders' equity $ 3,837,399 $ 3,896,144 See accompanying notes to condens