Bright Horizons Files Q3 2024 10-Q

TL;DR

BFAM 10-Q filed: Q3 2024 financials out, showing company's latest performance.

AI Summary

Bright Horizons Family Solutions Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the child day care services sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for Bright Horizons, a major player in the childcare industry.

Risk Assessment

Risk Level: medium — The company operates in the sensitive childcare sector, which is subject to regulatory changes, economic fluctuations, and public health concerns.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Previous Fiscal Year End (Provides a comparison point to the prior year's financial standing.)

Key Players & Entities

• BRIGHT HORIZONS FAMILY SOLUTIONS INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 800188269 (company) — IRS Number
• 617-673-8000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

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

Filing Documents

• bfam-20240930.htm (10-Q) — 1312KB
• bfam-093024xex311.htm (EX-31.1) — 10KB
• bfam-093024xex312.htm (EX-31.2) — 10KB
• bfam-093024xex321.htm (EX-32.1) — 6KB
• bfam-093024xex322.htm (EX-32.2) — 6KB
• bfam-20240930_g1.gif (GRAPHIC) — 19KB
• 0001437578-24-000032.txt ( ) — 6936KB
• bfam-20240930.xsd (EX-101.SCH) — 42KB
• bfam-20240930_cal.xml (EX-101.CAL) — 80KB
• bfam-20240930_def.xml (EX-101.DEF) — 208KB
• bfam-20240930_lab.xml (EX-101.LAB) — 592KB
• bfam-20240930_pre.xml (EX-101.PRE) — 411KB
• bfam-20240930_htm.xml (XML) — 999KB

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 36

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 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) September 30, 2024 December 31, 2023 (In thousands, except share data) ASSETS Current assets: Cash and cash equivalents $ 109,933 $ 71,568 Accounts receivable — net of allowance for credit losses of $ 3,519 and $ 2,317 at September 30, 2024 and December 31, 2023, respectively 231,535 281,710 Prepaid expenses and other current assets 62,548 93,621 Total current assets 404,016 446,899 Fixed assets — net 597,202 579,296 Goodwill 1,827,935 1,786,405 Other intangible assets — net 203,046 216,576 Operating lease right-of-use assets 773,613 774,703 Other assets 109,001 92,265 Total assets $ 3,914,813 $ 3,896,144 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 26,000 $ 18,500 Accounts payable and accrued expenses 278,659 259,077 Current portion of operating lease liabilities 104,664 100,387 Deferred revenue 222,213 272,891 Other current liabilities 35,358 148,578 Total current liabilities 666,894 799,433 Long-term debt — net 925,653 944,264 Operating lease liabilities 787,095 796,701 Other long-term liabilities 96,070 101,259 Deferred revenue 16,663 8,656 Deferred income taxes 23,247 33,155 Total liabilities 2,515,622 2,683,468 Stockholders' equity: Preferred stock, $ 0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 475,000,000 shares authorized; 58,134,013 and 57,817,593 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 58 58 Additional paid-in capital 697,039 645,894 Accumulated other comprehensive loss ( 34,799 ) ( 59,101 ) Retained earnings 736,893 625,825 Total stockholders' equity 1,399,191 1,212,676 Total liabilities and stockholders' equity $ 3,914,813 $ 3,896,144 See accompany