$BFAM

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

CIK:0001437578|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 779,178	$ 731,570	$ 1,491,400	$ 1,397,097
Cost of services	590,215	549,020	1,138,947	1,058,810
Gross profit	188,963	182,550	352,453	338,287
Selling, general and administrative expenses	108,002	94,834	205,355	186,695
Amortization of intangible assets	1,144	1,664	2,332	3,268
Income from operations	79,817	86,052	144,766	148,324
Interest expense — net	(14,023)	(10,555)	(26,045)	(20,906)
Income before income tax	65,794	75,497	118,721	127,418
Income tax expense	(25,159)	(20,722)	(43,978)	(34,594)
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.79	$ 0.96	$ 1.41	$ 1.62
Common stock — diluted (in dollars per share)	$ 0.79	$ 0.95	$ 1.40	$ 1.61
Weighted average common shares outstanding:
Common stock — basic (in shares)	51,538,729	57,255,841	52,938,352	57,319,814
Common stock — diluted (in shares)	51,757,065	57,713,111	53,230,622	57,831,930

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 40,635	$ 54,775	$ 74,743	$ 92,824
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,600	22,700	47,802	44,609
Impairment losses and other non-cash items			22,934	856
Stock-based compensation expense			14,456	14,986
Deferred income taxes			8,083	5,175
Changes in assets and liabilities:
Accounts receivable			84,938	87,431
Prepaid expenses and other current assets			(3,821)	(1,345)
Accounts payable and accrued expenses			10,519	13,581
Income taxes			(14,523)	(7,882)
Deferred revenue			(42,978)	(27,252)
Leases			(11,693)	(4,523)
Other assets			(3,446)	(4,446)
Other current and long-term liabilities			15,778	6,360
Net cash provided by operating activities			202,792	220,374
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets — net			(39,081)	(34,043)
Proceeds from debt securities and other investments			8,896	7,503
Purchases of debt securities and other investments			(9,219)	(6,322)
Payments and settlements for acquisitions — net of cash acquired			0	(5,106)
Net cash used in investing activities			(39,404)	(37,968)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility			1,241,463	405,000
Payments under revolving credit facility			(1,272,534)	(3,500)
Borrowings of long-term debt — net of issuance costs			373,748	0
Principal payments of long-term debt			0	(451,000)
Payments of revolving credit facility debt issuance costs			(334)	(2,878)
Purchase of treasury stock			(471,531)	(60,330)
Proceeds from issuance of common stock upon exercise of options			0	10,230
Taxes paid related to the net share settlement of stock options and restricted stock			(7,817)	(13,609)
Net cash used in financing activities			(137,005)	(116,087)
Effect of exchange rates on cash, cash equivalents and restricted cash			(1,744)	7,045
Net increase in cash, cash equivalents and restricted cash			24,639	73,364
Cash, cash equivalents and restricted cash — beginning of period			143,158	123,715	$ 123,715
Cash, cash equivalents and restricted cash — end of period	167,797	197,079	167,797	197,079	143,158
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	163,691	179,222	163,691	179,222	140,091
Restricted cash, included in prepaid expenses and other current assets	1,537	15,363	1,537	15,363
Restricted cash, included in other assets	2,569	2,494	2,569	2,494
Total cash, cash equivalents and restricted cash — end of period	$ 167,797	$ 197,079	167,797	197,079	$ 143,158
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest			28,197	28,508
Cash received from cash flow hedges of interest rate risk			1,566	7,798
Cash payments of income taxes (net of refunds in 2026)			50,323
Cash payments of income taxes (net of refunds in 2026)				35,879
Cash paid for amounts included in the measurement of lease liabilities			85,741	78,999
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses			1,257	1,465
Operating right-of-use assets obtained in exchange for operating lease liabilities — net			11,916	32,329
Treasury stock purchases in other current liabilities			3,559	0
Restricted stock reclassified from other current liabilities to equity upon vesting			$ 0	$ 2,401

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 163,691	$ 140,091
Accounts receivable — net of allowance for credit losses of $3,406 and $3,667 at June 30, 2026 and December 31, 2025, respectively	208,829	293,983
Prepaid expenses and other current assets	92,530	69,899
Total current assets	465,050	503,973
Fixed assets — net	559,728	574,200
Goodwill	1,818,900	1,824,175
Other intangible assets — net	191,366	193,452
Operating lease right-of-use assets	636,188	682,069
Other assets	118,818	111,734
Total assets	3,790,050	3,889,603
Current liabilities:
Current portion of long-term debt	9,375	0
Current portion of revolving credit facility	205,953	199,552
Accounts payable and accrued expenses	310,318	292,812
Current portion of operating lease liabilities	110,405	110,229
Deferred revenue	287,695	330,647
Other current liabilities	47,926	32,925
Total current liabilities	971,672	966,165
Long-term debt — net	1,072,058	747,614
Operating lease liabilities	656,996	702,845
Other long-term liabilities	108,483	104,126
Deferred revenue	13,640	14,689
Deferred income taxes	23,682	14,873
Total liabilities	2,846,531	2,550,312
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 49,244,296 and 55,622,045 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	49	56
Additional paid-in capital	0	424,953
Accumulated other comprehensive loss	(44,173)	(44,850)
Retained earnings	987,643	959,132
Total stockholders’ equity	943,519	1,339,291
Total liabilities and stockholders’ equity	$ 3,790,050	$ 3,889,603