Bright Horizons Family Solutions (BFAM) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35780
Entity Registrant Name	BRIGHT HORIZONS FAMILY SOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0188269
Entity Address, Address Line One	2 Wells Avenue
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02459
City Area Code	(617)
Local Phone Number	673-8000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BFAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,403,190
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001437578
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 257,227	$ 260,980
Accounts receivable — net of allowance for credit losses of $3,032 and $3,006 at March 31, 2022 and December 31, 2021, respectively	187,705	210,971
Prepaid expenses and other current assets	76,141	68,320
Total current assets	521,073	540,271
Fixed assets — net	583,174	598,134
Goodwill	1,470,154	1,481,725
Other intangible assets — net	243,423	251,032
Operating lease right-of-use assets	683,547	696,425
Other assets	92,752	72,460
Total assets	3,594,123	3,640,047
Current liabilities:
Current portion of long-term debt	16,000	16,000
Accounts payable and accrued expenses	205,404	197,366
Current portion of operating lease liabilities	90,152	87,341
Deferred revenue	232,899	258,438
Other current liabilities	54,154	63,030
Total current liabilities	598,609	622,175
Long-term debt — net	972,692	976,396
Operating lease liabilities	689,629	703,911
Other long-term liabilities	96,327	100,091
Deferred revenue	9,428	9,689
Deferred income taxes	54,932	48,509
Total liabilities	2,421,617	2,460,771
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 59,133,183 and 59,305,160 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	59	59
Additional paid-in capital	717,745	745,615
Accumulated other comprehensive loss	(35,665)	(37,359)
Retained earnings	490,367	470,961
Total stockholders’ equity	1,172,506	1,179,276
Total liabilities and stockholders’ equity	$ 3,594,123	$ 3,640,047

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 3,032	$ 3,006
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	59,133,183	59,305,160
Common stock, shares outstanding (in shares)	59,133,183	59,305,160

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 460,409	$ 390,840
Cost of services	350,350	309,482
Gross profit	110,059	81,358
Selling, general and administrative expenses	71,746	60,110
Amortization of intangible assets	7,149	7,540
Income from operations	31,164	13,708
Interest expense — net	(7,046)	(9,016)
Income before income tax	24,118	4,692
Income tax benefit (expense)	(4,712)	2,440
Net income	$ 19,406	$ 7,132
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.33	$ 0.12
Common stock — diluted (in dollars per share)	$ 0.33	$ 0.12
Weighted average common shares outstanding:
Common stock — basic (in shares)	59,094,724	60,594,947
Common stock — diluted (in shares)	59,415,345	61,325,973
Cost, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 19,406	$ 7,132
Other comprehensive income (loss):
Foreign currency translation adjustments	(17,006)	(514)
Unrealized gain on cash flow hedges and investments, net of tax	18,700	1,752
Total other comprehensive income	1,694	1,238
Comprehensive income	$ 21,100	$ 8,370

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		60,466,168
Beginning balance at Dec. 31, 2020	$ 1,283,797	$ 60	$ 910,304	$ 0	$ (27,069)	$ 400,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,306		5,306
Issuance of common stock under the Equity Incentive Plan (in shares)		296,392
Issuance of common stock under the Equity Incentive Plan	18,997	$ 1	18,996
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(35,859)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(5,845)		(5,845)
Other comprehensive income	1,238				1,238
Net income	7,132					7,132
Ending balance (in shares) at Mar. 31, 2021		60,726,701
Ending balance at Mar. 31, 2021	1,310,625	$ 61	928,761	0	(25,831)	407,634
Beginning balance (in shares) at Dec. 31, 2021		59,305,160
Beginning balance at Dec. 31, 2021	1,179,276	$ 59	745,615	0	(37,359)	470,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	6,096		6,096
Issuance of common stock under the Equity Incentive Plan (in shares)		165,517
Issuance of common stock under the Equity Incentive Plan	8,895	$ 1	8,894
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(25,594)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(3,175)		(3,175)
Purchase of treasury stock	(39,686)			(39,686)
Retirement of treasury stock (in shares)		(311,900)
Retirement of treasury stock	0	$ (1)	(39,685)	39,686
Other comprehensive income	1,694				1,694
Net income	19,406					19,406
Ending balance (in shares) at Mar. 31, 2022		59,133,183
Ending balance at Mar. 31, 2022	$ 1,172,506	$ 59	$ 717,745	$ 0	$ (35,665)	$ 490,367

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,406	$ 7,132
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,576	27,282
Stock-based compensation expense	6,096	5,306
Deferred income taxes	376	1,016
Other non-cash adjustments — net	159	(964)
Changes in assets and liabilities:
Accounts receivable	22,892	10,006
Prepaid expenses and other current assets	(13,238)	(11,192)
Accounts payable and accrued expenses	10,621	(3,889)
Income taxes	272	(5,262)
Deferred revenue	(25,060)	37,706
Leases	1,513	(819)
Other assets	6,987	3,660
Other current and long-term liabilities	2,958	(1,687)
Net cash provided by operating activities	58,558	68,295
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(11,595)	(17,912)
Proceeds from the disposal of fixed assets	0	3,858
Purchases of debt securities and other investments	(3,180)	(5,269)
Proceeds from the maturity of debt securities and sale of other investments	5,569	6,000
Payments and settlements for acquisitions — net of cash acquired	(147)	(8,961)
Net cash used in investing activities	(9,353)	(22,284)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt	(4,000)	(2,688)
Purchase of treasury stock	(39,913)	0
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase	8,823	22,432
Taxes paid related to the net share settlement of stock options and restricted stock	(3,174)	(5,845)
Payments of contingent consideration for acquisitions	(13,865)	0
Net cash provided by (used in) financing activities	(52,129)	13,899
Effect of exchange rates on cash, cash equivalents and restricted cash	(605)	(539)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,529)	59,371
Cash, cash equivalents and restricted cash — beginning of period	265,281	388,465	$ 388,465
Cash, cash equivalents and restricted cash — end of period	261,752	447,836	265,281
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	257,227	442,124	260,980
Restricted cash and cash equivalents, included in prepaid expenses and other current assets	4,525	5,712
Total cash, cash equivalents and restricted cash — end of period	261,752	447,836	$ 265,281
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest	6,168	8,403
Cash payments of income taxes	4,072	1,980
Cash paid for amounts included in the measurement of lease liabilities	33,884	36,964
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses	1,074	2,556
Contingent consideration issued for acquisitions	0	6,518
Operating right-of-use assets obtained in exchange for operating lease liabilities — net	8,517	18,412
Restricted stock reclassified from other current liabilities to equity upon vesting	$ 3,160	$ 4,178

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer child care, dependent care, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement. Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of March 31, 2022 and the condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended March 31, 2022 and 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of March 31, 2022 and the condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended March 31, 2022 and 2021, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. Stockholders ’ Equity — The board of directors of the Company authorized a share repurchase program of up to $400 million of the Company’s outstanding common stock effective December 16, 2021. The share repurchase program has no expiration date and replaced the prior June 2018 authorization. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, under Rule 10b5-1 plans, or by other means in accordance with federal securities laws. During the three months ended March 31, 2022, the Company repurchased 0.3 million shares for $39.7 million. At March 31, 2022, $340.9 million remained available under the repurchase program. During the three months ended March 31, 2021, there were no share repurchases. All repurchased shares have been retired. Government Support — During the three months ended March 31, 2022 and 2021, the Company participated in government support programs that were enacted in response to the economic impact of the COVID-19 pandemic, including availing itself of certain tax deferrals, tax credits and federal block grant funding in the United States, as well as employee wage support in the United Kingdom. During the three months ended March 31, 2022 and 2021, $25.3 million and $9.6 million, respectively, was recorded as a reduction to cost of services in relation to these benefits, of which $9.5 million and $2.9 million, respectively, reduced the operating subsidy revenue due from employers for the related child care centers. Additionally during the three months ended March 31, 2022, amounts received for tuition support of $2.0 million were recorded to revenue. As of March 31, 2022 and December 31, 2021, $4.0 million and $3.3 million, respectively, was recorded in prepaid expenses and other current assets on the consolidated balance sheet for amounts due from government support programs. As of March 31, 2022 and December 31, 2021, $2.6 million and $3.9 million was recorded to other current liabilities related to government support received related to future periods, and as of March 31, 2022 and December 31, 2021, payroll tax deferrals of $7.0 million were recorded in accounts payable and accrued expenses on the consolidated balance sheet.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows: Full service Back-up care Educational Total (In thousands) Three months ended March 31, 2022 North America $ 243,237 $ 75,929 $ 25,633 $ 344,799 Europe 110,695 4,915 — 115,610 $ 353,932 $ 80,844 $ 25,633 $ 460,409 Three months ended March 31, 2021 North America $ 192,454 $ 71,182 $ 24,166 $ 287,802 Europe 97,865 5,173 — 103,038 $ 290,319 $ 76,355 $ 24,166 $ 390,840 The classification “North America” is comprised of the Company’s United States and Puerto Rico operations and the classification “Europe” includes the United Kingdom, Netherlands, and India operations. Deferred Revenue The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. During the three months ended March 31, 2022 and 2021, $136.5 million and $107.0 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2021 and December 31, 2020, respectively. Remaining Performance Obligations The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company’s remaining performance obligations not subject to the practical expedients were not material.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	LEASES The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, and the Netherlands. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of March 31, 2022 and December 31, 2021, there were no material finance leases. Lease Expense The components of lease expense were as follows: Three months ended March 31, 2022 2021 (In thousands) Operating lease expense (1) $ 32,528 $ 33,625 Variable lease expense (1) 9,944 6,942 Total lease expense $ 42,472 $ 40,567 (1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented. Other Information The weighted average remaining lease term and the weighted average discount rate were as follows: March 31, 2022 December 31, 2021 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 5.8% 5.8% Maturity of Lease Liabilities The following table summarizes the maturity of lease liabilities as of March 31, 2022: Operating Leases (In thousands) Remainder of 2022 $ 89,548 2023 129,928 2024 119,567 2025 106,339 2026 97,691 Thereafter 485,100 Total lease payments 1,028,173 Less imputed interest (248,392) Present value of lease liabilities 779,781 Less current portion of operating lease liabilities (90,152) Long-term operating lease liabilities $ 689,629 As of March 31, 2022, the Company had entered into additional operating leases that have not yet commenced with total fixed payment obligations of $30.9 million. The leases are expected to commence between the second and fourth quarter of fiscal 2022 and have initial lease terms of approximately 10 to 15 years.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce. During the three months ended March 31, 2022, the Company paid contingent consideration of $19.1 million related to an acquisition completed in 2019 and contingent consideration of $0.2 million related to an acquisition completed in 2021. Of the total amounts paid of $19.3 million, $13.9 million had been recorded as a liability at the date of acquisition. 2021 Acquisitions During the year ended December 31, 2021, the Company acquired two centers as well as a school-age camp provider in the United States, 13 centers in the United Kingdom, and three centers in the Netherlands, in five separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for aggregate cash consideration of $53.2 million, net of cash acquired of $2.2 million, and consideration payable of $0.6 million. Additionally, the Company is subject to contingent consideration payments for two of these acquisitions, and recorded a fair value estimate of $7.3 million in relation to these contingent consideration arrangements at acquisition. Contingent consideration of up to $1.2 million was payable within one year from the date of acquisition if certain performance targets were met for one of the acquisitions, of which $0.8 million has been paid based on the performance targets met. Contingent consideration is payable in 2026 based on certain financial metrics for the other acquisition. The Company recorded goodwill of $39.5 million related to the full service center-based child care segment, of which $3.4 million will be deductible for tax purposes, and $14.6 million related to the back-up care segment, all of which will be deductible for tax purposes. In addition, the Company recorded intangible assets of $5.7 million that will be amortized over five years, as well as fixed assets of $10.1 million in relation to these acquisitions. The allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of March 31, 2022, the purchase price allocations for three of the acquisitions remain open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. During the year ended December 31, 2021, the Company paid $0.6 million for contingent consideration related to acquisitions completed in 2021, which had been recorded as a liability at the date of acquisition.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill were as follows: Full service Back-up care Educational Total (In thousands) Balance at January 1, 2022 $ 1,233,096 $ 208,786 $ 39,843 $ 1,481,725 Adjustments to prior year acquisitions 350 — — 350 Effect of foreign currency translation (11,213) (708) — (11,921) Balance at March 31, 2022 $ 1,222,233 $ 208,078 $ 39,843 $ 1,470,154 The Company also has intangible assets, which consisted of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 399,161 $ (338,276) $ 60,885 Trade names 6 years 12,123 (10,388) 1,735 411,284 (348,664) 62,620 Indefinite-lived intangible assets: Trade names N/A 180,803 — 180,803 $ 592,087 $ (348,664) $ 243,423 December 31, 2021 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 400,399 $ (332,571) $ 67,828 Trade names 6 years 12,358 (10,150) 2,208 412,757 (342,721) 70,036 Indefinite-lived intangible assets: Trade names N/A 180,996 — 180,996 $ 593,753 $ (342,721) $ 251,032

Credit Arrangements and Debt Ob

Credit Arrangements and Debt Obligations	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Credit Arrangements and Debt Obligations	CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS Senior Secured Credit Facilities The Company's senior secured credit facilities consist of a term loan B facility of $600 million (“term loan B”) and a term loan A facility of $400 million (“term loan A”), collectively the “term loan facilities” or “term loans,” as well as a $400 million multi-currency revolving credit facility (“revolving credit facility”). Long term debt obligations were as follows: March 31, 2022 December 31, 2021 (In thousands) Term loan B $ 598,500 $ 600,000 Term loan A 397,500 400,000 Deferred financing costs and original issue discount (7,308) (7,604) Total debt 988,692 992,396 Less current maturities (16,000) (16,000) Long-term debt $ 972,692 $ 976,396 All borrowings under the credit facilities are subject to variable interest. The effective interest rate for the term loans was 2.53% and 2.29% at March 31, 2022 and December 31, 2021, respectively, and the weighted average interest rate was 2.34% and 2.50% for the three months ended March 31, 2022 and 2021, respectively, prior to the effects of any interest rate hedge arrangements. The weighted average interest rate for the revolving credit facility was 4.25% and 4.50% for the three months ended March 31, 2022 and 2021, respectively. Term Loan B Facility The seven Term Loan A Facility The five Revolving Credit Facility The $400 million multi-currency revolving credit facility matures on May 26, 2026. There were no borrowings outstanding on the revolving credit facility at both March 31, 2022 and December 31, 2021. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, subject to an interest rate floor of 1.00%, or 1.50% to 1.75% over the eurocurrency rate. Debt Covenants All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company’s material U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC, the Company’s wholly-owned subsidiary, and its restricted subsidiaries, to: incur liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge. In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp., the Company's direct subsidiary, to be a passive holding company, subject to certain exceptions. The term loan A and the revolving credit facility require Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio not to exceed 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights. Future principal payments of long-term debt are as follows for the years ending December 31: Long-term debt (In thousands) Remainder of 2022 $ 12,000 2023 16,000 2024 18,500 2025 28,500 2026 351,000 Thereafter 570,000 Total future principal payments $ 996,000 Derivative Financial Instruments The Company is subject to interest rate risk as all borrowings under the senior secured credit facilities are subject to variable interest rates. The Company's risk management policy permits using derivative instruments to manage interest rate and other risks. The Company uses interest rate swaps and caps to manage a portion of the risk related to changes in cash flows from interest rate movements. In June 2020, the Company entered into interest rate cap agreements with a total notional value of $800 million, designated and accounted for as cash flow hedges from inception, to provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 1%. Interest rate cap agreements for $300 million notional value have an effective date of June 30, 2020 and expire on October 31, 2023, while interest rate cap agreements for another $500 million notional amount have an effective date of October 29, 2021 and expire on October 31, 2023. In December 2021, the Company entered into additional interest rate cap agreements with a total notional value of $900 million designated and accounted for as cash flow hedges from inception. Interest rate cap agreements for $600 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2025, provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 2.5%. Interest rate cap agreements for $300 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 3.0%. The fair value of the derivative financial instruments was as follows for the periods presented: Derivative financial instruments Consolidated balance sheet classification March 31, 2022 December 31, 2021 (In thousands) Interest rate caps - asset Other assets $ 33,722 $ 8,809 The effect of the derivative financial instruments on other comprehensive income (loss) was as follows: Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Three months ended March 31, 2022 Cash flow hedges $ 24,913 Interest expense — net $ (103) $ 25,016 Income tax effect (6,652) Income tax expense (449) (6,203) Net of income taxes $ 18,261 $ (552) $ 18,813 Three months ended March 31, 2021 Cash flow hedges $ 978 Interest expense — net $ (1,450) $ 2,428 Income tax effect (261) Income tax expense 387 (648) Net of income taxes $ 717 $ (1,063) $ 1,780 During the next twelve months, the Company estimates that a net gain of $6.2 million, pre-tax, will be reclassified from accumulated other comprehensive income (loss) and recorded as a reduction to interest expense related to these derivative financial instruments.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share using the two-class method: Three months ended March 31, 2022 2021 (In thousands, except share data) Basic earnings per share: Net income $ 19,406 $ 7,132 Allocation of net income to common stockholders: Common stock $ 19,324 $ 7,105 Unvested participating shares 82 27 Net income $ 19,406 $ 7,132 Weighted average common shares outstanding: Common stock 59,094,724 60,594,947 Unvested participating shares 250,399 235,184 Earnings per common share: Common stock $ 0.33 $ 0.12 Three months ended March 31, 2022 2021 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 19,324 $ 7,105 Plus: earnings allocated to unvested participating shares 82 27 Less: adjusted earnings allocated to unvested participating shares (82) (27) Earnings allocated to common stock $ 19,324 $ 7,105 Weighted average common shares outstanding: Common stock 59,094,724 60,594,947 Effect of dilutive securities 320,621 731,026 Weighted average common shares outstanding — diluted 59,415,345 61,325,973 Earnings per common share: Common stock $ 0.33 $ 0.12 Options outstanding to purchase 1.2 million and 0.8 million shares of common stock were excluded from diluted earnings per share for the three months ended March 31, 2022 and 2021, respectively, since their effect was anti-dilutive. These options may become dilutive in the future.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rates were 19.5% and (52.0)% for the three months ended March 31, 2022 and 2021, respectively. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income before income tax, jurisdictional mix of income before income tax, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as the settlement of foreign, federal and state tax issues and the effects of excess tax benefits associated with the exercise of stock options and vesting of restricted stock. During the three months ended March 31, 2022 and 2021, the excess tax benefit from stock-based compensation expense decreased tax expense by $2.0 million and $3.9 million, respectively. For the three months ended March 31, 2022 and 2021, prior to the inclusion of the excess tax benefit and other discrete items, the effective income tax rate approximated 27% and 28%, respectively. The Company’s unrecognized tax benefits were $4.0 million at March 31, 2022 and $3.9 million at December 31, 2021, inclusive of interest. The Company expects the unrecognized tax benefits to change over the next twelve months if certain tax matters settle with the applicable taxing jurisdiction during this time frame, or, if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $0.5 million. The Company and its domestic subsidiaries are subject to U.S. federal income tax as well as tax in multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service (“IRS”) and the statute of limitations for federal tax returns is three years. The Company’s filings for the tax years 2018 through 2020 are subject to audit based upon the federal statute of limitations. State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. As of March 31, 2022, there was one income tax audit in process and the tax years from 2017 to 2020 are subject to audit. The Company is also subject to corporate income tax for its subsidiaries located in the United Kingdom, the Netherlands, India, Ireland, and Puerto Rico. The tax returns for the Company’s subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to five years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximates their fair value because of their short-term nature. Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable are derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company's net revenue or accounts receivable. No significant credit concentration risk existed at March 31, 2022. Long-term Debt — The Company’s long-term debt is recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company’s long-term debt is based on current bid prices or prices for similar instruments from active markets, which approximates carrying value. As such, the Company’s long-term debt was classified as Level 2. Derivative Financial Instruments — The Company’s interest rate cap agreements are recorded at fair value and estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate caps, it was not considered a significant input. The fair value of the interest rate caps are classified as Level 2. As of March 31, 2022 and December 31, 2021, the fair value of the interest rate cap agreements was $33.7 million and $8.8 million, respectively, which was recorded in other assets on the consolidated balance sheet. Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, consist of U.S. Treasury and U.S. government agency securities and certificates of deposit. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations. These securities are recorded at fair value using quoted prices available in active markets and are classified as Level 1. As of March 31, 2022, the fair value of the available-for-sale debt securities was $28.7 million and was classified based on the instruments’ maturity dates, with $23.4 million included in prepaid expenses and other current assets and $5.3 million in other assets on the consolidated balance sheet. As of December 31, 2021, the fair value of the available-for-sale debt securities was $29.9 million, with $22.7 million included in prepaid expenses and other current assets and $7.2 million in other assets on the consolidated balance sheet. At March 31, 2022 and December 31, 2021, the amortized cost was $28.9 million and $30.0 million, respectively. The debt securities held at March 31, 2022 had remaining maturities ranging from less than one year to approximately 1.5 years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three months ended March 31, 2022 and 2021. Liabilities for Contingent Consideration — The Company is subject to contingent consideration arrangements in connection with certain business combinations. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration payable for the related business combination and subsequent changes in fair value recorded to selling, general and administrative expenses on the Company’s consolidated statement of income. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The key inputs to the valuations are the projections of future financial results in relation to the businesses and the company-specific discount rates. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. During the three months ended March 31, 2022, contingent consideration liabilities of $19.3 million were paid related to acquisitions completed in 2019 and 2021. The contingent consideration liabilities outstanding as of March 31, 2022 related to 2021 acquisitions. See Note 4, Acquisitions, for additional information. The following table provides a roll forward of the recurring Level 3 fair value measurements: Three months ended March 31, 2022 (In thousands) Balance at January 1, 2022 $ 27,474 Settlement of contingent consideration liabilities (19,250) Changes in fair value 158 Foreign currency translation (532) Balance at March 31, 2022 $ 7,850

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), which is included as a component of stockholders’ equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax. The changes in accumulated other comprehensive income (loss) by component were as follows: Three months ended March 31, 2022 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2022 $ (38,073) $ 738 $ (24) $ (37,359) Other comprehensive income (loss) before reclassifications — net of tax (17,006) 18,261 (113) 1,142 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — (552) — (552) Net other comprehensive income (loss) (17,006) 18,813 (113) 1,694 Balance at March 31, 2022 $ (55,079) $ 19,551 $ (137) $ (35,665) Three months ended March 31, 2021 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2021 $ (22,332) $ (4,785) $ 48 $ (27,069) Other comprehensive income (loss) before reclassifications — net of tax (127) 717 (28) 562 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax 387 (1,063) — (676) Net other comprehensive income (loss) (514) 1,780 (28) 1,238 Balance at March 31, 2021 $ (22,846) $ (3,005) $ 20 $ (25,831) (1) Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory and other services. The full service center-based child care segment includes the traditional center-based early education and child care, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home care for children and adult/elder dependents, school-age camps, virtual tutoring, and self-sourced reimbursed care. The Company’s educational advisory and other services segment consists of tuition assistance and student loan repayment program administration, workforce education, related educational advising, college admissions advisory services, and an online marketplace for families and caregivers, which have been aggregated. The Company and its chief operating decision maker evaluate performance based on revenue and income from operations. Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein. Revenue and income (loss) from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended March 31, 2022 Revenue $ 353,932 $ 80,844 $ 25,633 $ 460,409 Income from operations 7,161 20,458 3,545 31,164 Three months ended March 31, 2021 Revenue $ 290,319 $ 76,355 $ 24,166 $ 390,840 Income (loss) from operations (17,967) 27,190 4,485 13,708

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On May 3, 2022, the Company, through wholly-owned subsidiaries, entered into a Share Sale Agreement with Nemo (BC) Cayman, LP to purchase and acquire 100% of the outstanding shares of Nemo (BC) HoldCo Pty Ltd., an Australian private company, which wholly-owns OAC Group Pty Ltd, and its subsidiaries, including Only About Children Pty Ltd., a child care operator in Australia, for aggregate consideration of AUD$450 million. AUD$300 million (USD$213 million) will be paid upon closing and an additional AUD$150 million (USD$106.5 million) will be paid eighteen months after closing as deferred purchase price. The purchase price is subject to customary adjustments for net debt and net working capital at closing, and is expected to be financed with cash on hand and amounts borrowed under the Company's existing revolving credit facility. The acquisition is expected to close in the third quarter of calendar 2022, and is subject to certain conditions, including Australian foreign investment regulatory approval and consents of certain third parties. The Company has entered into a foreign exchange forward contract arrangement to mitigate the impact of any foreign currency fluctuations between signing and closing.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer child care, dependent care, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement.
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of March 31, 2022 and the condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended March 31, 2022 and 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of March 31, 2022 and the condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended March 31, 2022 and 2021, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue disaggregated by segment and geographical region was as follows: Full service Back-up care Educational Total (In thousands) Three months ended March 31, 2022 North America $ 243,237 $ 75,929 $ 25,633 $ 344,799 Europe 110,695 4,915 — 115,610 $ 353,932 $ 80,844 $ 25,633 $ 460,409 Three months ended March 31, 2021 North America $ 192,454 $ 71,182 $ 24,166 $ 287,802 Europe 97,865 5,173 — 103,038 $ 290,319 $ 76,355 $ 24,166 $ 390,840

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three months ended March 31, 2022 2021 (In thousands) Operating lease expense (1) $ 32,528 $ 33,625 Variable lease expense (1) 9,944 6,942 Total lease expense $ 42,472 $ 40,567 (1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.
Schedule of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and the weighted average discount rate were as follows: March 31, 2022 December 31, 2021 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 5.8% 5.8%
Maturities of Lease Liabilities	The following table summarizes the maturity of lease liabilities as of March 31, 2022: Operating Leases (In thousands) Remainder of 2022 $ 89,548 2023 129,928 2024 119,567 2025 106,339 2026 97,691 Thereafter 485,100 Total lease payments 1,028,173 Less imputed interest (248,392) Present value of lease liabilities 779,781 Less current portion of operating lease liabilities (90,152) Long-term operating lease liabilities $ 689,629

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows: Full service Back-up care Educational Total (In thousands) Balance at January 1, 2022 $ 1,233,096 $ 208,786 $ 39,843 $ 1,481,725 Adjustments to prior year acquisitions 350 — — 350 Effect of foreign currency translation (11,213) (708) — (11,921) Balance at March 31, 2022 $ 1,222,233 $ 208,078 $ 39,843 $ 1,470,154
Schedule of Intangible Assets	The Company also has intangible assets, which consisted of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 399,161 $ (338,276) $ 60,885 Trade names 6 years 12,123 (10,388) 1,735 411,284 (348,664) 62,620 Indefinite-lived intangible assets: Trade names N/A 180,803 — 180,803 $ 592,087 $ (348,664) $ 243,423 December 31, 2021 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 400,399 $ (332,571) $ 67,828 Trade names 6 years 12,358 (10,150) 2,208 412,757 (342,721) 70,036 Indefinite-lived intangible assets: Trade names N/A 180,996 — 180,996 $ 593,753 $ (342,721) $ 251,032
Estimated Amortization Expense Related to Intangible Assets	The Company estimates that it will record amortization expense related to intangible assets existing as of March 31, 2022 as follows over the next five years: Estimated amortization expense (In thousands) Remainder of 2022 $ 21,008 2023 $ 26,601 2024 $ 12,174 2025 $ 1,974 2026 $ 971

Credit Arrangements and Debt _2

Credit Arrangements and Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Outstanding Borrowings	Long term debt obligations were as follows: March 31, 2022 December 31, 2021 (In thousands) Term loan B $ 598,500 $ 600,000 Term loan A 397,500 400,000 Deferred financing costs and original issue discount (7,308) (7,604) Total debt 988,692 992,396 Less current maturities (16,000) (16,000) Long-term debt $ 972,692 $ 976,396
Schedule of Maturities of Long-term Debt	Future principal payments of long-term debt are as follows for the years ending December 31: Long-term debt (In thousands) Remainder of 2022 $ 12,000 2023 16,000 2024 18,500 2025 28,500 2026 351,000 Thereafter 570,000 Total future principal payments $ 996,000
Schedule of Fair Value of Derivative Financial Instruments	The fair value of the derivative financial instruments was as follows for the periods presented: Derivative financial instruments Consolidated balance sheet classification March 31, 2022 December 31, 2021 (In thousands) Interest rate caps - asset Other assets $ 33,722 $ 8,809
Schedule of the Effect of Derivatives Financial Instruments on Other Comprehensive Income (Loss)	The effect of the derivative financial instruments on other comprehensive income (loss) was as follows: Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Three months ended March 31, 2022 Cash flow hedges $ 24,913 Interest expense — net $ (103) $ 25,016 Income tax effect (6,652) Income tax expense (449) (6,203) Net of income taxes $ 18,261 $ (552) $ 18,813 Three months ended March 31, 2021 Cash flow hedges $ 978 Interest expense — net $ (1,450) $ 2,428 Income tax effect (261) Income tax expense 387 (648) Net of income taxes $ 717 $ (1,063) $ 1,780

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic	The following tables set forth the computation of basic and diluted earnings per share using the two-class method: Three months ended March 31, 2022 2021 (In thousands, except share data) Basic earnings per share: Net income $ 19,406 $ 7,132 Allocation of net income to common stockholders: Common stock $ 19,324 $ 7,105 Unvested participating shares 82 27 Net income $ 19,406 $ 7,132 Weighted average common shares outstanding: Common stock 59,094,724 60,594,947 Unvested participating shares 250,399 235,184 Earnings per common share: Common stock $ 0.33 $ 0.12
Schedule of Earnings (Loss) Per Share, Diluted	Three months ended March 31, 2022 2021 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 19,324 $ 7,105 Plus: earnings allocated to unvested participating shares 82 27 Less: adjusted earnings allocated to unvested participating shares (82) (27) Earnings allocated to common stock $ 19,324 $ 7,105 Weighted average common shares outstanding: Common stock 59,094,724 60,594,947 Effect of dilutive securities 320,621 731,026 Weighted average common shares outstanding — diluted 59,415,345 61,325,973 Earnings per common share: Common stock $ 0.33 $ 0.12

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Roll Forward of the Fair Value of Recurring Level 3 Fair Value Measurements	The following table provides a roll forward of the recurring Level 3 fair value measurements: Three months ended March 31, 2022 (In thousands) Balance at January 1, 2022 $ 27,474 Settlement of contingent consideration liabilities (19,250) Changes in fair value 158 Foreign currency translation (532) Balance at March 31, 2022 $ 7,850

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component were as follows: Three months ended March 31, 2022 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2022 $ (38,073) $ 738 $ (24) $ (37,359) Other comprehensive income (loss) before reclassifications — net of tax (17,006) 18,261 (113) 1,142 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — (552) — (552) Net other comprehensive income (loss) (17,006) 18,813 (113) 1,694 Balance at March 31, 2022 $ (55,079) $ 19,551 $ (137) $ (35,665) Three months ended March 31, 2021 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2021 $ (22,332) $ (4,785) $ 48 $ (27,069) Other comprehensive income (loss) before reclassifications — net of tax (127) 717 (28) 562 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax 387 (1,063) — (676) Net other comprehensive income (loss) (514) 1,780 (28) 1,238 Balance at March 31, 2021 $ (22,846) $ (3,005) $ 20 $ (25,831) (1) Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Revenue and Income from Operations by Segment	Revenue and income (loss) from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended March 31, 2022 Revenue $ 353,932 $ 80,844 $ 25,633 $ 460,409 Income from operations 7,161 20,458 3,545 31,164 Three months ended March 31, 2021 Revenue $ 290,319 $ 76,355 $ 24,166 $ 390,840 Income (loss) from operations (17,967) 27,190 4,485 13,708

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 16, 2021
Line of Credit Facility [Line Items]
Stock repurchase program, authorized amount				$ 400,000,000
Stock repurchased (in shares)	300,000	0
Stock repurchased	$ 39,700,000
Stock repurchase program, remaining authorized repurchase amount	340,900,000
Governmental assistance, reduction to cost of services	25,300,000	$ 9,600,000
Reduction of operating subsidies for the related child care centers	9,500,000	$ 2,900,000
Tuition fees received	2,000,000
Prepaid expenses and other current assets
Line of Credit Facility [Line Items]
Due from government assistance programs	4,000,000		$ 3,300,000
Other long-term liabilities
Line of Credit Facility [Line Items]
Payroll tax deferrals	2,600,000		3,900,000
Accounts payable and accrued expenses
Line of Credit Facility [Line Items]
Payroll tax deferrals	$ 7,000,000		$ 7,000,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 460,409	$ 390,840
North America
Disaggregation of Revenue [Line Items]
Revenue	344,799	287,802
Europe
Disaggregation of Revenue [Line Items]
Revenue	115,610	103,038
Full service center-based child care
Disaggregation of Revenue [Line Items]
Revenue	353,932	290,319
Full service center-based child care | North America
Disaggregation of Revenue [Line Items]
Revenue	243,237	192,454
Full service center-based child care | Europe
Disaggregation of Revenue [Line Items]
Revenue	110,695	97,865
Back-up care
Disaggregation of Revenue [Line Items]
Revenue	80,844	76,355
Back-up care | North America
Disaggregation of Revenue [Line Items]
Revenue	75,929	71,182
Back-up care | Europe
Disaggregation of Revenue [Line Items]
Revenue	4,915	5,173
Educational advisory and other services
Disaggregation of Revenue [Line Items]
Revenue	25,633	24,166
Educational advisory and other services | North America
Disaggregation of Revenue [Line Items]
Revenue	25,633	24,166
Educational advisory and other services | Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue, revenue recognized	$ 136.5	$ 107

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Lessee, Lease, Description [Line Items]
Total fixed payment obligations for operating lease not yet commenced	$ 30.9
Deferred current lease payments, deferral term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Operating lease not yet commenced term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	15 years
Operating lease not yet commenced term	15 years

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 32,528	$ 33,625
Variable lease expense	9,944	6,942
Total lease expense	$ 42,472	$ 40,567

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	5.80%	5.80%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 89,548
2023	129,928
2024	119,567
2025	106,339
2026	97,691
Thereafter	485,100
Total lease payments	1,028,173
Less imputed interest	(248,392)
Present value of lease liabilities	779,781
Less current portion of operating lease liabilities	(90,152)	$ (87,341)
Long-term operating lease liabilities	$ 689,629	$ 703,911

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)acquisitioncenterbusiness
Business Acquisition [Line Items]
Contingent consideration paid	$ 13,865	$ 0
Contingent consideration recorded			$ 13,900
Payments to acquire business, net of cash acquired	147	$ 8,961
Goodwill recorded	$ 1,470,154		$ 1,481,725
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	14 years		14 years
2019 Acquisitions
Business Acquisition [Line Items]
Contingent consideration paid	$ 19,100
2021 Acquisitions
Business Acquisition [Line Items]
Contingent consideration paid	200		$ 600
Contingent consideration recorded			$ 7,300
Number of businesses acquired | business			5
Payments to acquire business, net of cash acquired			$ 53,200
Cash acquired from acquisition			2,200
Consideration payable			$ 600
Number of businesses acquired subject to contingent consideration | acquisition			2
Acquisition threshold for contingent consideration | acquisition			1
Contingent consideration payable			$ 800
Fixed assets and technology acquired			10,100
2021 Acquisitions | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 5,700
Finite-lived intangible assets amortization period			5 years
2021 Acquisitions | Back-Up Care Services
Business Acquisition [Line Items]
Goodwill recorded			$ 14,600
2021 Acquisitions | Full service center-based child care
Business Acquisition [Line Items]
Goodwill recorded			39,500
Amount of goodwill expected to be deductible for tax purposes			3,400
2021 Acquisitions | Performance targets
Business Acquisition [Line Items]
Contingent consideration (up to)			$ 1,200
Contingent consideration term			1 year
Acquisitions in 2021 and 2019
Business Acquisition [Line Items]
Contingent consideration paid	$ 19,300
United States | 2021 Acquisitions
Business Acquisition [Line Items]
Number of centers acquired | center			2
United Kingdom | 2021 Acquisitions
Business Acquisition [Line Items]
Number of centers acquired | center			13
Netherlands | 2021 Acquisitions
Business Acquisition [Line Items]
Number of centers acquired | center			3

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,481,725
Adjustments to prior year acquisitions	350
Effect of foreign currency translation	(11,921)
Ending balance	1,470,154
Full service center-based child care
Goodwill [Roll Forward]
Beginning balance	1,233,096
Adjustments to prior year acquisitions	350
Effect of foreign currency translation	(11,213)
Ending balance	1,222,233
Back-up care
Goodwill [Roll Forward]
Beginning balance	208,786
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	(708)
Ending balance	208,078
Educational advisory and other services
Goodwill [Roll Forward]
Beginning balance	39,843
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	0
Ending balance	$ 39,843

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Definite-lived intangible assets:
Cost	$ 411,284	$ 412,757
Accumulated amortization	(348,664)	(342,721)
Net carrying amount	62,620	70,036
Intangible Assets:
Cost	592,087	593,753
Accumulated amortization	(348,664)	(342,721)
Net carrying amount	243,423	251,032
Trade names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets:	$ 180,803	$ 180,996
Customer relationships
Definite-lived intangible assets:
Weighted average amortization period	14 years	14 years
Cost	$ 399,161	$ 400,399
Accumulated amortization	(338,276)	(332,571)
Net carrying amount	60,885	67,828
Intangible Assets:
Accumulated amortization	$ (338,276)	$ (332,571)
Trade names
Definite-lived intangible assets:
Weighted average amortization period	6 years	6 years
Cost	$ 12,123	$ 12,358
Accumulated amortization	(10,388)	(10,150)
Net carrying amount	1,735	2,208
Intangible Assets:
Accumulated amortization	$ (10,388)	$ (10,150)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 21,008
2023	26,601
2024	12,174
2025	1,974
2026	$ 971

Credit Arrangements and Debt _3

Credit Arrangements and Debt Obligations - Senior Secured Credit Facilities (Details)	Nov. 23, 2021	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000
Weighted average interest rate		4.25%	4.50%
Borrowing outstanding under revolving credit facility		$ 0	$ 0
Net leverage ratio		4.25
Line of Credit
Debt Instrument [Line Items]
Effective interest rate for the term loans		2.53%	2.29%
Weighted average interest rate		2.34%	2.50%
Line of Credit | Term loan B
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 600,000,000
Debt instrument, term	7 years
Percentage of periodic payment	1.00%
Basis spread on variable rate	1.25%
Debt instrument, interest rate, stated percentage	2.25%
Line of Credit | Term loan B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor	0.50%
Line of Credit | Term loan B | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor	1.50%
Line of Credit | Term loan A
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000
Debt instrument, term	5 years
Line of Credit | Term loan A | Quarterly Payment Rate for First Three Years
Debt Instrument [Line Items]
Percentage of periodic payment	2.50%
Line of Credit | Term loan A | Payment Rate in Year Four
Debt Instrument [Line Items]
Percentage of periodic payment	5.00%
Line of Credit | Term loan A | Payment Rate in Year Five
Debt Instrument [Line Items]
Percentage of periodic payment	7.50%
Line of Credit | Term loan A | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.005%
Line of Credit | Term loan A | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.0075%
Line of Credit | Term loan A | Eurocurrency | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.015%
Line of Credit | Term loan A | Eurocurrency | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.0175%
Line of Credit | Term loan A | Base Rate, Floor Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Credit Arrangements and Debt _4

Credit Arrangements and Debt Obligations - Outstanding Borrowing (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Borrowings [Line Items]
Less current maturities	$ (16,000)	$ (16,000)
Long-term debt	972,692	976,396
Line of Credit
Schedule Of Borrowings [Line Items]
Deferred financing costs and original issue discount	(7,308)	(7,604)
Total debt	988,692	992,396
Less current maturities	(16,000)	(16,000)
Long-term debt	972,692	976,396
Term loan B | Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	598,500	600,000
Term loan A | Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	$ 397,500	$ 400,000

Credit Arrangements and Debt _5

Credit Arrangements and Debt Obligations - Future Principal Payments Under New Term Loan (Details) - Secured Debt $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Remainder of 2022	$ 12,000
2023	16,000
2024	18,500
2025	28,500
2026	351,000
Thereafter	570,000
Total future principal payments	$ 996,000

Credit Arrangements and Debt _6

Credit Arrangements and Debt Obligations - Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Derivatives, Fair Value [Line Items]
Net loss to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months	$ 6.2
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 900	$ 800
Interest rate cap agreement, threshold for interest rate protection			1.00%
Interest rate caps | October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 300
Interest rate caps | October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 500
Interest rate caps | October 31, 2025
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 600
Interest rate cap agreement, threshold for interest rate protection		2.50%
Interest rate caps | October 31, 2026
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 300
Interest rate cap agreement, threshold for interest rate protection		3.00%

Credit Arrangements and Debt _7

Credit Arrangements and Debt Obligations - Schedule of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Interest rate caps | Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 33,722	$ 8,809

Credit Arrangements and Debt _8

Credit Arrangements and Debt Obligations - Effect of Derivatives on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Cash flow hedges	$ (7,046)	$ (9,016)
Income tax effect	4,712	(2,440)
Net of income taxes	19,406	7,132
Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Gain (Loss) Recognized In Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Net of income taxes	18,261	717
Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Net Gain (Loss) Reclassified Into Earnings
Derivatives, Fair Value [Line Items]
Net of income taxes	(552)	(1,063)
Other comprehensive income (loss) before reclassifications — net of tax | Total Effect On Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Net of income taxes	18,813	1,780
Cash flow hedges | Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Gain (Loss) Recognized In Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Cash flow hedges	24,913	978
Cash flow hedges | Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Net Gain (Loss) Reclassified Into Earnings
Derivatives, Fair Value [Line Items]
Cash flow hedges	(103)	(1,450)
Cash flow hedges | Other comprehensive income (loss) before reclassifications — net of tax | Total Effect On Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Cash flow hedges	25,016	2,428
Income tax effect | Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Gain (Loss) Recognized In Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Income tax effect	(6,652)	(261)
Income tax effect | Other comprehensive income (loss) before reclassifications — net of tax | Amount Of Net Gain (Loss) Reclassified Into Earnings
Derivatives, Fair Value [Line Items]
Income tax effect	(449)	387
Income tax effect | Other comprehensive income (loss) before reclassifications — net of tax | Total Effect On Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Income tax effect	$ (6,203)	$ (648)

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 19,406	$ 7,132
Allocation of net income to common stockholders:
Common stock	19,324	7,105
Unvested participating shares	82	27
Net income	$ 19,406	$ 7,132
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	59,094,724	60,594,947
Earnings per common share:
Common stock (in dollars per share)	$ 0.33	$ 0.12
Unvested participating shares
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	250,399	235,184

Earnings Per Share - Computat_2

Earnings Per Share - Computation of Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings allocated to common stock	$ 19,324	$ 7,105
Plus: earnings allocated to unvested participating shares	82	27
Less: adjusted earnings allocated to unvested participating shares	(82)	(27)
Earnings allocated to common stock	$ 19,324	$ 7,105
Weighted average common shares outstanding:
Common stock (in shares)	59,094,724	60,594,947
Effect of dilutive securities (in shares)	320,621	731,026
Weighted average common shares outstanding — diluted (in shares)	59,415,345	61,325,973
Earnings per common share:
Common stock (in dollars per share)	$ 0.33	$ 0.12

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock | Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase shares of common stock excluded from diluted earnings per share (in shares)	1.2	0.8

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022USD ($)tax_audit	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rates	19.50%	(52.00%)
Decrease in tax expense due to excess tax benefit from stock-based compensation	$ 2,000,000	$ 3,900,000
Effective income tax rate prior to the inclusion of excess tax benefit and other discrete items (percent)	27.00%	28.00%
Unrecognized tax benefits, including interest	$ 4,000,000		$ 3,900,000
Minimum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	0
Maximum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	$ 500,000
State
Income Tax Disclosure [Line Items]
Number of income tax audits in process | tax_audit	1

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 28,700	$ 29,900
Available-for-sale debt securities amortized cost	28,900	30,000
Contingent consideration
Fair Value Measurements Disclosure [Line Items]
Settlement of contingent consideration liabilities	$ (19,250)
Minimum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	1 year
Maximum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	1 year 6 months
Prepaid expenses and other current assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 23,400	22,700
Other assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	5,300	7,200
Interest rate caps | Other assets
Fair Value Measurements Disclosure [Line Items]
Interest rate caps - asset	$ 33,722	$ 8,809

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Recurring Level 3 Fair Value Measurements (Details) - Contingent consideration $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 27,474
Settlement of contingent consideration liabilities	(19,250)
Changes in fair value	158
Foreign currency translation	(532)
Ending balance	$ 7,850

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,179,276	$ 1,283,797
Other comprehensive income (loss) before reclassifications — net of tax	1,142	562
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	(552)	(676)
Total other comprehensive income	1,694	1,238
Ending balance	1,172,506	1,310,625
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,359)	(27,069)
Total other comprehensive income	1,694	1,238
Ending balance	(35,665)	(25,831)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,073)	(22,332)
Other comprehensive income (loss) before reclassifications — net of tax	(17,006)	(127)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	0	387
Total other comprehensive income	(17,006)	(514)
Ending balance	(55,079)	(22,846)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	738	(4,785)
Other comprehensive income (loss) before reclassifications — net of tax	18,261	717
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	(552)	(1,063)
Total other comprehensive income	18,813	1,780
Ending balance	19,551	(3,005)
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(24)	48
Other comprehensive income (loss) before reclassifications — net of tax	(113)	(28)
Total other comprehensive income	(113)	(28)
Ending balance	$ (137)	$ 20

Segment Information - Income fr

Segment Information - Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 460,409	$ 390,840
Income from operations	31,164	13,708
Full service center-based child care
Segment Reporting Information [Line Items]
Revenue	353,932	290,319
Full service center-based child care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	353,932	290,319
Income from operations	7,161	(17,967)
Back-up care
Segment Reporting Information [Line Items]
Revenue	80,844	76,355
Back-up care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	80,844	76,355
Income from operations	20,458	27,190
Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue	25,633	24,166
Educational advisory and other services | Operating Segments
Segment Reporting Information [Line Items]
Revenue	25,633	24,166
Income from operations	$ 3,545	$ 4,485

Subsequent Event (Details)

Subsequent Event (Details) - May 03, 2022 - Subsequent Event - Nemo (BC) HoldCo Pty Ltd. $ in Millions, $ in Millions	AUD ($)	USD ($)
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%	100.00%
Business combination, consideration transferred	$ 450
Consideration transferred at closing	300	$ 213
Consideration paid eighteen months after closing as deferred purchase price	$ 150	$ 106.5
Deferment period for payment	18 months	18 months