Bright Horizons Family Solutions (BFAM) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		57,904,906
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001437578
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 40,927	$ 36,224
Accounts receivable — net of allowance for credit losses of $2,747 and $2,947 at September 30, 2023 and December 31, 2022, respectively	223,318	217,170
Prepaid expenses and other current assets	105,003	94,316
Total current assets	369,248	347,710
Fixed assets — net	572,356	571,471
Goodwill	1,750,568	1,727,852
Other intangible assets — net	223,381	245,574
Operating lease right-of-use assets	788,483	801,626
Other assets	98,349	104,636
Total assets	3,802,385	3,798,869
Current liabilities:
Current portion of long-term debt	16,000	16,000
Borrowings under revolving credit facility	29,400	84,000
Accounts payable and accrued expenses	241,578	230,634
Current portion of operating lease liabilities	96,388	94,092
Deferred revenue	210,002	222,994
Other current liabilities	150,057	138,574
Total current liabilities	743,425	786,294
Long-term debt — net	950,468	961,581
Operating lease liabilities	794,717	810,403
Other long-term liabilities	94,269	100,466
Deferred revenue	8,480	8,933
Deferred income taxes	45,606	50,739
Total liabilities	2,636,965	2,718,416
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 57,777,857 and 57,531,130 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	58	58
Additional paid-in capital	635,731	599,422
Accumulated other comprehensive loss	(90,670)	(70,629)
Retained earnings	620,301	551,602
Total stockholders’ equity	1,165,420	1,080,453
Total liabilities and stockholders’ equity	$ 3,802,385	$ 3,798,869

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 2,747	$ 2,947
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)	57,777,857	57,531,130
Common stock, shares outstanding (in shares)	57,777,857	57,531,130

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 645,787	$ 540,215	$ 1,802,609	$ 1,490,965
Cost of services	488,142	411,406	1,386,787	1,123,572
Gross profit	157,645	128,809	415,822	367,393
Selling, general and administrative expenses	83,253	80,812	247,923	226,231
Amortization of intangible assets	7,568	8,948	24,898	23,127
Income from operations	66,824	39,049	143,001	118,035
Loss on foreign currency forward contracts	0	0	0	(5,917)
Interest expense — net	(12,222)	(11,707)	(37,357)	(26,695)
Income before income tax	54,602	27,342	105,644	85,423
Income tax expense	(14,623)	(9,094)	(36,945)	(22,824)
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.69	$ 0.32	$ 1.19	$ 1.06
Common stock — diluted (in dollars per share)	$ 0.69	$ 0.31	$ 1.18	$ 1.06
Weighted average common shares outstanding:
Common stock — basic (in shares)	57,765,332	57,664,895	57,692,254	58,624,221
Common stock — diluted (in shares)	58,045,137	57,740,013	57,886,823	58,802,742
Cost, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]	Service [Member]

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599
Other comprehensive income (loss):
Foreign currency translation adjustments	(31,179)	(67,483)	(14,843)	(130,834)
Unrealized gain (loss) on cash flow hedges and investments, net of tax	(1,604)	14,016	(5,198)	37,723
Total other comprehensive loss	(32,783)	(53,467)	(20,041)	(93,111)
Comprehensive income (loss)	$ 7,196	$ (35,219)	$ 48,658	$ (30,512)

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 Loss	Retained Earnings
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	21,282		21,282
Issuance of common stock under the Equity Incentive Plan (in shares)		229,354
Issuance of common stock under the Equity Incentive Plan	11,484	$ 1	11,483
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(47,320)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(5,432)		(5,432)
Purchase of treasury stock	(182,342)			(182,342)
Retirement of treasury stock (in shares)		(1,986,146)
Retirement of treasury stock	0	$ (2)	(182,340)	182,342
Other comprehensive loss	(93,111)				(93,111)
Net income	62,599					62,599
Ending balance (in shares) at Sep. 30, 2022		57,501,048
Ending balance at Sep. 30, 2022	993,756	$ 58	590,608	0	(130,470)	533,560
Beginning balance (in shares) at Jun. 30, 2022		58,622,868
Beginning balance at Jun. 30, 2022	1,118,986	$ 59	680,618	0	(77,003)	515,312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,514		7,514
Issuance of common stock under the Equity Incentive Plan (in shares)		13,400
Issuance of common stock under the Equity Incentive Plan	859		859
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(3,008)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(278)		(278)
Purchase of treasury stock	(98,106)			(98,106)
Retirement of treasury stock (in shares)		(1,132,212)
Retirement of treasury stock	0	$ (1)	(98,105)	98,106
Other comprehensive loss	(53,467)				(53,467)
Net income	18,248					18,248
Ending balance (in shares) at Sep. 30, 2022		57,501,048
Ending balance at Sep. 30, 2022	$ 993,756	$ 58	590,608	0	(130,470)	533,560
Beginning balance (in shares) at Dec. 31, 2022	57,531,130	57,531,130
Beginning balance at Dec. 31, 2022	$ 1,080,453	$ 58	599,422	0	(70,629)	551,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	21,154		21,154
Issuance of common stock under the Equity Incentive Plan (in shares)		278,012
Issuance of common stock under the Equity Incentive Plan	17,551		17,551
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(31,285)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(2,396)		(2,396)
Other comprehensive loss	(20,041)				(20,041)
Net income	$ 68,699					68,699
Ending balance (in shares) at Sep. 30, 2023	57,777,857	57,777,857
Ending balance at Sep. 30, 2023	$ 1,165,420	$ 58	635,731	0	(90,670)	620,301
Beginning balance (in shares) at Jun. 30, 2023		57,740,699
Beginning balance at Jun. 30, 2023	1,149,768	$ 58	627,275	0	(57,887)	580,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,841		7,841
Issuance of common stock under the Equity Incentive Plan (in shares)		45,077
Issuance of common stock under the Equity Incentive Plan	1,382		1,382
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(7,919)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(767)		(767)
Other comprehensive loss	(32,783)				(32,783)
Net income	$ 39,979					39,979
Ending balance (in shares) at Sep. 30, 2023	57,777,857	57,777,857
Ending balance at Sep. 30, 2023	$ 1,165,420	$ 58	$ 635,731	$ 0	$ (90,670)	$ 620,301

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			82,732	77,958
Stock-based compensation expense			21,154	21,282
Loss on foreign currency forward contracts	0	0	0	5,917
Deferred income taxes			(3,688)	(8,209)
Non-cash interest and other — net			8,867	1,894
Changes in assets and liabilities:
Accounts receivable			(7,166)	16,369
Prepaid expenses and other current assets			(16,965)	(7,204)
Accounts payable and accrued expenses			6,549	27,122
Income taxes			1,822	(6,278)
Deferred revenue			(13,283)	(64,235)
Leases			(167)	703
Other assets			2,752	11,453
Other current and long-term liabilities			9,665	(8,393)
Net cash provided by operating activities			160,971	130,978
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets			(60,451)	(48,228)
Proceeds from the disposal of fixed assets			226	10,456
Proceeds from the maturity of debt securities and sale of other investments			15,451	16,009
Purchases of debt securities and other investments			(9,463)	(13,838)
Payments and settlements for acquisitions — net of cash acquired			(37,772)	(209,421)
Settlement of foreign currency forward contracts			0	(5,917)
Net cash used in investing activities			(92,009)	(250,939)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility			286,000	167,000
Payments under revolving credit facility			(340,600)	(54,000)
Principal payments of long-term debt			(12,000)	(12,000)
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase			8,764	11,412
Taxes paid related to the net share settlement of stock options and restricted stock			(2,396)	(5,432)
Purchase of treasury stock			0	(182,570)
Payments of contingent consideration for acquisitions			(225)	(13,865)
Net cash used in financing activities			(60,457)	(89,455)
Effect of exchange rates on cash, cash equivalents and restricted cash			(1,280)	(4,018)
Net increase (decrease) in cash, cash equivalents and restricted cash			7,225	(213,434)
Cash, cash equivalents and restricted cash — beginning of period			51,894	265,281	$ 265,281
Cash, cash equivalents and restricted cash — end of period	59,119	51,847	59,119	51,847	51,894
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	40,927	32,604	40,927	32,604	36,224
Restricted cash and cash equivalents, included in prepaid expenses and other current assets	16,154	7,906	16,154	7,906
Restricted cash and cash equivalents, included in other assets	2,038	11,337	2,038	11,337
Total cash, cash equivalents and restricted cash — end of period	$ 59,119	$ 51,847	59,119	51,847	$ 51,894
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest			54,896	24,973
Cash payments of income taxes			40,946	38,013
Cash paid for amounts included in the measurement of lease liabilities			115,537	104,809
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses			2,350	2,121
Deferred or contingent consideration issued for acquisitions			0	97,653
Operating right-of-use assets obtained in exchange for operating lease liabilities — net			42,667	44,575
Restricted stock reclassified from other current liabilities to equity upon vesting			$ 8,192	$ 3,160

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
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 management, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Australia, 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. On July 1, 2022, the Company acquired Only About Children, an operator of 75 child care centers in Australia. Refer to Note 4, Acquisitions , for additional information. As of September 30, 2023, we operated 1,063 early education and child care centers. Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of September 30, 2023 and the unaudited condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended September 30, 2023 and 2022 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, 2022. 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 September 30, 2023 and the unaudited condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended September 30, 2023 and 2022, 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. During the nine months ended September 30, 2023, the Company recorded expense of $6.0 million for an immaterial correction of an error related to value-added tax incurred in prior periods, of which $4.3 million is included in cost of services and $1.7 million is included in selling, general and administrative expenses. Refer to Note 11, Segment Information , for additional information. 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. 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 nine months ended September 30, 2023, there were no share repurchases under the repurchase program and during the nine months ended September 30, 2022, the Company repurchased 2.0 million shares for $182.3 million. All repurchased shares have been retired and, at September 30, 2023, $198.3 million remained available under the Board-approved repurchase program. Government Support — During the nine months ended September 30, 2023 and 2022, 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 and federal block grant funding in the United States. During the nine months ended September 30, 2023 and 2022, $48.3 million and $68.6 million, respectively, was recorded as a reduction to cost of services in relation to these benefits, of which $17.2 million and $25.6 million, respectively, reduced the operating subsidies paid by employers for the related child care centers. Additionally, during the nine months ended September 30, 2023 and 2022, $1.7 million and $4.6 million, respectively, was recorded to revenue related to amounts received for tuition support. As of September 30, 2023 and December 31, 2022, $2.1 million and $1.2 million, respectively, was recorded in prepaid expenses and other current assets on the consolidated balance sheet for amounts due from government support programs, and as of September 30, 2023 and December 31, 2022, $3.3 million and $4.6 million, respectively, was recorded to other current liabilities related to government support received related to future periods.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 North America $ 287,526 $ 154,041 $ 31,923 $ 473,490 International 157,221 15,076 — 172,297 $ 444,747 $ 169,117 $ 31,923 $ 645,787 Three months ended September 30, 2022 North America $ 243,747 $ 119,555 $ 31,053 $ 394,355 International 136,809 9,051 — 145,860 $ 380,556 $ 128,606 $ 31,053 $ 540,215 Full service Back-up care Educational Total (In thousands) Nine months ended September 30, 2023 North America $ 872,124 $ 349,982 $ 87,290 $ 1,309,396 International 461,345 31,868 — 493,213 $ 1,333,469 $ 381,850 $ 87,290 $ 1,802,609 Nine months ended September 30, 2022 North America $ 744,806 $ 280,580 $ 83,997 $ 1,109,383 International 360,998 20,584 — 381,582 $ 1,105,804 $ 301,164 $ 83,997 $ 1,490,965 The classification “North America” is comprised of the Company’s United States and Puerto Rico operations and the classification “International” includes the Company’s United Kingdom, Netherlands, Australia and India operations. On July 1, 2022, the Company acquired Only About Children, an operator of 75 child care centers in Australia. Refer to Note 4, Acquisitions , for additional information. 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 nine months ended September 30, 2023 and 2022, $200.7 million and $224.6 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2022 and December 31, 2021, 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	9 Months Ended
	Sep. 30, 2023
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, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of September 30, 2023 and December 31, 2022, there were no material finance leases. Lease Expense The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands) Operating lease expense (1) $ 38,461 $ 37,992 $ 115,888 $ 102,879 Variable lease expense (1) 10,572 10,264 32,312 29,976 Total lease expense $ 49,033 $ 48,256 $ 148,200 $ 132,855 (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: September 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 7.0% 6.7% Maturity of Lease Liabilities The following table summarizes the maturity of lease liabilities as of September 30, 2023: Operating Leases (In thousands) Remainder of 2023 $ 26,767 2024 154,677 2025 144,758 2026 137,520 2027 128,226 Thereafter 674,892 Total lease payments 1,266,840 Less imputed interest (375,735) Present value of lease liabilities 891,105 Less current portion of operating lease liabilities (96,388) Long-term operating lease liabilities $ 794,717 As of September 30, 2023, the Company had entered into additional operating leases with total fixed payment obligations of $18.7 million that have not yet commenced. The leases are expected to commence between the fourth quarter of fiscal 2023 and the first quarter of fiscal 2024 and have initial lease terms of approximately 12 to 15 years.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2023
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. 2023 Acquisitions During the nine months ended September 30, 2023, the Company acquired four centers in the United States and four centers in Australia, in four separate business acquisitions, which were each accounted for as a business combination. The businesses were acquired for aggregate cash consideration of $37.6 million, which is subject to adjustments from the settlement of the final working capital and acquired enrollment. The Company recorded goodwill of $35.5 million related to the full service center-based child care segment in relation to these acquisitions, of which $25.4 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $3.7 million that will be amortized over four years. The determination and 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 September 30, 2023, the purchase price allocation for these acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company’s financial results. During the nine months ended September 30, 2023, the Company paid contingent consideration of $0.2 million related to an acquisition completed in 2021, which had been recorded as a liability at the date of acquisition and is presented as cash used in financing activities in the consolidated statement of cash flows. 2022 Acquisitions Only About Children On July 1, 2022, the Company, through wholly-owned subsidiaries, completed the acquisition of the outstanding shares of Only About Children, a child care operator in Australia with approximately 75 early education and child care centers, for aggregate consideration of AUD$450 million (USD$310 million), which was accounted for as a business combination. The Company paid approximately AUD$300 million (USD$207 million), net of cash acquired and subject to customary purchase price adjustments, and will pay an additional USD$106.5 million 18 months after closing. In October 2022, the Company reached an agreement with the sellers on the final net working capital, resulting in a refund of AUD$2.6 million (USD$1.8 million), which was received in the fourth quarter of 2022. The present value of the deferred consideration of USD$97.7 million at the acquisition date and USD$105.0 million at September 30, 2023 is included in other current liabilities on the consolidated balance sheet. During the year ended December 31, 2022, the Company incurred acquisition-related transaction costs of approximately $9.2 million, which were included in selling, general and administrative expenses. In addition, the Company recognized realized losses of $5.9 million in relation to foreign currency forward contracts for the purchase of Australian dollars entered into in connection with settling the purchase price for the acquisition. Refer to Note 6, Credit Arrangements and Debt Obligations , for additional information on the foreign currency forward contracts. The purchase price for this acquisition has been allocated based on estimates of the fair value of the acquired assets and assumed liabilities at the date of acquisition as follows: At acquisition date Measurement period adjustments At acquisition date (In thousands) Cash $ 4,705 $ — $ 4,705 Accounts receivable and prepaid expenses 4,295 (54) 4,241 Fixed assets 21,702 (1,850) 19,852 Goodwill 283,466 4,398 287,864 Intangible assets 30,945 (3,377) 27,568 Operating lease right of use assets 156,678 (4,408) 152,270 Total assets acquired 501,791 (5,291) 496,500 Accounts payable and accrued expenses 17,991 772 18,763 Deferred revenue and parent deposits 6,809 62 6,871 Deferred tax liabilities 3,392 (3,392) — Operating lease liabilities 161,405 (1,715) 159,690 Other long-term liabilities 5,458 (1,018) 4,440 Total liabilities assumed 195,055 (5,291) 189,764 Purchase price $ 306,736 $ — $ 306,736 The Company recorded goodwill of $287.9 million related to the full service center-based child care segment, which will not be deductible for tax purposes. Intangible assets consist of customer relationships of $19.7 million with a six year life and trade name of $7.9 million with an eleven year life. The operating results for Only About Children are included in the consolidated results of operations from the date of acquisition, and are reported with the full service center-based child care segment. The following table presents consolidated pro forma revenue as if the acquisition of Only About Children had occurred on January 1, 2021: Pro forma (In thousands) Revenue $ 1,559,882 Other than the impact of shifting the transaction costs incurred in 2022 to 2021, consolidated pro forma net income would not materially change from the reported results. In assessing the impact to the unaudited pro forma results, we considered certain adjustments related to the acquisition, such as increased amortization expense related to the acquired intangible assets, adjusted depreciation associated with the fair value of the acquired fixed assets, and shifting of transaction costs. Other 2022 Acquisitions During the year ended December 31, 2022, the Company acquired one center in the United States, one center in the United Kingdom, and one center in the Netherlands, in three separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for aggregate cash consideration of $6.0 million, net of cash acquired of $0.2 million, and consideration payable of $0.2 million. The Company recorded goodwill of $5.6 million related to the full service center-based child care segment in relation to these acquisitions, of which $1.9 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $1.0 million that will be amortized over four years in relation to these acquisitions. The determination and 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 September 30, 2023, the purchase price allocation for two of the acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company’s financial results.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2023
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, 2023 $ 1,481,936 $ 206,073 $ 39,843 $ 1,727,852 Additions from acquisitions 35,499 — — 35,499 Adjustments to prior year acquisitions 1,202 — — 1,202 Effect of foreign currency translation (14,190) 205 — (13,985) Balance at September 30, 2023 $ 1,504,447 $ 206,278 $ 39,843 $ 1,750,568 The Company also has intangible assets, which consisted of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 11 years $ 400,910 $ (365,648) $ 35,262 Trade names 10 years 19,028 (11,223) 7,805 419,938 (376,871) 43,067 Indefinite-lived intangible assets: Trade names N/A 180,314 — 180,314 $ 600,252 $ (376,871) $ 223,381 December 31, 2022 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 12 years $ 398,238 $ (341,918) $ 56,320 Trade names 10 years 19,231 (10,236) 8,995 417,469 (352,154) 65,315 Indefinite-lived intangible assets: Trade names N/A 180,259 — 180,259 $ 597,728 $ (352,154) $ 245,574 The Company estimates that it will record amortization expense related to intangible assets existing as of September 30, 2023 as follows: Estimated amortization expense (In thousands) Remainder of 2023 $ 8,635 2024 17,566 2025 5,628 2026 3,963 2027 2,824 Thereafter 4,451 $ 43,067

CREDIT ARRANGEMENTS AND DEBT OB

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2023
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 $600 million term loan B facility (“term loan B”) and a $400 million term loan A facility (“term loan A” and, together with term loan B, 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: September 30, 2023 December 31, 2022 (In thousands) Term loan B $ 589,500 $ 594,000 Term loan A 382,500 390,000 Deferred financing costs and original issue discount (5,532) (6,419) Total debt 966,468 977,581 Less current maturities (16,000) (16,000) Long-term debt $ 950,468 $ 961,581 On December 21, 2022, the Company amended its existing senior secured credit facilities to replace the LIBOR-based benchmark rate with a term SOFR benchmark rate, which did not alter the applicable interest rates held in effect prior to the change. The amendment was treated as a modification and the related transaction costs were expensed as incurred. All borrowings under the credit facilities are subject to variable interest. The effective interest rate for the term loans was 7.48% and 6.49% at September 30, 2023 and December 31, 2022, respectively, and the weighted average interest rate was 7.08% and 3.11% for the nine months ended September 30, 2023 and 2022, respectively, prior to the effects of any interest rate hedge arrangements. The effective interest rate for the revolving credit facility was 9.25% and 6.51% at September 30, 2023 and December 31, 2022, respectively, and the weighted average interest rate for the revolving credit facility was 7.44% and 4.30% for the nine months ended September 30, 2023 and 2022, respectively. The effective interest rate on the revolving credit facility may fluctuate from borrowing to borrowing for various reasons, including changes in the term benchmark or base interest rate, and the selected borrowing cycle as rates can vary between under-30 day and over-30 day borrowings. Term Loan B Facility The seven-year term loan B matures on November 23, 2028 and requires quarterly principal payments equal to 1% per annum of the original aggregate principal amount of the term loan B, with the remaining principal balance due at maturity. Borrowings under the term loan B facility bear interest at a rate per annum of 1.25% over the base rate, or 2.25% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.50% and the adjusted term SOFR rate is subject to an interest rate floor of 0.50%. Term Loan A Facility The five-year term loan A matures on November 23, 2026 and requires quarterly principal payments equal to 2.5% per annum of the original aggregate principal amount of the term loan A in each of the first three years, 5.0% in the fourth year, and 7.5% in the fifth year. The remaining principal balance is due at maturity. Borrowings under the term loan A facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%. Revolving Credit Facility The $400 million multi-currency revolving credit facility matures on May 26, 2026. At September 30, 2023, borrowings outstanding on the revolving credit facility were $29.4 million and letters of credit outstanding were $19.2 million, with $351.4 million available for borrowing. At December 31, 2022, borrowings outstanding on the revolving credit facility were $84.0 million and letters of credit outstanding were $5.2 million. Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%. 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 2023 $ 4,000 2024 18,500 2025 28,500 2026 351,000 2027 6,000 Thereafter 564,000 Total future principal payments $ 972,000 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 caps to manage a portion of the risk related to changes in cash flows from interest rate movements. On December 21, 2022, the Company amended its existing interest rate cap agreements in conjunction with the amendment to its senior secured credit facilities and replaced the one-month LIBOR rate with the one-month term SOFR rate. 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% (effective December 30, 2022, one-month term SOFR rate increases above 0.9%). 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% (effective December 30, 2022, one-month term SOFR rate increases above 2.4%). 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% (effective December 30, 2022, one-month term SOFR rate increases above 2.9%). During the year ended December 31, 2022, the Company entered into foreign currency forward contracts in connection with an acquisition in Australia completed on July 1, 2022. The Company entered into the foreign currency forwards to lock the purchase price in US dollars at closing and mitigate the impact of foreign currency fluctuations between signing of the definitive purchase agreement on May 3, 2022 and closing. The forward contracts had a total notional value of approximately AUD$320 million, which included the expected payments for the purchase price and for letters of credit used to guarantee certain lease arrangements. The cash flows associated with the business combination do not meet the criteria to be designated and accounted for as a cash flow hedge and, as such, foreign currency gains and losses on these forwards are recorded on the consolidated statement of income. During the year ended December 31, 2022, the Company recognized realized losses of $5.9 million in relation to these forwards due to fluctuations in the Australian dollar. The fair value of the derivative financial instruments was as follows for the periods presented: Derivative financial instruments Consolidated balance sheet classification September 30, 2023 December 31, 2022 (In thousands) Interest rate caps - asset Prepaid and other current assets $ 2,910 $ 25,464 Interest rate caps - asset Other assets $ 43,272 $ 28,553 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 September 30, 2023 Cash flow hedges $ 6,326 Interest expense — net $ 8,595 $ (2,269) Income tax effect (1,689) Income tax expense (2,295) 606 Net of income taxes $ 4,637 $ 6,300 $ (1,663) Three months ended September 30, 2022 Cash flow hedges $ 21,550 Interest expense — net $ 2,344 $ 19,206 Income tax effect (5,754) Income tax expense (626) (5,128) Net of income taxes $ 15,796 $ 1,718 $ 14,078 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) Nine months ended September 30, 2023 Cash flow hedges $ 16,374 Interest expense — net $ 23,575 $ (7,201) Income tax effect (4,372) Income tax expense (6,295) 1,923 Net of income taxes $ 12,002 $ 17,280 $ (5,278) Nine months ended September 30, 2022 Cash flow hedges $ 53,310 Interest expense — net $ 2,173 $ 51,137 Income tax effect (14,234) Income tax expense (1,057) (13,177) Net of income taxes $ 39,076 $ 1,116 $ 37,960 During the next 12 months, the Company estimates that a net gain of $22.8 million, pre-tax, will be reclassified from accumulated other comprehensive loss and recorded as a reduction to interest expense related to these derivative financial instruments.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands, except share data) Basic earnings per share: Net income $ 39,979 $ 18,248 $ 68,699 $ 62,599 Allocation of net income to common stockholders: Common stock $ 39,891 $ 18,170 $ 68,537 $ 62,334 Unvested participating shares 88 78 162 265 Net income $ 39,979 $ 18,248 $ 68,699 $ 62,599 Weighted average common shares outstanding: Common stock 57,765,332 57,664,895 57,692,254 58,624,221 Unvested participating shares 126,699 248,969 152,831 249,446 Earnings per common share: Common stock $ 0.69 $ 0.32 $ 1.19 $ 1.06 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 39,891 $ 18,170 $ 68,537 $ 62,334 Plus: earnings allocated to unvested participating shares 88 78 162 265 Less: adjusted earnings allocated to unvested participating shares (88) (78) (162) (264) Earnings allocated to common stock $ 39,891 $ 18,170 $ 68,537 $ 62,335 Weighted average common shares outstanding: Common stock 57,765,332 57,664,895 57,692,254 58,624,221 Effect of dilutive securities 279,805 75,118 194,569 178,521 Weighted average common shares outstanding — diluted 58,045,137 57,740,013 57,886,823 58,802,742 Earnings per common share: Common stock $ 0.69 $ 0.31 $ 1.18 $ 1.06 Equity awards outstanding to purchase or receive 1.7 million and 2.3 million shares of common stock were excluded from diluted earnings per share for the three months ended September 30, 2023 and 2022, respectively, and 1.9 million and 1.8 million shares of common stock were excluded from diluted earnings per share for the nine months ended September 30, 2023 and 2022, respectively, since their effect was anti-dilutive. These equity awards may become dilutive in the future.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 26.8% and 33.3% for the three months ended September 30, 2023 and 2022, respectively, and 35.0% and 26.7% for the nine months ended September 30, 2023 and 2022, 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, unbenefited losses, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as non-deductible transaction costs, the settlement of foreign, federal and state tax issues and the effects of excess (shortfall) tax benefit (expense) associated with the exercise or expiration of stock options and vesting of restricted stock, which is included in tax expense. During the three and nine months ended September 30, 2023, the net shortfall tax expense from stock-based compensation expense increased tax expense by $0.1 million and $3.0 million, respectively. During the three months ended September 30, 2022, the net shortfall tax expense from stock-based compensation expense increased tax expense by $0.1 million. During the nine months ended September 30, 2022, the excess tax benefit decreased tax expense by $2.6 million. For the three months ended September 30, 2023 and 2022, prior to the inclusion of the excess (shortfall) tax benefit (expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 28% and 29%, respectively. For the nine months ended September 30, 2023 and 2022, prior to the inclusion of the excess (shortfall) tax benefit (expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 28%. The Company’s unrecognized tax benefits were $4.4 million and $3.8 million at September 30, 2023 and December 31, 2022, respectively, inclusive of interest. The Company does not expect the unrecognized tax benefits to change over the next twelve months. 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 and the statute of limitations for federal tax returns is three years. The Company’s filings for the tax years 2019 through 2021 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. The Company's filings for the tax years 2018 through 2021 are subject to audit based upon the statute of limitations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
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 is 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 September 30, 2023. 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. As such, the Company’s long-term debt was classified as Level 2. As of September 30, 2023 and December 31, 2022, the estimated fair value approximated the carrying value of long-term debt. 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 is classified as Level 2. As of September 30, 2023, the fair value of the interest rate cap agreements was $46.2 million, of which $2.9 million was recorded in prepaid expenses prepaid expenses 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 September 30, 2023, the fair value of the available-for-sale debt securities was $26.2 million and was classified based on the instruments’ maturity dates, with $23.4 million included in prepaid expenses and other current assets and $2.8 million in other assets on the consolidated balance sheet. As of December 31, 2022, the fair value of the available-for-sale debt securities was $29.6 million, with $17.7 million included in prepaid expenses and other current assets and $11.9 million in other assets on the consolidated balance sheet. At September 30, 2023 and December 31, 2022, the amortized cost was $26.4 million and $29.8 million, respectively. The debt securities held at September 30, 2023 had remaining maturities ranging from less than one year to approximately two years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three and nine months ended September 30, 2023 and 2022. 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 nine months ended September 30, 2023, contingent consideration liabilities of $0.2 million were paid related to an acquisition completed in 2021. The contingent consideration liabilities outstanding as of September 30, 2023 relate to an acquisition completed in 2021. The following table provides a roll forward of the recurring Level 3 fair value measurements: Nine months ended September 30, 2023 (In thousands) Balance at January 1, 2023 $ 8,997 Settlement of contingent consideration liabilities (225) Changes in fair value 1,314 Balance at September 30, 2023 $ 10,086

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive 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: Nine months ended September 30, 2023 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2023 $ (105,138) $ 34,738 $ (229) $ (70,629) Other comprehensive income (loss) before reclassifications — net of tax (14,843) 12,002 (12) (2,853) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — 17,280 (92) 17,188 Net other comprehensive income (loss) (14,843) (5,278) 80 (20,041) Balance at September 30, 2023 $ (119,981) $ 29,460 $ (149) $ (90,670) Nine months ended September 30, 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 (130,834) 39,076 (237) (91,995) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — 1,116 — 1,116 Net other comprehensive income (loss) (130,834) 37,960 (237) (93,111) Balance at September 30, 2022 $ (168,907) $ 38,698 $ (261) $ (130,470) (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	9 Months Ended
	Sep. 30, 2023
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, tutoring, pet care and self-sourced reimbursed care. The Company’s educational advisory and other services segment consists of tuition assistance and student loan repayment program management, workforce education, related educational advising, college advisory services, and Sittercity, 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 from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended September 30, 2023 Revenue $ 444,747 $ 169,117 $ 31,923 $ 645,787 Income from operations 6,990 51,684 8,150 66,824 Three months ended September 30, 2022 Revenue $ 380,556 $ 128,606 $ 31,053 $ 540,215 Income (loss) from operations (1) (9,834) 40,405 8,478 39,049 (1) For the three months ended September 30, 2022, loss from operations for the full service center-based child care segment included $6.7 million of transaction costs related to acquisitions. Full service Back-up care Educational Total (In thousands) Nine months ended September 30, 2023 Revenue $ 1,333,469 $ 381,850 $ 87,290 $ 1,802,609 Income from operations (1) 28,493 95,963 18,545 143,001 Nine months ended September 30, 2022 Revenue $ 1,105,804 $ 301,164 $ 83,997 $ 1,490,965 Income from operations (2) 17,049 85,982 15,004 118,035 (1) For the nine months ended September 30, 2023, income from operations included a value-added-tax expense of $6.0 million related to prior periods, of which $4.3 million was associated with the back-up care segment and $1.7 million was associated with the full service center-based child care segment. Refer to Note 1, Organization and Basis of Presentation , for additional information. (2) For the nine months ended September 30, 2022, income from operations for the full service center-based child care segment included $9.2 million of transaction costs related to acquisitions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of September 30, 2023 and the unaudited condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended September 30, 2023 and 2022 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, 2022. 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 September 30, 2023 and the unaudited condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended September 30, 2023 and 2022, 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)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 North America $ 287,526 $ 154,041 $ 31,923 $ 473,490 International 157,221 15,076 — 172,297 $ 444,747 $ 169,117 $ 31,923 $ 645,787 Three months ended September 30, 2022 North America $ 243,747 $ 119,555 $ 31,053 $ 394,355 International 136,809 9,051 — 145,860 $ 380,556 $ 128,606 $ 31,053 $ 540,215 Full service Back-up care Educational Total (In thousands) Nine months ended September 30, 2023 North America $ 872,124 $ 349,982 $ 87,290 $ 1,309,396 International 461,345 31,868 — 493,213 $ 1,333,469 $ 381,850 $ 87,290 $ 1,802,609 Nine months ended September 30, 2022 North America $ 744,806 $ 280,580 $ 83,997 $ 1,109,383 International 360,998 20,584 — 381,582 $ 1,105,804 $ 301,164 $ 83,997 $ 1,490,965

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands) Operating lease expense (1) $ 38,461 $ 37,992 $ 115,888 $ 102,879 Variable lease expense (1) 10,572 10,264 32,312 29,976 Total lease expense $ 49,033 $ 48,256 $ 148,200 $ 132,855 (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: September 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 7.0% 6.7%
Maturities of Lease Liabilities	The following table summarizes the maturity of lease liabilities as of September 30, 2023: Operating Leases (In thousands) Remainder of 2023 $ 26,767 2024 154,677 2025 144,758 2026 137,520 2027 128,226 Thereafter 674,892 Total lease payments 1,266,840 Less imputed interest (375,735) Present value of lease liabilities 891,105 Less current portion of operating lease liabilities (96,388) Long-term operating lease liabilities $ 794,717

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price for this acquisition has been allocated based on estimates of the fair value of the acquired assets and assumed liabilities at the date of acquisition as follows: At acquisition date Measurement period adjustments At acquisition date (In thousands) Cash $ 4,705 $ — $ 4,705 Accounts receivable and prepaid expenses 4,295 (54) 4,241 Fixed assets 21,702 (1,850) 19,852 Goodwill 283,466 4,398 287,864 Intangible assets 30,945 (3,377) 27,568 Operating lease right of use assets 156,678 (4,408) 152,270 Total assets acquired 501,791 (5,291) 496,500 Accounts payable and accrued expenses 17,991 772 18,763 Deferred revenue and parent deposits 6,809 62 6,871 Deferred tax liabilities 3,392 (3,392) — Operating lease liabilities 161,405 (1,715) 159,690 Other long-term liabilities 5,458 (1,018) 4,440 Total liabilities assumed 195,055 (5,291) 189,764 Purchase price $ 306,736 $ — $ 306,736
Business Acquisition, Pro Forma Information	The following table presents consolidated pro forma revenue as if the acquisition of Only About Children had occurred on January 1, 2021: Pro forma (In thousands) Revenue $ 1,559,882

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 $ 1,481,936 $ 206,073 $ 39,843 $ 1,727,852 Additions from acquisitions 35,499 — — 35,499 Adjustments to prior year acquisitions 1,202 — — 1,202 Effect of foreign currency translation (14,190) 205 — (13,985) Balance at September 30, 2023 $ 1,504,447 $ 206,278 $ 39,843 $ 1,750,568
Schedule of Intangible Assets	The Company also has intangible assets, which consisted of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 11 years $ 400,910 $ (365,648) $ 35,262 Trade names 10 years 19,028 (11,223) 7,805 419,938 (376,871) 43,067 Indefinite-lived intangible assets: Trade names N/A 180,314 — 180,314 $ 600,252 $ (376,871) $ 223,381 December 31, 2022 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 12 years $ 398,238 $ (341,918) $ 56,320 Trade names 10 years 19,231 (10,236) 8,995 417,469 (352,154) 65,315 Indefinite-lived intangible assets: Trade names N/A 180,259 — 180,259 $ 597,728 $ (352,154) $ 245,574
Estimated Amortization Expense Related to Intangible Assets	The Company estimates that it will record amortization expense related to intangible assets existing as of September 30, 2023 as follows: Estimated amortization expense (In thousands) Remainder of 2023 $ 8,635 2024 17,566 2025 5,628 2026 3,963 2027 2,824 Thereafter 4,451 $ 43,067

CREDIT ARRANGEMENTS AND DEBT _2

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Outstanding Borrowings	Long-term debt obligations were as follows: September 30, 2023 December 31, 2022 (In thousands) Term loan B $ 589,500 $ 594,000 Term loan A 382,500 390,000 Deferred financing costs and original issue discount (5,532) (6,419) Total debt 966,468 977,581 Less current maturities (16,000) (16,000) Long-term debt $ 950,468 $ 961,581
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 2023 $ 4,000 2024 18,500 2025 28,500 2026 351,000 2027 6,000 Thereafter 564,000 Total future principal payments $ 972,000
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 September 30, 2023 December 31, 2022 (In thousands) Interest rate caps - asset Prepaid and other current assets $ 2,910 $ 25,464 Interest rate caps - asset Other assets $ 43,272 $ 28,553
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 September 30, 2023 Cash flow hedges $ 6,326 Interest expense — net $ 8,595 $ (2,269) Income tax effect (1,689) Income tax expense (2,295) 606 Net of income taxes $ 4,637 $ 6,300 $ (1,663) Three months ended September 30, 2022 Cash flow hedges $ 21,550 Interest expense — net $ 2,344 $ 19,206 Income tax effect (5,754) Income tax expense (626) (5,128) Net of income taxes $ 15,796 $ 1,718 $ 14,078 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) Nine months ended September 30, 2023 Cash flow hedges $ 16,374 Interest expense — net $ 23,575 $ (7,201) Income tax effect (4,372) Income tax expense (6,295) 1,923 Net of income taxes $ 12,002 $ 17,280 $ (5,278) Nine months ended September 30, 2022 Cash flow hedges $ 53,310 Interest expense — net $ 2,173 $ 51,137 Income tax effect (14,234) Income tax expense (1,057) (13,177) Net of income taxes $ 39,076 $ 1,116 $ 37,960

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands, except share data) Basic earnings per share: Net income $ 39,979 $ 18,248 $ 68,699 $ 62,599 Allocation of net income to common stockholders: Common stock $ 39,891 $ 18,170 $ 68,537 $ 62,334 Unvested participating shares 88 78 162 265 Net income $ 39,979 $ 18,248 $ 68,699 $ 62,599 Weighted average common shares outstanding: Common stock 57,765,332 57,664,895 57,692,254 58,624,221 Unvested participating shares 126,699 248,969 152,831 249,446 Earnings per common share: Common stock $ 0.69 $ 0.32 $ 1.19 $ 1.06
Schedule of Earnings (Loss) Per Share, Diluted	Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 39,891 $ 18,170 $ 68,537 $ 62,334 Plus: earnings allocated to unvested participating shares 88 78 162 265 Less: adjusted earnings allocated to unvested participating shares (88) (78) (162) (264) Earnings allocated to common stock $ 39,891 $ 18,170 $ 68,537 $ 62,335 Weighted average common shares outstanding: Common stock 57,765,332 57,664,895 57,692,254 58,624,221 Effect of dilutive securities 279,805 75,118 194,569 178,521 Weighted average common shares outstanding — diluted 58,045,137 57,740,013 57,886,823 58,802,742 Earnings per common share: Common stock $ 0.69 $ 0.31 $ 1.18 $ 1.06

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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: Nine months ended September 30, 2023 (In thousands) Balance at January 1, 2023 $ 8,997 Settlement of contingent consideration liabilities (225) Changes in fair value 1,314 Balance at September 30, 2023 $ 10,086

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component were as follows: Nine months ended September 30, 2023 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2023 $ (105,138) $ 34,738 $ (229) $ (70,629) Other comprehensive income (loss) before reclassifications — net of tax (14,843) 12,002 (12) (2,853) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — 17,280 (92) 17,188 Net other comprehensive income (loss) (14,843) (5,278) 80 (20,041) Balance at September 30, 2023 $ (119,981) $ 29,460 $ (149) $ (90,670) Nine months ended September 30, 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 (130,834) 39,076 (237) (91,995) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — 1,116 — 1,116 Net other comprehensive income (loss) (130,834) 37,960 (237) (93,111) Balance at September 30, 2022 $ (168,907) $ 38,698 $ (261) $ (130,470) (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)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Revenue and Income from Operations by Segment	Revenue and income from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended September 30, 2023 Revenue $ 444,747 $ 169,117 $ 31,923 $ 645,787 Income from operations 6,990 51,684 8,150 66,824 Three months ended September 30, 2022 Revenue $ 380,556 $ 128,606 $ 31,053 $ 540,215 Income (loss) from operations (1) (9,834) 40,405 8,478 39,049 (1) For the three months ended September 30, 2022, loss from operations for the full service center-based child care segment included $6.7 million of transaction costs related to acquisitions. Full service Back-up care Educational Total (In thousands) Nine months ended September 30, 2023 Revenue $ 1,333,469 $ 381,850 $ 87,290 $ 1,802,609 Income from operations (1) 28,493 95,963 18,545 143,001 Nine months ended September 30, 2022 Revenue $ 1,105,804 $ 301,164 $ 83,997 $ 1,490,965 Income from operations (2) 17,049 85,982 15,004 118,035 (1) For the nine months ended September 30, 2023, income from operations included a value-added-tax expense of $6.0 million related to prior periods, of which $4.3 million was associated with the back-up care segment and $1.7 million was associated with the full service center-based child care segment. Refer to Note 1, Organization and Basis of Presentation , for additional information. (2) For the nine months ended September 30, 2022, income from operations for the full service center-based child care segment included $9.2 million of transaction costs related to acquisitions.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Details)		9 Months Ended
	Jul. 01, 2022 center	Sep. 30, 2023 USD ($) center shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 16, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of childcare and early education centers operated | center		1,063
Stock repurchase program, authorized amount					$ 400,000,000
Stock repurchased (in shares) | shares		0	2,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 198,300,000
Stock repurchased			$ 182,300,000
Governmental assistance, reduction to cost of services		48,300,000	68,600,000
Reduction of operating subsidies for the related child care centers		17,200,000	25,600,000
Revenue recognized		200,700,000	224,600,000
Full service center-based child care | Value-Added Tax Incurred In Prior Periods
Line of Credit Facility [Line Items]
Occupancy costs		6,000,000
Full service center-based child care | Value-Added Tax Incurred In Prior Periods | Cost of Sales
Line of Credit Facility [Line Items]
Occupancy costs		4,300,000
Full service center-based child care | Value-Added Tax Incurred In Prior Periods | Selling, General and Administrative Expenses
Line of Credit Facility [Line Items]
Occupancy costs		1,700,000
Only About Children
Line of Credit Facility [Line Items]
Number of centers acquired | center	75
Tuition Support
Line of Credit Facility [Line Items]
Revenue recognized		1,700,000	$ 4,600,000
Prepaid and other current assets
Line of Credit Facility [Line Items]
Due from government assistance programs		2,100,000		$ 1,200,000
Other long-term liabilities
Line of Credit Facility [Line Items]
Payroll tax deferrals		$ 3,300,000		$ 4,600,000

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 645,787	$ 540,215	$ 1,802,609	$ 1,490,965
North America
Disaggregation of Revenue [Line Items]
Revenue	473,490	394,355	1,309,396	1,109,383
International
Disaggregation of Revenue [Line Items]
Revenue	172,297	145,860	493,213	381,582
Full service center-based child care
Disaggregation of Revenue [Line Items]
Revenue	444,747	380,556	1,333,469	1,105,804
Full service center-based child care | North America
Disaggregation of Revenue [Line Items]
Revenue	287,526	243,747	872,124	744,806
Full service center-based child care | International
Disaggregation of Revenue [Line Items]
Revenue	157,221	136,809	461,345	360,998
Back-up care
Disaggregation of Revenue [Line Items]
Revenue	169,117	128,606	381,850	301,164
Back-up care | North America
Disaggregation of Revenue [Line Items]
Revenue	154,041	119,555	349,982	280,580
Back-up care | International
Disaggregation of Revenue [Line Items]
Revenue	15,076	9,051	31,868	20,584
Educational advisory and other services
Disaggregation of Revenue [Line Items]
Revenue	31,923	31,053	87,290	83,997
Educational advisory and other services | North America
Disaggregation of Revenue [Line Items]
Revenue	31,923	31,053	87,290	83,997
Educational advisory and other services | International
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) $ in Millions		9 Months Ended
	Jul. 01, 2022 center	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Revenue recognized | $		$ 200.7	$ 224.6
Only About Children
Business Acquisition [Line Items]
Number of centers acquired | center	75

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Total fixed payment obligations for operating lease not yet commenced	$ 18.7
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Operating lease not yet commenced term	12 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 38,461	$ 37,992	$ 115,888	$ 102,879
Variable lease expense	10,572	10,264	32,312	29,976
Total lease expense	$ 49,033	$ 48,256	$ 148,200	$ 132,855

LEASES - Weighted Average Remai

LEASES - Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	7%	6.70%

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 26,767
2024	154,677
2025	144,758
2026	137,520
2027	128,226
Thereafter	674,892
Total lease payments	1,266,840
Less imputed interest	(375,735)
Present value of lease liabilities	891,105
Less current portion of operating lease liabilities	(96,388)	$ (94,092)
Long-term operating lease liabilities	$ 794,717	$ 810,403

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Thousands, $ in Millions				3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) acquisition	Jul. 01, 2022 USD ($) center	Jul. 01, 2022 AUD ($) center	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Sep. 30, 2023 USD ($) center acquisition	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) center acquisition
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired						$ 37,772	$ 209,421
Goodwill	$ 1,750,568			$ 1,727,852		1,750,568		$ 1,727,852
Contingent consideration paid						225	13,865
Present value of the deferred consideration						$ 0	97,653
Number of purchase price allocation for acquisitions open | acquisition	2					2
Forward contracts
Business Acquisition [Line Items]
Loss on derivative								$ 5,900
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	11 years			12 years		11 years		12 years
Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	10 years			10 years		10 years		10 years
2023 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired | acquisition						4
Payments to acquire business, net of cash acquired						$ 37,600
Finite-lived intangible assets acquired	$ 3,700					$ 3,700
2023 Acquisitions | Minimum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	4 years					4 years
2023 Acquisitions | Full service center-based child care
Business Acquisition [Line Items]
Goodwill	$ 35,500					$ 35,500
Amount of goodwill expected to be deductible for tax purposes	25,400					$ 25,400
2023 Acquisitions | United States
Business Acquisition [Line Items]
Number of centers acquired | center						4
2023 Acquisitions | Australia
Business Acquisition [Line Items]
Number of centers acquired | center						4
2021 Acquisitions
Business Acquisition [Line Items]
Contingent consideration paid						$ 200		$ 200
Only About Children
Business Acquisition [Line Items]
Number of centers acquired | center		75	75
Payments to acquire business, net of cash acquired		$ 207,000	$ 300
Goodwill	287,864					$ 287,864	$ 283,466
Business combination, consideration transferred		310,000	$ 450
Purchase price allocation adjustments		$ 106,500
Purchase price allocation adjustments term		18 months	18 months
Working capital adjustments				$ 1,800	$ 2.6
Business acquisition, transaction costs				9,200				9,200
Only About Children | Forward contracts
Business Acquisition [Line Items]
Loss on derivative								$ 5,900
Only About Children | Other long-term liabilities
Business Acquisition [Line Items]
Present value of the deferred consideration	$ 105,000	$ 97,700
Only About Children | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 19,700
Finite-lived intangible assets amortization period		6 years
Only About Children | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 7,900
Finite-lived intangible assets amortization period		11 years
Only About Children | Full service center-based child care
Business Acquisition [Line Items]
Goodwill		$ 287,900
2022 Acquisitions
Business Acquisition [Line Items]
Number of centers acquired | acquisition								3
Payments to acquire business, net of cash acquired								$ 6,000
Finite-lived intangible assets acquired				$ 1,000				$ 1,000
Finite-lived intangible assets amortization period				4 years				4 years
Contingent consideration paid								$ 13,900
Cash acquired from acquisition								200
Consideration payable								200
2022 Acquisitions | Full service center-based child care
Business Acquisition [Line Items]
Goodwill				$ 5,600				5,600
Amount of goodwill expected to be deductible for tax purposes				$ 1,900				$ 1,900
2022 Acquisitions | United States
Business Acquisition [Line Items]
Number of centers acquired | center								1
2022 Acquisitions | United Kingdom
Business Acquisition [Line Items]
Number of centers acquired | center								1
2022 Acquisitions | Netherlands
Business Acquisition [Line Items]
Number of centers acquired | center								1
2019 Acquisitions
Business Acquisition [Line Items]
Contingent consideration paid								$ 19,100
Acquisitions in 2021 and 2019
Business Acquisition [Line Items]
Contingent consideration paid								$ 19,300

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,750,568	$ 1,727,852
Only About Children
Business Acquisition [Line Items]
Cash	4,705		$ 4,705
Accounts receivable and prepaid expenses	4,241		4,295
Fixed assets	19,852		21,702
Goodwill	287,864		283,466
Intangible assets	27,568		30,945
Operating lease right of use assets	152,270		156,678
Total assets acquired	496,500		501,791
Measurement period adjustments, Cash	0
Measurement period adjustments, Accounts receivable and prepaid expenses	(54)
Measurement period adjustments, Fixed assets	(1,850)
Measurement period adjustments, Goodwill	4,398
Measurement period adjustments, Intangibles	(3,377)
Measurement period adjustments, Operating lease right of use assets	(4,408)
Measurement period adjustments, Total assets acquired	(5,291)
Accounts payable and accrued expenses	18,763		17,991
Deferred revenue and parent deposits	6,871		6,809
Deferred tax liabilities	0		3,392
Operating lease liabilities	159,690		161,405
Other long-term liabilities	4,440		5,458
Total liabilities assumed	189,764		195,055
Purchase price	306,736		$ 306,736
Measurement period adjustments, accounts payable and accrued expenses	772
Measurement period adjustments, Deferred revenue and parent deposits	62
Measurement period adjustments, Deferred tax liabilities	(3,392)
Measurement period adjustments, Operating lease liabilities	(1,715)
Measurement period adjustments, Other long-term liabilities	(1,018)
Measurement period adjustments, Total liabilities assumed	(5,291)
Measurement period adjustments, Purchase price	$ 0

ACQUISITIONS - Pro Forma (Detai

ACQUISITIONS - Pro Forma (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 1,559,882

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,727,852
Additions from acquisitions	35,499
Adjustments to prior year acquisitions	1,202
Effect of foreign currency translation	(13,985)
Ending balance	1,750,568
Full service center-based child care
Goodwill [Roll Forward]
Beginning balance	1,481,936
Additions from acquisitions	35,499
Adjustments to prior year acquisitions	1,202
Effect of foreign currency translation	(14,190)
Ending balance	1,504,447
Back-up care
Goodwill [Roll Forward]
Beginning balance	206,073
Additions from acquisitions	0
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	205
Ending balance	206,278
Educational advisory and other services
Goodwill [Roll Forward]
Beginning balance	39,843
Additions from acquisitions	0
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	Sep. 30, 2023	Dec. 31, 2022
Definite-lived intangible assets:
Cost	$ 419,938	$ 417,469
Accumulated amortization	(376,871)	(352,154)
Net carrying amount	43,067	65,315
Intangible Assets:
Cost	600,252	597,728
Accumulated amortization	(376,871)	(352,154)
Net carrying amount	223,381	245,574
Trade names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets:	$ 180,314	$ 180,259
Customer relationships
Definite-lived intangible assets:
Weighted average amortization period	11 years	12 years
Cost	$ 400,910	$ 398,238
Accumulated amortization	(365,648)	(341,918)
Net carrying amount	35,262	56,320
Intangible Assets:
Accumulated amortization	$ (365,648)	$ (341,918)
Trade names
Definite-lived intangible assets:
Weighted average amortization period	10 years	10 years
Cost	$ 19,028	$ 19,231
Accumulated amortization	(11,223)	(10,236)
Net carrying amount	7,805	8,995
Intangible Assets:
Accumulated amortization	$ (11,223)	$ (10,236)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 8,635
2024	17,566
2025	5,628
2026	3,963
2027	2,824
Thereafter	4,451
Net carrying amount	$ 43,067	$ 65,315

CREDIT ARRANGEMENTS AND DEBT _3

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Senior Secured Credit Facilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings under revolving credit facility	$ 29,400,000	$ 84,000,000
Letters of credit outstanding	$ 19,200,000	$ 5,200,000
Line of Credit
Debt Instrument [Line Items]
Effective interest rate for the term loans	7.48%	6.49%
Weighted average interest rate	7.08%	3.11%
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%
Basis spread on variable rate	1.25%
Debt instrument, interest rate, stated percentage	2.25%
Line of Credit | Term loan B | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit | Term loan B | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
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%
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	0.50%
Line of Credit | Term loan A | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Line of Credit | Term loan A | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit | Term loan A | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit | Term loan A | Base Rate, Floor Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Line of Credit | Term loan A | SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000
Effective interest rate for the term loans	9.25%	6.51%
Weighted average interest rate	7.44%	4.30%
Borrowings under revolving credit facility	$ 29,400,000	$ 84,000,000
Remaining borrowing capacity	$ 351,400,000
Net leverage ratio	4.25
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Base Rate, Floor Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Revolving Credit Facility | SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0%

CREDIT ARRANGEMENTS AND DEBT _4

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Outstanding Borrowing (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Borrowings [Line Items]
Less current maturities	$ (16,000)	$ (16,000)
Long-term debt	950,468	961,581
Line of Credit
Schedule Of Borrowings [Line Items]
Deferred financing costs and original issue discount	(5,532)	(6,419)
Total debt	966,468	977,581
Less current maturities	(16,000)	(16,000)
Long-term debt	950,468	961,581
Term loan B | Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	589,500	594,000
Term loan A | Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	$ 382,500	$ 390,000

CREDIT ARRANGEMENTS AND DEBT _5

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Future Principal Payments Under New Term Loan (Details) - Secured Debt $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Remainder of 2023	$ 4,000
2024	18,500
2025	28,500
2026	351,000
2027	6,000
Thereafter	564,000
Total future principal payments	$ 972,000

CREDIT ARRANGEMENTS AND DEBT _6

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Derivative Financial Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 30, 2022	Jun. 30, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Net gain to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months		$ 22,800,000
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 900,000,000				$ 800,000,000
Interest rate cap agreement, threshold for interest rate protection					1%
Interest rate caps | SOFR
Derivatives, Fair Value [Line Items]
Interest rate cap agreement, threshold for interest rate protection				0.90%
Interest rate caps | October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount					$ 300,000,000
Interest rate caps | October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount					$ 500,000,000
Interest rate caps | October 31, 2025
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 600,000,000
Interest rate cap agreement, threshold for interest rate protection	2.50%		2.50%
Interest rate caps | October 31, 2025 | SOFR
Derivatives, Fair Value [Line Items]
Interest rate cap agreement, threshold for interest rate protection				2.40%
Interest rate caps | October 31, 2026
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 300,000,000
Interest rate cap agreement, threshold for interest rate protection	3%		3%
Interest rate caps | October 31, 2026 | SOFR
Derivatives, Fair Value [Line Items]
Interest rate cap agreement, threshold for interest rate protection				2.90%
Currency swap
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 320
Forward contracts
Derivatives, Fair Value [Line Items]
Loss on derivative	$ 5,900,000

CREDIT ARRANGEMENTS AND DEBT _7

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Schedule of Derivatives by Balance Sheet Location (Details) - Interest rate caps - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 2,910	$ 25,464
Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 43,272	$ 28,553

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Cash flow hedges	$ (12,222)	$ (11,707)	$ (37,357)	$ (26,695)
Income tax effect	14,623	9,094	36,945	22,824
Net of income taxes	39,979	18,248	68,699	62,599
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	4,637	15,796	12,002	39,076
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	6,300	1,718	17,280	1,116
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	(1,663)	14,078	(5,278)	37,960
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	6,326	21,550	16,374	53,310
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	8,595	2,344	23,575	2,173
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	(2,269)	19,206	(7,201)	51,137
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	(1,689)	(5,754)	(4,372)	(14,234)
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	(2,295)	(626)	(6,295)	(1,057)
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	$ 606	$ (5,128)	$ 1,923	$ (13,177)

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599
Allocation of net income to common stockholders:
Common stock	39,891	18,170	68,537	62,334
Unvested participating shares	88	78	162	265
Net income	$ 39,979	$ 18,248	$ 68,699	$ 62,599
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	57,765,332	57,664,895	57,692,254	58,624,221
Earnings per common share:
Common stock (in dollars per share)	$ 0.69	$ 0.32	$ 1.19	$ 1.06
Unvested participating shares
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	126,699	248,969	152,831	249,446

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings allocated to common stock	$ 39,891	$ 18,170	$ 68,537	$ 62,334
Plus: earnings allocated to unvested participating shares	88	78	162	265
Less: adjusted earnings allocated to unvested participating shares	(88)	(78)	(162)	(264)
Earnings allocated to common stock	$ 39,891	$ 18,170	$ 68,537	$ 62,335
Weighted average common shares outstanding:
Common stock (in shares)	57,765,332	57,664,895	57,692,254	58,624,221
Effect of dilutive securities (in shares)	279,805	75,118	194,569	178,521
Weighted average common shares outstanding — diluted (in shares)	58,045,137	57,740,013	57,886,823	58,802,742
Earnings per common share:
Common stock (in dollars per share)	$ 0.69	$ 0.31	$ 1.18	$ 1.06

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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)	1.7	2.3	1.9	1.8

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rates	(26.80%)	33.30%	35%	26.70%
Increase (decrease) tax, share-based compensation expense	$ 0.1	$ 0.1	$ 3	$ (2.6)
Effective income tax rate prior to the inclusion of excess tax benefit and other discrete items (percent)	28%	29%	28%	28%
Unrecognized tax benefits, including interest	$ 4.4		$ 4.4		$ 3.8

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurements Disclosure [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Available-for-sale debt securities fair value	$ 26,200	$ 29,600
Available-for-sale debt securities amortized cost	26,400	29,800
Contingent consideration
Fair Value Measurements Disclosure [Line Items]
Settlement of contingent consideration liabilities	$ 225
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	2 years
Other assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 2,800	11,900
Prepaid and other current assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	23,400	17,700
Interest rate caps
Fair Value Measurements Disclosure [Line Items]
Derivative asset	2,900	25,500
Interest rate caps | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Derivative asset	46,200	54,100
Interest rate caps | Other assets
Fair Value Measurements Disclosure [Line Items]
Interest rate caps - asset	43,272	28,553
Interest rate caps | Prepaid and other current assets
Fair Value Measurements Disclosure [Line Items]
Interest rate caps - asset	$ 2,910	$ 25,464

FAIR VALUE MEASUREMENTS - Roll

FAIR VALUE MEASUREMENTS - Roll Forward of Recurring Level 3 Fair Value Measurements (Details) - Contingent consideration $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 8,997
Settlement of contingent consideration liabilities	(225)
Changes in fair value	1,314
Ending balance	$ 10,086

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,149,768	$ 1,118,986	$ 1,080,453	$ 1,179,276
Other comprehensive income (loss) before reclassifications — net of tax			(2,853)	(91,995)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			17,188	1,116
Total other comprehensive loss	(32,783)	(53,467)	(20,041)	(93,111)
Ending balance	1,165,420	993,756	1,165,420	993,756
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(57,887)	(77,003)	(70,629)	(37,359)
Total other comprehensive loss	(32,783)	(53,467)	(20,041)	(93,111)
Ending balance	(90,670)	(130,470)	(90,670)	(130,470)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(105,138)	(38,073)
Other comprehensive income (loss) before reclassifications — net of tax			(14,843)	(130,834)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			0	0
Total other comprehensive loss			(14,843)	(130,834)
Ending balance	(119,981)	(168,907)	(119,981)	(168,907)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			34,738	738
Other comprehensive income (loss) before reclassifications — net of tax			12,002	39,076
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			17,280	1,116
Total other comprehensive loss			(5,278)	37,960
Ending balance	29,460	38,698	29,460	38,698
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(229)	(24)
Other comprehensive income (loss) before reclassifications — net of tax			(12)	(237)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			(92)	0
Total other comprehensive loss			80	(237)
Ending balance	$ (149)	$ (261)	$ (149)	$ (261)

SEGMENT INFORMATION - Income fr

SEGMENT INFORMATION - Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 645,787	$ 540,215	$ 1,802,609	$ 1,490,965
Income (loss) from operations	66,824	39,049	143,001	118,035
Full service center-based child care
Segment Reporting Information [Line Items]
Revenue	444,747	380,556	1,333,469	1,105,804
Acquisition related costs	6,700			9,200
Full service center-based child care | Value-Added Tax Incurred In Prior Periods
Segment Reporting Information [Line Items]
Occupancy costs			6,000
Full service center-based child care | Value-Added Tax Incurred In Prior Periods | Cost of Sales
Segment Reporting Information [Line Items]
Occupancy costs			4,300
Full service center-based child care | Value-Added Tax Incurred In Prior Periods | Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Occupancy costs			1,700
Full service center-based child care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	444,747	380,556	1,333,469	1,105,804
Income (loss) from operations	6,990	(9,834)	28,493	17,049
Back-up care
Segment Reporting Information [Line Items]
Revenue	169,117	128,606	381,850	301,164
Back-up care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	169,117	128,606	381,850	301,164
Income (loss) from operations	51,684	40,405	95,963	85,982
Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue	31,923	31,053	87,290	83,997
Educational advisory and other services | Operating Segments
Segment Reporting Information [Line Items]
Revenue	31,923	31,053	87,290	83,997
Income (loss) from operations	$ 8,150	$ 8,478	$ 18,545	$ 15,004