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BFAM Bright Horizons Family Solutions Inc.

Our services are designed to help families, employers, and their employees solve the challenges of the modern workforce across life and career stages. Our services are comprised of full service center-based child care, back-up care, and educational advisory services, which are also our reportable segments. Full service center-based child care includes traditional center-based early education and child care, preschool, and elementary education. Back-up care includes center-based back-up child care, in-home care for children and seniors, school-age programs (including camps and tutoring), pet care, self-sourced reimbursed care, and Sittercity, an online marketplace for families and caregivers. Educational advisory services consist of tuition assistance and student loan repayment program management, workforce education, related educational advising, and college admissions counseling services. The following table sets forth our segment results for the year ended December 31, 2024:

Full service center-based child care	Back-up care			Educational advisory services			Total
(In thousands, except percentages)
Revenue			$	1,961,785	$	610,112	$	114,116	$	2,686,013	As a percentage of total revenue	73		%	23			%	4			%	100			%
Income from operations			$	53,699	$	169,611	$	23,309	$	246,619	As a percentage of total income from operations	22		%	69			%	9			%	100			%

27 Feb 25

5:10pm

BFAM Bright Horizons Family Solutions Inc.

Percentage of Centers
Classification			North America			International
Employer locations:			Healthcare and Pharmaceuticals			20.0		%	2.0			%
Government and Higher Education			12.5		2.0	Financial Services	7.5		2.0	Consumer	7.5		—	Technology	5.0		—	Professional Services and Other	5.0		—	Industrial/Manufacturing	2.5		1.0	60.0	7.0	Lease/consortium locations	40.0		93.0	100.0	%	100.0			%

27 Feb 25

5:10pm

BFAM Bright Horizons Family Solutions Inc.

December 31,
2024			2023
(In thousands)
Term loan B			$	583,500	$	588,000	Term loan A	367,500		380,000	Deferred financing costs and original issue discount	(4,051)		(5,236)	Total debt	946,949		962,764	Less current maturities	(28,500)		(18,500)	Long-term debt	$	918,449	$	944,264

27 Feb 25

5:10pm

BFAM Bright Horizons Family Solutions Inc.

Years ended December 31,
2024			2023			2022
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:			Net income			$	140,191	$	74,223	$	80,641	Adjustments to reconcile net income to net cash provided by operating activities:	Depreciation and amortization			97,918		110,681	106,142	Impairment losses and other non-cash items	41,379		48,399	17,480	Loss on foreign currency forward contracts	—		—	5,917	Stock-based compensation expense	33,615		28,834	28,111	Deferred income taxes	(9,929)		(11,716)	(9,644)	Changes in assets and liabilities:	Accounts receivable			(993)		(64,503)	(4,882)	Prepaid expenses and other current assets	2,711		(11,265)	(6,062)	Accounts payable and accrued expenses	30,644		25,999	19,958	Income taxes	(7,298)		3,477	(8,444)	Deferred revenue	40,182		48,362	(37,897)	Leases	(16,587)		(2,083)	(921)	Other assets	(9,040)		(5,379)	11,082	Other current and long-term liabilities	(5,331)		11,111	(13,010)	Net cash provided by operating activities	337,462		256,140	188,471	CASH FLOWS FROM INVESTING ACTIVITIES:	Purchases of fixed assets			(97,311)		(91,020)	(70,556)	Proceeds from the disposal of fixed assets	2,036		225	10,547	Purchases of debt securities and other investments	(52,597)		(16,050)	(25,106)	Proceeds from debt securities and other investments	38,375		19,538	23,392	Payments and settlements for acquisitions — net of cash acquired	(8,267)		(39,629)	(210,409)	Settlement of foreign currency forward contracts	—		—	(5,917)	Net cash used in investing activities	(117,764)		(126,936)	(278,049)	CASH FLOWS FROM FINANCING ACTIVITIES:	Borrowings under revolving credit facility			156,500		402,500	295,000	Payments under revolving credit facility	(156,500)		(486,500)	(211,000)	Principal payments of long-term debt	(17,000)		(16,000)	(16,000)	Purchases of treasury stock	(84,597)		—	(182,570)	Proceeds from issuance of common stock upon exercise of options	27,005		11,184	13,235	Taxes paid related to the net share settlement of stock options and restricted stock	(5,350)		(2,592)	(6,138)	Payments of deferred and contingent consideration for acquisitions	(103,872)		(225)	(13,865)	Net cash used in financing activities	(183,814)		(91,633)	(121,338)	Effect of exchange rates on cash, cash equivalents and restricted cash	(1,620)		(14)	(2,471)	Net increase (decrease) in cash, cash equivalents and restricted cash	34,264		37,557	(213,387)	Cash, cash equivalents and restricted cash — beginning of year	89,451		51,894	265,281	Cash, cash equivalents and restricted cash — end of year	$	123,715	$	89,451	$	51,894

27 Feb 25

5:10pm

BFAM Bright Horizons Family Solutions Inc.

December 31, 2023:	Weighted average amortization period			Cost			Accumulated amortization			Net carrying amount
(In thousands)
Definite-lived intangible assets:			Customer relationships			11 years			$			397,079	$	(368,963)	$	28,116	Trade names	10 years			19,664			(11,795)	7,869	416,743	(380,758)	35,985	Indefinite-lived intangible assets:	Trade names			N/A			180,591			—	180,591	$	597,334	$	(380,758)	$	216,576

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