−Removed: For 35 years, Bright Horizons has been a champion for working families — designing and delivering innovative education and care solutions.
+Added: For more than 35 years, Bright Horizons has been a champion for working families — designing and delivering innovative education and care solutions.
We are a leading provider of high-quality early education and child care, family care solutions, and workforce education services that are designed to help working families and client employees thrive personally and professionally.
We provide services primarily under multi-year contracts with employers who offer early education and child care, back-up care, and educational advisory and other services as part of their employee benefits packages.
−Removed: These benefits help employers support their employees across life and career stages and to improve recruitment, employee engagement, productivity, retention, and career advancement.
−Removed: We are committed to providing the highest quality of education, care and service across all of our offerings.
+Added: These benefits help employers support their employees across life and career stages and improve recruitment, employee engagement, productivity, retention, and career advancement.
+Added: We are committed to providing the highest quality education and care across all of our offerings.
We are organized in three reportable segments, which are aligned with our service offerings as follows:
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• Educational advisory and other services (approximately 5% of our revenue in 2023).
−Removed: As of December 31, 2022, we had more than 1,400 client relationships with employers across a diverse array of industries, including more than 215 Fortune 500 companies.
−Removed: As of December 31, 2022, we operated 1,078 early education and child care centers with the capacity to serve approximately 120,000 children and their families in the United States, the United Kingdom, the Netherlands, Australia, and India.
+Added: As of December 31, 2023, we had more than 1,450 employer client relationships across a diverse array of industries, including more than 220 Fortune 500 companies.
+Added: As of December 31, 2023, we operated 1,049 early education and child care centers with the capacity to serve approximately 120,000 children in the United States, the United Kingdom, the Netherlands, Australia, and India.
Guided by our HEART principles — Honesty, Excellence, Accountability, Respect, and Teamwork — we have operated early education and child care centers for employers and working parents since 1986.
In 1998, we transformed our organization through the merger of Bright Horizons, Inc.
−Removed: and Corporate Family Solutions, Inc., both then Nasdaq-listed companies that were founded in 1986 and 1987, respectively.
+Added: and Corporate Family Solutions, Inc., both then Nasdaq-listed companies founded in 1986 and 1987, respectively.
We were listed on Nasdaq from 1998 to May 2008 when we were acquired by investment funds affiliated with Bain Capital Partners LLC (referred to as our “going private transaction”).
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Throughout our history, we have continued to grow while investing in our future.
−Removed: We have extended our international footprint to become a leading provider in the center-based child care market in the United Kingdom and have expanded into the Netherlands and India as a platform for further international expansion.
−Removed: Additionally, on July 1, 2022, we expanded our footprint into Australia with the acquisition of Only About Children (“OAC”), a high-quality operator of approximately 75 early education and child care centers.
−Removed: In the United States, we have grown our partnerships with employer clients by expanding and enhancing our back-up care family supports, including the addition of elder care, virtual tutoring, school-age camps, and pet care;
+Added: We have extended our international footprint to become a leading provider in the center-based child care market in the United Kingdom and have expanded into the Netherlands, Australia, and India as platforms for further international expansion.
+Added: In the United States, we continue to grow our partnerships with employer clients by expanding and enhancing our back-up care and family supports, including the addition of elder care, tutoring, school-age camps, and pet care;
by developing and growing our educational advisory services;
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Industry Overview and Trends
−Removed: We compete in the global market for early education and child care services as well as the market for workforce education services offered by clients as benefits to their employees.
+Added: We compete in the global market for early education and child care services as well as the markets for dependent care solutions and workforce education services offered by clients as benefits to their employees.
The child care industry generally can be divided into center-based and home-based child care.
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We believe we are one of the largest high-quality providers of employer-sponsored child care.
−Removed: Additionally, we operate in the growing market for back-up care, which primarily consists of center-based back-up care, and in-home care.
−Removed: We also operate in the expanding market of educational advisory services, which consists of workforce education, tuition assistance, student loan repayment and related educational advising, as well as college admissions and college financial advisory services.
+Added: Additionally, we operate in the growing market for back-up care, which consists of center-based back-up care and in-home care as well as school-age camps, tutoring, elder care and pet care.
+Added: We also operate in the educational advisory services market, which consists of workforce education, tuition assistance, student loan repayment and related educational advising, as well as college admissions and college financial advisory services.
We believe we are one of the largest and highest-quality providers of back-up care and educational advisory services.
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Recognized Return on Investment to Employers
−Removed: We believe employers across industries are looking at child care solutions, including on-site and near-site child care and other dependent care solutions, to enhance their employee value proposition.
−Removed: We believe employers are looking to deploy creative solutions to address labor challenges and as part of an overall recruitment and retention strategy to attract their workforce back to the office and keeping them engaged onsite.
−Removed: Our broad suite of solutions positions us well to assist employers with these strategies.
+Added: We believe employers across industries look at child care solutions, including on-site and near-site child care and other dependent care solutions, to enhance their employee value proposition.
+Added: Our ability to deliver a variety of child and dependent care support services to meet the needs of children and families demonstrates the value and importance of our services to our client partners, including the role our various services can play in ensuring those partners continue to deliver on their own business priorities.
+Added: With our broad suite of solutions, we are well-positioned to assist employers looking to deploy creative solutions as part of an overall recruitment and retention strategy.
Studies conducted through our Workforce Consulting practice indicate that employer sponsors of center-based child care and back-up care services realize strong returns on their investments, particularly in terms of reduced turnover and increased productivity.
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Additionally, according to a 2022 survey of our families, 90% of parents reported enhanced productivity as a result of their employer offering back-up care, and 86% of employees reported their back-up care benefit makes them more committed to their employer.
−Removed: In particular, our ability to continue to deliver a variety of child care support services and solutions to meet the needs of children and families during the pandemic demonstrated the value and importance of our services to our client partners, including the role our services played in ensuring those partners could continue to deliver on their own business priorities.
We believe that this return on investment for employers, demonstrated across our full suite of solutions, will result in additional growth in employer-sponsored center-based child care, back-up care and educational advisory services.
Evolving Workforce
−Removed: We believe the labor challenges brought on by the pandemic have heightened employers’ sensitivity to their employee value proposition, and Bright Horizons’ services can be a significant element of their strategy to address this.
−Removed: While the pandemic impacted the workforce by shifting from traditional office environments to remote work, we believe the need for center-based child care services remains robust and back-up care continues to be a critical support for both remote and office-based employees.
−Removed: Additionally, we expect that employees will continue to return to traditional office environments in the future, and the demand for child care supports for working parents will likewise increase.
−Removed: We also believe there is elevated focus and emphasis on recruitment and retention by employers, as well as on continuing education, training and up-skilling of the existing workforce.
−Removed: Due to the evolution and introduction of new technologies, as well as increased competition for talent, employers are focused on the needs of their employees.
−Removed: We believe that the modern worker values efforts by employers to support employees across life and career stages that help them thrive in the workplace, by providing access to degree and non-degree programs.
−Removed: As automation, digital transformation, and other advances change nearly every facet of the labor market, there is an increased need for the continuing education and up-skilling of the existing workforce.
−Removed: We believe these growing needs and changing trends, coupled with increased competition for talent, will encourage employers to invest in solutions and supports that enable workers to realize their full professional potential.
−Removed: Investments in center-based early education and child care, back-up care and educational advisory services will help employers meet their strategic goals, bolster employee engagement, recruitment, retention and address benefit equity amongst their workforce.
+Added: We believe the challenges brought on by a tight labor market have heightened employers’ sensitivity to their employee value proposition, and Bright Horizons’ services can be a significant component of an employer’s recruitment and retention strategy.
+Added: As work environments continue to evolve, we believe the need for center-based child care services remains robust, and back-up care continues to be a critical support for both remote and office-based employees, and we see back-up care playing an increasingly important role in this strategy.
+Added: Due to the evolution and introduction of new technologies, as well as increased competition for talent, employers are focused on the up-skilling and re-skilling needs of their employees.
+Added: There is an increased need for the ongoing education and up-skilling of the existing workforce as automation, digital transformation, and other advances transpire.
+Added: We believe that the modern worker values efforts by their employer to support employees across career stages that help them thrive in the workplace by providing access to degree and non-degree education programs.
+Added: Despite enrollment and occupancy challenges due to changing workforce and workplace trends, we believe the growing needs of employers, coupled with increased competition for talent, will encourage employers to invest in solutions and supports that enable workers to realize their full professional potential.
+Added: Investments in center-based early education and child care, back-up care and educational advisory services will help employers meet their strategic goals, bolster employee engagement, recruitment and retention, and address benefit equity within their workforce.
We believe our broad suite of solutions across early education and child care, back-up care and educational advisory services positions Bright Horizons well to be a provider of choice for employers looking to deploy creative and impactful solutions to support their employees and their benefits needs.
Participation of Working Parents in the Workforce
−Removed: A significant percentage of parents currently participate in the workforce, making child care services and family supports critical to employees and employers and the overall health of the economy.
−Removed: While the pandemic impacted the workforce by temporarily reducing the number of working parents and shifting from traditional office environments to remote or hybrid work, we believe workforce participation levels will return to pre-COVID levels in the future, and the demand for child care supports for working parents will likewise increase.
−Removed: In 2022, women working full-time comprised approximately 50% of the workforce in the U.S., according to the Bureau of Labor Statistics.
−Removed: Additionally, in 2021, 66% of mothers with children under the age of six participated in the workforce in the U.S., and more than 60% of two-parent households comprised dual career earners.
−Removed: Despite workforce demographic shifts related to COVID-19, we believe that the number of working mothers, single and dual working parent families will return to pre-COVID-19 trends over time, resulting in an increasing need for child and dependent care, as well as other workplace solutions that support employees at each life and career stage.
+Added: A significant percentage of parents currently participate in the workforce, making child care services and family supports critical to employees and employers as well as the overall health of the economy.
+Added: In 2022, women working full-time comprised approximately 50% of the workforce in the U.S., according to the most recent report by the Bureau of Labor Statistics.
+Added: Additionally, in 2022, 68% of mothers with children under the age of six participated in the workforce in the U.S., and 65% of two-parent households comprised dual career earners.
+Added: We believe that current workforce demographics continue to drive the ongoing need for child and dependent care, as well as other workplace solutions that support employees at each life and career stage.
Growing Demand for High-Quality Center-Based Early Education and Child Care Services
−Removed: We believe that recognition of the importance of early education and consistent quality child care has led to increased interest in high quality center-based early education and child care.
−Removed: There is continued focus on the establishment of objective, standards-based methods of defining and measuring the quality of child care, such as accreditation.
+Added: We believe that recognition of the importance of early education and consistent quality child care helps underpin demand for high quality center-based early education and child care.
We believe robust health and safety protocols and the social, educational and other developmental opportunities presented by center-based care are important factors for families when determining the preferred care options for their children.
−Removed: According to a 2019 study conducted by the National Center for Education Statistics, more than 60% of families sought center-based care.
In a highly fragmented market comprised largely of center operators lacking scale, we believe clients and families will favor larger industry participants with greater resources to consistently achieve the high quality standards and needs of clients and families.
−Removed: Additionally, child care center closures brought on by the pandemic have resulted in a decrease in overall available capacity.
−Removed: We also believe that the increasing emphasis on the importance of early education and child care, and ongoing efforts to make child care affordable and available for working families, will contribute to further growth in the global early education and child care market as well as the developing markets for back-up care and educational advisory services.
−Removed: Diversity, Equity and Inclusion
−Removed: We are in the unique position of educating the next generation, and with that responsibility comes the opportunity to make a difference by modeling for children and families an environment that is open, curious, and genuinely interested in what is different, and reflects broad diversity within our teaching staff.
−Removed: Our curriculum and teacher training programs are designed to support inclusive classrooms and create culturally authentic learning environments that celebrate and explore all backgrounds and experiences.
−Removed: We are also exploring with clients how our services support their diversity, equity and inclusion objectives, particularly in workforce education.
−Removed: We believe that our workforce education offerings, along with back-up care and early education, can be a vital element of an employer’s diversity, equity and inclusion strategy.
−Removed: Our services not only help employers attract and retain employees from different backgrounds, but more important, can also help to propel the career growth and development of employees who historically have had less access to higher education.
+Added: We also believe that the emphasis on the importance of early education and child care, and ongoing efforts to make child care affordable and accessible for working families will contribute to further growth in the global early education and child care market as well as the developing markets for back-up care and educational advisory services.
Our Competitive Strengths
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We estimate we have approximately six times more employer-sponsored centers in the United States than our closest competitor.
−Removed: We believe the broad geographic reach of our early education and child care centers and workplace solutions, with targeted clusters of centers in areas where we believe demand is generally higher and where demographics are attractive, provides us with a competitive platform to market our suite of services to new and existing clients.
+Added: We believe the broad geographic reach of our early education and child care centers and workplace solutions, with targeted clusters of centers in areas where we believe employer-sponsored demand is generally higher and where demographics are attractive, provides us with a competitive platform to market our suite of services to new and existing clients.
+Added: We believe parents and clients continue to focus on the establishment of objective, standards-based methods of defining and measuring the quality of child care, such as accreditation.
Our business is anchored in our commitment to consistently provide high-quality service offerings to employers and families.
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Dedicated to the highest-quality services in every category in which we operate, our standards of quality also extend to our back-up care and educational advisory services, whether care is delivered in Bright Horizons child care centers, through the quality child care centers and in-home care providers participating in our proprietary back-up care network, or advising provided by our team of education experts.
−Removed: In addition to our annual client retention rate of approximately 95%, we have consistently achieved satisfaction ratings of over 90% among respondents in our parent satisfaction surveys, which is a testament to our ability to deliver on our commitment to quality.
+Added: In addition to our annual employer client retention rate of approximately 95%, we have consistently achieved satisfaction ratings of over 90% among respondents in our parent satisfaction surveys, which is a testament to our ability to deliver on our commitment to quality.
Collaborative, Long-Term Relationships with Diverse Customer Base
We have more than 1,450 client relationships with employers across a diverse array of industries, including more than 220 of the Fortune 500 companies, with our largest client contributing 1% of our revenue in 2023 and our largest 10 clients representing approximately 8% of our revenue in the same year.
−Removed: Our business model emphasizes multi-year employer sponsorship contracts where our clients typically fund the development of new child care centers (which are typically owned or leased by the sponsor) at or near their worksites and frequently support the ongoing operations of these centers through operating subsidies.
+Added: Our full service business model emphasizes multi-year employer sponsorship contracts where our clients typically fund the development of new child care centers (which are typically owned or leased by the sponsor) at or near their worksites and frequently support the ongoing operations of these centers through operating subsidies.
Our multiple service points with both employers and employees give us unique insight into the corporate culture of our clients and enables us to identify and provide innovative and tailored solutions to address our clients’ specific and evolving needs.
−Removed: In addition to full service center-based child care, we provide access to a multi-national back-up care network and educational advisory support, allowing us to offer various combinations of services and solutions to best meet the needs of specific clients or specific locations for a single client across geographies and life and career stages.
+Added: In addition to full service center-based child care, we provide access to a multi-national back-up care network and educational advisory support, allowing us to offer various combinations of services and solutions to best meet the needs of clients across locations, geographies and life and career stages.
We believe our tailored, collaborative approach to employer-sponsored dependent care and educational advising has contributed to an annual client retention rate of approximately 95% for employer-sponsored centers over the past 10 years and has allowed us to cross-sell and expand our service offerings to existing clients.
Market Leading People Practices
−Removed: Our ability to deliver consistently high-quality care, education and other services is directly related to our ability to attract, retain, motivate and develop our skilled workforce.
−Removed: We have consistently been named as a top employer by third-party sources in the United States, the United Kingdom and the Netherlands, including being named as one of the “100 Best Companies to Work For” by Fortune magazine 20 times, as well as a great place to work in the United Kingdom and in the Netherlands by the Great Place to Work Institute.
−Removed: We have also been named one of the “Top Places to Work” by the Boston Globe 13 times and the Denver Post nine times.
−Removed: We believe the education and experience of our center leaders and teachers exceed the industry average.
−Removed: In addition to ongoing in-center training, we have an in-house online training university that allows our employees to earn nationally-recognized child development credentials.
−Removed: Additionally, our Horizons Teacher Degree Program provides our early educators the ability to earn an associate and bachelor’s degree in early childhood education completely paid for by Bright Horizons with no out-of-pocket expenses to the employee.
+Added: Our ability to deliver high-quality care, education and other services is directly related to our ability to attract, retain, motivate and develop our skilled workforce.
+Added: During our more than 35 year history, we have consistently been named as a top employer by third-party sources in the United States, the United Kingdom and the Netherlands, including being named as one of the “100 Best Companies to Work For” by Fortune magazine 20 times, as well as a great place to work in the United Kingdom and in the Netherlands by the Great Place to Work Institute.
+Added: We have also been named one of the “Top Places to Work” by the Boston Globe 14 times and the Denver Post 9 times.
+Added: We believe the education and experience of our child care center leaders and teachers exceed the industry average.
+Added: In addition to initial onboarding and ongoing in-center training, we have an in-house online training university that allows our employees to earn nationally-recognized child development credentials.
+Added: Additionally, our Horizons Teacher Degree Program provides our early educators (in the U.S.) the ability to earn an associate and bachelor’s degree in early childhood education completely paid for by Bright Horizons with no out-of-pocket expenses to the employee.
We believe this program is unique in our industry and will continue to distinguish us as an employer of choice while helping to retain and incentivize teachers to grow their careers at Bright Horizons.
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Proven Acquisition Track Record
−Removed: We have an established acquisition team that pursues targets using a proven framework to effectively evaluate potential transactions with the goal of maximizing our return on investment while minimizing risk.
+Added: We have an established acquisition team that pursues targets using an established framework to effectively evaluate potential transactions with the goal of maximizing our return on investment while minimizing risk.
Over the last ten years, we have completed the acquisition of approximately 330 child care centers in the United States, the United Kingdom, Australia and the Netherlands, as well as providers of back-up care services and educational advisory and other services in the United States and the United Kingdom, helping us expand our client base, enhance the scope and reach of our service offerings, broaden our technological capabilities, and offer new services.
In 2023, we acquired 10 child care centers.
+Added: Diversity, Equity and Inclusion
+Added: We are in the unique position of educating the next generation, and with that responsibility comes the opportunity to make a difference by modeling for children and families an environment that is open, curious, and genuinely interested in what is different, and reflects broad diversity among our teaching staff.
+Added: Our curriculum and teacher training programs are designed to support inclusive classrooms and create culturally authentic learning environments that celebrate and explore all backgrounds and experiences.
+Added: We are also exploring with clients how our services can support their diversity, equity and inclusion objectives, particularly in workforce education.
+Added: We believe that our workforce education offerings, along with back-up care and early education, can be a vital element of an employer’s diversity, equity and inclusion strategy.
+Added: Our services not only help employers attract and retain employees from different backgrounds but, more importantly, can also help to propel the career growth and development of their employees.
Our Growth Strategy
−Removed: We believe there are significant opportunities to continue to grow our business globally by executing on the following proven strategies.
+Added: We believe there are significant opportunities to continue to grow our business globally by executing on the following strategies.
Grow Our Client Relationships
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Since going public in 2013, we have more than doubled the number of our clients who utilize more than one of our services to more than 480 clients as of December 31, 2023.
−Removed: • Continue to Expand Through the Assumption of Management of Existing Sponsored Child Care Centers.
−Removed: Periodically, we assume the management of existing centers from the incumbent management which enables us to develop new client relationships, typically with no capital investment and no purchase price payment.
+Added: • Continue to Expand Through the Assumption of Existing Sponsored Child Care Centers and Tuition Assistance Programs.
+Added: Periodically, we assume the management of existing child care centers or tuition assistance programs from the incumbent management which enables us to develop new client relationships, typically with no capital investment and no purchase price payment.
Enable Continued Investments in Quality
−Removed: We look for opportunities to invest in quality to ensure we fulfill our commitment of research-based early education excellence as a way to enhance our reputation and partnership with our clients, their employees, and the families we serve through enhanced curriculum and enrichment activities, teacher education and development programs, and ongoing program evaluation.
−Removed: For parents and families, we offer timely webinar series and monthly podcasts that reflect current issues facing families and provide parenting tips and insights, as well as share our curriculum with families at home through our online platforms.
−Removed: By developing a strong reputation for high-quality services and facilities, we have been able to support price increases that have kept pace with our cost increases.
+Added: We look for opportunities to invest in quality to ensure we fulfill our commitment to research-based early education excellence through enhanced curriculum and enrichment activities, teacher education and development programs, and ongoing program evaluation.
+Added: This helps strengthen our reputation and partnerships with our clients, their employees, and families.
+Added: For parents and families, we offer webinar series and monthly podcasts that reflect current issues facing families and provide parenting tips and insights.
+Added: We also share our curriculum with families at home through our online platforms.
+Added: We believe our strong reputation for high-quality services and facilities have helped support price increases for our services.
+Added: We are continually investing in technology and customer experience across our service lines in order to proactively support our clients and their employees for their education and care needs across career and life stages.
Increase Utilization at Existing Centers and Use of Back-up Care and Educational Advisory Services
−Removed: We are continually looking to increase enrollment levels and utilization in our profit and loss centers in order to achieve continued growth and improved center economics.
−Removed: We look for opportunities to increase the use of our back-up care and educational advisory services, not only by growing client relationships, but also by driving use with existing clients.
−Removed: Over the last two years, we expanded our back-up care offerings to include virtual tutoring and pet care, and broadened our school-age camp programs addressing education and care needs while extending the coverage of our services.
−Removed: We continue to invest in new technologies to better support our full suite of services and to enhance our customers’ user experience to help drive utilization.
−Removed: We have expanded our marketing efforts with additional focus on driving awareness and use of our services, with a focus on maximizing occupancy levels in centers where we can improve our economics with increased enrollment and participant usage of Back-up Care and Educational Advisory services.
+Added: We focus on increasing enrollment and utilization levels in our profit and loss centers in order to achieve continued growth and improved center economics.
+Added: We look for opportunities to increase the use of our back-up care and educational advisory services, not only by growing client relationships, but also by driving expanded use with existing clients.
+Added: In recent years, we extended our back-up care offerings to include tutoring and pet care, and broadened our school-age camp programs addressing education and care needs while extending the ages covered by our services.
+Added: We continue to invest in new technologies to better support our full suite of services and to enhance our customers’ user experience to further drive utilization.
+Added: We have enhanced our marketing efforts with additional focus on driving awareness and use of our services to maximize occupancy levels in centers and deepen participant usage of back-up care and educational advisory services.
Selectively Add New Lease/Consortium Centers and Expand Through Acquisitions
−Removed: We have typically added between 10 and 15 new lease/consortium centers (as more fully described below) annually, focusing on urban or surrounding markets where demand is generally higher and where income demographics are generally more supportive of our high-quality centers.
−Removed: In addition, we have a long track record of successfully completing and integrating selective acquisitions across all business lines.
+Added: Throughout the year, we review our center portfolio to ensure our center locations continue to be aligned with our strategy and evolving customer needs and demand, which may result in identifying new locations for center openings.
+Added: Historically, we have added between 10 and 15 new lease/consortium centers (as more fully described below) annually, focusing on urban and surrounding markets where demand and income demographics are generally more supportive of our high-quality centers.
+Added: While center openings and acquisitions have slowed since the pandemic as we have focused on rebuilding enrollment in our existing portfolio of centers, we have a long track record of successfully completing and integrating selective acquisitions across all business lines.
The domestic and international markets for child care and other work and family support services remain highly fragmented and, as we look to fiscal 2024 and beyond, we will continue to seek attractive opportunities both for center acquisitions and the acquisition of complementary service offerings.
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Full service center-based child care includes traditional center-based early education and child care, preschool, and elementary education.
−Removed: Back-up care includes center-based back-up child care, in-home care for children and adult/elder dependents, school-age camps, virtual tutoring, pet care and self-sourced reimbursed care.
+Added: Back-up care includes 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.
Educational advisory and other services consist 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.
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We typically enter into leases with initial terms ranging from 10 to 15 years for these centers, often with renewal options.
−Removed: When we open a new P&L center, it generally takes two to three years for the center to ramp up to a steady state level of enrollment, as a center will typically enroll younger children at the outset with children aging into the older (preschool) classrooms over time.
−Removed: We refer to centers that have been open for three years or less as “ramping centers.” A center will typically achieve breakeven operating performance between 12 to 24 months and will typically achieve a steady state level of enrollment that supports our average center operating profit by the end of three years, although the time period needed to reach a steady state level of enrollment may be longer or shorter.
−Removed: Centers that have been open more than three years are referred to as “mature centers.”
+Added: When we open a new P&L center, it generally takes 2 to 3 years for the center to ramp up to a steady state level of enrollment, as a center will typically enroll younger children at the outset with children aging into the older (preschool) classrooms over time.
+Added: We refer to centers that have been open for three years or less as “ramping centers.” A P&L center will typically achieve breakeven operating performance between 12 to 24 months and will typically achieve a steady state level of enrollment that supports our average center operating profit by the end of three years, although the time period needed to reach a steady state level of enrollment may be longer or shorter.
+Added: Centers that have been open more than three years are referred to as “mature centers.” In addition, we routinely review our portfolio of centers for opportunities to optimize our portfolio and to accommodate changes in demand and demographic shifts in the markets we serve, including closures of underperforming centers.
+Added: In the event of a closure, where possible, we seek to shift enrollment and teachers to other centers at nearby locations.
Cost Plus Model :
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The employer sponsor typically retains responsibility for the development of the child care center (which is owned or leased by the sponsor), as well as pre-opening capital equipment and ongoing maintenance and repair, and the center is profitable from the outset.
−Removed: Our cost-plus contracts typically have initial terms ranging from three to five years with varying terms, renewal and termination options.
+Added: Our cost-plus contracts typically have initial terms ranging from 3 to 5 years with varying terms, renewal and termination options.
Under all model types, we retain responsibility for all aspects of operating the child care center, including hiring and paying employees, ongoing training, curriculum, contracting with vendors, purchasing supplies, and collecting tuition.
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Tuition at most of our early education and child care centers is payable in advance and is typically due monthly.
−Removed: Historically, annual revenue per center typically averages between $1.6 million and $2.1 million at our centers in North America and averages between $1.2 million and $1.8 million at our international centers, which is primarily driven by the size and capacity of centers.
+Added: Annual revenue for mature centers typically averages between $1.9 million and $2.4 million at our centers in North America and averages between $1.4 million and $2.1 million at our international centers, which is primarily driven by the size and capacity of centers.
Our North American early education and child care centers have an average capacity of 130 children per location, while our international centers have an average capacity of 86 children per location.
−Removed: Gross margin at our mature centers typically averages between 20% and 25%, with our cost-plus model centers typically at the lower end of that range and our lease centers at the higher end.
+Added: Gross margins at our mature centers typically average between 20% and 25%, with our cost-plus model centers typically at the lower end of that range and our lease centers at the higher end.
In 2023, as our center operations continue to recover from the pandemic, annual revenue per center averaged approximately $2.0 million in North America and $1.5 million internationally, which in turn contributed to a contraction in gross margins to approximately 15% for the year.
Cost of services consists of direct expenses associated with the operation of early education and child care centers and is primarily comprised of personnel salaries and benefits, food costs, program supplies and materials, parent marketing, and facilities costs, which include occupancy costs and depreciation.
−Removed: Personnel costs are the largest component of a center’s operating costs and comprise approximately 70% of a center’s operating expenses.
−Removed: In a P&L model center, we are often responsible for additional costs that are typically paid or provided directly by an employer sponsor in centers operating under the cost-plus model, such as facilities costs.
−Removed: As a result, personnel costs in centers operating under P&L models will often represent a lower percentage of overall costs when compared to centers operating under cost-plus models.
+Added: Personnel costs are the largest component of a center’s operating costs and typically comprise approximately 70% of a center’s operating expenses.
+Added: Personnel costs in centers operating under P&L models will often represent a lower percentage of overall costs when compared to centers operating under cost-plus models as we are often responsible for additional costs that are typically paid or provided directly by an employer sponsor in centers operating under the cost-plus model.
Selling, general and administrative expenses (“SGA”) relating to full service center-based child care consist primarily of salaries and benefits (including stock-based compensation costs) for non-center personnel, which includes corporate, regional and business development personnel;
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Back-up care offers family support services for dependents of all ages and provides coverage when regular care breaks down, as well as care coordination tools to assist families with their short and long-term care decisions.
−Removed: We provide back-up care services for children (primarily 0-12 years old) through our own full service centers, dedicated back-up child care centers, school-age camps, and in-home caregivers, as well as through our proprietary back-up care network of quality child care centers and in-home care providers.
−Removed: In addition, we provide back-up care services for adults/elders through our proprietary network of quality in-home care providers, and we offer virtual tutoring for school-age children and adult learners through our network of tutoring service providers, and pet care through third-party providers.
+Added: We provide back-up care services for children (primarily 0-12 years old) through our own full service child care centers, dedicated back-up child care centers, school-age camps and programs, and in-home caregivers, as well as through our proprietary back-up care network of quality child care centers and in-home care providers.
+Added: In addition, we provide back-up care services for adults/elders through our proprietary network of quality in-home care providers, and we offer tutoring for school-age children and adult learners through our network of tutoring service providers and pet care through third-party providers.
We also help to facilitate back-up care services through our self-sourced reimbursed care program.
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Self-sourced reimbursed care is an alternative care program, available to employer sponsors typically when other network care solutions are not available, which provides payments to their employees to assist with the cost of self-sourced dependent care.
−Removed: As we continue to find innovative solutions to help families with their care needs, we have expanded our back-up care solutions to include virtual tutoring and broaden our school-age camp programs that primarily operate during school vacations and the summer months.
−Removed: Care is arranged online or via our mobile application as well as through a 24/7 contact center allowing employees to reserve care in advance or at the last minute.
+Added: As we continue to find innovative solutions to help families with their care needs, we have expanded our back-up care solutions to include tutoring and broader school-age camp programs which primarily operate during school vacations and the summer months.
+Added: Care is arranged online or via our mobile app as well as through a 24/7 contact center, allowing users to reserve care in advance or at the last minute.
We operate our own contact center in Broomfield, Colorado and we contract with additional contact centers in other geographies to complement our ability to handle demand fluctuations, provide business continuity, and deliver seamless service.
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These arrangements generally have contractual terms of three years with varying terms, renewal and termination options.
−Removed: Fees for back-up care services are typically determined based on the number of back-up care uses purchased.
−Removed: Cost of services consist of direct expenses associated with the operation of dedicated back-up centers, fees paid to providers for care delivered as part of their contractual relationships with us, personnel and related direct service costs of the contact centers, and any other expenses related to the coordination or delivery of care and service.
+Added: Fees for back-up care services are typically determined based on the number of back-up care uses purchased and may be fixed for a specified number of contracted uses or variable for pay-per-use contracts.
+Added: Cost of services consist of direct expenses associated with the operation of dedicated back-up child care centers, fees paid to providers for care delivered as part of their contractual relationships with us, personnel and related direct service costs of the contact centers, and any other expenses related to the coordination or delivery of care and service.
SGA related to back-up care is similar to SGA for full service center-based child care, with additional expenses related to the technology necessary to operate this service, the ongoing development and maintenance of the provider network, and additional personnel needed as a result of more significant client management and reporting requirements.
Educational Advisory and Other Services
−Removed: Our educational advisory services primarily consist of Bright Horizons EdAssist Solutions and Bright Horizons College Coach.
−Removed: Educational advisory services revenue is comprised of fees paid by employer clients for policy consulting, program management, coaching, and subscription content and, to a limited extent, retail fees collected from users at the point of service.
+Added: Our educational advisory services primarily consist of EdAssist and College Coach.
+Added: Educational advisory services revenue is comprised of fees paid by employer clients for policy consulting, program management, coaching, subscription content and, to a limited extent, retail fees collected from users at the point of service.
Contracts are typically three years in length, with varying terms, renewal and termination options, and fees are generally determined based on the services being provided and the number of program participants.
−Removed: Cost of services consist of personnel and direct service costs of the contact centers, and other expenses related to the coordination and delivery of tuition assistance and student loan repayment program management, and educational advisory and counseling services.
+Added: Cost of services consist of personnel and direct operating costs of the contact centers and other expenses related to the coordination and delivery of tuition assistance, student loan repayment program management, and educational advisory services.
SGA related to educational advisory services is similar to SGA for back-up care.
−Removed: EdAssist by Bright Horizons.
EdAssist provides workforce education, tuition assistance and student loan repayment program management, as well as related educational advising to corporate clients who offer these services as a talent development and workplace benefit to their employees.
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Program management services are provided through proprietary software for the processing of tuition reimbursement, loan repayment transactions, and analysis of data.
−Removed: We provide educational advising to client employees on a one-on-one basis through our team of advisors who help employees make better decisions regarding their education and financial wellness.
+Added: We provide educational advising to our client’s employees on a one-on-one basis through our team of advisors who help users make better decisions regarding their education and financial wellness.
Clients can also leverage our EdAssist Education Network of education providers and benefit from pre-negotiated tuition discounts.
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EdAssist services derive revenue directly from fees paid by employers.
−Removed: Bright Horizons College Coach.
−Removed: Bright Horizons College Coach provides college admissions and college financing advisory services through our team of experts, who have experience working in admissions or financial aid at colleges and universities.
+Added: College Coach.
+Added: College Coach provides college admissions and college financing advisory services through our team of experts, who have experience working in admissions or financial aid at colleges and universities.
We also offer coaching and tools to assist families as they support their children with varying needs across life stages.
−Removed: Advisory services are provided at live/webinar events with expert presenters, through one-on-one coaching, as well as through our online learning center.
+Added: Advisory services are delivered via live/webinar events with expert presenters, through one-on-one coaching, and through our online learning center.
We work with employer clients who offer these services as workplace benefits to their employees, and we also provide these services directly to families on a retail basis.
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Other services consists of Sittercity, an online marketplace for families and caregivers.
−Removed: Sittercity revenue is generated from subscriptions to a proprietary online search platform and marketplace that helps families find child care (babysitting/nannies), as well as senior care and pet care.
+Added: Sittercity revenue is generated from subscriptions to a proprietary online search platform and marketplace that helps families find, among other things, child care (child care providers, babysitting/nannies), elder care and pet care services.
+Added: Effective January 1, 2024, we realigned our organizational structure to better reflect synergies across certain business lines and, as a result, the Sittercity operations will now be included in the back-up care reportable segment.
We operate in two primary regions:
−Removed: (1) North America, which includes the United States and Puerto Rico, and (2) International, which includes the United Kingdom, the Netherlands, Australia and India.
+Added: (1) North America, which includes our operations in the United States (including Puerto Rico), and (2) International, which includes our operations in the United Kingdom, the Netherlands, Australia and India.
The following table sets forth information by geographic region for the year ended December 31, 2023:
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As a percentage of total fixed assets, net 55 % 45 % 100 %
−Removed: Our international business primarily consists of child care centers throughout the United Kingdom, Australia and the Netherlands, with approximately 95% of the revenue generated related to the full service center-based child care segment.
+Added: Our international business primarily consists of child care centers throughout the United Kingdom, the Netherlands, and Australia, with approximately 95% of the revenue generated related to the full service center-based child care segment.
As of December 31, 2023, we had 618 centers in North America and 431 international centers.
Additional geographical information is included in Note 18, Segment and Geographic Information , to the consolidated financial statements in Item 8 of this Annual Report on Form 10-K.
−Removed: Historically, our full service center-based child care and back-up care operations are subject to seasonal and quarterly fluctuations.
−Removed: Demand for early education and child care services has historically decreased during the summer months when school is not in session at which time families are often on vacation or have alternative child care arrangements.
+Added: Historically, our full service center-based child care and back-up care operations are subject to seasonal and quarterly fluctuations, which can vary by geography.
+Added: Demand for early education and child care services has historically decreased during the summer months when school is not in session and families are often on vacation or have alternative child care arrangements.
In addition, enrollment at our child care centers declines as older children transition to elementary schools.
−Removed: Demand for our services generally increases in September and October coinciding with the beginning of the new school year and remains relatively stable throughout the rest of the school year.
+Added: Demand for our services generally increases with the beginning of the new school year and remains relatively stable throughout the rest of the school year.
Use of our back-up care services tends to be higher when schools are not in session and during holiday periods, which can increase the operating costs of the program and impact the results of operations.
−Removed: Our educational advisory and other services generally have limited seasonal fluctuations.
+Added: Educational advisory and other services generally have limited seasonal fluctuations.
Results of operations may also fluctuate from quarter to quarter as a result of, among other things, the performance of existing centers, including enrollment and staffing fluctuations, the number and timing of new center openings, additions from acquisitions and center management transitions, the timing of new client launches in our back-up and educational advisory services, the length of time required for new centers to achieve profitability, center closings, the contract model mix (P&L versus cost-plus) of new and existing centers, the level of sponsorship payments, and general economic conditions.
Brand Awareness and Thought Leadership
−Removed: We market our services and build our brand through virtual events, social media, earned and paid media placements, digital and print advertising, articles and blogs, direct mail, and a robust search engine optimization strategy.
+Added: We market our services and build our brand through events, social media, earned and paid media placements, digital and print advertising, articles and blogs, direct mail, and a robust search engine optimization strategy.
Our senior leaders are involved at the national level with education, work/life and early child care advocacy, and we believe that their visibility and involvement helps attract new business.
We believe that o ur proprietary research, events, and the availability of uniquely knowledgeable industry leaders help sustain our brand awareness and position Bright Horizons as a thought leader in the markets where we operate.
−Removed: For employer sponsors and their employees , we conduct our annual Modern Family Index and The Education Index, capturing snapshots of critical market sectors at a particular moment in time.
−Removed: For parents and families, we offer timely webinar series as well as monthly podcasts that reflect current issues facing families.
+Added: For employer sponsors and their employees , we conduct our annual Modern Family Index and The Education Index, capturing snapshots of sentiments of critical market sectors at a particular moment in time.
+Added: For parents and families, we offer webinar series as well as monthly podcasts that reflect current issues facing families.
Timely Approaches that Evolve with the Workplace
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targeted back-up journeys and campaigns;
−Removed: outreach for flexible care offerings including virtual options such as tutoring and camps;
+Added: outreach for flexible care offerings including options such as tutoring and camps;
and sharing our curriculum and extension activities with families at home through our online platforms.
−Removed: Outreach for these efforts includes persona-based campaigns for back-to-school and return-to-office support;
+Added: Outreach for these efforts includes campaigns for back-to-school and return-to-office support;
initiatives aimed at supporting enrolled families including age-based developmental notifications through our parent mobile app;
−Removed: a health, safety and wellness parent newsletter;
+Added: a monthly parenting newsletter;
and a parenting exchange workshop series.
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Customer Retention
−Removed: Lead generation and conversion, and increased utilization, as well as customer retention, remain at the heart of our marketing efforts.
+Added: Lead generation and conversion, increased utilization, and customer retention remain at the heart of our marketing efforts.
We partner with employer sponsors to promote our early education and child care centers and other workplace solutions as important employee benefits within their organizations.
−Removed: Our My Bright Horizons is a portal for client employees to instantly access all their Bright Horizons benefits and BH Central , a self-service portal for client liaisons to track real-time benefit use and access materials to support internal marketing efforts, including a newsletter with tailored resource content.
−Removed: Other efforts include local digital advertising, partnerships with parent groups, ramped social efforts, direct mail, and webinars.
+Added: My Bright Horizons is a portal for our clients’ employees to instantly access all their Bright Horizons benefits, and BH Central is a self-service portal for client liaisons to track real-time benefit use and access materials to support internal marketing efforts, including a newsletter with tailored resource content.
+Added: Other efforts include local digital advertising, partnerships with parent groups, social efforts, direct mail, and webinars.
We believe we are a leading provider of employer-sponsored center-based child care, back-up care, and workforce education services.
−Removed: We estimate that we have approximately six times more market share in the employer-sponsored center-based child care market in the United States than our closest competitor.
+Added: We estimate that we have approximately six times more market share than our closest competitor in the employer-sponsored center-based child care market in the United States.
The market for early education and child care services is highly fragmented, and we compete for enrollment and sponsorship of early education and child care centers with a variety of other organizations, including large community-based child care companies, regional child care providers, family day care, nannies, for-profit and not-for-profit full- and part-time nursery schools, public and private elementary schools, and not-for-profit and government-funded providers of center-based child care.
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Competition for back-up care comes from IAC/Interactivecorp (Care.com) in addition to employee assistance programs and smaller work/life companies.
−Removed: In the educational advisory segment, competition comes from EdCor, Guild Education and InStride.
+Added: In the educational advisory segment competition comes from EdCor, Guild Education and InStride as well as other smaller providers entering the market.
We believe the key factors in the competition for enrollment are quality, site convenience and cost.
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In addition, some of our competitors may benefit from strong local name recognition (such as established regional providers) or comply, or are required to comply, with fewer or less costly health, safety, and operational regulations than those with which we comply (such as the more limited health, safety and operational regulatory requirements typically applicable to family day care operations in caregivers’ homes).
−Removed: In the wake of COVID-19, we believe our health and safety protocols are market leading and are an important consideration for families and clients.
We believe that our primary focus on serving employer clients, underscored by our track record for achieving and maintaining high-quality standards, also distinguishes us from our competitors.
We have and continue to invest in technology to better support our full suite of services to enhance our customers’ user experience, improve utilization levels of our services within our client workforces and across our existing client base, and deliver more efficient and automated support services.
−Removed: Investments to leverage our web and mobile functionality across all of our services, as well as expand mobile capabilities are designed to ensure that our key systems deliver value and provide us with the platform to grow our position in the market.
−Removed: We believe we are well-positioned to continue attracting new employer sponsors due to our extensive service offerings, established reputation, position as a quality leader, and track record of serving major employer sponsors for 35 years.
+Added: Investments to leverage our web and mobile functionality across all of our services are designed to ensure that our key systems deliver value and provide us with the platform for growth.
+Added: We believe we are well-positioned to continue attracting new employer sponsors due to our extensive service offerings, established reputation, position as a quality leader, and track record of serving major employer sponsors for more than 35 years.
Human Capital Management
−Removed: We know that education and care can change lives, and for 35 years Bright Horizons has been changing the way employees and their families live and work.
+Added: We know that education and care can change lives, and for over 35 years Bright Horizons has been changing the way families live and work.
To achieve this mission and to deliver results, we put our HEART Principles at the forefront of everything we do.
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Corporate, divisional and regional staff members make up our “Home Team” employees, and staff members working at our early education and child care centers, including teachers and support personnel, and in-home caregivers make up our “Field” employees.
−Removed: Employees that work at one child care center, which has been closed since the COVID-19 pandemic, remain represented by a labor union.
−Removed: We have continued to negotiate a collective bargaining agreement with this union in good faith.
+Added: Employees who worked at one child care center, which has been closed since the pandemic and remains closed, were represented by a labor union.
We believe employers across industries are looking to deploy creative solutions to address labor challenges, enhance their employee value proposition and provide benefits for their workforce to enable their employees to excel both personally and professionally.
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We endeavor to create an environment that rewards performance, enhances our culture and employee experience, and retains and engages our talent.
−Removed: In 2022, we continued our extensive talent acquisition campaign to recruit teachers and staff and have enhanced the candidate and new hire experience through initiatives such as the 100 Days of Heart onboarding program, an alumni recruitment initiative program and an enhanced employee referral program.
+Added: In 2023, we continued our talent acquisition campaign to recruit teachers and staff and have enhanced the candidate and new hire experience through ongoing initiatives such as our 100 Days of Heart onboarding program and streamlining our hiring process through an optimized candidate scheduling experience.
+Added: We continue to invest in our recruitment strategy by launching an alumni recruitment portal and establishing a dedicated campus recruitment team focused on attracting both high school graduates and college-degreed early childhood candidates.
As part of our continued commitment to support the well-being of our Bright Horizons team, and to help address the challenges in recruiting and retaining top talent, we continue to make investments with respect to eligible employees in certain markets to further strengthen our position as an employer of choice.
−Removed: • Increased pay through off-cycle market adjustments for teachers and staff in a number of key markets.
−Removed: • Expanded benefits and access to our Tuition Assistance program for Home Team employees.
−Removed: • Enhanced our mental health and wellness resources through a new and expanded well-being offering.
+Added: This includes expanding benefits such as Paid Parental Bonding Leave and increasing pay through targeted off-cycle market adjustments for teachers and staff.
Our Benefits and Total Rewards
−Removed: More than 1,400 top employers trust us for proven solutions that support employees, advance careers, and maximize performance, and we offer our own employees the solutions and services we offer to our clients.
+Added: More than 1,450 top employers trust us for proven solutions that support employees, advance careers, and maximize employee performance, and we offer our own employees the solutions and services we offer to our clients.
From on-site child care to back-up care to help handle disruptions in child care gaps, and education programs that build critical skills, we believe our service offerings help our employees achieve more.
−Removed: We also offer a comprehensive total rewards program aimed at varying health, home-life and financial needs.
+Added: We also offer a comprehensive total rewards program aimed at addressing varying health, home-life and financial needs.
Our total rewards package, which may vary by geography, includes:
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• Access to back-up care, EdAssist, College Coach and Sittercity;
−Removed: We believe our total rewards package for teachers and center staff is robust and helps recruit and retain teachers in the industry.
+Added: • Paid Parental Bonding Leave.
+Added: We believe our total rewards package for teachers and center staff is robust and helps attract and retain teachers in the industry.
Our Award Winning Culture
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These honors are awarded based largely on employee responses to surveys.
−Removed: • “100 Best Companies to Work For” by FORTUNE magazine Awarded 20 times — most recently in 2021
−Removed: • “Best Workplaces” in the United Kingdom by the Great Place to Work Institute Awarded 17 times — most recently in 2022
−Removed: • “Best Workplaces” in the Netherlands by the Great Place to Work Institute Awarded eight times — most recently in 2022
• “Top Places to Work” by the Boston Globe Awarded 14 times — most recently in 2023
+Added: • “Best Workplaces” in the United Kingdom by the Great Place to Work Institute Awarded 18 times — most recently in 2023
• Forbes 2023 Best Employers for Diversity
−Removed: • Forbes 2022 Best Employers for Women
−Removed: • Bloomberg 2022 Gender Equality Index
+Added: • 2023 “Best Workplaces for Women” by the Great Place to Work Institute in the United Kingdom
• Human Rights Campaign Foundation’s Corporate Equality Index 2023
• 2023 “Best Workplaces for Wellbeing” by the Great Place to Work Institute in the United Kingdom
−Removed: • PEOPLE magazine 100 Companies that Care for 2022
+Added: • 2023 “Best Places to Work” by the Boston Business Journal
+Added: • “Best Workplaces” in the Netherlands by the Great Place to Work Institute Awarded eight times — most recently in 2022
+Added: • Named “100 Best Companies to Work For” by FORTUNE magazine 20 times — most recently in 2021
Our Diversity, Equity and Inclusion Focus
−Removed: At Bright Horizons, Diversity, Equity and Inclusion are core priorities that we believe are critical to our long-term success by improving the work we do, the services we provide and, ultimately, the value we create.
−Removed: We are an organization made up of employees, children and families from many cultures, backgrounds and experiences and we believe it is vital to have a workplace where all employees feel welcome, comfortable and a sense of belonging and where everyone's unique differences are celebrated and valued.
−Removed: As an organization built around people, having diverse talent at the Board level and throughout our organization helps us recruit and retain talent, reduce turnover and enhance all our offerings and service lines and the education we deliver daily to children and families.
−Removed: Our Inclusion Vision, in which we are committed to creating inclusive environments where everyone has a sense of belonging and has the opportunity to contribute and thrive in meaningful and impactful ways, guides and defines our Diversity, Equity and Inclusion initiatives.
−Removed: To bring this vision to life, we leverage the groups below to facilitate interactive activities, ignite and engage in bold conversations, and lead diversity awareness and inclusive leadership trainings, webinars and discussion groups:
+Added: At Bright Horizons, diversity, equity and inclusion are core priorities that we believe are critical to our long-term success by improving the work we do, the services we provide, and the value we create.
+Added: We are an organization made up of employees, children and families from many cultures, backgrounds and experiences, and we believe it is vital to have a workplace where all employees feel welcome, comfortable and have a sense of belonging and where everyone's unique differences are celebrated and valued.
+Added: As an organization built around people, having diverse talent at the Board of Directors level and throughout our organization helps us recruit and retain talent, reduce turnover, and enhance all our offerings and service lines as well as the education we deliver daily to children and families.
+Added: As an organization that values our supplier partnerships, through our U.S.
+Added: Supplier Diversity Policy we seek to contract with a diverse range of suppliers and promote the participation and selection of qualifying small and diverse businesses to better support and serve our clients, employees and our overall community.
+Added: Our inclusion statement, in which we are committed to creating inclusive environments where everyone has a sense of belonging and has the opportunity to contribute and thrive in meaningful and impactful ways, guides and defines our diversity, equity and inclusion initiatives.
+Added: To bring this vision to life, we leverage the groups below to facilitate interactive activities, ignite and engage in bold conversations, and lead webinars and discussion groups:
• Inclusion Steering Committee — comprised of senior leaders and executive officers who inform the strategy for Bright Horizons’ overall diversity, equity and inclusion initiatives.
−Removed: • Inclusion Council — includes representatives from Bright Horizons business units and functional departments, executive members, and co-chairs of our eight Employee Advisory Groups, and is guided by the Inclusion Steering Committee aimed at creating accountability in this area throughout the organization.
−Removed: • Employee Advisory Groups — voluntary, company-sponsored, internal associations dedicated to fostering a diverse and inclusive work environment within the context of Bright Horizons’ mission, values, goals, business practices, and objectives.
−Removed: We aim to hire a diverse workforce and we are focused on taking action to make real change, not for a moment in time, but for the long-term.
+Added: • Inclusion Council — includes representatives from Bright Horizons business units and functional departments, executive members, and co-chairs of our eight employee resource groups, and is guided by the Inclusion Steering Committee aimed at creating accountability for how we progress in this area throughout the organization.
+Added: • Employee Resource Groups — voluntary, company-sponsored, internal associations dedicated to fostering a diverse and inclusive work environment within the context of Bright Horizons’ mission, values, goals, business practices, and objectives.
As of December 31, 2023, workforce diversity representation was approximately as follows:
−Removed: Gender (Global) (1)
−Removed: Racial Diversity (North America Only) (2)
+Added: Women (Global) (1)
+Added: Non-White (North America Only) (2)
Entire Workforce (3)
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Senior Leaders (4)
−Removed: Board of Directors 50% 20%
−Removed: (1) Gender is defined as percentage of women in the workforce.
−Removed: (2) Racial Diversity is defined as:
+Added: (1) Represents percentage of women in the workforce.
+Added: (2) Non-White is defined as:
American Indian or Alaska Native, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or Other Pacific Islander, or two or more races.
−Removed: (3) Does not include employees that do not self-identify.
+Added: (3) Only includes employees that self-identify.
(4) Senior leader is defined as Vice President and equivalent, and above, and includes executive officers.
+Added: Our Board of Directors is comprised of 50% women and 20% non-white members.
Our Investment in Career Growth and Professional Development and our Horizons Teacher Degree Program
We invest in our employees’ career growth.
−Removed: Employee training and development opportunities are critical to our success as they drive our employees’ growth, help develop leaders within our organization (through our leadership institute) and support our delivery of quality services to our clients and the families and learners we serve.
−Removed: We provide a robust, ongoing employee training and career development program that is available to all employees through our online training university.
−Removed: Our blended learning approach means employees have a selection of different learning methods available to them, including live interactive online webinars, face-to-face training for a variety of topics in multiple venues, eLearning modules, and video.
+Added: Employee training and development opportunities are critical to our success as they drive our employees’ growth, help develop leaders within our organization, and support the delivery of quality services to our clients, and the families and learners we serve.
+Added: We provide a robust ongoing employee training and career development program that is available to employees through our online training university.
+Added: Our blended learning approach means employees have a selection of different learning methods available to them, including live interactive online webinars, face-to-face training for a variety of topics in multiple venues, eLearning modules, and videos.
+Added: We employ targeted development programs focused on critical talent segments to create a robust pipeline for leadership positions throughout the organization.
We support our teachers’ development through a number of programs and resources, including an extensive training curriculum and, in the United States, our eCDA (“child development associate”) program to enable us to deliver high quality services.
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Retaining and developing our workforce starts with our employees.
−Removed: At Bright Horizons we regularly listen to employees through our regular surveys and forums.
+Added: At Bright Horizons gathering continuous feedback is an essential part of our culture.
+Added: We regularly listen to employees through our periodic surveys and forums, such as our employee resource groups.
Hearing directly from our employees helps us understand the employee experience, including evolving priorities related to workplace environment, employee relations, pay and benefits, flexibility, and career growth opportunities, all of which are critical to our mission to be and remain an employer of choice and a great place to work.
−Removed: During 2022, we surveyed employees to ensure that we continued to support their needs and focus on their priorities.
−Removed: Additionally, we periodically deploy shorter pulse surveys to ensure our action planning is realizing the desired impact.
−Removed: This approach enables us to act on real-time information and to take targeted action in response to feedback, such as expanding our benefits and compensation opportunities and to develop enhanced benefits offerings, including new mental health and wellness supports and fostering culture and community through our Better Together teams and The Bright Horizons Foundation for Children.
+Added: We survey employees annually to ensure that we continue to support their needs and focus on their priorities and we periodically deploy shorter pulse surveys to ensure our action planning is realizing the desired impact.
+Added: This approach enables us to act on real-time information and to take targeted action in response to feedback, such as expanding our benefits and compensation opportunities and creating enhanced supports for career development.
+Added: We champion a culture of belonging and appreciation and community through our engagement programs, including Better Together and the Bright Horizons Foundation for Children ® .
Our Citizenship
−Removed: We support the communities in which we work and live, and we encourage our employees to do the same.
−Removed: We proudly stand with our many employees who give their time to non-profit organizations, awarding grants to their chosen charities in recognition of their volunteer work in their communities.
−Removed: We also work alongside our employees to support the Bright Horizons Foundation for Children ® and its important mission to bring Bright Spaces ® to children and families in homeless shelters and similar agencies helping at risk children and families, supporting our employees with Brightening Lives activities, and Field and Home Team fundraising events.
+Added: We support the communities in which we work and live, and we actively encourage our employees to do the same.
+Added: We proudly stand with our many employees who give their time to non-profit organizations, awarding grants to their chosen charities in recognition of their volunteer work in their communities through the Bright Horizons Foundation for Children ® .
+Added: We also work alongside our employees to support the Foundation’s important mission to bring Bright Spaces ® to children and families in homeless shelters and other community agencies helping at-risk children and families, supporting our employees’ on service projects with Brightening Lives activity grants and Field and Home Team fundraising events.
Intellectual Property
We believe our name and logo have significant value to our operations.
−Removed: We own and use various registered and unregistered trademarks covering the names Bright Horizons ® and Bright Horizons Family Solutions ® , our logo, and a number of other names, slogans and designs.
+Added: We own and use various registered and unregistered trademarks covering the names Bright Horizons ® and Bright Horizons Family Solutions ® , our logo, and a number of other names, slogans and designs in the U.S.
We frequently license the use of our registered trademarks to our clients in connection with the use of our services, subject to customary restrictions.
−Removed: We actively protect our trademarks by registering the marks in a variety of countries and geographic areas, including the United States, the United Kingdom, the European Union, Australia, New Zealand, India, and other countries in Asia.
+Added: We protect our trademarks by registering the marks in a variety of countries and geographic areas, including the United States, the United Kingdom, the European Union, Australia, New Zealand, India, and other countries in Asia.
These registrations are subject to varying terms and renewal options.
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We do not hold any patents.
−Removed: We hold copyright registrations for certain materials that are important to the operation of our business, and we generally rely on common law protection for those copyrighted works which are not critical to the operation of our business.
+Added: We hold copyright registrations for certain materials that are important to the operation of our business, and we generally rely on common law protection for other copyrighted works.
We enter into agreements with our employees and other parties with which we do business to limit access to, and disclosure of, our technology and other proprietary information.
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The health, safety and well-being of children, families and staff is our top priority.
−Removed: We adhere to rigorous health, hygiene, and disinfecting practices.
+Added: We adhere to rigorous health and hygiene practices.
Our protocols were developed in consideration of state and local public health guidelines and our partnership with medical professionals and experts that specialize in pediatric infectious diseases.
We have health and safety personnel and a Vice President of Global Safety dedicated to supporting our centers and other operations to ensure compliance with our policies and practices, and to ensure that we set the highest standards in all areas.
−Removed: We employ a variety of security measures at our early education and child care centers, which typically include secure electronic access systems, as well as sign-in and sign-out procedures for children, among other site-specific security measures.
+Added: We employ a variety of security measures at our early education and child care centers, including secure electronic access systems.
In addition, our trained teachers and clear sightline center designs help ensure the health and safety of children.
10 unchanged sentences
We have no known material environmental liabilities at this time.
−Removed: Our early education and child care centers are primarily operated at or near work-site locations and vary in design and capacity in accordance with employer sponsor needs and regulatory requirements.
+Added: In addition, we expect to be required to comply over time with new and changing legislation and regulations, both in the U.S.
+Added: and in other jurisdictions in which we operate, in response to climate change.
+Added: Our early education and child care centers vary in location as well as design and capacity in accordance with industry standards and local regulatory requirements.
Our North American early education and child care centers typically have an average capacity of 130 children, and our international locations have an average capacity of 86 children.
2 unchanged sentences
Our centers are designed to be open and bright and to maximize visibility for supervision.
−Removed: We devote considerable resources to equipping our centers with child-sized amenities, indoor and outdoor play areas comprised of age-appropriate materials and design, family hospitality areas and computer centers.
+Added: We equip our centers with child-sized amenities and indoor and outdoor play areas comprised of age-appropriate materials and design.
Commercial kitchens are typically present in those centers where regulations require that hot meals be prepared on-site.
1 unchanged sentence
We file or furnish reports and other information with the Securities and Exchange Commission (“SEC”) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”).
−Removed: Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available free of charge on our website, www.brighthorizons.com , as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.
+Added: Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available free of charge on the Investor Relations section of our website, www.brighthorizons.com , as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.
Information filed electronically with, or furnished to, the SEC is also available at www.sec.gov .
References to these websites do not constitute incorporation by reference of the information contained therein and should not be considered part of this document.
+Added: Further, our references to website URLs are intended to be inactive textual references only.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.