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Bright Horizons Family Solutions Inc. (BFAM) is a leading provider of education and care services designed to support families and employers. The company operates under multi-year contracts with employers, offering services as part of employee benefits packages to improve workforce engagement, productivity, and retention. BFAM delivers early education, child care, back-up care, and educational advisory services across multiple countries.
- Full Service Center-Based Child Care - Provides traditional center-based early education and child care, preschool, and elementary education, serving children across North America and internationally.
- Back-Up Care - Offers center-based and in-home care for children and adult dependents, school-age programs, tutoring, pet care, and access to Sittercity, an online caregiver marketplace.
- Educational Advisory Services - Manages tuition assistance, student loan repayment programs, workforce education, and college admissions counseling services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mandy Berman ExecutiveBoard | Chief Operating Officer, Back-up Care and Emerging Care Services | Board Member at HarborOne Bank (NASDAQ: HONE) | Mandy Berman is the Chief Operating Officer, Back-up Care and Emerging Care Services at BFAM since February 21, 2023. She has an extensive background at BFAM, having held various executive roles since 2005, and she serves on the board of HarborOne Bank. | |
Stephen H. Kramer ExecutiveBoard | Chief Executive Officer | Stephen H. Kramer has been the Chief Executive Officer of Bright Horizons Family Solutions Inc. since January 2018, and he also serves as a Director on the Board since January 2018. | View Report → | |
Elizabeth J. Boland Executive | Chief Financial Officer (CFO) | Elizabeth J. Boland has served as the CFO of Bright Horizons Family Solutions since June 1999. She previously held roles including Senior Vice President of Finance and Treasurer at BFAM and served on the board of The Children’s Place, Inc. from May 2019 to February 2024. | ||
John G. Casagrande Executive | General Counsel | John G. Casagrande has served as General Counsel of BFAM since January 2010 and as Secretary since December 2019, after joining BFAM as Senior Counsel, Special Projects in 2005. | ||
Mary Lou Burke Afonso Executive | Chief Operating Officer, North America Center Operations | Mary Lou Burke Afonso has served as Chief Operating Officer, North America Center Operations at BFAM since January 2016. Previously, she held executive positions at BFAM, including Executive Vice President, North America Center Operations from January 2014 to December 2015 and Senior Vice President, Client Relations from January 2005 to December 2013. | ||
Ros Marshall Executive | Managing Director, International | Ros Marshall serves as Managing Director, International at Bright Horizons Family Solutions since July 1, 2022. Previously, she led BFAM’s UK operations as Managing Director, United Kingdom from January 2020. | ||
Cathy E. Minehan Board | Director | MITRE Corporation: Board Member and Chair of the Audit Committee; Brookings Institution: Trustee; Massachusetts General Hospital: Honorary Trustee and Chair of the Nominations and Governance Committee; Partners Healthcare System: Co-chair of the Institutional Conflict Committee; Boston Women’s Workforce Council: Co-chair; Museum of Fine Arts Boston: Chair of the Board; National Association of Corporate Directors New England Chapter: President; WGBH: Vice-Chair; University of Rochester: Trustee; American Academy of Arts and Sciences: Elected Fellow | Cathy E. Minehan has served as a Director at BFAM since 2016 and sits on the Audit Committee as an Audit Committee Financial Expert. She announced her intent to retire from the Board effective June 3, 2025. | |
David H. Lissy Board | Chair of the Board | Director at Redfin Corporation (since 2018); Chair at Redfin Corporation (since 2020); Board member at BeneLynk, Inc.; Board member at Scripta Insights, Inc.; Board member at Jumpstart; Chair of the Board of Trustees at Ithaca College | David H. Lissy has been a pivotal leader at Bright Horizons Family Solutions Inc. since 2001, and he currently serves as Chair of the Board since January 2020. He previously held key executive roles including CEO from January 2002 to January 2018 and Executive Chairman from January 2018 through December 2019, contributing to the company’s significant growth. | |
Jordan Hitch Board | director | Board member and Chair of the Compensation Committee at Burlington Stores, Inc. | Jordan Hitch has been a director at Bright Horizons Family Solutions Inc. since 2008 and currently serves as Chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. He has an extensive background as a Managing Director at Bain Capital LLP and as a consultant at Bain & Company. | |
Joshua Bekenstein Board | Director | Senior Advisor at Bain Capital; Director at BRP Inc.; Director at Dollarama Inc. | Joshua Bekenstein has been a Director at Bright Horizons Family Solutions Inc. since 1986 and serves on the Compensation Committee. He has also taken on significant roles outside BFAM, including serving as a Senior Advisor at Bain Capital since January 1, 2023 and holding board positions at BRP Inc. and Dollarama Inc.. | |
Julie Atkinson Board | Director at Bright Horizons Family Solutions Inc. (BFAM) | Board member at Ventoux CCM (Nasdaq: VTAQU) | Julie Atkinson has served as a director at BFAM since 2017. She brings extensive experience from previous leadership roles, including serving as Chief Marketing Officer at Chopt Creative Salad Company and holding senior digital roles at Tory Burch LLC and Starwood Hotels & Resorts. | |
Laurel J. Richie Board | Director (Chair, Nominating and Corporate Governance Committee) | Director at Synchrony Financial; Director at Hasbro, Inc.; Leadership Consultant | Laurel J. Richie has served as a director at BFAM since 2019 while chairing the Nominating and Corporate Governance Committee and serving on the Audit Committee. She has an extensive background in leadership and marketing, holding active roles as a board director at Synchrony Financial and Hasbro, Inc. and serving as a Leadership Consultant. | |
Lawrence M. Alleva Board | Class III Director | Director and Chair of the Audit Committee at Adaptimmune Therapeutics PLC ; Director and Chair of the Audit Committee and member of the Nominating Committee at Mersana Therapeutics Inc. ; Director and Chair of the Audit Committee and member of the Compensation Committee at Galera Therapeutics, Inc. | Lawrence M. Alleva has been a director at BFAM since 2012, serving as Chair of the Audit Committee and a member of the Compensation Committee. He brings extensive financial expertise as a former CPA and spent 28 years as a partner at PwC, retiring in 2010. | |
Mary Ann Tocio Board | Director | Member of the Compensation Committee and Chair of the Nominating and Governance Committee at Burlington Stores, Inc. | Mary Ann Tocio began her career at BFAM as Vice President and General Manager of Child Care Operations in 1992, served as COO from 1993, and later as President and COO from 2000 until her retirement in 2015. Since 2001, she has been contributing to the company as a Board Director. |
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In light of your discussion around center occupancy and enrollment gains in underperforming centers, can you detail the specific operational and marketing strategies you will intensify to drive enrollment growth in these urban, competitive environments?
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You mentioned a net revenue drag of roughly 0.5% from center closings, yet historical pre-COVID pruning impacted revenues by up to 1–2%; how do you plan to maintain or improve this net effect in 2025 given the differing profiles of new versus closed centers?
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With backup care showing strong overall performance, can you elaborate on how the higher-cost in-home care segment will evolve in terms of its margin profile, and what steps are being taken to balance its operating expenses against revenue growth?
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In view of your increased wage investments and the potential risk of higher-than-expected wage inflation, what specific measures are in place to mitigate margin pressure should wage costs escalate further in 2025?
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Given the critical role of converting backup care users into full-time enrollment, what enhancements to the prospect family experience and enrollment funnel improvements are you implementing, and how will you measure their success in boosting overall occupancy rates?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
KinderCare Education | This competitor operates in the United States and is identified as one of the principal competitors for employer-sponsored centers. |
Busy Bees | This competitor operates in the United Kingdom and is identified as one of the principal competitors for employer-sponsored centers. |
Affinity Education Group | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
CompaNanny | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
G8 Education | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Goddard Schools | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Goodstart Early Learning | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Guardian Childcare & Education | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
KidsFoundation | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Kids Planet | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Learning Care Group | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Partou | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
Primrose Schools | This competitor is mentioned as a local and national provider competing on a center-by-center basis for enrollment. |
This competitor provides competition in the back-up care segment, alongside employee assistance programs and smaller work/life companies. | |
EdCor | This competitor operates in the educational advisory segment, providing competition alongside other providers. |
Guild Education | This competitor operates in the educational advisory segment, providing competition alongside other providers. |
InStride | This competitor operates in the educational advisory segment, providing competition alongside other providers. |
Tuition.io | This competitor operates in the educational advisory segment, providing competition alongside other providers. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Two centers in Australia | 2024 | Acquired during the nine months ended September 30, 2024 for an aggregate cash consideration of $7.2 million; the deal recorded $6.8 million in goodwill (non-tax deductible) and $0.9 million in intangible assets to be amortized over four years, with a preliminary purchase price allocation subject to measurement adjustments. |
Provider of early education and tutoring in the Netherlands | 2024 | Acquired in April 2024 with a $1.3 million cash consideration and a $0.7 million contingent payment, following previous investments of $8.4 million; the acquisition resulted in $9.8 million in goodwill and $1.0 million in intangible assets (amortized over four to five years) and transitioned the investment from the equity method to full consolidation. |
One center in Australia | 2024 | Acquired during the three months ended March 31, 2024 for a cash consideration of $2.5 million; the transaction recognized $2.3 million in goodwill and $0.4 million in intangible assets (to be amortized over four years) with purchase price allocation based on preliminary fair value estimates. |
Four centers in the U.S. and four centers in Australia | 2023 | Acquired during the nine months ended September 30, 2023 for an aggregate cash consideration of $37.6 million; the acquisition recorded $35.5 million in goodwill (with $25.4 million tax-deductible) and $3.7 million in intangible assets (amortized over four years), with adjustments subject to measurement period changes. |
Four centers in the U.S. and one center in Australia | 2023 | Acquired as two separate business combinations—one during the six months ended June 30, 2023 for $30.8 million in cash, recording $29.1 million in goodwill (with $25.3 million tax-deductible) and $3.3 million in intangible assets (amortized over four to five years), with purchase price allocation remains open pending further information. |
A center in the Netherlands | 2022 | Acquired during the nine months ended September 30, 2022 for an aggregate cash consideration of $3.3 million plus an additional $0.2 million payable; the acquisition recorded $3.1 million in goodwill (non-tax deductible) and $0.5 million in intangible assets (to be amortized over four years) with preliminary fair value estimates subject to change. |
Only About Children | 2022 | Completed on July 1, 2022, the acquisition involved a total consideration of AUD$450 million (≈ USD$310 million), with an initial cash payment and a deferred component; the deal recorded USD$283.5 million in goodwill and USD$30.9 million in intangible assets, strategically expanding Bright Horizons’ presence in the Australian market. |
Recent press releases and 8-K filings for BFAM.
- Bright Horizons Family Solutions Inc. filed an 8-K on April 17, 2025, to announce a refinancing amendment involving its credit facilities and related agreements.
- The filing details execution of refinancing documents by CFO Elizabeth Boland and outlines amendments to existing credit agreements, including modifications to representations, warranties, and covenants.
- Q4 2024 Financial Highlights: Revenue of $674 million (+10% YoY), operating income of $48 million, and net income of $29 million
- Adjusted Performance: Achieved adjusted EBITDA of $111 million and adjusted EPS of $0.98 per share, driven by robust backup care and full service segments
- Backup Care Growth: Revenue climbed 15% to $157 million, delivering record operating income
- FY 2024 Results: Recorded revenue of $2.7 billion, with income from operations up 44% to $247 million and net income of $140 million
- Strategic Expansion: Opened 7 new centers in Q4 (26 over the full year) to enhance enrollment and operational efficiency
- 2025 Guidance: Forecast revenue of $2.85–$2.9 billion and adjusted EPS of $3.95–$4.15 for FY, with Q1 EPS projected between $0.63 and $0.68