Bright Horizons Family Solutions Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $2.686 billion, an 11% increase from $2.418 billion in 2023. The company's net income also rose to $140.2 million, compared to $74.2 million in the previous year, reflecting a net income margin of 5.2%. The growth was driven primarily by a 10% increase in revenue from the full-service center-based child care segment, which accounted for 73% of total revenue, and a 16% increase in revenue from the back-up care segment.
The company experienced operational changes, including the closure of 56 centers in 2024, a response to shifting enrollment demands and market conditions. Despite these closures, Bright Horizons managed to increase net enrollment by 4% and reported that 39% of its centers were over 70% enrolled by year-end. The company also expanded its international footprint, operating 1,019 centers across the U.S., U.K., Netherlands, Australia, and India, with a total capacity to serve approximately 115,000 children.
Strategically, Bright Horizons has focused on enhancing its service offerings and client relationships. The company has over 1,450 employer client relationships, including more than 220 Fortune 500 companies. In 2024, it realigned its organizational structure to better integrate its back-up care services with the Sittercity operations, previously categorized under educational advisory services. This restructuring aims to leverage synergies across business lines and improve service delivery.
Financially, the company reported a gross profit of $619.6 million, representing a gross margin of 23.1%, up from 22% in 2023. Selling, general, and administrative expenses increased by 8% to $354.6 million, primarily due to higher personnel costs and impairment charges. The company also reduced its amortization of intangible assets significantly, leading to an increase in income from operations by 44% to $246.6 million. Looking ahead, Bright Horizons anticipates continued growth driven by enrollment increases, effective pricing strategies, and the expansion of its service offerings, while also navigating challenges such as rising operating costs and a tight labor market.
About BRIGHT HORIZONS FAMILY SOLUTIONS INC.
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