# EDGAR Filing Document

**Accession Number:** 0001437578
**File Stem:** 0001437578-26-000014
**Filing Date:** 2026-5
**Character Count:** 195761
**Document Hash:** 8a3cea9ad7cb030bb0f6f3eee60ae149
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437578-26-000014.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001437578-26-000014

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRIGHT HORIZONS FAMILY SOLUTIONS INC.
- **CENTRAL INDEX KEY:** 0001437578
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-CHILD DAY CARE SERVICES [8351]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 800188269
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35780
- **FILM NUMBER:** 26953488

**BUSINESS ADDRESS:**
- **STREET 1:** 2 WELLS AVENUE
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02459
- **BUSINESS PHONE:** 617-673-8000

**MAIL ADDRESS:**
- **STREET 1:** 2 WELLS AVENUE
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02459

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRIGHT HORIZONS SOLUTIONS CORP
- **DATE OF NAME CHANGE:** 20080612

?xml version='1.0' encoding='ASCII'? bfam-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number: 001-35780**

![bfamcompanylogo2.gif](bfam-20260331_g1.gif)

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**(**Exact name of registrant as specified in its charter**)**

---

| | |
|:---|:---|
| **Delaware** | **80-0188269** |
| (State or other jurisdiction<br>of incorporation) | (I.R.S. Employer<br>Identification Number) |

---

---

| | |
|:---|:---|
| **2 Wells Avenue** | |
| **Newton, Massachusetts** | **02459** |
| (Address of principal executive offices) | (Zip code) |

---

Registrant's telephone number, including area code: **(617) 673-8000**

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | BFAM | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of April 27, 2026, there were 52,606,675 shares of common stock outstanding.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**FORM 10-Q**

**For the quarterly period ended March 31, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **<u>[PART I. FINANCIAL INFORMATION](#id13cd83710494cecbc2eb50dff53c3c7_10)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#id13cd83710494cecbc2eb50dff53c3c7_10)</u>** | **<u>Page</u>** |
| [Item 1.](#id13cd83710494cecbc2eb50dff53c3c7_13) | <u>[Condensed Consolidated Financial Statements (Unaudited)](#id13cd83710494cecbc2eb50dff53c3c7_13)</u> | <u>[3](#id13cd83710494cecbc2eb50dff53c3c7_13)</u> |
| [Item 2.](#id13cd83710494cecbc2eb50dff53c3c7_76) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id13cd83710494cecbc2eb50dff53c3c7_76)</u> | <u>[20](#id13cd83710494cecbc2eb50dff53c3c7_76)</u> |
| [Item 3.](#id13cd83710494cecbc2eb50dff53c3c7_79) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id13cd83710494cecbc2eb50dff53c3c7_79)</u> | <u>[30](#id13cd83710494cecbc2eb50dff53c3c7_79)</u> |
| [Item 4.](#id13cd83710494cecbc2eb50dff53c3c7_82) | <u>[Controls and Procedures](#id13cd83710494cecbc2eb50dff53c3c7_82)</u> | <u>[30](#id13cd83710494cecbc2eb50dff53c3c7_82)</u> |
| **<u>[PART II. OTHER INFORMATION](#id13cd83710494cecbc2eb50dff53c3c7_85)</u>** | **<u>[PART II. OTHER INFORMATION](#id13cd83710494cecbc2eb50dff53c3c7_85)</u>** |  |
| [Item 1.](#id13cd83710494cecbc2eb50dff53c3c7_88) | <u>[Legal Proceedings](#id13cd83710494cecbc2eb50dff53c3c7_88)</u> | <u>[31](#id13cd83710494cecbc2eb50dff53c3c7_88)</u> |
| [Item 1A.](#id13cd83710494cecbc2eb50dff53c3c7_91) | <u>[Risk Factors](#id13cd83710494cecbc2eb50dff53c3c7_91)</u> | <u>[31](#id13cd83710494cecbc2eb50dff53c3c7_91)</u> |
| [Item 2.](#id13cd83710494cecbc2eb50dff53c3c7_94) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#id13cd83710494cecbc2eb50dff53c3c7_94)</u> | <u>[31](#id13cd83710494cecbc2eb50dff53c3c7_94)</u> |
| [Item 3.](#id13cd83710494cecbc2eb50dff53c3c7_97) | <u>[Defaults Upon Senior Securities](#id13cd83710494cecbc2eb50dff53c3c7_97)</u> | <u>[32](#id13cd83710494cecbc2eb50dff53c3c7_97)</u> |
| [Item 4.](#id13cd83710494cecbc2eb50dff53c3c7_100) | <u>[Mine Safety Disclosures](#id13cd83710494cecbc2eb50dff53c3c7_100)</u> | <u>[32](#id13cd83710494cecbc2eb50dff53c3c7_100)</u> |
| [Item 5.](#id13cd83710494cecbc2eb50dff53c3c7_103) | <u>[Other Information](#id13cd83710494cecbc2eb50dff53c3c7_103)</u> | <u>[32](#id13cd83710494cecbc2eb50dff53c3c7_103)</u> |
| [Item 6.](#id13cd83710494cecbc2eb50dff53c3c7_112) | <u>[Exhibits](#id13cd83710494cecbc2eb50dff53c3c7_112)</u> | <u>[32](#id13cd83710494cecbc2eb50dff53c3c7_112)</u> |
| <u>[Signatures](#id13cd83710494cecbc2eb50dff53c3c7_115)</u> | <u>[Signatures](#id13cd83710494cecbc2eb50dff53c3c7_115)</u> | <u>[33](#id13cd83710494cecbc2eb50dff53c3c7_115)</u> |

---

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1. Condensed Consolidated Financial Statements (Unaudited)**

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $133448 | $140091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable — net of allowance for credit losses of $3,437 and $3,667 at March 31, 2026 and December 31, 2025, respectively | 215726 | 293983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 80574 | 69899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 429748 | 503973 |
| Fixed assets — net | 566675 | 574200 |
| Goodwill | 1824458 | 1824175 |
| Other intangible assets — net | 192439 | 193452 |
| Operating lease right-of-use assets | 664638 | 682069 |
| Other assets | 113782 | 111734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3791740 | $3889603 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of revolving credit facility | 185560 | 199552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 266763 | 292812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 110520 | 110229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 319814 | 330647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 45111 | 32925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 927768 | 966165 |
| Long-term debt — net | 897704 | 747614 |
| Operating lease liabilities | 679571 | 702845 |
| Other long-term liabilities | 105573 | 104126 |
| Deferred revenue | 14207 | 14689 |
| Deferred income taxes | 21287 | 14873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2646110 | 2550312 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 475,000,000 shares authorized; 52,870,361 and 55,622,045 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 53 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 198526 | 424953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (46189) | (44850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 993240 | 959132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1145630 | 1339291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $3791740 | $3889603 |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Revenue | $712222 | $665527 |
| Cost of services | 548732 | 509790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 163490 | 155737 |
| Selling, general and administrative expenses | 97353 | 91861 |
| Amortization of intangible assets | 1188 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 64949 | 62272 |
| Interest expense — net | (12022) | (10351) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 52927 | 51921 |
| Income tax expense | (18819) | (13872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $34108 | $38049 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — basic | $0.63 | $0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — diluted | $0.62 | $0.66 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — basic | 54337976 | 57383787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock — diluted | 54704178 | 57950748 |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Net income | $34108 | $38049 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (2330) | 23932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on cash flow hedges and investments, net of tax | 991 | (2906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | (1339) | 21026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $32769 | $59075 |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in Capital** | **Treasury Stock,<br>at Cost** | **Accumulated Other<br>Comprehensive Loss** | **Retained Earnings** | **Total<br>Stockholders' Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in Capital** | **Treasury Stock,<br>at Cost** | **Accumulated Other<br>Comprehensive Loss** | **Retained Earnings** | **Total<br>Stockholders' Equity** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Balance at January 1, 2026 | 55622045 | $56 | $424953 | $— | $(44850) | $959132 | $1339291 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 7424 |  |  |  | 7424 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under the Equity Incentive Plan | 257809 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares received in net share settlement of stock option exercises and vesting of restricted stock | (96843) |  | (6926) |  |  |  | (6926) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  |  |  | (226928) |  |  | (226928) |
| &nbsp;&nbsp;&nbsp;Retirement of treasury stock | (2912650) | (3) | (226925) | 226928 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (1339) |  | (1339) |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 34108 | 34108 |
| Balance at March 31, 2026 | 52870361 | $53 | $198526 | $— | $(46189) | $993240 | $1145630 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in Capital** | **Treasury Stock,<br>at Cost** | **Accumulated Other<br>Comprehensive Loss** | **Retained Earnings** | **Total<br>Stockholders' Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in Capital** | **Treasury Stock,<br>at Cost** | **Accumulated Other<br>Comprehensive Loss** | **Retained Earnings** | **Total<br>Stockholders' Equity** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Balance at January 1, 2025 | 57404736 | $57 | $622618 | $— | $(110295) | $766016 | $1278396 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 8157 |  |  |  | 8157 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock under the Equity Incentive Plan | 344112 |  | 10652 |  |  |  | 10652 |
| &nbsp;&nbsp;&nbsp;Shares received in net share settlement of stock option exercises and vesting of restricted stock | (99690) |  | (12587) |  |  |  | (12587) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  |  |  | (19722) |  |  | (19722) |
| &nbsp;&nbsp;&nbsp;Retirement of treasury stock | (169851) |  | (19722) | 19722 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  | 21026 |  | 21026 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 38049 | 38049 |
| Balance at March 31, 2025 | 57479307 | $57 | $609118 | $— | $(89269) | $804065 | $1323971 |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $34108 | $38049 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23233 | 21875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 7424 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 5855 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest and other — net | 2355 | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 78021 | 44800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3446) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (33366) | (32420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 1354 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (10444) | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases | (6418) | (1005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1172) | (1104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term liabilities | 10217 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 107721 | 86178 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| Purchases of fixed assets — net | (20121) | (15231) |
| Proceeds from debt securities and other investments | 5085 | 4874 |
| Purchases of debt securities and other investments | (4476) | (4185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (19512) | (14542) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| Borrowings under revolving credit facility | 251640 |  |
| Payments under revolving credit facility | (113236) |  |
| Principal payments of long-term debt |  | (49500) |
| Purchase of treasury stock | (224796) | (19573) |
| Proceeds from issuance of common stock upon exercise of options |  | 8251 |
| Taxes paid related to the net share settlement of stock options and restricted stock | (6926) | (12587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (93318) | (73409) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (1317) | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | (6426) | 253 |
| Cash, cash equivalents and restricted cash — beginning of period | 143158 | 123715 |
| Cash, cash equivalents and restricted cash — end of period | $136732 | $123968 |

---

See accompanying notes to condensed consolidated financial statements.

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| **RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:** |  |  |
| Cash and cash equivalents | $133448 | $112047 |
| Restricted cash, included in prepaid expenses and other current assets | 761 | 9626 |
| Restricted cash, included in other assets | 2523 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash — end of period | $136732 | $123968 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |
| Cash payments of interest | $13157 | $14509 |
| Cash received from cash flow hedges of interest rate risk | $807 | $3885 |
| Cash payments of income taxes (net of refunds in 2026) | $11451 | $7591 |
| Cash paid for amounts included in the measurement of lease liabilities | $43666 | $38364 |
| **NON-CASH TRANSACTIONS:** |  |  |
| Fixed asset purchases recorded in accounts payable and accrued expenses | $1652 | $1552 |
| Operating right-of-use assets obtained in exchange for operating lease liabilities — net | $6217 | $21772 |
| Restricted stock reclassified from other current liabilities to equity upon vesting | $— | $2401 |

---

See accompanying notes to condensed consolidated financial statements.

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**BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**1. ORGANIZATION AND BASIS OF PRESENTATION**

**Organization** — Bright Horizons Family Solutions Inc. ("Bright Horizons" or the "Company") provides early education and child care, comprehensive back-up care solutions, and educational advisory services for employers and families in the United States, the United Kingdom, the Netherlands, Australia and India. The Company provides services designed to support both working families and employers' workforce strategies by supporting their employees across life and career stages, and improving employee recruitment, engagement, productivity, retention, and career advancement. The Company provides services primarily under multi-year contracts with employer-clients who offer early education and child care, back-up care, and educational advisory services as part of their employee benefits package.

As of March 31, 2026, the Company operated 988 early education and child care centers.

**Basis of Presentation** — The accompanying unaudited condensed consolidated balance sheet as of March 31, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for the interim periods ended March 31, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

In the opinion of the Company's management, the Company's unaudited condensed consolidated balance sheet as of March 31, 2026 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for the interim periods ended March 31, 2026 and 2025, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.

**Stockholders**' **Equity** — The board of directors of the Company authorized a new share repurchase program of up to $600 million (exclusive of fees, commissions or other expenses) of the Company's outstanding common stock effective March 9, 2026. The new share repurchase program has no expiration date and canceled and replaced the prior share repurchase program of up to $500 million announced in June 2025, of which approximately $127.6 million remained available thereunder. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities law, including under Rule 10b5-1 plans or accelerated share repurchase programs. During the three months ended March 31, 2026, the Company repurchased approximately 2.9 million shares for $224.8 million (resulting in a $2.1 million excise tax liability). During the three months ended March 31, 2025, the Company repurchased approximately 0.2 million shares for $19.7 million under the repurchase program. All repurchased shares have been retired and, as of March 31, 2026, $577.1 million remained available under the Board-approved repurchase program.

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**2. REVENUE RECOGNITION**

**Disaggregation of Revenue**

The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Full service<br>center-based<br>child care** | **Back-up care** | **Educational<br>advisory services** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Three months ended March 31, 2026** | | | | |
| North America | $332596 | $130527 | $26919 | $490042 |
| Outside North America | 208038 | 14142 |  | 222180 |
|  | $540634 | $144669 | $26919 | $712222 |
| **Three months ended March 31, 2025** |  |  |  |  |
| North America | $332975 | $118829 | $26368 | $478172 |
| Outside North America | 177572 | 9783 |  | 187355 |
|  | $510547 | $128612 | $26368 | $665527 |

---

The classification "North America" is comprised of the Company's operations in the United States (including Puerto Rico) and the classification "Outside North America" includes the Company's operations in the United Kingdom, the Netherlands, Australia and India.

**Deferred Revenue**

The Company records deferred revenue when payments are received in advance of the Company's performance under the contract, which is recognized as revenue as the performance obligation is satisfied. The Company recognized $204.1 million and $186.3 million as revenue during the three months ended March 31, 2026 and 2025, respectively, which was included in the deferred revenue balance at the beginning of each respective period.

**Remaining Performance Obligations**

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company's remaining performance obligations not subject to the practical expedients were not material.

**3. LEASES**

The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of March 31, 2026 and December 31, 2025, there were no material finance leases.

**Lease Expense**

The components of lease expense were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Operating lease expense <sup>(1)</sup> | $37529 | $36395 |
| Variable lease expense <sup>(1)</sup> | 11149 | 11337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease expense | $48678 | $47732 |

---

(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

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**Other Information**

The weighted average remaining lease term and the weighted average discount rate were as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Weighted average remaining lease term (in years) | 9 | 9 |
| Weighted average discount rate | 7.0% | 7.0% |

---

**Maturity of Lease Liabilities**

The following table summarizes the maturity of lease liabilities as of March 31, 2026:

---

| | |
|:---|:---|
| | **Operating Leases** |
| | **(In thousands)** |
| Remainder of 2026 | $111093 |
| 2027 | 156406 |
| 2028 | 143266 |
| 2029 | 126993 |
| 2030 | 106136 |
| Thereafter | 436421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 1080315 |
| Less imputed interest | (290224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value of lease liabilities | 790091 |
| Less current portion of operating lease liabilities | (110520) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | $679571 |

---

As of March 31, 2026, the Company had not entered into additional operating leases that have not yet commenced.

**4. ACQUISITIONS**

The Company's growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce.

There were no acquisitions in the three months ended March 31, 2026.

**2025 Acquisitions**

During the year ended December 31, 2025, the Company acquired three centers in the United Kingdom in two separate business acquisitions, which were each accounted for as a business combination. The businesses were acquired for aggregate cash consideration of $6.8 million, net of $0.3 million cash acquired, and $0.1 million of deferred consideration, and are subject to adjustments from the settlement of the final working capital. The Company recorded goodwill of $4.9 million related to the full service center-based child care segment for these acquisitions, which will not be deductible for tax purposes. In addition, the Company recorded intangible assets of $0.5 million.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of March 31, 2026, the purchase price allocation for these acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company's financial results.

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**5. GOODWILL AND INTANGIBLE ASSETS**

The changes in the carrying amount of goodwill were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Full service<br>center-based<br>child care** | **Back-up care** | **Educational<br>advisory services** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at January 1, 2026 | $1575631 | $210868 | $37676 | $1824175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to prior year acquisitions | 163 |  |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | 582 | (462) |  | 120 |
| Balance at March 31, 2026 | $1576376 | $210406 | $37676 | $1824458 |

---

The Company also has intangible assets, which consisted of the following as of March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026** | **Cost** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Definite-lived intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $386771 | $(380544) | $6227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | 16281 | (10916) | 5365 |
|  | 403052 | (391460) | 11592 |
| Indefinite-lived intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | 180847 |  | 180847 |
|  | $583899 | $(391460) | $192439 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **Cost** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Definite-lived intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $386482 | $(379457) | $7025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | 16148 | (10693) | 5455 |
|  | 402630 | (390150) | 12480 |
| Indefinite-lived intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | 180972 |  | 180972 |
|  | $583602 | $(390150) | $193452 |

---

The Company estimates that it will record amortization expense related to intangible assets existing as of March 31, 2026 as follows:

---

| | |
|:---|:---|
| | **Estimated amortization expense** |
| | **(In thousands)** |
| Remainder of 2026 | $3495 |
| 2027 | 3156 |
| 2028 | 1776 |
| 2029 | 720 |
| 2030 | 699 |
| Thereafter | 1746 |
|  | $11592 |

---

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**6. CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS**

**Senior Secured Credit Facilities**

The Company's senior secured credit facilities consist of a term loan B facility ("term loan B") and a $900 million multi-currency revolving credit facility ("revolving credit facility"). Prior to April 17, 2025, the Company's senior secured credit facilities included a term loan A facility ("term loan A").

Long-term debt obligations were as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Term loan B | $450000 | $450000 |
| Revolving credit facility | 635560 | 499552 |
| Deferred financing costs and original issue discount | (2296) | (2386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | 1083264 | 947166 |
| Less current portion of revolving credit facility | (185560) | (199552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | $897704 | $747614 |

---

On August 21, 2025, the Company amended its existing senior secured credit facilities to, among other changes, refinance the existing term loan B and to extend the maturity date. On the closing date, the Company used its revolving credit facility to prepay $50 million of the outstanding principal amount of the existing term loan B. In conjunction with the amendment, the Company recorded expense of $1.9 million and capitalized $0.2 million in fees to new lenders that have been recorded as deferred financing costs in long-term debt and will be amortized over the term of the credit facility.

On April 17, 2025, the Company amended its existing senior secured credit facilities to, among other changes, increase the borrowing capacity of its revolving credit facility from $400 million to $900 million and extend the maturity date. On the closing date, the Company used $362.5 million from its revolving credit facility to repay the outstanding balances under the term loan A. In conjunction with the amendment, the Company recorded expense of $0.6 million and capitalized $2.9 million in fees that have been recorded in other assets and will be amortized over the term of the revolving credit facility.

All borrowings under the credit facilities are subject to variable interest. The effective interest rate for the term loans was 5.42% and 5.47% as of March 31, 2026 and December 31, 2025, respectively, and the weighted average interest rate was 5.44% and 6.05% for the three months ended March 31, 2026 and 2025, respectively, prior to the effects of any interest rate hedge arrangements.

The effective interest rate for the revolving credit facility was 4.97% and 4.96% as of March 31, 2026 and December 31, 2025, respectively, and the weighted average interest rate was 4.94% for the three months ended March 31, 2026 prior to the effects of any interest rate hedge arrangements. There were no borrowings outstanding under the revolving credit facility at March 31, 2025 and no borrowings were made during the three months ended March 31, 2025. The effective interest rate on the revolving credit facility may fluctuate from borrowing to borrowing for various reasons, including changes in the term benchmark or base interest rate, and the selected interest period as terms can vary between under-30 day and over-30 day borrowings.

*Term Loan B*

As noted above, the terms of the term loan B were amended on August 21, 2025.

The term loan B matures on August 21, 2032. Borrowings under the amended term loan B bear interest at a rate per annum equal to the base rate plus a margin of 0.75% or the Secured Overnight Financing Rate ("SOFR") plus a margin of 1.75%. The term SOFR option is one, three or six month SOFR, as selected by the Company, or, with the approval of the applicable lenders, twelve months or less than one month term SOFR, subject to an interest rate floor of 0.50%. The base rate is the highest of (x) the prime rate quoted by The Wall Street Journal, (y) the greater of the federal funds rate and the overnight bank funding rate, in either case, plus 0.50%, and (z) one-month term SOFR plus 1.00%, subject to an interest rate floor of 1.50%.

Prior to the August 2025 amendment, the term loan B required quarterly principal payments equal to 1% per annum of the aggregate principal amount of the term loan B outstanding as of December 11, 2024, the date the Company amended its senior secured credit facility, with the remaining principal balance due at maturity. Effective as of December 11, 2024, borrowings under the term loan B bore interest at a rate per annum of 1.00% over the base rate, or 2.00% over the selected term SOFR rate. Effective as of January 2025, borrowings under the term loan B bore interest at a rate per annum of 0.75% over the base rate, or 1.75% over the selected term SOFR rate. The base rate was subject to an interest rate floor of 1.50% and the selected term SOFR rate was subject to an interest rate floor of 0.50%.

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In February 2025, the Company voluntarily prepaid $44.5 million of the outstanding principal balance on its term loan B, which satisfied the remaining annual principal payments due until maturity. In May 2025 and August 2025, the Company utilized its revolving credit facility to prepay $39.0 million and $50.0 million, respectively, of the outstanding principal balance on its term loan B to lower borrowing costs.

*Term Loan A*

As noted above, balances outstanding under the term loan A were repaid on April 17, 2025 using availability under the revolving credit facility.

Prior to the April 2025 debt amendment, the term loan A was scheduled to mature on November 23, 2026 and required quarterly principal payments equal to 2.5% per annum of the original aggregate principal amount of the term loan A in each of the first three years, 5.0% in the fourth year, and 7.5% in the fifth year. The remaining principal balance was due at maturity. Borrowings under the term loan A bore interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate was subject to an interest rate floor of 1.00% and the adjusted term SOFR rate was subject to an interest rate floor of 0.00%.

*Revolving Credit Facility*

As noted above, the terms of the revolving credit facility were amended on April 17, 2025.

The revolving credit facility matures on April 17, 2030. However, if there is any additional material indebtedness maturing on or before April 17, 2030, the maturity date will be 91 days prior to the maturity of that material indebtedness, unless the Company satisfies a minimum liquidity threshold test as of that date. As of March 31, 2026, the Company does not hold any material indebtedness maturing on or before April 17, 2030.

As of March 31, 2026, borrowings outstanding on the revolving credit facility were $629.1 million (composed of $505.0 million, €71.8 million and £31.4 million) and letters of credit outstanding were $20.2 million, with $250.2 million available for borrowing. Since the revolving credit facility has a contractual maturity in excess of 12 months from the balance sheet date and the Company has the ability and intends to renew borrowings of at least $450 million through March 31, 2027, such balance has been presented as long-term on the condensed consolidated balance sheet at March 31, 2026. As of December 31, 2025, borrowings outstanding on the revolving credit facility were $496.5 million (composed of $370.0 million, €71.8 million and £31.4 million) and letters of credit outstanding were $20.2 million, with $383.7 million available for borrowing.

Borrowings held in USD under the revolving credit facility bear interest at a rate per annum ranging from 0.25% to 0.75% over the base rate (as defined in the credit agreement), or 1.25% to 1.75% over the term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the term SOFR rate is subject to an interest rate floor of 0.00%. Prior to the April 17, 2025 amendment, borrowings under the revolving credit facility bore interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate.

Borrowings held in Euros under the revolving credit facility bear interest at a rate per annum equal to the Euro Interbank Offered Rate "Euribor" subject to an interest rate floor of 0.00% plus applicable margin between 1.25% and 1.75%. Borrowings held in British pounds under the revolving credit facility bear daily interest at a rate per annum equal to the Sterling Overnight Index Average rate "SONIA" subject to an interest rate floor of 0.00% plus a 0.0326% spread adjustment in addition to an applicable margin between 1.25% and 1.75%.

In 2024, the Company entered into a AU$5 million (USD$3.3 million) uncommitted working capital credit facility in Australia for short-term borrowing purposes. In 2026, the line of credit was increased to AU$9.4 million (USD$6.5 million). As of March 31, 2026 and December 31, 2025, there were AU$9.4 million (USD$6.5 million) and AU$4.5 million (USD$3.0 million) borrowings outstanding under this facility, respectively. The effective interest rate as of March 31, 2026 and December 31, 2025 was 6.00% and 5.59%, respectively, and the weighted average interest rate for the three months ended March 31, 2026 was 5.80% for this working capital credit facility.

*Debt Covenants*

All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company's material U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC (the "Borrower"), the Company's wholly-owned subsidiary, and its restricted subsidiaries, to: incur liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company's subsidiaries; alter the business conducted; enter into agreements restricting the Company's subsidiaries' ability to pay dividends; and consolidate or merge.

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In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp. (the "Guarantor"), the Company's direct subsidiary, to be a passive holding company, subject to certain exceptions. The Company is the ultimate parent of the Guarantor and the Borrower and the Company's material assets are held, and operations are conducted, by the Borrower and its subsidiaries. The revolving credit facility requires Bright Horizons Family Solutions LLC as the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio not to exceed 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights.

**Derivative Financial Instruments**

The Company is subject to interest rate risk as all borrowings under the senior secured credit facilities are subject to variable interest rates. The Company's risk management policy permits using derivative instruments to manage interest rate and other risks. The Company uses interest rate caps to manage a portion of the risk related to changes in cash flows from interest rate movements.

In December 2021, the Company entered into interest rate cap agreements with a total notional value of $900 million, designated and accounted for as cash flow hedges from inception. Interest rate cap agreements for $600 million, which had a forward starting effective date of October 31, 2023 and expired on October 31, 2025, provided the Company with interest rate protection in the event the one-month term SOFR rate increased above 2.4%. Interest rate cap agreements for $300 million, which had a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.9%.

In March and July 2025, the Company entered into additional interest rate cap agreements with a total notional value of $150 million and $100 million, respectively, designated and accounted for as cash flow hedges from inception. The March and July 2025 interest rate cap agreements, both of which had forward starting effective dates of October 31, 2025, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 3.5% and 3.0%, respectively, and expire on October 31, 2027 and October 31, 2026, respectively.

In February 2026, the Company entered into an additional interest rate cap agreement with a total notional value of $150 million, designated and accounted for as a cash flow hedge from inception. The interest rate cap agreement, which has a forward starting effective date of October 30, 2026, provides the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.75%, and expires on October 31, 2027.

The fair value of the derivative financial instruments was as follows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative financial instruments** | **Consolidated balance sheet classification** | **March 31, 2026** | **December 31, 2025** |
| | | **(In thousands)** | **(In thousands)** |
| Interest rate caps - asset | Prepaid and other current assets | $1697 | $1763 |
| Interest rate caps - asset | Other assets | $2257 | $423 |

---

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives designated as cash flow hedging instruments** | **Amount of gain (loss) recognized in other comprehensive income (loss)** | **Consolidated statement of income classification** | **Amount of net gain (loss) reclassified into earnings** | **Total effect on other comprehensive income (loss)** |
| | **(In thousands)** | | **(In thousands)** | **(In thousands)** |
| **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | | | |
| Cash flow hedges | $1794 | Interest expense — net | $220 | $1574 |
| Income tax effect | (470) | Income tax expense | (58) | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net of income taxes | $1324 |  | $162 | $1162 |
| **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |  |  |  |
| Cash flow hedges | $(903) | Interest expense — net | $3207 | $(4110) |
| Income tax effect | 241 | Income tax expense | (857) | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net of income taxes | $(662) |  | $2350 | $(3012) |

---

During the next 12 months, the Company estimates that a net gain of $0.3 million, pre-tax, will be reclassified from accumulated other comprehensive loss and recorded as a reduction to interest expense related to these derivative financial instruments.

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**7. EARNINGS PER SHARE**

The following tables set forth the computation of basic and diluted earnings per share:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Net income | $34108 | $38049 |
| Weighted average common shares outstanding — basic | 54337976 | 57383787 |
| Effect of dilutive securities | 366202 | 566961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding — diluted | 54704178 | 57950748 |
| Earnings per common share — basic | $0.63 | $0.66 |
| Earnings per common share — diluted | $0.62 | $0.66 |

---

For the three months ended March 31, 2026 and 2025, basic and diluted earnings per share were calculated using the treasury method. Equity awards outstanding to purchase or receive 1.1 million shares of common stock were excluded from diluted earnings per share for the three months ended March 31, 2026 and 2025, since their effect was anti-dilutive.

**8. INCOME TAXES**

The Company's effective income tax rates were 35.6% and 26.7% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income before income tax, jurisdictional mix of income before income tax, unbenefited losses, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as non-deductible transaction costs, the settlement of foreign, federal and state tax matters and the effects of excess tax benefit (shortfall tax expense) associated with the exercise or expiration of stock options and vesting of restricted stock, which is included in tax expense.

During the three months ended March 31, 2026, the net shortfall tax expense from stock-based compensation increased tax expense by $2.5 million. During the three months ended March 31, 2025, the net excess tax benefit from stock-based compensation decreased tax expense by $1.3 million. For the three months ended March 31, 2026 and 2025, prior to the inclusion of the excess tax benefit (shortfall tax expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 28% and 27%, respectively.

The Company's unrecognized tax benefits were $1.1 million and $1.0 million as of March 31, 2026 and December 31, 2025, respectively, inclusive of interest.

The Company and its domestic subsidiaries are subject to U.S. federal income tax as well as tax in multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service and the statute of limitations for federal tax returns is three years. The Company's filings for the tax years 2022 through 2024 are subject to audit based upon the federal statute of limitations.

State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. The Company's filings for the tax years 2021 through 2024 are subject to audit based upon the statute of limitations.

The Company is also subject to corporate income tax for its subsidiaries located in the United Kingdom, the Netherlands, Australia, India, and Puerto Rico. The tax returns for the Company's subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to six years.

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**9. FAIR VALUE MEASUREMENTS**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Fair value is derived using quoted prices from active markets for identical instruments.

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets.

&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximates their fair value because of their short-term nature.

Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company's accounts receivable are derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company's net revenue or accounts receivable. No significant credit concentration risk existed as of March 31, 2026.

**Long-term Debt** — The Company's term loan B is recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company's term loan B is based on current bid prices or prices for similar instruments from active markets and is classified as Level 2. The Company's revolving credit facility is recorded at cost and its fair value is classified as Level 2. As of March 31, 2026 and December 31, 2025, the estimated fair value approximated the carrying value of the total long-term debt.

**Derivative Financial Instruments** — The Company's derivative financial instruments, comprised of interest rate cap agreements, are recorded at fair value and estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment ("CVA"). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate caps, it was not considered a significant input. The fair value of the interest rate caps is classified as Level 2. As of March 31, 2026, the fair value of the interest rate cap agreements was $4.0 million, of which $1.7 million was recorded in prepaid expenses and other current assets and $2.3 million was recorded in other assets on the consolidated balance sheet. As of December 31, 2025, the fair value of the interest rate cap agreements was $2.2 million, of which $1.8 million was recorded in prepaid expenses and other current assets and $0.4 million was recorded in other assets on the consolidated balance sheet.

**Debt Securities** — The Company's investments in debt securities, which are classified as available-for-sale, primarily consist of U.S. Treasury and U.S. government agency securities, corporate bonds and certificates of deposits. These securities are held in escrow by the Company's wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company's operations.

Debt securities are recorded at fair value. As of March 31, 2026, the fair value of the available-for-sale debt securities was $38.6 million and was classified based on the instruments' maturity dates, with $14.4 million included in prepaid expenses and other current assets and $24.2 million in other assets on the consolidated balance sheet. As of December 31, 2025, the fair value of the available-for-sale debt securities was $39.5 million, with $15.4 million included in prepaid expenses and other current assets and $24.1 million in other assets on the consolidated balance sheet. As of March 31, 2026, debt securities classified as Level 1 and Level 2 had a fair value of $28.8 million and $9.8 million, respectively. As of December 31, 2025, debt securities classified as Level 1 and Level 2 had a fair value of $30.9 million and $8.6 million, respectively.

As of March 31, 2026 and December 31, 2025, the amortized cost was $38.5 million and $39.3 million, respectively. The debt securities held at March 31, 2026 had remaining contractual maturities ranging from less than one year to approximately five years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three months ended March 31, 2026 and 2025.

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<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**10. ACCUMULATED OTHER COMPREHENSIVE LOSS**

Accumulated other comprehensive loss, which is included as a component of stockholders' equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax.

The changes in accumulated other comprehensive income (loss) by component were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Foreign currency**<br>**translation adjustments**<sup>(1)</sup> | **Unrealized gain (loss) on<br>cash flow hedges** | **Unrealized gain (loss) on<br>investments** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at January 1, 2026 | $(44516) | $(552) | $218 | $(44850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications — net of tax | (2330) | 1324 | (166) | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: amounts reclassified from accumulated other comprehensive income — net of tax |  | 162 | 5 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net other comprehensive income (loss) | (2330) | 1162 | (171) | (1339) |
| Balance at March 31, 2026 | $(46846) | $610 | $47 | $(46189) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| | **Foreign currency**<br>**translation adjustments**<sup>(1)</sup> | **Unrealized gain (loss) on<br>cash flow hedges** | **Unrealized gain (loss) on<br>investments** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at January 1, 2025 | $(118673) | $8345 | $33 | $(110295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications — net of tax | 23932 | (662) | 108 | 23378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: amounts reclassified from accumulated other comprehensive income — net of tax |  | 2350 | 2 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net other comprehensive income (loss) | 23932 | (3012) | 106 | 21026 |
| Balance at March 31, 2025 | $(94741) | $5333 | $139 | $(89269) |

---

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

**11. SEGMENT INFORMATION**

The Company's reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory services. The full service center-based child care segment includes traditional center-based early education and child care, preschool, and elementary education. The Company's back-up care segment consists of center-based back-up child care, in-home care for children and seniors, school-age programs (including camps and tutoring), pet care, self-sourced reimbursed care, and Sittercity, an online marketplace for families and caregivers. The Company's educational advisory services segment consists of tuition assistance and student loan repayment program management, workforce education, related educational advising, and college admissions counseling services.

Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein.

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Revenue, cost of services, other segment items and income from operations by reportable segment were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Full service<br>center-based<br>child care** | **Back-up care** | **Educational<br>advisory services** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Three months ended March 31, 2026** | | | | |
| Revenue | $540634 | $144669 | $26919 | $712222 |
| Cost of services | 448894 | 84516 | 15322 | 548732 |
| Other segment items <sup>(1)</sup> | 54835 | 34581 | 9125 | 98541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $36905 | $25572 | $2472 | $64949 |
| Interest expense — net |  |  |  | (12022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax |  |  |  | $52927 |
| **Three months ended March 31, 2025** |  |  |  |  |
| Revenue | $510547 | $128612 | $26368 | $665527 |
| Cost of services | 422120 | 72741 | 14929 | 509790 |
| Other segment items <sup>(1)</sup> | 55173 | 29487 | 8805 | 93465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $33254 | $26384 | $2634 | $62272 |
| Interest expense — net |  |  |  | (10351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax |  |  |  | $51921 |

---

(1)Other segment items for each reportable segment includes selling, general and administrative expenses and amortization expense.

Depreciation and amortization expense totaled $23.2 million and $21.9 million for the three months ended March 31, 2026 and 2025, respectively, of which approximately 85% related to the full service center-based child care segment.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Special Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "expects," "may," "will," "should," "seeks," "projects," "approximately," "intends," "plans," "estimates" or "anticipates," or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report on Form 10-Q and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations; financial condition; liquidity; workplace and demographic trends; wage rate increases, personnel costs and labor markets; future center closures and portfolio optimization and impacts; our operations outside the United States; back-up care services and use types; enrollment trends and recovery and occupancy in both the United States and outside the United States; our Australia business and operating conditions; our center cohort occupancy levels; cost management and capital spending; investments in employees and wages; contributions and growth in our back-up care segment; the availability or lack of government support programs; tuition rate increases and pricing strategies; leases, terms and expirations; ability to respond to changing or volatile market conditions; our growth and strategic priorities; ability to regain and sustain our business; demand for services; our business model; our value proposition, client relations and partnerships; seasonality; macroeconomic trends and changing conditions, including uncertainty and inflationary or recessionary pressures; fluctuating interest rates; changes in laws and regulations; investments in segments and strategic opportunities; investments in technology, marketing, user experience and network supply; our opportunities for expansion; acquisitions, contributions and expected synergies; contingent consideration; amortization expense; our fair value estimates; goodwill from business combinations; impairments; fixed assets; estimates and impact of employee equity transactions; unrecognized tax benefits and the impact of uncertain tax positions; our effective tax rate and estimates; the outcome of tax audits, settlements and tax liabilities; impact of tax benefits/expense; fluctuations, impact and estimates of foreign currency exchange rates and interest rates; our capital allocation; share repurchase program and future activity; the outcome of litigation, legal proceedings/claims and our insurance coverage; debt securities; our interest rates, weighted average interest rate, expense and impact of our interest rate cap agreements; credit risk; the use of derivatives or other market risk sensitive instruments; critical accounting policies and estimates; impact of new accounting pronouncements; our indebtedness; borrowings under our senior secured credit facilities; the need for additional debt or equity financing, including raising additional funds or refinancing our outstanding indebtedness, and our ability to obtain such financing; contractual and actual maturities; our sources, drivers and uses of cash flows; our ability to fund operations and make capital expenditures and payments with cash and cash equivalents and borrowings; and our ability to meet financial obligations and comply with covenants of our senior secured credit facilities.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, changes in the demand for child care, dependent care and other workplace solutions, including variations in enrollment trends and lower than expected demand from employer sponsor clients as well as variations in workforce demographics and work environments; the constrained labor market for teachers and staff and ability to hire and retain talent, including the impact of increased compensation and labor costs; the availability or lack of government support programs, and the impact of available government child care benefit programs; our ability to respond to changing client and customer needs; competition in our industry; the possibility that acquisitions may disrupt our operations and expose us to additional risk; our ability to pass on our increased costs; our indebtedness and the terms of such indebtedness; our ability to withstand seasonal fluctuations in the demand for our services; our ability to implement our growth strategies successfully; our ability to close underperforming centers; changes in general economic, political, business and financial market conditions and other macroeconomic events and uncertainty, including the impact of inflation and interest rate fluctuations; fluctuations in currency exchange rates; the effects of a cyber-attack, data breach or other security incident on our information technology system or software or those of our third party vendors; changes in tax rates or policies; damage or harm to our brand or reputation, including as a result of recent incidents and media coverage; outcome of legal matters, claims, allegations, actual or threatened litigation and regulatory investigations; insurance risks; changes in laws and regulations; and other risks and uncertainties more fully described in the "Risk Factors" section of our Annual Report on Form 10-K filed on February 26, 2026, and other factors disclosed from time to time in our other filings with the Securities and Exchange Commission.

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Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods.

Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement that we make in this Quarterly Report speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future information, events, developments or otherwise, except as required by law.

**Overview**

The following is a discussion of the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of Bright Horizons Family Solutions Inc. ("we" or the "Company") for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This discussion should be read in conjunction with *Management's Discussion and Analysis of Financial Condition and Results of Operations* and the *Consolidated Financial Statements and Notes* thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

We are a leading provider of high-quality early education and child care, comprehensive back-up care solutions, and educational advisory services. Our offerings support both working families and employers' workforce strategies by supporting their employees across life and career stages, and improving employee recruitment, engagement, productivity, retention, and career advancement. We provide services primarily under multi-year contracts with employer-clients who offer early education and child care, back-up care, and educational advisory services as part of their employee benefits package.

As of March 31, 2026, we operated 988 early education and child care centers with the capacity to serve approximately 112,500 children in the United States, the United Kingdom, the Netherlands, Australia and India.

Our reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory services. Full service center-based child care includes traditional center-based early education and child care, preschool, and elementary education. Back-up care consists of center-based back-up child care, in-home care for children and seniors, school-age programs (including camps and tutoring), pet care, self-sourced reimbursed care, and Sittercity, an online marketplace for families and caregivers. Educational advisory services includes tuition assistance and student loan repayment program management, workforce education, related educational advising, and college admissions counseling services.

During the three months ended March 31, 2026, we saw strong growth in back-up care with a 12% year-over-year increase in revenue as a result of increased utilization. We also saw year-over-year revenue growth of 6% in our full service center-based child care segment, primarily from tuition rate increases. To track our continued improvement in occupancy rates, we monitor occupancy for a cohort of centers that has been operating since the 2021 fall enrollment cycle, and as of March 31, 2026, this cohort of centers totaled 728 centers. Occupancy represents utilization for each respective center and is calculated as the average full-time enrollment divided by the total operating capacity during the period. For the quarter ended March 31, 2026, 48% of these centers were more than 70% enrolled, 44% were between 40-70% enrolled and 8% were less than 40% enrolled, which reflects improved occupancy when compared to the same period in the prior year.

While we continue to see year-over-year growth and progress, our operating environment is impacted by increased operating costs, a tight labor market, varying enrollment demands, shifting work demographics, and challenging macroeconomic conditions. We continue to monitor and respond to the evolving needs of clients, families and children as well as the changes in operating environments, including our Australia full service business, where we have recently experienced more challenging enrollment trends and operating conditions. We will continue to monitor and assess trends and operating conditions in Australia. We continue to assess our portfolio of centers through the evaluation of expected near-term and long-term performance, as well as our partnerships with clients. As a result, we routinely close underperforming centers and expect to close additional underperforming centers identified in these evaluations over the next 12 months.

We are focused on our strategic priorities to deliver high quality education and care services, connect across our service lines, extend our impact on new and existing customers and clients, and preserve our strong culture, and we are committed to serving the needs of families, clients and our employees. We are confident in our value proposition, business model, the strength of our client partnerships, the strength of our balance sheet and liquidity position, and our ability to continue to respond to changing market conditions.

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<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**Results of Operations**

The following table sets forth statement of income data as a percentage of revenue for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **%** | **2025** | **%** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Revenue | $712222 | 100.0% | $665527 | 100.0% |
| Cost of services | 548732 | 77.0% | 509790 | 76.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 163490 | 23.0% | 155737 | 23.4% |
| Selling, general and administrative expenses | 97353 | 13.7% | 91861 | 13.8% |
| Amortization of intangible assets | 1188 | 0.2% | 1604 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 64949 | 9.1% | 62272 | 9.4% |
| Interest expense — net | (12022) | (1.7)% | (10351) | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 52927 | 7.4% | 51921 | 7.8% |
| Income tax expense | (18819) | (2.6)% | (13872) | (2.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $34108 | 4.8% | $38049 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA <sup>(1)</sup> | $95606 | 13.4% | $92304 | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income from operations <sup>(1)</sup> | $64949 | 9.1% | $62272 | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income <sup>(1)</sup> | $44616 | 6.3% | $44719 | 6.7% |

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(1)Adjusted EBITDA, adjusted income from operations and adjusted net income are financial measures that are not determined in accordance with generally accepted accounting principles in the United States ("GAAP"), which are commonly referred to as "non-GAAP financial measures." Refer to "Non-GAAP Financial Measures and Reconciliation" below for a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures determined under GAAP and for information regarding our use of non-GAAP financial measures.

***Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025***

***Revenue.*** Revenue for the three months ended March 31, 2026, increased by $46.7 million, or 7%, to $712.2 million from $665.5 million for the same period in 2025. The following table summarizes the revenue and percentage of total revenue for each of our segments for the three months ended March 31, 2026 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| | **2026** | **2026** | **2025** | **2025** | **Change 2026 vs 2025** | **Change 2026 vs 2025** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Full service center-based child care | $540634 | 75.9% | $510547 | 76.7% | $30087 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Tuition* | *495799* | *91.7 %* | *464626* | *91.0 %* | *31173* | *6.7 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Management fees and operating subsidies* | *44835* | *8.3 %* | *45921* | *9.0 %* | *(1086)* | *(2.4) %* |
| Back-up care | 144669 | 20.3% | 128612 | 19.3% | 16057 | 12.5% |
| Educational advisory services | 26919 | 3.8% | 26368 | 4.0% | 551 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $712222 | 100.0% | $665527 | 100.0% | $46695 | 7.0% |

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Revenue generated by the full service center-based child care segment in the three months ended March 31, 2026 increased by $30.1 million, or 6%, when compared to the same period in 2025. Tuition revenue increased by $31.2 million, or 7%, when compared to the prior year, primarily due to average tuition rate increases at our child care centers of approximately 4%, offset by the impact of centers which have closed since December 31, 2024, which reduced revenue by approximately 2.5%, and by lower enrollment in our Australia centers which reduced revenue by approximately 1%. Fluctuations in foreign currency exchange rates for our United Kingdom, Netherlands and Australia operations increased tuition revenue in the three months ended March 31, 2026 by approximately 3%, or $16.5 million. We expect to be impacted by fluctuations in the foreign currency exchange rates throughout the remainder of the year, although we do not expect the impact on net earnings to be material.

Management fees and operating subsidies from employer sponsors remained relatively consistent with the prior year.

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Revenue generated by back-up care services in the three months ended March 31, 2026 increased by $16.1 million, or 12%, when compared to the same period in 2025. Revenue growth in the back-up care segment was primarily attributable to increased utilization of center-based care, in-home care, and school-age programs by employees of new and existing clients.

Revenue generated by educational advisory services in the three months ended March 31, 2026 remained relatively consistent with the same period in 2025.

***Cost of Services.*** Cost of services increased by $38.9 million, or 8%, to $548.7 million for the three months ended March 31, 2026 from $509.8 million for the same period in 2025.

Cost of services in the full service center-based child care segment increased by $26.8 million, or 6%, to $448.9 million in the three months ended March 31, 2026 when compared to the same period in 2025. The increase in cost of services was primarily associated with increased personnel costs, which represent approximately 70% of the costs for this segment. Personnel costs increased 7% during the quarter compared to the same period in the prior year, related to average hourly wage rate increases in the range of 3-4%, higher benefits costs, including medical care expenses, and the impact of foreign currency exchange rates.

Cost of services in the back-up care segment increased by $11.8 million, or 16%, to $84.5 million in the three months ended March 31, 2026, when compared to the prior year. The increase in cost of services correlates to the increase in revenue and is primarily associated with care provider fees to serve the increase in utilization levels of center-based care, in-home care, and school-age programs over the prior year, and continued investment in technology to support our customer user experience, service offerings, and marketing outreach. We expect to continue to invest in increasing our network provider supply and in technology to support the growth of this segment.

Cost of services in the educational advisory services segment increased by $0.4 million, or 3%, to $15.3 million in the three months ended March 31, 2026 when compared to the prior year, consistent with the increase in revenue.

***Gross Profit.*** Gross profit increased by $7.8 million, or 5%, to $163.5 million for the three months ended March 31, 2026 from $155.7 million for the same period in 2025 primarily due to incremental contributions from the back-up care segment, resulting from higher utilization of back-up care services, and the full service center-based child care segment, resulting from tuition rate increases and the associated operating leverage. Gross profit margin was 23% of revenue for the three months ended March 31, 2026, consistent with the same period in 2025.

***Selling, General and Administrative Expenses (*"*SGA*"*).*** SGA increased by $5.5 million, or 6%, to $97.4 million for the three months ended March 31, 2026 from $91.9 million for the same period in 2025, primarily due to higher personnel costs. SGA was 14% of revenue for the three months ended March 31, 2026, consistent with the same period in 2025.

***Amortization of Intangible Assets.*** Amortization expense on intangible assets was $1.2 million for the three months ended March 31, 2026, a decrease from $1.6 million for the three months ended March 31, 2025, primarily due to decreases from intangible assets becoming fully amortized since the prior year.

***Income from Operations.*** Income from operations increased by $2.7 million, or 4%, to $64.9 million for the three months ended March 31, 2026 when compared to the prior year. The following table summarizes income from operations and percentage of revenue for each of our segments for the three months ended March 31, 2026 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| | **2026** | **2026** | **2025** | **2025** | **Change 2026 vs 2025** | **Change 2026 vs 2025** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Full service center-based child care | $36905 | 6.8% | $33254 | 6.5% | $3651 | 11.0% |
| Back-up care | 25572 | 17.7% | 26384 | 20.5% | (812) | (3.1)% |
| Educational advisory services | 2472 | 9.2% | 2634 | 10.0% | (162) | (6.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $64949 | 9.1% | $62272 | 9.4% | $2677 | 4.3% |

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<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

The change in income from operations was primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Income from operations for the full service center-based child care segment increased $3.7 million, or 11%, in the three months ended March 31, 2026 when compared to the same period in 2025, primarily due to increases in tuition revenue from annual tuition rate increases, partially offset by increased personnel costs.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Income from operations for the back-up care segment decreased $0.8 million, or 3%, in the three months ended March 31, 2026 when compared to the same period in 2025, primarily due to higher investments in technology and marketing to improve customer experience, and change in the mix of services provided, partially offset by incremental gross profit contributions from expanded utilization of back-up care services.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Income from operations for the educational advisory services segment decreased $0.2 million, or 6%, in the three months ended March 31, 2026 when compared to the same period in 2025, due to increased overhead costs, partially offset by revenue increases.

***Net Interest Expense.*** Net interest expense was $12.0 million for the three months ended March 31, 2026, an increase from $10.4 million for the three months ended March 31, 2025, primarily due to higher average borrowings as well as higher interest rates applicable to our debt. The weighted average interest rate for the term loans and revolving credit facility was 4.8% for the three months ended March 31, 2026 compared to 4.4% for the three months ended March 31, 2025, inclusive of the effects of the cash flow hedges. Based on our current interest rate projections, we estimate that our overall weighted average interest rate will be in the range of 5.0% to 5.3% for the remainder of 2026, inclusive of the effects of the cash flow hedges.

***Income Tax Expense.*** We recorded income tax expense of $18.8 million during the three months ended March 31, 2026, at an effective income tax rate of 36%, compared to an income tax expense of $13.9 million during the three months ended March 31, 2025, at an effective income tax rate of 27%. The difference between the effective income tax rates as compared to the statutory income tax rates was primarily due to the impact of unbenefited losses in certain foreign subsidiaries and the effects of net excess tax benefit (shortfall tax expense) associated with the exercise or expiration of stock options and vesting of restricted stock. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income before income tax, jurisdictional mix of income before income tax, unbenefited losses, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as non-deductible transaction costs, the settlement of foreign, federal and state tax matters and the effects of excess tax benefit (shortfall tax expense) associated with the exercise or expiration of stock options and vesting of restricted stock.

During the three months ended March 31, 2026, the net shortfall tax expense from stock-based compensation increased tax expense by $2.5 million. During the three months ended March 31, 2025, the net excess tax benefit from stock-based compensation decreased tax expense by $1.3 million. For the three months ended March 31, 2026 and 2025, prior to the inclusion of the excess tax benefit (shortfall tax expense), other discrete items and unbenefited losses in certain foreign jurisdictions, the effective tax rate approximated 28% and 27%, respectively.

***Adjusted EBITDA and Adjusted Income from Operations.*** Adjusted EBITDA increased $3.3 million, or 4%, and adjusted income from operations increased $2.7 million, or 4%, for the three months ended March 31, 2026 over the comparable period in 2025 primarily due to increased contributions from the full service center-based child care and back-up care segments, partially offset by an increase in overhead costs.

***Adjusted Net Income.*** Adjusted net income decreased $0.1 million, or 0.2%, for the three months ended March 31, 2026 when compared to the same period in 2025, primarily due to a higher interest expense from our senior secured credit facilities, offset by the increase in adjusted income from operations.

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***Non-GAAP Financial Measures and Reconciliation***

In our quarterly and annual reports, earnings press releases and conference calls, we discuss key financial measures that are not calculated in accordance with GAAP to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP financial measures of adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are reconciled from their most directly comparable financial measures determined in accordance with GAAP as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Net income | $34108 | $38049 |
| Interest expense — net | 12022 | 10351 |
| Income tax expense | 18819 | 13872 |
| Depreciation | 22045 | 20271 |
| Amortization of intangible assets | 1188 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 88182 | 84147 |
| *Additional adjustments:* |  |  |
| Stock-based compensation expense <sup>(a)</sup> | 7424 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 7424 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**95606** | $**92304** |
| Income from operations | $64949 | $62272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted income from operations** | $**64949** | $**62272** |
| Net income | $34108 | $38049 |
| Income tax expense | 18819 | 13872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 52927 | 51921 |
| Stock-based compensation expense <sup>(a)</sup> | 7424 | 8157 |
| Amortization of intangible assets | 1188 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted income before income tax | 61539 | 61682 |
| Adjusted income tax expense <sup>(b)</sup> | (16923) | (16963) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted net income** | $**44616** | $**44719** |
| Weighted average common shares outstanding — diluted | 54704178 | 57950748 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diluted adjusted earnings per common share** | $**0.82** | $**0.77** |

---

(a)Stock-based compensation expense represents non-cash stock-based compensation expense in accordance with Accounting Standards Codification Topic 718, *Compensation-Stock Compensation*.

(b)Adjusted income tax expense represents income tax expense calculated on adjusted income before income tax at an effective tax rate of approximately 28% for the three months ended March 31, 2026 and 2025. The jurisdictional mix of the expected adjusted income before income tax for the full year will affect the estimated effective tax rate for the year.

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<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are financial measures that are not calculated in accordance with GAAP (collectively referred to as "non-GAAP financial measures"), and the use of the terms adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. We believe the non-GAAP financial measures provide investors with useful information with respect to our historical operations. We present the non-GAAP financial measures as supplemental performance measures because we believe they facilitate a comparative assessment of our operating performance relative to our performance based on our results under GAAP, while isolating the effects of some items that vary from period to period. Specifically, adjusted EBITDA allows for an assessment of our operating performance and of our ability to service or incur indebtedness without the effect of non-cash charges, such as depreciation, amortization, and stock-based compensation expense, and non-recurring costs, as applicable, such as debt refinancing costs, impairments, lease termination costs and transaction costs. In addition, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share allow us to assess our performance without the impact of the specifically identified items that we believe do not directly reflect our core operations. These non-GAAP financial measures also function as key performance indicators used to evaluate our operating performance internally, and they are used in connection with the determination of incentive compensation for management, including executive officers. Adjusted EBITDA is also used in connection with the determination of certain ratio requirements under our credit agreement.

Adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to income before taxes, net income, diluted earnings per common share, net cash provided by (used in) operating, investing or financing activities or any other financial statement data presented as indicators of financial performance or liquidity, each as presented in accordance with GAAP. Consequently, our non-GAAP financial measures should be considered together with our consolidated financial statements, which are prepared in accordance with GAAP and included in Part I, Item 1 of this Quarterly Report on Form 10-Q. We understand that although adjusted EBITDA, adjusted income from operations, adjusted net income and diluted adjusted earnings per common share are frequently used by securities analysts, lenders and others in their evaluation of companies, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA, adjusted income from operations and adjusted net income do not fully reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA, adjusted income from operations and adjusted net income do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt; and

&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA, adjusted income from operations and adjusted net income do not reflect any cash requirements for such replacements.

Because of these limitations, adjusted EBITDA, adjusted income from operations and adjusted net income should not be considered as discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

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**Liquidity and Capital Resources**

Our primary cash requirements are for the ongoing operations of our existing early education and child care centers, back-up care, educational advisory services, the addition of new centers through development or acquisitions, and debt financing obligations. Our primary sources of liquidity are our existing cash, cash flows from operations, and borrowings available under our $900 million multi-currency revolving credit facility ("revolving credit facility"). We had $133.4 million in cash ($136.7 million including restricted cash) as of March 31, 2026, of which $69.5 million was held in foreign jurisdictions, compared to $140.1 million in cash ($143.2 million including restricted cash) as of December 31, 2025, of which $66.3 million was held in foreign jurisdictions. Operations outside of North America accounted for 31% and 28% of our consolidated revenue in the three months ended March 31, 2026 and 2025, respectively. The net impact on our liquidity from changes in foreign currency exchange rates was not material for the three months ended March 31, 2026 and 2025. While we expect to be impacted by fluctuations in the foreign currency exchange rates throughout the remainder of the year, we do not currently expect that the effects of changes in foreign currency exchange rates will have a material net impact on our liquidity and capital resources for the remainder of 2026.

Our revolving credit facility is part of our senior secured credit facilities. On April 17, 2025, we amended our existing senior secured credit facilities to, among other changes, increase our revolving credit facility from $400 million to $900 million and extend the date of maturity. On the closing date, we used proceeds from our revolving credit facility to repay the outstanding balances under the term loan A facility. As of March 31, 2026 and December 31, 2025, $250.2 million and $383.7 million, respectively, of the revolving credit facility was available for borrowing.

We had a working capital deficit of $498.0 million and $462.2 million as of March 31, 2026 and December 31, 2025, respectively. Our working capital deficit has primarily arisen from using cash to make long-term investments in fixed assets and acquisitions, from share repurchases, and short-term borrowings on our long-term debt.

As of March 31, 2026, we had $790.1 million in lease liabilities, $110.5 million of which is short-term in nature. Refer to Note 3, *Leases*, to our condensed consolidated financial statements for additional information on leases, including the maturity of the contractual obligations related to our lease liabilities.

Effective March 9, 2026, the board of directors authorized a new share repurchase program under which up to an aggregate of $600 million of our outstanding common stock may be repurchased. The share repurchase program has no expiration date and canceled and replaced the prior $500 million share repurchase authorization announced in June 2025, of which $127.6 million remained available thereunder. During the three months ended March 31, 2026, we repurchased approximately 2.9 million shares for $224.8 million (resulting in a $2.1 million excise tax liability). During the three months ended March 31, 2025, the Company repurchased approximately 0.2 million shares for $19.7 million under the repurchase program. All repurchased shares have been retired and, as of March 31, 2026, $577.1 million remained available for future repurchases.

We believe that funds provided by operations, our existing cash balances and borrowings available under our revolving credit facility will be adequate to fund all obligations and liquidity requirements for at least the next 12 months. Subject to market conditions, we regularly evaluate opportunities with respect to our capital structure and may choose to raise additional funds at any time through debt financing arrangements or potential refinancing of our outstanding indebtedness, which may or may not be needed for additional working capital, capital expenditures, share repurchases, or other strategic investments. Additionally, if we were to experience disruption from events not in our control or if we were to undertake any significant acquisitions or make investments in the purchase of facilities for new or existing centers, we could require financing beyond our existing cash and borrowing capacity, and it could be necessary for us to obtain additional debt or equity financing. We may not be able to obtain such financing or refinancing on reasonable terms, or at all.

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| | | |
|:---|:---|:---|
| **Cash Flows** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  | **(In thousands)** | **(In thousands)** |
| Net cash provided by operating activities | $107721 | $86178 |
| Net cash used in investing activities | $(19512) | $(14542) |
| Net cash used in financing activities | $(93318) | $(73409) |
| Cash, cash equivalents and restricted cash — beginning of period | $143158 | $123715 |
| Cash, cash equivalents and restricted cash — end of period | $136732 | $123968 |

---

***Cash Provided by Operating Activities***

Cash provided by operating activities was $107.7 million for the three months ended March 31, 2026, compared to $86.2 million for the same period in 2025. The increase in cash provided by operations primarily relates to changes in working capital arising from the timing of billings and payments when compared to the prior year.

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***Cash Used in Investing Activities***

Cash used in investing activities was $19.5 million for the three months ended March 31, 2026 compared to $14.5 million for the same period in 2025. The increase in cash used in investing activities primarily relates to an increase in net purchases of fixed assets for maintenance and refurbishments in our existing centers, technology, and new child care centers, from $15.2 million in the three months ended March 31, 2025 to $20.1 million in the three months ended March 31, 2026.

***Cash Used in Financing Activities***

Cash used in financing activities was $93.3 million for the three months ended March 31, 2026 compared to $73.4 million for the same period in 2025. Significant financing activities in the three months ended March 31, 2026 included an increase of $205.2 million in share repurchases, or $224.8 million, compared to repurchases of $19.6 million during the same period in 2025. Offsetting this increase were net borrowings under the revolving credit facility of $138.4 million during the three months ended March 31, 2026, compared to payments of principal related to our long-term debt of $49.5 million during the same period in 2025.

Additionally, proceeds received from the exercise of stock options were $8.3 million in the three months ended March 31, 2025, compared to no proceeds in the three months ended March 31, 2026. Taxes paid related to the net share settlement of stock options and restricted stock decreased to $6.9 million in the three months ended March 31, 2026, compared to $12.6 million in the same period in 2025.

**Debt**

Our senior secured credit facilities consist of our term loan B facility (the "term loan B") and our $900 million multi-currency revolving credit facility (the "revolving credit facility"). Prior to April 17, 2025, our senior secured credit facilities also included our term loan A facility (the "term loan A").

Long-term debt obligations were as follows:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Term loan B | $450000 | $450000 |
| Revolving credit facility | 635560 | 499552 |
| Deferred financing costs and original issue discount | (2296) | (2386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | 1083264 | 947166 |
| Less current portion of revolving credit facility | (185560) | (199552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | $897704 | $747614 |

---

The term loan B matures on August 21, 2032 and as a result of voluntary prepayments totaling $133.5 million in 2025, the remaining principal balance of $450 million is due at maturity.

The revolving credit facility matures on April 17, 2030. As of March 31, 2026, borrowings outstanding on the revolving credit facility were $629.1 million (composed of $505.0 million, €71.8 million and £31.4 million) and letters of credit outstanding were $20.2 million, with $250.2 million available for borrowing. As of December 31, 2025, borrowings outstanding on the revolving credit facility were $496.5 million (composed of $370.0 million, €71.8 million and £31.4 million) and letters of credit outstanding were $20.2 million, with $383.7 million available for borrowing. Additionally, a AU$9.4 million (USD$6.5 million) uncommitted working capital credit facility is available in Australia for short-term borrowing purposes. As of March 31, 2026 and December 31, 2025, there were AU$9.4 million (USD$6.5 million) and AU$4.5 million (USD$3.0 million) borrowings outstanding under this facility, respectively.

Borrowings under the credit facilities are subject to variable interest. We mitigate our interest rate exposure with interest rate cap agreements. In December 2021, we entered into interest rate cap agreements with a total notional value of $900 million. Interest rate cap agreements for $600 million, which had a forward starting effective date of October 31, 2023 and expired on October 31, 2025, provided us with interest rate protection in the event the one-month term SOFR rate increased above 2.4%. Interest rate cap agreements for $300 million, which had a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide us with interest rate protection in the event the one-month term SOFR rate increases above 2.9%.

In March and July 2025, we entered into additional interest rate cap agreements with a total notional value of $150 million and $100 million, respectively, designated and accounted for as cash flow hedges from inception. The March and July 2025 interest rate cap agreements, both of which had forward starting effective dates of October 31, 2025, provide us with interest rate protection in the event the one-month term SOFR rate increases above 3.5% and 3.0%, respectively, and expire on October 31, 2027 and October 31, 2026, respectively.

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In February 2026, the Company entered into an additional interest rate cap agreement with a total notional value of $150 million, designated and accounted for as a cash flow hedge from inception. The interest rate cap agreement, which has a forward starting effective date of October 30, 2026, provides the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.75%, and expires on October 31, 2027.

The blended weighted average interest rate for the term loans and revolving credit facility was 4.84% and 4.39% for the three months ended March 31, 2026 and 2025, respectively, including the impact of the cash flow hedges. Based on our current interest rate projections, we estimate that our overall weighted average interest rate will be in the range of 5.00% to 5.25% for the remainder of 2026, inclusive of the effects of the cash flow hedges.

The revolving credit facility requires Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio. A breach of this covenant is subject to certain equity cure rights. The credit agreement governing the senior secured credit facilities contains certain customary affirmative covenants and events of default. We were in compliance with our financial covenant at March 31, 2026. Refer to Note 6, *Credit Arrangements and Debt Obligations*, to our condensed consolidated financial statements for additional information on our debt and credit arrangements, future principal payments of long-term debt, and covenant requirements.

**Critical Accounting Policies**

For a discussion of our "Critical Accounting Policies," refer to Part II, Item 7, "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies since December 31, 2025.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risk from changes in interest rates and fluctuations in foreign currency exchange rates. We do not believe there have been material changes in our exposure to interest rate or foreign currency exchange rate fluctuations since December 31, 2025. See Part II, Item 7A, "*Quantitative and Qualitative Disclosures about Market Risk*," in our Annual Report on Form 10-K for the year ended December 31, 2025 for further information regarding market risk.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

As of March 31, 2026, we conducted an evaluation under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), regarding the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The term "disclosure controls and procedures" means controls and other procedures that are designed to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods and that such disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of March 31, 2026.

*Changes in Internal Control over Financial Reporting*

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

We are, from time to time, subject to claims, suits, and matters arising in the ordinary course of business. Such claims have in the past generally been covered by insurance, but there can be no assurance that our insurance will be adequate to cover all liabilities that may arise out of claims or matters brought against us. We believe the resolution of such legal matters will not have a material adverse effect on our financial position, results of operations, or cash flows, although we cannot predict the ultimate outcome of any such actions.

**Item 1A. Risk Factors**

Our operations and financial results are subject to various risks and uncertainties, which could adversely affect our business, financial condition and operating results. We believe that these risks and uncertainties include, but are not limited to, those disclosed in Part I, Item 1A, "*Risk Factors*," of our Annual Report on Form 10-K for the year ended December 31, 2025. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties, not presently known to us or that we currently deem immaterial, could materially impair our business, financial condition or results of operations. There have been no material changes to our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Issuer Purchases of Equity Securities**

The table below sets forth information regarding purchases of our common stock during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares (or Units) Purchased<br>(a)** | **Average Price Paid<br>per Share (or Unit)<br>(b)** | **Total Number of Shares (or Units) Purchased as**<br>**Part of Publicly Announced**<br>**Plans or Programs** <sup>(1)</sup><br>**(c)** | **Approximate Dollar Value of Shares/Units**<br>**that May Yet Be Purchased Under**<br>**the Plans or Programs**<br>**(In thousands)** <sup>(2)</sup><br>**(d)** |
| January 1, 2026 to January 31, 2026 | 508484 | $98.31 | 508484 | $279439 |
| February 1, 2026 to February 28, 2026 | 1894834 | $71.41 | 1894834 | $144124 |
| March 1, 2026 to March 31, 2026 | 509332 | $77.42 | 509332 | $577084 |
|  | 2912650 |  | 2912650 |  |

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(1)The board of directors of the Company authorized a new share repurchase program of up to $600 million of the Company's outstanding common stock effective March 9, 2026. The share repurchase program has no expiration date. The March 2026 share repurchase program canceled and replaced the prior share repurchase program of up to $500 million announced in June 2025, of which approximately $127.6 million remained available thereunder. All repurchased shares have been retired.

(2)The number shown represents, as of the end of each period, the approximate dollar value of the Company's outstanding common stock that may yet be purchased under the Company's publicly announced share repurchase program as described in footnote (1) above. Such shares may be purchased, from time to time, depending on business and market conditions.

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**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

On March 10, 2026, Mary Lou Burke Afonso, Chief Operating Officer, North America Center Operations, adopted a stock trading plan for the sale of up to 11,720 shares of the Company's common stock until December 31, 2026. This trading plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act.

Other than as disclosed above, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated any contract, instruction, or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended March 31, 2026.

**Item 6. Exhibits**

(a) Exhibits:

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Title** |
| 10.1\*† | <u>[Form of Restricted Stock Unit Agreement (U.S. Employees) under the 2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019.](bfam-033126xex101.htm)</u> |
| 10.2\*† | <u>[Form of Restricted Stock Unit Agreement (Non-U.S. Employees) under the 2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019.](bfam-033126xex102.htm)</u> |
| 31.1\* | <u>[Principal Executive Officer Certification Pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bfam-033126xex311.htm)</u> |
| 31.2\* | <u>[Principal Financial Officer Certification Pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bfam-033126xex312.htm)</u> |
| 32.1\*\* | <u>[Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](bfam-033126xex321.htm)</u> |
| 32.2\*\* | <u>[Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](bfam-033126xex322.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |

---

---

| | |
|:---|:---|
| \* | Exhibits filed herewith. |
| \*\* | Exhibits furnished herewith. |
| † | Management contract or compensatory plan. |

---

------

<u>[Table of](#id13cd83710494cecbc2eb50dff53c3c7_7)</u><u>[Contents](#id13cd83710494cecbc2eb50dff53c3c7_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| **BRIGHT HORIZONS FAMILY SOLUTIONS INC.** | **BRIGHT HORIZONS FAMILY SOLUTIONS INC.** | | |
| Date: | May 7, 2026 | By: | /s/ Elizabeth Boland |
|  |  |  | **Elizabeth Boland** |
|  |  |  | **Chief Financial Officer** |
|  |  |  | **(Duly Authorized Officer)** |

---

## Exhibit 10.1

**Exhibit 10.1**

---

| | |
|:---|:---|
| **Name:** | **[●]** |
| **Number of Restricted Stock Units subject to Award:** | **[●]** |
| **Date of Grant:** | **[●]** |

---

**Bright Horizons Family Solutions Inc.<br>2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019**

**<u>Restricted Stock Unit Agreement (Employees)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;This agreement (this "<u>Agreement</u>") evidences an award (the "<u>Award</u>") of restricted stock units (the "<u>Restricted Stock Units</u>") granted by Bright Horizons Family Solutions Inc. (the "<u>Company</u>") to the undersigned (the "<u>Grantee</u>") pursuant to and subject to the terms of the Bright Horizons Family Solutions Inc. 2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019 (as amended from time to time, the "<u>Plan</u>"), which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Restricted Stock Units</u>. On the date of grant set forth above (the "<u>Grant Date</u>") the Company hereby grants to the Grantee an award consisting of the right to receive, on the terms provided herein and in the Plan, one share of Stock with respect to each Restricted Stock Unit forming part of the Award, in each case, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Meaning of Certain Terms</u>. Each initially capitalized term used but not separately defined herein has the meaning assigned to such term in the Plan. In addition, for purposes of this Agreement, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Applicable Agreement</u>" means a written employment, severance or change in control agreement between the Grantee and the Company or an Affiliate, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Cause</u>" shall have the following meaning: (A) if the Grantee is a party to an Applicable Agreement containing a "Cause" definition, "Cause" shall have the meaning set forth therein, or (B) if the Grantee is not a party to an Applicable Agreement containing a "Cause" definition, "Cause" shall have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>CIC Termination</u>" means an Involuntary Termination that occurs upon or within 12 months following the date of the Covered Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Good Reason</u>" shall have the following meaning: (A) if the Grantee is a party to an Applicable Agreement containing a "Good Reason" definition, "Good Reason" shall have the meaning set forth therein, or (B) if the Grantee is not a party to an Applicable Agreement containing a "Good Reason" definition, "Good Reason" shall mean any material diminution in the Grantee's base salary, bonus opportunity, position or nature or scope of responsibilities (other than by inadvertence) or any material reduction in the Grantee's benefits that uniquely and disproportionately affects the Grantee, in each case occurring without the Grantee's consent and

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as to which (x) the Grantee has provided notice to the Company within 30 days of the date on which the Grantee knew or reasonably should have known of such diminution or reduction, (y) the Company shall not have remedied such diminution or reduction within 30 days of receiving such notice, and (z) the Grantee shall have terminated the Grantee's Employment within 10 days after the Company's failure to remedy such diminution or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Involuntary Termination</u>" means the Grantee's termination of Employment from the Company on account of a termination by the Company without Cause, other than on account of death or Disability, or by the Grantee for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Service-Based Vesting</u>. Except as otherwise provided in Section 3(b) or 3(c), the Award shall vest as follows: on the [third anniversary of the Grant Date]; provided that the Grantee has remained in continuous Employment from the Grant Date through the [applicable] vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability; Death</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Grantee incurs a termination of Employment on account of death or Disability after the [third anniversary] of the Grantee's Employment commencement date and before the Award is fully vested in accordance with the terms set forth in Section 3(a) or Section 3(c), the Award shall vest in full upon such termination of Employment due to death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Grantee incurs a termination of Employment on account of death or Disability before the [third anniversary] of the Grantee's Employment commencement date and before the Award is fully vested in accordance with the terms set forth in Section 3(a) or Section 3(c), the Award shall vest in a number of Restricted Stock Units calculated by multiplying the Restricted Stock Units that otherwise would have vested if the Grantee had continued in Employment through the [third anniversary] of the Grant Date by a fraction, the numerator of which is the number of calendar months starting with (1) the calendar month of the Grantee's Employment commencement date through (2) the calendar month in which the Grantee's termination of Employment occurs (each being considered a full calendar month), and the denominator of which is [36].

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Covered Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Covered Transaction occurs before the Award vests in accordance with the terms set forth in Sections 3(a) or 3(b) above, the Award shall be treated as described in this Section 3(c). Notwithstanding anything to the contrary, the Administrator may take such other actions with respect to the Award (including in respect of vesting) as it deems appropriate pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[**For executive officers as determined by the Administrator ("Officers")**: Provided the Grantee has remained in continuous Employment from the Grant Date through the date of the Covered Transaction, if either (i) the Grantee has remained in continuous Employment for at least two years immediately prior to the date of the Covered

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Transaction or (ii) the Restricted Stock Units are not assumed, substituted or otherwise continued following the Covered Transaction, then the Award shall become fully vested immediately prior to the Covered Transaction. However, if (A) the Grantee has not remained in continuous Employment for at least two years immediately prior to the date of the Covered Transaction, (B) there is an acquiring or surviving entity as a result of the Covered Transaction and the Restricted Stock Units are assumed or substituted by the acquiror or surviving corporation (or an affiliate of the acquiror or surviving corporation) or otherwise continues following the Covered Transaction, and (C) the Grantee is not a party to an Applicable Agreement providing otherwise, then the Restricted Stock Units will vest on the earliest to occur of (x) the applicable vesting date set forth in Section 3(a) or 3(b) above, or (y) the date the Grantee incurs a CIC Termination, in each case, subject to the Grantee's continuous Employment through such date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[**For non-Officers**: Except as otherwise provided in an Applicable Agreement, if any, provided the Grantee has remained in continuous Employment from the Grant Date through the date of the Covered Transaction, the Restricted Stock Units shall become fully vested immediately prior to the Covered Transaction; provided, however, that if there is an acquiring or surviving entity as a result of the Covered Transaction and the Award is assumed or substituted by the acquiror or surviving corporation (or an affiliate of the acquiror or surviving corporation) or otherwise continues following the Covered Transaction, the Restricted Stock Units shall vest on the earliest to occur of (x) the applicable vesting date set forth in Section 3(a) or 3(b) above, or (y) the date the Grantee incurs a CIC Termination, in each case, subject to the Grantee's continuous Employment through such date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For the avoidance of doubt, if the date of the Covered Transaction occurs after any applicable vesting date pursuant to the terms set forth in Section 3(a) or 3(b) above but prior to settlement of the vested Restricted Stock Units, the vested Restricted Stock Units shall be settled in accordance with Sections 3(a), 3(b) and 4, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. Notwithstanding anything in this Agreement to the contrary, in the event the Grantee's Employment is terminated by the Company for Cause, all outstanding Restricted Stock Units (whether vested or unvested) held by the Grantee shall immediately terminate and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Termination</u>. Except as set forth in Sections 3(b) and 3(c), if the Grantee's Employment terminates for any reason before the Award vests, any unvested Restricted Stock Units shall automatically terminate and shall be forfeited as of the date of the Grantee's termination of Employment. No payment shall be made with respect to any unvested Restricted Stock Units that terminate as described in this Section 3(e).

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Vesting Terms</u>. The vesting of the Restricted Stock Units shall be cumulative, but shall not exceed 100% of the Restricted Stock Units. To the extent applicable, if the vesting schedule would produce fractional Restricted Stock Units, the number of Restricted Stock Units that vest shall be rounded down to the nearest whole Restricted Stock Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Stock</u>. If and when the Restricted Stock Units vest, the Company shall issue to the Grantee one share of Stock for each vested Restricted Stock Unit (unless cash

------

or other securities are issued upon vesting in connection with a Covered Transaction), subject to applicable tax withholding obligations. Payment shall be made within 30 days after the applicable vesting date, and subject to the provisions of the Plan, the Company shall deliver to the Grantee a stock certificate for that number of shares of Stock equal to the number of vested Restricted Stock Units or if the shares of Stock are held in book-entry form, the Company may take such steps as it deems necessary or appropriate to record such shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends; Other Rights</u>. Restricted Stock Units represent hypothetical shares of Stock, and not actual shares of Stock. The Award shall not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company or any Affiliate prior to the date on which the Company delivers shares of Stock to the Grantee. The Grantee is not entitled to vote any shares of Stock by reason of the granting of the Award or to receive or be credited with any dividends declared and payable on any share of Stock prior to the date on which any such share is delivered to the Grantee hereunder. The Grantee shall have the rights of a shareholder only as to those shares of Stock, if any, that are actually delivered under the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeiture/Recovery of Compensation</u>. By accepting the Award, the Grantee expressly acknowledges and agrees that the Grantee's rights (and those of any permitted transferee) under the Award or to any Stock acquired under the Award or any proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of Section 11 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Neither the Award nor the Restricted Stock Units may be transferred except at death in accordance with Section 6(a)(3) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable. The Grantee expressly acknowledges and agrees that the Grantee's rights hereunder are subject to the Grantee promptly paying to the Company in cash (or by such other means as may be acceptable to the Company in its discretion, including, if the Administrator so determines, by the delivery of previously acquired shares of Stock or shares of Stock acquired hereunder or by the withholding of shares of Stock from any payment hereunder in accordance with the procedures approved by the Board or the Compensation Committee) all taxes required to be withheld in connection with payment of the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee expressly acknowledges that because the Award consists of an unfunded and unsecured promise by the Company to deliver Stock in the future, subject to the terms hereof, it is not possible to make a so-called "83(b) election" with respect to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is intended to be exempt from section 409A of the Code, under the "short-term deferral" exception and to the extent this Agreement is subject to section 409A of the Code, it will in all respects be administered in accordance with section 409A of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Employment</u>. Neither the award of the Restricted Stock Units, nor the vesting of the Restricted Stock Units, will give the Grantee any right to be retained in the employ or service of the Company or any of its Affiliates, affect any right of the Company or any of its Affiliates to discharge or discipline the Grantee at any time, or affect any right of the Grantee to terminate the Grantee's Employment at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Form S-8 Prospectus</u>. The Grantee acknowledges that the Grantee has received and reviewed a copy of the prospectus required by Part I of Form S-8 relating to shares of Stock that may be issued under the Plan. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgments</u>. By accepting the Award, the Grantee agrees to be bound by, and agrees that the Award and the Restricted Stock Units are subject in all respects to, the terms of the Plan. In the event of a conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will control. The Grantee further acknowledges and agrees that (a) the signature to this Agreement on behalf of the Company is an electronic signature that will be treated as an original signature for all purposes hereunder and (b) such electronic signature will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Grantee.

*[The remainder of this page is intentionally left blank.]*

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Executed as of the ______ day of ________, 20___.

*Company:*

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

By: _________________________

Name:

*Title*:

*Grantee:*

__________________________________

Name:

Address:

[Signature Page to Restricted Stock Unit Agreement]

## Exhibit 10.2

**NON-U.S. FORM**

**Exhibit 10.2**

---

| | |
|:---|:---|
| **Name:** | **[●]** |
| **Number of Restricted Stock Units subject to Award:** | **[●]** |
| **Date of Grant:** | **[●]** |

---

**Bright Horizons Family Solutions Inc.<br>2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019**

**<u>Restricted Stock Unit Agreement (Employees)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;This agreement (this "Agreement") evidences an award (the "Award") of restricted stock units (the "Restricted Stock Units") granted by Bright Horizons Family Solutions Inc. (the "Company") to the undersigned (the "Grantee") pursuant to and subject to the terms of the Bright Horizons Family Solutions Inc. 2012 Omnibus Long-Term Incentive Plan, as Amended and Restated as of May 29, 2019 (as amended from time to time, the "Plan"), which is incorporated herein by reference, subject to the provisions of Addendum A (Country-Specific Terms for Grantees Outside the U.S.), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Restricted Stock Units</u>. On the date of grant set forth above (the "Grant Date") the Company hereby grants to the Grantee an award consisting of the right to receive, on the terms provided herein and in the Plan, one share of Stock with respect to each Restricted Stock Unit forming part of the Award, in each case, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Meaning of Certain Terms</u>. Each initially capitalized term used but not separately defined herein has the meaning assigned to such term in the Plan. In addition, for purposes of this Agreement, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Applicable Agreement</u>" means a written employment, severance or change in control agreement between the Grantee and the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Cause</u>" shall have the following meaning: (A) if the Grantee is a party to an Applicable Agreement containing a "Cause" definition, "Cause" shall have the meaning set forth therein, or (B) if the Grantee is not a party to an Applicable Agreement containing a "Cause" definition, "Cause" shall have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>CIC Termination</u>" means an Involuntary Termination that occurs within 12 months following the date of the Covered Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Good Reason</u>" shall have the following meaning: (A) if the Grantee is a party to an Applicable Agreement containing a "Good Reason" definition, "Good Reason" shall have the meaning set forth therein, or (B) if the Grantee is not a party to an Applicable Agreement containing a "Good Reason" definition, "Good Reason" shall mean any material diminution in the Grantee's base salary, bonus opportunity, position or nature or scope of responsibilities (other than by inadvertence) or any material reduction in the Grantee's benefits that uniquely and disproportionately affects the Grantee, in each case occurring without the Grantee's consent and

------

as to which (x) the Grantee has provided notice to the Company within 30 days of the date on which the Grantee knew or reasonably should have known of such diminution or reduction, (y) the Company shall not have remedied such diminution or reduction within 30 days of receiving such notice, and (z) the Grantee shall have terminated the Grantee's Employment within 10 days after the Company's failure to remedy such diminution or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Involuntary Termination</u>" means the Grantee's termination of Employment from the Company on account of a termination by the Company without Cause, other than on account of death or Disability, or by the Grantee for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Service-Based Vesting</u>. Except as otherwise provided in Section 3(b) or 3(c), the Award shall vest as follows: on [the third anniversary of the Grant Date]; provided that the Grantee has remained in continuous Employment from the Grant Date through the [applicable] vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability; Death</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Grantee incurs a termination of Employment on account of death or Disability after the [third anniversary] of the Grantee's Employment commencement date and before the Award is fully vested in accordance with the terms set forth in Section 3(a) or Section 3(c), the Award shall vest in full upon such termination of Employment due to death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Grantee incurs a termination of Employment on account of death or Disability before the [third anniversary] of the Grantee's Employment commencement date and before the Award is fully vested in accordance with the terms set forth in Section 3(a) or Section 3(c), the Award shall vest in a number of Restricted Stock Units calculated by multiplying the Restricted Stock Units that otherwise would have vested if the Grantee had continued in Employment through the [third anniversary] of the Grant Date by a fraction, the numerator of which is the number of calendar months starting with (1) the calendar month of the Grantee's Employment commencement date through (2) the calendar month in which the Grantee's termination of Employment occurs (each being considered a full calendar month), and the denominator of which is [36].

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Covered Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Covered Transaction occurs before the Award vests in accordance with the terms set forth in Sections 3(a)or 3(b) above, the Award shall be treated as described in this Section 3(c). Notwithstanding anything to the contrary, the Administrator may take such other actions with respect to the Award (including in respect of vesting) as it deems appropriate pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)[**For executive officers as determined by the Administrator ("<u>Officers</u>")**: Provided the Grantee has remained in continuous Employment from the Grant Date through the date of the Covered Transaction, if either (i) the Grantee has remained in

------

continuous Employment for at least two years immediately prior to the date of the Covered Transaction or (ii) the Restricted Stock Units are not assumed, substituted or otherwise continued following the Covered Transaction, then the Award shall become fully vested immediately prior to the Covered Transaction. However, if (A) the Grantee has not remained in continuous Employment for at least two years immediately prior to the date of the Covered Transaction, (B) there is an acquiring or surviving entity as a result of the Covered Transaction and the Restricted Stock Units are assumed or substituted by the acquiror or surviving corporation (or an affiliate of the acquiror or surviving corporation) or otherwise continues following the Covered Transaction, and (C) the Grantee is not a party to an Applicable Agreement providing otherwise, then the Restricted Stock Units will vest on the earliest to occur of (x) the applicable vesting date set forth in Section 3(a) or 3(b) above, or (y) the date the Grantee incurs a CIC Termination, in each case, subject to the Grantee's continuous Employment through such date.]&nbsp;&nbsp;&nbsp;&nbsp;

[**For non-Officers**: Except as otherwise provided in an Applicable Agreement, if any, provided the Grantee has remained in continuous Employment from the Grant Date through the date of the Covered Transaction, the Restricted Stock Units shall become fully vested immediately prior to the Covered Transaction; provided, however, that if there is an acquiring or surviving entity as a result of the Covered Transaction and the Award is assumed or substituted by the acquiror or surviving corporation (or an affiliate of the acquiror or surviving corporation) or otherwise continues following the Covered Transaction, the Restricted Stock Units shall vest on the earliest to occur of (x) the applicable vesting date set forth in Section 3(a) or 3(b) above, or (y) the date the Grantee incurs a CIC Termination, in each case, subject to the Grantee's continuous Employment through such date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For the avoidance of doubt, if the date of the Covered Transaction occurs after any applicable vesting date pursuant to the terms set forth in Section 3(a) or 3(b) above but prior to settlement of the vested Restricted Stock Units, the vested Restricted Stock Units shall be settled in accordance with Sections 3(a), 3(b) and 4, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. Notwithstanding anything in this Agreement to the contrary, in the event the Grantee's Employment is terminated by the Company for Cause, all outstanding Restricted Stock Units (whether vested or unvested) held by the Grantee shall immediately terminate and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Termination</u>. Except as set forth in Sections 3(b) and 3(c), if the Grantee's Employment terminates for any reason before the Award vests, any unvested Restricted Stock Units shall automatically terminate and shall be forfeited as of the date of the Grantee's termination of Employment. No payment shall be made with respect to any unvested Restricted Stock Units that terminate as described in this Section 3(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Termination Date</u>. For purposes of this Agreement, and notwithstanding anything to the contrary in the Plan, the Grantee's Employment will be deemed to terminate on the date that the Grantee ceases to actively be employed or provide services to the Company or an Affiliate and shall not be extended by any notice period mandated or implied under local law during which the Grantee is not actually employed or providing services (e.g., garden leave or

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similar leave) or during or for which the Grantee receives pay in lieu of notice or severance pay. The Company shall have the sole discretion to determine when the Grantee is no longer in active Employment for purposes of this Agreement, without reference to any other agreement, written or oral, including the Grantee's contract of employment.

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Vesting Terms</u>. The vesting of the Restricted Stock Units shall be cumulative, but shall not exceed 100% of the Restricted Stock Units. If the vesting schedule would produce fractional Restricted Stock Units, the number of Restricted Stock Units that vest shall be rounded down to the nearest whole Restricted Stock Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Stock</u>. If and when the Restricted Stock Units vest, the Company shall issue to the Grantee one share of Stock for each vested Restricted Stock Unit (unless cash or other securities are issued upon vesting in connection with a Covered Transaction), subject to applicable withholding for Taxes (as defined in Section 8(a) below) or payment by the Grantee of such Taxes for which the Grantee is responsible under this Agreement. Payment shall be made within 30 days after the applicable vesting date, and subject to the provisions of the Plan, the Company shall deliver to the Grantee a stock certificate for that number of shares of Stock equal to the number of vested Restricted Stock Units or if the shares of Stock are held in book-entry form, the Company may take such steps as it deems necessary or appropriate to record such shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends; Other Rights</u>. Restricted Stock Units represent hypothetical shares of Stock, and not actual shares of Stock. The Award shall not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company or any Affiliate prior to the date on which the Company delivers shares of Stock to the Grantee. The Grantee is not entitled to vote any shares of Stock by reason of the granting of the Award or to receive or be credited with any dividends declared and payable on any share of Stock prior to the date on which any such share is delivered to the Grantee hereunder. The Grantee shall have the rights of a shareholder only as to those shares of Stock, if any, that are actually delivered under the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeiture/Recovery of Compensation</u>. By accepting the Award, the Grantee expressly acknowledges and agrees that the Grantee's rights (and those of any permitted transferee) under the Award or to any Stock acquired under the Award or any proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of Section 13 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Neither the Award nor the Restricted Stock Units may be transferred except at death in accordance with Section 6(a)(3) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All obligations of the Company under this Agreement shall be subject to the rights of the Company to withhold amounts required to be withheld for any Taxes, if applicable. The Grantee expressly acknowledges and agrees that the Grantee's rights hereunder are subject to the Grantee promptly paying to the Company or an Affiliate in cash (or by such other means

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as may be acceptable to the Company in its discretion, including, if the Administrator so determines, by the delivery of previously acquired shares of Stock or shares of Stock acquired hereunder or by the withholding of shares of Stock from any payment hereunder in accordance with the procedures approved by the Board or the Compensation Committee) any income taxes, employment taxes, social insurance, social security, payroll tax, national insurance contributions, levies, other contributions, payment on account obligations or other amounts required by law to be collected, withheld or accounted for with respect to the vesting of the Restricted Stock Units (the "Taxes").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee expressly acknowledges that because the Award consists of an unfunded and unsecured promise by the Company to deliver Stock in the future, subject to the terms hereof, it is not possible to make a so-called "83(b) election" with respect to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is intended to be exempt from section 409A of the Code under the "short-term deferral" exception and to the extent this Agreement is subject to section 409A of the Code, it will in all respects be administered in accordance with section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Regardless of any action the Company or an Affiliate takes with respect to any Taxes, the Grantee acknowledges that the ultimate liability for all Taxes legally due by the Grantee is and remains the Grantee's responsibility and may exceed the amount actually withheld by the Company or an Affiliate. The Grantee further acknowledges that the Company and its Affiliates (i) make no representations or undertakings regarding the treatment of any Taxes in connection with any aspect of the Restricted Stock Units, including the award, vesting or settlement of the Restricted Stock Units and the subsequent sale of any shares of Stock received following the vesting of the Restricted Stock Units and the receipt of any dividends; and (ii) does not commit to structure the terms of the award or any aspect of the Restricted Stock Units to reduce or eliminate the Grantee's liability for Taxes. Further, if the Grantee has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, the Grantee acknowledges that the Company or an Affiliate may be required to collect, withhold or account for Taxes in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Employment</u>. Neither the award of the Restricted Stock Units, nor the vesting of the Restricted Stock Units, will give the Grantee any right to be retained in the employ or service of the Company or any of its Affiliates, affect any right of the Company or any of its Affiliates to discharge or discipline the Grantee at any time (subject to compliance with local law and the terms of any applicable employment agreement), or affect any right of the Grantee to terminate the Grantee's Employment at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Form S-8 Prospectus</u>. The Grantee acknowledges that the Grantee has received and reviewed a copy of the prospectus required by Part I of Form S-8 relating to shares of Stock that may be issued under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Entitlement or Claims for Compensation</u>. In connection with the acceptance of the Restricted Stock Units under this Agreement, the Grantee acknowledges the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Plan is established voluntarily by the Company, the grant of Restricted Stock Units under the Plan is made at the discretion of the Administrator and the Plan may be modified, amended, suspended or terminated by the Company at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units (and any similar awards the Company may in the future grant to the Grantee, even if such awards are made repeatedly or regularly, and regardless of their amount) and the shares of Stock acquired under the Plan (i) are wholly discretionary and occasional, are not a term or condition of employment and do not form part of a contract of employment, or any other working arrangement, between the Grantee and the Company or any Affiliate; (ii) do not create any contractual entitlement to receive future awards or benefits in lieu thereof and are not intended to replace any pension rights or compensation or any superannuation contributions or other statutory entitlement amounts, as applicable; and (iii) do not form part of normal or expected salary or remuneration for purposes of determining pension payments, superannuation contributions or other statutory entitlement amounts (as applicable) or any other purposes, including without limitation termination indemnities, severance, resignation, payment in lieu of notice, redundancy, end of service payments, bonuses, long-term service awards, pension or retirement benefits, superannuation contributions or other statutory entitlement amounts, welfare benefits or similar payments, if applicable, except as otherwise required by the applicable law of any governmental entity to whose jurisdiction the award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All decisions with respect to future equity grants, if any, will be at the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee is voluntarily participating in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Grantee is an employee and the Grantee's employer is not the Company, the grant of the Restricted Stock Units and any similar awards the Company may grant in the future to the Grantee will not be interpreted to form an employment contract or relationship with the Company and, furthermore, the grant of the Restricted Stock Units and any similar awards the Company may grant in the future to the Grantee will not be interpreted to form an employment contract with the Grantee's employer or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;This grant of Restricted Stock Units and any Stock acquired under the Plan in connection with the Restricted Stock Units are not intended to replace any pension rights or compensation or any superannuation contributions or other statutory entitlement amounts, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The future value of shares of Stock is unknown and cannot be predicted with certainty. If the Grantee vests in the Restricted Stock Units, the value of the acquired shares of Stock may increase or decrease. The Grantee acknowledges and agrees that neither the Company nor any Affiliate shall be liable for any foreign exchange rate fluctuation between the Grantee's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts received by the Grantee pursuant to the Restricted Stock Units or the subsequent sale of any Stock acquired in connection with the Restricted Stock Units.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee shall have no rights, claim or entitlement to compensation or damages as a result of the Grantee's termination of Employment for any reason whatsoever, whether or not in breach of contract or local labor law, insofar as these rights, claim or entitlement arise or may arise from the Grantee's ceasing to have rights under or be entitled to Restricted Stock Units as a result of such termination or loss or diminution in value of the Restricted Stock Units or any of the Stock received in connection with the Restricted Stock Units as a result of such termination, and the Grantee irrevocably releases the Company and its Affiliates, as applicable, from any such rights, entitlement or claim that may arise. If, notwithstanding the foregoing, any such right or claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, the Grantee shall be deemed to have irrevocably waived the Grantee's entitlement to pursue such rights or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee hereby acknowledges and understands that the Grantee's personal data is collected, retained, used, processed, disclosed and transferred, in electronic or other form, as described in this Agreement by and among, as applicable, the Grantee's employer, the Company and its Affiliates, and third parties assisting in the implementation, administration and management of the Plan for the exclusive purpose of implementing, administering and managing the Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee understands that the Company and its Affiliates (including the Grantee's employer), as applicable, hold certain personal information about the Grantee regarding the Grantee's employment, the nature and amount of the Grantee's compensation and the fact and conditions of the Grantee's participation in the Plan, including, but not limited to, the Grantee's name, home address, telephone number and e-mail address, date of birth, social insurance number or other identification number, salary, nationality, job title, any equity or directorships held in the Company or its Affiliates and details of all Restricted Stock Units or any other entitlement to equity awarded, canceled, exercised, vested, unvested or outstanding in the Grantee's favor, for the purpose of the implementation, management and administration of the Plan (the "<u>Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee understands that the Data may be transferred to the Company, its Affiliates and any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee's country, or elsewhere (including countries outside the Grantee's home country, such as the United States of America), and that the recipient's country may have a different or lower standard of data privacy rights and protections than the Grantee's country. Where the Data will be transferred outside the Grantee's work location, and where there is not a European Commission adequacy decision in place, the transfers will be in accordance with Chapter V of the GDPR. The Grantee understands that the Grantee may request details of the categories of recipients of the Data by contacting the Grantee's local human resources representative. The Grantee understands that the recipients receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee's participation in the Plan, including transfers of such Data to a broker or other third party. The Grantee understands that the Data will

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be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan in accordance with applicable law. The Grantee understands that the Grantee may, at any time, exercise the rights granted to the Grantee by the GDPR including the right to: request to access or be provided with a copy of the Grantee's Data, request additional information about the storage and processing of the Data, require any corrections or amendments to the Data in any case without cost and to the extent permitted by law. The above rights can be exercised by contacting in writing the Grantee's local human resources representative. The Grantee understands, however, that processing of the Grantee's Data is necessary and refusing any consent that is sought by the Company or objecting to the processing of the Grantee's Data may affect the Grantee's ability to participate in the Plan. For more information on the processing of the Grantee's Data and other personal data, the Grantee is referred to the Privacy Notice provided to the Grantee by the Grantee's employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgments</u>. By accepting the Award, the Grantee agrees to be bound by, and agrees that the Award and the Restricted Stock Units are subject in all respects to, the terms of the Plan. In the event of a conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will control. The Grantee further acknowledges and agrees that (a) the signature to this Agreement on behalf of the Company is an electronic signature that will be treated as an original signature for all purposes hereunder and (b) such electronic signature will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Country Specific Terms</u>. Notwithstanding anything to the contrary herein, the Restricted Stock Units shall be subject to the Country-Specific Terms attached hereto as an Addendum to this Agreement. In addition, if the Grantee relocates to one of the countries included in the Country-Specific Terms, the special terms and conditions for such country will apply to the Grantee to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. The Country-Specific Terms constitute part of this Agreement and are incorporated herein by reference.

*[The remainder of this page is intentionally left blank.]*

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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Executed as of the ______ day of ________, 20___.

*Company:*

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

By: _________________________

Name:

*Title*:

*Grantee:*

__________________________________

Name:

Address:

[Signature Page to Restricted Stock Unit Agreement]

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**ADDENDUM A TO RESTRICTED STOCK UNIT AGREEMENT**

**COUNTRY-SPECIFIC TERMS**

**FOR GRANTEES OUTSIDE THE U.S.**

These Country-Specific Terms include additional terms and conditions (and/or variations to the terms and conditions) that govern the Restricted Stock Units awarded to the Grantee if the Grantee resides in one of the countries listed below. Capitalized terms used but not defined in these Country-Specific Terms are defined in the Plan (or any applicable sub-plan) or this Agreement and have the meanings set forth therein.

**AUSTRALIA**

<u>Securities Law</u>. This offer is made under Division 1A of Part 7.12 of the Corporations Act, 2001 (Commonwealth).

<u>General Advice</u>. Any information or advice given by the Company or its Affiliates in relation to the grant of the Restricted Stock Units under the Plan does not take account of the objectives, financial situation and needs of the Grantee. The Grantee should consider obtaining financial product advice that takes into account the objectives, financial situation and needs of the Grantee.

<u>Data Privacy</u>. The Grantee consents to the disclosure of the Grantee's Data under Section 18(c) to overseas recipients (including persons located in the United States of America and elsewhere). The Grantee acknowledges that, by consenting to such disclosure, Australian Privacy Principle 8.1 will not apply to the disclosure and as a result the Data recipients will not be accountable under the Privacy Act 1988 (Commonwealth) (the "<u>Australian Privacy Act</u>") and the Grantee may not be able to seek redress under the Australian Privacy Act in respect of this Data.

<u>Tax Notice</u>. Subdivision 83A-C of the Income Tax Assessment Act 1997 (Commonwealth), as amended, applies to the Restricted Stock Units granted under the Plan (subject to the requirements of the Income Tax Assessment Act 1997 (Commonwealth)) and the Restricted Stock Units are intended to qualify for tax deferral treatment in Australia (subject to the requirements of the Income Tax Assessment Act 1997 (Commonwealth)).

**THE NETHERLANDS**

<u>Taxes</u>. The following will be added as a new Section 8(e) (Certain Tax Matters):

"(e)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee indemnifies the Company and/or any Affiliate, and holds them harmless against and from all liability for any Taxes or other payment, interest, penalty and costs thereon, including without limitations, liabilities relating to the necessity to withhold, or to have withheld, any such Taxes from any payment made to the Grantee, if and to the extent allowed under applicable law and regulations."

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<u>Data Privacy</u>. The following replaces Section 12 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee hereby acknowledges and understands that the Grantee's personal data - being personal data within the meaning of the (EU) 2016/679 General Data Protection Regulation (the "<u>GDPR</u>") - is collected, retained, used, disclosed, transferred and/or otherwise processed, in electronic or other form, by the Company as described in this Award Agreement. The collection and processing of the personal data shall be subject to the provisions of the GDPR and the Dutch GDPR Implementation Act (*Uitvoeringswet AVG, UAVG*). The Grantee's personal data will only be processed when there is a legal basis for processing as set out in article 6 GDPR. The following legal bases shall apply with respect to the processing of personal data in the context of the Plan: (i) processing is necessary for the performance of the Company's contractual obligations under this Award Agreement, (ii) processing is necessary for compliance with the Company's legal obligations, and (iii) processing is necessary for the purpose of the Company's legitimate interest in relation to implementing, administering and managing the Grantee's participation in the Plan and in the context of the establishment, exercise or defense of a legal claim in relation to the Award Agreement and/or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The personal data being processed in the context of the Plan relate to the Grantee's employment, the nature and amount of the Grantee's compensation and the fact and conditions of the Grantee's participation in the Plan, *i.e.,* the Grantee's name and signature, home address, telephone number and e-mail address, date of birth, citizen service number or other national identification number, salary, bank account details, nationality, job title, any equity or directorships held in the Company and details of all options or any other entitlement to equity awarded, canceled, exercised, vested, unvested or outstanding in the Grantee's favor, for the purpose of the implementation, management and administration of the Plan (the "<u>Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Company will process the Data for the exclusive purpose of (i) implementing, administering and managing participation in the Plan, (ii) communicating with the Grantee in connection with the Plan, (iii) internal administration, (iv) complying with the Company's legal obligations, and (v) for the purpose of its legitimate interests such as to establish, exercise or defend its rights and legal position and to monitor compliance with the Award Agreement, in accordance with the GDPR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee understands that the Data may be transferred to the Company, the Grantee's employer, the Company's Affiliates and where relevant, external (legal) advisors, banks, pay roll providers, potential business partners in the context of a contemplated sale or restructuring of the Company, competent authorities and where relevant third parties assisting in the implementation, administration and management of the Plan. The Grantee understands that the Grantee may at any time request details of the categories of recipients of the Data by contacting the Company's data protection officer at dataprivacy@brighthorizons.com. The Grantee understands that the recipients receive, possess, use, retain and transfer the Data, in electronic or other form, solely for the purposes of implementing, administering and managing the Grantee's participation in the Plan, including transfers of such Data to a broker or other third party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;The Grantee acknowledges that these recipients may be located in the Grantee's country, or elsewhere (including countries outside the European Union, such as the United States of America), and that the recipient's country may have a different or lower standard of data privacy rights and protections than the Grantee's country. Where the Data will be transferred outside the European Union, and where there is not a European Commission adequacy decision in place, the transfers will be in accordance with Chapter V of the GDPR and in line with the recommendations of the European Data Protection Board. For more information on the transfer mechanisms used, and/or to obtain a redacted copy of such appropriate safeguards, the Grantee may contact the Company's data protection officer at dataprivacy@brighthorizons.com. In the absence of appropriate safeguards, the Data will not be transferred to a third party located outside the European Union, unless a specific derogation applies in the sense of article 49 of the GDPR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Grantee understands that the Data will be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan in accordance with applicable law. For more information on specific retention periods, please contact the Company's data protection officer at dataprivacy@brighthorizons.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;The Grantee understands that the Grantee may, at any time, without any cost and under certain circumstances exercise the rights granted to the Grantee by the GDPR including the right to: request to access or be provided with a copy of the Grantee's Data, request additional information about the storage and processing of the Data, require rectification or erasure of (part of) the Data, or to object or have restricted the processing of the Data and to comply with the Grantee's right to data portability, by contacting the Company or to lodge a complaint with the competent (national) Data Protection Authority. The above rights can be exercised by contacting in writing the Company's data protection officer at dataprivacy@brighthorizons.com. The Grantee understands, however, that processing of the Grantee's Data is necessary for participation in the Plan and that objecting to the processing of the Grantee's Data may affect the Grantee's ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;For more information on the processing of the Grantee's Data and other personal data in the context of his employment relation with the Company or an Affiliate in general, the Grantee is referred to the Privacy Notice provided to the Grantee by the Grantee's employer.

**UNITED KINGDOM**

<u>U.K. Subplan</u>. If the Award is being made to a U.K. Employee (as such term is defined in such UK Sub-Plan (as defined below)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Award is being made pursuant to the sub-plan for employees resident in the United Kingdom created and approved in accordance with the provisions of Section 12 of the Plan (the "<u>UK Sub-Plan</u>"), and the Plan, as amended by the UK Sub-Plan, and the main body of the Agreement shall be deemed amended accordingly;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any references in the main body of the Agreement to such Award having been made pursuant to the Plan, or to the participation of the Grantee in the Plan, shall be deemed to be references to such Award having been made pursuant to, and such participation being in, the UK Sub-Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other reference in the main body of the Agreement to the Plan shall (as appropriate and unless the context otherwise requires) be deemed to be a reference to the UK Sub-Plan (including the Plan, as amended by and incorporated into the UK Sub-Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any reference in the main body of the Agreement to a specific provision of the Plan shall be deemed to be a reference to such provisions of the Plan as amended by and incorporated into the UK Sub-Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any conflict between the terms of the Agreement and the terms of the UK Sub-Plan, the UK Sub-Plan shall prevail.

<u>Termination of Service</u>. The Grantee has no right to compensation or damages on account of any loss in respect of the Award under the Plan or (as applicable) and the U.K. Subplan where the loss arises or is claimed to arise in whole or part from: (a) the termination of the Grantee's office or employment; or (b) notice to terminate the Grantee's office or employment. This exclusion of liability shall apply however, termination of office or employment, or the giving of notice, is caused, and however compensation or damages are claimed. For the purpose of the Plan and the U.K. Subplan, the implied duty of trust and confidence is expressly excluded.

<u>Certain UK Tax Matters</u>. Without prejudice to the generality of Section 8 of the Agreement, the Grantee hereby indemnifies the Company and, if different, the Grantee's employer (or any other Affiliate which is required to account for relevant Taxes to HMRC), for any Taxes that may be payable with respect to any income or gains arising or deemed to arise to the Grantee in connection with the Award (including without limitation in connection with the issuance, vesting or settlement of any Award and/or vesting, holding or disposal of the full number of any shares of Stock issued or deemed issued pursuant to any Restricted Stock Unit). Subject to the Grantee otherwise making good such amount to the Company or (if different) the Grantee's employer or other Affiliate which is required to account for relevant Taxes to HMRC, the Grantee undertakes to pay to the Company, the Grantee's employer or such other Affiliate (as relevant) any amount required under this paragraph within five working days of demand. For the avoidance of doubt any amount received pursuant to this paragraph by a person who is not the person required to account for such Taxes to HMRC is received as agent for and on behalf of the person so required to account.

As a condition to the issuance of shares of Stock under the Award, the Grantee unconditionally and irrevocably agrees, if so required by the Company, to enter into a joint election within section 431(1) of (UK) Income Tax (Earnings and Pensions) Act 2003 ("<u>ITEPA</u>") disapplying all restrictions in respect of the acquisition of "restricted securities" (as defined in Section 423 and 424 of ITEPA).

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER, BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

I, Stephen H. Kramer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bright Horizons Family Solutions Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 7, 2026 | /s/ Stephen H. Kramer |
| | | **Stephen H. Kramer** |
| | | **Chief Executive Officer** |

---

## Exhibit 31.2

 **Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER, BRIGHT HORIZONS FAMILY SOLUTIONS INC.**

I, Elizabeth Boland, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bright Horizons Family Solutions Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 7, 2026 | /s/ Elizabeth Boland |
| | | **Elizabeth Boland** |
| | | **Chief Financial Officer** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Bright Horizons Family Solutions Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Stephen H. Kramer, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 7, 2026 | /s/ Stephen H. Kramer |
| | | **Stephen H. Kramer** |
| | | **Chief Executive Officer** |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Bright Horizons Family Solutions Inc. and will be retained by Bright Horizons Family Solutions Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Bright Horizons Family Solutions Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Elizabeth Boland, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 7, 2026 | /s/ Elizabeth Boland |
| | | **Elizabeth Boland** |
| | | **Chief Financial Officer** |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Bright Horizons Family Solutions Inc. and will be retained by Bright Horizons Family Solutions Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

<br>