BRIGHT HORIZONS FAMILY SOLUTIONS INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
BFAM$51.74-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $74,223 | $80,641 | $70,459 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 110,681 | 106,142 | 108,830 |
| Amortization of original issue discount and deferred financing costs, and other non-cash items | 9,752 | 2,114 | 2,363 |
| Impairment losses | 35,903 | 14,061 | 10,582 |
| Loss on extinguishment of debt | — | — | 2,571 |
| Loss on foreign currency forward contracts | — | 5,917 | — |
| Stock-based compensation expense | 28,834 | 28,111 | 23,060 |
| Deferred income taxes | (11,716) | (9,644) | (4,996) |
| Changes in fair value of contingent consideration | 2,744 | 1,305 | 7,338 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (64,503) | (4,882) | (34,624) |
| Prepaid expenses and other current assets | (11,265) | (6,062) | (4,397) |
| Accounts payable and accrued expenses | 25,999 | 19,958 | 6,238 |
| Income taxes | 3,477 | (8,444) | (6,781) |
| Deferred revenue | 48,362 | (37,897) | 60,198 |
| Leases | (2,083) | (921) | (5,709) |
| Other assets | (5,379) | 11,082 | (9,813) |
| Other current and long-term liabilities | 11,111 | (13,010) | 1,934 |
| Net cash provided by operating activities | 256,140 | 188,471 | 227,253 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of fixed assets | (91,020) | (70,556) | (63,491) |
| Proceeds from the disposal of fixed assets | 225 | 10,547 | 5,829 |
| Proceeds from the maturity of debt securities and sale of other investments | 19,538 | 23,392 | 24,080 |
| Purchases of debt securities and other investments | (16,050) | (25,106) | (29,912) |
| Payments and settlements for acquisitions — net of cash acquired | (39,629) | (210,409) | (53,895) |
| Settlement of foreign currency forward contracts | — | (5,917) | — |
| Net cash used in investing activities | (126,936) | (278,049) | (117,389) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Extinguishment of long-term debt | — | — | (1,026,625) |
| Borrowings of long-term debt, net of issuance costs of $7.7 million | — | — | 992,298 |
| Borrowings under revolving credit facility | 402,500 | 295,000 | — |
| Payments under revolving credit facility | (486,500) | (211,000) | — |
| Principal payments of long-term debt | (16,000) | (16,000) | (8,063) |
| Payments for debt issuance costs | — | — | (2,057) |
| Purchase of treasury stock | — | (182,570) | (213,830) |
| Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase | 11,184 | 13,235 | 37,503 |
| Taxes paid related to the net share settlement of stock options and restricted stock | (2,592) | (6,138) | (8,662) |
| Payments of deferred and contingent consideration for acquisitions | (225) | (13,865) | (594) |
| Net cash used in financing activities | (91,633) | (121,338) | (230,030) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (14) | (2,471) | (3,018) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 37,557 | (213,387) | (123,184) |
| Cash, cash equivalents and restricted cash — beginning of year | 51,894 | 265,281 | 388,465 |
| Cash, cash equivalents and restricted cash — end of year | $89,451 | $51,894 | $265,281 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS: | |||
| Cash and cash equivalents | $71,568 | $36,224 | $260,980 |
| Restricted cash, included in prepaid expenses and other current assets | 15,756 | 3,512 | 4,301 |
| Restricted cash, included in other assets | 2,127 | 12,158 | — |
| Total cash, cash equivalents and restricted cash — end of year | $89,451 | $51,894 | $265,281 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Cash payments of interest | $73,996 | $40,871 | $32,242 |
| Cash received from cash flow hedges of interest rate risk | $31,826 | $7,320 | $— |
| Cash payments of income taxes | $58,736 | $50,202 | $31,662 |
| Cash paid for amounts included in the measurement of lease liabilities | $156,324 | $143,732 | $141,563 |
| NON-CASH TRANSACTIONS: | |||
| Fixed asset purchases recorded in accounts payable and accrued expenses | $2,127 | $2,704 | $1,957 |
| Deferred or contingent consideration issued for acquisitions | $— | $97,653 | $7,337 |
| Operating right-of-use assets obtained in exchange for operating lease liabilities — net | $54,741 | $52,367 | $71,271 |
| Restricted stock reclassified from other current liabilities to equity upon vesting | $8,451 | $4,030 | $4,867 |
| Treasury stock purchases in other current liabilities | $— | $— | $228 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.