What Bright Horizons Family Solutions Inc. told the SEC could break it.

Approximately 29% of 2025 revenue was generated outside North America, with the United Kingdom alone contributing $506.9 million (~21% of total revenue); UK economic, political and currency conditions therefore materially affect results, and non-USD revenues create FX exposure.

“Revenue in the United Kingdom was $ 506.9 million in 2025, $ 431.9 million in 2024, and $ 368.5 million in 2023. Revenue associated with each of the other countries in which the Company operates was less than 10% of total revenue.”

As a people-intensive childcare provider, Bright Horizons' business depends largely on its ability to attract, train and retain qualified teachers and center directors; labor-market tightness in this workforce directly constrains capacity and operations.

“Our business depends largely on our ability to hire and retain qualified teachers and maintain strong employee relations and engagement. The provision of child care services is people intensive. Our business depends on our ability to attract, train, and retain the appropriate mix of qualified employees, as well as our ability to effectively implement and maintain strong employee relations and communicate the value proposition of working at Bright Horizons.”

Bright Horizons' early education and child care centers are subject to numerous federal, state and local regulations and licensing requirements; non-compliance can trigger governmental sanctions and remediation expenditures.

“The Company's early education and child care centers are subject to numerous federal, state and local regulations and licensing requirements. Failure of a center to comply with applicable regulations can subject it to governmental sanctions, which could require expenditures by the Company to bring its early education and child care centers into compliance.”