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Bright Horizons . Bright Horizons Family Solutions Reports First Quarter of 2021 Financial Results May 5 , 2021 NEWTON , Mass .-- ( BUSINESS WIRE ) -- May 5 , 2021-- Bright Horizons Family Solutions Inc. ( NYSE : BFAM ) , a leading provider of high - quality education and care solutions designed to help employers support employees across life and career stages , today announced financial results for the first quarter of 2021 . First Quarter 2021 Highlights ( compared to first quarter 2020 ) : Revenue of $ 391 million ( decrease of 23 % ) • Income from operations of $ 14 million ( decrease of 68 % ) • Net income of $ 7 million and diluted earnings per common share of $ 0.12 ( decrease of 77 % ) Non - GAAP measures Adjusted income from operations * of $ 14 million ( decrease of 72 % ) • Adjusted EBITDA * of $ 46 million ( decrease of 43 % ) • Adjusted net income * of $ 14 million and diluted adjusted earnings per common share * of $ 0.23 ( decreases of 68 % and 69 % , respectively ) ● " I am pleased to report a solid start to 2021 as we continue to make strides in recovering from the COVID - 19 pandemic , " said Stephen Kramer , Chief Executive Officer . " Our recovery continues to illustrate the unique strength and resilience of our model and reflects the actions we have taken to support clients , families and staff through the challenges of the past year . " " We are thrilled to have been named one of FORTUNE Magazine's ' 100 Best Companies to Work For ' for the 20th time , " Kramer continued . " We are incredibly proud of the manner in which our passionate and dedicated team has stepped up during the pandemic . This honor truly demonstrates our employees commitment to preserving a trusting and caring work environment for each other , which is key in our ability to deliver high quality care , education and service to the clients and families we have the privilege to serve . " First Quarter 2021 Results Revenue decreased $ 115.5 million , or 23 % , in the first quarter of 2021 from the first quarter of 2020 , primarily from the impact of the COVID - 19 pandemic on our operations , the associated reduction in enrollment in our open child care centers and the continued temporary closure of certain child care centers . While enrollment in our child care centers had improvements during the quarter as the economy continues to recover , our centers continue to operate below pre - COVID - 19 enrollment levels during this re - ramping phase . The decrease in revenue in the full service center - based child care segment was partially offset by contributions from our back - up care and educational advisory services . Income from operations was $ 13.7 million for the first quarter of 2021 compared to $ 43.3 million for the same period in 2020. The decrease in income from operations reflects reduced gross profit contributions in the full service center - based child care segment arising from lower enrollment as centers re - ramp and the temporary closure of certain centers , partially offset by incremental contributions from our back - up care services . Net income was $ 7.1 million for the first quarter of 2021 compared to net income of $ 30.7 million in the same 2020 period , a decrease of $ 23.6 million , or 77 % , due to the decrease in income from operations , partially offset by a lower effective tax rate . Diluted earnings per common share was $ 0.12 for the first quarter of 2021 compared to $ 0.52 for the first quarter of 2020 . In the first quarter of 2021 , adjusted EBITDA * decreased $ 35.2 million , or 43 % , to $ 46.3 million , and adjusted income from operations * decreased $ 35.2 million , or 72 % , to $ 13.7 million from the first quarter of 2020 , due primarily to the decrease in gross profit in the full service center - based child care segment , partially offset by growth in back - up care services . Adjusted net income * decreased by $ 29.8 million , or 68 % , to $ 13.9 million , due to the decrease in income from operations . Diluted adjusted earnings per common share * was $ 0.23 for the first quarter of 2021 compared to $ 0.74 for the same period in 2020 . As of March 31 , 2021 , the Company had more than 1,300 client relationships with employers across a diverse array of industries , and operated 1,015 child care and early education centers with the capacity to serve approximately 114,000 children and their families , of which approximately 900 child care and early education centers were open . * Adjusted EBITDA , adjusted income from operations , adjusted net income and diluted adjusted earnings per common share are non - GAAP measures . Adjusted EBITDA represents earnings before interest , taxes , depreciation , amortization , stock - based compensation expense , impairment costs , other costs incurred due to the impact of COVID - 19 including center closing costs , and duplicative corporate office costs . Adjusted income from operations