Bright Horizons provides employer-sponsored child care and education services, selling primarily to employers who integrate Bright Horizons' offerings into their employee benefits packages. The company serves over 1,450 employer clients, including more than 220 Fortune 500 companies, across healthcare, finance, and technology. Its core business is full service center-based child care, operating 1,010 centers across the U.S., U.K., Netherlands, Australia, and India with capacity for roughly 115,000 children. Employers typically fund center development, making Bright Horizons' expansion capital-light. Centers operate under either a P&L model, where Bright Horizons bears the financial risk and earns tuition revenue directly from families, or a cost-plus model, where the employer bears operating risk and Bright Horizons earns a management fee. Bright Horizons also operates a back-up care business, providing short-term on-demand care through its own centers, a network of over 5,500 third-party providers, and in-home caregivers. Back-up care generates only about 25% of revenue but roughly 70% of operating income, reflecting margins well above the full service business. A third, smaller segment provides educational advisory services, including tuition assistance program management and college admissions coaching. Bright Horizons' growth strategy focuses on increasing back-up care utilization within existing clients, cross-selling across its service suite, and recovering enrollment in underperforming full service centers, where the portfolio average occupancy sits in the mid-60s against a target of 70%-plus.