LEASES

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024, there were no material finance leases.

Lease Expense

The components of lease expense were as follows:


	Three months ended March 31,
	2025		2024

	(In thousands)
Operating lease expense (1)	$	36,395	$	37,731
Variable lease expense (1)	11,337		10,771
Total lease expense	$	47,732	$	48,502

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

Other Information

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


	March 31, 2025	December 31, 2024

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, 2025:


	Operating Leases

	(In thousands)
Remainder of 2025	$	107,516
2026	156,744
2027	146,983
2028	135,229
2029	118,742
Thereafter	512,739
Total lease payments	1,177,953
Less imputed interest	(328,111)
Present value of lease liabilities	849,842
Less current portion of operating lease liabilities	(103,348)
Long-term operating lease liabilities	$	746,494

As of March 31, 2025, the Company had not entered into additional operating leases that have not yet commenced.

BRIGHT HORIZONS FAMILY SOLUTIONS INC. 10-Q