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What changed in KinderCare Learning Companies, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of KinderCare Learning Companies, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+6 added−6 removedSource: 10-K (2025-03-21) vs 10-K (2025-03-21)

Top changes in KinderCare Learning Companies, Inc.'s 2025 10-K

6 paragraphs added · 6 removed · 6 edited across 2 sections

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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We recognized $63.3 million and $181.9 million during fiscal 2024 and fiscal 2023, respectively, in funding for reimbursement of center operating expenses in cost of services (excluding depreciation and impairment), as well as $0.4 million and $3.0 million during fiscal 2024 and fiscal 2023, respectively, in revenue arising from COVID-19 Related Stimulus.
We recognized $63.3 million and $181.9 million during fiscal 2024 and fiscal 2023, respectively, in funding for reimbursement of center operating expenses in cost of services (excluding depreciation and impairment), as well as $0.4 million and $3.0 million during fiscal 2024 and fiscal 2023, respectively, in revenue arising from COVID-19 Related Stimulus.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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The estimates require significant management judgment and are developed utilizing standard actuarial methods and are based on historical claims experience and actuarial assumptions, including loss rate and loss development factors.
The estimates require significant management judgment and are developed utilizing standard actuarial methods and are based on historical claims experience and actuarial assumptions, including loss rate and loss development factors.
Equity-based compensation expense was recognized to reflect changes in the fair value of the liabilities to the extent that the fair value did not decrease below the grant date fair value of the awards.
Equity-based compensation expense was recognized to reflect changes in the fair value of the liabilities to the extent that the fair value did not decrease below the grant date fair value of the awards.
Equity-based compensation expense is recognized based on the modification date fair value through the remainder of the vesting periods, provided that fair value is not less than the initial grant date fair value of the originally equity-classified awards.
Equity-based compensation expense is recognized based on the modification date fair value through the remainder of the vesting periods, provided that fair value is not less than the initial grant date fair value of the originally equity-classified awards.
As of December 28, 2024 and December 30, 2023, deferred ERC liabilities of $ 31.4 million and $ 20.6 million were recorded in other current liabilities and $ 12.3 million and $ 43.7 million were recorded in other long-term liabilities, respectively, on the consolidated balance sheets.
As of December 28, 2024 and December 30, 2023, deferred ERC liabilities of $ 31.4 million and $ 20.6 million were recorded in other current liabilities and $ 12.3 million and $ 43.7 million were recorded in other long-term liabilities, respectively, on the consolidated balance sheets.
Refer to Note 17, Shareholders' Equity, Member's Equity, and Equity-based Compensation , for further information.
Refer to Note 17, Shareholders' Equity, Member's Equity, and Equity-based Compensation , for further information.