Frontdoor Announces First-Quarter 2020 Revenue Increase of 8 Percent to $294 Million; Cash Increased $54 Million to $482 Million

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[{"type":"text","content":" MEMPHIS, Tenn.--(BUSINESS WIRE)--\nFrontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced first-quarter 2020 results.\n\n\n\n\nFinancial Results\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nMarch 31,\n\n\n\n\n\n$ millions (except as noted)\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$\n\n\n\n294\n\n\n\n \n\n\n\n$\n\n\n\n271\n\n\n\n \n\n\n\n8\n\n\n\n%\n\n\n\n\n\nGross Profit\n\n\n\n \n\n\n\n \n\n\n\n147\n\n\n\n \n\n\n\n \n\n\n\n128\n\n\n\n \n\n\n\n15\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n \n\n\n\n \n\n\n\n13\n\n\n\n \n\n\n\n \n\n\n\n13\n\n\n\n \n\n\n\n1\n\n\n\n%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n \n\n\n\n \n\n\n\n0.15\n\n\n\n \n\n\n\n \n\n\n\n0.15\n\n\n\n \n\n\n\n—\n\n\n\n%\n\n\n\n\n\nAdjusted Net Income(1)\n\n\n\n \n\n\n\n \n\n\n\n18\n\n\n\n \n\n\n\n \n\n\n\n16\n\n\n\n \n\n\n\n11\n\n\n\n%\n\n\n\n\n\nAdjusted Diluted Earnings per Share(1)\n\n\n\n \n\n\n\n \n\n\n\n0.21\n\n\n\n \n\n\n\n \n\n\n\n0.19\n\n\n\n \n\n\n\n10\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n \n\n\n\n \n\n\n\n47\n\n\n\n \n\n\n\n \n\n\n\n43\n\n\n\n \n\n\n\n9\n\n\n\n%\n\n\n\n\n\nHome Service Plans (number in millions)\n\n\n\n \n\n\n\n \n\n\n\n2.2\n\n\n\n \n\n\n\n \n\n\n\n2.1\n\n\n\n \n\n\n\n3\n\n\n\n%\n\n\n\n\n\nFirst-Quarter 2020 Summary\n\n\n\nRevenue increased eight percent to $294 million \n\n\nGross profit margin increased 270 basis points to 50 percent \n\n\nNet income of $13 million \n\n\nAdjusted EBITDA increased nine percent to $47 million\n\n\nNet Cash Provided from Operating Activities improved 16 percent to $60 million; Free Cash Flow(1) improved 11 percent to $52 million\n\n\nCash and cash equivalents increased $54 million to $482 million; undrawn credit facility of $250 million \n\n\nEarly and decisive COVID-19 response included successful employee work-from-home transition\n\n\nAccelerated Streem technology deployment to contractors and real estate partners for remote services\n\n\nContinued to advance retention initiatives, technology innovation and operational improvements \n\n\n\n“In these trying times, we would like to express our appreciation to the first-responders and health care workers assisting those impacted by COVID-19,” said Chief Executive Officer Rex Tibbens. “At Frontdoor, we took early a...

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