Frontdoor Announces First-Quarter 2021 Revenue Increase of 12 Percent to $329 Million; First-Quarter Direct-to-Consumer Revenue Increased 16 Percent

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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 2021 results.\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\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nRevenue\n\n\n\n \n\n\n\n$\n\n\n\n329\n\n\n\n \n\n\n\n$\n\n\n\n294\n\n\n\n \n\n\n\n12\n\n\n\n%\n\n\n\n\n\nGross Profit\n\n\n\n \n\n\n\n \n\n\n\n148\n\n\n\n \n\n\n\n \n\n\n\n147\n\n\n\n \n\n\n\n1\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n \n\n\n\n \n\n\n\n5\n\n\n\n \n\n\n\n \n\n\n\n13\n\n\n\n \n\n\n\n(63\n\n\n\n)%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n \n\n\n\n \n\n\n\n0.06\n\n\n\n \n\n\n\n \n\n\n\n0.15\n\n\n\n \n\n\n\n(60\n\n\n\n)%\n\n\n\n\n\nAdjusted Net Income(1)\n\n\n\n \n\n\n\n \n\n\n\n9\n\n\n\n \n\n\n\n \n\n\n\n18\n\n\n\n \n\n\n\n(51\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\n0.10\n\n\n\n \n\n\n\n \n\n\n\n0.21\n\n\n\n \n\n\n\n(51\n\n\n\n)%\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n \n\n\n\n \n\n\n\n36\n\n\n\n \n\n\n\n \n\n\n\n47\n\n\n\n \n\n\n\n(24\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\n2.25\n\n\n\n \n\n\n\n \n\n\n\n2.17\n\n\n\n \n\n\n\n4\n\n\n\n%\n\n\n\n\nFirst-Quarter 2021 Summary\n\n\nRevenue increased 12 percent to $329 million \n\n\nGross profit margin of 45 percent \n\n\nNet income of $5 million \n\n\nAdjusted EBITDA of $36 million\n\n\nCompleted $100 million discretionary debt repayment in February; available liquidity of $611 million\n\n\nRevenue growth accelerating on strong demand; benefitting from prior direct-to-consumer marketing investments \n\n\nNumber of home service plans grew 4 percent to 2.25 million; customer retention expected to improve over remainder of 2021 \n\n\nProConnect on track to meet strategic objectives; advancing Streem integration into operations \n\n\nFull-Year 2021 Outlook \n\n\nRevenue of $1.63 billion to $1.65 billion\n\n\nGross profit margin of approximately 48 percent \n\n\nAdjusted EBITDA(2) of $280 million to $300 million\n\n\n“Frontdoor is off to a strong start in 2021, achieving a new record for quarterly revenue growth since the Spin-off,” said Chief Executive Officer Rex Tibbens. “We are making great progress...

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