Frontdoor Announces First-Quarter 2023 Revenue Increased 4% to $367 Million

About this update from Frontdoor, Inc.

[{"type":"text","content":"\nCost Pressures Continue to Moderate, Driving Improved First-Quarter Earnings; Launched New Frontdoor Mobile App in April; Company Expects to Repurchase approximately $80 Million in Stock in 2023\n\n\n MEMPHIS, Tenn.--(BUSINESS WIRE)--\nFrontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced first-quarter 2023 results.\n\n\n\n\nFinancial Results\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nMarch 31,\n\n\n\n\n\n\n\n\n$ millions (except as noted)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n367\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n351\n\n\n\n\n\n\n \n\n\n\n\n\n\n4\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n170\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n144\n\n\n\n\n\n\n \n\n\n\n\n\n\n18\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nNet Income\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n22\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2\n\n\n\n\n\n\n \n\n\n\n\n\n\n*%\n\n\n\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.27\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.02\n\n\n\n\n\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\n\n\n \n\n\n\n\n\n\n23\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n3\n\n\n\n\n\n\n \n\n\n\n\n\n\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\n\n\n \n\n\n\n\n\n\n0.29\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.04\n\n\n\n\n\n\n \n\n\n\n\n\n\n*%\n\n\n\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n54\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n25\n\n\n\n\n\n\n \n\n\n\n\n\n\n116\n\n\n\n\n\n\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\n\n\n \n\n\n\n\n\n\n2.09\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2.19\n\n\n\n\n\n\n \n\n\n\n\n\n\n(4\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\n* Not meaningful\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFirst-Quarter 2023 Summary\n\n\n\nRevenue increased 4% to $367 million and was comprised of a 10% increase from price, partly offset by a 5% decline from lower volume\n\n\n\nGross profit margin increased 540 basis points to 46%, primarily due to higher realized pric...

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