Frontdoor Announces Second-Quarter 2020 Revenue Increase of 8 Percent to $417 Million; Customer Retention Stable at 75 Percent; Cash Increased $64 Million to $545 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 second-quarter 2020 results.\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\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\nJune 30,\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$\n\n\n\n417\n\n\n\n \n\n\n\n$\n\n\n\n388\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\n218\n\n\n\n \n\n\n\n \n\n\n\n205\n\n\n\n \n\n\n\n6\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n \n\n\n\n \n\n\n\n49\n\n\n\n \n\n\n\n \n\n\n\n60\n\n\n\n \n\n\n\n(19)\n\n\n\n%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n \n\n\n\n \n\n\n\n0.57\n\n\n\n \n\n\n\n \n\n\n\n0.71\n\n\n\n \n\n\n\n(20)\n\n\n\n%\n\n\n\n\n\nAdjusted Net Income(1)\n\n\n\n \n\n\n\n \n\n\n\n56\n\n\n\n \n\n\n\n \n\n\n\n62\n\n\n\n \n\n\n\n(9)\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\n0.66\n\n\n\n \n\n\n\n \n\n\n\n0.73\n\n\n\n \n\n\n\n(10)\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n \n\n\n\n \n\n\n\n100\n\n\n\n \n\n\n\n \n\n\n\n105\n\n\n\n \n\n\n\n(5)\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\nSecond-Quarter 2020 Summary\n\n\n\nRevenue increased eight percent to $417 million \n\n\nGross profit margin of 52 percent \n\n\nNet income of $49 million \n\n\nAdjusted EBITDA of $100 million\n\n\nAvailable liquidity increased $57 million to $622 million\n\n\nAdeptly managed challenging external environment; benefitted from resilient business model \n\n\nIncreased investment in direct-to-consumer marketing and broadened customer retention initiatives to accelerate long-term growth \n\n\nProgressed objectives of improving the customer experience and building emerging businesses \n\n\nAccelerated Candu on-demand platform through acquisition and expanded trade offering\n\n\n\n“In this challenging external environment, our services are more essential than ever as customers spend additional time in their homes,” said C...

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