Frontdoor Announces Second-Quarter 2021 Revenue Increase of 11 Percent to $462 Million

About this update from Frontdoor, Inc.

[{"type":"text","content":" MEMPHIS, Tenn.--(BUSINESS WIRE)--\nFrontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced second-quarter 2021 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\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\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$\n\n\n\n462\n\n\n\n \n\n\n\n$\n\n\n\n417\n\n\n\n \n\n\n\n11\n\n\n\n%\n\n\n\n\n\nGross Profit\n\n\n\n \n\n\n\n \n\n\n\n242\n\n\n\n \n\n\n\n \n\n\n\n218\n\n\n\n \n\n\n\n11\n\n\n\n%\n\n\n\n\n\nNet Income\n\n\n\n \n\n\n\n \n\n\n\n40\n\n\n\n \n\n\n\n \n\n\n\n49\n\n\n\n \n\n\n\n(17)\n\n\n\n%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n \n\n\n\n \n\n\n\n0.47\n\n\n\n \n\n\n\n \n\n\n\n0.57\n\n\n\n \n\n\n\n(18)\n\n\n\n%\n\n\n\n\n\nAdjusted Net Income(1)\n\n\n\n \n\n\n\n \n\n\n\n65\n\n\n\n \n\n\n\n \n\n\n\n56\n\n\n\n \n\n\n\n16\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\n0.76\n\n\n\n \n\n\n\n \n\n\n\n0.66\n\n\n\n \n\n\n\n15\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n \n\n\n\n \n\n\n\n114\n\n\n\n \n\n\n\n \n\n\n\n100\n\n\n\n \n\n\n\n14\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\n2.24\n\n\n\n \n\n\n\n \n\n\n\n2.18\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\nSecond-Quarter 2021 Summary\n\n\nRevenue increased 11 percent to $462 million \n\n\nGross profit margin of 52 percent \n\n\nNet income of $40 million; includes debt extinguishment costs of $30 million\n\n\nAdjusted EBITDA of $114 million; reflects lower than anticipated service request volume and cost management initiatives \n\n\nRevenue growth impacted by tight existing home sales market; responding by increasing focus on home buyers and incremental investment in the direct-to-consumer channel \n\n\nProConnect on target to deliver $20 million of revenue in 2021; Streem expanding technology utilization across core home service plan business and adding new customers\n\n\nCompleted debt refinancing; lowered gross debt by approximately $350 million in the first half of 2021 and expect to reduce annual cash interest expense by approximately $30 million compared to 2020\n\n\nUpdated Full-Yea...

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