Business
Frontdoor Announces Second-Quarter 2023 Revenue Increased 7% to $523 Million
Gross Profit Increased 840 Basis Points to 52%; Net Income More than Doubled to $70 Million; Adjusted EBITDA Rose 57% to $121 Million; Repurchased $50
About this update from Frontdoor, Inc.
[{"type":"text","content":"\nGross Profit Increased 840 Basis Points to 52%; Net Income More than Doubled to $70 Million; Adjusted EBITDA Rose 57% to $121 Million; Repurchased $50 Million of Stock Through July; Raising Full-Year 2023 Revenue, Adjusted EBITDA and Share Repurchase Outlook\n\n\n MEMPHIS, Tenn.--(BUSINESS WIRE)--\nFrontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced second-quarter 2023 results.\n\n\n\n\nFinancial Results\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nJune 30,\n\n\n\n\n\n\n\n\n$ 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$\n\n\n\n\n\n\n523\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n487\n\n\n\n\n\n\n \n\n\n\n\n\n\n7\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\n270\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n211\n\n\n\n\n\n\n \n\n\n\n\n\n\n28\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\n70\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n33\n\n\n\n\n\n\n \n\n\n\n\n\n\n110\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\n0.85\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.40\n\n\n\n\n\n\n \n\n\n\n\n\n\n111\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\n71\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n44\n\n\n\n\n\n\n \n\n\n\n\n\n\n63\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\n0.87\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.53\n\n\n\n\n\n\n \n\n\n\n\n\n\n64\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\n121\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n77\n\n\n\n\n\n\n \n\n\n\n\n\n\n57\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\n2.07\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2.17\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\nSecond-Quarter 2023 Summary\n\n\n\nRevenue increased 7% to $523 million, comprised of 9% from price that was partly offset by a 2% decline from lower volume\n\n\n\nGross profit margin incr...