Business
Frontdoor Announces Third-Quarter 2023 Revenue Increased 8% to $524 Million
Gross Profit Margin Expanded 760 bps to 51%; Net Income Increased to $71 Million; Adjusted EBITDA Increased $48 Million to $128 Million; Repurchased $75
About this update from Frontdoor, Inc.
[{"type":"text","content":"\nGross Profit Margin Expanded 760 bps to 51%; Net Income Increased to $71 Million;\nAdjusted EBITDA Increased $48 Million to $128 Million;\nRepurchased $75 Million of Stock in 2023;\nRaising Full-Year 2023 Revenue, Adjusted EBITDA and Share Repurchase Outlook\n\n\n MEMPHIS, Tenn.--(BUSINESS WIRE)--\nFrontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced its third-quarter 2023 results.\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nFinancial Results\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nSeptember 30,\n\n\n\n\n\n\n\n\n$ 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$\n\n\n\n\n\n\n524\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n484\n\n\n\n\n\n\n \n\n\n\n\n\n\n8\n\n\n\n\n\n\n \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\n268\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n210\n\n\n\n\n\n\n \n\n\n\n\n\n\n27\n\n\n\n\n\n\n \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\n71\n\n\n\n\n\n\n \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\n154\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\n0.89\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.34\n\n\n\n\n\n\n \n\n\n\n\n\n\n158\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\n76\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n46\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\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\n0.94\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.56\n\n\n\n\n\n\n \n\n\n\n\n\n\n66\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\n128\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n79\n\n\n\n\n\n\n \n\n\n\n\n\n\n61\n\n\n\n\n\n\n \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\n2.04\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n...