Business
Frontdoor Provides Update on COVID-19 Business Response and Reiterates Strong Financial Position
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today provided an update on its
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 provided an update on its COVID-19 business response as well as reiterated the Company’s strong financial position.\n\n\n“First, our thoughts are with those impacted by COVID-19 and the first responders assisting those in need,” said Chief Executive Officer Rex Tibbens. “We are taking unprecedented steps at Frontdoor to protect the well-being of our employees, customers and contractors, and are responding to the real-time needs of the business. I am extremely proud of our team’s effort to make substantial changes in a very short timeframe, and we will do our part to continue providing essential home services to our customers.”\n\n\n“Frontdoor is in a strong financial position,” said Chief Financial Officer Brian Turcotte. “We have a significant amount of liquidity in the form of cash and an untapped revolver. We believe our business is well-positioned to successfully navigate this challenging economic environment.”\n\n\nThe Company has taken the following actions over the last several weeks in response to COVID-19:\n\n\n\nEstablished Cross-Functional Business Continuity Team:\n\n\nThis core team actively monitors national and local developments and emerging issues, deploys coordinated and strategic real-time responses to address the needs of employees, customers and contractors, and ensures ongoing operational efficiency during this time.\n\n\n\n\n\n\nChanging How Associates Work:\n\n\nThe Company has fully transitioned all of its contact center agents to work remotely from their homes, ensuring uninterrupted customer service.\n\n\nAll other campuses, including its Memphis corporate headquarters, Denver technology center, India technology center and the Streem office in Portland, are also working remotely.\n\n\n\n\n\n\nIncreased Customer Communications:\n\n\nThe Company’s contractor network has been designated by the U.S. Department of Homeland Security as “Essential Critical Infrastructure Workers” during the COVID-19 response and has consistently been deemed “essential” by state and local governments. As of today, the Company does not foresee significant disruption to our ability to provide services to our customers.\n\n\nManaging customer responses on a case-by-case basis, and actions may vary by loca...