Frontdoor Q1 revenue +7% to $351M but profit plunges; FY22 EBITDA guidance cut to $215-245M

Frontdoor, Inc.

2022-Q1 EPS reported $0.02 revenue$351,000,000

Revenue $351M (+7% YoY); renewal +10%, DTC +14%, real estate -20% on seller's market.
Net income $2M (diluted EPS $0.02) vs $5M ($0.06) in Q1 2021; adjusted EPS $0.04 vs $0.10.
Adjusted EBITDA $25M (-31% YoY); inflationary cost pressures added $24M in contract claims costs, including $9M adverse prior-year development.
FY2022 guidance lowered: revenue $1.66-1.69B, gross margin 44-45%, Adj. EBITDA $215-245M.
Repurchased $40M of shares in Q1; available liquidity $340M.

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