Frontdoor Q3 revenue $484M (+3% YoY); adj EBITDA $79M (-35%); workforce cut 7%; raises FY22 EBITDA guidance to $185-195M

Frontdoor, Inc.

2022-Q3 EPS reported $0.77 revenue$1,322,000,000

Net income $28M (down 63%), GAAP EPS $0.34, adjusted EPS $0.56; includes $14M Streem impairment and $5M restructuring.
Revenue rose 3% to $484M: Renewals +8% to $356M, Real Estate -30% to $51M, DTC +8% to $64M.
Gross margin 43% vs prior 54%; higher contractor costs and parts inflation drove $58M increase in contract claims costs.
Full-year 2022 guidance raised: revenue $1.65-1.66B, adj EBITDA $185-195M; Q4 adj EBITDA guided $4-14M.
Company reduced workforce 7% in September; expects $45M SG&A reduction from original 2022 outlook.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Frontdoor, Inc. reported Three Months Ended September 30, 2022 results: revenue $484 million, net income $28 million, EPS $0.34.

Period: Three Months Ended September 30, 2022
Revenue: $484 million
Net income: $28 million
EPS: $0.34
Result: reported results

Exact text from the filing

be expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 Frontdoor Announces Third-Quarter 2022 Revenue Increased 3% to $484 Million; Broadened Cost Reduction Initiatives and Reduced Annual SG&A Spend; Improving Execution and Advancing Business Transformation Initiatives; Raising Full-Year 2022 Revenue and

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Frontdoor, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-276426

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