secwatch.observer — SEC 8-K summary
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Issuer:     Frontdoor, Inc. (FTDR)
CIK:        0001727263
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001193125-22-276426
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1727263/000119312522276426/0001193125-22-276426-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1727263/000119312522276426/d410150d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-276426

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