Frontdoor Q1 revenue $367M (+4%), Adj EBITDA $54M (+116%); raises gross margin guidance

Frontdoor, Inc.

2023-Q1 EPS reported $0.27 revenue$367,000,000

Net income $22M ($0.27 diluted EPS); adjusted EPS $0.29 vs $0.04 YoY.
Gross margin improved 540bps to 46% on higher price, fewer service requests, moderating inflation.
Full-year Adj EBITDA guidance reaffirmed at $220-240M; gross margin range raised to 43.5-46.0%.
Expects ~$80M in share repurchases in 2023; launched new Frontdoor mobile app in April.
Q2 outlook: revenue $505-520M, Adj EBITDA $80-90M, a 10% YoY increase.

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 1.0

Frontdoor, Inc. reported the fiscal quarter ended March 31, 2023 results: revenue $367, net income 22, EPS 0.27. Guidance initiated.

Period: the fiscal quarter ended March 31, 2023
Revenue: $367
Net income: 22
EPS: 0.27
Guidance: initiated
Result: reported results

Exact text from the filing

Financial Results Three Months Ended March 31, $ millions (except as noted) 2023 2022 Change Revenue $ 367 $ 351 4 % Gross Profit 170 144 18 % Net Income 22 2 * % Diluted Earnings per Share 0.27 0.02 * %

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Source: SEC EDGAR

accession 0001193125-23-135104

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