Frontdoor Q3 revenue up 8% to $524M; net income more than doubles; raises FY outlook

Frontdoor, Inc.

2023-Q3 EPS reported $2.00 revenue$1,414,000,000

Net income $71M ($0.89 diluted EPS) vs $28M ($0.34) YoY; adjusted EPS $0.94.
Gross profit margin expanded 760 bps to 51% on higher price and cost improvements.
Adjusted EBITDA rose 61% to $128M; raised full-year adjusted EBITDA outlook to $320M-$330M.
Renewal revenue up 14% to $406M; real estate and direct-to-consumer declined 23% and 16%.
Raising FY 2023 share repurchase target to ~$125M; Q4 EBITDA guidance $20M-$30M.

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 0.85

Frontdoor, Inc. reported third quarter ended September 30, 2023 results: revenue $524 million, net income $71 million, EPS $0.89 diluted earnings per share. Guidance raised.

Period: third quarter ended September 30, 2023
Revenue: $524 million
Net income: $71 million
EPS: $0.89 diluted earnings per share
Guidance: raised
Result: preliminary results

Exact text from the filing

Frontdoor Announces Third-Quarter 2023 Revenue Increased 8% to $524 Million; Gross Profit Margin Expanded 760 bps to 51%; Net Income Increased to $71 Million; Adjusted EBITDA Increased $48 Million to $128 Million; Repurchased $75 Million of Stock in 2023; Raising Full-Year 2023 Revenue, Adjusted EBITDA and Share Repurchase Outlook

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Source: SEC EDGAR

accession 0001193125-23-267754

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