Frontdoor Announces First-Quarter 2023 Revenue Increased 4% to $367 Million
Cost Pressures Continue to Moderate, Driving Improved First-Quarter Earnings; Launched New Frontdoor Mobile App in April; Company Expects to Repurchase approximately
Financial Results |
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|
|
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 |
|
*% |
|
Adjusted Net Income(1) |
|
|
23 |
|
|
3 |
|
*% |
|
Adjusted Diluted Earnings per Share(1) |
|
|
0.29 |
|
|
0.04 |
|
*% |
|
Adjusted EBITDA(1) |
|
|
54 |
|
|
25 |
|
116 |
% |
Home Service Plans (number in millions) |
|
|
2.09 |
|
|
2.19 |
|
(4 |
)% |
* Not meaningful |
First-Quarter 2023 Summary
-
Revenue increased
4% to and was comprised of a$367 million 10% increase from price, partly offset by a5% decline from lower volume -
Gross profit margin increased 540 basis points to
46% , primarily due to higher realized price, a lower number of service requests and a moderation of inflationary cost pressures versus the prior year period -
Process improvement initiatives beginning to take hold; preferred contractor utilization increased 270 basis points to a 10-year high of
84% in the first quarter -
Net income increased
to$20 million $22 million -
Adjusted EBITDA(1) increased
to$29 million $54 million - Improved Direct-to-Consumer demand in March and April through a refreshed marketing campaign and testing of more aggressive pricing and discounting strategies
Full-Year 2023 Outlook
-
Revenue range of
to$1.70 billion $1.74 billion -
Gross profit margin range increased to
43.5% to46.0% -
Adjusted EBITDA(2) range of
to$220 million $240 million
“Our first-quarter financial results were significantly better than expected as macroeconomic conditions continue to improve and our prior pricing actions and process improvement initiatives begin to take hold,” said Chairman and Chief Executive Officer Bill Cobb. “Additionally, I am extremely excited about the launch of the new Frontdoor mobile app in April. I truly believe that our key differentiator, the live video chat feature with one of our experts, will change how homeowners maintain and repair their homes. Although it is still early in the year, we are delivering on our strategic objectives and look forward to progressing our business transformation throughout the rest of 2023.”
“We delivered strong first-quarter financial performance that was driven by a double-digit increase in realized price, fewer service requests driven by favorable weather conditions and a lower rate of inflation,” said Chief Financial Officer Jessica Ross. “Our cash generation continues to improve, and we are targeting to return approximately
First-Quarter 2023 Results
Revenue by Customer Channel |
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|
|
Three Months Ended |
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|
|
March 31, |
|||||||
$ millions |
|
2023 |
|
2022 |
|
Change |
|||
Renewals |
|
$ |
278 |
|
$ |
247 |
|
13 |
% |
Real estate (First-Year) |
|
|
33 |
|
|
45 |
|
(28 |
)% |
Direct-to-consumer (First-Year) |
|
|
44 |
|
|
46 |
|
(5 |
)% |
Other |
|
|
11 |
|
|
13 |
|
(11 |
)% |
Total |
|
$ |
367 |
|
$ |
351 |
|
4 |
% |
First-quarter 2023 revenue of
First-quarter 2023 net income was
Period-over-Period Adjusted EBITDA(1) Bridge |
||||
$ millions |
|
|
||
Three Months Ended March 31, 2022 |
|
$ |
25 |
|
Impact of change in revenue(3) |
|
|
22 |
|
Contract claims costs(4) |
|
|
4 |
|
Sales and marketing costs |
|
|
(3 |
) |
Customer service costs |
|
|
2 |
|
Interest and net investment income |
|
|
3 |
|
Three Months Ended March 31, 2023 |
|
$ |
54 |
|
First-quarter 2023 Adjusted EBITDA(1) of
-
benefit from higher revenue conversion(3);$22 million -
of lower contract claims costs(4), excluding the impact of claims costs related to the change in revenue. The decrease in contract claims costs reflects a$4 million favorable adjustment related to the development of prior period claims and a favorable weather impact of$6 million , offset, in part, by inflationary cost pressures.$6 million -
of higher sales and marketing costs to drive sales growth in the Direct-to-Consumer channel;$3 million -
of lower customer service costs as a result of a lower number of service requests; and$2 million -
of higher interest income as a result of rising interest rates on cash deposits.$3 million
Cash Flow
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
$ millions |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
||
Net cash provided from (used for): |
|
|
|
|
|
|
||
Operating activities |
|
$ |
60 |
|
|
$ |
47 |
|
Investing activities |
|
|
(8 |
) |
|
|
(8 |
) |
Financing activities |
|
|
(7 |
) |
|
|
(47 |
) |
Cash increase (decrease) during the period |
|
$ |
45 |
|
|
$ |
(8 |
) |
Net cash provided from operating activities was
Net cash used for investing activities was
Net cash used for financing activities was
Free Cash Flow was
Cash as of March 31, 2023 was
Second-Quarter 2023 Outlook
-
Revenue of
to$505 million , a$520 million 5% increase over the prior year period, reflecting a nearly15% growth in the renewals channel, partially offset by an approximately25% decline in the first-year real estate channel and a low double-digit decline in the first year direct to consumer channel. -
Adjusted EBITDA(2) of
to$80 million , a$90 million 10% increase over the prior year period, reflecting improved gross margin and an increase in SG&A to launch the new Frontdoor brand.
Full-Year 2023 Outlook
-
Revenue of
to$1.70 billion , or approximately$1.74 billion 4% higher than the prior year. Some of the key revenue assumptions include:-
Approximately
10% revenue growth in the renewals channel; - Low double-digit revenue decline in the direct-to-consumer channel;
-
Nearly
20% revenue decline in the real estate channel; and - Number of home service plans is expected to decline in the mid to upper single digits.
-
Approximately
-
Gross profit margin of
43.5% to46.0% . The increase from the prior outlook is primarily due to a moderation of inflation. -
SG&A of
to$570 million . The$595 million increase from the prior outlook is due to additional investments in the American Home Shield brand to drive sales in the Direct-to-Consumer channel.$10 million -
Adjusted EBITDA(2) of
to$220 million .$240 million -
Capital expenditures of approximately
to$35 , primarily consisting of technology investments.$45 million -
Annual effective tax rate of approximately
26% .
First-Quarter 2023 Earnings Conference Call
Frontdoor has scheduled a conference call today, May 4, 2023, at 7:30 a.m. Central time (8:30 a.m. Eastern time). During the call, Bill Cobb, Chairman and Chief Executive Officer, and Jessica Ross, Chief Financial Officer, will discuss the company’s operational performance and financial results for first-quarter 2023 and respond to questions from the investment community. To participate on the conference call, interested parties should call 1-833-470-1428 (or international participants, 1-929-526-1599) and enter conference ID 265563. Additionally, the conference call will be available via webcast which will include a slide presentation highlighting the company’s results. To participate via webcast and view the slide presentation, visit Frontdoor’s investor relations home page. The call will be available for replay for approximately 60 days. To access the replay of this call, please call 1-866-813-9403 and enter conference ID 878541 (international participants: +44-204-525-0658, conference ID 878541).
About Frontdoor, Inc.
Frontdoor is reimagining how homeowners maintain and repair their most valuable asset – their home. As the parent company of two leading brands, we bring over 50 years of experience in providing our members with comprehensive options to protect their homes from costly and unexpected breakdowns through our extensive network of pre-qualified professional contractors. American Home Shield, the category leader in home service plans with approximately two million members, gives homeowners budget protection and convenience, covering up to 23 essential home systems and appliances. Frontdoor is a cutting edge, one-stop app for home repair and maintenance. Enabled by our Streem technology, the app empowers homeowners by connecting them in real time through video chat with pre-qualified experts to diagnose and solve their problems. The Frontdoor app also offers homeowners a range of other benefits including DIY tips, discounts and more. For more information about American Home Shield and Frontdoor, please visit frontdoorhome.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, projected future performance and any statements about Frontdoor’s plans, strategies and prospects. Forward-looking statements can be identified by the use of forward-looking terms such as “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project,” “will,” “shall,” “would,” “aim,” or other comparable terms. These forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Such risks and uncertainties include, but are not limited to: changes in macroeconomic conditions, including inflation, global supply chain challenges, the persistence of the COVID-19 pandemic and instability in the banking system as a result of several recent regional bank failures, especially as they may affect existing home sales, interest rates, consumer confidence or labor availability; increases in parts, appliance and home system prices, and other operating costs; changes in the source and intensity of competition in our market; the success of our business strategies; the ability of our marketing efforts to be successful or cost-effective; our ability to attract, retain and maintain positive relations with third-party contractors and vendors; our dependence on our real estate and direct-to-consumer customer acquisition channels and our renewals channel; our ability to attract and retain qualified key employees and labor availability in our customer service operations; our dependence on third-party vendors, including business process outsourcers, and third-party component suppliers; cybersecurity breaches, disruptions or failures in our technology systems; our ability to protect the security of personal information about our customers; evolving corporate governance and disclosure regulations and expectations related to environmental, social and governance matters; risks related to the COVID-19 pandemic; lawsuits, enforcement actions and other claims by third parties or governmental authorities; increases in tariffs or changes to import/export regulations; physical effects of climate change, adverse weather conditions and Acts of God, along with the increased focus on sustainability; our ability to protect our intellectual property and other material proprietary rights; negative reputational and financial impacts resulting from acquisitions or strategic transactions; requirement to recognize impairment charges; third-party use of our trademarks as search engine keywords to direct our potential customers to their own websites; inappropriate use of social media by us or other parties to harm our reputation; special risks applicable to operations outside
Non-GAAP Financial Measures
To supplement Frontdoor’s results presented in accordance with accounting principles generally accepted in
We define "Adjusted EBITDA" as net income before depreciation and amortization expense; restructuring charges; provision for income taxes; non-cash stock-based compensation expense; interest expense; and other non-operating expenses. We believe Adjusted EBITDA is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by variations in capital structures, taxation, the age and book depreciation of facilities and equipment, restructuring initiatives and equity-based, long-term incentive plans. We define “Free Cash Flow” as net cash provided from operating activities less property additions. Free Cash Flow is not a measurement of our financial performance or liquidity under
We define “Adjusted Diluted Earnings per Share” as Adjusted Net Income divided by the weighted-average diluted common shares outstanding.
We define “Unrestricted Cash” as cash not subject to third-party restrictions. For additional information related to our third-party restrictions, see “Liquidity and Capital Resources — Liquidity” under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2022 Annual Report on Form 10-K filed with the SEC.
See the schedules attached hereto for additional information and reconciliations of such non-GAAP financial measures. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of Frontdoor’s business performance and are useful for period-over-period comparisons of the performance of Frontdoor’s business. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with
© 2023 Frontdoor, Inc. All rights reserved. The following terms, which may be used in this press release, are trademarks of Frontdoor, Inc. and its subsidiaries: Frontdoor®, American Home Shield®, HSA™, OneGuard®, Landmark Home Warranty®, ProConnect®, Streem®, the Streem logo and the Frontdoor logo. All other trademarks used herein are the property of their respective owners.
(1) |
See “Reconciliations of Non-GAAP Financial Measures” accompanying this release for a reconciliation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Diluted Earnings per Share, each a non-GAAP measure, to the nearest GAAP measure. See “Non-GAAP Financial Measures” included in this release for descriptions of calculations of these measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding. |
|
(2) |
A reconciliation of the forward-looking second-quarter and full-year 2023 Adjusted EBITDA outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. |
|
(3) |
Revenue conversion includes the impact of the change in the number of home service plans as well as the impact of year-over-year price changes. The impact of the change in the number of home service plans considers the associated revenue on those plans less an estimate of contract claims costs based on margin experience in the prior year period. |
|
(4) |
Contracts claims costs includes the impact of changes in service request incidence, inflation and other drivers associated with the number of home service plans in the prior year period. The impact on contract claims costs resulting from year-over-year changes in the number of home service plans is included in revenue conversion above. |
Frontdoor, Inc. Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In millions, except per share data) |
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|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||
|
|
March 31, |
|||||
|
|
2023 |
|
2022 |
|||
Revenue |
|
$ |
367 |
|
|
$ |
351 |
Cost of services rendered |
|
|
197 |
|
|
|
207 |
Gross Profit |
|
|
170 |
|
|
|
144 |
Selling and administrative expenses |
|
|
125 |
|
|
|
125 |
Depreciation and amortization expense |
|
|
9 |
|
|
|
8 |
Restructuring charges |
|
|
1 |
|
|
|
— |
Interest expense |
|
|
10 |
|
|
|
7 |
Interest and net investment income |
|
|
(3 |
) |
|
|
— |
Income before Income Taxes |
|
|
29 |
|
|
|
3 |
Provision for income taxes |
|
|
7 |
|
|
|
2 |
Net Income |
|
$ |
22 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
Other Comprehensive (Loss) Income, Net of Income Taxes: |
|
|
|
|
|
|
|
Unrealized (loss) gain on derivative instruments, net of income taxes |
|
|
(2 |
) |
|
|
13 |
Total Other Comprehensive (Loss) Income, Net of Income Taxes |
|
|
(2 |
) |
|
|
13 |
Comprehensive Income |
|
$ |
20 |
|
|
$ |
15 |
|
|
|
|
|
|
|
|
Earnings per Share: |
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
0.02 |
Diluted |
|
$ |
0.27 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
Weighted-average Common Shares Outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
81.5 |
|
|
|
82.3 |
Diluted |
|
|
81.9 |
|
|
|
82.6 |
Frontdoor, Inc. Condensed Consolidated Statements of Financial Position (Unaudited) (In millions, except share data) |
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|
|
|
|
|
|
||
|
|
As of |
||||||
|
|
March 31, |
|
December 31, |
||||
|
|
2023 |
|
2022 |
||||
Assets: |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
337 |
|
|
$ |
292 |
|
Receivables, less allowance of |
|
|
6 |
|
|
|
5 |
|
Prepaid expenses and other current assets |
|
|
38 |
|
|
|
33 |
|
Total Current Assets |
|
|
381 |
|
|
|
330 |
|
Other Assets: |
|
|
|
|
|
|
||
Property and equipment, net |
|
|
66 |
|
|
|
66 |
|
Goodwill |
|
|
503 |
|
|
|
503 |
|
Intangible assets, net |
|
|
146 |
|
|
|
148 |
|
Operating lease right-of-use assets |
|
|
10 |
|
|
|
11 |
|
Deferred customer acquisition costs |
|
|
17 |
|
|
|
16 |
|
Other assets |
|
|
6 |
|
|
|
8 |
|
Total Assets |
|
$ |
1,128 |
|
|
$ |
1,082 |
|
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
82 |
|
|
$ |
80 |
|
Accrued liabilities: |
|
|
|
|
|
|
||
Payroll and related expenses |
|
|
19 |
|
|
|
22 |
|
Home service plan claims |
|
|
81 |
|
|
|
103 |
|
Other |
|
|
29 |
|
|
|
21 |
|
Deferred revenue |
|
|
167 |
|
|
|
121 |
|
Current portion of long-term debt |
|
|
17 |
|
|
|
17 |
|
Total Current Liabilities |
|
|
396 |
|
|
|
364 |
|
Long-Term Debt |
|
|
588 |
|
|
|
592 |
|
Other Long-Term Liabilities: |
|
|
|
|
|
|
||
Deferred tax liabilities, net |
|
|
37 |
|
|
|
39 |
|
Operating lease liabilities |
|
|
17 |
|
|
|
18 |
|
Other long-term liabilities |
|
|
8 |
|
|
|
8 |
|
Total Other Long-Term Liabilities |
|
|
62 |
|
|
|
65 |
|
Commitments and Contingencies |
|
|
|
|
|
|
||
Shareholders' Equity: |
|
|
|
|
|
|
||
Common stock, |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
92 |
|
|
|
90 |
|
Retained earnings |
|
|
146 |
|
|
|
124 |
|
Accumulated other comprehensive income |
|
|
6 |
|
|
|
8 |
|
Less treasury stock, at cost; 4,570,251 shares as of March 31, 2023 and 4,562,530 shares as of December 31, 2022 |
|
|
(162 |
) |
|
|
(162 |
) |
Total Shareholders' Equity |
|
|
83 |
|
|
|
61 |
|
Total Liabilities and Shareholders' Equity |
|
$ |
1,128 |
|
|
$ |
1,082 |
|
Frontdoor, Inc. Consolidated Statements of Cash Flows (Unaudited) (In millions) |
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|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2023 |
|
2022 |
||||
Cash and Cash Equivalents at Beginning of Period |
|
$ |
292 |
|
|
$ |
262 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||
Net Income |
|
|
22 |
|
|
|
2 |
|
Adjustments to reconcile net income to net cash provided from operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization expense |
|
|
9 |
|
|
|
8 |
|
Deferred income tax benefit |
|
|
(2 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
5 |
|
|
|
6 |
|
Restructuring charges |
|
|
1 |
|
|
|
— |
|
Payments for restructuring charges |
|
|
(1 |
) |
|
|
— |
|
Other |
|
|
— |
|
|
|
(2 |
) |
Changes in working capital: |
|
|
|
|
|
|
||
Receivables |
|
|
(1 |
) |
|
|
2 |
|
Prepaid expenses and other current assets |
|
|
(6 |
) |
|
|
1 |
|
Accounts payable |
|
|
2 |
|
|
|
7 |
|
Deferred revenue |
|
|
46 |
|
|
|
35 |
|
Accrued liabilities |
|
|
(24 |
) |
|
|
(13 |
) |
Current income taxes |
|
|
9 |
|
|
|
1 |
|
Net Cash Provided from Operating Activities |
|
|
60 |
|
|
|
47 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(8 |
) |
|
|
(9 |
) |
Net Cash Used for Investing Activities |
|
|
(8 |
) |
|
|
(8 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||
Repayments of debt |
|
|
(4 |
) |
|
|
(4 |
) |
Repurchase of common stock |
|
|
— |
|
|
|
(40 |
) |
Other financing activities |
|
|
(3 |
) |
|
|
(3 |
) |
Net Cash Used for Financing Activities |
|
|
(7 |
) |
|
|
(47 |
) |
Cash Increase (Decrease) During the Period |
|
|
45 |
|
|
|
(8 |
) |
Cash and Cash Equivalents at End of Period |
|
$ |
337 |
|
|
$ |
255 |
|
Reconciliations of Non-GAAP Financial Measures |
||||||||
The following table presents reconciliations of net income to Adjusted Net Income. | ||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
($ millions, except per share amounts) |
|
2023 |
|
2022 |
||||
Net Income |
|
$ |
22 |
|
|
$ |
2 |
|
Amortization expense |
|
|
1 |
|
|
|
2 |
|
Restructuring charges |
|
|
1 |
|
|
|
— |
|
Tax impact of adjustments |
|
|
(1 |
) |
|
|
(1 |
) |
Adjusted Net Income |
|
$ |
23 |
|
|
$ |
3 |
|
Adjusted Earnings per Share: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.29 |
|
|
$ |
0.04 |
|
Diluted |
|
$ |
0.29 |
|
|
$ |
0.04 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
81.5 |
|
|
|
82.3 |
|
Diluted |
|
|
81.9 |
|
|
|
82.6 |
|
The following table presents reconciliations of net cash provided from operating activities to Free Cash Flow. |
||||||||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
(In millions) |
|
2023 |
|
2022 |
||||
Net cash provided from operating activities |
|
$ |
60 |
|
|
$ |
47 |
|
Property additions |
|
|
(8 |
) |
|
|
(9 |
) |
Free Cash Flow |
|
$ |
52 |
|
|
$ |
39 |
|
The following table presents reconciliations of net income to Adjusted EBITDA. |
|||||||
|
|
Three Months Ended |
|||||
|
|
March 31, |
|||||
(In millions) |
|
2023 |
|
2022 |
|||
Net Income |
|
$ |
22 |
|
$ |
2 |
|
Depreciation and amortization expense |
|
|
9 |
|
|
8 |
|
Restructuring charges |
|
|
1 |
|
|
— |
|
Provision for income taxes |
|
|
7 |
|
|
2 |
|
Non-cash stock-based compensation expense |
|
|
5 |
|
|
6 |
|
Interest expense |
|
|
10 |
|
|
7 |
|
Adjusted EBITDA |
|
$ |
54 |
|
$ |
25 |
Key Business Metrics |
||||||
|
|
As of March 31, |
||||
|
|
2023 |
|
2022 |
||
Number of home service plans (in millions) |
|
2.09 |
|
|
2.19 |
|
Renewals |
|
1.56 |
|
|
1.51 |
|
First-Year Direct-To-Consumer |
|
0.30 |
|
|
0.33 |
|
First-Year Real Estate |
|
0.24 |
|
|
0.34 |
|
Reduction in number of home service plans |
|
(4 |
)% |
|
(3 |
)% |
Customer retention rate(1) |
|
75.9 |
% |
|
74.1 |
% |
(1) Customer retention rate is presented on a rolling 12-month basis in order to avoid seasonal anomalies. |
FTDR-Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005221/en/
Investor Relations:
Matt Davis
901.701.5199
ir@frontdoorhome.com
Media:
Tom Collins
901.701.5198
mediacenter@frontdoorhome.com
Source: Frontdoor, Inc.