Frontdoor (FTDR) FY2021 results: revenue $1.6 billion, up 8.7% on the year

Frontdoor, Inc. (FTDR) reported revenue of $1.6 billion for fiscal 2021, the year ended 31 December 2021, up 8.7% on the year before. Net income was $128 million, up 14.3%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.6 billion

+8.7% on the year

FY2016FY2021

Operating margin

n/a

FY2016FY2021

Net income

$128 million

+14.3% on the year

FY2016FY2021

Diluted EPS

$1.50

+14.5% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,602	1,474	1,365	+8.7%
Cost of revenue	818	758	687	+7.9%
Gross profit	784	716	678	+9.5%
Gross margin	48.9%	48.6%	49.7%
Selling, general and administrative	511	467	392	+9.4%
Interest expense	39.0	57.0	62.0	-31.6%
Pre-tax income	168	149	204	+12.8%
Income tax	39.0	37.0	51.0	+5.4%
Effective tax rate	23.2%	24.8%	25.0%
Net income	128	112	153	+14.3%
Net margin	8.0%	7.6%	11.2%
Diluted EPS	$1.50	$1.31	$1.80	+14.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	185	207	200	-10.6%
Capital expenditure	31.0	32.0	22.0	-3.1%
Free cash flow	154	175	178	-12.0%
Free cash flow margin	9.6%	11.9%	13.0%
Cash from investing	-31.0	-31.0	-61.0
Cash from financing	-489	-7.0	-7.0
Depreciation and amortisation	35.0	34.0	24.0	+2.9%
Share-based compensation	25.0	17.0	9.0	+47.1%
Buybacks	103	n/a	n/a
Diluted shares, weighted	86m	86m	85m	0.0%
Shares outstanding at period end	83m	85m	85m	-2.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2.0	-61.0	-179
Debt	625	975	980	-35.9%
Operating lease liabilities	19.0	18.0	20.0	+5.6%
Other liabilities	423	473	429	-10.6%
Total liabilities and equity	1,069	1,405	1,250	-23.9%
Fixed assets	66.0	60.0	51.0	+10.0%
Goodwill	512	512	501	0.0%
Intangible assets	159	170	191	-6.5%
Investments	n/a	n/a	7.0
Cash and equivalents	262	597	428	-56.1%
Receivables	7.0	5.0	11.0	+40.0%
Other assets	63.0	61.0	61.0	+3.3%
Total assets	1,069	1,405	1,250	-23.9%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.