Frontdoor (FTDR) FY2022 results: revenue $1.7 billion, up 3.7% on the year

Frontdoor, Inc. (FTDR) reported revenue of $1.7 billion for fiscal 2022, the year ended 31 December 2022, up 3.7% on the year before. Net income was $71 million, down 44.5%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.7 billion

+3.7% on the year

FY2016FY2022

Operating margin

n/a

FY2016FY2022

Net income

$71 million

-44.5% on the year

FY2016FY2022

Diluted EPS

$0.87

-42.0% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,662	1,602	1,474	+3.7%
Cost of revenue	952	818	758	+16.4%
Gross profit	710	784	716	-9.4%
Gross margin	42.7%	48.9%	48.6%
Selling, general and administrative	521	511	467	+2.0%
Interest expense	31.0	39.0	57.0	-20.5%
Pre-tax income	93.0	168	149	-44.6%
Income tax	22.0	39.0	37.0	-43.6%
Effective tax rate	23.7%	23.2%	24.8%
Net income	71.0	128	112	-44.5%
Net margin	4.3%	8.0%	7.6%
Diluted EPS	$0.87	$1.50	$1.31	-42.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	142	185	207	-23.2%
Capital expenditure	40.0	31.0	32.0	+29.0%
Free cash flow	102	154	175	-33.8%
Free cash flow margin	6.1%	9.6%	11.9%
Cash from investing	-35.0	-31.0	-31.0
Cash from financing	-77.0	-489	-7.0
Depreciation and amortisation	34.0	35.0	34.0	-2.9%
Share-based compensation	22.0	25.0	17.0	-12.0%
Buybacks	59.0	103	n/a	-42.7%
Diluted shares, weighted	82m	86m	86m	-4.1%
Shares outstanding at period end	82m	83m	85m	-2.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	61.0	2.0	-61.0	+2,950.0%
Debt	609	625	975	-2.6%
Operating lease liabilities	18.0	19.0	18.0	-5.3%
Other liabilities	394	423	473	-6.9%
Total liabilities and equity	1,082	1,069	1,405	+1.2%
Fixed assets	66.0	66.0	60.0	0.0%
Goodwill	503	512	512	-1.8%
Intangible assets	148	159	170	-6.9%
Cash and equivalents	292	262	597	+11.5%
Receivables	5.0	7.0	5.0	-28.6%
Other assets	68.0	63.0	61.0	+7.9%
Total assets	1,082	1,069	1,405	+1.2%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.