Frontdoor (FTDR) Q4 FY2023 earnings: revenue $366 million, up 7.6% on the year

Frontdoor, Inc. (FTDR) reported revenue of $366 million for Q4 FY2023, the quarter ended 31 December 2023, up 7.6% on the same quarter a year earlier. Net income was $8 million, unchanged on the year, and diluted earnings per share $0.11. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$366 millionup 7.6%

Net income$8 millionunchanged

Diluted EPS$0.11

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	366	524	n/a	n/a
Cost of revenue	189	256	n/a	n/a
Gross profit	177	268	n/a	n/a
Gross margin	48.4%	51.1%	n/a
Selling, general and administrative	142	152	n/a	n/a
Interest expense	10.0	10.0	n/a	n/a
Pre-tax income	11.0	96.0	n/a	n/a
Income tax	3.0	24.0	n/a	n/a
Effective tax rate	27.3%	25.0%	n/a
Net income	8.0	71.0	n/a	n/a
Net margin	2.2%	13.5%	n/a
Diluted EPS	$0.11	$0.89	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	63.0	27.0	n/a	n/a
Capital expenditure	9.0	8.0	n/a	n/a
Free cash flow	54.0	19.0	n/a	n/a
Free cash flow margin	14.8%	3.6%	n/a
Cash from investing	-9.0	-8.0	n/a	n/a
Cash from financing	-49.0	-44.0	n/a	n/a
Depreciation and amortisation	10.0	9.0	n/a	n/a
Share-based compensation	5.0	8.0	n/a	n/a
Buybacks	n/a	42.0	n/a	n/a
Diluted shares, weighted	81m	81m	n/a	n/a
Shares outstanding at period end	78m	80m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	136	171	n/a	n/a
Debt	593	597	n/a	n/a
Operating lease liabilities	16.0	16.0	n/a	n/a
Other liabilities	344	384	n/a	n/a
Total liabilities and equity	1,089	1,168	n/a	n/a
Fixed assets	60.0	64.0	n/a	n/a
Goodwill	503	503	n/a	n/a
Intangible assets	143	144	n/a	n/a
Investments	0.0	n/a	n/a	n/a
Cash and equivalents	325	320	n/a	n/a
Receivables	6.0	7.0	n/a	n/a
Other assets	52.0	130	n/a	n/a
Total assets	1,089	1,168	n/a	n/a

Questions

What was Frontdoor's revenue in Q4 FY2023?

Frontdoor (FTDR) reported revenue of $366 million for Q4 FY2023, the quarter ended 31 December 2023, up 7.6% on the same quarter a year earlier.

How much did Frontdoor earn in Q4 FY2023?

Net income for Q4 FY2023 was $8 million, unchanged on the year, and diluted earnings per share $0.11.

When did Frontdoor report Q4 FY2023 results?

Frontdoor filed its 10-K for the year that ended with the quarter on 28 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	524	366	378	542	540	383	426	617	618	432	451	645
Cost of revenue	256	189	184	237	235	196	191	261	264	220	203	267
Gross profit	268	177	195	306	306	184	235	356	353	213	248	378
Gross margin	51%	48%	52%	56%	57%	48%	55%	58%	57%	49%	55%	59%
SG&A	152	142	135	167	154	156	151	172	174	172	162	176
Interest expense	10.0	10.0	10.0	10.0	10.0	10.0	19.0	20.0	20.0	20.0	19.0	19.0
Pre-tax income	96.0	11.0	45.0	124	134	6.0	48.0	146	142	2.0	51.0	167
Tax rate	25%	27%	24%	26%	25%	-50%	23%	25%	26%	0%	20%	25%
Net income	71.0	8.0	34.0	92.0	100	9.0	37.0	111	106	1.0	41.0	125
Net margin	14%	2%	9%	17%	19%	2%	9%	18%	17%	0%	9%	19%
Diluted EPS	$0.89	$0.11	$0.43	$1.18	$1.30	$0.10	$0.49	$1.48	$1.42	n/a	$0.57	$1.76
Operating cash flow	27.0	63.0	84.0	103	25.0	58.0	124	127	64.0	101	119	126
Capital expenditure	8.0	9.0	10.0	12.0	9.0	8.0	7.0	7.0	6.0	6.0	6.0	6.0
Free cash flow	19.0	54.0	74.0	91.0	16.0	50.0	117	120	58.0	95.0	113	120
Buybacks	42.0	n/a	13.0	45.0	62.0	41.0	71.0	64.0	60.0	88.0	61.0	91.0
Shares outstanding	80m	78m	78m	77m	76m	75m	74m	73m	72m	71m	71m	69m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0001562762-24-000041: the filing on EDGAR. All of Frontdoor, Inc.'s filings: EDGAR company page.

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