Frontdoor (FTDR) FY2023 results: revenue $1.8 billion, up 7.1% on the year

Frontdoor, Inc. (FTDR) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 7.1% on the year before. Net income was $171 million, up 140.8%, and diluted earnings per share $2.12. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.8 billion

+7.1% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$171 million

+140.8% on the year

FY2016FY2023

Diluted EPS

$2.12

+143.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,780	1,662	1,602	+7.1%
Cost of revenue	895	952	818	-6.0%
Gross profit	885	710	784	+24.6%
Gross margin	49.7%	42.7%	48.9%
Selling, general and administrative	581	521	511	+11.5%
Interest expense	40.0	31.0	39.0	+29.0%
Pre-tax income	229	93.0	168	+146.2%
Income tax	57.0	22.0	39.0	+159.1%
Effective tax rate	24.9%	23.7%	23.2%
Net income	171	71.0	128	+140.8%
Net margin	9.6%	4.3%	8.0%
Diluted EPS	$2.12	$0.87	$1.50	+143.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	202	142	185	+42.3%
Capital expenditure	32.0	40.0	31.0	-20.0%
Free cash flow	170	102	154	+66.7%
Free cash flow margin	9.6%	6.1%	9.6%
Cash from investing	-32.0	-35.0	-31.0
Cash from financing	-137	-77.0	-489
Depreciation and amortisation	37.0	34.0	35.0	+8.8%
Share-based compensation	26.0	22.0	25.0	+18.2%
Buybacks	121	59.0	103	+105.1%
Diluted shares, weighted	81m	82m	86m	-1.3%
Shares outstanding at period end	78m	82m	83m	-3.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	136	61.0	2.0	+123.0%
Debt	593	609	625	-2.6%
Operating lease liabilities	16.0	18.0	19.0	-11.1%
Other liabilities	344	394	423	-12.7%
Total liabilities and equity	1,089	1,082	1,069	+0.6%
Fixed assets	60.0	66.0	66.0	-9.1%
Goodwill	503	503	512	0.0%
Intangible assets	143	148	159	-3.4%
Investments	0.0	n/a	n/a
Cash and equivalents	325	292	262	+11.3%
Receivables	6.0	5.0	7.0	+20.0%
Other assets	52.0	68.0	63.0	-23.5%
Total assets	1,089	1,082	1,069	+0.6%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.