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Frontdoor (FTDR) Q1 FY2024 earnings: revenue $378 million, up 3.0% on the year

Frontdoor, Inc. (FTDR) reported revenue of $378 million for Q1 FY2024, the quarter ended 31 March 2024, up 3.0% on the same quarter a year earlier. Net income was $34 million, up 54.5% on the year, and diluted earnings per share $0.43. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$378 millionup 3.0%
Net income$34 millionup 54.5%
Diluted EPS$0.43
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue378366n/an/a
Cost of revenue184189n/an/a
Gross profit195177n/an/a
Gross margin51.6%48.4%n/a
Selling, general and administrative135142n/an/a
Interest expense10.010.0n/an/a
Pre-tax income45.011.0n/an/a
Income tax11.03.0n/an/a
Effective tax rate24.4%27.3%n/a
Net income34.08.0n/an/a
Net margin9.0%2.2%n/a
Diluted EPS$0.43$0.11n/an/a
$ million except per share.
Read moreFourth 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

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow84.063.0n/an/a
Capital expenditure10.09.0n/an/a
Free cash flow74.054.0n/an/a
Free cash flow margin19.6%14.8%n/a
Cash from investing-10.0-9.0n/an/a
Cash from financing-21.0-49.0n/an/a
Depreciation and amortisation9.010.0n/an/a
Share-based compensation7.05.0n/an/a
Buybacks13.0n/an/an/a
Diluted shares, weighted79m81mn/an/a
Shares outstanding at period end78m78mn/an/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

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity162136n/an/a
Debt589593n/an/a
Operating lease liabilities20.016.0n/an/a
Other liabilities375344n/an/a
Total liabilities and equity1,1461,089n/an/a
Fixed assets64.060.0n/an/a
Goodwill503503n/an/a
Intangible assets143143n/an/a
Investmentsn/a0.0n/an/a
Cash and equivalents378325n/an/a
Receivables4.06.0n/an/a
Other assets54.052.0n/an/a
Total assets1,1461,089n/an/a

Questions

What was Frontdoor's revenue in Q1 FY2024?

Frontdoor (FTDR) reported revenue of $378 million for Q1 FY2024, the quarter ended 31 March 2024, up 3.0% on the same quarter a year earlier.

How much did Frontdoor earn in Q1 FY2024?

Net income for Q1 FY2024 was $34 million, up 54.5% on the year, and diluted earnings per share $0.43.

When did Frontdoor report Q1 FY2024 results?

Frontdoor filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 2024.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue524366378542540383426617618432451645
Cost of revenue256189184237235196191261264220203267
Gross profit268177195306306184235356353213248378
Gross margin51%48%52%56%57%48%55%58%57%49%55%59%
SG&A152142135167154156151172174172162176
Interest expense10.010.010.010.010.010.019.020.020.020.019.019.0
Pre-tax income96.011.045.01241346.048.01461422.051.0167
Tax rate25%27%24%26%25%-50%23%25%26%0%20%25%
Net income71.08.034.092.01009.037.01111061.041.0125
Net margin14%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$1.42n/a$0.57$1.76
Operating cash flow27.063.084.010325.058.012412764.0101119126
Capital expenditure8.09.010.012.09.08.07.07.06.06.06.06.0
Free cash flow19.054.074.091.016.050.011712058.095.0113120
Buybacks42.0n/a13.045.062.041.071.064.060.088.061.091.0
Shares outstanding80m78m78m77m76m75m74m73m72m71m71m69m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000950170-24-052064: the filing on EDGAR. All of Frontdoor, Inc.'s filings: EDGAR company page.

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