Frontdoor (FTDR) Q2 FY2024 earnings: revenue $542 million, up 3.6% on the year

Frontdoor, Inc. (FTDR) reported revenue of $542 million for Q2 FY2024, the quarter ended 30 June 2024, up 3.6% on the same quarter a year earlier. Net income was $92 million, up 31.4% on the year, and diluted earnings per share $1.18. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2024.

Revenue$542 millionup 3.6%

Net income$92 millionup 31.4%

Diluted EPS$1.18

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	542	378	n/a	n/a
Cost of revenue	237	184	n/a	n/a
Gross profit	306	195	n/a	n/a
Gross margin	56.5%	51.6%	n/a
Selling, general and administrative	167	135	n/a	n/a
Interest expense	10.0	10.0	n/a	n/a
Pre-tax income	124	45.0	n/a	n/a
Income tax	32.0	11.0	n/a	n/a
Effective tax rate	25.8%	24.4%	n/a
Net income	92.0	34.0	n/a	n/a
Net margin	17.0%	9.0%	n/a
Diluted EPS	$1.18	$0.43	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	103	84.0	n/a	n/a
Capital expenditure	12.0	10.0	n/a	n/a
Free cash flow	91.0	74.0	n/a	n/a
Free cash flow margin	16.8%	19.6%	n/a
Cash from investing	-12.0	-10.0	n/a	n/a
Cash from financing	-50.0	-21.0	n/a	n/a
Depreciation and amortisation	9.0	9.0	n/a	n/a
Share-based compensation	8.0	7.0	n/a	n/a
Buybacks	45.0	13.0	n/a	n/a
Diluted shares, weighted	78m	79m	n/a	n/a
Shares outstanding at period end	77m	78m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	214	162	n/a	n/a
Debt	586	589	n/a	n/a
Operating lease liabilities	21.0	20.0	n/a	n/a
Other liabilities	379	375	n/a	n/a
Total liabilities and equity	1,200	1,146	n/a	n/a
Fixed assets	68.0	64.0	n/a	n/a
Goodwill	503	503	n/a	n/a
Intangible assets	142	143	n/a	n/a
Cash and equivalents	419	378	n/a	n/a
Receivables	7.0	4.0	n/a	n/a
Other assets	61.0	54.0	n/a	n/a
Total assets	1,200	1,146	n/a	n/a

Questions

What was Frontdoor's revenue in Q2 FY2024?

Frontdoor (FTDR) reported revenue of $542 million for Q2 FY2024, the quarter ended 30 June 2024, up 3.6% on the same quarter a year earlier.

How much did Frontdoor earn in Q2 FY2024?

Net income for Q2 FY2024 was $92 million, up 31.4% on the year, and diluted earnings per share $1.18.

When did Frontdoor report Q2 FY2024 results?

Frontdoor filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 1 August 2024.

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-Q for the period ended 30 June 2024, filed 1 August 2024, accession 0000950170-24-089247: the filing on EDGAR. All of Frontdoor, Inc.'s filings: EDGAR company page.

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