10-Q Filing

FRONTDOOR, INC. CIK: 1727263 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001562762-21-000203`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ftdr-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 37 Cash Flow Statement 53 Stockholders Equity 10

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for receivables (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Allowance for receivables (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$597.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$428.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$482.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$538.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	85.68M	shares	Point-in-time
Receivables, less allowance of $2 in each period	`AccountsReceivableNetCurrent`	$5.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	85.48M	shares	Point-in-time
Receivables, less allowance of $2 in each period	`AccountsReceivableNetCurrent`	$4.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	85.48M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$24.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	85.68M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$573.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$626.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.00M	USD	Point-in-time
Goodwill	`Goodwill`	$512.00M	USD	Point-in-time
Goodwill	`Goodwill`	$512.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$167.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$170.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$20.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$20.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$19.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.00M	USD	Point-in-time
Total Assets	`Assets`	$1.35B	USD	Point-in-time
Total Assets	`Assets`	$1.41B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$55.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$66.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$23.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$19.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$85.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$90.00M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$9.00M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$3.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$32.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$32.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$227.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$187.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$7.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$7.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$403.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$439.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$968.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$868.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$41.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$38.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$23.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$40.00M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$30.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$96.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$94.00M	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 85,680,630 shares issued and 85,679,700 shares outstanding at March 31, 2021 and 85,477,779 shares issued and outstanding at December 31, 2020	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 85,680,630 shares issued and 85,679,700 shares outstanding at March 31, 2021 and 85,477,779 shares issued and outstanding at December 31, 2020	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$49.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$46.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-75.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-70.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-36.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-33.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.00M	USD	Point-in-time
Total Deficit	`StockholdersEquity`	$-46.00M	USD	Point-in-time
Total Deficit	`StockholdersEquity`	$-178.00M	USD	Point-in-time
Total Deficit	`StockholdersEquity`	$-61.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.41B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.35B	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$329.00M	USD	1 Quarter
Revenue	`Revenues`	$294.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$147.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$181.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$148.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$147.00M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$105.00M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$118.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$9.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$8.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$3.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$13.00M	USD	1 Quarter
Interest and net investment income	`InterestAndNetInvestmentIncomeLoss`	-	USD	1 Quarter
Interest and net investment income	`InterestAndNetInvestmentIncomeLoss`	$2.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	Point-in-time
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.00M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$13.00M	USD	1 Quarter
Net unrealized gain (loss) on derivative instruments	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$7.00M	USD	1 Quarter
Net unrealized gain (loss) on derivative instruments	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$-15.00M	USD	1 Quarter
Total Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$-2.00M	USD	1 Quarter
Total Comprehensive Income (Loss)	`ComprehensiveIncomeNetOfTax`	$12.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	85.40M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	85.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.00M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$597.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$428.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$482.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$538.00M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$13.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$9.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$8.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$3.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$1.00M	USD	1 Quarter
Payments for restructuring charges	`PaymentsForRestructuring`	$1.00M	USD	1 Quarter
Payments for restructuring charges	`PaymentsForRestructuring`	$3.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	Point-in-time
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-1.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-3.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$-1.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$-2.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$40.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$40.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-15.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-8.00M	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$-6.00M	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$-6.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-8.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$60.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$52.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00M	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	1 Quarter
Purchases of available-for-sale securities	`PaymentsToAcquireAvailableForSaleSecurities`	$2.00M	USD	1 Quarter
Sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$7.00M	USD	1 Quarter
Sales and maturities of available-for-sale securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	-	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00M	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.00M	USD	1 Quarter
Payments of debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$2.00M	USD	1 Quarter
Payments of debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$102.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.00M	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-105.00M	USD	1 Quarter
Cash (Decrease) Increase During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-59.00M	USD	1 Quarter
Cash (Decrease) Increase During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$54.00M	USD	1 Quarter
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$597.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$428.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$482.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$538.00M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$-46.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-178.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-61.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-15.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$-46.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-178.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-61.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.