10-Q Filing

FRONTDOOR, INC. CIK: 1727263 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001562762-22-000217`
Period End Date	20220331
Filing Date	20220506
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ftdr-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 34 Cash Flow Statement 48 Stockholders Equity 11

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for receivables (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$255.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$262.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Receivables, less allowance of $3 and $2, respectively	`AccountsReceivableNetCurrent`	$5.00M	USD	Point-in-time
Receivables, less allowance of $3 and $2, respectively	`AccountsReceivableNetCurrent`	$7.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	85.98M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	85.80M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	82.30M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	83.23M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$295.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$282.00M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	3.68M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	2.57M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$66.00M	USD	Point-in-time
Goodwill	`Goodwill`	$512.00M	USD	Point-in-time
Goodwill	`Goodwill`	$512.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$159.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$157.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$17.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$16.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$16.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$18.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.00M	USD	Point-in-time
Total Assets	`Assets`	$1.06B	USD	Point-in-time
Total Assets	`Assets`	$1.07B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$66.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$24.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$17.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$88.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$81.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$23.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$28.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$190.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$155.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$17.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$17.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$378.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$402.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$604.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$608.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$41.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$45.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$19.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$9.00M	USD	Point-in-time
Other long-term obligations	`OtherLiabilitiesNoncurrent`	$21.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$72.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$81.00M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 85,980,791 shares issued and 82,303,166 shares outstanding at March 31, 2022 and 85,798,765 shares issued and 83,232,481 shares outstanding as of December 31, 2021	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 85,980,791 shares issued and 82,303,166 shares outstanding at March 31, 2022 and 85,798,765 shares issued and 83,232,481 shares outstanding as of December 31, 2021	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$70.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$73.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$53.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$55.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-33.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00M	USD	Point-in-time
Less common stock held in treasury, at cost; 3,677,625 shares at March 31, 2022 and 2,566,284 shares as of December 31, 2021	`TreasuryStockValue`	$103.00M	USD	Point-in-time
Less common stock held in treasury, at cost; 3,677,625 shares at March 31, 2022 and 2,566,284 shares as of December 31, 2021	`TreasuryStockValue`	$143.00M	USD	Point-in-time
Total (Deficit) Equity	`StockholdersEquity`	$2.00M	USD	Point-in-time
Total (Deficit) Equity	`StockholdersEquity`	$-20.00M	USD	Point-in-time
Total (Deficit) Equity	`StockholdersEquity`	$-46.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.06B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.07B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$329.00M	USD	1 Quarter
Revenue	`Revenues`	$351.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$181.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$207.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$148.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$144.00M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$125.00M	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`	$1.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$13.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.00M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.00M	USD	1 Quarter
Net unrealized gain on derivative instruments	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$13.00M	USD	1 Quarter
Net unrealized gain on derivative instruments	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$7.00M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$12.00M	USD	1 Quarter
Total Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$15.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	82.30M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	85.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	82.60M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$538.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$597.00M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.00M	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`	$6.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$1.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	-	USD	1 Quarter
Payments for restructuring charges	`PaymentsForRestructuring`	$1.00M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$2.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-1.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-2.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$-1.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$-1.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$35.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$40.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-8.00M	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$-6.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-8.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$52.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$47.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00M	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.00M	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00M	USD	1 Quarter
Payments of debt and finance lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$102.00M	USD	1 Quarter
Payments of debt and finance lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$4.00M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$40.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-105.00M	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-47.00M	USD	1 Quarter
Cash Decrease During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.00M	USD	1 Quarter
Cash Decrease During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-59.00M	USD	1 Quarter
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$538.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$597.00M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$2.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-20.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-46.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$5.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.00M	USD	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$40.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$13.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$2.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-20.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-46.00M	USD	Point-in-time

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