10-Q Filing

FRONTDOOR, INC. CIK: 1727263 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001562762-23-000206`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ftdr-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 34 Cash Flow Statement 45 Stockholders Equity 11

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Allowance for receivables (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.00M	USD	Point-in-time
Allowance for receivables (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$337.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$292.00M	USD	Point-in-time
Receivables, less allowance of $3 and $4, respectively	`AccountsReceivableNetCurrent`	$6.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	86.08M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	86.29M	shares	Point-in-time
Receivables, less allowance of $3 and $4, respectively	`AccountsReceivableNetCurrent`	$5.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	81.52M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	81.72M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$33.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$330.00M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	4.56M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	4.57M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$381.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$66.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$66.00M	USD	Point-in-time
Goodwill	`Goodwill`	$503.00M	USD	Point-in-time
Goodwill	`Goodwill`	$503.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$146.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$148.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$16.00M	USD	Point-in-time
Deferred customer acquisition costs	`DeferredCosts`	$17.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.00M	USD	Point-in-time
Total Assets	`Assets`	$1.13B	USD	Point-in-time
Total Assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$82.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$19.00M	USD	Point-in-time
Payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$22.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$81.00M	USD	Point-in-time
Home service plan claims	`SelfInsuranceReserveCurrent`	$103.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$21.00M	USD	Point-in-time
Other	`OtherAccruedLiabilitiesCurrent`	$29.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$167.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$121.00M	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`	$364.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$396.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$588.00M	USD	Point-in-time
Long-Term Debt	`LongTermDebtAndCapitalLeaseObligations`	$592.00M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$37.00M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$39.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$17.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$8.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$8.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$62.00M	USD	Point-in-time
Total Other Long-Term Liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$65.00M	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; 86,294,094 shares issued and 81,723,843 shares outstanding as of March 31, 2023 and 86,079,773 shares issued and 81,517,243 shares outstanding as of December 31, 2022	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 86,294,094 shares issued and 81,723,843 shares outstanding as of March 31, 2023 and 86,079,773 shares issued and 81,517,243 shares outstanding as of December 31, 2022	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$92.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$90.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$146.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$124.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.00M	USD	Point-in-time
Less treasury stock, at cost; 4,570,251 shares as of March 31, 2023 and 4,562,530 shares as of December 31, 2022	`TreasuryStockValue`	$162.00M	USD	Point-in-time
Less treasury stock, at cost; 4,570,251 shares as of March 31, 2023 and 4,562,530 shares as of December 31, 2022	`TreasuryStockValue`	$162.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$61.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$83.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$-20.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$367.00M	USD	1 Quarter
Revenue	`Revenues`	$351.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$207.00M	USD	1 Quarter
Cost of services rendered	`CostOfGoodsAndServicesSold`	$197.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$170.00M	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`	$125.00M	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
Interest expense	`InterestExpense`	$7.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Interest and net investment income	`InvestmentIncomeNonoperating`	$3.00M	USD	1 Quarter
Income before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.00M	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`	$7.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$22.00M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.00M	USD	1 Quarter
Unrealized (loss) gain on derivative instruments, net of income taxes	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$13.00M	USD	1 Quarter
Unrealized (loss) gain on derivative instruments, net of income taxes	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTaxParent`	$-2.00M	USD	1 Quarter
Total Other Comprehensive (Loss) Income, Net of Income Taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$13.00M	USD	1 Quarter
Total Other Comprehensive (Loss) Income, Net of Income Taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.00M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$20.00M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$15.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	82.30M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	81.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	82.60M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	81.90M	shares	1 Quarter

Cash Flow Statement 45 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`	$337.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.00M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.00M	USD	Point-in-time
Net Income	`NetIncomeLoss`	$22.00M	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
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-2.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.00M	USD	1 Quarter
Restructuring charges	`RestructuringCharges`	$1.00M	USD	1 Quarter
Payments for restructuring charges	`PaymentsForRestructuring`	$1.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$2.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-2.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$1.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$-1.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseAndOtherOperatingAssets`	$6.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$35.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$46.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-24.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.00M	USD	1 Quarter
Current income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$47.00M	USD	1 Quarter
Net Cash Provided from Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$60.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00M	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`	$-8.00M	USD	1 Quarter
Repayments of debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$4.00M	USD	1 Quarter
Repayments of debt	`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`	$-47.00M	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.00M	USD	1 Quarter
Cash Increase (Decrease) During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$45.00M	USD	1 Quarter
Cash Increase (Decrease) During the Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.00M	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`	$337.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.00M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.00M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$61.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$83.00M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-20.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$22.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.00M	USD	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$162.00M	USD	1 Quarter
Repurchase of common stock	`TreasuryStockValueAcquiredCostMethod`	$40.00M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$61.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$83.00M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-20.00M	USD	Point-in-time

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