Frontdoor, Inc. Files Q3 2024 10-Q
Ticker: FTDR · Form: 10-Q · Filed: Nov 4, 2024 · CIK: 1727263
| Field | Detail |
|---|---|
| Company | Frontdoor, Inc. (FTDR) |
| Form Type | 10-Q |
| Filed Date | Nov 4, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01, $250 million, $260 million, $380 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, sec-filing
Related Tickers: FTDR
TL;DR
**FTDR Q3 2024 10-Q FILED. Financials and operations detailed.**
AI Summary
Frontdoor, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures are provided, reflecting the company's ongoing business activities and market position.
Why It Matters
This filing provides investors with crucial financial and operational insights into Frontdoor, Inc.'s performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial disclosures which can reveal performance trends and potential future challenges.
Key Numbers
- 38125 — ZIP Code (Company's business and mail address)
- 901-701-5000 — Phone Number (Company's business phone number)
Key Players & Entities
- Frontdoor, Inc. (company) — Filer of the 10-Q
- 0000950170-24-120674 (other) — Accession Number for the filing
- 20240930 (date) — Period of report
- 20241104 (date) — Filing date
- MEMPHIS (location) — City of company headquarters
- TN (location) — State of company headquarters
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, indicating the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
The filing date is 20241104.
What is Frontdoor, Inc.'s Standard Industrial Classification code?
Frontdoor, Inc.'s SIC code is 7340, categorized under SERVICES-TO DWELLINGS & OTHER BUILDINGS.
What is the company's primary business address?
The company's business address is 3400 PLAYERS CLUB PARKWAY, STE. 300, MEMPHIS, TN 38125.
What is the SEC file number for Frontdoor, Inc.?
The SEC file number is 001-38617.
Filing Stats: 4,517 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-11-04 16:05:26
Key Financial Figures
- $0.01 — ch Registered Common stock, par value $0.01 per share FTDR The Nasdaq Stock Mar
- $250 million — dco, Inc. Revolving Credit Facility $250 million revolving credit facility effective Jun
- $260 million — ing to provide services Term Loan A $260 million term loan A facility effective June 17,
- $380 million — effective June 17, 2021 Term Loan B $380 million term loan B facility effective June 17,
Filing Documents
- ftdr-20240930.htm (10-Q) — 1949KB
- ftdr-ex31_1.htm (EX-31.1) — 14KB
- ftdr-ex31_2.htm (EX-31.2) — 13KB
- ftdr-ex32_1.htm (EX-32.1) — 7KB
- ftdr-ex32_2.htm (EX-32.2) — 7KB
- img70311927_0.jpg (GRAPHIC) — 65KB
- 0000950170-24-120674.txt ( ) — 7504KB
- ftdr-20240930.xsd (EX-101.SCH) — 844KB
- ftdr-20240930_htm.xml (XML) — 1332KB
Financial Information
Part I. Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Statements of Financial Position 4 Condensed Consolidated Statements of Changes in Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7 Cautionary Statement Concerning Forward-Looking Statements 17
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 32
Other Information
Part II. Other Information 32
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Exhibits
Item 6. Exhibits 36 Signature 37 2
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Frontdoor, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In millions, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue $ 540 $ 524 $ 1,461 $ 1,414 Cost of services rendered 235 256 655 706 Gross Profit 306 268 806 708 Selling and administrative expenses 154 152 456 439 Depreciation and amortization expense 10 9 28 28 Restructuring charges 3 5 5 6 Interest expense 10 10 29 30 Interest and net investment income ( 5 ) ( 4 ) ( 15 ) ( 12 ) Income before Income Taxes 134 96 303 217 Provision for income taxes 34 24 77 54 Net Income $ 100 $ 71 $ 226 $ 163 Other Comprehensive (Loss) Income, Net of Income Taxes: Unrealized (loss) gain on derivative instruments, net of income taxes ( 4 ) — ( 3 ) 2 Total Other Comprehensive (Loss) Income, Net of Income Taxes ( 4 ) — ( 3 ) 2 Comprehensive Income $ 97 $ 72 $ 223 $ 164 Earnings per Share: Basic $ 1.32 $ 0.89 $ 2.92 $ 2.01 Diluted $ 1.30 $ 0.89 $ 2.90 $ 2.00 Weighted-average Common Shares Outstanding: Basic 76.2 80.1 77.4 81.0 Diluted 77.1 80.6 78.0 81.3 See the accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited). 3 Frontdoor, Inc. Condensed Consolidated Statements of Financial Position (Unaudited) (In millions, except share data) As of September 30, December 31, 2024 2023 Assets: Current Assets: Cash and cash equivalents $ 375 $ 325 Receivables, less allowance of $ 5 and $ 5 , respectively 6 6 Prepaid expenses and other current assets 28 32 Contract assets 75 — Total Current Assets 484 363 Other Assets: Property and equipment, net 68 60