FTDR - frontdoor beats Q2 top and bottom line estimates; initiates Q3 and raises FY23 outlook

2023-08-02 08:11:26 ET

• frontdoor press release ( NASDAQ: FTDR ): Q2 Non-GAAP EPS of $0.87 beats by $0.32 .
• Revenue of $523M (+7.4% Y/Y) beats by $9.74M .
• Adjusted EBITDA increased 57% to $121 million.

• Updated Full-Year 2023 Outlook: Revenue range increased to $1.73 billion to $1.75 billion vs. consensus of $1.73B; Gross profit margin range increased to 45.5% to 47.5%; Adjusted EBITDA range increased to $260 million to $280 million.

• Capital expenditures remains at approximately $35 to $45 million, primarily consisting of technology investments.

• Annual effective tax rate remains at approximately 26%.

• Third-Quarter 2023 Outlook: Revenue of $500 million to $515 million vs. consensus of $496.74M, a 5% increase over the prior year period, reflecting approximately 15% growth in the renewals channel, partially offset by an approximately mid-20% decline in the first-year real estate channel and approximately a 15% decline in the first year direct to consumer channel.

• Adjusted EBITDA of $80 million to $90 million, a 7% increase over the prior year period.

For further details see: