Frontdoor raises FY25 revenue view to $2.055B-$2.075B from $2.03B-$2.05B

Consensus $2.04B. Sees FY25: 2%-4% increase in realized price. 9-10% increase in volume. Approximately 10% increase in renewal channel revenue. Low single-digit increase in direct-to-consumer channel revenue. High single-digit increase in real estate channel revenue. Other revenue of $180 million to $190 million, an approximately $70 million increase versus the prior year. This is primarily driven by the addition of New Home Structural Warranty revenue, and increases in our New HVAC and Moen programs. Home warranty member count to decline 1%-3% in 2025.