Chegg 8-K Signals Upcoming Financials, Officer Changes

Ticker: CHGG · Form: 8-K · Filed: Feb 5, 2024

Sentiment: neutral

Topics: financial-condition, officer-changes, compensatory-arrangements

TL;DR

**Chegg's 8-K means financial results and possible executive shake-ups are coming soon.**

AI Summary

Chegg, Inc. filed an 8-K on February 5, 2024, reporting events that occurred on February 2, 2024. This filing indicates that the company will be disclosing its "Results of Operations and Financial Condition," as well as information regarding "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers." This matters to investors because it signals upcoming financial results and potential changes in leadership or executive compensation, which can significantly impact the company's future direction and stock performance.

Why It Matters

This filing alerts investors to imminent financial disclosures and potential executive changes, both critical factors influencing Chegg's stock valuation and strategic outlook.

Risk Assessment

Risk Level: medium — The filing indicates upcoming financial results and potential changes in officers or their compensation, which can introduce volatility and uncertainty for investors.

Analyst Insight

A smart investor would monitor Chegg's upcoming announcements closely for the detailed financial results and any specific changes in executive personnel or compensation, as these will provide concrete data points for evaluating the company's future prospects.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

What specific items are being reported in this 8-K filing by Chegg, Inc.?

Chegg, Inc. is reporting on 'Results of Operations and Financial Condition' and 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers,' as per the 'ITEM INFORMATION' section of the filing.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on February 2, 2024, as stated in the 'Date of report (Date of earliest event reported): February 2, 2024' section.

What is Chegg, Inc.'s trading symbol and on which exchange is its common stock registered?

Chegg, Inc.'s common stock trades under the symbol 'CHGG' and is registered on The New York Stock Exchange, as indicated under 'Securities registered pursuant to Section 12(b) of the Act'.

What is the business address and phone number for Chegg, Inc.?

Chegg, Inc.'s business address is 3990 Freedom Circle, Santa Clara, California 95054, and its telephone number is (408) 855-5700, according to the 'BUSINESS ADDRESS' section.

What is the purpose of an 8-K filing for Chegg, Inc. in this context?

An 8-K filing is a 'Current Report' used to announce major events that shareholders should know about. In this context, Chegg is using it to pre-announce upcoming financial results and potential changes in its executive team or their compensation, which are significant developments.

Filing Stats: 1,355 words · 5 min read · ~5 pages · Grade level 11.2 · Accepted 2024-02-05 16:08:54

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On February 5, 2024, Chegg, Inc. ("Chegg") issued a press release announcing its financial results for the quarter and year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.01 to this Current Report on Form 8-K. The information contained in this Item 2.02, including the press release attached as Exhibit 99.01 to this Current Report on Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.01 shall not be incorporated by reference into any registration statement or other document filed by Chegg with the Securities and Exchange Commission ("SEC"), whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers On February 2, 2024, the Board of Directors of Chegg, Inc. (the "Company") appointed David Longo, 56, as the Company's Chief Financial Officer, Principal Financial Officer, and Treasurer, effective February 21, 2024, to serve until his successor is duly elected and qualified or until the earlier of his death, resignation or removal. Mr. Longo is replacing Andrew Brown, who notified the Company of his retirement in October 2023, as previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 30, 2023. Mr. Longo has served as the Company's Vice President, Chief Accounting Officer, Corporate Controller, Assistant Treasurer, and Principal Accounting Officer since December 2021. Prior to joining the Company, Mr. Longo served as Chief Accounting Officer at Spire Global, Inc., a data and analytics company, from October 2021 to December 2021; as Chief Accounting Officer at Shutterfly, Inc., a digital retailer and manufacturer of high-quality personalized products and services, from August 2020 to October 2021; as Senior Vice President, Controller at CBS Interactive, Inc., a division of CBS Inc., an online content network for information and entertainment, from October 2017 to July 2020 and as Vice President, Controller of CBS Interactive, Inc. from February 2013 to October 2017. Mr. Longo holds a B.S. in business administration, with a concentration in accounting, from Boston University and is a licensed CPA. There are no family relationships between Mr. Longo and any of the Company's directors or executive officers. There are no arrangements or understandings between Mr. Longo and any other persons pursuant to which Mr. Longo was appointed as the Company's Chief Financial Officer, Principal Financial Officer, and Treasurer. Mr. Longo does not have a direct or indirect material interest in any

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report, including statements regarding Mr. Longo's role, responsibilities, compensation, and equity grant are forward-looking statements. The words "will," "plans," "expects" and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the effective date of Mr. Longo's appointment and the timing of Mr. Longo's RSU award. In addition, new risks may emerge from time to time and it is not possible for the Company to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forwardlooking statements made. In light of these risks, uncertainties and assumptions, the future events discussed in this Current Report on Form 8K may not occur and actual future results may be materially different from those anticipated or implied in the forwardlooking statements.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.01 Press release issued by Chegg, Inc., dated February 5, 2024 (Chegg Reports 2023 Fourth Quarter and Full Year Financial Results) 99.02 Press release issued by Chegg, Inc., dated February 5, 2024 ( Chegg Appoints David Longo as Chief Financial Officer) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CHEGG, INC. By: /s/ Andrew Brown Andrew Brown Chief Financial Officer Date: February 5, 2024

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