Chegg, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Chegg, Inc. filed its Q1 2024 10-Q report detailing financial performance and business operations.</b>

AI Summary

CHEGG, INC (CHGG) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Chegg, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 3990 Freedom Circle, Santa Clara, CA 95054. The company was incorporated in Delaware. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking CHEGG, INC, this filing contains several important signals. This filing provides investors with the latest financial statements and operational updates for Chegg, Inc., crucial for assessing the company's current health and future prospects. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding Chegg, Inc. (CHGG).

Risk Assessment

Risk Level: medium — CHEGG, INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe risks beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and operational efficiency for Chegg, Inc.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-04-29 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-01-01 — Prior Year Quarter Start Date (First quarter of fiscal year 2023)

Key Players & Entities

• CHEGG, INC (company) — FILER
• 2024-04-29 (date) — FILED AS OF DATE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• DE (jurisdiction) — STATE OF INCORPORATION
• 3990 FREEDOM CIRCLE (address) — BUSINESS ADDRESS
• SANTA CLARA (city) — BUSINESS ADDRESS
• CA (state) — BUSINESS ADDRESS
• 95054 (zip_code) — BUSINESS ADDRESS

FAQ

Industry Context

Chegg operates in the educational services sector, providing digital and physical textbook solutions, online tutoring, and academic support services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to Q1 2023.
2. Examine any disclosed changes in operating expenses and their impact on profitability.
3. Review management's discussion and analysis for insights into business strategy and outlook.

Year-Over-Year Comparison

The provided snippet contains data points for Q1 2024 and Q1 2023, allowing for year-over-year comparisons, but specific financial values are not detailed in this excerpt.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share CHGG The New York S
• $1,000 — their terms prior to such date. Each $1,000 principal amount of the 2026 notes will

Filing Documents

• chgg-20240331.htm (10-Q) — 844KB
• ex10012024-03x31.htm (EX-10.01) — 95KB
• ex10022024-03x31.htm (EX-10.02) — 89KB
• ex31012024-03x31.htm (EX-31.01) — 10KB
• ex31022024-03x31.htm (EX-31.02) — 10KB
• ex32012024-03x31.htm (EX-32.01) — 6KB
• chgg-20240331_g1.jpg (GRAPHIC) — 79KB
• 0001364954-24-000042.txt (&nbsp;) — 5206KB
• chgg-20240331.xsd (EX-101.SCH) — 29KB
• chgg-20240331_cal.xml (EX-101.CAL) — 61KB
• chgg-20240331_def.xml (EX-101.DEF) — 134KB
• chgg-20240331_lab.xml (EX-101.LAB) — 464KB
• chgg-20240331_pre.xml (EX-101.PRE) — 319KB
• chgg-20240331_htm.xml (XML) — 580KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations - for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive (Loss) Income - for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Stockholder's Equity - for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 27 Unless the context requires otherwise, the words "we," "us," "our," "Company" and "Chegg" refer to Chegg, Inc. and its subsidiaries taken as a whole. Chegg, Chegg.com, Chegg Study, EasyBib, the Chegg "C" logo, and Busuu are some of our trademarks used in this Quarterly Report on Form 10-Q. Solely for convenience, our trademarks, trade names and service marks referred to in this Quarterly Report on Form 10-Q appear without the , and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and trade names. Other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders. 2 Table of Contents NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations and results of operations are forward-looking statements. The words "believe," "may," "will," "would," "could," "estimate," "continue," "anticipate," "intend," "project," "endeavor," "expect," "plan to," "if," "future," "likely," "potentially," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part I

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CHEGG, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for number of shares and par value) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 143,747 $ 135,757 Short-term investments 247,013 194,257 Accounts receivable, net of allowance of $ 290 and $ 376 at March 31, 2024 and December 31, 2023, respectively 24,741 31,404 Prepaid expenses 20,429 20,980 Other current assets 30,010 32,437 Total current assets 465,940 414,835 Long-term investments 221,665 249,547 Property and equipment, net 188,430 183,073 Goodwill 628,784 631,995 Intangible assets, net 48,143 52,430 Right of use assets 23,521 25,130 Deferred tax assets 140,200 141,843 Other assets 15,961 28,382 Total assets $ 1,732,644 $ 1,727,235 Liabilities and stockholders' equity Current liabilities Accounts payable $ 20,119 $ 28,184 Deferred revenue 54,056 55,336 Accrued liabilities 73,555 77,863 Current portion of convertible senior notes, net 357,458 357,079 Total current liabilities 505,188 518,462 Long-term liabilities Convertible senior notes, net 242,919 242,758 Long-term operating lease liabilities 16,460 18,063 Other long-term liabilities 4,603 3,334 Total long-term liabilities 263,982 264,155 Total liabilities 769,170 782,617 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $ 0.001 par value per share, 10,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.001 par value per share: 400,000,000 shares authorized; 101,569,933 and 102,823,700 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 102 103 Additional paid-in capital 1,057,837 1,031,627 Accumulated other comprehensive loss ( 40,672 ) ( 34,739 ) Accumulated deficit ( 53,793 ) ( 52,373 ) Total stockholders' equity 963,474 944,618 Total liabilities and stockholders' equity $ 1,732,644 $ 1,727,235 See Notes to Con