Chegg, Inc. Files 10-Q for Q2 2024

TL;DR

Chegg's Q2 2024 10-Q is in. Check financials.

AI Summary

Chegg, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company's fiscal year ends on December 31st, and this filing covers the second quarter of 2024. Key financial data and operational details are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial updates for Chegg, Inc., allowing investors to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and market conditions can introduce medium-level risk.

Key Numbers

• 20240630 — Period End Date (Covers financial data up to this date.)
• 20240805 — Filing Date (Date the report was submitted to the SEC.)

Key Players & Entities

• CHEGG, INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240805 (date) — Filing Date
• SANTA CLARA (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share CHGG The New York S

Filing Documents

• chgg-20240630.htm (10-Q) — 1290KB
• ex31012024-06x30.htm (EX-31.01) — 10KB
• ex31022024-06x30.htm (EX-31.02) — 10KB
• ex32012024-06x30.htm (EX-32.01) — 6KB
• chgg-20240630_g1.jpg (GRAPHIC) — 79KB
• 0001364954-24-000072.txt ( ) — 7096KB
• chgg-20240630.xsd (EX-101.SCH) — 42KB
• chgg-20240630_cal.xml (EX-101.CAL) — 79KB
• chgg-20240630_def.xml (EX-101.DEF) — 184KB
• chgg-20240630_lab.xml (EX-101.LAB) — 598KB
• chgg-20240630_pre.xml (EX-101.PRE) — 415KB
• chgg-20240630_htm.xml (XML) — 988KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets - June 3 0 , 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations - for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive (Loss) Income - for the Three and Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity - for the Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - for the S ix Months Ended June 3 0 , 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 35 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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 133,068 $ 135,757 Short-term investments 212,396 194,257 Accounts receivable, net of allowance of $ 183 and $ 376 at June 30, 2024 and December 31, 2023, respectively 20,964 31,404 Prepaid expenses 30,841 20,980 Other current assets 36,279 32,437 Total current assets 433,548 414,835 Long-term investments 259,925 249,547 Property and equipment, net 179,278 183,073 Goodwill 189,769 631,995 Intangible assets, net 12,848 52,430 Right of use assets 21,508 25,130 Deferred tax assets 2,287 141,843 Other assets 15,167 28,382 Total assets $ 1,114,330 $ 1,727,235 Liabilities and stockholders' equity Current liabilities Accounts payable $ 14,424 $ 28,184 Deferred revenue 45,023 55,336 Accrued liabilities 68,001 77,863 Current portion of convertible senior notes, net 357,838 357,079 Total current liabilities 485,286 518,462 Long-term liabilities Convertible senior notes, net 243,079 242,758 Long-term operating lease liabilities 15,595 18,063 Other long-term liabilities 4,870 3,334 Total long-term liabilities 263,544 264,155 Total liabilities 748,830 782,617 Commitments and contingencies (Note 8) 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; 103,360,633 and 102,823,700 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 103 103 Additional paid-in capital 1,075,989 1,031,627 Accumulated other comprehensive loss ( 39,915 ) ( 34,739 ) Accumulated deficit ( 670,677 ) ( 52,373 ) Total stockholders' equity 365,500 944,618 Total liabilities and stockholders' equity $ 1,114,330 $ 1,727,235 See Notes to Condens