Chegg Files Q3 2024 10-Q

TL;DR

Chegg's Q3 2024 10-Q is in. Get the latest numbers.

AI Summary

Chegg, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial figures and business segments are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Chegg, Inc., crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal significant financial health and operational risks.

Key Numbers

• Q3 2024 — Reporting Period (The primary period covered by the 10-Q filing.)
• 2024-09-30 — Period End Date (The specific date through which financial information is reported.)
• 2024-11-12 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• CHEGG, INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date
• SANTA CLARA (location) — Company headquarters city

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-20240930.htm (10-Q) — 1349KB
• ex31012024-09x30.htm (EX-31.01) — 10KB
• ex31022024-09x30.htm (EX-31.02) — 10KB
• ex32012024-09x30.htm (EX-32.01) — 6KB
• chgg-20240930_g1.jpg (GRAPHIC) — 79KB
• 0001364954-24-000085.txt ( ) — 7408KB
• chgg-20240930.xsd (EX-101.SCH) — 43KB
• chgg-20240930_cal.xml (EX-101.CAL) — 85KB
• chgg-20240930_def.xml (EX-101.DEF) — 198KB
• chgg-20240930_lab.xml (EX-101.LAB) — 627KB
• chgg-20240930_pre.xml (EX-101.PRE) — 434KB
• chgg-20240930_htm.xml (XML) — 1040KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): 4 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations - for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive (Loss) Income - for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity - for the Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - for the Nine Months Ended September 30, 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 40 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) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 152,073 $ 135,757 Short-term investments 209,003 194,257 Accounts receivable, net of allowance of $ 208 and $ 376 at September 30, 2024 and December 31, 2023, respectively 23,749 31,404 Prepaid expenses 24,706 20,980 Other current assets 86,980 32,437 Total current assets 496,511 414,835 Long-term investments 270,161 249,547 Property and equipment, net 177,882 183,073 Goodwill, net — 631,995 Intangible assets, net 11,424 52,430 Right of use assets 29,071 25,130 Deferred tax assets, net 2,308 141,843 Other assets 15,315 28,382 Total assets $ 1,002,672 $ 1,727,235 Liabilities and stockholders' equity Current liabilities Accounts payable $ 18,124 $ 28,184 Deferred revenue 44,355 55,336 Accrued liabilities 125,138 77,863 Current portion of convertible senior notes, net 358,222 357,079 Total current liabilities 545,839 518,462 Long-term liabilities Convertible senior notes, net 243,242 242,758 Long-term operating lease liabilities 23,665 18,063 Other long-term liabilities 4,945 3,334 Total long-term liabilities 271,852 264,155 Total liabilities 817,691 782,617 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; 103,967,436 and 102,823,700 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 104 103 Additional paid-in capital 1,098,242 1,031,627 Accumulated other comprehensive loss ( 30,049 ) ( 34,739 ) Accumulated deficit ( 883,316 ) ( 52,373 ) Total stockholders' equity 184,981 944,618 Total liabilities and stockholders' equity $ 1,002,672 $ 1,727,235