Chegg Q3 net loss $18.3M, revenue down 4% YoY, CFO to retire

CHEGG, INC

2023-Q3 EPS reported -$0.24 revenue$528,308,000

Total net revenues $157.9M, down 4% YoY; subscription services revenues $139.9M, down 4%.
Net loss $18.3M; non-GAAP net income $23.2M; Adjusted EBITDA $38.8M.
Gross margin 47% impacted by $38.2M one-time content charge; non-GAAP gross margin 74%.
Subscribers 4.4M, down 8% YoY; company rolling out AI-powered user experience.
CFO Andrew Brown plans to retire once successor is hired; departure not due to disagreement.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Andrew Brown

Chief Financial Officer

CHGG · CHEGG, INC

Filed: October 30, 2023, 7:59 PM ET

On October 26, 2023, Andrew Brown notified Chegg, Inc. (the “Company”) that he plans to retire from his position as Chief Financial Officer and Principal Financial Officer once Chegg hires his replacement.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CHEGG, INC reported three months ended September 30, 2023 results: revenue $157.9 million, net income $(18.3 million).

Period: three months ended September 30, 2023
Revenue: $157.9 million
Net income: $(18.3 million)
Result: reported results

Exact text from the filing

to roll out our new simple user interface and unified asking experience, delivering faster and more relevant solutions.” Third Quarter 2023 Highlights • Total Net Revenues of $157.9 million, a decrease of 4% year-over-year • Subscription Services Revenues of $139.9 million, or 89% of total net revenues, a decrease of 4% year-over-year • Gross Margin of 47% driven

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Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Brown departed as Chief Financial Officer at CHEGG, INC.

Action: plans to retire
Role: Chief Financial Officer

Exact text from the filing

On October 26, 2023, Andrew Brown notified Chegg, Inc. (the “Company”) that he plans to retire from his position as Chief Financial Officer and Principal Financial Officer once Chegg hires his replacement.

View on SEC.gov

20 earnings releases filed in the last 30 days. Browse all earnings releases →

CHEGG, INC filing history →

Source: SEC EDGAR

accession 0001364954-23-000144

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