Chegg Q4 revenue down 8% to $188M; subscribers fall 9%; appoints David Longo as CFO

Q4 2023 Highlights: • Total Net Revenues of $188.0 million, a decrease of 8% year-over-year • Subscription Services Revenues of $166.3 million, or 88% of total net revenues, a decrease of 6% year-over-year • Gross Margin of 76% • Non-GAAP Gross Margin of 78% • Net Income was $9.7 million • Non-GAAP Net Income was $42.7 million • Adjusted EBITDA was $66.2 million • 4.6 million Subscription Services subscribers, a decrease of 9% year-over-year

Full Year 2023 Highlights: • Total Net Revenues of $716.3 million, a decrease of 7% year-over-year • Subscription Services Revenues of $640.5 million, or 89% of total net revenues, a decrease of 5% year-over-year • Gross Margin of 68% driven lower by a one-time content and related assets charge of $38.2 million • Non-GAAP Gross Margin of 76% • Net Income was $18.2 million • Non-GAAP Net Income was $141.8 million • Adjusted EBITDA was $222.4 million • 7.7 million Subscription Services subscribers, a decrease of 6% year-over-year

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.