Chegg Q1 revenue down 7% to $174.4M; Nathan Schultz to become CEO June 1

CHEGG, INC

2024-Q1 EPS reported -$0.01 revenue$174,350,000

Total net revenues $174.4M (-7% YoY); subscription services revenue $154.1M (-9% YoY).
Net loss $1.4M; non-GAAP net income $29.6M; adjusted EBITDA $46.7M.
Subscription services subscribers 4.7M, down 8% year over year.
Nathan Schultz appointed President and CEO effective June 1; Dan Rosensweig becomes Executive Chairman.
Company targeting 30%+ adjusted EBITDA margin for 2025 via expense alignment.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Nathan Schultz

President and Chief Executive Officer

CHGG · CHEGG, INC

Effective: 2024-06-01
Filed: April 29, 2024, 7:59 PM ET

appointed Nathan Schultz as the President and Chief Executive Officer ("CEO") of the Company, effective as of June 1, 2024

Role change

Dan Rosensweig

Executive Chair

CHGG · CHEGG, INC

Effective: 2024-06-01
Successor: Nathan Schultz
Filed: April 29, 2024, 7:59 PM ET

Dan Rosensweig, the Company's President, CEO and Co-Chairperson of the Board, will resign from his positions as President and CEO and be appointed as the Company's Executive Chair.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CHEGG, INC reported the three months ended March 31, 2024 results: revenue $174.4 million, net income Net Loss was $1.4 million.

Period: the three months ended March 31, 2024
Revenue: $174.4 million
Net income: Net Loss was $1.4 million
Result: reported results

Exact text from the filing

our expense base relative to current revenue trends, with the goal of 30% or greater Adjusted EBITDA margin for 2025.” First Quarter 2024 Highlights • Total Net Revenues of $174.4 million, a decrease of 7% year-over-year • Subscription Services Revenues of $154.1 million, a decrease of 9% year-over-year • Gross Margin of 73% • Non-GAAP Gross Margin of 75% • Net

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Nathan Schultz was appointed as President and Chief Executive Officer at CHEGG, INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

appointed Nathan Schultz as the President and Chief Executive Officer ("CEO") of the Company, effective as of June 1, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dan Rosensweig was appointed as Executive Chair at CHEGG, INC.

Action: appointed
Role: Executive Chair

Exact text from the filing

Dan Rosensweig, the Company's President, CEO and Co-Chairperson of the Board, will resign from his positions as President and CEO and be appointed as the Company's Executive Chair.

View on SEC.gov

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

CHEGG, INC filing history →

Source: SEC EDGAR

accession 0001364954-24-000040

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