Chegg, Inc. operates student-first connected learning platform that empowers students to take control of their education to save time, save money, and get smarter. The company, through its Student Hub, rents and sells print textbooks; and provides eTextbooks, supplemental materials, Chegg Study service, textbook buyback, courses, internships, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services. Chegg, Inc. has a strategic alliance with Ingram Content Group Inc. The company was founded in 2005 and is headquartered in Santa Clara, California.
3990 Freedom Circle
Santa Clara, CA 95054
Founded in 2005
Chegg, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year 2015
Aug 3 15
Chegg, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total net revenues of USD 67,061,000 compared to USD 64,492,000 a year ago. Loss from operations was USD 9,697,000 compared to USD 9,642,000 a year ago. Loss before provision for income taxes was USD 9,701,000 compared to USD 9,613,000 a year ago. Net loss was USD 10,131,000 or USD 0.12 per basic and diluted share compared to USD 8,246,000 or USD 0.10 per basic and diluted share a year ago. Adjusted EBITDA was USD 3,206,000 compared to USD 1,556,000 a year ago. Non-GAAP operating income was USD 1,402,000 compared to USD 50,000 a year ago. Non-GAAP net income was USD 968,000 compared to loss of USD 180,000 a year ago. EBITDA was USD 6,402,000 compared to USD 11,058,000 a year ago. Pro forma net revenues, non-GAAP was USD 32,731,000 compared to USD 23,917,000 a year ago.
For the six months period, the company reported total net revenues of USD 151,933,000 compared to USD 138,885,000 a year ago. Loss from operations was USD 37,960,000 compared to USD 35,243,000 a year ago. Loss before provision for income taxes was USD 37,949,000 compared to USD 35,155,000 a year ago. Net loss was USD 38,673,000 or USD 0.45 per basic and diluted share compared to USD 34,005,000 or USD 0.41 per basic and diluted share a year ago. Net cash used in operating activities was USD 13,059,000 compared to net cash provided by operating activities of USD 22,598,000 a year ago. Purchases of property and equipment were USD 4,146,000 compared to USD 2,496,000 a year ago. Adjusted LBITDA was USD 1,073,000 compared to USD 15,026,000 a year ago. Non-GAAP operating loss was USD 4,489,000 compared to USD 17,966,000 a year ago. Non-GAAP net loss was USD 5,202,000 compared to USD 18,354,000 share a year ago. LBITDA was USD 3,939,000 compared to EBITDA of USD 7,707,000 a year ago. Pro forma net revenues, non -GAAP was USD 80,990,000 compared to USD 59,832,000 a year ago.
For the third quarter of 2015, the company expects revenue in the range of USD 74 million to USD 80 million, total gross margin on both a GAAP and non-GAAP basis of approximately 23% and 25% and adjusted LBITDA in the range of USD 12 million to USD 9 million. Adjusted LBITDA guidance for the third quarter includes approximately USD 9.1 million, for textbook depreciation and excludes approximately USD 14.8 million for stock-based compensation; USD 1.1 million for amortization of intangible assets; USD 0.1 million for restructuring charges; USD 2.4 million for transitional logistic charges; and USD 0.2 million for acquisition-related costs. The Adjusted LBITDA loss reflects the seasonality of the print business where third quarter is impacted by the recognition of expenses associated with the start of the school year, but revenue was recognized ratably over the semester.
For the fiscal year 2015, the company expects revenues in the range of USD 295 million to USD 310 million, total gross margin on both a GAAP and non-GAAP basis to be approximately 36% and 38%; adjusted EBITDA of breakeven to USD 5 million and free cash flow between USD 15 million and USD 20 million. The slight reduction on the high end is the result of onetime costs associated with the Ingram transition. Adjusted EBITDA guidance for the fiscal year includes approximately USD USD 43.2 million for textbook depreciation and excludes approximately USD 52.4 million for stock-based compensation; USD 4.8 million for amortization of intangible assets; USD 5.3 million for restructuring charges; USD 5.8 million for transitional logistic charges; and USD 1.9 million for acquisition-related costs. On a pro forma basis, the company expects revenue to be between USD 175 million and USD 180 million.
Chegg, Inc. Presents at Oppenheimer 18th Annual Technology, Internet & Communications Conference 2015, Aug-11-2015 09:45 AM
Jul 24 15
Chegg, Inc. Presents at Oppenheimer 18th Annual Technology, Internet & Communications Conference 2015, Aug-11-2015 09:45 AM. Venue: Four Seasons Hotel, 200 Boylston Street, Boston, MA 02116, United States. Speakers: Andrew J. Brown, Chief Financial Officer.