Chegg(CHGG) - 2024 Q1 - Quarterly Report

Revenue Performance - Net revenues for Q1 2024 were $174.4 million, a 7$187.6 million in Q1 2023[113][121] - Subscription Services revenue decreased by 9% to $154.1 million in Q1 2024 from$168.4 million in Q1 2023[121] - Skills and Other revenue increased by 6% to $20.3 million in Q1 2024 from$19.2 million in Q1 2023[121] Cost and Expense Management - Cost of revenues decreased by 5% to $46.5 million in Q1 2024 from$49.2 million in Q1 2023[122] - Research and development expenses decreased by 5% to $45.3 million in Q1 2024 from$47.8 million in Q1 2023[173] Tax and Contingency - Provision for income taxes increased by 117% to $9.1 million in Q1 2024 from$4.2 million in Q1 2023[161][174] - The company recognized an estimated loss contingency accrual of $7.0 million related to the JPMC dispute in 2023[99] Cash Flow Activities - Net cash provided by operating activities decreased by 27$53.2 million in Q1 2024 from $73.0 million in Q1 2023[164] - Net cash used in investing activities decreased by 62$40.5 million in Q1 2024 from $106.5 million in Q1 2023[175] Share Repurchase - The company repurchased 26.5 million shares of common stock in 2023, including 13.5 million shares from the November 2023 ASR[105]