Chegg(CHGG) - 2024 Q1 - Quarterly Results

Form 8-K Filing Information Details the filing of Chegg's Form 8-K, including company and exchange information Company and Filing Details Chegg, Inc. filed a Current Report on Form 8-K with the SEC on June 17, 2024, with its common stock traded on The New York Stock Exchange under CHGG - Filing Date: June 17, 2024[1] - Company: Chegg, Inc.[1] - Stock Ticker and Exchange: CHGG on The New York Stock Exchange[1] Reported Events and Disclosures Outlines key events and disclosures, including a workforce reduction and its financial implications Item 2.02 Results of Operations and Financial Condition On June 17, 2024, Chegg issued a letter to its shareholders from President and CEO Nathan Schultz concerning a workforce reduction - Chegg issued a shareholder letter from CEO Nathan Schultz regarding a workforce reduction[4] - The shareholder letter is attached as Exhibit 99.01 to the Form 8-K[4] Item 7.01 Regulation FD Disclosure Details the company's restructuring plan, including workforce reduction, associated charges, and projected cost savings - A restructuring plan was announced, impacting approximately 441 employees, constituting about 23% of the company's global workforce[7] Financial Impact of Restructuring | Metric | Estimated Amount ($) | Timing | | :--- | :--- | :--- | | Restructuring Charges | $10 million - $14 million | Substantially all by Q4 2024 (approx. half in Q2 2024) | | Annualized Cost Savings | $40 million - $50 million | Fiscal Year 2025 | - Charges related to the workforce reduction will be excluded from the company's non-GAAP financial measures, including adjusted EBITDA[8] Forward-Looking Statements This report contains forward-looking statements regarding the workforce reduction, including estimated financial charges and projected cost savings - Statements concerning the reduction in force, associated charges, timing, and cost savings are identified as forward-looking[10] - The company notes that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ[10] Item 9.01 Financial Statements and Exhibits This section lists the exhibits filed with the Form 8-K, including the shareholder letter and interactive data file - The filing includes Exhibit 99.01, a letter to shareholders from Nathan Schultz, and Exhibit 104, the Cover Page Interactive Data File[3] Signatures Confirms the official authorization and signing of the Form 8-K report Authorization The report has been duly authorized and signed on behalf of Chegg, Inc. by its Chief Financial Officer, David Longo - The Form 8-K was signed by David Longo, Chief Financial Officer of Chegg, Inc[15]