Financial Performance - Total revenue for Q2 2025 was $105 million, a 36% year-over-year decrease[54] - Subscription Services revenue for Q2 2025 was $90 million, a 39% year-over-year decrease[65] - Chegg Study/Pack revenue decreased 44% year-over-year[14] - Adjusted EBITDA for Q2 2025 was $23 million[56] - Free cash flow for Q2 2025 was negative $12 million, impacted by severance payments[57] - Capital expenditures for Q2 2025 were $7 million, a 60% year-over-year decrease[61] Subscribers and Retention - Global Chegg Study/Pack subscribers decreased by 48% year-over-year[14] - Global Subscription Services subscribers decreased by 40% year-over-year[14] - Chegg Study/Pack monthly retention rate globally was 79.7%[14] Strategic Initiatives - The company is exploring strategic alternatives, including being acquired, undertaking a go-private transaction, or remaining as a public standalone company[12] - The company identified an additional $17 million in cost savings for 2026[11] - The company expects total non-GAAP expense savings in 2026 to be $110-120 million[11]

Financial Performance & Outlook - Total revenue for Q1 2025 was $121 million, a 30% year-over-year decrease[56] - Subscription Services revenue for Q1 2025 was $108 million, a 30% year-over-year decrease[66] - The company expects Q2 2025 total net revenue to be between $100 million and $102 million[66] - Q1 2025 free cash flow was $158 million, despite $8 million in employee severance costs[59] - Capital expenditures for Q1 2025 were $9 million, a 69% year-over-year decrease[62] - The company opportunistically repurchased $652 million in principal amount of 2026 convertible notes at a $78 million discount[65] Subscriber & Content Metrics - Global Chegg Study/Pack subscribers decreased by 37% year-over-year to 2295 thousand in Q1 2025[15] - Global Subscription Services subscribers decreased by 31% year-over-year to 3192 thousand in Q1 2025[15] - The company has executed two content licensing deals, generating $4 million in Q1 2025 and expecting an additional $7 million in Q2 2025, representing less than 5% of their content library[14, 56] Strategic Initiatives & Cost Savings - The company anticipates $45-$55 million in cost savings in 2025 and $100-$110 million in 2026 from restructuring initiatives, in addition to $120 million in savings from 2024 initiatives[12]