# EDGAR Filing Document

**Accession Number:** 0001364954
**File Stem:** 0001364954-25-000117
**Filing Date:** 2025-11
**Character Count:** 203646
**Document Hash:** 935a820e10649479f5c43ee6284cfb21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001364954-25-000117.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001364954-25-000117

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 126

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHEGG, INC
- **CENTRAL INDEX KEY:** 0001364954
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 203237489
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36180
- **FILM NUMBER:** 251466431

**BUSINESS ADDRESS:**
- **STREET 1:** 3990 FREEDOM CIRCLE
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054
- **BUSINESS PHONE:** 408-855-5700

**MAIL ADDRESS:**
- **STREET 1:** 3990 FREEDOM CIRCLE
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEGG INC
- **DATE OF NAME CHANGE:** 20060605

?xml version='1.0' encoding='ASCII'? chgg-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _________ to _________ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number 001-36180** 

![Chegg new logo 2021.jpg](chgg-20250930_g1.jpg)

**CHEGG, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **20-3237489** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**3990 Freedom Circle** 

**Santa Clara, CA, 95054** 

**(Address of principal executive offices)**

**(408) 855-5700** 

**(Registrant's telephone number, including area code)**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $0.001 par value per share | CHGG | The New York Stock Exchange |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧No ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ⌧ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of November 5, 2025, the Registrant had 109,273,108 outstanding shares of Common Stock.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

---

| | | |
|:---|:---|:---|
| | **TABLE OF CONTENTS** | |
| | | **<u>Page</u>** |
| | **<u>[PART I - FINANCIAL INFORMATION](#i5fbcbe95c1e041e586c4fc25919beb24_13)</u>** | |
| <u>[Item 1.](#i5fbcbe95c1e041e586c4fc25919beb24_16)</u> | <u>[Financial Statements (unaudited):](#i5fbcbe95c1e041e586c4fc25919beb24_16)</u> | <u>[4](#i5fbcbe95c1e041e586c4fc25919beb24_16)</u> |
|  | <u>[Condensed Consolidated Balance Sheets -](#i5fbcbe95c1e041e586c4fc25919beb24_19)[September](#i5fbcbe95c1e041e586c4fc25919beb24_19)[30, 2025 and December 31, 2024](#i5fbcbe95c1e041e586c4fc25919beb24_19)</u> | <u>[4](#i5fbcbe95c1e041e586c4fc25919beb24_19)</u> |
|  | <u>[Condensed Consolidated Statements of Operations - for the Three and](#i5fbcbe95c1e041e586c4fc25919beb24_22)[Nine](#i5fbcbe95c1e041e586c4fc25919beb24_22)[Months Ended](#i5fbcbe95c1e041e586c4fc25919beb24_22)[September](#i5fbcbe95c1e041e586c4fc25919beb24_22)[30, 2025 and 2024](#i5fbcbe95c1e041e586c4fc25919beb24_22)</u> | <u>[5](#i5fbcbe95c1e041e586c4fc25919beb24_22)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Loss - Three and](#i5fbcbe95c1e041e586c4fc25919beb24_25)[Nine](#i5fbcbe95c1e041e586c4fc25919beb24_25)[Months Ended](#i5fbcbe95c1e041e586c4fc25919beb24_25)[Sept](#i5fbcbe95c1e041e586c4fc25919beb24_25)[ember](#i5fbcbe95c1e041e586c4fc25919beb24_25)[30, 2025 and 2024](#i5fbcbe95c1e041e586c4fc25919beb24_25)</u> | <u>[6](#i5fbcbe95c1e041e586c4fc25919beb24_25)</u> |
|  | <u>[Condensed Consolidated Statements of Stockholders' Equity - Three and](#i5fbcbe95c1e041e586c4fc25919beb24_28)[Nine](#i5fbcbe95c1e041e586c4fc25919beb24_28)[Months Ended](#i5fbcbe95c1e041e586c4fc25919beb24_28)[September](#i5fbcbe95c1e041e586c4fc25919beb24_28)[30, 2025 and 2024](#i5fbcbe95c1e041e586c4fc25919beb24_28)</u> | <u>[7](#i5fbcbe95c1e041e586c4fc25919beb24_28)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows - Three and](#i5fbcbe95c1e041e586c4fc25919beb24_31)[Nine](#i5fbcbe95c1e041e586c4fc25919beb24_31)[Months Ended](#i5fbcbe95c1e041e586c4fc25919beb24_31)[September](#i5fbcbe95c1e041e586c4fc25919beb24_31)[30, 2025 and 2024](#i5fbcbe95c1e041e586c4fc25919beb24_31)</u> | <u>[9](#i5fbcbe95c1e041e586c4fc25919beb24_31)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i5fbcbe95c1e041e586c4fc25919beb24_34)</u> | <u>[10](#i5fbcbe95c1e041e586c4fc25919beb24_34)</u> |
| <u>[Item 2.](#i5fbcbe95c1e041e586c4fc25919beb24_88)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5fbcbe95c1e041e586c4fc25919beb24_88)</u> | <u>[24](#i5fbcbe95c1e041e586c4fc25919beb24_88)</u> |
| <u>[Item 3.](#i5fbcbe95c1e041e586c4fc25919beb24_115)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i5fbcbe95c1e041e586c4fc25919beb24_115)</u> | <u>[34](#i5fbcbe95c1e041e586c4fc25919beb24_115)</u> |
| <u>[Item 4.](#i5fbcbe95c1e041e586c4fc25919beb24_118)</u> | <u>[Controls and Procedures](#i5fbcbe95c1e041e586c4fc25919beb24_118)</u> | <u>[34](#i5fbcbe95c1e041e586c4fc25919beb24_118)</u> |
|  | **<u>[PART II - OTHER INFORMATION](#i5fbcbe95c1e041e586c4fc25919beb24_121)</u>** |  |
| <u>[Item 1.](#i5fbcbe95c1e041e586c4fc25919beb24_124)</u>  | <u>[Legal Proceedings](#i5fbcbe95c1e041e586c4fc25919beb24_124)</u> | <u>[35](#i5fbcbe95c1e041e586c4fc25919beb24_124)</u> |
| <u>[Item 1A.](#i5fbcbe95c1e041e586c4fc25919beb24_127)</u>  | <u>[Risk Factors](#i5fbcbe95c1e041e586c4fc25919beb24_127)</u> | <u>[35](#i5fbcbe95c1e041e586c4fc25919beb24_127)</u> |
| <u>[Item 2.](#i5fbcbe95c1e041e586c4fc25919beb24_130)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i5fbcbe95c1e041e586c4fc25919beb24_130)</u> | <u>[36](#i5fbcbe95c1e041e586c4fc25919beb24_130)</u> |
| <u>[Item 5.](#i5fbcbe95c1e041e586c4fc25919beb24_133)</u> | <u>[Other Information](#i5fbcbe95c1e041e586c4fc25919beb24_133)</u> | <u>[36](#i5fbcbe95c1e041e586c4fc25919beb24_133)</u> |
| <u>[Item 6.](#i5fbcbe95c1e041e586c4fc25919beb24_139)</u>  | <u>[Exhibits](#i5fbcbe95c1e041e586c4fc25919beb24_139)</u> | <u>[37](#i5fbcbe95c1e041e586c4fc25919beb24_139)</u> |
| <u>[Signatures](#i5fbcbe95c1e041e586c4fc25919beb24_142)</u> | <u>[Signatures](#i5fbcbe95c1e041e586c4fc25919beb24_142)</u> | <u>[38](#i5fbcbe95c1e041e586c4fc25919beb24_142)</u> |

---

Unless the context requires otherwise, the words "we," "us," "our," "Company" and "Chegg" refer to Chegg, Inc. and its subsidiaries taken as a whole.

Chegg, Chegg.com, Chegg Study, EasyBib, the Chegg "C" logo, and Busuu are some of our trademarks used in this Quarterly Report on Form 10-Q. Solely for convenience, our trademarks, trade names and service marks referred to in this Quarterly Report on Form 10-Q appear without the®,™ and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and trade names. Other trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**NOTE ABOUT FORWARD-LOOKING STATEMENTS** 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations and results of operations are forward-looking statements. The words "believe," "may," "will," "would," "could," "estimate," "continue," "anticipate," "intend," "project," "endeavor," "expect," "plan to," "if," "future," "likely," "potentially," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by the risks described under "Risk Factors" in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect.

Our forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)**

**CHEGG, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except for number of shares and par value)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $38180 | $161475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 58209 | 154249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $147 and $190 at September 30, 2025 and December 31, 2024, respectively | 15440 | 23641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 18742 | 17100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 72788 | 81094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 203359 | 437559 |
| Long-term investments | 15277 | 212650 |
| Property and equipment, net | 125598 | 170648 |
| Intangible assets, net | 7117 | 10347 |
| Right of use assets | 18088 | 22256 |
| Other assets | 8832 | 15491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $378271 | $868951 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $8850 | $15159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 32148 | 39217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 111048 | 115360 |
| Current portion of convertible senior notes, net | 62558 | 358605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 214604 | 528341 |
| Long-term liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes, net |  | 127344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 15355 | 18509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 2259 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 17614 | 147629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 232218 | 675970 |
| Commitments and contingencies (Note 8) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value per share, 10,000,000 shares authorized, no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share: 400,000,000 shares authorized; 108,776,132 and 104,880,048 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 109 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1139266 | 1114550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (33263) | (32233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (960059) | (889441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 146053 | 192981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $378271 | $868951 |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**CHEGG, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net revenues | $77742 | $136593 | $304249 | $474090 |
| &nbsp;&nbsp;Cost of revenues | 31701 | 43420 | 121152 | 135328 |
| Gross profit | 46041 | 93173 | 183097 | 338762 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development | 18350 | 41337 | 76495 | 129423 |
| &nbsp;&nbsp;Sales and marketing | 11583 | 26508 | 54614 | 80428 |
| &nbsp;&nbsp;General and administrative | 33232 | 51910 | 132572 | 161460 |
| &nbsp;&nbsp;Impairment expense |  | 195708 | 2000 | 677239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 63165 | 315463 | 265681 | 1048550 |
| Loss from operations | (17124) | (222290) | (82584) | (709788) |
| Interest expense, net and other income, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (41) | (658) | (549) | (1959) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1377 | 7586 | 16433 | 25485 |
| Total interest expense, net and other income, net | 1336 | 6928 | 15884 | 23526 |
| Loss before provision for income taxes | (15788) | (215362) | (66700) | (686262) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Provision for) benefit from income taxes | (1683) | 2723 | (3918) | (144681) |
| Net loss | $(17471) | $(212639) | $(70618) | $(830943) |
| Net loss per share, basic and diluted | $(0.16) | $(2.05) | $(0.66) | $(8.08) |
| Weighted average shares used to compute net loss per share, basic and diluted | 108450 | 103723 | 106851 | 102893 |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**CHEGG, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(17471) | $(212639) | $(70618) | $(830943) |
| Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains and losses on investments | 44 | 5060 | (514) | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in foreign currency translation adjustments | 43 | 4806 | (516) | 1719 |
| Other comprehensive income (loss) | 87 | 9866 | (1030) | 4690 |
| Total comprehensive loss | $(17384) | $(202773) | $(71648) | $(826253) |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**CHEGG, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Par <br>Value** |<br>**Additional Paid-In<br>Capital** |<br>**Accumulated Other Comprehensive Loss** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders' Equity** |
| **Balances at June 30, 2025** | 107821 | $108 | $1133686 | $(33350) | $(942588) | $157856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon issuance of ESPP |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net share settlement of equity awards | 955 | 1 | (605) |  |  | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  | 6185 |  |  | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  | 87 |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (17471) | (17471) |
| **Balances at September 30, 2025** | 108776 | $109 | $1139266 | $(33263) | $(960059) | $146053 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Par <br>Value** |<br>**Additional Paid-In<br>Capital** |<br>**Accumulated Other Comprehensive Loss** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders' Equity** |
| **Balances at June 30, 2024** | 103361 | $103 | $1075989 | $(39915) | $(670677) | $365500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon issuance of ESPP |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net share settlement of equity awards | 607 | 1 | (823) |  |  | (822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  | 23076 |  |  | 23076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  | 9866 |  | 9866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (212639) | (212639) |
| **Balances at September 30, 2024** | 103968 | $104 | $1098242 | $(30049) | $(883316) | $184981 |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Par <br>Value** |<br>**Additional Paid-In<br>Capital** |<br>**Accumulated Other Comprehensive Loss** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders' Equity** |
| **Balances at December 31, 2024** | 104880 | $105 | $1114550 | $(32233) | $(889441) | $192981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon issuance of ESPP | 558 | 1 | 388 |  |  | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net share settlement of equity awards | 3338 | 3 | (1642) |  |  | (1639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  | 25970 |  |  | 25970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  | (1030) |  | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (70618) | (70618) |
| **Balances at September 30, 2025** | 108776 | $109 | $1139266 | $(33263) | $(960059) | $146053 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Par <br>Value** |<br>**Additional Paid-In<br>Capital** |<br>**Accumulated Other Comprehensive Loss** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders' Equity** |
| **Balances at December 31, 2023** | 102824 | $103 | $1031627 | $(34739) | $(52373) | $944618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (2116) | (2) | (112) |  |  | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon issuance of ESPP | 557 |  | 2188 |  |  | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net share settlement of equity awards | 2703 | 3 | (8648) |  |  | (8645) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  | 73187 |  |  | 73187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  | 4690 |  | 4690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  | (830943) | (830943) |
| **Balances at September 30, 2024** | 103968 | $104 | $1098242 | $(30049) | $(883316) | $184981 |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**CHEGG, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(70618) | $(830943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 25094 | 69267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 63641 | 58966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 319 | 141103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease expense, net of accretion | 2883 | 4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 459 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from write-offs of property and equipment | 793 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on early extinguishment of debt | (7360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain on sale of investments | (752) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense | 2000 | 677239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of lease related assets | 3004 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of strategic equity investment | 6000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss contingency |  | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 1049 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 8592 | 8019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7822 | (55725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1323 | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (4977) | (8308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (8195) | (11763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (3301) | 46849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (3277) | (2968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 24499 | 107077 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (21651) | (61659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (793) | (134213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of investments | 111124 | 96907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments | 181158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of strategic equity investment |  | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 269838 | (83465) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible senior notes&nbsp;&nbsp;&nbsp;&nbsp; | (416492) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of taxes related to the net share settlement of equity awards | (1642) | (8648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from common stock issued under stock plans | 392 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (417742) | (6457) |
| Effect of exchange rate changes | (160) | (149) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (123565) | 17006 |
| Cash, cash equivalents and restricted cash, beginning of period | 164359 | 137976 |
| Cash, cash equivalents and restricted cash, end of period | $40794 | $154982 |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** |
| Supplemental cash flow data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $224 | $449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $2205 | $3531 |
| &nbsp;&nbsp;Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $5429 | $6329 |
| &nbsp;&nbsp;Right of use assets obtained in exchange for lease obligations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases | $1636 | $9686 |
| &nbsp;&nbsp;Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued purchases of long-lived assets | $1750 | $4771 |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** |
| Reconciliation of cash, cash equivalents and restricted cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $38180 | $152073 |
| Restricted cash included in other current assets | 912 | 454 |
| Restricted cash included in other assets | 1702 | 2455 |
| Total cash, cash equivalents and restricted cash | $40794 | $154982 |

---

See Notes to Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**CHEGG, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1. Background and Basis of Presentation**

***Company and Background***

Chegg, Inc. ("we," "us," "our," "Company" or "Chegg"), headquartered in Santa Clara, California, was incorporated as a Delaware corporation in July 2005. Chegg is a learning platform helping businesses bring new skills to their workforce and giving lifelong learners and students the skills and confidence to succeed. Focused on the large and growing skilling market, Chegg offers innovative tools for workplace readiness, professional upskilling, and language learning. Chegg also continues to offer students artificial intelligence (AI)-driven, personalized support. Chegg remains committed to its mission of improving learning outcomes and career opportunities for millions around the world.

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. The condensed consolidated financial statements include the results of Chegg, Inc. and its wholly-owned subsidiaries. Significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring adjustments, necessary to present fairly our financial position as of September 30, 2025, our results of operations, results of comprehensive loss, and stockholders' equity for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. Our results of operations, results of comprehensive loss, stockholders' equity, and cash flows for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.

We have a single operating and reportable segment and operating unit structure. The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the Annual Report on Form 10-K) filed with the SEC.

Except for the following change to our policy on revenue recognition and deferred revenue, there have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K. Our policy on revenue recognition and deferred revenue has been updated to address the revenue recognition of content licensing.

***Revenue Recognition and Deferred Revenue***

Revenues from content licensing are recognized upon fulfillment.

***Use of Estimates***

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience, knowledge of current business conditions, and various other factors we believe to be reasonable under the circumstances. These estimates are based on management's knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ from these estimates, and such differences could be material to our financial position and results of operations. There have been no material changes in our use of estimates during the nine months ended September 30, 2025 as compared to the use of estimates disclosed in Part II, Item 8 "Consolidated Financial Statements and Supplementary Data" contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;***Reclassification of Prior Period Presentation***

In order to conform with current period presentation, $1.0 million of deferred tax assets have been reclassified from deferred tax assets to other assets on our condensed consolidated balance sheet as of December 31, 2024. This change in presentation does not affect previously reported results.

------

<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

***Goodwill Impairment***

Goodwill is tested for impairment at least annually or when certain events or indicators of impairment occur between annual impairment tests. In September 2024 and June 2024, in consideration of the sustained decline in our stock price, industry developments, and our financial performance, we evaluated our current operating performance. Accordingly, we determined that there were indicators of impairment and a quantitative assessment was necessary. In the quantitative assessment, we estimated the fair value of our reporting unit utilizing an income approach, based on the present value of future discounted cash flows, which is classified as Level 3 in the fair value hierarchy. Significant estimates used to determine fair value include the weighted average cost of capital, growth rates, and amount and timing of expected future cash flows. As a result of the quantitative assessment, we determined that goodwill was impaired as the fair value of our reporting unit was less than the carrying value. As such, during the three and nine months ended September 30, 2024, we recorded impairment expense of $195.7 million and $635.4 million, respectively, equal to the excess of the carrying value of our reporting unit over the estimated fair value, limited to the remaining balance of goodwill, which was classified as impairment expense on our condensed consolidated statements of operations.

***Recent Accounting Pronouncements***

*Recently Issued Accounting Pronouncements Not Yet Adopted*

In September 2025, the Financial Accounting Standards Board (FASB) issued *Accounting Standards Update (ASU) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software*. ASU 2025-06 modernizes the accounting for software costs that are accounted for under Accounting Standards Codification (ASC) 350-40 and 350-50 by removing references to prescriptive and sequential software development stages and specifying that disclosures under 360-10 are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. Early adoption is permitted and the guidance may be applied on either a prospective, retrospective or modified basis. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. We did not early adopt ASU 2025-06 and we are currently in the process of evaluating the impact of this guidance.

In July 2025, the Financial Accounting Standards Board (FASB) issued *Accounting Standards Update (ASU) 2025-05, Financial Instruments—Credit Losses*. ASU 2025-05 introduces a practical expedient related to applying Accounting Standards Codification (ASC) 326-20 to current accounts receivable and contract assets. Early adoption is permitted, and the guidance will be applied on a prospective basis. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. We did not early adopt ASU 2025-05 and we are currently in the process of evaluating the impact of this guidance.

In November 2024, the FASB issued *ASU 2024-04, Debt—Debt with Conversion and Other Options*. ASU 2024-04 improves the relevance and consistency in application of the induced conversion guidance requirements in ASC 470-20—Debt. Early adoption is permitted, and the guidance can be applied on either a prospective or retrospective basis. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. We did not early adopt ASU 2024-04 and we are currently in the process of evaluating the impact of this guidance.

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures*. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to financial statements. Early adoption is permitted, and the guidance will be applied prospectively with the option to apply retrospectively. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. We did not early adopt ASU 2024-03 and we are currently in the process of evaluating the impact of this guidance.

In March 2024, the FASB issued ASU 2024-02, *Codification Improvements—Amendments to Remove References to the Concepts Statements*. ASU 2024-02 removes various references to the FASB's Concepts Statements from the FASB's Accounting Standards Codification. Early adoption is permitted, and the guidance will be applied prospectively with the option to apply retrospectively. The guidance is effective for annual periods beginning after December 15, 2024. We did not early adopt ASU 2024-02 and do not believe it will have a significant impact on our financial statements, however, we are currently in the process of evaluating the impact.

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<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

In December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures*. ASU 2023-09 requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid that meet a quantitative threshold. Early adoption is permitted, and the guidance will be applied prospectively with the option to apply retrospectively. The guidance is effective for annual periods beginning after December 15, 2024. We did not early adopt ASU 2023-09 and we are currently in the process of evaluating the impact of this guidance.

**Note 2. Revenues**

***Revenue Recognition***

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The majority of our revenues are recognized over time as services are performed, with certain revenues being recognized at a point in time.

The following tables present our total net revenues for the periods shown disaggregated for our Subscription Services and Skills and Other product lines (in thousands, except percentages):

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Subscription Services | $69100 | $119804 | (42)% |
| Skills and Other | 8642 | 16789 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $77742 | $136593 | (43) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Subscription Services | $266393 | $420668 | (37)% |
| Skills and Other | 37856 | 53422 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $304249 | $474090 | (36) |

---

During the three and nine months ended September 30, 2025, we recognized revenues of $22.5 million and $38.0 million, respectively, that were included in our deferred revenue balance at the beginning of each respective reporting period. During the three and nine months ended September 30, 2024, we recognized revenues of $33.3 million and $52.3 million, respectively, that were included in our deferred revenue balance at the beginning of each respective reporting period.

***Contract Balances***

The following table presents our accounts receivable, net, contract assets and deferred revenue balances (in thousands, except percentages):

---

| | | | |
|:---|:---|:---|:---|
| | | | **Change** |
| | **September 30,<br>2025** | **December 31, 2024** | $**%** |
| Accounts receivable, net | $15440 | $23641 | (35)% |
| Contract assets | 6440 | 7027 | (8) |
| Deferred revenue | 32148 | 39217 | (18) |

---

During the nine months ended September 30, 2025, our accounts receivable, net balance decreased by $8.2 million, or 35%, primarily due to lower bookings, higher cash collections, and seasonality of our business. During the nine months ended September 30, 2025, our contract assets balance decreased by $0.6 million, or 8%, primarily due to cash collections from our Chegg Skills service. During the nine months ended September 30, 2025, our deferred revenue balance decreased by $7.1 million, or 18%, primarily due to lower bookings and seasonality of our business.

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<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**Note 3. Net Loss Per Share**

The following table presents the computation of basic and diluted net loss per share (in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *Numerator:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(17471) | $(212639) | $(70618) | $(830943) |
| *Denominator:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares used to compute net loss per share, basic and diluted | 108450 | 103723 | 106851 | 102893 |
| Net loss per share, basic and diluted | $(0.16) | $(2.05) | $(0.66) | $(8.08) |

---

During the three and nine months ended September 30, 2025 and 2024, basic and diluted net loss per share was the same, as the inclusion of all potential common shares outstanding would have been anti-dilutive.

The following table presents potential weighted-average shares of common stock outstanding that were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Shares related to stock plan activity | 3226 | 9262 | 8177 | 7551 |
| Shares related to convertible senior notes | 583 | 9234 | 2573 | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total common stock equivalents | 3809 | 18496 | 10750 | 16785 |

---

**Note 4. Cash and Cash Equivalents, Investments and Fair Value Measurements**

The following tables present our cash and cash equivalents, and investments' fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value Level** | **Adjusted Cost** | **Unrealized Gain** | **Unrealized Loss** | **Fair Value** |
| Cash and cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $25699 | $— | $— | $25699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | Level 1 | 12481 |  |  | 12481 |
| Total cash and cash equivalents |  | $38180 | $— | $— | $38180 |
| Short-term investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | Level 2 | $57988 | $221 | $— | $58209 |
| Long-term investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | Level 2 | $15164 | $113 | $— | $15277 |

---

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<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value Level** | **Adjusted Cost** | **Unrealized Gain** | **Unrealized Loss** | **Fair Value** |
| Cash and cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $28716 | $— | $— | $28716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | Level 1 | 132759 |  |  | 132759 |
| Total cash and cash equivalents |  | $161475 | $— | $— | $161475 |
| Short-term investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | Level 2 | $113968 | $157 | $(29) | $114096 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury securities | Level 1 | 40162 |  | (9) | 40153 |
| Total short-term investments |  | $154130 | $157 | $(38) | $154249 |
| Long-term investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | Level 2 | $133516 | $736 | $(78) | $134174 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. treasury securities | Level 1 | 78405 | 97 | (26) | 78476 |
| Total long-term investments |  | $211921 | $833 | $(104) | $212650 |

---

During the three and nine months ended September 30, 2025 and 2024, we did not recognize any losses on our investments due to credit related factors and our realized gains and losses on investments were not significant.

The following table presents our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of September 30, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| | **Adjusted Cost** | **Fair Value** |
| Due within one year | $57988 | $58209 |
| Due after one year through three years | 15164 | 15277 |
| Investments not due at a single maturity date | 12481 | 12481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $85633 | $85967 |

---

Investments not due at a single maturity date in the preceding table consisted of money market funds.

***Strategic Investments***

In July 2022, we completed an investment of $6.0 million in Knack Technologies, Inc. (Knack), a privately held U.S. based peer-to-peer tutoring platform for higher education institutions. We do not have the ability to exercise significant influence over Knack's operating and financial policies and have elected to account for our investment at cost as it does not have a readily determinable fair value. During the nine months ended September 30, 2025, we recorded a $6.0 million impairment charge on our investment in Knack included within general and administrative expense on our condensed consolidated statements of operations. Our impairment assessment was the result of changes in our rights as an investor and uncertainty around Knack's ability to support their future operations.

***Financial Instruments Not Recorded at Fair Value on a Recurring Basis***

We report our financial instruments at fair value with the exception of the 2026 notes. The estimated fair value of the 2026 notes was determined based on the trading price as of the last day of trading for the period. We consider the fair value of the 2026 notes to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of September 30, 2025 and December 31, 2024 was $52.6 million and $105.8 million, respectively. For further information on the 2026 notes, refer to Note 7, "Convertible Senior Notes."

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<u>[**Table of Contents**](#i5fbcbe95c1e041e586c4fc25919beb24_7)</u> 

**Note 5. Property and Equipment, Net**

Property and equipment, net consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Content | $347680 | $381629 |
| Software | 44912 | 67612 |
| Leasehold improvements | 7898 | 8207 |
| Furniture and fixtures | 2419 | 3346 |
| Computer and equipment | 2456 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 405365 | 463747 |
| Less accumulated depreciation | (279767) | (293099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $125598 | $170648 |

---

Depreciation expense during the three and nine months ended September 30, 2025 was $14.2 million and $60.4 million, respectively. Depreciation expense during the three and nine months ended September 30, 2024 was $18.2 million and $50.0 million, respectively.

During the nine months ended September 30, 2025, we streamlined our product experiences. As a result, we elected to abandon certain content and internal-use software assets and recorded charges of $18.2 million, consisting of $16.2 million of accelerated depreciation classified as cost of revenues on our condensed consolidated statements of operations and $2.0 million of impairment of in-progress internal-use software assets classified as impairment expense on our condensed consolidated statements of operations.

**Note 6. Balance Sheet Details**

***Other Current Assets***

Other current assets consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Insurance loss recovery | $55000 | $55000 |
| Restricted cash | 912 | 956 |
| Other | 16876 | 25138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | $72788 | $81094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

***Accrued Liabilities***

Accrued liabilities consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Loss contingency | $62000 | $62000 |
| Taxes payable | 11366 | 11319 |
| Current operating lease liabilities | 5123 | 5625 |
| Restructuring liability | 8373 | 7310 |
| Other | 24186 | 29106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | $111048 | $115360 |

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**Note 7. Convertible Senior Notes**

In March/April 2019, we issued $800 million in aggregate principal amount of 0.125% convertible senior notes due in 2025 (2025 notes). The 2025 notes matured on March 15, 2025 and we paid $358.9 million to repay them which was classified as a financing activity on our condensed consolidated statements of cash flows.

In August 2020, we issued $1.0 billion in aggregate principal amount of 0% convertible senior notes due in 2026 (2026 notes, together with the 2025 notes, the notes). The 2026 notes bear no interest and will mature on September 1, 2026, unless repurchased, redeemed or converted in accordance with their terms prior to such date.

Each $1,000 principal amount of the 2026 notes will initially be convertible into 9.2978 shares of our common stock. This is equivalent to an initial conversion price of approximately $107.55 per share, which is subject to adjustment in certain circumstances. Prior to the close of business on the business day immediately preceding June 1, 2026 for the 2026 notes, the notes are convertible at the option of holders only upon satisfaction of certain circumstances. During the three months ended September 30, 2025, the circumstances allowing holders of the 2026 notes to convert were not met. On or after June 1, 2026 for the 2026 notes until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the circumstances. As of September 30, 2025, the 2026 notes were classified as a current liability on our condensed consolidated balance sheets as they will be convertible at the option of the holders at any time beginning June 1, 2026 and will mature on September 1, 2026, both of which are within the next twelve months.

In March 2025, in connection with our securities repurchase program, we extinguished $65.2 million aggregate principal amount of the 2026 notes in privately-negotiated transactions for a total consideration of $57.4 million, which was paid to the holders in cash. We also incurred approximately $0.2 million in fees resulting in a total reacquisition price of $57.6 million. The carrying amount of the extinguished notes was $64.9 million resulting in a $7.4 million gain on early extinguishment of debt. We elected to reacquire and not cancel the extinguished 2026 notes and left the associated capped call transactions outstanding.

The following table presents the net carrying amount of the notes (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **2026 Notes** | **2025 Notes** | **2026 Notes** | **2025 Notes** |
| Principal | $62710 | $— | $127906 | $358914 |
| Unamortized issuance costs | (152) |  | (562) | (309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net carrying amount | $62558 | $— | $127344 | $358605 |

---

The following table presents the total interest expense recognized related to the notes (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **2026 notes:** |  |  |  |  |
| Contractual interest expense | $— | $— | $— | $— |
| Amortization of issuance costs | 41 | 163 | 151 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total 2026 notes interest expense | $41 | $163 | $151 | $484 |
| **2025 notes:** |  |  |  |  |
| Contractual interest expense | $— | $111 | $90 | $331 |
| Amortization of issuance costs |  | 384 | 308 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total 2025 notes interest expense | $— | $495 | $398 | $1475 |

---

***Capped Call Transactions***

Concurrently with the offering of the 2026 notes, we used $103.4 million of the net proceeds to enter into privately negotiated capped call transactions which are expected to reduce or offset potential dilution to holders of our common stock upon conversion of the notes or offset the potential cash payments we would be required to make in excess of the principal amount of any converted notes. The capped call transactions automatically exercise upon conversion of the notes and as of September 30, 2025, cover 9,297,800 shares of our common stock for the 2026 notes. These are intended to effectively increase the overall conversion price from $107.55 to $156.44 per share for the 2026 notes. The effective increase in conversion price as

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a result of the capped call transactions serves to reduce potential dilution to holders of our common stock and/or offset the cash payments we are required to make in excess of the principal amount of any converted notes. As these transactions meet certain accounting criteria, they are recorded in stockholders' equity as a reduction of additional paid-in capital on our condensed consolidated balance sheets and are not accounted for as derivatives. The fair value of the capped call instrument is not remeasured each reporting period. The cost of the capped call is not expected to be deductible for tax purposes.

**Note 8. Commitments and Contingencies**

We may from time to time be involved in certain legal proceedings and regulatory compliance matters in the ordinary course of business, including claims of alleged infringement of trademarks, patents, copyrights, and other intellectual property rights; employment claims; and contractual and related disputes brought through private actions, class actions, administrative proceedings, regulatory actions or other litigation. We may also, from time to time, be involved in various legal or government claims, demands, disputes, investigations, or requests for information. Such matters may include, but not be limited to, claims, disputes, or investigations related to warranty, refund, breach of contract, employment, intellectual property, government regulation, or compliance or other matters.

On June 27, 2025, Alicia Freeman, individually and on behalf of all others similarly situated, filed a complaint in California Superior Court, Santa Clara County asserting violations of certain California privacy laws and seeking declaratory relief and compensatory, punitive, and statutory damages, and attorneys' fees. The parties have agreed that the matter be referred to binding arbitration and this case be stayed pending completion of the arbitration. Currently, losses are reasonably possible, but not estimable. The Company disputes these claims and intends to vigorously defend itself in this matter.

On March 1, 2023, Plaintiff Shiva Stein, derivatively on behalf of Chegg, filed a stockholder derivative complaint in the Court of Chancery of the State of Delaware (Case No. 2023-0244-NAC) asserting breach of fiduciary duty, unjust enrichment, and waste of corporate asset claims against members of Chegg's Board and certain Chegg officers. The matter is stayed. The Company disputes these claims and intends to vigorously defend itself in this matter.

On December 22, 2022, JPMorgan Chase Bank, N.A. (JPMC) asserted a demand for repayment by the Company of certain investment proceeds received by the Company in its capacity as an investor in TAPD, Inc. (more commonly known as "Frank"). JPMC seeks such repayment pursuant to certain provisions in the existing Support Agreement between JPMC and the Company that was entered into in connection with JPMC's acquisition of Frank. JPMC has alleged fraud on the part of certain former Frank executives regarding the quantity and quality of its customer accounts. The Company is not at fault, however, is pursuing resolution with JPMC.

On March 30, 2022, Joseph Robinson, derivatively on behalf of Chegg, filed a shareholder derivative complaint against Chegg and certain of its current and former directors and officers in the United States District Court for the Northern District of California, alleging violations of securities laws and breaches of fiduciary duties. On February 22, 2023, Plaintiff filed an Amended Shareholder Derivative Complaint. This matter has been consolidated with Choi, below, and both matters are stayed. The Company disputes these claims and intends to vigorously defend itself in this matter.

On January 12, 2022, Rak Joon Choi, derivatively on behalf of Chegg, filed a shareholder derivative complaint against Chegg and certain of its current and former directors and officers in the United States District Court for the Northern District of California, alleging violations of securities laws, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. On February 22, 2023, Plaintiff filed an Amended Shareholder Derivative Complaint. This matter has been consolidated with Robinson, above, and both matters are stayed. The Company disputes these claims and intends to vigorously defend itself in this matter.

On December 22, 2021, Steven Leventhal, individually and on behalf of all others similarly situated, filed a purported securities fraud class action on behalf of all purchasers of Chegg common stock between May 5, 2020 and November 1, 2021, inclusive, against Chegg and certain of its current and former officers in the United States District Court for the Northern District of California (Case No. 5:21-cv-09953), alleging that Chegg and several of its officers made materially false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as amended (the Exchange Act). On September 7, 2022, KBC Asset Management and The Pompano Beach Police & Firefighters Retirement System were appointed as lead plaintiff in the case. On December 8, 2022, Plaintiff filed his Amended Complaint seeking unspecified compensatory damages, costs, and expenses, including counsel and expert fees. On September 26, 2024, the parties participated in an in-person mediation and reached a settlement in principle to pay $55.0 million wherein the Company denies any and all allegations of fault, liability, wrongdoing, or damages. On November 6, 2024, Plaintiffs filed a motion for preliminary approval of the settlement. The Court held a final approval hearing on April 24, 2025 and issued its final order

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approving of the settlement on May 21, 2025. The Court entered its Final Judgment and Order of Dismissal on June 20, 2025. On October 29, 2025, Plaintiffs filed their final Motion for Distribution with the Court, which will result in final approval for all accepted claims and will direct distribution of funds. Insurance funds are now expected to be disbursed in the fourth quarter of fiscal year 2025 or the first quarter of fiscal year 2026. The estimated contingent liability for the loss contingency recorded was $55.0 million as of September 30, 2025 and was included within accrued liabilities on our condensed consolidated balance sheets. The same amount was recorded for expected insurance loss recoveries, which is included within other current assets on our condensed consolidated balance sheets.

On September 13, 2021, Pearson Education, Inc. (Pearson) filed a complaint captioned Pearson Education, Inc. v. Chegg, Inc. (Pearson Complaint) in the United States District Court for the District of New Jersey against the Company (Case 2:21-cv-16866), alleging infringement of Pearson's registered copyrights and exclusive rights under copyright in violation of the United States Copyright Act. Pearson is seeking injunctive relief, monetary damages, costs, and attorneys' fees. The Company filed its answer to the Pearson Complaint on November 19, 2021. Pearson's June 29, 2022 Motion for Leave to File Amended Complaint seeking to add Bedford, Freeman & Worth Publishing Group, LLC d/b/a Macmillan Learning as a plaintiff was denied. Pearson filed an Amended Complaint on May 10, 2023, and the Company filed an amended answer on June 7, 2023. Chegg and Pearson have resolved this litigation. Pursuant to the terms of the parties' confidential settlement, the Court dismissed the case with prejudice on December 20, 2024. While the terms of the settlement are confidential, Chegg's decision to settle the lawsuit was driven by the expense, burden and uncertainty of ongoing protracted litigation.

On June 18, 2020, we received a Civil Investigative Demand (CID) from the Federal Trade Commission (FTC) regarding certain alleged deceptive or unfair acts or practices related to consumer privacy and/or data security. On October 31, 2022, the FTC published the parties' agreed-upon consent order regarding Chegg's privacy and data security practices. On January 27, 2023, the FTC finalized its order (Final Order) requiring Chegg to implement a comprehensive information security program, limit the data the Company can collect and retain, offer users multi factor authentication to secure their accounts, and allow users to request access to and delete their data. The FTC investigated our implementation of the final order, and that investigation has been resolved without any requirements or payments.

We also cooperated with the FTC with respect to another CID (the "ROSCA CID") relating to our compliance with the Federal Trade Commission Act and the Restore Online Shoppers' Confidence Act. The investigation concerned certain of our practices related to online transactions and consumer cancellation options. On September 28, 2025 a federal district court entered a settlement agreement between us and the FTC in connection with the ROSCA CID that contains injunctive provisions and a monetary component of $7.5 million, which we have paid. The Court entered its Order approving the parties Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief on September 18, 2025 and resolving the matter. As such, we have relieved the $7.5 million contingent liability previously included within accrued liabilities on our condensed consolidated balance sheets with the associated general and administrative expense remaining on our condensed consolidated statements of operations as of September 30, 2025.

We record a contingent liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. Additionally, we record an insurance loss recovery up to the recognized loss contingency when realization is probable. Related to the above matters, as of September 30, 2025, the net impact of contingent liabilities less the related insurance loss recovery is $7.0 million. For those matters upon which we have sufficient insurance coverage, we have recorded contingent liabilities within accrued liabilities and the loss recovery from insurance within other current assets on our condensed consolidated balance sheets. We are not aware of any other pending legal matters or claims, individually or in the aggregate, which are expected to have a material adverse impact on our consolidated financial position, results of operations, or cash flows. Our analysis of whether a claim will proceed to litigation cannot be predicted with certainty, nor can the results of litigation be predicted with certainty. Nevertheless, defending any of these actions, regardless of the outcome, may be costly, time consuming, distract management personnel and have a negative effect on our business. In the ordinary course of business and for certain of the above matters, we are actively pursuing all avenues and strategies to resolve these matters, including available legal remedies, remediation and settlement negotiations with the parties. An adverse outcome in any of these actions, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition.

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**Note 9. Guarantees and Indemnifications**

We have agreed to indemnify our directors and officers for certain events or occurrences, subject to certain limits, while such persons are or were serving at our request in such capacity. We may terminate the indemnification agreements with these persons upon termination of employment, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. We have a directors' and officers' insurance policy that covers our potential exposure up to the limits of our insurance coverage. In addition, we also have other indemnification agreements with various vendors against certain claims, liabilities, losses, and damages. The maximum amount of potential future indemnification is unlimited.

We believe the fair value of these indemnification agreements is immaterial. We have not recorded any liabilities for these agreements as of September 30, 2025.

**Note 10. Stockholders' Equity**

***Share Repurchases***

During the nine months ended September 30, 2025, we had no cash repurchases of our common stock.

During the year ended December 31, 2024, we repurchased 2,115,952 shares of our common stock related to the final delivery of our November 2023 accelerated share repurchase (ASR) agreement. The November 2023 ASR settled, and we were not required to make any additional cash payments or delivery of common stock to the financial institution upon settlement.

***Securities Repurchase Program***

In November 2024, our board of directors approved a $300.0 million increase to our existing securities repurchase program authorizing the repurchase of our common stock and/or convertible notes, through open market purchases, block trades, and/or privately negotiated transactions or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of the repurchases will be determined by management based on the capital needs of the business, market conditions, applicable legal requirements, alternative investment opportunities, and other factors. As of September 30, 2025, we had $150.1 million remaining under the securities repurchase program, which has no expiration date and will continue until otherwise suspended, terminated or modified at any time for any reason by our board of directors.

***Share-based Compensation Expense***

The following table presents total share-based compensation expense recorded (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenues | $102 | $471 | $471 | $1450 |
| Research and development | 1141 | 7492 | 5937 | 23824 |
| Sales and marketing | 352 | 2100 | 1826 | 5966 |
| General and administrative | 4330 | 11868 | 16860 | 38027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total share-based compensation expense | $5925 | $21931 | $25094 | $69267 |

---

During the three and nine months ended September 30, 2025, we capitalized share-based compensation expense of $0.3 million and $0.9 million, respectively. During the three and nine months ended September 30, 2024, we capitalized share-based compensation expense of $1.2 million and $3.9 million, respectively. As of September 30, 2025, total unrecognized share-based compensation expense was approximately $15.6 million, which is expected to be recognized over the remaining weighted-average vesting period of approximately 1.2 years.

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The following table presents activity for outstanding RSUs and PSUs:

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| | | |
|:---|:---|:---|
| | **RSUs and PSUs Outstanding** | **RSUs and PSUs Outstanding** |
| | **Shares Outstanding** | **Weighted Average Grant Date Fair Value** |
| Balance at December 31, 2024 | 7386965 | $10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 6375000 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Released | (5025248) | 6.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (1934971) | 15.33 |
| Balance at September 30, 2025 | 6801746 | $3.32 |

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**Note 11. Restructuring Charges**

***May 2025 Restructuring Plan***

In May 2025, we announced a workforce reduction that resulted in a management approved restructuring plan. As of September 30, 2025, we recorded $27.5 million of cumulative restructuring charges, primarily related to one-time employee termination benefits, which were classified primarily within operating expenses on our condensed consolidated statement of operations based on employees' job function. The restructuring liability is included within accrued liabilities on our condensed consolidated balance sheets. We estimate we will incur between $2 million and $3 million of additional restructuring charges over the next fiscal quarter and we expect the plan to be substantially completed by the first quarter of the fiscal year 2026.

The following table presents a reconciliation of the beginning and ending restructuring liability balance (in thousands):

---

| | |
|:---|:---|
| | **Nine Months Ended<br>September 30, 2025** |
| Beginning balance | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 27496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring payments | (19757) |
| Ending balance | $7739 |

---

***November 2024 Restructuring Plan***

In November 2024, we announced a workforce reduction that resulted in a management approved restructuring plan. As of September 30, 2025, we recorded $17.1 million of cumulative restructuring charges, primarily related to one-time employee termination benefits, which were classified primarily within operating expenses on our condensed consolidated statement of operations based on employees' job function. The restructuring liability is included within accrued liabilities on our condensed consolidated balance sheets. The total amount of restructuring charges has been recorded and we expect the plan to be substantially completed by the end of fiscal year 2025.

The following table presents a reconciliation of the beginning and ending restructuring liability balance (in thousands):

---

| | |
|:---|:---|
| | **Nine Months Ended<br>September 30, 2025** |
| Beginning balance | $3915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring payments | (6311) |
| Ending balance | $62 |

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***June 2024 Restructuring Plan***

In June 2024, we announced a workforce reduction that resulted in a management approved restructuring plan. As of September 30, 2025, we recorded $11.0 million of cumulative restructuring charges. During the three and nine months ended September 30, 2024, we recorded $2.1 million and $8.8 million of restructuring charges, respectively. Restructuring charges are primarily related to one-time employee termination benefits, which were classified primarily within operating expenses on our condensed consolidated statement of operations based on employees' job function. The restructuring liability is included within accrued liabilities on our condensed consolidated balance sheets. The total amount of restructuring charges has been recorded and we expect the plan to be substantially completed by the end of fiscal year 2026.

The following table presents a reconciliation of the beginning and ending restructuring liability balance (in thousands):

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| | |
|:---|:---|
| | **Nine Months Ended<br>September 30, 2025** |
| Beginning balance | $3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring payments | (3843) |
| Ending balance | $572 |

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**Note 12. Segment Information**

Our chief operating decision maker is our Chief Executive Officer who makes resource allocation decisions and reviews financial information presented on a consolidated basis. Accordingly, we have determined that we have a single operating and reportable segment and operating unit structure.

Our chief operating decision maker uses net loss in assessing performance and determining how to allocate resources and is regularly provided with cost of revenues, paid marketing expenses, and consolidated operating expenses when reviewing financial information as part of the annual budgeting and forecasting process as well as the review over quarterly budget to actual variances.

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The following table presents information about our significant segment expenses and includes a reconciliation to net loss (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net revenues | $77742 | $136593 | $304249 | $474090 |
| Less: |  |  |  |  |
| Cost of revenues | 31701 | 43420 | 121152 | 135328 |
| Research and development | 18350 | 41337 | 76495 | 129423 |
| &nbsp;&nbsp;Paid marketing expenses<sup>(1)</sup> | 4403 | 15625 | 27836 | 40076 |
| &nbsp;&nbsp;Other sales and marketing<sup>(2)</sup> | 7180 | 10883 | 26778 | 40352 |
| General and administrative | 33232 | 51910 | 132572 | 161460 |
| Impairment expense |  | 195708 | 2000 | 677239 |
| Total segment expenses | 94866 | 358883 | 386833 | 1183878 |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | (347) | 9651 | 11966 | (121155) |
| Net loss | $(17471) | $(212639) | $(70618) | $(830943) |

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_____________________________________________________

<sup>(1)</sup> Paid marketing expenses consist primarily of online advertising and marketing promotional expenditures.

<sup>(2)</sup> Other sales and marketing primarily consists of employee related expenses, including share-based compensation expense, and depreciation and amortization expenses.

<sup>(3)</sup> Other segment items consist of interest expense, other income, and provision for income taxes.

We derive our revenues from our Subscription Services and Skills and Other product lines. Our Subscription Services include Chegg Study Pack, Chegg Study, Chegg Writing, Chegg Math, and Busuu. Our Skills and Other product line includes revenues from Chegg Skills, advertising services, content licensing, print textbooks and eTextbooks.

The following table presents our total net revenues for our Subscription Services and Skills and Other product lines (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Subscription Services | $69100 | $119804 | $266393 | $420668 |
| Skills and Other | 8642 | 16789 | 37856 | 53422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $77742 | $136593 | $304249 | $474090 |

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The following table presents our total net revenues by geographic area (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| United States | $64841 | $119038 | $260483 | $412823 |
| International | 12901 | 17555 | 43766 | 61267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $77742 | $136593 | $304249 | $474090 |

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The following table presents our long-lived assets by geographic area (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| United States | $121876 | $172483 |
| International | 21810 | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-lived assets | $143686 | $192904 |

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**Note 13. Subsequent Events**

***October 2025 Restructuring Plan***

In October 2025, we announced a restructuring plan that includes a reduction of our global workforce as well as other actions to streamline our operations. We estimate that we will incur charges of approximately $15 million to $19 million in connection with these actions, primarily consisting of expenditures for employee transition and severance payments, employee benefits and other related costs. We expect that substantially all of these charges will be incurred by the first quarter of 2026, with approximately $12 million to $16 million by the fourth quarter of 2025. The accounting for the October 2025 restructuring plan is in process as of the issuance date of our condensed consolidated financial statements and therefore we are unable to make any additional disclosures.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the related notes included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. See the section titled "Note about Forward-Looking Statements" for additional information. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q.*

**Overview**

Chegg is a learning platform helping businesses bring new skills to their workforce and giving lifelong learners and students the skills and confidence to succeed. Focused on the large and growing skilling market, Chegg offers innovative tools for workplace readiness, professional upskilling, and language learning. Chegg also continues to offer students artificial intelligence (AI)-driven, personalized support. Chegg remains committed to its mission of improving learning outcomes and career opportunities for millions around the world.

Along those lines, Chegg is evolving into a skills focused organization, investing in two large growth areas: language learning, and workplace readiness and upskilling. These businesses are expected to serve as primary growth engines, while Chegg Study should remain a valuable service for millions of students and also generate cash to support investments in the growth businesses. We believe the investments we are making will allow us to return to revenue growth over time. Our ability to achieve these long-term objectives is subject to numerous risks and uncertainties, which are described in greater detail below and in Part II, Item 1A, "Risk Factors."

***Conclusion of Process to Explore Strategic Alternatives***

On October 27, 2025, we announced that our Board of Directors unanimously approved the conclusion of its review of strategic alternatives that was announced in February 2025.

***Business Updates and Developments***

Recent technological shifts, notably Google's AI Overviews search experience, or AIO, and continued increase in adoption of free and paid generative AI services by students, have created and are expected to continue to create headwinds for our industry and our business, most notably a reduction in traffic to our website and customers subscribing to our services. In August 2024, Google broadly rolled out AIO, which displays AI-generated content at the top of its search results. This experience, which includes questions and solutions for education, keeps users on Google search results versus leading them onto our site. AIO's prevalence has grown and will only continue to increase. We expect Google to continue its shift from being a search origination point to the destination, which we believe has materially adversely affected our business, operating results and financial condition.

In addition, across our industry, there has been a continued increase in the adoption of free and paid generative AI products for academic support, and students are increasingly turning to generative AI for academic support, such as homework and exams, as well as assistance in other areas of daily life. This issue impacts education technology companies broadly, where students see generative AI products like Chat GPT and others as strong alternatives to vertically specialized solutions for education such as Chegg. These developments have negatively impacted our industry and our business and are expected to continue to impact our overall traffic and accelerate the decline in the number of new subscribers that sign up for our services, resulting in continued negative impacts to our growth, business, operating results and financial condition. See Part II, Item 1A, "Risk Factors" for additional details.

In May 2025, we announced an additional restructuring plan to further manage costs and align with the market. The May 2025 restructuring plan included a reduction in workforce and the closure of one office. We estimate we will incur between $2 million and $3 million of additional restructuring charges over the next fiscal quarter and we expect the plan to be substantially completed by the first quarter of the fiscal year 2026. For fiscal years 2025 and 2026, we expect to realize cost savings as a result of the May 2025 restructuring plan. See Note 11, "Restructuring Charges" of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for additional details.

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In October 2025, we announced a further restructuring plan that includes a reduction of our global workforce, which is expected to impact approximately 388 employees, or about 45% of our current workforce, as well as other actions to streamline the Company's operations. We estimate we will incur between $12 million and $16 million of additional restructuring charges over the next fiscal quarter and we expect the plan to be substantially completed by the first quarter of the fiscal year 2026. For fiscal years 2025 and 2026, we expect to realize cost savings as a result of the October 2025 restructuring plan. See Note 13, "Subsequent Events" of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for additional details.

We are evolving our learning platform into a skilling-focused business-to-business organization, building on its existing businesses in professional language learning, workplace readiness and AI-related skills courses. These businesses are expected to generate positive revenue in 2025 and achieve further growth in 2026. This new strategic focus positions Chegg for a return to sustainable revenue and profitability growth over time.

We have presented revenues for our two product lines, Subscription Services and Skills and Other, based on how students view us and the utilization of our products by them. More detail on our two product lines is discussed in the next two sections titled "Subscription Services" and "Skills and Other."

***Subscription Services***

***Skills and Other***

Our Skills and Other product line includes revenues from Chegg Skills, advertising services, content licensing, print textbooks and eTextbooks. Our Chegg Skills learning platform offers professional courses focused on the latest technology skills. We work with leading brands and programmatic partners to deliver advertising across our platforms. Beginning in the first quarter of 2025, we enter into non-exclusive content library licensing agreements with third parties. Until July 1, 2025, we also provided a platform for students to rent or buy print textbooks and eTextbooks, which helps students save money compared to the cost of buying new.

***Seasonality of Our Business***

Revenues from Subscription Services are primarily recognized ratably over the subscription term which has generally resulted in our highest revenues and profitability in the fourth quarter as it reflects more days of the academic year. Certain variable expenses, such as marketing expenses, remain highest in the first and third quarters such that our profitability may not provide meaningful insight on a sequential basis. As a result of these factors, the most concentrated periods for our revenues and expenses do not necessarily coincide, and comparisons of our historical quarterly results of operations on a sequential basis may not provide meaningful insight into our overall financial performance.

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**Results of Operations**

The following table presents our historical condensed consolidated statements of operations (in thousands, except percentage of total net revenues):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net revenues | $77742 | 100% | $136593 | 100% | $304249 | 100% | $474090 | 100% |
| Cost of revenues<sup>(1)</sup> | 31701 | 41 | 43420 | 32 | 121152 | 40 | 135328 | 29 |
| Gross profit | 46041 | 59 | 93173 | 68 | 183097 | 60 | 338762 | 71 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 18350 | 24 | 41337 | 30 | 76495 | 25 | 129423 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(1)</sup> | 11583 | 15 | 26508 | 19 | 54614 | 18 | 80428 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)</sup> | 33232 | 43 | 51910 | 38 | 132572 | 44 | 161460 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | n/m | 195708 | n/m | 2000 | 1 | 677239 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 63165 | 81 | 315463 | n/m | 265681 | 87 | 1048550 | n/m |
| Loss from operations | (17124) | (22) | (222290) | n/m | (82584) | (27) | (709788) | n/m |
| Total interest expense, net and other income, net | 1336 | 2 | 6928 | 5 | 15884 | 5 | 23526 | 5 |
| Loss before provision for income taxes | (15788) | (20) | (215362) | n/m | (66700) | (22) | (686262) | n/m |
| Provision for income taxes | (1683) | (2) | 2723 | 2 | (3918) | (1) | (144681) | n/m |
| Net loss | $(17471) | (22)% | $(212639) | n/m | $(70618) | (23)% | $(830943) | n/m |
| <sup>(1)</sup> Includes share-based compensation expense and restructuring charges as follows: |  |  |  |  |  |  |  |  |
| Share-based compensation expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues | $102 |  | $471 |  | $471 |  | $1450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 1141 |  | 7492 |  | 5937 |  | 23824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 352 |  | 2100 |  | 1826 |  | 5966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4330 |  | 11868 |  | 16860 |  | 38027 |  |
| Total share-based compensation expense | $5925 |  | $21931 |  | $25094 |  | $69267 |  |
| Restructuring charges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues | $915 |  | $12 |  | $1656 |  | $203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 2511 |  | 827 |  | 10303 |  | 2909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 92 |  |  |  | 2234 |  | 906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5614 |  | 1273 |  | 16781 |  | 4822 |  |
| Total restructuring charges | $9132 |  | $2112 |  | $30974 |  | $8840 |  |

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***Three and Nine Months Ended September 30, 2025 and 2024***

*&nbsp;&nbsp;&nbsp;&nbsp;*

*Net Revenues*&nbsp;&nbsp;&nbsp;&nbsp;

The following tables present our total net revenues for the periods shown for our Subscription Services and Skills and Other product lines (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Subscription Services | $69100 | $119804 | (42)% |
| Skills and Other | 8642 | 16789 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $77742 | $136593 | (43) |

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Subscription Services | $266393 | $420668 | (37)% |
| Skills and Other | 37856 | 53422 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $304249 | $474090 | (36) |

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Subscription Services revenues decreased $50.7 million, or 42%, and $154.3 million, or 37%, during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decrease was primarily due to a 43%, 38%, and 30% decrease in subscribers who have paid to access our services during the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, respectively, compared to the same periods in 2024.

Skills and Other revenues decreased $8.1 million, or 49%, during the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in advertising services revenue of $4.5 million due to lower fulfillment, a decrease in Chegg Skills of $1.9 million related to lower enrollments, and a decrease of $1.7 million as we no longer provide a platform for students to rent or buy print textbooks and eTextbooks. Skills and Other revenues decreased $15.6 million, or 29%, during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in advertising services revenues of $12.2 million due to lower fulfillment, a decrease in Chegg Skills of $10.2 million related to lower enrollments, and a $3.8 million decrease as we no longer provide a platform for students to rent or buy print textbooks and eTextbooks, partially offset by content licensing revenue of $10.6 million.

*Cost of Revenues*

The following tables present our cost of revenues for the periods shown (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Cost of revenues<sup>(1)</sup> | $31701 | $43420 | (27)% |
| <sup>(1)</sup>Includes share-based compensation expense of: | $102 | $471 | (78)% |
| <sup>(1)</sup>Includes restructuring charges of: | $915 | $12 | n/m |

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Cost of revenues<sup>(1)</sup> | $121152 | $135328 | (10)% |
| <sup>(1)</sup>Includes share-based compensation expense of: | $471 | $1450 | (68)% |
| <sup>(1)</sup>Includes restructuring charges of: | $1656 | $203 | n/m |

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Cost of revenues decreased $11.7 million, or 27%, during the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to lower payment processing and other order fees of $4.3 million, primarily due to the decrease in subscribers who have paid to access our services, lower depreciation and amortization expense of $4.0 million, lower web hosting fees of $1.7 million and lower employee-related expenses of $1.1 million. Gross margins decreased to 59% during the three months ended September 30, 2025, from 68% during the same period in 2024.

Cost of revenues decreased $14.2 million, or 10%, during the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to lower payment processing and other order fees of $12.8 million, which is primarily due to the decrease in subscribers who have paid to access our services, lower employee-related expenses of $3.3 million, lower web hosting fees of $2.4 million, lower contractor spend of $1.9 million, and lower advertising revenue costs of $1.0 million due to decreased spending, which was partially offset by higher depreciation and amortization expense of $6.5 million primarily due to the accelerated depreciation recorded as we streamlined our product experiences, and higher restructuring charges of $1.5 million. Gross margins decreased to 60% during the nine months ended September 30, 2025, from 71% during the same period in 2024.

*Operating Expenses*

The following tables present our total operating expenses for the periods shown (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Research and development<sup>(1)</sup> | $18350 | $41337 | (56)% |
| Sales and marketing<sup>(1)</sup> | 11583 | 26508 | (56) |
| General and administrative<sup>(1)</sup> | 33232 | 51910 | (36) |
| Impairment expense |  | 195708 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $63165 | $315463 | (80) |
| <sup>(1)</sup> Includes share-based compensation expense and restructuring charges as follows: |  |  |  |
| Share-based compensation expense: |  |  |  |
| Research and development | $1141 | $7492 | (85)% |
| Sales and marketing | 352 | 2100 | (83) |
| General and administrative | 4330 | 11868 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | $5823 | $21460 | (73) |
| Restructuring charges: |  |  |  |
| Research and development | $2511 | $827 | 204% |
| Sales and marketing | 92 |  | n/m |
| General and administrative | 5614 | 1273 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | $8217 | $2100 | 291 |

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Research and development<sup>(1)</sup> | $76495 | $129423 | (41)% |
| Sales and marketing<sup>(1)</sup> | 54614 | 80428 | (32) |
| General and administrative<sup>(1)</sup> | 132572 | 161460 | (18) |
| Impairment expense | 2000 | 677239 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $265681 | $1048550 | (75) |
| <sup>(1)</sup> Includes share-based compensation expense and restructuring charges as follows: |  |  |  |
| Share-based compensation expense: |  |  |  |
| Research and development | $5937 | $23824 | (75)% |
| Sales and marketing | 1826 | 5966 | (69) |
| General and administrative | 16860 | 38027 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | $24623 | $67817 | (64) |
| Restructuring charges: |  |  |  |
| Research and development | $10303 | $2909 | n/m |
| Sales and marketing | 2234 | 906 | n/m |
| General and administrative | 16781 | 4822 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | $29318 | $8637 | n/m |

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Operating expenses decreased $252.3 million, or 80%, and $782.9 million, or 75%, during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to the absence of impairment expenses of $195.7 million and $677.2 million recognized in the three and nine months ended September 30, 2024, respectively. The remaining decrease was primarily related to lower employee-related expenses and contractor spend as a result of restructuring actions. See "Note 1, "Background and Basis of Presentation" and Note 11, "Restructuring Charges" of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for additional information regarding impairment expense and the restructuring actions, respectively.

*Research and Development*

Research and development expenses decreased $23.0 million, or 56%, during the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily due to lower employee-related expenses of $20.2 million including share-based compensation expense, lower web hosting fees of $1.9 million, lower contractor spend of $1.2 million, and lower technology expenses of $0.7 million, partially offset by higher restructuring charges of $1.7 million. Research and development expenses as a percentage of net revenues were 24% during the three months ended September 30, 2025 compared to 30% during the same period in 2024.

Research and development expenses decreased $52.9 million, or 41%, during the nine months ended September 30, 2025 compared to the same period in 2024. The decrease was primarily due to lower employee-related expenses of $50.4 million including share-based compensation expense, lower contractor spend of $4.8 million, lower technology expenses of $1.9 million, lower web hosting fees of $1.8 million, and lower depreciation and amortization expense of $0.8 million, partially offset by higher restructuring charges of $7.4 million. Research and development expenses as a percentage of net revenues were 25% during the nine months ended September 30, 2025 compared to 27% during the same period in 2024.

*Sales and Marketing*

Sales and marketing expenses decreased by $14.9 million, or 56%, during the three months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily attributable to lower paid marketing expenses of $11.2 million and lower employee-related expenses of $4.4 million including share-based compensation expense, partially offset by higher indirect marketing expenses of $0.9 million. Sales and marketing expenses as a percentage of net revenues were 15% during the three months ended September 30, 2025 compared to 19% during the same period in 2024.

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Sales and marketing expenses decreased by $25.8 million, or 32%, during the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily attributable to lower paid marketing expenses of $12.2 million, lower employee-related expenses of $10.1 million including share-based compensation expense, lower indirect marketing expenses of $2.0 million, lower depreciation and amortization expense of $1.3 million, and $0.5 million in lower technology expenses, partially offset by higher restructuring charges of $1.3 million. Sales and marketing expenses as a percentage of net revenues were 18% during the nine months ended September 30, 2025 compared to 17% during the same period in 2024.

*General and Administrative*

General and administrative expenses decreased $18.7 million, or 36%, during the three months ended September 30, 2025 compared to the same period in 2024. The decrease was due to lower employee-related expenses of $15.6 million including share-based compensation expense, $5.1 million in lower loss contingency accruals, lower contractor spend of $0.9 million, and lower professional fees of $0.7 million, partially offset by higher restructuring charges of $4.3 million. General and administrative expenses as a percentage of net revenues were 43% during the three months ended September 30, 2025 compared to 38% during the same period in 2024.

General and administrative expenses decreased $28.9 million, or 18%, during the nine months ended September 30, 2025 compared to the same period in 2024. The decrease was due to lower employee-related expenses of $38.4 million including share-based compensation expense, lower professional fees of $7.5 million, and lower contractor spend of $2.8 million, partially offset by higher restructuring charges of $12.0 million, a $6.0 million impairment loss on a strategic equity investment, and higher loss contingency accruals of $2.4 million. General and administrative expenses as a percentage of net revenues were 44% during the nine months ended September 30, 2025 compared to 34% during the same period in 2024.

*Impairment Expense*

Impairment expense was $2.0 million during the nine months ended September 30, 2025, consisting of impairment of property and equipment. See Note 5, Property and Equipment, Net" of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for additional information. Impairment expense was $195.7 million and $677.2 million during the three and nine months ended September 30, 2024, consisting of impairments of goodwill, intangible assets, and other related long-lived assets. See "Note 1, Background and Basis of Presentation" and "Note 5, Property and Equipment" of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for additional information.

*Interest Expense, net and Other Income, Net*

The following tables present our interest expense, net and other income, net, for the periods shown (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Interest expense, net | $(41) | $(658) | (94)% |
| Other income, net | 1377 | 7586 | (82) |
| Interest expense, net and other income, net: | $1336 | $6928 | (81) |

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Interest expense, net | $(549) | $(1959) | (72)% |
| Other income, net | 16433 | 25485 | (36) |
| Interest expense, net and other income, net: | $15884 | $23526 | (32) |

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Interest expense, net decreased $0.6 million, or 94%, and $1.4 million, or 72%, during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to the maturity of the 2025 notes and the early extinguishment of a portion of the 2026 notes.

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Other income, net decreased $6.2 million, or 82%, during the three months ended September 30, 2025 compared to the same period in 2024, primarily due to a decrease in interest income of $6.0 million due to lower investment balances.

Other income, net decreased $9.1 million, or 36%, during the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to a decrease in interest income of $13.8 million due to lower investment balances and $3.0 million of lower realized gains on investments, partially offset by the $7.4 million gain on early extinguishment of a portion of the 2026 notes.

*Provision for income taxes*

The following tables present our provision for income taxes for the periods shown (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30,** | **Three Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| (Provision for) benefit from income taxes | (1683) | 2723 | n/m |

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Provision for income taxes | (3918) | (144681) | n/m |

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Provision for income taxes increased $4.4 million during the three months ended September 30, 2025 compared to the same period in 2024 primarily due to the absence of discrete one-time tax benefits from fiscal year 2024 and restructuring losses in foreign jurisdictions. Provision for income taxes decreased $140.8 million during the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to the valuation allowance established in fiscal year 2024 against our U.S. federal and state deferred tax assets.

**Liquidity and Capital Resources**

The following table presents our cash, cash equivalents and investments and convertible senior notes as of the periods shown (in thousands, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | | | **Change** |
| | **September 30, 2025** | **December 31, 2024** | $**%** |
| Cash, cash equivalents and investments | $111666 | $528374 | (79)% |
| Convertible senior notes, net<sup>(1)</sup> | 62558 | 485949 | (87) |

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<sup>(1)</sup> Consists of the current and long-term portion of convertible senior notes, net.

Cash, cash equivalents, and investments decreased $416.7 million, or 79%, and convertible senior notes, net decreased $423.4 million, or 87% during the nine months ended September 30, 2025. The decreases were primarily due to the net cash used for the maturity of the 2025 notes and the early extinguishment of a portion of the 2026 notes.

As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents, and investments totaling $111.7 million, which were held for working capital purposes. We believe that our existing sources of liquidity as well as net cash flows from operations will be sufficient to fund our operations and debt service obligations for at least the next 12 months. Our future capital requirements will depend on many factors, including our rate of revenue growth, our investments in research and development activities, our acquisition of new products and services and our sales and marketing activities. To the extent that existing sources of liquidity are insufficient to fund our future operations, we may need to raise additional funds through public or private equity or debt financing. Additional funds may not be available on terms favorable to us or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, operating cash flows and financial condition. As of September 30, 2025, we have an accumulated deficit of $960.1 million from our operations and we may incur additional losses in the future.

Most of our cash, cash equivalents, and investments are held in the United States. As part of our ongoing cash management, we intend to repatriate a portion of earnings from our subsidiary in India by the end of fiscal year 2026.

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Accordingly, we do not assert an indefinite reinvestment of earnings and accrued a withholding tax of $2.4 million as of September 30, 2025, related to a potential future distribution of such earnings. This reflects our continued assessment of cash needs and the absence of an indefinite reinvestment assertion for our subsidiary in India. As a result of the Tax Cuts and Jobs Act, we anticipate the U.S. federal impact for the remaining foreign jurisdictions to be minimal if these funds are repatriated. In addition, based on our current and future needs, we believe our current funding and capital resources for our international operations are adequate.

There were no material changes in our commitments under contractual obligations, as disclosed in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following table presents our condensed consolidated statements of cash flows data (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** | **Change** |
| | **2025** | **2024** | $**%** |
| Net cash flows provided by operating activities | $24499 | $107077 | (77)% |
| Net cash flows provided by (used in) investing activities | 269838 | (83465) | n/m |
| Net cash flows used in financing activities | (417742) | (6457) | n/m |

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The substantial majority of our cash inflows from operating activities are from e-commerce transactions with students, which are settled immediately through payment processors, as opposed to cash outflows from bill payments, which are settled based on contractual payment terms with our suppliers.

Net cash flows from operating activities decreased $82.6 million, or 77%, during the nine months ended September 30, 2025 compared to the same period in 2024 and was primarily related to the net effect of a decrease in net loss of $760.3 million, a decrease in impairment expense of $675.2 million, and a decrease in deferred tax assets of $140.8 million.

Net cash flows from investing activities increased $353.3 million during the nine months ended September 30, 2025 compared to the same period in 2024 and was primarily related to higher proceeds from the sale of investments of $181.2 million, fewer purchases of investments of $133.4 million, higher proceeds from the maturities of our investments of $14.2 million, fewer purchases of property and equipment of $40.0 million partially offset by the absence of proceeds from the sale of our strategic investment of $15.5 million that occurred in the nine months ended September 30, 2024.

Net cash flows from financing activities decreased $411.3 million during the nine months ended September 30, 2025 compared to the same period in 2024 and was primarily related to the repayment of our convertible debt of $416.5 million.

**Critical Accounting Policies, Significant Judgments and Estimates**

Our condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.

There have been no material changes in our critical accounting policies and estimates during the nine months ended September 30, 2025 as compared to the critical accounting policies and estimates disclosed in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

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**Recent Accounting Pronouncements**

For relevant recent accounting pronouncements, see Note 1, "Background and Basis of Presentation," of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

There have been no material changes in our market risk during the nine months ended September 30, 2025, compared to the disclosures in Part II, Item 7A, "Quantitative and Qualitative Disclosures about Market Risk" contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 4. CONTROLS AND PROCEDURES**

**(a)Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report.

In designing and evaluating our disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management's evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures are designed to, and are effective to, provide assurance at a reasonable level that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

**(b)Changes in Internal Control over Financial Reporting**

During the three months ended September 30, 2025, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

We may from time to time be involved in certain legal proceedings and regulatory compliance matters in the ordinary course of business, including claims of alleged infringement of trademarks, patents, copyrights, and other intellectual property rights; employment claims; and contractual and related disputes brought through private actions, class actions, administrative proceedings, regulatory actions or other litigation. We may also, from time to time, be involved in various legal or government claims, demands, disputes, investigations, or requests for information. Such matters may include, but not be limited to, claims, disputes, or investigations related to warranty, refund, breach of contract, employment, intellectual property, government regulation, or compliance or other matters. See Note 8, "Commitments and Contingencies," of our accompanying Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on Form 10-Q for more information on our legal proceedings.

In addition, on February 24, 2025, we filed a complaint in the U.S. District Court for the District of Columbia against Google LLC and Alphabet Inc. ("Google"), asserting federal antitrust claims and common-law unjust enrichment claims, in connection with Google's expansion of its AIO search experience, and seeking damages, restitution, disgorgement, and injunctive relief. Google moved to dismiss the amended complaint on July 25, 2025. Given the nature of the case, including that the proceedings are in their early stages, we are unable to predict the ultimate outcome of the case.

In addition, the Company may in the future be subject to additional inquiries, investigations, litigation or other proceedings or actions, regulatory or otherwise. An unfavorable outcome of any such litigation or regulatory proceeding or action could have a material adverse effect on the Company's business, financial condition and results of operations.

**ITEM 1A. RISK FACTORS**

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by those described in Part II, Item 1A, "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. There have been no material changes in our risk factors from our Annual Report on Form 10-K, as supplemented by those described in Part II, Item 1A, "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, except as described below:

***The failure to realize the anticipated benefits of our most recent restructuring plan, leadership transition and new strategy, including our evolution into a skills focused organization and related cost rationalization initiatives, could adversely impact our business and financial results.***

The successful implementation of our strategy and completion of our business evolution presents organizational and infrastructure challenges. We may not be able to implement and realize the anticipated benefits from our strategy or business evolution plan. Events and circumstances, such as financial or unforeseen difficulties, delays and unexpected costs, may occur that could result in our not realizing desired outcomes. Any failure to implement our strategy and business evolution in accordance with our expectations could have a material adverse effect on our financial results. Even if the anticipated benefits and savings of our strategy and business evolution plan are substantially realized, there may be consequences, internal control issues, or business impacts that were not expected. Additionally, because of our restructuring efforts in connection with our strategy and business evolution plan, we may experience a loss of continuity, loss of accumulated knowledge or loss of efficiency during transitional periods. Reorganization and restructuring can require a significant amount of management and other employees' time and focus, which may divert attention from operating activities and growing our business. If we fail to achieve some or all the expected benefits of these activities, it could have a material adverse effect on our competitive position, business, financial condition, results of operations and cash flows.

As part of our strategy, we are evolving our learning platform into a skilling-focused business-to-business organization, building on our existing businesses in professional language learning, workplace readiness and AI-related skills courses. It is uncertain whether this new focus will prove successful or whether we will be able to develop the necessary business models, infrastructure and systems to support the business. This includes having or hiring the right talent to execute our business strategy in a competitive job market. Market acceptance of new product and service offerings will be dependent in part on our ability to include functionality and usability that address customer needs, and to optimally price our offerings and services to meet customer demand and cover our costs. Our go-to-market strategy also must adjust to customers' changing preferences, and there can be no assurance that our go-to-market approach will adequately and completely address such

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preferences. New product and services offerings may also increase our risk of liability and cause us to incur significant technical, legal or other costs. If we are unable to correctly respond to these issues, our business could be harmed.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Unregistered Sales of Securities**

We had no unregistered sales of our securities during the three months ended September 30, 2025.

**Purchases of Securities by the Registrant and Affiliated Purchasers**

We did not purchase any of our common stock during the three months ended September 30, 2025.

**ITEM 5. OTHER INFORMATION**

**Rule 10b5-1 Trading Plans**

During the three months ended September 30, 2025, none of our Section 16 officers or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K during the covered period.

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**ITEM 6. EXHIBITS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit<br>No.** | **Exhibit** | **Form** | **File No** | **Filing Date** | **Exhibit No.** | **Filed<br>Herewith** |
| <u>[3.01](https://www.sec.gov/Archives/edgar/data/1364954/000136495416000291/ex3012015-12x31.htm)</u> | <u>[Restated Certificate of Incorporation of Chegg, Inc. effective November 18, 2013](https://www.sec.gov/Archives/edgar/data/1364954/000136495416000291/ex3012015-12x31.htm)</u> | 10-K | 001-36180 | 3/4/2016 | 3.01 |  |
| <u>[3.02](https://www.sec.gov/Archives/edgar/data/1364954/000136495423000042/ex31-0315238xk.htm)</u> | <u>[Amended and Restated Bylaws of Chegg, Inc., as amended on March 15, 2023](https://www.sec.gov/Archives/edgar/data/1364954/000136495423000042/ex31-0315238xk.htm)</u> | 8-K | 001-36180 | 3/21/2023 | 3.1 |  |
| <u>[10.1](ex101.htm)</u> | <u>[Transition and Separation Agreement, dated October 27, 2025, between the Company and Nathan Schultz](ex101.htm)</u> | 8-K | 001-36180 | 10/27/2025 | 10.1 |  |
| <u>[10.2](ex102.htm)</u> | <u>[Offer Letter, dated October 27, 2025, between the](ex102.htm)[Company and Dan Rosensweig](ex102.htm)</u> | 8-K | 001-36180 | 10/27/2025 | 10.2 |  |
| <u>[31.01](ex31012025-09x30.htm)</u> | <u>Certification of Nathan Schultz, Chief Executive Officer and President, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u> |  |  |  |  | X |
| <u>[31.02](ex31022025-09x30.htm)</u> | <u>[Certification of David Longo, Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31022025-09x30.htm)</u> |  |  |  |  | X |
| <u>[32.01\*\*](ex32012025-09x30.htm)</u> | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32012025-09x30.htm)</u> |  |  |  |  | X |
| 101.INS | Inline XBRL Instance Document |  |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |  |  |  |  | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation |  |  |  |  | X |
| 101.LAB | Inline XBRL Taxonomy Extension Labels |  |  |  |  | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation |  |  |  |  | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition |  |  |  |  | X |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |  |  |  |  | X |

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\* Indicates a management contract or compensatory plan.

\*\* This certification is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | CHEGG, INC. | CHEGG, INC. |
| November 10, 2025 | By: | /S/ DAVID LONGO |
|  |  | David Longo |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.1

![](ex101001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 24, 2025 Nathan Schultz Via email Dear Nathan: This letter sets forth the terms of the transition and separation agreement (the "Agreement") that CHEGG, INC. (the "Company") is offering to you to aid in your employment transition. 1. SEPARATION. If you timely sign this Agreement within five (5) business days after you receive it, your employment with the Company will continue through December 31, 2025, which will become your employment termination date (the "Separation Date"), unless your employment terminates sooner pursuant to Section 2(c) below. If termination occurs earlier or later than December 31, 2025, the actual date of termination shall become the "Separation Date" for purposes of this Agreement. The date of your timely execution of this Agreement shall be the "Effective Date." 2. TRANSITION PERIOD. (a) Duties & Schedule. Upon the Effective Date, you will cease to serve as Chief Executive Officer, and/or as an officer of the Company and/or any subsidiary or affiliate of the Company, and will cease to serve in any role or position in which you are acting as a representative or agent of the Company (except as set forth herein), and will cease to serve in your role as a director of the board of directors of the Company (the "Board") and any role as a director of the board of directors of any subsidiary or affiliate of the Company. You agree to submit such documentation as the Board may require to confirm your departure from the Board as of the Effective Date. Upon the Effective Date and through the Separation Date (the "Transition Period"), your title will be Executive Advisor, and you will assist the Company with the orderly transition of your work, including making yourself available for reasonable requests from the Board or authorized committee thereof related to your transition. Additionally, during the Transition Period, you will be expected to continue to advise on certain ongoing projects, as designated by the Board and/or the Company's new CEO. You agree to perform such services during the Transition Period in good faith and to the best of your abilities. You agree to continue to comply with all of the Company's policies and procedures and with all of your statutory and contractual obligations to the Company, including, without limitation, your obligations under your Confidentiality Agreement (as defined below), which you acknowledge and agree are contractual commitments that remain binding upon you during the Transition Period. (b) Compensation/Benefits. During the Transition Period, you will be paid at the same base salary rate, an annualized rate of $1,000,000 per year, less payroll deductions and

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Page 2 withholdings. In addition, your outstanding Company equity awards will continue to vest under the existing terms and conditions set forth in the governing plan documents and award agreement. You will continue to be eligible for the Company's standard benefits, subject to the terms and conditions applicable to such plans and programs. For clarity, you shall not be eligible for payment of any bonuses for 2025 (except as set forth in Section 4 herein). (c) Messaging. All public or internal statements concerning your departure shall be consistent with the Chegg Project Civic Assets communications plan. Nothing in this Agreement shall prevent the Company from making any disclosures that it determines, in consultation with counsel, are required by applicable law, regulation, or stock-exchange rule. (d) Termination. Nothing in this Agreement alters your employment at will status. Accordingly, during the Transition Period you are entitled to resign your employment for any reason with or without advance notice, and the Company may terminate your employment with or without Cause (as defined in the Severance Plan, defined below) or advance notice. If prior to December 31, 2025 the Company terminates your employment without Cause, then you will remain eligible for the Severance Benefits (as defined and described below), provided that you have satisfied the Severance Preconditions (as set forth below). If prior to December 31, 2025, you resign your employment for any reason or the Company terminates your employment with Cause, then you will no longer be eligible for participation in any Company benefit plans, and you will not be entitled to the Severance Benefits. 3. FINAL PAY. On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings. You are entitled to this payment regardless of whether or not you sign this Agreement. Since the Company has a nonaccrual vacation policy, you do not have any accrued vacation or other paid time off and thus will not be paid out for any accrued vacation or other paid time off. 4. SEVERANCE BENEFITS. If you: (i) timely sign this Agreement; (ii) comply with your obligations under it; (iii) have not resigned your employment and your employment has not been terminated by the Company for Cause; and (iv) timely sign, return, and allow to become effective the Separation Date Release attached as Exhibit A hereto ((i)-(iv) collectively, the "Severance Preconditions"), then your employment termination will be deemed a termination "other than for Cause" "on or before the second anniversary of the Effective Date and other than during the Change in Control Determination Period," pursuant to that certain Participation Agreement entered into pursuant to the Company's Severance Plan, signed by you on December 3, 2024 (such Participation Agreement and plan being referred to collectively herein as the "Severance Plan"), a copy of which is attached as Exhibit B hereto, and accordingly, pursuant to Section 4.3 of the Severance Plan the Company will provide you with the following severance benefits (the "Severance Benefits"). Capitalized terms not defined in this Agreement shall have the meaning set forth in the Severance Plan. (a) Severance Pay. The Company will pay you, as severance, the equivalent of 125% of your annual base salary in effect as of the Separation Date, in the total amount of $1,250,000) (calculated as 1.25 x $1,000,000), subject to applicable payroll deductions and

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Page 3 withholdings (the "Severance Pay"). The Severance Pay will be paid in a lump sum within thirty (30) days of the Release Effective Date (as defined in the Separation Date Release). (b) Pro Rated Annual Bonus Severance. The Company will pay you an additional cash lump sum payment equal to the sum of (i) your pro rata target annual bonus that you could have earned, but did not and will not earn, for 2025, in the total amount of $225,000 (calculated as ($1,000,000 x 30%) \* 365/365), less the $75,000 bonus previously paid with respect to the first half of 2025, and (ii) $375,000 (calculated as 1.25 \* $300,000) subject to applicable payroll deductions and withholdings (the "Annual Bonus Severance"). The Annual Bonus Severance will be paid at the same time as the Severance Pay. (c) COBRA Severance. To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company's current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense following the Separation Date. As an additional severance benefit under this Agreement, provided that you timely elect continued coverage under COBRA, then the Company shall pay the premiums on your behalf for your continued coverage under the Company's group health plans, including coverage for your eligible dependents, for fifteen (15) months or, in any such case, until such earlier date on which you become eligible for health coverage from another employer or cease to be eligible for COBRA coverage for any reason (the "COBRA Payment Period"). Upon the conclusion of such period of insurance premium payments made by the Company, you will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of your eligible COBRA coverage period. Notwithstanding the foregoing, if you timely elect continued group health plan continuation coverage under COBRA and at any time thereafter the Company determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law, then in lieu of paying the employer portion of the COBRA premiums on your behalf, the Company will instead pay you, on the last day of each remaining month of the applicable COBRA Payment Period a fully taxable cash payment equal to the COBRA premium for that month, subject to applicable tax withholding, which such payments shall end upon expiration of the applicable COBRA Payment Period. (d) Equity Vesting. You were granted certain equity awards (the "Equity Awards"), pursuant to applicable award agreement(s), grant notice(s) and applicable plan documents (the "Equity Award Documents"). Under the terms of the Equity Award Documents, vesting of your Equity Awards will cease as of the Separation Date, except as set forth below. As an additional Severance Benefit, each of the outstanding, unvested Time-Vesting Awards held by you shall accelerate and become vested and exercisable or settled with respect to the number of unvested shares of the Equity Awards that would have vested had you remained employed by the Company for an additional twelve (12) months after the Separation Date and as a supplemental Severance Benefit, each of the outstanding, unvested Time-Vesting Awards held by you shall accelerate and become vested and exercisable or settled with respect to the number of unvested shares of the Equity Awards that would have vested had you remained employed by the Company for an additional month beyond such twelve (12) month period (with such acceleration totaling in the aggregate 1,154,808 shares of your Time-Vesting Awards), assuming your

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![](ex101004.jpg)

Page 4 employment ends on the anticipated employment separation date). None of your Equity Awards are Performance Satisfied Awards. Performance Subject Awards shall be forfeited in accordance with their terms, except as set forth in Section 5 below, and except with respect to Performance Subject Awards with respect to which the performance period ends on December 31, 2025 (the "Specified Performance Subject Awards"). Any Specified Performance Subject Awards shall remain outstanding and eligible to vest in connection with the performance certification scheduled to occur in February 2026. Any Specified Performance Subject Awards that do not vest in connection with such certification shall be forfeited. 5. Eligibility for CIC Severance Benefits. You will remain eligible for increased severance benefits (the "CIC Severance Benefits") in the event that you remain employed through the Transition Period (or are terminated without Cause before the end of the Transition Period) and the Company experiences a Change in Control (as defined in the Severance Plan) within three (3) months after the Separation Date (the "Change in Control Period"). Specifically, subject to satisfaction of the Severance Preconditions, in the event that the Company experiences a Change in Control during the Change in Control Period, then pursuant to Section 4.1 of the Severance Plan: (a) you will receive an additional $250,000 as additional Severance Pay described in Section 4(a) herein, subject to applicable withholdings and deductions and payable within fifteen (15) business days after the effective date of the Change in Control; (b) you will receive an additional $75,000 in respect to the Annual Severance Bonus set forth in Section 4Error! Reference source not found. above subject to applicable withholdings and deductions and payable within fifteen (15) business days after the effective date of the Change in Control; (c) the COBRA Payment Period will be increased by an additional three (3) months, to eighteen (18) months; (d) each of your then-outstanding, unvested Time-Vesting Awards and Performance Satisfied Awards shall accelerate and become vested and exercisable or settled with respect to one hundred percent (100%) of the unvested shares subject thereto and each of your Performance Subject Awards shall be treated in accordance with the terms thereof (the "Vesting Acceleration") as of the effective date of the Change in Control. The Equity Awards will otherwise remain subject to the terms and conditions of the applicable Equity Award Documents. For the avoidance of doubt, under no circumstances will you be eligible for the full severance benefits set forth in both Section 4 of this Agreement and the full CIC Severance Benefits set forth in the Participation Agreement. 6. OTHER COMPENSATION OR BENEFITS. You acknowledge that, except as expressly provided in this Agreement, you have not earned, will not earn, and will not receive from the Company any additional compensation (including base salary, bonus, incentive compensation, or equity), severance, or benefits before, on or after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account) or any vested stock options. You acknowledge and agree that the benefits offered to you herein fulfill and exceed all of the Company's obligations to pay you any severance benefits in connection with your employment termination, pursuant to the Severance Plan and any other agreement, plan or policy. 7. EXPENSE REIMBURSEMENTS. You agree that, within thirty (30) days after the Separation Date, you will submit your final documented expense reimbursement statement

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Page 5 reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. The Company shall also directly pay or reimburse you for your reasonable legal fees incurred in negotiating and drafting this Agreement up to a maximum of four thousand dollars ($4,000) within ten (10) days of the Company's receipt of an invoice for such services (which may be redacted to preserve privilege). 8. RELEASE OF CLAIMS. (a) General Release of Claims. In exchange for the consideration provided to you under this Agreement to which you would not otherwise be entitled, you hereby generally and completely release the Company, and its affiliated, related, parent and subsidiary entities, and its and their current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, insurers, affiliates, and assigns from any and all claims, liabilities, demands, causes of action, and obligations, both known and unknown, arising from or in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date you sign this Agreement. (b) Scope of Release. This general release includes, but is not limited to: (i) all claims arising from or in any way related to your employment with the Company, the decision to terminate that employment, or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys' fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the California Labor Code (as amended), the California Family Rights Act, the California Fair Employment and Housing Act (as amended). You acknowledge that you have been advised, pursuant to California Government Code Section 12964.5(b)(4), that you have the right to consult an attorney regarding this Agreement and that you were given a reasonable time period of not less than five (5) business days in which to do so. You further acknowledge and agree that, in the event you sign this Agreement prior to the end of the reasonable time period provided by the Company, your decision to accept such shortening of time is knowing and voluntary and is not induced by the Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the reasonable time period, or by providing different terms to employees who sign such an agreement prior to the expiration of the time period. You acknowledge and agree that the release of claims provided in this Section 7 is not provided in exchange for a raise, bonus, or as a condition of continued employment, but rather in exchange for your eligibility to receive the benefits under this Agreement to which you are not otherwise eligible to receive.

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Page 6 (c) Section 1542 Waiver. In giving the release herein, which includes claims which may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code, which reads as follows: "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party." You hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to your release of claims herein, including but not limited to your release of unknown claims. (d) Exceptions. Notwithstanding the foregoing, you are not releasing the Company hereby from: (i) any obligation to indemnify you pursuant to the Articles and Bylaws of the Company, any valid fully executed indemnification agreement with the Company, applicable law, or applicable directors and officers liability insurance; (ii) any claims that cannot be waived by law; or (iii) any claims for breach of this Agreement. 9. PROTECTED RIGHTS. You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("Government Agencies"). You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Agreement does not limit your right to receive a government-issued award for information provided to any Government Agency in connection with a government whistleblower program or protected whistleblower activity, you understand and agree that, to the maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement. Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful. Furthermore, nothing in this Agreement waives any rights you may have under Section 7 of the National Labor Relations Act (subject to the release of claims set forth herein). 10. RETURN OF COMPANY PROPERTY. You agree that by the Separation Date (or earlier if requested by the Company), you will return to the Company all Company documents (and all copies thereof) and other Company property in your possession or control, including, but not limited to, Company files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, drafts, financial and operational information, research and development information, Company device and account login and password information, sales and marketing information, customer lists, prospect information, pipeline reports, sales reports, personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computing and electronic devices, mobile telephones, servers), credit cards, entry cards, identification badges and keys; and any materials

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Page 7 of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions or embodiments thereof in whole or in part). You agree that you will make a diligent search to locate any such documents, property and information by the close of business on the Separation Date or as soon as possible thereafter. If you have used any personally owned computer or other electronic device, server, or e-mail system to receive, store, review, prepare or transmit any Company confidential or proprietary data, materials or information, by the Separation Date (or earlier if requested by the Company), you shall provide the Company with a computer-useable copy of such information and then permanently delete and expunge such Company confidential or proprietary information from those systems; and you agree to provide the Company access to your system as requested to verify that the necessary copying and/or deletion is completed. 11. CONFIDENTIAL INFORMATION OBLIGATIONS. You acknowledge and reaffirm your continuing obligations under your Employee Confidentiality and Inventions Agreement (the "Confidentiality Agreement"), a copy of which is attached hereto as Exhibit C and incorporated herein by reference. The Company acknowledges that each of the post-term obligations in Section 12(b) of the Confidentiality Agreement is void and that it shall take no steps to enforce those provisions. 12. MUTUAL NON-DISPARAGEMENT. Except to the extent permitted by the "Protected Rights" Section above, you agree not to disparage the Company, its officers, directors, employees, shareholders, parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation, and the Company agrees not to disparage you in any manner likely to be harmful to your business or personal reputation; however, the Company's obligations under this provision extend only to its current directors, officers, and executives (at the Vice President-level and above), and only for so long as each remains a director, officer, or executive of the Company. Notwithstanding the foregoing, nothing herein shall prevent (a) any person or entity from responding accurately and fully to any question, inquiry or request for information when required by legal process or in connection with any government agency or commission investigation or proceeding, (b) the Company from making any disclosures reasonably required or advisable to fulfill any corporate reporting obligations or its fiduciary duties, and (c) any person from making any statements and disclosures specifically authorized in the "Protected Rights" Section above. You acknowledge and agree that the non-disparagement obligation provided in this Section is not provided in exchange for a raise, bonus, or as a condition of continued employment, but rather in exchange for your eligibility to receive the benefits under this Agreement to which you are not otherwise eligible to receive. 13. NO VOLUNTARY ADVERSE ACTION. You agree that you will not voluntarily (except in response to legal compulsion or as permitted under the section of this Agreement entitled "Protected Rights") assist any person in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other formal proceeding against the Company, its parent or subsidiary entities, affiliates, officers, directors, employees or agents.

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Page 8 14. COOPERATION. You agree to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of your employment by the Company. Such cooperation includes, without limitation, making yourself available to the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and trial testimony. The Company will reimburse you for reasonable out-of-pocket expenses you incur in connection with any such cooperation (excluding foregone wages) and will make reasonable efforts to accommodate your scheduling needs. 15. NO ADMISSIONS. You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any other person, and that the Company makes no such admission. 16. REPRESENTATIONS. You hereby represent that you have: been paid all compensation owed and for all hours worked; received all leave and leave benefits and protections for which you are eligible pursuant to the Family and Medical Leave Act or otherwise; and not suffered any on-the-job injury for which you have not already filed a workers' compensation claim. 17. MISCELLANEOUS. This Agreement, including its exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable to the fullest extent permitted by law, consistent with the intent of the parties. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the state or commonwealth in which you primarily performed work for the Company, without regard to conflict of laws principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be delivered and executed via facsimile, electronic mail (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and executed and be valid and effective for all purposes. [Signature page to follow]

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Page 9 If this Agreement is acceptable to you, please sign below and return the original to me. You have five (5) business days to decide whether to accept this Agreement, and the Company's offer contained herein will automatically expire if you do not sign and return it within that timeframe. We wish you the best in your future endeavors. Sincerely, By: /S/ DEBRA THOMPSON Debra Thompson Chief People Officer I HAVE READ, UNDERSTAND, AND AGREE FULLY TO THE FOREGOING AGREEMENT: /S/ NATHAN SCHULTZ Nathan Schultz 10/27/25 Date

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A SEPARATION DATE RELEASE (to be signed and returned to the Company on or within twenty-one (21) calendar days after the Separation Date) In exchange for benefits to be provided to me by the Company pursuant to my transition and separation agreement with the Company to which this Exhibit A is attached (the "Agreement"), I hereby provide the following Separation Date Release (the "Release"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. I hereby represent that I have been paid all compensation owed and for all hours worked through the date I sign this Release, have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which I have not already filed a workers' compensation claim. I acknowledge that, other than the benefits to be provided to me pursuant to the Agreement upon my execution of this Release, I have not earned and will not receive from the Company any additional compensation (including base salary, bonus, incentive compensation, or equity), severance, or benefits, with the exception of any vested right I may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account) or any vested options. I hereby generally and completely release the Company, and its affiliated, related, parent and subsidiary entities, and its and their current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, insurers, affiliates, and assigns from any and all claims, liabilities, demands, causes of action, and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release. This general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (b) all claims related to my compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys' fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act ("ADEA"), the California Labor Code (as amended), the California Family Rights Act, the California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, I am not releasing the Company hereby from any obligation to indemnify me pursuant to the Articles and Bylaws of the Company, any valid fully executed indemnification agreement with the Company, applicable

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Page 2 law, or applicable directors and officers liability insurance. Also, excluded from this Release are any claims that cannot be waived by law. I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I have under the ADEA, and that the consideration given for the waiver and releases I have given in this Agreement is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised, as required by the ADEA, that: (i) my waiver and release does not apply to any rights or claims arising after the date I sign this Agreement; (ii) I should consult with an attorney prior to signing this Agreement (although I may choose voluntarily not to do so); (iii) I have twenty-one (21) days to consider this Agreement (although I may choose voluntarily to sign it sooner); (iv) I have seven (7) days following the date I sign this Agreement to revoke this Agreement (in a written revocation sent to the Company); and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Agreement provided that I do not revoke it. I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I have under the ADEA, and that the consideration given for the waiver and releases I have given in this Release is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised, as required by the ADEA, that: (a) my waiver and release does not apply to any rights or claims arising after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release (although I may choose voluntarily to sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke this Release (in a written revocation sent to the Company); and (e) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Release provided that I do not revoke it (the "Release Effective Date"). In giving the release herein, which includes claims which may be unknown to me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code, which reads as follows: "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party." I hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to my release of claims herein, including but not limited to my release of unknown claims. I understand that nothing in this Release limits my ability to file a charge or complaint with the Government Agencies. I further understand this Release does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Release does not limit my right to receive a government-issued award for information provided to any Government Agency in connection with a government whistleblower program or protected whistleblower activity, I understand and

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Page 3 agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on any claims that I have released and any rights I have waived by signing this Release. Nothing in this Release waives any rights I may have under Section 7 of the National Labor Relations Act (subject to the release of claims set forth herein). This Separation Date Release, together with the Agreement (and its exhibits), constitutes the entire agreement between me, and the Company with respect to the subject matter hereof. I am not relying on any representation not contained herein or in the Agreement. UNDERSTOOD, ACCEPTED AND AGREED: _____________________________________ ______________________ Nathan Schultz Date

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Page 4 EXHIBIT B SEVERANCE PLAN

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Page 21 EXHIBIT C EMPLOYEE CONFIDENTIALITY AND INVENTIONS AGREEMENT

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Page 26 V

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## Exhibit 10.2

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325722163 v9 Chegg, Inc. Employment Agreement October 27, 2025 Daniel Rosensweig Sent via email Dear Dan: On behalf of Chegg, Inc. (the "Company"), this Employment Agreement (this "Agreement") sets forth the terms and conditions of your continued employment with the Company. This Agreement replaces and supersedes in its entirety the April 24, 2024 Executive Chair Agreement between you and the Company. 1. Position. Effective as of October 27, 2025 (the "Effective Date") you will be appointed as Chief Executive Officer ("CEO") of the Company and will hold the title of CEO, President and Executive Chairman. You will continue to serve as a member of the Company's Board of Directors (the "Board"), and in your capacity as CEO and President will report to the Board. You will have all of the duties, responsibilities and authority commensurate with the position of CEO and President. You will be expected to devote your full working time and attention to the business of the Company, and you will not render services to any other business without the prior approval of the Board. Notwithstanding the foregoing, you may manage personal investments, participate in civic, charitable, professional and academic activities (including serving on boards and committees), provided that such activities do not at the time the activity or activities commence or thereafter create an actual or potential business or fiduciary conflict of interest. 2. Term. Subject to the terms of this Agreement, this Agreement will remain in effect from the Effective Date and until terminated by you or the Company. 3. Base Salary. The Company will continue to pay you a base salary (the "Base Salary") at the annualized rate of eight hundred and fifty thousand dollars ($850,000) per year, subject to annual review. Payment of your salary shall be less applicable withholding taxes and payable in accordance with the Company's standard payroll schedule. At this time, you are not eligible for an annual bonus. 4. Benefits. You will continue to be eligible to participate in all employee retirement, welfare, insurance, benefit and vacation programs of the Company as are in effect from time to time and in which other senior executives of the Company are eligible to participate, on the same terms as such other senior executives. 5. Equity Awards. (a) RSUs. Subject to the approval of the Board or the Compensation Committee of the Board (the "Compensation Committee"), you will be granted an award of restricted stock units ("RSUs") representing the right to acquire 1,650,000 shares of the Company's common stock ("Common Stock"). As more fully described in the form of RSU award agreement that will be provided by the Company (the

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325722163 v9 "RSU Agreement"), the RSUs will vest over three (3) years, with 1/3 vesting on the one-year anniversary of the first regularly occurring quarterly vesting date that occurs on or following the Transition Date and the remainder vesting in eight (8) equal quarterly installments thereafter, subject to your continued service on such vesting dates. (b) PSUs. Subject to the approval of the Board or the Compensation Committee, you will be granted an award of performance-based restricted stock units ("PSUs") representing the right to acquire a maximum of 3,850,000 shares of Company Common Stock. As more fully described in the form of PSU award agreement that will be provided by the Company (the "PSU Agreement"), the PSUs will vest based upon the Compensation Committee's certification of achievement of certain stock price thresholds (as set forth on Exhibit A hereto), as measured at 18 months and 36 months following the date of grant of the PSUs, subject to your continued service on such vesting dates, and subject to potential earlier vesting upon a Change in Control (as defined in the Chegg, Inc. Severance Plan, as it may be amended from time to time (the "Severance Plan")) if the per-share price with respect to such Change in Control meets or exceeds one or more previously-uncertified stock price thresholds. The RSUs and the PSUs will be subject to the terms and conditions of the Company's 2023 Equity Incentive Plan (as amended from time to time, the "2023 Plan") and the RSU Agreement and PSU Agreement, respectively, and vested RSUs and PSUs will be settled as provided thereunder. Except as set forth in the award agreements and the Severance Plan, in the event that you cease service for any reason, you will immediately forfeit any then-unvested RSUs and PSUs without any further action by the Company. (c) Other Outstanding Company Equity Awards. Your other outstanding Company Equity Awards will continue to vest according to the existing vesting schedules applicable to such awards as of the Transition Date, subject to your continued service to the Company on each applicable vesting date, and shall be governed by the applicable Company Equity Plan and the written award agreements governing their grant. 6. Expenses and Reimbursement under Company Policies. The Company will continue to, in accordance with applicable Company policies and guidelines, reimburse you for all reasonable and necessary expenses incurred by you in connection with your performance of services on behalf of the Company. 7. No Other Board Compensation. You acknowledge that for so long as you are employed as CEO (or in any other employment position), you shall not receive any cash or equity compensation for your service on the Board. 8. Severance Plan Eligibility. You will be eligible to participate in the Chegg, Inc. Severance Plan, as it may be amended from time to time (the "Severance Plan"), pursuant to the terms and conditions of the Severance Plan and your Participation Agreement under the Severance Plan, provided that you and the Company have timely executed such Participation Agreement. 9. Section 280G. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to you (a) constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), and (b) but for this Section, would be subject to the excise tax imposed by Section 4999 of the Code, then, your severance and other benefits under this Agreement shall be payable either (i) in full, or (ii) as to such lesser amount which would result in no portion of such severance and other benefits being subject to the excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by you on an after-tax basis,

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325722163 v9 of the greatest amount of severance benefits under this Agreement, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. 10. Section 409A. To the extent (a) any payments to which you become entitled under this Agreement, or any agreement or plan referenced herein, in connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (b) you are deemed at the time of such termination of employment to be a "specified" employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the date of your "separation from service" (as such term is at the time defined in regulations under Section 409A of the Code) with the Company; or (ii) the date of your death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to you or your beneficiary in one lump sum (without interest). Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Agreement (or referenced in this Agreement), and each installment thereof, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, any reference herein to a termination of your employment is intended to constitute a "separation from service" within the meaning of Section 409A of the Code, and Section 1.409A-1(h) of the regulations promulgated thereunder, and shall be so construed. If the period during which you may sign the Release begins in one calendar year and ends in the following calendar year, then no severance payments or benefits that that would constitute deferred compensation within the meaning of Section 409A will be paid or provided until the later calendar year. 11. At Will Employment. Your service with the Company is for no specific period of time. Your employment with the Company continues to be "at will," meaning that either you or the Company may terminate your service at any time and for any reason, with or without cause, subject to your rights under the Severance Plan. Any contrary representations that may have been made to you are superseded by this Agreement. This is the full and complete agreement between you and the Company on this term. Although your compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your service may only be changed in an express written agreement signed by you and a member of the Board (other than you).

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325722163 v9 12. Confidential Information and Other Company Policies. You will continue to be bound by and comply fully with your agreement regarding proprietary information, invention assignment and confidentiality with the Company (the "Confidentiality Agreement"), insider trading policy, code of conduct, and any other policies and programs adopted by the Company regulating the behavior of its employees, as such policies and programs may be amended from time to time to the extent the same are not inconsistent with this Agreement, unless you consent to the same at the time of such amendment. 13. Indemnification. You will continue to be named as an insured on the director and officer liability insurance policy currently maintained by the Company, or as may be maintained by the Company from time to time, and will continue to be subject to indemnification as required by the Company's Bylaws and the Indemnification Agreement previously entered into between you and the Company. 14. Arbitration. To aid the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, and in exchange for the mutual promises contained in this offer letter, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims arising from or relating to the enforcement, breach, performance, or interpretation of this letter agreement, your employment with the Company, or the termination of your employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS, Inc. ("JAMS") or its successor, under JAMS' then applicable rules and procedures appropriate to the relief being sought (available upon request and also currently available at the following web address: (i) https://www.jamsadr.com/rules-employment- arbitration/ and (ii) https://www.jamsadr.com/rules-comprehensive-arbitration/) in Santa Clara County, California. Notwithstanding the foregoing, if JAMS is unavailable due to location or otherwise, or if the parties mutually agree, then the arbitration shall be conducted by the American Arbitration Association ("AAA") or its successor, under AAA's then applicable rules and procedures appropriate to the relief being sought (available upon request and also currently available at the following web address: https://www.adr.org/sites/default/files/EmploymentRules-Web.pdf), at a location closest to where you last worked for the Company or another mutually agreeable location. Any demand for arbitration must be made within the statute of limitations applicable to the claim asserted as if such claim were asserted in court. Failure to demand arbitration (or, where applicable, file a counterclaim, crossclaim, or third-party claim) within such time limitation shall serve as a waiver and release with respect to all such claims. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge. The Federal Arbitration Act, 9 U.S.C. § 1 et seq., will, to the fullest extent permitted by law, govern the interpretation and enforcement of this arbitration agreement and any arbitration proceedings. This provision shall not be mandatory for any claim or cause of action to the extent applicable law prohibits subjecting such claim or cause of action to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the "Excluded Claims"), such as non-individual claims that cannot be waived under applicable law, claims or causes of action alleging sexual harassment or a nonconsensual sexual act or sexual contact, or unemployment or workers' compensation claims brought before the applicable state governmental agency. In the event you or the Company intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration. You acknowledge and agree that proceedings of any non- individual claim(s) under the California Private Attorneys General Act ("PAGA") that may be brought in court shall be stayed for the duration and pending a final resolution of the arbitration of any individual or individual PAGA claim. Nothing herein prevents you from filing and pursuing proceedings before a federal or state governmental agency, although if you choose to pursue a claim following the exhaustion of any applicable administrative remedies, that claim would be subject to this provision. In addition, with the exception of Excluded Claims arising out of 9 U.S.C. § 401 et seq., all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class, representative, or

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325722163 v9 collective proceeding, nor joined or consolidated with the claims of any other person or entity. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive all rights to have any dispute be brought, heard, administered, resolved, or arbitrated on a class, representative, or collective action basis. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. If a court finds, by means of a final decision, not subject to any further appeal or recourse, that the preceding sentences regarding class, representative, or collective claims or proceedings violate applicable law or are otherwise found unenforceable as to a particular claim or request for relief, the parties agree that any such claim(s) or request(s) for relief be severed from the arbitration and may proceed in a court of law rather than by arbitration. All other claims or requests for relief shall be arbitrated. You will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration and procedural questions which grow out of the dispute and bear on the final disposition are matters for the arbitrator to decide, provided however, that if required by applicable law, a court and not the arbitrator may determine the enforceability of this paragraph with respect to Excluded Claims. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator's essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that you or the Company would be entitled to seek in a court of law. The Company shall pay all arbitration administrative fees in excess of the administrative fees that you would be required to pay if the dispute were decided in a court of law. Each party is responsible for its own attorneys' fees, except as may be expressly set forth in your Employee Confidential Information and Inventions Assignment Agreement or as otherwise provided under applicable law. Nothing in this letter agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 15. Compensation Recoupment. All amounts payable to you hereunder shall be subject to recoupment pursuant to the Company's current compensation recoupment and forfeiture policy and any additional compensation recoupment policy or amendments to the then-current policy adopted by the Board or any committee thereof as required by law during the term of your service with the Company that is applicable generally to executive officers of the Company. 16. Miscellaneous. (a) Successors. The Company will require any successor (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company's business and/or assets to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession. For all purposes under this Agreement, the term "Company" will include any successor to the Company's business and/or assets, or which becomes bound by this Agreement by operation of law. This Agreement and all of your rights hereunder will inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributes, devisees and legatees. (b) Notices. Notices under this Agreement must be in writing and will be deemed to have been given when personally delivered or two days after mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with an overnight courier, with shipping charges prepaid. Mailed notices to you will be addressed to you at the home address which you have most recently

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325722163 v9 communicated to the Company in writing. Notices to the Company will be addressed to the Board at the Company's corporate headquarters. (c) Waiver. No provision of this Agreement will be modified or waived except in writing signed by you and a member of the Board (other than you). No waiver by either party of any breach of this Agreement by the other party will be considered a waiver of any other breach of this Agreement. (d) Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. (e) Withholding. All sums payable to you hereunder shall be reduced by all federal, state, local and other withholding and similar taxes and payments required by applicable law. (f) Entire Agreement. This Agreement, the Confidentiality Agreement, the Company Equity Plans and the equity award agreements representing your Company Equity Awards represent the entire agreement between the parties concerning the subject matter herein (and expressly supersede any prior agreements that you may have entered into regarding your employment with the Company, including but not limited to, the Executive Chair Agreement). This Agreement may be amended, or any of its provisions waived, only by a written document executed by you and a member of the Board (other than you) in the case of an amendment, or by the party against whom the waiver is asserted. (g) Governing Law. This Agreement will be governed by the laws of the State of California (other than its choice-of-law provisions). (h) Survival. The provisions of this Agreement shall survive the termination of your service for any reason to the extent necessary to enable the parties to enforce their respective rights under this Agreement.

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325722163 v9 Please sign and date this Agreement and return it to me if you wish to accept service as Chief Executive Officer at the Company under the terms described above. Best regards, Chegg, Inc. /S/ RENEE BUDIG Renee Budig Chair of the Compensation Committee, Board of Directors I, the undersigned, hereby accept and agree to the terms and conditions of my service as Chief Executive Officer with the Company as set forth in this Agreement. /S/ DAN ROSENSWEIG Daniel Rosensweig 10/27/25 Date [Signature Page to Employment Agreement]

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325722163 v9 EXHIBIT A – PSU VESTING TERMS - SUMMARY The vesting terms of the PSUs will be set forth in the related award agreement. The following is a summary of such terms, and it is subject in all respects to the terms of the 2023 Plan and the related award agreement. The PSUs will become eligible to vest upon certification by the Compensation Committee that between the date of grant of the PSUs and the relevant Measurement Date (as defined below), the volume weighted average closing price per share of the Common Stock over a consecutive sixty (60) trading day period has equaled or exceeded a target stock price as set forth in the table below (each, a "Performance Goal"). "Measurement Date" shall mean either or both of (a) the date that is eighteen (18) months following the date of grant (the "First Measurement Date"); and (b) the date that is thirty-six (36) months following the date of grant (the "Second Measurement Date"). The period between the date of grant of the PSUs and the Second Measurement Date is the "Performance Period." If an adjustment to the number of shares covered by the PSUs occurs pursuant to Section 2.4 of the 2023 Plan, the Performance Goals will be subject to a related adjustment by the Board or Compensation Committee in order to preserve the economics and intention of the PSUs. If the Compensation Committee certifies that achievement of a Performance Goal has occurred on or prior to the First Measurement Date, the related portion of the PSUs will vest on the First Measurement Date (or if later, the date of such certification). If the Compensation Committee certifies that achievement of a Performance Goal has occurred subsequent to the First Measurement Date and on or prior to the Second Measurement Date, the related portion of the PSUs will vest on the Second Measurement Date (or if later, the date of such certification). Any shares of Common Stock subject to the PSUs that have not vested based on performance during the Performance Period will be forfeited automatically upon certification of performance with respect to the Second Measurement Date. The Compensation Committee shall certify performance as soon as practicable after each Measurement Date. If, during the Performance Period, a Change in Control (as defined in the Severance Plan) occurs, then the Performance Period will be shortened such that the Performance Period will end as of the Change in Control and, to the extent that any previously-uncertified Performance Goals are achieved based on the value of the per-share consideration received by the Company's stockholders in connection with the Change in Control (the "Per-Share Consideration"), the relevant Performance Goals will be deemed achieved under the PSU, as determined by the Compensation Committee in its sole discretion, and the applicable portion of the PSU will vest upon the Change in Control. Any shares of Common Stock subject to the PSU that have not vested prior to or upon the Change in Control will be forfeited automatically. Number of Shares Performance Goal 962,500 Stock price equal to 50% stock price appreciation over the closing stock price on October 28, 2025 962,500 Stock price equal to 75% stock price appreciation over the closing stock price on October 28, 2025

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325722163 v9 962,500 Stock price equal to 100% stock price appreciation over the closing stock price on October 28, 2025 962,500 Stock price equal to 125% stock price appreciation over the closing stock price on October 28, 2025

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## Exhibit 31.01

**Exhibit 31.01** 

**CERTIFICATION PURSUANT TO** 

**RULE 13a-14(a)/15d-14(a)** 

**AS ADOPTED PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Nathan Schultz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Chegg, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 10, 2025

---

| |
|:---|
| /S/ NATHAN SCHULTZ |
| Nathan Schultz |
| *Chief Executive Officer and President* |
| (Principal Executive Officer) |

---

## Exhibit 31.02

**Exhibit 31.02** 

**CERTIFICATION PURSUANT TO** 

**RULE 13a-14(a)/15d-14(a)** 

**AS ADOPTED PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, David Longo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Chegg, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 10, 2025

---

| |
|:---|
| /S/ DAVID LONGO |
| David Longo |
| *Chief Financial Officer* |
| (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.01

**Exhibit 32.01** 

**CERTIFICATION** 

**PURSUANT TO** 

**18 U.S.C. SECTION 1350** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q for the three months ended September 30, 2025 of Chegg, Inc. (the "Registrant") filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, each certify, in accordance with Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, that to the best of his knowledge:

(1)The Report, to which this certification is attached as Exhibit 32.01, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: November 10, 2025

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| | |
|:---|:---|
| /S/ NATHAN SCHULTZ | /S/ DAVID LONGO |
| Nathan Schultz | David Longo |
| Chief Executive Officer and President | Chief Financial Officer |

---

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