$CHGG
CHEGG, INC

2016 Q3 Form 10-Q Financial Statement

#000136495416000457 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $71.34M $81.29M
YoY Change -12.23% -0.3%
Cost Of Revenue $38.70M $61.72M
YoY Change -37.3% -9.61%
Gross Profit $32.64M $19.57M
YoY Change 66.84% 47.66%
Gross Profit Margin 45.76% 24.07%
Selling, General & Admin $29.16M $28.27M
YoY Change 3.15% -17.91%
% of Gross Profit 89.33% 144.49%
Research & Development $16.24M $15.66M
YoY Change 3.68% 16.12%
% of Gross Profit 49.75% 80.06%
Depreciation & Amortization $5.600M $12.10M
YoY Change -53.72% -37.31%
% of Gross Profit 17.15% 61.84%
Operating Expenses $47.98M $43.37M
YoY Change 10.62% -5.49%
Operating Profit -$15.33M -$23.80M
YoY Change -35.59% -27.06%
Interest Expense $0.00 -$100.0K
YoY Change -100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$178.0K $24.00K
YoY Change -841.67% -94.94%
Pretax Income -$15.51M -$23.78M
YoY Change -34.78% -26.06%
Income Tax $554.0K $389.0K
% Of Pretax Income
Net Earnings -$16.06M -$24.17M
YoY Change -33.53% -25.5%
Net Earnings / Revenue -22.52% -29.73%
Basic Earnings Per Share -$0.17 -$0.28
Diluted Earnings Per Share -$176.7K -$0.28
COMMON SHARES
Basic Shares Outstanding 91.06M shares 87.71M shares
Diluted Shares Outstanding 87.71M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.20M $102.3M
YoY Change -11.83% 22.96%
Cash & Equivalents $90.21M $80.94M
Short-Term Investments $0.00 $21.40M
Other Short-Term Assets $35.57M $33.83M
YoY Change 5.13% 179.62%
Inventory
Prepaid Expenses $4.018M $5.786M
Receivables $9.481M $9.323M
Other Receivables $0.00 $0.00
Total Short-Term Assets $139.3M $151.2M
YoY Change -7.91% 36.26%
LONG-TERM ASSETS
Property, Plant & Equipment $30.77M $18.54M
YoY Change 65.97% -84.99%
Goodwill $115.0M $91.30M
YoY Change 25.94%
Intangibles $21.66M $9.511M
YoY Change 127.73%
Long-Term Investments $0.00 $2.900M
YoY Change -100.0% -79.43%
Other Assets $5.565M $3.882M
YoY Change 43.35% 115.67%
Total Long-Term Assets $176.9M $170.8M
YoY Change 3.58% -27.96%
TOTAL ASSETS
Total Short-Term Assets $139.3M $151.2M
Total Long-Term Assets $176.9M $170.8M
Total Assets $316.2M $322.1M
YoY Change -1.82% -7.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.992M $11.98M
YoY Change -33.3% 96.43%
Accrued Expenses $59.03M $39.67M
YoY Change 48.8% 34.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.03M $97.74M
YoY Change -0.72% -9.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.100M $4.300M
YoY Change -4.65% -18.87%
Total Long-Term Liabilities $4.075M $4.261M
YoY Change -4.37% -19.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.03M $97.74M
Total Long-Term Liabilities $4.075M $4.261M
Total Liabilities $101.1M $102.0M
YoY Change -0.88% -10.05%
SHAREHOLDERS EQUITY
Retained Earnings -$369.8M -$332.7M
YoY Change 11.16%
Common Stock $585.1M $552.9M
YoY Change 5.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.1M $220.1M
YoY Change
Total Liabilities & Shareholders Equity $316.2M $322.1M
YoY Change -1.82% -7.48%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$16.06M -$24.17M
YoY Change -33.53% -25.5%
Depreciation, Depletion And Amortization $5.600M $12.10M
YoY Change -53.72% -37.31%
Cash From Operating Activities $37.80M $31.20M
YoY Change 21.15% -31.28%
INVESTING ACTIVITIES
Capital Expenditures -$3.800M -$2.700M
YoY Change 40.74% -94.38%
Acquisitions
YoY Change
Other Investing Activities $7.300M $17.30M
YoY Change -57.8% -30.8%
Cash From Investing Activities $3.500M $14.70M
YoY Change -76.19% -163.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -800.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 37.80M 31.20M
Cash From Investing Activities 3.500M 14.70M
Cash From Financing Activities -800.0K 0.000
Net Change In Cash 40.50M 45.90M
YoY Change -11.76% 105.83%
FREE CASH FLOW
Cash From Operating Activities $37.80M $31.20M
Capital Expenditures -$3.800M -$2.700M
Free Cash Flow $41.60M $33.90M
YoY Change 22.71% -63.7%

Facts In Submission

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24000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
35000 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-178000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-297000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
43368000 USD
us-gaap Operating Expenses
OperatingExpenses
131512000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
47975000 USD
us-gaap Operating Expenses
OperatingExpenses
131000000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-23802000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-61762000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-15331000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-38996000 USD
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2000000 USD
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1400000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
31732000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
35570000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
21000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4427000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5565000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30766000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15664000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
16000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
25000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-119000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-97000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
35000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-103000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-76000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
35000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
24000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
9180000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
10001000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-790000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-106000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
85000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
217000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-148000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-146000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8080000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9057000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
25864000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2019000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1020000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
19975000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
7633000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5884000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17834000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3117000 USD
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4018000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
29989000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
6844000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
350000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
22830000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19971000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
45076000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16241000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
49232000 USD
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
342000 USD
us-gaap Restructuring Charges
RestructuringCharges
3320000 USD
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
-100000 USD
us-gaap Restructuring Charges
RestructuringCharges
-298000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-329083000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-369839000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25225000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
46019000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
16067000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
32157000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
81286000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
233219000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
71343000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
191033000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
33358000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
94001000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
49765000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
126795000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16211000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
49985000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15256000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
41449000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
31784000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
32701000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
17800000 USD
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
231075000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
215103000 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
87706000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86419000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
91059000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90201000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. Significant estimates, assumptions, and judgments are used for, but not limited to: revenue recognition, recoverability of accounts receivable, determination of the useful lives and salvage value assigned to our textbook library, restructuring charges, share-based compensation expense including estimated forfeitures, accounting for income taxes, useful lives assigned to long-lived assets for depreciation and amortization, impairment of goodwill and long-lived assets, and the valuation of acquired tangible and intangible assets. 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&#8217;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.</font></div></div>

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