$CHGG
CHEGG, INC

2014 Q1 Form 10-Q Financial Statement

#000156459014002022 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012 Q4
Revenue $74.39M $61.02M $68.30M
YoY Change 21.93% 25.8%
Cost Of Revenue $65.49M $49.45M $28.90M
YoY Change 32.42% 20.62%
Gross Profit $8.908M $11.56M $39.40M
YoY Change -22.95% 54.15%
Gross Profit Margin 11.97% 18.95% 57.69%
Selling, General & Admin $24.87M $20.46M $17.10M
YoY Change 21.56% -7.01%
% of Gross Profit 279.15% 176.95% 43.4%
Research & Development $11.32M $9.553M $10.00M
YoY Change 18.5% 4.98%
% of Gross Profit 127.08% 82.63% 25.38%
Depreciation & Amortization $20.10M $16.47M $51.20M
YoY Change 22.03% -1.98%
% of Gross Profit 225.58% 142.44% 129.95%
Operating Expenses $34.51M $27.73M $27.10M
YoY Change 24.44% -10.83%
Operating Profit -$25.60M -$16.17M $12.30M
YoY Change 58.32% -31.48%
Interest Expense $61.00K $1.173M -$1.200M
YoY Change -94.8% -267.57%
% of Operating Profit -9.76%
Other Income/Expense, Net $59.00K -$1.470M -$500.0K
YoY Change -104.01% -835.0%
Pretax Income -$25.54M -$17.64M $8.300M
YoY Change 44.8% -24.29%
Income Tax $217.0K $185.0K $200.0K
% Of Pretax Income 2.41%
Net Earnings -$25.76M -$17.83M $8.100M
YoY Change 44.51% -24.15%
Net Earnings / Revenue -34.63% -29.21% 11.86%
Basic Earnings Per Share -$0.31 -$1.48
Diluted Earnings Per Share -$0.31 -$1.48 $93.86K
COMMON SHARES
Basic Shares Outstanding 82.18M shares 12.03M shares
Diluted Shares Outstanding 82.18M shares 12.03M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.80M $30.30M
YoY Change 209.57%
Cash & Equivalents $39.44M $30.29M $21.03M
Short-Term Investments $54.40M
Other Short-Term Assets $2.181M $4.700M
YoY Change -53.6%
Inventory
Prepaid Expenses $3.025M
Receivables $9.345M $6.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $108.4M $41.90M
YoY Change 158.73%
LONG-TERM ASSETS
Property, Plant & Equipment $18.99M $110.8M
YoY Change -82.86%
Goodwill $49.61M $49.55M
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.70M
YoY Change
Other Assets $2.024M $1.500M
YoY Change 34.93%
Total Long-Term Assets $224.4M $166.9M
YoY Change 34.43%
TOTAL ASSETS
Total Short-Term Assets $108.4M $41.90M
Total Long-Term Assets $224.4M $166.9M
Total Assets $332.8M $208.8M
YoY Change 59.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.742M $3.700M
YoY Change 1.14%
Accrued Expenses $19.83M $16.90M
YoY Change 17.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.60M
YoY Change
Total Short-Term Liabilities $75.68M $95.90M
YoY Change -21.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.153M $4.700M
YoY Change 9.64%
Total Long-Term Liabilities $5.153M $4.700M
YoY Change 9.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.68M $95.90M
Total Long-Term Liabilities $5.153M $4.700M
Total Liabilities $80.84M $101.1M
YoY Change -20.04%
SHAREHOLDERS EQUITY
Retained Earnings -$230.9M
YoY Change
Common Stock $482.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $251.9M $107.7M -$86.13M
YoY Change
Total Liabilities & Shareholders Equity $332.8M $208.8M
YoY Change 59.37%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012 Q4
OPERATING ACTIVITIES
Net Income -$25.76M -$17.83M $8.100M
YoY Change 44.51% -24.15%
Depreciation, Depletion And Amortization $20.10M $16.47M $51.20M
YoY Change 22.03% -1.98%
Cash From Operating Activities $29.14M $29.58M $32.70M
YoY Change -1.48% 34.45%
INVESTING ACTIVITIES
Capital Expenditures $1.285M $1.544M -$87.30M
YoY Change -16.77% -104.77%
Acquisitions $500.0K
YoY Change
Other Investing Activities -$19.00M $14.30M $20.50M
YoY Change -232.87% 28.83%
Cash From Investing Activities -$63.20M -$20.73M -$66.80M
YoY Change 204.94% -2.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.365M 411.0K -100.0K
YoY Change -918.73% -97.93%
NET CHANGE
Cash From Operating Activities 29.14M 29.58M 32.70M
Cash From Investing Activities -63.20M -20.73M -66.80M
Cash From Financing Activities -3.365M 411.0K -100.0K
Net Change In Cash -37.42M 9.264M -34.20M
YoY Change -503.97% -55.03%
FREE CASH FLOW
Cash From Operating Activities $29.14M $29.58M $32.70M
Capital Expenditures $1.285M $1.544M -$87.30M
Free Cash Flow $27.86M $28.04M $120.0M
YoY Change -0.63% -48.47%

Facts In Submission

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CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.27%;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-style:italic;;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP)</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenue 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 related to our textbook library, valuation of preferred stock warrants, and stock-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 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></p></div>
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2014Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
two-for-three reverse split of our common stock
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82259000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12367000
CY2014Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
78000
CY2013Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
336000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22777000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57962000
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
55589000
CY2014Q1 chgg Available For Sale Securities Debt Maturities Year One Through Two Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesYearOneThroughTwoAmortizedCostBasis
36712000
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost
12605000
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAmortizedCost
104906000
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
55596000
CY2014Q1 chgg Available For Sale Securities Debt Maturities Year One Through Two Fair Value
AvailableForSaleSecuritiesDebtMaturitiesYearOneThroughTwoFairValue
36671000
CY2014Q1 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
12605000
CY2014Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
104872000
CY2014Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
500000
CY2014Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2500000
CY2014Q1 chgg Fair Value Of Subsequent Payments
FairValueOfSubsequentPayments
2500000
CY2014Q1 chgg Business Acquisition Payment Period
BusinessAcquisitionPaymentPeriod
P2Y
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
100000
CY2014Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
60000
CY2012Q4 us-gaap Goodwill
Goodwill
49545000
CY2013 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
CY2014Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
16170000
CY2014Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13020000
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15730000
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12419000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1656000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1246000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
221000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
27000
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
800000
CY2013Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
CY2010Q3 chgg Issuance Of Property Tax Assessment
IssuanceOfPropertyTaxAssessment
1000000
CY2012Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
150000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6930000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4150000
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y26D
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M23D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5683
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5706
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0202
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0101
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.28
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.10
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
17971969
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
168632
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
222607
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
319637
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
17598357
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.35
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.85
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.40
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.26
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.45
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22253373
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8888254
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
35000000
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2014Q1 chgg Performance Based Restricted Stock Units Vesting Period Contingent To Satisfaction Of Service Market Or Performance Condition
PerformanceBasedRestrictedStockUnitsVestingPeriodContingentToSatisfactionOfServiceMarketOrPerformanceCondition
P3Y

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