The following is a summary of the Chegg, Inc. (CHGG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Chegg reported a total Q1 revenue of $174 million, down 7% year-over-year, with Subscription Services revenue of $154 million.

• Adjusted EBITDA for the first quarter was $46.7 million, representing a margin of 27%.

• They generated a Q1 free cash flow of $25.3 million, a 54% conversion from adjusted EBITDA.

• The Q1 balance sheet recorded cash and investments worth $612 million and net cash of $12 million.

• Q1 end of quarter subscriptions were lower than the previous year, impacting their Q2 guidance in terms of revenue.

Business Progress:

• Chegg launched a new AI-enabled user experience with significant increase in interactions.

• They expanded its international reach and recorded new account growth of 2.3% year-over-year in targeted markets.

• Future plans include feature introductions and enhancements to personalize the learning experience and ongoing work on pricing strategies.

• Their path back to growth will be navigated through prudent expense management.

• The company plans to roll out more personalization features around their AI platform, with conversational ability being a key focus.

• They continue to invest in their platform and strategy with a view to increase their customer base.

• The company is in a transformation period with expectations of a multi-year path to grow the company.

More details: Chegg IR

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