CHEGG INC
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
CHGG$0.59-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income (loss) | $18,180 | $266,638 | $(1,458) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Share-based compensation expense | 133,502 | 133,456 | 108,846 |
| Other depreciation and amortization expense | 129,718 | 89,997 | 63,274 |
| Deferred tax assets | 26,575 | (168,679) | (1,104) |
| (Gain)/loss on early extinguishments of debt | (85,926) | (93,519) | 78,152 |
| Loss contingency accrual | 7,000 | — | — |
| Impairment of intangible asset | 3,600 | — | — |
| Loss from write-offs of property and equipment | 4,137 | 3,549 | 2,115 |
| Amortization of debt issuance costs | 3,156 | 5,166 | 5,922 |
| Operating lease expense, net of accretion | 6,079 | 6,327 | 5,994 |
| Realized loss on sale of investments | 2,106 | 9,675 | 178 |
| (Gain)/loss on textbook library, net | — | (4,976) | 10,956 |
| Print textbook depreciation expense | — | 1,610 | 10,859 |
| Gain on foreign currency remeasurement of purchase consideration | — | (4,628) | — |
| Impairment on lease related assets | — | 5,225 | — |
| Gain on sale of strategic equity investments | — | — | (12,496) |
| Loss on change in fair value of derivative instruments, net | — | — | 7,148 |
| Other non-cash items | (1,228) | 378 | (47) |
| Change in assets and liabilities, net of effect of acquisition of businesses: | |||
| Accounts receivable | (7,799) | (3,752) | (5,004) |
| Prepaid expenses and other current assets | 3,476 | 17,191 | (21,854) |
| Other assets | 10,829 | 14,563 | 16,387 |
| Accounts payable | 13,057 | (4,144) | 3,241 |
| Deferred revenue | (1,585) | 7,538 | 2,523 |
| Accrued liabilities | (7,342) | (20,111) | 5,199 |
| Other liabilities | (11,337) | (5,768) | (5,607) |
| Net cash provided by operating activities | 246,198 | 255,736 | 273,224 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (83,052) | (103,092) | (94,180) |
| Purchases of textbooks | — | (3,815) | (10,931) |
| Proceeds from disposition of textbooks | 9,787 | 6,003 | 8,714 |
| Purchases of investments | (637,939) | (730,509) | (1,688,384) |
| Proceeds from sale of investments | 394,533 | 458,489 | 206,041 |
| Maturities of investments | 597,197 | 884,940 | 1,204,787 |
| Proceeds from sale of strategic equity investments | — | — | 16,076 |
| Acquisition of businesses, net of cash acquired | — | (401,125) | (7,891) |
| Purchases of strategic equity investments | (11,853) | (6,000) | — |
| Net cash provided by (used in) investing activities | 268,673 | 104,891 | (365,768) |
| Cash flows from financing activities | |||
| Proceeds from common stock issued under stock plans, net | 4,165 | 6,477 | 8,887 |
| Payment of taxes related to the net share settlement of equity awards | (16,440) | (26,549) | (94,423) |
| Proceeds from equity offering, net of offering costs | — | — | 1,091,466 |
| Repayment of convertible senior notes | (505,986) | (401,203) | (300,762) |
| Proceeds from exercise of convertible senior notes capped call | 297 | — | 69,005 |
| Payment of escrow related to acquisition | — | — | (7,451) |
| Repurchase of common stock | (334,806) | (323,528) | (300,000) |
| Net cash (used in) provided by financing activities | (852,770) | (744,803) | 466,722 |
| Effect of exchange rate changes | 21 | 4,137 | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (337,878) | (380,039) | 374,178 |
| Cash, cash equivalents and restricted cash, beginning of period | 475,854 | 855,893 | 481,715 |
| Cash, cash equivalents and restricted cash, end of period | $137,976 | $475,854 | $855,893 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental cash flow data: | |||
| Cash paid during the period for: | |||
| Interest | $741 | $875 | $1,053 |
| Income taxes, net of refunds | $11,074 | $6,841 | $7,388 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $9,042 | $8,863 | $7,772 |
| Right of use assets obtained in exchange for lease obligations: | |||
| Operating leases | $12,407 | $10,232 | $— |
| Non-cash investing and financing activities: | |||
| Accrued purchases of long-lived assets | $9,650 | $4,927 | $2,982 |
| Issuance of common stock related to repayment of convertible senior notes | $— | $— | $235,521 |
| December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $135,757 | $473,677 | $854,078 |
| Restricted cash included in other current assets | — | 63 | — |
| Restricted cash included in other assets | 2,219 | 2,114 | 1,815 |
| Total cash, cash equivalents and restricted cash | $137,976 | $475,854 | $855,893 |
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