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Chegg EXHIBIT 99.01 Chegg Reports First Quarter 2021 Financial Results and Raises Full Year Guidance Total Revenue Increased 51 % Year - Over - Year SANTA CLARA , Calif . , May 3 , 2021 / BUSINESS WIRE / -- Chegg , Inc. ( NYSE : CHGG ) , a Smarter Way to Student® , today reported financial results for the three months ended March 31 , 2021 . " We are in a unique position to impact the future of the higher education ecosystem , ” said Dan Rosensweig , CEO & President of Chegg , Inc. , “ Our strong brand and momentum will allow us to continue to grow and take advantage of the ever - expanding opportunities in the learner economy . " Q1 2021 Highlights : • Total Net Revenues of $ 198.4 million , an increase of 51 % year - over - year • • Chegg Services Revenues grew 62 % year - over - year to $ 162.4 million , or 82 % of total net revenues , compared to 76 % in Q1 2020 Net Loss was $ 65.2 million which included a $ 78.2 million loss on early extinguishment of debt related to 2025 notes Non - GAAP Net Income was $ 46.4 million Adjusted EBITDA was $ 57.1 million 4.8 million : number of Chegg Services subscribers , an increase of 64 % year - over - year • 356 million : total Chegg Study content views Total net revenues include revenues from Chegg Services and Required Materials . Chegg Services primarily includes Chegg Study , Chegg Writing , Chegg Math Solver , Chegg Study Pack , Mathway , and Thinkful . Required Materials includes print textbooks and eTextbooks . For more information about non - GAAP net income and adjusted EBITDA , and a reconciliation of non - GAAP net income to net loss , and adjusted EBITDA to net loss , see the sections of this press release titled " Use of Non - GAAP Measures , " " Reconciliation of Net Loss to EBITDA and Adjusted EBITDA , " and " Reconciliation of GAAP to Non - GAAP Financial Measures . " Business Outlook : Second Quarter 2021 • Total Net Revenues in the range of $ 188 million to $ 190 million • Chegg Services Revenues in the range of $ 166 million to $ 168 million • Gross Margin between 69 % and 70 % • Adjusted EBITDA in the range of $ 72 million to $ 74 million Full Year 2021 • Total Net Revenues in the range of $ 790 million to $ 800 million • Chegg Services Revenues in the range of $ 675 million to $ 685 million • Gross Margin between 68 % and 69 % • Adjusted EBITDA in the range of $ 275 million to $ 280 million For more information about the use of forward - looking non - GAAP measures , a reconciliation of forward - looking net income to EBITDA and adjusted EBITDA for the second quarter 2021 and full year 2021 , see the below sections of the press release titled " Use of Non - GAAP Measures , " and " Reconciliation of Forward- Looking Net Income to EBITDA and Adjusted EBITDA . " An updated investor presentation and an investor data sheet can be found on Chegg's Investor Relations website http://investor.chegg.com .