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EXHIBIT 99.01 Chegg Chegg Reports Third Quarter 2021 Financial Results Increases Securities Repurchase Program By $ 500 Million SANTA CLARA , Calif . , November 1 , 2021 / BUSINESS WIRE / -- Chegg , Inc. ( NYSE : CHGG ) , today reported financial results for the three months ended September 30 , 2021 . " Over the last year and a half , we experienced extraordinary growth and , in midst of a strong year , had a solid third quarter , growing Chegg Services revenue 23 % year - over - year . However , in late September it became clear to us that the education industry is experiencing a slowdown that we believe is temporary and is a direct result of the COVID - 19 pandemic , " said Dan Rosensweig , CEO & President of Chegg , Inc. , " Despite these trends , our team continues to execute at a high level . Chegg is in an excellent position to come out of this stronger than ever and take advantage of the opportunities before us . " In November 2021 , our board of directors approved a $ 500.0 million increase to our existing securities repurchase program authorizing the repurchase of up to $ 1.0 billion of our common stock and / or convertible notes . Q3 2021 Highlights : • • • Total Net Revenues of $ 171.9 million , an increase of 12 % year - over - year Chegg Services Revenues grew 23 % year - over - year to $ 146.8 million , or 85 % of total net revenues , compared to 77 % in Q3 2020 Net Income was $ 6.7 million Non - GAAP Net Income was $ 33.9 million Adjusted EBITDA was $ 46.4 million • • 4.4 million : number of Chegg Services subscribers , an increase of 17 % year - over - year • 229 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 income ( loss ) , and adjusted EBITDA to net income ( loss ) , see the sections of this press release titled “ Use of Non - GAAP Measures , " " Reconciliation of Net Income ( Loss ) to EBITDA and Adjusted EBITDA , " and " Reconciliation of GAAP to Non - GAAP Financial Measures . " Business Outlook : Fourth Quarter 2021 Chegg Services Revenues in the range of $ 175 million to $ 177 million • Total Net Revenues in the range of $ 194 million to $ 196 million • Gross Margin between 70 % and 71 % • Adjusted EBITDA in the range of $ 67 million to $ 69 million Full Year 2021 • Total Net Revenues in the range of $ 762 million to $ 764 million • • Chegg Services Revenues in the range of $ 657 million to $ 659 million Gross Margin between 65 % and 66 % Adjusted EBITDA in the range of $ 255 million to $ 257 million