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Table of Contents
60
CHEGG, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Year Ended December 31,
2015 2014 2013
Net revenues:
Rental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 120,365 $ 181,570 $ 189,004
Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,996 87,460 51,958
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,012 35,804 14,613
Total net revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301,373 304,834 255,575
Cost of revenues:
Rental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,162 145,760 140,033
Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,794 31,158 18,522
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,893 34,067 16,505
Total cost of revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,849 210,985 175,060
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,524 93,849 80,515
Operating expenses:
Technology and development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,391 49,386 41,944
Sales and marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,082 72,315 50,302
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,209 41,837 40,486
Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,868 — —
Gain on liquidation of textbooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,326)(4,555)(1,186)
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,224 158,983 131,546
Loss from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57,700)(65,134)(51,031)
Interest expense and other income (expense), net:
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (247)(317)(3,818)
Other income (expense), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 879 (359)
Total interest expense and other income (expense), net . . . . . . . . . . . . . . . . . . . . (31) 562 (4,177)
Loss before provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57,731)(64,572)(55,208)
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,479 186 642
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (59,210) $ (64,758) $ (55,850)
Deemed dividend to preferred stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (102,557)
Net loss attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (59,210) $ (64,758) $ (158,407)
Net loss per share, attributable to common stockholders, basic and diluted. . . . . $ (0.68) $ (0.78) $ (7.58)
Weighted average shares used to compute net loss per share attributable to
common stockholders, basic and diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,818 83,205 20,902
See Notes to Consolidated Financial Statements