Chegg, Inc.

Greetings. Welcome to Chegg, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Tracy Ford, Vice President of Investor Relations and EFG for Chegg. Thank you. You may begin.

Good afternoon. Thank you for joining Chegg's first quarter 2024 conference call. On today's call, our Dan Rosenzweig, co-chairperson and CEO, Nathan Schultz, incoming president and CEO, and David Longo, chief financial officer. A copy of our earnings press release, along with our investor presentation, is available on our investor relations website, investor.chegg.com. A replay of this call will also be available on our website. We routinely post information on our website and intend to make important announcements on our media center website at chegg.com slash media center. We encourage you to make use of these resources. Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of the company. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements. In particular, we refer you to the cautionary language included in today's earnings release and the risk factors described in Chegg's annual report on Form 10-K filed with the Securities and Exchange Commission on February 20th, 2024, as well as our other filings with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and non-GAAP financial measures. Our GAAP results in GAAP to non-GAAP reconciliations can be found in our earnings press release in the investor slide deck found on our IR website, investor.cheg.com. We also recommend you review the investor data sheet, which is also posted on our IR website. Now, I will turn the call over to Dan.

Thank you, Tracy, and welcome everyone to Chegg's Q1 2024 earnings call. It's a truly exciting day for Chegg, and I'm thrilled to announce that Nathan Schultz is being promoted to Chegg's president and CEO, effective June 1st. The board and I have been focused on succession planning for the last several years to put Chegg in the best position to continue to drive the future of education. Nathan has spent the last 16 years helping build Chegg into the leading global online learning platform that it is today. From our earliest days at the textbook Red Bull company to leveraging AI today, Nathan has been at the core of our success. Nathan has always led with a student-first mindset and a passion for innovating how, when, and where people learn. I will be stepping into the role of executive chairman and working with Nathan and the board during the next exciting phase of the company. Over the last few years, Nathan has worked to bolster our leadership team by adding a new chief marketing officer, a new SVP of business operations, and a new chief product officer to work alongside Chuck Geiger, our chief technology advisor. The board and I are excited about this management team and the future of the business under Nathan's leadership. We see the proliferation of AI and our ability to uniquely harness its potential in education as a transformative moment for Chegg. We've embraced AI and have completely rebuilt our user experience and services, rolling out a multi-year product-led growth plan to emerge from the post-COVID period and return to revenue and profit growth. The transition will take time, but we are already seeing encouraging signs of how our new AI-enabled platform will serve more students in more ways than ever before. This makes this the right time for Nathan to step into this new role and write the next chapter of the Chegg story. So with that, I will turn it over to Nathan. Congratulations, Nathan.