Chegg Inc 2024年度报告

2024 ANNUAL REPORT Dear Shareholders, With 2025 well underway, Chegg remains deeply focused on supporting students in buildingknowledge and achieving academic success. We are deeply committed to helping studentsthrive! Delivering on that commitment, we have launched innovative products like Solution Scout, anAI-powered tool to help students learn more efficiently and confidently, made substantialenhancements to our practice and exam preparation tools, and progressed our learning journeyby making our AI-powered Q&A experience even more personalized. Our aim is to createexperiences that drive real outcomes, increasing acquisition, and boosting retention – whileexpanding accessibility for all students. Through focused investment over the past year, and the integration of cutting-edgetechnologies, we have advanced the Chegg product offering to deliver a comprehensive,personalized and verticalized learning experience for higher education. The Chegg of todayprovides precisely what learners need and ensures that Chegg maintains its strong reputationfor quality and trust. In 2024, we significantly enhanced our AI and machine learning (ML) capabilities. Whileremaining AI model-agnostic, we’ve seamlessly integrated frontier models like Llama, Anthropic,Mistral, and GPT into our product stack. We are leveraging A/B testing, multi-shot prompting,and retrieval-augmented generation to help improve accuracy and consistency. Theseinnovations have allowed us to build verticalized education applications at a fraction of the timeand cost, while also increasing our level of personalization. Our implementation of ML andmultiple AI models has significantly reduced the cost of creating new content by more than 70%,while keeping our quality high. In the second half of 2024, we launched an innovative brand marketing campaign and activationprogram that reinvigorated top-of-funnel traffic, creating strong consideration, and increasingconversion. This momentum has carried into 2025, with continued year-over-year improvementsin click-through and conversation rates. We are doubling down on this strategy as we work toimprove our customer growth and funnel resilience. Busuu, our language learning platform, had a strong year marked by its successful transition toa freemium model and the integration of AI through the launch of its new Speaking Practicefeature. The enterprise side of this business continues to perform very well, with revenue up46% in 2024 and strong new customer adoption. We are optimistic about further expansionthrough both consumer and institutional partnerships. Chegg Skills is focused on channel partnership expansion and entered into a pilot agreementwith Edify Online and Noodle to provide AI programs as part of their support for a highereducation internationalization initiative in India. Chegg Skills programs will be offered to collegestudents looking to gain foundational AI skills in an international workforce context. We launched a business-to-institution pilot program in late 2024. With five pilots currentlyunderway and plans to reach approximately 35 additional institutions by the end of this year, wesee significant opportunity to support academic outcomes such as persistence and graduation.Early feedback has been positive, and we aim to convert many of these pilots into broadercampus-wide implementations. While we made significant headway on our technology, product, and marketing programs, 2024came with a series of challenges, including the rapid evolution of the content landscape,particularly the rise of Google AIO, which has impacted our traffic, revenue, and our workforce.In response, we initiated a strategic review process to evaluate a range of alternatives tomaximize stockholder value, including a potential acquisition, a go-private transaction, orremaining a public company. We have also taken action to streamline operations, reduce costs,and refocus the business and are on track to deliver non-GAAP savings of $100-120 million in2025. We continue to believe in the need for high-quality, personalized student success platforms.Chegg remains a trusted brand with a loyal customer base, a strong team, and a clear pathforward to deliver long-term value to our students, employees, and stockholders. On behalf ofthe entire leadership team, thank you for your continued support, and for sharing in our missionto put students first. Sincerely, Nathan SchultzPresident and Chief Executive OfficerChegg Inc. Forward-Looking Statements This letter contains forward-looking statements made pursuant to the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995, which include, without limitation, that therecontinues to be a large market of students looking for the high-quality, proven, and differentiatedlearning expertise and experience that Chegg provides, that we will continue to enthusiasticallyserve this audience, our ability to extend our brand, individualize our product and to weathercur