Chegg increases stock repurchase program by $200M

Chegg announced its board of directors has authorized an increase of $200M as part of its securities repurchase program. The program allows Chegg to buy back its common stock and/or convertible notes, through open market purchases, block trades and/or in privately negotiated transactions or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. In addition to this increased $200M securities repurchase authorization, Chegg has approximately $89M remaining from its previously announced $2B securities repurchase program. The timing, volume, and nature of any repurchases will be determined by Chegg’s management, in consultation with the board’s Finance Committee, based on its evaluation of the capital needs of the business, market conditions, applicable legal requirements, and other factors. The repurchase program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time for any reason by our board of directors. Chegg currently expects to fund the repurchase program from its existing cash balance and future cash flows from operations.