Ecobank Transnational Incorporation (ETI.gh) 2019 Annual Report

first_imgEcobank Transnational Incorporation (ETI.gh) listed on the Ghana Stock Exchange under the Banking sector has released it’s 2019 annual report.For more information about Ecobank Transnational Incorporation (ETI.gh) reports, abridged reports, interim earnings results and earnings presentations, visit the Ecobank Transnational Incorporation (ETI.gh) company page on AfricanFinancials.Document: Ecobank Transnational Incorporation (ETI.gh)  2019 annual report.Company ProfileEcobank Transnational Incorporation is a financial services institution offering retail, wholesale, investment and transactional banking services to government departments, financial institutions, multi-nationals, small- to medium-size enterprises, micro businesses and individuals in Africa and internationally. The banking group operates in the domestic, corporate and investment banking segments. Ecobank Transnational Incorporated offers a full-service product offering which ranges from current and savings accounts to business accounts and term deposits. Ecobank Transnational Incorporated also provides services for institutional banking; ranging from treasury and investment banking to commodity/trade finance, debt issuance and equity offerings, mergers and acquisitions and syndicated lending. The financial institution operates a network of approximately 1 200 branches and offices in the major towns and cities of Ghana. Its head office is in Lomé, Togo. Ecobank Transnational Incorporation is listed on the Ghana Stock Exchangelast_img read more

Casa de Madera / Dörr + Schmidt

first_imgCasa de Madera / Dörr + SchmidtSave this projectSaveCasa de Madera / Dörr + Schmidt ArchDaily Save this picture!© Marcos Zegers+ 29 Share Area:  662 m²Constructor:Leonardo CarametroArchitect In Charge:Manuel Dörr, Pablo SchmidtCity:PanquehueCountry:ChileMore SpecsLess SpecsSave this picture!© Marcos ZegersText description provided by the architects. The project is located in the base of the range that surroundsthe Aconcagua Valley in a 10 acres park , surrounded by avocado trees plantations and is tied to the ground by three walls of concrete that opens to the plain.  The house lies between these walls generating a series of patios that graduate the space from the interior of the house to the valley.  This manner of graduating the space between interior and exterior is inspired in the old colonial houses of the Aconcagua valley.Save this picture!© Marcos ZegersAlso rescue the pureness of lines and horizontality of the patrimonial  houses of the valley together with the rhythm produced by the repetition of  volumes and pillars .Save this picture!© Marcos ZegersThe house was built mainly using recycled woods except for the cover of the interior walls where pine tree planks was used.  The pillars of the house originally was part of the structure of tunnels of the old train that crossed Los Andes Mountains from Santiago,  Chile to the Argentinian  city of Mendoza.Save this picture!© Marcos ZegersProject gallerySee allShow lessTunnel Monitoring Complex Hausmannstaetten / Dietger Wissounig ArchitektenSelected ProjectsFour Architectural Innovations Make Time’s Top 25 Inventions For 2013Architecture News Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/450144/casa-de-madera-dorr-schmidt Clipboard Projects “COPY” Copy•Panquehue, Chile Chile ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/450144/casa-de-madera-dorr-schmidt Clipboard Casa de Madera / Dörr + Schmidt Houses “COPY” Architects: Dörr + Schmidt Area Area of this architecture project CopyAbout this officeDörr + SchmidtOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesPanquehueChilePublished on November 21, 2013Cite: “Casa de Madera / Dörr + Schmidt” [Casa de Madera / Dörr + Schmidt] 21 Nov 2013. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogPartitionsSkyfoldChoosing the Skyfold Wall for Your SpaceGlass3MGlass Finish – FASARA™ GeometricShower ColumnshansgroheShoulder ShowersPanels / Prefabricated AssembliesMorin Corp.Metal Wall Systems – ExposedStonesCosentinoSurfaces – Dekton® Stonika SeriesConcrete FloorsSikaIndustrial Floor CoatingsHanging LampsLouis PoulsenPendant Lights – KeglenDoorsSky-FrameInsulated Sliding Doors – Sky-Frame SlopeThermalSchöckMinimizing Thermal Bridges in BalconiesWindowspanoramah!®ah! Ultra MinimalistEnclosures / Double Skin FacadesAlucoilStructural Honeycomb Panels – LarcoreWork ChairsDynamobelWork Chair – SLAT 16More products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

The Byron House / Paul Uhlmann Architects

first_imgSave this picture!© Andy Macpherson Studio+ 17Curated by Paula Pintos Share Projects Builder: Architects: Paul Uhlmann Architects Area Area of this architecture project The Byron House / Paul Uhlmann Architects Photographs:  Andy Macpherson Studio Manufacturers Brands with products used in this architecture project ArchDaily Todd Knaus Constructions 2018 “COPY” The Byron House / Paul Uhlmann ArchitectsSave this projectSaveThe Byron House / Paul Uhlmann Architects Australia Houses “COPY” Design Team:Paul Uhlmann ArchitectsEngineering:Westera PartnersFurniture:Kate Sacks DesignCity:Byron BayCountry:AustraliaMore SpecsLess SpecsSave this picture!© Andy Macpherson StudioRecommended ProductsWoodLunawoodThermowood FacadesWoodAccoyaAccoya® Cladding, Siding & FacadesDoorsRabel Aluminium SystemsMinimal Sliding Door – Rabel 62 Slim Super ThermalDoorsdormakabaEntrance Doors – Revolving Door 4000 SeriesText description provided by the architects. This generous family home intended to encapsulate what it means to live in Byron Bay. This concept saw the creation of an open and ‘relaxed’ residence, that was still site responsive and outward looking yet sheltered and warm. All main living spaces were arranged along a central spine that cascaded down the slope of the site, with the same earthy, natural materials used both internally and externally. Save this picture!© Andy Macpherson StudioSave this picture!SectionSave this picture!© Andy Macpherson StudioThrough a stepping sequence from the entry, the spine links the arrival of the kitchen, living, terrace, pool and lawn space for the client’s children below. The family room, nestled in to a sunken lounge with built-in bespoke furniture, frames views to the treetops and Bay below on either side of a stone fireplace, while nestling in to the existing landscape. Accessed through oversized sliding doors adjacent, the outdoor terrace provides a generous and open negative-space off the otherwise intimate internal living areas. This was to seamlessly blend the threshold between indoors and out and be predominately left open to make the most of the year-long enjoyable climate. A centralised kitchen allows for view to the recreational areas, including the suspended library over the pool, a space for the family to curl-up with a book or the children to complete their homework.  Save this picture!© Andy Macpherson StudioSave this picture!Ground Floor PlanSave this picture!© Andy Macpherson StudioAustralian local materials were used both internally, externally and within the landscape to compliment the nature reserve adjacent and views surrounding. Two louvred boxes over the open split-level areas were broken by the centralised spine as read from the street. The boxes were used to frame views to the lighthouse and beach beyond with linear dark cladding for a recessive exterior. Striking mechanical louvres were used for privacy, security and ventilation.   Save this picture!© Andy Macpherson StudioProject gallerySee allShow lessParentheses House / SAI Architectural Design OfficeSelected ProjectsCambered Ceiling Drawing Studio / N+A StudioSelected Projects Share Lime Landscapes ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/937351/the-byron-house-paul-uhlmann-architects Clipboard Area:  445 m² Year Completion year of this architecture project Landscape: ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/937351/the-byron-house-paul-uhlmann-architects Clipboard CopyHouses•Byron Bay, Australia Photographs Manufacturers: Brightgreen, Eco Outdoor, Fisher & Paykel, Inlite, Reece, Stovax, Brand unknown – timber cladding internally and internal ceilings, CM Garage Doors, Hartnett & Sons Stonemasons, Hutchinsons Tile Centre, Queensland Timber Flooring, Vanguard Blinds, Vintec Year:  CopyAbout this officePaul Uhlmann ArchitectsOfficeFollowProductWood#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesByron BayOn FacebookAustraliaPublished on April 15, 2020Cite: “The Byron House / Paul Uhlmann Architects” 14 Apr 2020. ArchDaily. Accessed 10 Jun 2021. ISSN 0719-8884Browse the CatalogBathroom AccessorieshansgroheBath & Shower ThermostatsGlass3MGlass Finish – FASARA™ NaturalPartitionsSkyfoldVertically Folding Operable Walls – Mirage®WindowsVitrocsaSliding Window – Mosquito NetSinksBradley Corporation USASinks – Verge LVG-SeriesMetal PanelsTrimoQbiss One in Equinix Data CentreSignage / Display SystemsGoppionDisplay Case – Q-ClassMetal PanelsLongboard®Aluminum Battens – Link & Lock – 4″Sports ApplicationsPunto DesignPunto Fit in Ekaterinburg Public SpaceWoodBlumer LehmannFree Form Structures for Wood ProjectsKnobsKarcher DesignDoor Knob K390 (50)TablesVitsœ621 Side TableMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

Indonesian justice system treats two British journalists as criminals

first_img to go further Organisation British journalists Rebecca Prosser and Neil Bonner were sentenced today to two and a half months in prison on a charge of violating Indonesia’s immigration law. Having already been held for more than twice that time, they are due to be freed shortly. Red alert for green journalism – 10 environmental reporters killed in five years August 21, 2020 Find out more News Receive email alerts November 19, 2020 Find out more Help by sharing this information November 3, 2015 – Updated on January 20, 2016 Indonesian justice system treats two British journalists as criminals IndonesiaAsia – Pacific News On eve of the G20 Riyadh summit, RSF calls for public support to secure the release of jailed journalists in Saudi Arabia Detained by the immigration authorities on the western island of Batam since late May, Rebecca Prosser and Neil Bonner were found guilty today by the Batam district court that began examining their case in September.“We are relieved to learn that Rebecca Prosser and Neil Bonner will soon be released,” said Benjamin Ismaïl, the head of the Reporters Without Borders Asia-Pacific desk.“Nonetheless, their conviction by this court confirms Indonesia’s troubling tendency to treat journalists as criminals when all they have done is violate a regulation. How can locking up journalists for long periods like criminals be regarded as justice? The law on foreign journalists’ visas must be repealed.”Prosser and Bonner, who work for the Wall to Wall production company, entered Indonesia on tourist visas and were arrested by the Indonesian navy on 28 May while filming a reenactment of pirates storming an oil tanker for a documentary commissioned by National Geographic.Indonesia is ranked 138th out of 180 countries in the 2015 Reporters Without Borders press freedom index. IndonesiaAsia – Pacific August 12, 2020 Find out more News News Follow the news on Indonesia Melanesia: Facebook algorithms censor article about press freedom in West Papua RSF_en last_img read more

Government scraps plan to force journalists to inform police

first_img November 11, 2020 Find out more Forum on Information and Democracy 250 recommendations on how to stop “infodemics” to go further News Receive email alerts News November 26, 2019 Find out more Follow the news on Chile Help by sharing this information News Organisation Chile: RSF calls for exemplary investigation into Chilean photographer’s murder ChileAmericas The scheduled withdrawal of this section of the “Hinzpeter Law” is an encouraging symbol at the end of what has been a difficult year for Chilean and foreign journalists in the country, who have often been abused for reporting on many demonstrations in the country, not just those by students. Besides calling for steps to be taken to guarantee their security, Reporters Without Borders continues to press for a full debate, a subject first raised during the demonstrations, on media pluralism in Chile and the legal framework that would make this possible.Also at issue is the need to overhaul the legislation on community media and radio stations. January 23, 2012 – Updated on January 20, 2016 Government scraps plan to force journalists to inform police News Journalists face archaic sanction of capital punishment in some parts of the world RSF_en July 6, 2020 Find out more Thanks to a wave of demonstrations and protests in Santiago the government has abandoned plans to force journalists to hand over images to police under controversial new legislation sponsored by interior minister Rodrigo Hinzpeter, who announced on 18 January that he would withdraw that section of the bill.“Congress has been instructed not to approve it,” Mauricio Weibel, president of the association of foreign correspondents in Chile, confirmed to Reporters Without Borders.The bill, known as the “Hinzpeter Law”, was submitted to Congress on 1 October last year in response to student protests. As originally drafted, it contained provisions to criminalize expressions of opinion, and to grant “a new power for the law enforcement and security forces, under which they can request the voluntary transmission of recordings, film or other electronic media material that may serve to substantiate the existence of crimes or participation in crimes, without a prior order from the state prosecutor”.“With the ‘Hinzpeter Law’, there was a real risk of seeing journalists become accessories to the police, in contravention of constitutional principles concerning freedom of expression and information,” Reporters Without Borders said.“While we welcome the news that this section has been withdrawn, the bill is still in the hands of Congress. The summer holiday period means its discussion – and, we hope, rejection – by the lower house and the Senate has been postponed until March. “This inappropriate and dangerous legislation must be scrapped as a matter of urgency.” Reporters Without Borders hopes that a letter on the subject sent to members of Congress by the Chilean College of Journalists will be favourably received. ChileAmericas last_img read more

Huntington Announces Launch of Crowdsourcing Project to Transcribe, Decode U.S. Civil War Telegrams

first_imgHistory Huntington Announces Launch of Crowdsourcing Project to Transcribe, Decode U.S. Civil War Telegrams The project aims to use crowdsourcing technology, in part, to spark curiosityand develop critical-thinking skills among students From STAFF REPORTS Published on Tuesday, June 21, 2016 | 11:03 am Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News 7 recommended0 commentsShareShareTweetSharePin it Top of the News Make a comment Business News Subscribe Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday HerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyThe Dos And Don’ts Of Tinder You Must KnowHerbeautyHerbeautyHerbeauty9 Of The Best Metabolism-Boosting Foods For Weight LossHerbeautyHerbeautyHerbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeauty More Cool Stuffcenter_img Your email address will not be published. Required fields are marked * Name (required)  Mail (required) (not be published)  Website  Community News Papers of Thomas T. Eckert (1862–1877), an extensive and extraordinarily rare collection of nearly 16,000 Civil War telegrams. The Huntington Library, Art Collections, and Botanical Gardens.In a move to gain new insights into the U.S. Civil War, The Huntington Library, Art Collections, and Botanical Gardens announced today the public launch of an innovative crowdsourcing project to transcribe and decipher a collection of nearly 16,000 Civil War telegrams between Abraham Lincoln, his Cabinet, and officers of the Union Army. Roughly one-third of the messages were written in code.The Huntington is collaborating on the “Decoding the Civil War” project with Zooniverse (the largest online platform for collaborative volunteer research), North Carolina State University’s Digital History and Pedagogy Project, and the Abraham Lincoln Presidential Library and Museum.“The Huntington and its partners are delighted to make this historic collection accessible to the public in a way that will help improve our understanding of this critically important period in our nation’s history,” said David Zeidberg, Avery Director of the Library at The Huntington. “This is a digital humanities project that holds the potential to transform our engagement with the past, inspire further research, and help students everywhere gain a better understanding of U.S. history, digital literacy, and the power of collaboration.”The Huntington acquired the exceptionally rare collection of telegrams in 2012, composed of a nearly complete archive of Thomas T. Eckert, the head of the military telegraph office of the War Department under Lincoln. The archive was thought to have been destroyed after the war and includes crucial correspondence that has never been published. Among the materials are 35 manuscript ledger books of telegrams sent and received by the War Department, including more than 100 communiques from Lincoln himself. Also included are top-secret cipher books revealing the complex coding system used to encrypt and decipher messages. The Confederate Army never cracked the Union Army’s code.The “Decoding the Civil War” project provides public access to digitized images of the telegrams and code books through the Huntington Digital Library (hdl.huntington.org). In addition, the project’s crowdsourcing website on Zooniverse (zooniverse.org), engages “citizen archivists” in the deciphering of the telegrams with greater efficiency and accuracy than could be accomplished by staff members at the partnering institutions.About The HuntingtonThe Huntington Library, Art Collections, and Botanical Gardens is a collections-based research and educational institution serving scholars and the general public. The Huntington is located at 1151 Oxford Rd., San Marino, 12 miles from downtown Los Angeles. For more information, please visit www.huntington.org. First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Chegg Reports 2020 Financial Results and Raises 2021 Guidance

first_img 43,202 (1,453 $ Facebook — $ $ 125,014 Facebook December 31, 2019 CONSOLIDATED BALANCE SHEETS Total operating expenses Loss on early extinguishment of debt 104,127 24,030 1,530 47,018 (39 ) Twitter 92,182 $ 5,297 (10,000 381,074 300,927 15,397 ) RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW ) 125,807 CONSOLIDATED STATEMENTS OF OPERATIONS Total revenue between $182 and $185 million, with Chegg Services between $152 and $155 millionGross margin between 65% and 66%And adjusted EBITDA between $48 and $50 million. In closing, 2020 has been our best year as a company. The trends we anticipated many years ago and built the foundation of our company on have accelerated; that is online, on demand and affordable services that have resulted in tens of millions of students globally using Chegg as a trusted partner for their academic and skills-based needs. We couldn’t be more thankful to those students for trusting Chegg on their educational journey and to our employees who executed on our vision of being a company that puts students’ first. With that, I’ll turn the call over to the operator for your questions. Conference Call and Webcast Information To access the call, please dial 1-877-407-4018, or outside the U.S. +1-201-689-8471, five minutes prior to 1:30 p.m. Pacific Standard Time (or 4:30 p.m. Eastern Standard Time). A live webcast of the call will also be available at http://investor.chegg.com under the Events & Presentations menu. An audio replay will be available beginning at 4:30 p.m. Pacific Standard Time on February 8, 2021, until 8:59 p.m. Pacific Standard Time on February 15, 2021, by calling 1-844-512-2921, or outside the U.S. +1-412-317-6671, with Conference ID 13714677. An audio archive of the call will also be available at http://investor.chegg.com. Use of Investor Relations Website for Regulation FD Purposes Chegg also uses its media center website, http://www.chegg.com/press, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor http://www.chegg.com/press, in addition to following press releases, Securities and Exchange Commission filings and public conference calls and webcasts. About Chegg Chegg: A Smarter Way to Student®. We strive to improve educational outcomes by putting the student first. We support students on their journey from high school to college and into their careers with tools designed to help them learn their course materials, succeed in their classes, save money on required materials, and learn the most in-demand skills. Our services are available online, anytime and anywhere. Chegg is a publicly held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com. Use of Non-GAAP Measures To supplement Chegg’s financial results presented in accordance with generally accepted accounting principles in the United States (GAAP), this press release and the accompanying tables and the related earnings conference call contain non-GAAP financial measures, including adjusted EBITDA, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP weighted average shares, non-GAAP net income per share, and free cash flow. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow,” and “Reconciliation of Forward-Looking Net Income to EBITDA and Adjusted EBITDA.” The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Chegg defines (1) adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for print textbook depreciation expense and to exclude share-based compensation expense, other income, net, acquisition-related compensation costs, the loss from impairment on strategic equity investment, the donation from Chegg Foundation, and restructuring charges; (2) non-GAAP operating expenses as operating expenses excluding share-based compensation expense, amortization of intangible assets, acquisition-related compensation costs, the loss from impairment on strategic equity investment, the donation from Chegg Foundation, and restructuring charges; (3) non-GAAP income from operations as income from operations excluding share-based compensation expense, amortization of intangible assets, acquisition-related compensation costs, the loss from impairment on strategic equity investment, the donation from Chegg Foundation, and restructuring charges; (4) non-GAAP net income as net income (loss) excluding share-based compensation expense, amortization of intangible assets, acquisition-related compensation costs, amortization of debt discount and issuance costs, the loss on early extinguishment of debt, the loss from impairment on strategic equity investment, the donation from Chegg Foundation, and restructuring charges; (5) non-GAAP weighted average shares outstanding as weighted average shares outstanding adjusted for the effect of dilutive options, restricted stock units, and shares related to our convertible senior notes; (6) non-GAAP net income per share is defined as non-GAAP net income divided by non-GAAP weighted average shares outstanding; and (7) free cash flow as net cash provided by operating activities excluding purchases of property and equipment, purchases of textbooks and proceeds from disposition of textbooks. To the extent additional significant non-recurring items arise in the future, Chegg may consider whether to exclude such items in calculating the non-GAAP financial measures it uses. Chegg believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding Chegg’s performance by excluding items that may not be indicative of Chegg’s core business, operating results or future outlook. Chegg management uses these non-GAAP financial measures in assessing Chegg’s operating results, as well as when planning, forecasting and analyzing future periods and believes that such measures enhance investors’ overall understanding of our current financial performance. These non-GAAP financial measures also facilitate comparisons of Chegg’s performance to prior periods. As presented in the “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of Forward-Looking Net Income to EBITDA and Adjusted EBITDA,” and “Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow” tables below, each of the non-GAAP financial measures excludes one or more of the following items: Share-based compensation expense. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Chegg’s control. As a result, management excludes this item from Chegg’s internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation expense provide investors with a basis to measure Chegg’s core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used. Amortization of intangible assets. Chegg amortizes intangible assets that it acquires in conjunction with business combinations, which results in non‑cash operating expenses that would not otherwise have been incurred had Chegg internally developed such intangible assets. Chegg believes excluding the accounting expense associated with acquired intangible assets from non-GAAP measures allows for a more accurate assessment of its ongoing operations. Acquisition-related compensation costs. Acquisition-related compensation costs include compensation expense resulting from the employment retention of certain key employees established in accordance with the terms of the acquisitions. In most cases, these acquisition-related compensation costs are not factored into management’s evaluation of potential acquisitions or Chegg’s performance after completion of acquisitions, because they are not related to Chegg’s core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related compensation costs from non-GAAP measures provides investors with a basis to compare Chegg’s results against those of other companies without the variability caused by purchase accounting. Amortization of debt discount and issuance costs. Under GAAP, we are required to separately account for the liability (debt) and equity (conversion option) components of our convertible senior notes that were issued in private placements. Accordingly, for GAAP purposes we are required to recognize the effective interest expense on our convertible senior notes and amortize the debt discount and issuance costs over the term of the notes. The difference between the effective interest expense and the contractual interest expense are excluded from management’s assessment of our operating performance because management believes that these non-cash expenses are not indicative of ongoing operating performance. Chegg believes that the exclusion of the non-cash interest expense provides investors an enhanced view of our performance and enables the comparison of period-over-period results. Loss on early extinguishment of debt. We have extinguished, exchanged, or settled conversion requests for our 0.25% convertible senior notes due in 2023 (2023 notes). Under GAAP, we are required to compare the fair value of such 2023 notes to the respective carrying amount and record a gain or loss. The loss on early extinguishment of debt is a non-cash expense, and we believe its exclusion provides investors with a better comparison of period-over-period results. Loss from impairment of strategic equity investment. The loss from impairment of strategic equity investment represents a one-time event to record an impairment charge on our strategic equity investment in WayUp, Inc. The loss from impairment of strategic equity investment is a non-cash expense and we believe the exclusion of the impairment charge from non-GAAP financial measures provides investors with a better comparison of period-over-period results. Donation from Chegg Foundation. The donation from Chegg Foundation represents a one-time event to transfer funds to a third party, for the benefit of Chegg.org, our not for profit arm of Chegg. Chegg believes that it is appropriate to exclude the donation from Chegg Foundation from non-GAAP financial measures because it is the result of a discrete event that is not considered a core-operating activity and enables the comparison of period-over-period operating results. Free cash flow. Free cash flow represents net cash provided by operating activities excluding purchases of property and equipment and purchases of textbooks and including proceeds from the disposition of textbooks. Chegg considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property and equipment and textbooks, which can then be used to, among other things, invest in Chegg’s business and make strategic acquisitions. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in Chegg’s cash balance for the period. Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which include, without limitation statements regarding the impact of the ongoing coronavirus (COVID-19) pandemic on Chegg’s financial condition and results of operations, Chegg’s continued momentum and 2021 guidance; and those included in the investor presentation referenced above, those included in the “Prepared Remarks” sections above, and all statements about Chegg’s outlook under “Business Outlook.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “endeavor,” “will,” “should,” “future,” “transition,” “outlook” and similar expressions, as they relate to Chegg, are intended to identify forward-looking statements. These statements are not guarantees of future performance, and are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: Chegg’s ability to attract new students, increase engagement and increase monetization; the ongoing uncertainty regarding the return of students to in-person classes and remote learning, and the effects of COVID-19 on college enrollment, Chegg’s ability to attract new students from high schools and colleges, which are populations with inherently high turnover; the ease of accessing Chegg’s offerings through search engines; the rate of adoption of Chegg’s offerings; the effect and integration of Chegg’s acquisition of Imagine Easy Solutions, Cogeon, WriteLab, StudyBlue, Thinkful and Mathway; Chegg’s ability to strategically take advantage of new opportunities; competitive developments, including pricing pressures and other services targeting students; Chegg’s anticipated growth of Chegg Services; Chegg’s ability to build and expand its services offerings; Chegg’s ability to develop new products and services on a cost-effective basis and to integrate acquired businesses and assets; the impact of seasonality on the business; Chegg’s reputation with students and tutors; the outcome of any current litigation and investigations; the ability of our logistics partner to manage the fulfillment processes; Chegg’s ability to effectively control operating costs; changes in Chegg’s addressable market; regulatory changes, in particular concerning education, privacy and marketing; changes in the education market; and general economic, political and industry conditions, including the ongoing COVID-19 pandemic. All information provided in this release and in the conference call is as of the date hereof and Chegg undertakes no duty to update this information except as required by law. These and other important risk factors are described more fully in documents filed with the Securities and Exchange Commission, including Chegg’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the Securities and Exchange Commission on October 26, 2020 and Chegg’s Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the Securities and Exchange Commission, and could cause actual results to vary from expectations. (9,605 81,914 1,182,955 Long-term operating lease liabilities Other depreciation and amortization expense 0.06 ) 148,588 $ Operating cash flows from operating leases Property and equipment, net 950 87,359 Long-term investments (416,292 3,964 71 ) 39,964 (57,614 24,226 ) 32,620 8,544 1,287 1,506,922 ) 971 Donation from Chegg Foundation $ $ Current liabilities Free cash flow $ 17,086 ) Stockholders’ equity: Deferred revenue Amortization of debt discount and issuance costs ) Current operating lease liabilities 26,165 141,297 $ 61,962 6,400 (732,786 $ Non-cash investing and financing activities: Operating expenses: 1,531,891 77,797 $ 166,100 Loss from write-offs of property and equipment EBITDA Adjustments to reconcile net loss to net cash provided by operating activities: 5,705 — 141,297 Total current liabilities Net loss (1,682 13,688 990,169 588,627 64,573 Interest expense, net — — Reconciliation of cash, cash equivalents and restricted cash: (12,930 122 17,086 Prepaid expenses — 8,878 1.34 ) — $ 71 — $ — $ ) 34,874 Interest expense, net 87,865 71 Convertible senior notes, net 102,249 $ Other current assets 9,232 310,483 (1,096 (703,425 ) 2019 129 Donation from Chegg Foundation — 1,488,998 34,667 1,478 $ 2019 Proceeds from issuance of convertible senior notes, net of issuance costs 1,030,577 ) Repayment of convertible senior notes (7,482 Acquisition-related compensation costs 49,218 2020 Interest 1,763 (24,340 438,921 RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA 9,232 Research and development (1) 387,520 38,573 Assets Net revenues 14,278 Non-GAAP income from operations — ) — 7,482 $ $ 97 Interest expense, net and other income, net: 92,283 $ (unaudited) — 31,128 115,000 382,168 0.37 Acquisition-related compensation costs 300,927 CHEGG, INC. 49,218 $ 56,753 15,931 34,149 2020 (21,977 265,553 47,018 Three Months Ended December 31, $ Diluted 4,470 $ 16,606 ) 479,853 8,683 Accounts payable (80,680 (20,690 5,492 Total assets (24,788 Sales and marketing (1) ) 18,778 — Income (loss) before provision for income taxes 318,744 2019 — 498,829 11,846 ) (20,000 4,942 Loss from impairment of strategic equity investment 5,360 2,634 Repurchase of common stock Basic $ $ Twitter 410,926 $ Maturities of investments Cash, cash equivalents and restricted cash, end of period 13,487 ) 71,389 5,283 (15,500 ) (20,433 2020 (13,557 ) — $ Accumulated other comprehensive income (loss) — $ $ 99,339 Loss from impairment of strategic equity investment $ 84,055 4,286 27,445 $ Donation from Chegg Foundation 125,367 Accumulated deficit $ * Adjusted EBITDA guidance for the three months ending March 31, 2021 and year ending December 31, 2021 represent the midpoint of the ranges of $48 million to $50 million and $265 million to $270 million, respectively. View source version on businesswire.com:https://www.businesswire.com/news/home/20210208005794/en/ CONTACT: Media Contact:[email protected] Investor Contact: Tracey Ford,[email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS SOFTWARE OTHER EDUCATION INTERNET CONTINUING TRAINING UNIVERSITY EDUCATION SOURCE: Chegg, Inc. Copyright Business Wire 2021. PUB: 02/08/2021 04:05 PM/DISC: 02/08/2021 04:05 PM http://www.businesswire.com/news/home/20210208005794/en 31,456 — $ Loss from impairment of strategic equity investment Liabilities and stockholders’ equity Net increase in cash, cash equivalents and restricted cash 2019 119,204 Accrued escrow related to acquisition 82,253 — 119,204 17,817 69,133 ) Sales and marketing 128,955 807,267 $ 77,095 $ 13,243 — Three Months Ended December 31, — Total share-based compensation expense $ 24,646 ) $ Repayment of convertible senior notes attributable to debt discount Accounts payable $ ) CHEGG, INC. (71 $ Net cash provided by financing activities ) 2020 479,853 ) 382,168 Donation from Chegg Foundation 30,247 (861 ) 35,100 — (6,971 Print textbook depreciation expense Share-based compensation expense 82,253 2020 84,055 Common stock, $0.001 par value – 400,000,000 shares authorized; 129,343,524 and 121,583,501 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively (92,796 Commitments and contingencies 64,909 (206 — 5,360 12,776 1,500 (4,500 Loss from impairment of strategic equity investment 1,975 10,466 99,370 (5,492 802 1,009 ) Research and development ) — ) 6,603 (81,317 $ — (6,221 Purchases of strategic equity investment 15,500 Operating lease expense, net of accretion ) CONSOLIDATED STATEMENTS OF CASH FLOWS Right of use assets obtained in exchange for lease obligations: — $ 14,900 $ (3,951 Accounts receivable (400 Other depreciation and amortization expense — 174,318 5,419 2020 Short-term investments 0.20 51,249 44,851 (1) Includes share-based compensation expense as follows: Restructuring charges ) $ (2,395 41,911 125,367 ) 17,554 (10,466 $ 2020 2019 6,353 $ 10,000 — 603,509 Total liabilities Net cash provided by operating activities — 113,403 Cash flows from investing activities Purchases of property and equipment Weighted average shares used to compute net income (loss) per share ) 21,293 ) (109 $ 0.18 Purchases of investments Proceeds from disposition of textbooks Provision for income taxes ) Adjusted EBITDA $ 10,466 Amortization of intangible assets — Year EndingDecember 31,2021 (3,478 1,119 Total stockholders’ equity Acquisition-related compensation costs (97 ) 2,485 Year Ended December 31, — — ) (4,300 Income from operations — 14,513 (3,411 ) 68,127 Three Months Ended December 31, Proceeds from exercise of convertible senior notes capped call Proceeds from common stock issued under stock plans, net General and administrative 207,058 (79,149 665,567 285,214 (94,571 375,945 0.07 984,096 — ) 180,203 ) Cost of revenues (1) Payment of taxes related to the net share settlement of equity awards Accrued purchases of long-lived assets $ (1,287 Other income, net ) — 0.18 Net income (loss) 129,150 Print textbook depreciation expense December 31, $ (in thousands) Cash paid for amounts included in the measurement of lease liabilities: $ 2019 3,003 Cash, cash equivalents and restricted cash, beginning of period ) 13,930 10,036 ) 481,715 26,043 389,432 22,444 Prepaid expenses and other current assets (83,105center_img Supplemental cash flow data: 7,569 27,800 Current assets 1,766 $ Total liabilities and stockholders’ equity Preferred stock, $0.001 par value – 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2020 and December 31, 2019 $ — — $ Adjusted EBITDA* ) $ 70,556 ) — 1,478 Operating leases Share-based compensation expense 9,232 64,909 Restructuring charges 125,504 Accrued liabilities $ 0.29 ) Chegg Reports 2020 Financial Results and Raises 2021 Guidance 19,264 Provision for income taxes Long-term liabilities CHEGG, INC. ) (4,214 64,909 327,141 ) Gross profit ) 1.39 — 141,297 — 24,646 205,417 46,949 Share-based compensation expense $ $ 2019 15,483 Total long-term liabilities Restricted cash included in other current assets Other assets $ 30,247 1,740 ) Total cash, cash equivalents and restricted cash CHEGG, INC. — (81,317 Total current assets 17,554 ) (in thousands) ) ) Net cash provided by operating activities 7,569 — 9,095 — Net income (loss) 119,204 $ $ 8,219 7,380 (6,221 127,851 $ Deferred revenue ) $ Years Ended December 31, 9,021 Amortization of intangible assets $ Provision for income taxes (unaudited) CHEGG, INC. $ $ 523,628 125,367 6,200 Purchase of convertible senior notes capped call 918,780 129,824 $ 113,403 539,889 ) EBITDA 31,588 Year Ended December 31, ) 99,370 ) 306 Issuance of common stock related to repayment of convertible senior notes 17,817 (15,397 Goodwill ) 15,397 ) (1,045,564 ) Other liabilities Other income, net 2020 7,451 $ Non-GAAP net income (66,297 (20,063 ) ) — 5,100 3,478 (422,601 (58,567 7,094 49,000 (58,567 10,000 2,251,258 (0.05 129,349 ) — ) (unaudited) — (9,605 Right of use assets 2,070 — (4,698 2019 Cash and cash equivalents $ $ 21,977 $ SANTA CLARA, Calif.–(BUSINESS WIRE)–Feb 8, 2021– Chegg, Inc. (NYSE:CHGG), a Smarter Way to Student ®, today reported financial results for the three and twelve months ended December 31, 2020. “We are incredibly grateful that, even in the midst of the many challenges of the past year, we outperformed all expectations and were able to continue to support students, in record numbers, around the world,” said Dan Rosensweig, CEO & President of Chegg, Inc. “The transition to online and hybrid learning is inevitable and, with the accelerated trends that we are seeing, we have the confidence to raise our guidance for 2021.” Q4 2020 Highlights:Total Net Revenues of $205.7 million, an increase of 64% year-over-yearChegg Services Revenues grew 64% year-over-year to $176.0 million, or 86% of total net revenues, in-line with Q4 2019Net Income was $26.0 millionNon-GAAP Net Income was $77.8 millionAdjusted EBITDA was $87.9 million4.4 million: number of Chegg Services subscribers, an increase of 74% year-over-year476 million: total Chegg Study content views Full Year 2020 Highlights:Total Net Revenues of $644.3 million, an increase of 57% year-over-yearChegg Services Revenues grew 57% year-over-year to $521.2 million, or 81% of total net revenues, in-line with 2019Net Loss was $6.2 millionNon-GAAP Net Income was $180.2 millionAdjusted EBITDA was $207.1 million6.6 million: number of Chegg Services subscribers, an increase of 67% year-over-year1,338 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, Thinkful, and Mathway. 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: First Quarter 2021Total Net Revenues in the range of $182 million to $185 millionChegg Services Revenues in the range of $152 million to $155 millionGross Margin between 65% and 66%Adjusted EBITDA in the range of $48 million to $50 million Full Year 2021Total Net Revenues in the range of $780 million to $790 million with a quarterly contribution of approximately 23.5% in Q1 2021, 24.5% in Q2 2021, 21.5% in Q3 2021 and 30.5% in Q4 2021Chegg Services Revenues in the range of $665 million to $675 millionGross Margin between 68% and 69%Adjusted EBITDA in the range of $265 million to $270 million with a quarterly contribution of approximately 18.0% in Q1 2021, 27.0% in Q2 2021, 13.0% in Q3 2021 and 42.0% in Q4 2021Capital Expenditures in the range of $90 million to $100 millionFree Cash Flow in the range of 50% to 60% of Adjusted EBITDA For more information about the use of forward-looking non-GAAP measures, a reconciliation of forward-looking net income to EBITDA and adjusted EBITDA for the first quarter 2021 and full year 2021, see the below sections of the press release titled “Use of Non-GAAP Measures,” and “Reconciliation of Forward-Looking Net Income to EBITDA and Adjusted EBITDA.” We have not reconciled our 2021 quarterly adjusted EBITDA contribution guidance to net income or 2021 free cash flow contribution guidance to net cash provided by operating activities because we do not provide guidance on net income, net cash provided by operating activities, or the reconciling items as a result of the uncertainty, timing, and the potential variability of these items. The actual amount of net income, net cash provided by operating activities, and such reconciling items will have a significant impact on our 2021 quarterly adjusted EBITDA and 2021 free cash flow. Accordingly, reconciliations of the 2021 quarterly adjusted EBITDA contribution guidance to net income or 2021 free cash flow to net cash provided by operating activities are not available without unreasonable effort. An updated investor presentation and an investor data sheet can be found on Chegg’s Investor Relations website http://investor.chegg.com. Prepared Remarks – Dan Rosensweig, CEO Chegg, Inc. Thank you, Tracey and welcome everyone to our 2020 Q4 earnings call. Last year was a complicated time for the world, for our country, and particularly for students who were navigating the pandemic, rising social issues, and school closings. It was also an unprecedented time for Chegg, as we transitioned 1,900 employees out of our offices and into a remote working environment overnight. It was a year in which we increased our community support, committing over one million dollars to local organizations, including food banks, who were rising to meet the increased need from students across the country. Like many, we had to meet these challenges head on, but we never lost sight of putting students first and we are proud of our results and that we outperformed even our most enthusiastic expectations. It has always been our operating assumption that the transition to online learning was inevitable, but we certainly didn’t know the catalyst would be COVID-19. We believe this massive shift to learning online, accelerated by the pandemic, is an irreversible trend and is actually more student centric. With increased access to digital learning and support, more learners can learn more subjects, on any device, anywhere and anytime, with incredibly high-quality content and tools. Whenever there is a major platform disruption, there are new leaders that redefine the category and, as the largest direct-to-student online learning platform, Chegg’s products and services are increasingly critical to students’ success. Our results reflect the growing importance of Chegg’s learning support services to millions of students around the world. In 2020 we saw year-over-year annual subscriber growth of 67%, representing over 6.6 million subscribers, and total revenue growth of 57%. The trends towards online learning are continuing and, as a result, it gives us the confidence to raise our guidance in 2021, which Andy will walk you through in more detail shortly. At the start of last year, we laid out our key objectives with no idea that a global pandemic was about to hit and the dramatic impact that it would have on our employees, students, our business, and the entire world. We entered 2020 with three core priorities:To deliver on our financial goals and continue to provide services that create overwhelming value for academic and professional learners;To continue investing in opportunities that leverage the strength of our brand, reach, customer base and provide opportunities for meaningful growth in future years;And to continue to invest in content and our technical infrastructure to allow us to take advantage of those opportunities, not only faster but also at greater global scale. But within the first quarter, the world changed. Thankfully, as a software company that was built to scale online, we were able to meet the increased demand without missing a beat. However, the massive shift to online learning around the world did prompt us to reprioritize and accelerate efforts that weren’t on our roadmap at the start of the year; including our global eCommerce infrastructure, new and expanded international content, and our account sharing initiatives. We believe that our decision to expand our areas of focus in 2020 has set us up for continued strong growth in 2021 and beyond. As we think about the future of higher education, it is clear that the trends have accelerated what we have been talking about for years and will have a permanent impact on the future of education. This last year has reaffirmed that platform companies that serve the needs of their primary constituents, that own their customer, the data, the channel of distribution, and the content, will outperform their peer groups and disproportionally benefit their customers and shareholders. The pandemic has also revealed that there are two economies; the service economy, which was dramatically impacted by COVID-19 as 25 million people lost their jobs, and the technology economy, which saw a dramatic gain. It is clear that the need to reskill for the modern workforce is here and this represents a tremendous opportunity for Chegg. Skills-based training and support is emerging as a very large category especially when you consider the number of people globally that need to be up-skilled and re-skilled for the current job market. The reality is, that the majority of college age students don’t get a college degree, and there is a real demand right now for students to find programs that are far less expensive, are more skills-based, and deliver a greater return on their investment. While we are still early in building out this part of our business, we expect to be a prominent player in skills-based learning and expect to expand our footprint in the space going forward. This is a highly disruptive moment in higher education’s history, and it has been anything but smooth. As institutions had to make the transition to virtual learning overnight, it became clear that schools were underinvested in technology, online assessment, and digital support for students and we believe it’s only going to get more challenging in the years ahead, as the shift to hybrid and online learning will be permanent. We also believe that higher education must acknowledge that the internet is here and is a permanent part of learning. As a result, educators must reimagine how they teach, what the curriculum needs to be, how students are assessed, and how to best support them and, if that doesn’t happen, ultimately it is the students that will suffer. As a leader in education, we take our role in this transition very seriously. That is why we invest millions of dollars every year building content, personalized learning experiences, and technology systems to support learning at scale. As part of our responsibility, we are also working with institutions as they make this transition, including introducing new technology and tools that limit students’ ability to use Chegg during designated exam periods. We accelerated our efforts in this area due to the pandemic and recently launched Honor Shield, a free tool available to institutions and professors. And we will continue to find ways to support the millions of hardworking students and educators who use online resources to enhance their learning experience. In fact, in a blind study of students who used Chegg for more than two months, they found that 90% reported that Chegg Study “helps them better understand their schoolwork.” As we enter 2021, we have expanded our priorities to include an increased investment in international growth as, for the first time, we anticipate over more than a million subscribers outside the U.S.; because of its popularity, we will continue to invest in the Chegg Study Pack, by expanding our offerings to create even more overwhelming value for students; and we are significantly increasing investments in our skills offering, as we believe there will be a lot of activity in this industry, and see a huge opportunity to be a significant player, and a leader, in this space. We have important and ambitious priorities this year, and, despite the ongoing pandemic, I have never been more confident about the opportunities ahead of us. And, with that, I will turn it over to Andy. Prepared Remarks – Andy Brown, CFO Chegg, Inc. Thanks Dan and good afternoon everyone. Today I will discuss our financial performance for the fourth quarter and full year 2020, as well as our increased outlook for 2021. By any measure, 2020 was our best year as a company. We far exceeded our initial expectations for revenue, adjusted EBITDA and all key operating metrics. In addition, we significantly increased investments in our future growth opportunities such as international expansion and skills, we pulled forward technological investments such as device management and MFA to combat account sharing and we purchased Mathway to expand our presence in the math category. And finally, we took advantage of favorable market conditions to raise capital, which creates additional opportunities for future growth. As such, we enter 2021 in an even stronger position than we entered 2020, and as a result we expect to extend our position as the leader in the direct-to-student market. Moving on to 2020 performance, total revenue grew 57% to $644 million. This was driven by an almost $200 million year-over-year increase in Chegg Services revenue, which grew to $521 million and subscriber growth of 67% to 6.6 million for the year. This resulted in adjusted EBITDA margin of 32% or $207 million, up 66% year-over-year, demonstrating the continued leverage and power of our subscription model, which allowed us to increase our investments for future growth, while improving our adjusted EBITDA margin. We ended the year on a high note, with Q4 total revenue growing 64% to $206 million, with Chegg Services growing to $176 million, which was above the high end of our expectations and more Chegg Services revenue than we achieved for all of 2016. Subscribers grew 74% in Q4, driven across all our subscription services as students continued to rely on Chegg for help to better understand their subject matter. This strong subscription services growth resulted in adjusted EBITDA of $88 million, an 87% increase over what we achieved in Q4 2019 and exceeded our adjusted EBITDA for all of 2018. Looking at the balance sheet, we ended the year with cash and investments of $1.7 billion. This was bolstered during the year by free cash flow of $104 million, or 50% of adjusted EBITDA and the capital raise I mentioned earlier. We expect free cash flow to increase to 50% to 60% of adjusted EBITDA in 2021, as a result of increased profitability and a planned decrease in textbook purchases. Moving to guidance for 2021. Based on the momentum we experienced exiting Q4 and the strength we are seeing in subscriber growth in early Q1, we are raising our guidance. We expect continued strong growth in the US, and increased contribution internationally where we expect to surpass one million subscribers in 2021. This will be slightly offset by reduced Required Materials revenue due to lower enrollments. We are increasing our 2021 adjusted EBITDA margin by 200 basis points, despite the fact that we are experiencing increased shipping and logistics surcharges for Required Materials from our third-party logistics provider. While we hope these costs will improve, we are currently forecasting this to continue into the fall semester, costing us approximately 200 basis points of gross and adjusted EBITDA margin for 2021. We have provided a guide for seasonality in the investor deck that incorporates this change. As such, for 2021, we now expect:Total revenue to be between $780 and $790 million, with Chegg Services revenue between $665 and $675 million.Gross margin to be between 68% and 69%,Adjusted EBITDA to be between $265 and $270 million.And finally, we expect CAPEX excluding textbook purchases to be between $90 and $100 million, growing approximately 17% from $81 million in 2020, with the vast majority for content that fuels our global growth. Moving to Q1 we expect: 84,055 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES $ RECONCILIATION OF FORWARD-LOOKING NET INCOME TO EBITDA AND ADJUSTED EBITDA Pinterest Net income Additional paid-in capital Change in assets and liabilities, net of effect of acquisition of businesses: 2020 802 Loss from impairment of strategic equity investment $ Cash flows from operating activities $ (2,489 Intangible assets, net (8,065 $ — Share-based compensation expense — ) 2019 $ 6,790 64,909 (4,403 644,338 Income taxes Acquisition of businesses, net of cash acquired — 84,055 (959,911 (14,278 Effect of shares related to convertible senior notes 4,403 ) — 17,554 $ ) Acquisition-related compensation costs Share-based compensation expense ) Other depreciation and amortization expense 1,641,623 Weighted average shares used to compute net income (loss) per share: ) — $ ) 25,000 (303,967 97 Year Ended December 31, 14,278 (1,478 780,180 324,700 — — — Restructuring charges ) Net cash used in investing activities Non-GAAP operating expenses (103,400 2,000 Issuance of common stock related to prior acquisition 1,211 WhatsApp $ 129,150 Income from operations 481,715 General and administrative (1) $ 57,133 22,229 24,646 (9,605 ) Share-based compensation expense 1,829 17,554 (unaudited) 149 4,286 3,526 205,721 58,863 4,698 Acquisition-related compensation costs Restructuring charges 3,478 131 10,466 CHEGG, INC. 71,077 66,297 Three MonthsEnding March31, 2021 (64,483 4,385 Purchases of textbooks — 24,646 $ 26,043 121,151 — Other long-term liabilities 2,634 12,913 $ 78,338 916,095 40,607 426 1,332 $ Years Ended December 31, 236,442 — (0.05 84,055 8,219 (42,326 (6,221 ) — 389,432 ) 170,905 0.06 (unaudited) — 7,362 (118 (416 Deferred income taxes 26,043 (in thousands, except per share amounts) 44,828 Basic 387,520 216,921 1,588 Amortization of debt discount and issuance costs — ) (0.05 ) 12,918 2,553 — 11,529 $ 129,150 13,088 122 0.35 7,900 Proceeds from sale of investments 10,538 Net income (loss) per share: 20,063 December 31, 2020 Restructuring charges 18,780 2,489 Print textbook depreciation expense 97 $ 43,202 Loss on early extinguishments of debt Diluted (8,683 3,478 Accrued liabilities 900,303 118,029 ) — 64,909 $ — Effect of shares for stock plan activity — Gain on textbook library, net Other non-cash items ) ) (0.08 — — (42,326 ) (1,900 8,547 CHEGG, INC. $ Net income (loss) per share (6,221 (unaudited) (0.08 97,489 214,513 ) Adjustments 28,528 By Digital AIM Web Support – February 8, 2021 Other assets 0.99 Non-GAAP net income per share 3,436 0.55 53,261 Cash paid during the period for: (in thousands, except percentages and per share amounts) Interest expense, net $ 0.91 (1,494 Cash and cash equivalents (in thousands) (unaudited) 10,000 (9,232 2,400 109,732 ) 236,442 Cash flows from financing activities 139,772 Purchases of property and equipment Local NewsBusiness 56,753 7,482 2,251,258 Purchases of textbooks 4,403 (2,000 9,606 Proceeds from disposition of textbooks ) Restricted cash included in other assets 389,432 63,569 1,478 Textbook library, net — $ ) (in thousands) 2,489 10,000 — (9,605 2020 Year Ended December 31, ) 75,100 Accounts receivable, net of allowance of $153 and $56 at December 31, 2020 and December 31, 2019, respectively 2,485 Amortization of intangible assets Non-GAAP weighted average shares used to compute non-GAAP net income per share Cost of revenues 609,635 Textbook library depreciation expense 4,300 16,235 (97,200 21,663 61,400 $ 8,219 — Textbook library depreciation expense WhatsApp Net income (loss) Operating expenses 46,996 $ 13,557 3,364 Other income, net 4,901 ) 2019 $ 1,488,998 $ (in thousands, except for number of shares and par value) (17,423 (0.08 64,573 134,779 267,500 $ TAGS  (44,851 97 Pinterest Total interest expense, net and other income, net Previous articleThe Latest: WHO: Variants raise questions about vaccinesNext articleAnthem to Host Virtual Investor Day Conference on March 3, 2021 Digital AIM Web Supportlast_img read more

Rajkot COVID Hospital Fire : Supreme Court Expresses Shock; Takes Suo Moto Cognizance; Seeks Responses Of Centre, Gujarat

first_imgTop StoriesRajkot COVID Hospital Fire : Supreme Court Expresses Shock; Takes Suo Moto Cognizance; Seeks Responses Of Centre, Gujarat Sanya Talwar27 Nov 2020 1:13 AMShare This – xThe Supreme Court on Friday took suo motu cognisance of the fire which broke out at a COVID-19 designated hospital in Gujarat’s Rajkot in the wee hours of the morning today.The Court stated that the breaking of fires in Covid19 hospitals is repetitive and no legitimate measures were being taken by the authorities to mitigate and prevent these fires in hospitals. The court directed the Centre…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Friday took suo motu cognisance of the fire which broke out at a COVID-19 designated hospital in Gujarat’s Rajkot in the wee hours of the morning today.The Court stated that the breaking of fires in Covid19 hospitals is repetitive and no legitimate measures were being taken by the authorities to mitigate and prevent these fires in hospitals. The court directed the Centre to bring on record the steps to prevent fires in hospitals by Tuesday next week and also directed the State of Gujarat to submit a report.”The Court takes suo motu cognisance of the incident that happened today where 6 persons in Rajkot died due to fire in a covid designated hospital, not the first incident. These incidents are repeated and we notice that no complete steps being taken by states nor is there any mechanism to abrogate the situation. The SG submits that he is aware of the incident and he will ensure that steps are taken by tomorrow and that he will inform the court regarding steps taken on the next date. We also direct the Counsel of Gujarat to submit a report by Tuesday when the matter is taken up next”, a bench comprising Justices Ashok Bhushan, R Subhash Reddy and M R Shah ordered.When the matter came up for hearing today, Justice Shah at the beginning of the hearing made strong remarks and severely criticised the Centre and State for their inability to curb and prevent fires in Covid designated Hospitals. He remarked,”This is shocking! And let me say this is not the first incident. We are taking suo motu cognisance of this incident”- Supreme CourtSolicitor General Tushar Mehta said that he will ensure a meeting takes place today and immediate steps are taken so as to ensure that there is system in place to look at the issues of fire safety.”You must consult with the Chief Fire Officer, Mr. MF Dastoor,” said Justice Bhushan”We will form a committee..” says SG”We do not want a committee, we want proper steps to be taken…” Justice Bhushan said.The bench then pointed out that even though the Covid wave was uncontrollable and was getting from bad to worse since March, no concrete steps were being taken either by the Centre or the States.Court said that processions are being taken out and 80% people are not wearing masks. Rest have masks hanging on to their jaw.”There are SOP’s, there are guidelines but there is no will!,” the bench said.The Solicitor General told the court that there was a need to implement measures more stringently by State Governments. “Of course, this is not “Us Vs. Them”, its Us Together. I must add, 10 states adding to 70 per cent of the rising Covid cases including Maharashtra, Delhi, Andhra Pradesh,” the law officer added.The directions were given in the suo moto case titled, “In Re: Proper Treatment of COVID-19 Patients and Dignified Handling of Dead Bodies in the Hospitals, etc”.Earlier this week, the top court had observed that the pandemic situation is likely to worsen across the country in the coming months and States as well as the Centre must be well-equipped to deal with the Covid19 crisis.In this light, a bench of Justices Ashok Bhushan, R. Subhash Reddy & MR Shah directed the States of Delhi, Maharashtra, Gujarat & Assam to file status reports with respect to the Covid19 cases in respective states, the ground situation for handling crisis as well as steps taken.”All states have to be prepared to combat the situation of Covid19 which is likely to worsen and immediate steps required by all states. Status report be filed within two days. List on Friday,” Supreme Court directed.Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Supreme Court Asks Centre,States To Suggest Measures To Ensure Compliance Of Social Distancing & Mask-Wearing Norms

first_imgTop StoriesSupreme Court Asks Centre,States To Suggest Measures To Ensure Compliance Of Social Distancing & Mask-Wearing Norms Sanya Talwar3 Dec 2020 7:21 AMShare This – xThe Supreme Court on Thursday directed the Centre and State Governments to put forth suggestions for proper implementation of guidelines and SOP’s for social distancing and wearing masks during COVID-19.A bench of Justices Ashok Bhushan, R. Subhash Reddy & MR Shah stated that even thought stringent guidelines were in place for ensuring social distancing and wearing masks, they were…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Thursday directed the Centre and State Governments to put forth suggestions for proper implementation of guidelines and SOP’s for social distancing and wearing masks during COVID-19.A bench of Justices Ashok Bhushan, R. Subhash Reddy & MR Shah stated that even thought stringent guidelines were in place for ensuring social distancing and wearing masks, they were not achieving desired results and neither were they being followed by most of the states.The bench further took note of the submission that there have been large public gatherings including political, religious, ceremonial where the social distancing is given a go-bye and there are no appropriate mechanism to check such social gatherings and gave time to states and the Centre so that appropriate suggestions in the above regard so that appropriate directions may be issued by this Court to implement the guidelines and to ensure the compliance by 7th December, 2020.Court also issued notice to the State of Himachal Pradesh to file a status report regarding treatment of Covid patients in different hospitals, infrastructure and facilities available there and listed the Suo Motu petition for consideration on December 9, 2020.The directions were given in the suo moto case titled, “In Re: Proper Treatment of COVID-19 Patients and Dignified Handling of Dead Bodies in the Hospitals, etc”.The Court had earlier taken suo motu cognisance of the fire which broke out at a COVID-19 designated hospital in Gujarat’s Rajkot in the wee hours of the morning of November 27.In this light, the Solicitor General informed Court that a meeting had been convened and various measures had been put in place to maintain and inspect the premises.Last week, the top court had observed that the pandemic situation is likely to worsen across the country in the coming months and States as well as the Centre must be well-equipped to deal with the Covid19 crisis.In this light, the bench had directed the States of Delhi, Maharashtra, Gujarat & Assam to file status reports with respect to the Covid19 cases in respective states, the ground situation for handling crisis as well as steps taken.Click Here To Download OrderNext Storylast_img read more

Post Poll Violence In West Bengal- Calcutta HC Directs NHRC, NCW, Etc To Forward Affected Persons’ Complaint To State DGP

first_imgNews UpdatesPost Poll Violence In West Bengal- Calcutta HC Directs NHRC, NCW, Etc To Forward Affected Persons’ Complaint To State DGP Sparsh Upadhyay18 May 2021 7:14 AMShare This – xDealing with a clutch of Public Interest Litigation petition seeking urgent reliefs in relation to the State of West Bengal in view of the widespread violence and which erupted in the aftermath of the assembly elections, the Calcutta High Court on Tuesday (May 18) directed,”If any person has suffered on account of post-poll violence, he shall be at liberty to file a complaint along with the supporting documents to the National Human Rights Commission, West Bengal Human Rights Commission, National Commission for Women, and National Commission for Scheduled Castes and Scheduled Tribes.”A Five-Judge-Bench comprising of Acting Chief Justice Rajesh Bindal, Justice I. P. Mukerji, Justice Harish Tandon, Justice Soumen Sen, and Justice Subrata Talukdar further directed these commissions to forward those complaints to the Director-General of Police, West Bengal immediately. The Court was dealing with different petitions (read about them here, here, and here) filed by different persons, who either appeared in person or represented by counsels, different allegations have been made. The State responded to some of the petitions whereas, in some, affidavits-in-opposition are yet to be filed. On the last date of hearing, the Court had requested the Advocate General to apprise the Court about any designated e-mail id to enable the aggrieved persons to lodge their complaints online, however, this information was not furnished today.,It was in response to the allegation of the petitioners, that they were not permitted to lodge complaints in the police station, and in some cases they were unable to do so as that they had to run away from their places of residence. The Court had further directed in the previous order that the National Human Rights Commission, West Bengal Human Rights Commission, National Commission for Women and National Commission for Scheduled Castes and Scheduled Tribes, which had received a number of complaints with reference to post-poll violence in the State of West Bengal should forward those to the official e-mail id of the Director-General of Police, West Bengal. However, today the information as regards the number of complaints received by the Director-General of Police from the aforesaid Commissions was not been furnished in Court. A request was thus for grant of time to furnish this information. to this, the Court said that the aforesaid information be furnished to the Court on the next date of hearing. The matters have been listed for further consideration on May 25, 2021.Also read: Calcutta High Court Calls For Report From State Govt Regarding Law & Order Situation, Steps Taken To Prevent Post Poll Violence In West BengalPost Poll Violence- “Will Take All Possible Steps To Ensure There Is No Violence In Future”: West Bengal Govt. Submits Before Calcutta High CourtClick Here To Download OrderRead OrderTagsNational Human Rights Commission West Bengal Human Rights Commission National Commission for Women Post Poll Violence In West Bengal post poll violence Calcutta High Court Acting Chief Justice Rajesh Bindal Justice I. P. Mukerji Justice Harish Tandon Justice Soumen Sen Justice Subrata Talukdar Next Storylast_img read more