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. 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. The words "anticipate," "believe," "estimate," "expect," "intend," "project," "propose," "endeavor," "will," "should," "future," "transition," "outlook" and similar expressions, as they relate to Chegg, are intended to identify 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 long-term opportunity for Chegg, Chegg’s belief in growth opportunities to serve its existing customers and increase its TAM, Chegg’s belief in the growth of online education and skills services globally and Chegg’s intention to enter into a $300 million accelerated share repurchase transaction. There is no expiration date for the repurchase program and it will continue until otherwise suspended, terminated or modified at any time for any reason by our board of directors.
As of September 30, 2021, $665.5 million remained available for future repurchases under this program. The proposed ASR transaction will be effectuated pursuant to Chegg’s previously announced $1.0 billion securities repurchase program that was announced earlier this month. We are firm believers in the future growth of online education and skills services globally and in Chegg’s position to support students on their path from learning to earning." "Chegg believes there are robust growth opportunities, both organically and inorganically, to serve our existing customers and increase our TAM, so we can serve more learners around the world. "The accelerated share repurchase demonstrates the strength of our balance sheet, and it reaffirms our confidence in the long-term opportunity for Chegg, as well as our continued commitment to enhancing shareholder value," said Chegg’s CEO, Dan Rosensweig. The Company intends to enter into an ASR transaction with a financial institution during the fourth quarter of 2021, subject to market conditions. (NYSE:CHGG) today announced that its board of directors authorized Chegg to enter into a proposed accelerated share repurchase ("ASR") transaction to repurchase $300 million of Chegg’s common stock. SANTA CLARA, Calif., November 29, 2021-( BUSINESS WIRE)-Chegg, Inc.