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Revenues | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The majority of our revenues are recognized over time as services are performed, with certain revenues being recognized at a point in time. The following tables set forth our total net revenues for the periods shown disaggregated for our Chegg Services and Required Materials product lines (in thousands, except percentages):
| Three Months Ended June 30, |  |  |  | Change
| 2021 |  | 2020 |  |  |  | $ |  | %
Chegg Services | $ | 173,513 |  |  | $ | 126,004 |  |  |  |  | $ | 47,509 |  |  | 38 | %
Required Materials | 24,965 |  |  | 27,005 |  |  |  |  | (2,040) |  |  | (8) |
Total net revenues | $ | 198,478 |  |  | $ | 153,009 |  |  |  |  | $ | 45,469 |  |  | 30 |
| Six Months Ended June 30, |  | Change
| 2021 |  | 2020 |  | $ |  | %
Chegg Services | $ | 335,864 |  |  | $ | 226,363 |  |  | $ | 109,501 |  |  | 48 | %
Required Materials | 60,992 |  |  | 58,236 |  |  | 2,756 |  |  | 5 |
Total net revenues | $ | 396,856 |  |  | $ | 284,599 |  |  | $ | 112,257 |  |  | 39 |
During the three and six months ended June 30, 2021, we recognized $44.1 million and $32.0 million, respectively, of revenues that were included in our deferred revenue balance at the beginning of each reporting period. During the three and six months ended June 30, 2020, we recognized $33.4 million and $17.8 million, respectively, of revenues that were included in our deferred revenue balance at the beginning of each reporting period. During the three and six months ended June 30, 2021, we recognized a reduction of revenues of $2.9 million and $3.4 million, respectively, from performance obligations satisfied in previous periods primarily due to a change in the estimated variable consideration ascribed to Thinkful. During the three and six months ended June 30, 2020, we recognized an immaterial amount of previously deferred revenues recognized from performance obligations satisfied in previous periods. During the three and six months ended June 30, 2021, we recognized $10.0 million and $20.7 million, respectively, of operating lease income from print textbook rentals that we own. During the three and six months ended June 30, 2020, we recognized $11.1 million and $23.4 million, respectively, of operating lease income from print textbook rentals that we own. Contract Balances The following table presents our accounts receivable, net, deferred revenue, and contract assets balances (in thousands, except percentages):
|  |  | Change |  |
| June 30, 2021 |  | December 31, 2020 |  |  |  | $ |  | % |  |  |  |
Accounts receivable, net | $ | 10,091 |  |  | $ | 12,913 |  |  |  |  | $ | (2,822) |  |  | (22) | % |  |  |  |
Deferred revenue | 34,682 |  |  | 32,620 |  |  |  |  | 2,062 |  |  | 6 |  |  |  |  |
Contract assets | 16,398 |  |  | 13,243 |  |  |  |  | 3,155 |  |  | 24 |  |  |  |  |
During the six months ended June 30, 2021, our accounts receivable, net balance decreased by $2.8 million, or 22%, primarily due to timing of billings and seasonality of our business. During the six months ended June 30, 2021, our deferred revenue balance increased by $2.1 million, or 6%, primarily due to increased bookings driven by higher Chegg Services revenue. During the six months ended June 30, 2021, our contract assets balance increased by $3.2 million, or 24%, primarily due to our Thinkful service.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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