0001828962-22-000059 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 03, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40257
Entity Registrant Name	Cricut, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0282025
Entity Address, Address Line One	10855 South River Front Parkway
Entity Address, City or Town	South Jordan
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84095
City Area Code	385
Local Phone Number	351-0633
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	CRCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001828962
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,494,478
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		178,322,511

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 245,699	$ 241,597
Accounts receivable, net	122,780	199,508
Inventories	483,009	454,174
Prepaid expenses and other current assets	28,040	32,820
Total current assets	879,528	928,099
Property and equipment, net	59,537	53,261
Operating lease right-of-use asset	20,008	17,653
Intangible assets, net	1,330	1,520
Deferred tax assets	3,255	3,255
Other assets	2,526	2,462
Total assets	966,184	1,006,250
Current liabilities:
Accounts payable	155,657	204,714
Accrued expenses and other current liabilities	41,669	69,351
Deferred revenue, current portion	31,208	30,547
Operating lease liabilities, current portion	4,182	3,755
Total current liabilities	232,716	308,367
Operating lease liabilities, net of current portion	17,744	15,780
Deferred revenue, net of current portion	4,479	4,858
Other non-current liabilities	4,619	3,269
Total liabilities	259,558	332,274
Commitments and contingencies (Note 10)
Stockholders’ equity:
#REF!	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of March 31, 2022, 221,809,614 shares issued and outstanding as of March 31, 2022; 1,250,000,000 shares authorized as of December 31, 2021, 221,913,559 shares issued and outstanding as of December 31, 2021.	222	222
Additional paid-in capital	726,527	717,369
Accumulated deficit	(20,056)	(43,560)
Accumulated other comprehensive income (loss)	(67)	(55)
Total stockholders’ equity	706,626	673,976
Total liabilities and stockholders’ equity	$ 966,184	$ 1,006,250
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000	1,250,000,000
Common stock, shares issued (in shares)	221,809,614	221,913,559
Common stock, shares outstanding (in shares)	221,809,614	221,913,559

Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Revenue	$ 244,783	$ 323,822
Cost of revenue:
Cost of revenue	145,763	203,552
Gross profit	99,020	120,270
Operating expenses:
Research and development	20,530	15,698
Sales and marketing	32,789	27,489
General and administrative	14,294	12,419
Total operating expenses	67,613	55,606
Income from operations	31,407	64,664
Other expense, net	(39)	(29)
Income before provision for income taxes	31,368	64,635
Provision for income taxes	7,864	15,217
Net income	23,504	49,418
Other comprehensive income (loss):
Change in foreign currency translation adjustment, net of tax	(12)	(13)
Comprehensive income	$ 23,492	$ 49,405
Earnings per share, basic (in dollars per share)	$ 0.11	$ 0.24
Earnings per share, diluted (in dollars per share)	$ 0.11	$ 0.24
Weighted-average common shares outstanding, basic (in shares)	212,403,383	207,309,946
Weighted-average common shares outstanding, diluted (in shares)	220,967,935	208,458,352
Connected machines
Revenue:
Revenue	$ 62,391	$ 141,320
Cost of revenue:
Cost of revenue	60,713	119,692
Subscriptions
Revenue:
Revenue	64,778	46,139
Cost of revenue:
Cost of revenue	6,252	4,298
Accessories and materials
Revenue:
Revenue	117,614	136,363
Cost of revenue:
Cost of revenue	$ 78,798	$ 79,562

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020		208,116,104
Balance at beginning of period at Dec. 31, 2020	$ 228,925	$ 208	$ 412,741	$ (184,033)	$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,418			49,418
Stock-based compensation	6,635		6,635
Compensatory units repurchased	(160)		(160)
Other comprehensive income (loss)	(13)				(13)
Capital contributions	200		200
Initial public offering, net of offering costs (in shares)		13,250,000
Initial public offering, net of offering costs	242,668	$ 13	242,655
Repurchase upon Corporate Reorganization (in shares)		(524)
Repurchase upon Corporate Reorganization	(10)		(10)
Extinguishment of liability awards to equity	10,784		10,784
Common stock, balance at end of period (in shares) at Mar. 31, 2021		221,365,580
Balance at end of period at Mar. 31, 2021	538,447	$ 221	672,845	(134,615)	(4)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021		221,913,559
Balance at beginning of period at Dec. 31, 2021	673,976	$ 222	717,369	(43,560)	(55)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,504			23,504
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		10,387
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(1,328)		(1,328)
Forfeiture of unvested common stock (in shares)		(114,332)
Forfeiture of unvested common stock	0
Stock-based compensation	10,500		10,500
Compensatory units repurchased	(14)		(14)
Other comprehensive income (loss)	(12)				(12)
Extinguishment of liability awards to equity	0
Common stock, balance at end of period (in shares) at Mar. 31, 2022		221,809,614
Balance at end of period at Mar. 31, 2022	$ 706,626	$ 222	$ 726,527	$ (20,056)	$ (67)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 23,504	$ 49,418
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	6,030	3,956
Stock-based compensation	8,958	11,685
Non-cash lease expense	1,222	864
Provision for inventory obsolescence	1,063	605
Provision for doubtful accounts	0	(109)
Changes in operating assets and liabilities:
Accounts receivable	76,729	8,684
Inventories	(29,127)	(52,939)
Prepaid expenses and other current assets	4,771	2,680
Other assets	(134)	(30)
Accounts payable	(49,688)	(48,317)
Accrued expenses and other current liabilities and other non-current liabilities	(26,845)	819
Operating lease liabilities	(1,185)	(1,008)
Deferred revenue	281	1,729
Net cash and cash equivalents (used in) provided by operating activities	15,579	(21,963)
Cash flows from investing activities:
Acquisitions of property and equipment, including capitalized software development costs	(9,807)	(7,839)
Net cash and cash equivalents (used in) provided by investing activities	(9,807)	(7,839)
Cash flows from financing activities:
Proceeds from capital contributions	0	200
Proceeds from issuance of common stock upon initial public offering, net of offering costs	0	245,082
Repurchase of compensatory units	(14)	(160)
Repurchase of common stock upon Corporate Reorganization	0	(10)
Proceeds from exercise of stock options	31	0
Employee tax withholding payments on stock-based awards	(1,659)	0
Payments on capital leases	0	(14)
Net cash and cash equivalents (used in) provided by financing activities	(1,642)	245,098
Effect of exchange rate on changes on cash and cash equivalents	(28)	(39)
Net increase in cash and cash equivalents	4,102	215,257
Cash and cash equivalents at beginning of period	241,597	122,215
Cash and cash equivalents at end of period	245,699	337,472
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	0	9
Cash paid during the period for income taxes	532	789
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	3,579	68
Property and equipment included in accounts payable and accrued expenses and other current liabilities	5,056	2,085
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	559	0
Stock-based compensation capitalized for software development costs	541	294
Deferred offering costs in accounts payable and accrued expenses and other current liabilities	0	1,096
Extinguishment of liability awards to equity	$ 0	$ 10,784

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Nature of Business Cricut, Inc. (“Cricut” or the “Company”) is a designer and marketer of a creativity platform that enables users to turn ideas into professional-looking handmade goods. Using the Company’s versatile connected machines, design apps and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s connected machines and related accessories and materials and subscription services are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries of the world. Headquartered in South Jordan, Utah, the Company is an innovator in its industry, focused on bringing innovative technology (automation and consumerization of industrial tools) to the craft, DIY and home décor categories. The Company’s condensed consolidated financial statements include the operations of its wholly owned subsidiaries, which are located throughout Europe and in the Asia-Pacific region. The Company designs, markets and distributes the Cricut family of products, including connected machines, design apps and accessories and materials. In addition, Cricut sells a broad line of images, fonts and projects for purchase à la carte. On September 2, 2020, Cricut converted from a Utah corporation to a Delaware corporation. In connection with such conversion, each share of Class A common stock, par value $0.01, of the Utah corporation was exchanged for one share of common stock of the Delaware corporation, par value $0.001. On March 11, 2021, the Company filed an Amended and Restated Certificate of Incorporation to effect a 64.2645654-for-1 forward stock split of its outstanding common stock. The par value per share was not adjusted as a result of the forward stock split. All authorized, issued and outstanding shares of common stock, additional paid in capital and the related per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the forward stock split and change in par value for all prior periods presented. The Company organizes its business into the following three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. See Note 15, Segment Information, for further discussion of the Company’s segment reporting structure. Initial Public Offering and Corporate Reorganization The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on March 24, 2021 by the Securities and Exchange Commission (“SEC”), and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on March 25, 2021. On March 29, 2021, the Company closed its IPO, in which the Company sold 13,250,000 shares of Class A common stock and the selling stockholders sold an additional 2,064,903 shares of Class A common stock at a price to the public of $20.00 per share. The Company received aggregate net proceeds of $242.7 million after deducting offering costs, underwriting discounts and commissions of $22.3 million. On April 28, 2021, the Company sold an additional 968,815 shares of Class A common stock and the selling stockholders sold an additional 150,984 shares of Class A common stock pursuant to the partial exercise of the underwriters’ option to purchase additional shares which generated net proceeds of $18.0 million after deducting for underwriting discounts and commissions of $1.4 million. Immediately prior to the IPO, the Company engaged in a series of related Corporate Reorganization transactions as follows: •Cricut, Inc. filed an amended and restated certificate of incorporation; and •Cricut Holdings, LLC, or Cricut Holdings, dissolved and liquidated in accordance with the terms and conditions of its then existing limited liability company agreement, pursuant to which the holders of existing units in Cricut Holdings (including holders of purchased units, incentive units, zero strike price incentive units, certain phantom units and options), or the Existing Unitholders, received 100% of the capital stock of Cricut, Inc., its sole asset, at the time of the liquidation with a value implied by the initial public offering price of the shares of Class A common stock to be sold in this offering. Cricut Holdings ceased to exist following this transaction. In connection with the Corporate Reorganization the outstanding stock based compensation awards issued by Cricut Holdings were modified or settled as described in Note 9 below. Upon filing the amended and restated certificate of incorporation, all of the Company’s historical Common Stock converted to Class B common stock. Shares of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the annual report on Form 10-K for the fiscal year ended December 31, 2021 (The “Annual Report”). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2022, or any other period. Certain prior year reported amounts have been reclassified to conform with the current period presentation. These reclassifications did not have a material impact on the Company's consolidated financial statements or related footnotes. There were no material changes to the Company's significant accounting policies during the three months ended March 31, 2022.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds are highly liquid investments and are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. As of March 31, 2022 and December 31, 2021, the Company held $212.8 million and $197.8 million in money market funds, respectively, with no unrealized gains or losses. Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.

Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Deferred Revenue

Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company had no material contract assets.

The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Deferred revenue, beginning of period	$	35,405	$	26,276
Recognition of revenue included in beginning of period deferred revenue	(18,039)		(14,389)
Revenue deferred, net of revenue recognized on contracts in the respective period	18,321		16,118
Deferred revenue, end of period	$	35,687	$	28,005

As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance.

The Company expects the following recognition of deferred revenue as of March 31, 2022:


	Year Ended December 31,
	2022 (remainder of year)		2023		2024		2025		Total
(in thousands)
Revenue expected to be recognized	$	28,977	$	5,035	$	1,646	$	29	$	35,687

The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 15 under the heading “Segment Information.”

Revenue recognized during the three months ended March 31, 2022 related to performance obligations satisfied or partially satisfied in prior periods was $0.4 million.

The following table presents the total revenue by geography based on the ship-to address for the periods indicated:


	Three Months Ended March 31,
	2022		2021
(in thousands)
North America*	$	208,305	$	290,337
International	36,478		33,485
Total revenue	$	244,783	$	323,822

North America revenue consists of revenues from the United States and Canada.

- 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.

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+ Details

Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventory

Inventories are comprised of the following:


	As of March 31, 2022		As of December 31, 2021
(in thousands)
Raw Materials	$	24,279	$	20,187
Finished goods	458,730		433,987
Total Inventories	$	483,009	$	454,174

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2022		As of December 31, 2021
(in thousands)
Sales incentives	$	21,667	$	36,969
Other accrued liabilities and other current liabilities	20,002		32,382
Total accrued expenses	$	41,669	$	69,351

Revolving Credit Facility	3 Months Ended
Revolving Credit Facility	Mar. 31, 2022
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 2020 Credit Agreement In September 2020, the Company entered into the Credit Agreement with JPMorgan Chase Bank, N.A., Citibank, N.A. and Origin Bank. The Credit Agreement replaces the prior amended credit agreement with Origin Bank. The Credit Agreement provides for a three-year asset-based senior secured revolving credit facility of up to $150.0 million, maturing on September 4, 2023. During the term of the Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $200.0 million, (for maximum aggregate lender commitments of up to $350.0 million), subject to the satisfaction of certain conditions under the Credit Agreement, including obtaining the consent of the administrative agent and an increased commitment from existing or new lenders. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The amount that can be borrowed under the Credit Facility is limited to the lesser of (a) the borrowing base minus the aggregate revolving exposure or (b) aggregate lender commitments at any given time. The borrowing base is determined according to certain percentages of eligible accounts receivable and eligible inventory (which may be valued at average cost, market value or net orderly liquidation value), subject to reserves determined by the administrative agent. At any time that the Company’s borrowing base is less than the aggregate lender commitments, the Company can only borrow revolving loans up to the amount of the Company’s borrowing base and not in the full amount of the aggregate lender commitments. As of March 31, 2022, no amount was outstanding under the Credit Agreement and available borrowings were $150.0 million. Generally, borrowings under the Credit Agreement bear interest at a rate based on LIBOR (“Adjusted LIBO rate”) or an alternative base rate (“ABR”), plus, in each case, an applicable margin. The applicable margin will range from (a) with respect to borrowings bearing interest at the ABR, 1.50% to 2.00%, and (b) with respect to borrowings bearing interest at the ABR (i) if the “REVLIBOR30 Screen Rate” (as defined in the Credit Agreement) is available for such period, 1.50% to 2.00%, or (ii) otherwise, 0.00% to 0.50%, in each case for the previous clauses (a) and (b), based on our “Fixed Charge Coverage Ratio” as defined in the Credit Agreement. The Credit Agreement contains financial covenants during the initial year of the agreement, requiring the Company to maintain a fixed charge coverage ratio of at least 1.0 to 1.0, measured monthly on a trailing 12 month basis. The Company is also subject to this covenant in future periods if the available commitment is less than the greater of $15.0 million and 10% of total commitment made by all lenders. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of March 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As required by Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes,” the Company computes interim period income taxes by applying an estimated annual effective tax rate to our year-to-date income from operations before income taxes, except for significant unusual or infrequently occurring items. The estimated effective tax rate is adjusted each quarter in accordance with ASC 740. The effective tax rate after discrete items was 25.1 percent and 23.5 percent for the three months ended March 31, 2022 and 2021, respectively. The Company’s provision for income taxes after discrete items was $7.9 million and $15.2 million, respectively, for the three months ended March 31, 2022 and 2021. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate for the periods presented primarily due to state taxes offset by discrete tax items including research and development tax credits as well as foreign derived intangible income (FDII). The Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies, the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded that it is more likely than not that the net deferred tax assets will be realized. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for any of the periods presented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Capital Structure	3 Months Ended
Capital Structure	Mar. 31, 2022
Equity [Abstract]
Capital Structure	Capital Structure As of March 31, 2022, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001 per share, and 1,250,000,000 shares of common stock, par value $0.001 per share, which was divided between two series: Class A common stock and Class B common stock. As of March 31, 2022, the Company had 1,000,000,000 shares of Class A common stock and 250,000,000 shares of Class B common stock authorized and 40,233,642 shares of Class A common stock and 181,575,972 shares of Class B common stock issued and outstanding. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. During the three months ended March 31, 2022 and 2021, 2,336,595 and 2,064,903 shares of Class B common stock were converted to Class A common stock, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based Compensation Cost

The following table shows the stock-based compensation cost by award type for the periods indicated:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Equity classified awards
Restricted stock units	6,826		296
Stock options	1,012		3,494
Class B common stock	2,662		2,845
Liability classified awards	(230)		6,041
Total stock-based compensation	$	10,270	$	12,676

The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Cost of revenue
Connected machines	$	3	$	8
Subscriptions	52		36
Accessories and materials	—		—
Total cost of revenue	55		44
Research and development	4,011		3,641
Sales and marketing	2,868		5,607
General and administrative	2,024		2,393
Total stock-based compensation expense	$	8,958	$	11,685
Capitalized for software development costs	541		294
Capitalized to inventory	771		697
Total stock-based compensation	$	10,270	$	12,676

As of March 31, 2022, there was $115.7 million of unrecognized stock-based compensation cost related to service-based awards which is expected to be recognized over a weighted-average period of 3.0 years. The total unrecognized compensation expense related to unvested performance-based restricted stock units (“PRSUs”) was $154.6 million as of March 31, 2022.

Corporate Reorganization and Stock-Based Compensation Modifications

In connection with the Corporate Reorganization, all outstanding awards issued under the Incentive Unit Plan discussed below were modified by exchanging the outstanding awards of Cricut Holdings for awards of the Company. All service based vesting conditions were unaffected by the modification. As described below, the vesting conditions were modified for certain awards which previously had both service and market based vesting conditions.

All vested equity classified awards were settled in shares of the Company’s Class B common stock previously held by Cricut Holdings. Unvested equity classified awards were converted to restricted shares of the Company’s Class B common stock subject to future vesting, or in the case of options were converted into options to purchase the Company’s Class B common stock. All vested liability classified awards converted into either shares of Class B common stock to the extent permitted in each applicable jurisdiction or settled in cash. All unvested liability classified awards converted into restricted stock units (“RSUs”) under the 2021 Equity Incentive Plan that will vest into shares of Class A common stock of Cricut, Inc. to the extent permitted in each applicable jurisdiction or into restricted stock unit equivalents which will be settled in cash upon vesting as described below.

In connection with the Corporate Reorganization and modification, the Company granted options under the 2021 Equity Incentive Plan to certain employees. The number of options was calculated based on the number of outstanding incentive units or incentive unit equivalents prior to the modification and the participation threshold of such awards. The vesting terms of the options are also based on the vesting terms of the original award. Therefore, the Company considered the exchange of the original award for the restricted shares or RSUs plus the options to be a single modification and began recognizing the incremental compensation cost of $14.5 million beginning in March 2021 over the vesting term, including a cumulative adjustment in March 2021 to recognize the incremental compensation cost associated with historical vesting.

As part of the modification of outstanding awards in connection with the Corporate Reorganization, awards issued under the Incentive Unit Plan which included both service and market conditions were modified to remove the market vesting condition and to increase the participation threshold of the award to the price specified in the former market condition. In total, 3.0 million, 3.0 million, 1.0 million and 1.0 million awards which previously had a participation threshold of $2.00, $2.00, $5.00 and $5.00 per share, respectively, were modified to have a participation threshold of $3.00, $4.00, $6.00 and $7.00 per share, respectively. Incremental compensation cost associated with these awards is included in the total incremental compensation cost associated with the issuance of additional options to employees described above as this change was part of a single modification.

2021 Equity Incentive Plan

In March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. As of March 31, 2022, 31,895,729 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan.

A summary of the Company’s service-based RSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSUs	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	4,673,831	$	23.84
Granted	102,000	$	22.77
Vested	(76,471)	$	20.00
Forfeited/cancelled	(37,500)	$	24.14
Outstanding at March 31, 2022	4,661,860	$	23.87

In 2022, the Company granted PRSUs under the 2021 Equity Incentive Plan to certain employees that represent shares potentially issuable in the future. The PRSUs vest in two equal tranches subject to the Company achieving cumulative adjusted earnings per share over eight quarters of $4.93 share and $6.16 per share, respectively, at any point during the 5-year performance period, subject to employees remaining with the Company through the vesting date. Adjusted earnings per share means GAAP net income adjusted to exclude income tax expenses, as well as stock-based compensation expense and payroll tax expense specifically related to the PRSU awards.

A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of PRSUs (a)	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	—	$	—
Granted	6,615,000	$	23.37
Vested	—	$	—
Forfeited/cancelled	—	$	—
Outstanding at March 31, 2022	6,615,000	$	23.37

a.Represents the maximum number of PRSUs assuming all performance targets are achieved.

The expense recognized each period for these PRSUs is primarily dependent upon the Company’s estimate of the probability of achieving the performance targets. At March 31, 2022, the Company determined it was not probable any performance conditions would be achieved so no stock-based compensation was recorded for these PRSUs during the three months ended March 31, 2022.

Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an incentive stock option and non-qualified stock option shall not be less than 100% of the fair market value of the shares on the date of grant.

A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2021	3,260,357	$	20.00	5.8	$	2,884
Granted	—
Exercised	(1,535)	$	20.00
Forfeited/cancelled	(2,753)	$	20.00
Outstanding at March 31, 2022	3,256,069	$	20.00	5.5	$	—
Vested and exercisable at March 31, 2022	1,541,213	$	20.00	5.2	$	—

In connection with the Corporate Reorganization, certain employees received restricted stock unit equivalents (“RSU equivalents”). Upon vesting, these awards are settled for a cash payment equal to the intrinsic value of the award on the date of the Corporate Reorganization plus the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. As of March 31, 2022 the total recognized liability for these awards was $0.7 million. A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSU Equivalents	Weighted- Average Base Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2021	81,077	$	20.00	$	1,231
Granted	—	$	—
Vested	—	$	—
Forfeited / Cancelled	(5,141)	$	20.00
Outstanding at March 31, 2022	75,936	$	20.00	$	976

Unvested Class B Common Stock

The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2022 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	10,854,859	$	20.00
Granted	—
Vested	(3,413,855)	$	20.00
Forfeited / Cancelled	(114,332)	$	20.00
Outstanding at March 31, 2022	7,326,672	$	20.00

Options to Purchase Class B Common Stock

The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2021	434,000	$	9.04	3.9	$	5,664
Granted	—	$	—
Forfeited / Cancelled	(20,000)	$	9.04
Outstanding at March 31, 2022	414,000	$	9.04	3.7	$	2,884
Vested at March 31, 2022	—	$	—	N/A	$	—

2021 Employee Stock Purchase Plan

In March 2021, the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”) became effective. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. As of March 31, 2022, 6,219,145 shares of our Class A common stock were available for sale under the 2021 ESPP.

No offerings have been authorized to date by the administrator under the 2021 ESPP. If the administrator authorizes an offering period under the 2021 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months.

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to certain outside claims and litigation arising in the ordinary course of business. Management is not aware of any contingencies which it believes will have a material effect on its financial position, results of operations or liquidity.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the three months ended March 31, 2022 and 2021, the Company received capital contributions of nil and $0.2 million from its former parent company, Cricut Holdings. The equity offering was purchased by a subset of then current common unitholders of Cricut Holdings and employees of the Company.

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company sponsors a 401(k) plan for the benefit of its employees who have attained at least 18 Years of age. The Company matches 50% of the first 12% of an employee’s salary contributed to the plan on the first day of the month following their hire date. The Company contributed $0.8 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.

Net Income Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

The computation of net income per share is as follows:


	Three Months Ended March 31,
	2022		2021
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	23,504	$	49,418
Shares used in computation:
Weighted-average common shares outstanding, basic	212,403,383		207,309,946
Earnings per share, basic	$	0.11	$	0.24

Diluted earnings per share:
Net income	$	23,504	$	49,418
Shares used in computation:
Weighted-average common shares outstanding, basic	212,403,383		207,309,946
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	8,170,977		1,089,343
Employee stock options	145,517		31,828
Restricted stock units	248,058		26,229
Underwriters’ option to purchase additional shares	—		1,006
Diluted weighted-average common shares outstanding	220,967,935		208,458,352
Diluted net income per share	$	0.11	$	0.24

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2022	2021

Employee stock options	3,256,069	3,419,359
Restricted stock units	3,987,963	41,019
Unvested common stock	128,447	—

As of March 31, 2022, 6,615,000 PRSUs were not assessed for inclusion in diluted earnings per share, and any potential antidilutive shares were excluded from the table above because they are subject to performance conditions that were not achieved as of such date.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

The Company applies ASC Topic 280, Segment Reporting, in determining reportable segments for its financial statement disclosure. The Company’s operating segments are generally organized by the type of product or service offered. Similar operating segments have been aggregated into three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. Segment information is presented in the same manner that the Company’s Chief Operating Decision Maker (“CODM”) reviews the results of operations in assessing performance and allocating resources. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of March 31, 2022, long-lived assets located outside the United States, primarily located in Malaysia and China, were $21.4 million.

The Connected Machines segment derives revenue from the sale of its connected machine hardware and related essential software. The Subscriptions segment derives revenue primarily from monthly and annual subscription fees and a portion of the revenue allocated to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. The Accessories and Materials segment primarily consists of craft, DIY, home décor products and heat presses including the Cricut Mug Press and Cricut EasyPress. There are no internal revenue transactions between the Company’s segments.

Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Connected Machines:
Revenue	$	62,391	$	141,320
Cost of revenue	$	60,713	$	119,692
Gross profit	$	1,678	$	21,628

Subscriptions:
Revenue	$	64,778	$	46,139
Cost of revenue	$	6,252	$	4,298
Gross profit	$	58,526	$	41,841

Accessories and Materials:
Revenue	$	117,614	$	136,363
Cost of revenue	$	78,798	$	79,562
Gross profit	$	38,816	$	56,801

Consolidated:
Revenue	$	244,783	$	323,822
Cost of revenue	$	145,763	$	203,552
Gross profit	$	99,020	$	120,270

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Lease commitments

The Company leases office space with lease terms ranging from 1 to 10 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

In December 2021, the Company amended its operating lease for its corporate headquarters in South Jordan, Utah to extend the term through March 2027 and to reduce the annual rent rate for future periods. As a result of this amendment, the Company remeasured the associated operating lease liability and right-of-use asset for this lease. The Company also leased additional space at its corporate headquarters which commenced in January of 2022 under the same terms as its existing lease.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.4 million and $1.0 million for the three months ended March 31, 2022 and 2021, respectively. The Company also incurred variable lease costs of $0.2 million and nil for the three months ended March 31, 2022 and 2021, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.4 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. These amounts were included in net cash used in operating activities in the Company's consolidated statements of cash flows.

As of March 31, 2022, the maturities of the Company's operating lease liabilities were as follows:


Year Ending December 31,	Operating Leases
	(in thousands)
2022 (remainder of the year)	$	3,372
2023	5,678
2024	5,419
2025	4,255
2026	3,799
Thereafter	967
Total minimum lease payments, net	$	23,490
Less: imputed interest	$	(1,564)
Present value of operating lease liabilities	$	21,926
Operating lease liabilities, current	$	4,182
Operating lease liabilities, non-current	$	17,744

As of March 31, 2022, the weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2022
Weighted-average remaining lease term of operating leases	4.5 years
Weighted-average discount rate of operating leases	2.6	%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the annual report on Form 10-K for the fiscal year ended December 31, 2021 (The “Annual Report”). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.
Consolidation	The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2022, or any other period. Certain prior year reported amounts have been reclassified to conform with the current period presentation. These reclassifications did not have a material impact on the Company's consolidated financial statements or related footnotes. There were no material changes to the Company's significant accounting policies during the three months ended March 31, 2022.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates.
Fair Value Measurement	Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds are highly liquid investments and are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.
Earnings Per Share	Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.

Revenue and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Changes in the Deferred Revenue Balance

The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Deferred revenue, beginning of period	$	35,405	$	26,276
Recognition of revenue included in beginning of period deferred revenue	(18,039)		(14,389)
Revenue deferred, net of revenue recognized on contracts in the respective period	18,321		16,118
Deferred revenue, end of period	$	35,687	$	28,005

Schedule of Recognition of Deferred Revenue

The Company expects the following recognition of deferred revenue as of March 31, 2022:


	Year Ended December 31,
	2022 (remainder of year)		2023		2024		2025		Total
(in thousands)
Revenue expected to be recognized	$	28,977	$	5,035	$	1,646	$	29	$	35,687

Schedule of Total Revenue by Geography

The following table presents the total revenue by geography based on the ship-to address for the periods indicated:


	Three Months Ended March 31,
	2022		2021
(in thousands)
North America*	$	208,305	$	290,337
International	36,478		33,485
Total revenue	$	244,783	$	323,822

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories are comprised of the following:


	As of March 31, 2022		As of December 31, 2021
(in thousands)
Raw Materials	$	24,279	$	20,187
Finished goods	458,730		433,987
Total Inventories	$	483,009	$	454,174

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2022		As of December 31, 2021
(in thousands)
Sales incentives	$	21,667	$	36,969
Other accrued liabilities and other current liabilities	20,002		32,382
Total accrued expenses	$	41,669	$	69,351

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Costs

The following table shows the stock-based compensation cost by award type for the periods indicated:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Equity classified awards
Restricted stock units	6,826		296
Stock options	1,012		3,494
Class B common stock	2,662		2,845
Liability classified awards	(230)		6,041
Total stock-based compensation	$	10,270	$	12,676


	Three Months Ended March 31,
	2022		2021
(in thousands)
Cost of revenue
Connected machines	$	3	$	8
Subscriptions	52		36
Accessories and materials	—		—
Total cost of revenue	55		44
Research and development	4,011		3,641
Sales and marketing	2,868		5,607
General and administrative	2,024		2,393
Total stock-based compensation expense	$	8,958	$	11,685
Capitalized for software development costs	541		294
Capitalized to inventory	771		697
Total stock-based compensation	$	10,270	$	12,676

Schedule of Restricted Stock Unit Activity

A summary of the Company’s service-based RSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSUs	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	4,673,831	$	23.84
Granted	102,000	$	22.77
Vested	(76,471)	$	20.00
Forfeited/cancelled	(37,500)	$	24.14
Outstanding at March 31, 2022	4,661,860	$	23.87

A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of PRSUs (a)	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	—	$	—
Granted	6,615,000	$	23.37
Vested	—	$	—
Forfeited/cancelled	—	$	—
Outstanding at March 31, 2022	6,615,000	$	23.37

a.Represents the maximum number of PRSUs assuming all performance targets are achieved.

A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSU Equivalents	Weighted- Average Base Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2021	81,077	$	20.00	$	1,231
Granted	—	$	—
Vested	—	$	—
Forfeited / Cancelled	(5,141)	$	20.00
Outstanding at March 31, 2022	75,936	$	20.00	$	976

Schedule of Stock Option Activity

A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2021	3,260,357	$	20.00	5.8	$	2,884
Granted	—
Exercised	(1,535)	$	20.00
Forfeited/cancelled	(2,753)	$	20.00
Outstanding at March 31, 2022	3,256,069	$	20.00	5.5	$	—
Vested and exercisable at March 31, 2022	1,541,213	$	20.00	5.2	$	—


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2021	434,000	$	9.04	3.9	$	5,664
Granted	—	$	—
Forfeited / Cancelled	(20,000)	$	9.04
Outstanding at March 31, 2022	414,000	$	9.04	3.7	$	2,884
Vested at March 31, 2022	—	$	—	N/A	$	—

Schedule of Nonvested Share Activity


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2021	10,854,859	$	20.00
Granted	—
Vested	(3,413,855)	$	20.00
Forfeited / Cancelled	(114,332)	$	20.00
Outstanding at March 31, 2022	7,326,672	$	20.00

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of net income per share is as follows:


	Three Months Ended March 31,
	2022		2021
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	23,504	$	49,418
Shares used in computation:
Weighted-average common shares outstanding, basic	212,403,383		207,309,946
Earnings per share, basic	$	0.11	$	0.24

Diluted earnings per share:
Net income	$	23,504	$	49,418
Shares used in computation:
Weighted-average common shares outstanding, basic	212,403,383		207,309,946
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	8,170,977		1,089,343
Employee stock options	145,517		31,828
Restricted stock units	248,058		26,229
Underwriters’ option to purchase additional shares	—		1,006
Diluted weighted-average common shares outstanding	220,967,935		208,458,352
Diluted net income per share	$	0.11	$	0.24

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2022	2021

Employee stock options	3,256,069	3,419,359
Restricted stock units	3,987,963	41,019
Unvested common stock	128,447	—

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Key Financial Performance Measures of the Segments

Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:


	Three Months Ended March 31,
	2022		2021
(in thousands)
Connected Machines:
Revenue	$	62,391	$	141,320
Cost of revenue	$	60,713	$	119,692
Gross profit	$	1,678	$	21,628

Subscriptions:
Revenue	$	64,778	$	46,139
Cost of revenue	$	6,252	$	4,298
Gross profit	$	58,526	$	41,841

Accessories and Materials:
Revenue	$	117,614	$	136,363
Cost of revenue	$	78,798	$	79,562
Gross profit	$	38,816	$	56,801

Consolidated:
Revenue	$	244,783	$	323,822
Cost of revenue	$	145,763	$	203,552
Gross profit	$	99,020	$	120,270

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Lease Liability Maturity

As of March 31, 2022, the maturities of the Company's operating lease liabilities were as follows:


Year Ending December 31,	Operating Leases
	(in thousands)
2022 (remainder of the year)	$	3,372
2023	5,678
2024	5,419
2025	4,255
2026	3,799
Thereafter	967
Total minimum lease payments, net	$	23,490
Less: imputed interest	$	(1,564)
Present value of operating lease liabilities	$	21,926
Operating lease liabilities, current	$	4,182
Operating lease liabilities, non-current	$	17,744

Weighted Average Lease Term and Discount Rate

As of March 31, 2022, the weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2022
Weighted-average remaining lease term of operating leases	4.5 years
Weighted-average discount rate of operating leases	2.6	%

Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Apr. 28, 2021 USD ($) shares	Mar. 29, 2021 USD ($) $ / shares shares	Mar. 11, 2021	Mar. 31, 2022 segment vote $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2021 $ / shares	Mar. 24, 2021	Sep. 02, 2020 $ / shares	Sep. 01, 2020 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001
Stock split, conversion ratio			64.2645654
Number of reportable segments \| segment				3
Proceeds from IPO \| $	$ 18.0
Payments of stock issuance costs \| $	$ 1.4
Reorganization items, percent of capital stock							100.00%
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares									$ 0.01
Sale of stock, shares issued in transaction	968,815
Number of votes per share \| vote				1
Number of shares issuable upon conversion (in shares)				1
Common Class A \| Existing Stockholders
Class of Stock [Line Items]
Sale of stock, shares issued in transaction	150,984			2,336,595	2,064,903
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote				5
IPO
Class of Stock [Line Items]
Proceeds from IPO \| $		$ 242.7
Payments of stock issuance costs \| $		$ 22.3
IPO \| Common Class A
Class of Stock [Line Items]
Sale of stock, shares issued in transaction		13,250,000
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 20.00
IPO \| Common Class A \| Existing Stockholders
Class of Stock [Line Items]
Sale of stock, shares issued in transaction		2,064,903

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Money market funds, at carrying value	$ 212.8	$ 197.8

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 35,405	$ 26,276
Recognition of revenue included in beginning of period deferred revenue	(18,039)	(14,389)
Revenue deferred, net of revenue recognized on contracts in the respective period	18,321	16,118
Deferred revenue, end of period	$ 35,687	$ 28,005

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 35,687
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 28,977
Revenue, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 5,035
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1,646
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 29
Revenue, expected timing of satisfaction, period	1 year

Revenue and Deferred Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 0.4

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 244,783	$ 323,822
North America
Disaggregation of Revenue [Line Items]
Revenue	208,305	290,337
International
Disaggregation of Revenue [Line Items]
Revenue	$ 36,478	$ 33,485

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw Materials	$ 24,279	$ 20,187
Finished goods	458,730	433,987
Total Inventories	$ 483,009	$ 454,174

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Sales incentives	$ 21,667	$ 36,969
Other accrued liabilities and other current liabilities	20,002	32,382
Total accrued expenses	$ 41,669	$ 69,351

Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - Credit Agreement	3 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility expiration period		3 years
Maximum borrowing capacity		$ 150,000,000
Additional borrowing capacity, increase limit		200,000,000
Additional borrowing capacity, higher borrowing capacity option		$ 350,000,000
Amounts outstanding	$ 0
Remaining borrowing capacity	$ 150,000,000
Restrictive covenants, fixed charge coverage ratio	1.0
Restrictive covenants, fixed charge coverage ratio, calculation period	12 months
Restrictive covenants in future periods if available commitments are less than, amount	$ 15,000,000
Restrictive covenants in future period if available commitments are less than percent (in percentage)	0.10
Minimum \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.50%
Minimum \| REVLIBOR30 Screen Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.50%
Minimum \| Rate Based on Fixed Charge Coverage Ratio
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	0.00%
Maximum \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.00%
Maximum \| REVLIBOR30 Screen Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.00%
Maximum \| Rate Based on Fixed Charge Coverage Ratio
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	0.50%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (percentage)	25.10%	23.50%
Provision for income taxes	$ 7,864	$ 15,217

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Capital Structure - Narrative (Details)		3 Months Ended
Capital Structure - Narrative (Details)	Apr. 28, 2021 shares	Mar. 31, 2022 vote $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2021 $ / shares shares	Sep. 01, 2020 $ / shares
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)		100,000,000		100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		1,250,000,000		1,250,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001
Common stock, shares issued (in shares)		221,809,614		221,913,559
Common stock, shares outstanding (in shares)		221,809,614		221,913,559
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01
Common stock, shares issued (in shares)		40,233,642
Common stock, shares outstanding (in shares)		40,233,642
Number of votes per share \| vote		1
Number of shares issuable upon conversion (in shares)		1
Sale of stock, shares issued in transaction	968,815
Common Class A \| Existing Stockholders
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction	150,984	2,336,595	2,064,903
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000
Common stock, shares issued (in shares)		181,575,972
Common stock, shares outstanding (in shares)		181,575,972
Number of votes per share \| vote		5

Stock-Based Compensation - Cost By Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 10,270	$ 12,676
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	6,826	296
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	1,012	3,494
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2,662	2,845
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ (230)	$ 6,041

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,958	$ 11,685
Total stock-based compensation	10,270	12,676
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	541	294
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	771	697
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	55	44
Connected machines
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3	8
Subscriptions
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	52	36
Accessories and materials
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,011	3,641
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,868	5,607
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,024	$ 2,393

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	7,326,672	10,854,859
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share)	$ 4.93
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share)	$ 6.16
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 14,500,000
Expiration period	10 years
2021 Equity Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	31,895,729
Incentive Unit Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	3,000,000
Participation threshold before modification	$ 2.00
Participation threshold after modification	$ 3.00
Incentive Unit Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	3,000,000
Participation threshold before modification	$ 2.00
Participation threshold after modification	$ 4.00
Incentive Unit Plan \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	1,000,000
Participation threshold before modification	$ 5.00
Participation threshold after modification	$ 6.00
Incentive Unit Plan \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	1,000,000
Participation threshold before modification	$ 5.00
Participation threshold after modification	7.00
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 115,700,000
Unrecognized stock-based compensation cost, period for recognition	3 years
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 154,600,000
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	6,615,000	0
Performance period	5 years
Restricted Stock Unit Equivalents (“RSU equivalents”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of recognized liability	$ 700,000
Restricted Stock Unit Equivalents (“RSU equivalents”) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	75,936	81,077
Employee stock \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation	15.00%
Offering period	27 months
Employee stock \| 2021 Employee Stock Purchase Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for sale (in shares)	6,219,145

Stock-Based Compensation - RSU Activity (Details) - Restricted stock units - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	4,673,831
Granted (in shares) \| shares	102,000
Vested (in shares) \| shares	(76,471)
Forfeited / cancelled (in shares) \| shares	(37,500)
Ending balance (in shares) \| shares	4,661,860
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 23.84
Granted (in dollars per share) \| $ / shares	22.77
Vested (in dollars per share) \| $ / shares	20.00
Forfeited / cancelled (in dollars per share) \| $ / shares	24.14
Ending balance (in dollars per share) \| $ / shares	$ 23.87

Stock-Based Compensation - PRSU Activity (Details) - Performance Restricted Stock Units (PRSUs) - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	6,615,000
Vested (in shares) \| shares	0
Forfeited / cancelled (in shares) \| shares	0
Ending balance (in shares) \| shares	6,615,000
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	23.37
Vested (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 23.37

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	3,260,357
Granted (in shares)	0
Exercised (in shares)	(1,535)
Forfeited / cancelled (in shares)	(2,753)
Ending balance (in shares)	3,256,069	3,260,357
Vested and exercisable (in shares)	1,541,213
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 20.00
Granted (in dollars per share)
Exercised (in dollars per share)	20.00
Forfeited (in dollars per share)	20.00
Ending weighted average exercise price (in dollars per share)	20.00	$ 20.00
Vested and exercisable (in dollars per share)	$ 20.00
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	5 years 6 months	5 years 9 months 18 days
Weighted average remaining terms, vested and exercisable (years)	5 years 2 months 12 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 2,884
Ending aggregate intrinsic value	0	$ 2,884
Vested and exercisable aggregate intrinsic value	$ 0

Stock-Based Compensation - Restricted Stock Units Equivalent Activity (Details) - Restricted Stock Unit Equivalents (“RSU equivalents”) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Number of RSU Equivalents
Beginning balance (in shares) \| shares	81,077
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(5,141)
Ending balance (in shares) \| shares	75,936
Weighted- Average Base Price
Beginning balance (in dollars per share) \| $ / shares	$ 20.00
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $	$ 1,231
Vested aggregate intrinsic value \| $
Ending aggregate intrinsic value \| $	$ 976

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	10,854,859
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(3,413,855)
Forfeited / cancelled (in shares) \| shares	(114,332)
Ending balance (in shares) \| shares	7,326,672
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 20.00
Granted (in dollars per share) \| $ / shares
Vested (in dollars per share) \| $ / shares	20.00
Forfeited / cancelled (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00

Stock-Based Compensation - Options to Purchase Class B Common Stock (Details) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	434,000
Granted (in shares)	0
Forfeited / cancelled (in shares)	(20,000)
Ending balance (in shares)	414,000	434,000
Vested (in shares)	0
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 9.04
Granted (in dollars per share)	0
Forfeited / Cancelled (in dollars per share)	9.04
Ending weighted average exercise price (in dollars per share)	9.04	$ 9.04
Vested (in dollars per share)	$ 0
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	3 years 8 months 12 days	3 years 10 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 5,664
Ending aggregate intrinsic value	2,884	$ 5,664
Vested aggregate intrinsic value	$ 0

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Proceeds from capital contributions	$ 0	$ 200,000
Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from capital contributions	$ 0	$ 200,000

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution (percentage)	50.00%
Employer matching contribution as a percent of employees' gross pay (percentage)	12.00%
Employer contribution amount	$ 0.8	$ 0.7

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic earnings per share:
Net income	$ 23,504	$ 49,418
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	212,403,383	207,309,946
Earnings per share, basic (in dollars per share)	$ 0.11	$ 0.24
Diluted earnings per share:
Net income	$ 23,504	$ 49,418
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	212,403,383	207,309,946
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	8,170,977	1,089,343
Underwriters' option to purchase additional shares (in shares)	0	1,006
Diluted weighted-average common shares outstanding (in shares)	220,967,935	208,458,352
Diluted net income per share (in dollars per share)	$ 0.11	$ 0.24
Stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	145,517	31,828
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	248,058	26,229

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of awards issued	6,615,000		0
Total stock-based compensation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,256,069	3,419,359
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,987,963	41,019
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	128,447	0

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
Segment Information - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) segment
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	3
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets \| $	$ 21.4

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 244,783	$ 323,822
Cost of revenue	145,763	203,552
Gross profit	99,020	120,270
Connected machines
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	62,391	141,320
Cost of revenue	60,713	119,692
Gross profit	1,678	21,628
Subscriptions
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	64,778	46,139
Cost of revenue	6,252	4,298
Gross profit	58,526	41,841
Accessories and materials
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	117,614	136,363
Cost of revenue	78,798	79,562
Gross profit	$ 38,816	$ 56,801

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 1,400,000	$ 1,000,000
Variable lease cost	200,000	0
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 1,400,000	$ 1,100,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (remainder of year)	$ 3,372
2023	5,678
2024	5,419
2025	4,255
2026	3,799
Thereafter	967
Total minimum lease payments, net	23,490
Less: imputed interest	(1,564)
Present value of operating lease liabilities	21,926
Operating lease liabilities, current	4,182	$ 3,755
Operating lease liabilities, non-current	$ 17,744	$ 15,780

Leases - Weighted Average Lease Term and Discount Rate (Details)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term of operating leases	4 years 6 months
Weighted-average discount rate of operating leases	2.60%