0001828962-24-000014 | 10-K | XBRL Viewer

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Equity-classified awards
Restricted stock units	$	41,094	$	32,442	$	14,149
Stock options	2,388		3,579		6,406
Class B common stock	6,504		9,321		15,200

Liability-classified awards	44		(54)		6,447
Total stock-based compensation	$	50,030	$	45,288	$	42,202

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


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Cost of revenue
Connected machines	$	700	$	288	$	34
Subscriptions	926		443		219
Accessories and materials	805		199		—
Total cost of revenue	2,431		930		253
Research and development	18,169		17,713		15,782
Sales and marketing	12,740		12,603		13,814
General and administrative	13,986		9,875		8,225
Total stock-based compensation expense	$	47,326	$	41,121	$	38,074
Capitalized for software development costs	1,960		2,321		1,607
Capitalized to inventory	744		1,846		2,521
Total stock-based compensation	$	50,030	$	45,288	$	42,202

Schedule of Restricted Stock Unit Activity

A summary of the Company’s 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, 2022	6,364,022	$	18.06
Granted	4,342,919	$	10.42
Dividend equivalent grants	594,486	$	—
Vested	(1,997,154)	$	18.77
Forfeited/cancelled	(410,442)	$	14.49
Outstanding at December 31, 2023	8,893,831	$	14.38

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, 2022	6,295,000	$	23.32
Dividend equivalent grants	710,033	$	—

Forfeited / cancelled	(239,032)	$	23.37
Outstanding at December 31, 2023	6,766,001	$	23.32

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, 2022	4,846	$	15.87	$	86
Granted	3,500	$	—
Vested	(2,173)	$	—
Forfeited/cancelled	—	$	—
Outstanding at December 31, 2023	6,173	$	11.52	$	38

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, 2022	3,142,911	$	20.00	4.6	$	—


Forfeited/cancelled	(143,826)	20.00
Outstanding and expected to vest at December 31, 2023	2,999,085	$	18.65	3.5	$	—
Vested and exercisable at December 31, 2023	2,526,813	$	18.65	3.4	$	—

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, 2022	358,000	$	9.04	2.8	$	82
Exercised	(40,575)	$	9.04
Forfeited / Cancelled	(58,000)	$	8.80
Outstanding at December 31, 2023	259,425	$	7.69	1.9	$	—
Vested at December 31, 2023	259,425	$	7.69	1.9	$	—

Schedule of Weighted-Average Valuation Assumptions

The weighted-average grant date fair value of options granted during the year ended December 31, 2021 was $8.79 per share and the total intrinsic value of options exercised was $0.1 million. The Company used the following weighted-average assumptions in determining the grant date fair value of options granted:


	Year Ended December 31, 2021

Expected volatility	51.6	%
Risk-free interest rate	0.8	%
Expected term (in years)	4.9
Expected dividend	—	%

The weighted-average grant date fair value of options to purchase Class B common stock during the year ended December 31, 2021 was $13.42 per share based on the following weighted-average assumptions:


	Year Ended December 31, 2021

Expected volatility	51.4	%
Risk-free interest rate	0.8	%
Expected term (in years)	5.5
Expected dividend	—	%

The weighted-average grant date fair value of options granted during the year ended December 31, 2021 was $4.45 per share, and were estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions for the periods indicated:


	Years Ended December 31.
	2021

Fair value of common unit	$	8.99
Expected life (in years)	5.0
Expected volatility	50.9		%
Risk-free rate	0.6		%
Expected dividend yield	—		%

Schedule of Nonvested Share Activity

The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Dividends declared on unvested Class B common stock are subject to vesting

and are forfeited if the underlying stock does not vest. Activity related to Class B common stock subject to future vesting for the year ended December 31, 2023 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2022	4,655,214	$	20.00
Vested	(2,680,986)	$	20.00
Forfeited / Cancelled	(317,549)	$	20.00
Outstanding at December 31, 2023	1,656,679	$	20.00

Related Party Transactions - Narrative (Details) - USD ($)		12 Months Ended
	Aug. 24, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from capital contributions		$ 0	$ 0	$ 200,000
Common Class A
Related Party Transaction [Line Items]
Stock repurchased and retired (in shares)	250,000	2,548,893	2,349,581
Sale of stock (in dollars per share)	$ 6.47
Stock repurchased and retired, value	$ 1,600,000	$ 20,300,000	$ 18,500,000
Related Party \| Cricut Holdings
Related Party Transaction [Line Items]
Proceeds from capital contributions		$ 0	$ 0	$ 200,000

Stock-Based Compensation - Cost by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ 50,030	$ 45,288	$ 42,202
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	41,094	32,442	14,149
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	2,388	3,579	6,406
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	6,504	9,321	15,200
Liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ 44	$ (54)	$ 6,447

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenue	$ 765,147	$ 886,296	$ 1,306,227
Cost of revenue:
Cost of revenue	421,854	536,403	848,777
Gross profit	343,293	349,893	457,450
Operating expenses:
Research and development	65,048	76,914	79,814
Sales and marketing	123,169	130,379	133,963
General and administrative	85,091	62,647	51,268
Total operating expenses	273,308	269,940	265,045
Income from operations	69,985	79,953	192,405
Other income (expense):
Interest income	7,976	1,809	181
Interest expense	(323)	(289)	(298)
Other income	2,145	508	85
Total other income (expense), net	9,798	2,028	(32)
Income before provision for income taxes	79,783	81,981	192,373
Provision for income taxes	26,147	21,315	51,900
Net income	53,636	60,666	140,473
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities, net of tax	711	(300)	0
Change in foreign currency translation adjustment	41	(120)	(64)
Comprehensive income	$ 54,388	$ 60,246	$ 140,409
Earnings per share, basic (in dollars per share)	$ 0.25	$ 0.28	$ 0.67
Earnings per share, diluted (in dollars per share)	$ 0.24	$ 0.28	$ 0.64
Weighted-average common shares outstanding, basic (in shares)	216,892,525	214,458,284	208,833,827
Weighted-average common shares outstanding, diluted (in shares)	219,722,063	220,588,789	219,776,069
Connected machines
Revenue:
Revenue	$ 198,312	$ 252,563	$ 548,205
Cost of revenue:
Cost of revenue	172,571	244,260	484,025
Subscriptions
Revenue:
Revenue	303,989	272,344	205,858
Cost of revenue:
Cost of revenue	32,346	26,375	21,961
Accessories and materials
Revenue:
Revenue	262,846	361,389	552,164
Cost of revenue:
Cost of revenue	$ 216,937	$ 265,768	$ 342,791

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The following is a summary of the Company’s intangible assets:


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization and Impairment		Net
(in thousands)
Trade names and trademarks	$	42,301	$	(42,301)	$	—
Total intangible asset	$	42,301	$	(42,301)	$	—


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization and Impairment		Net
(in thousands)
Trade names and trademarks	$	42,301	$	(41,541)	$	760
Total intangible asset	$	42,301	$	(41,541)	$	760

The Company’s trade names and trademarks have useful lives ranging from 11 to 15 years. Amortization was expensed on a straight-line basis for all intangible assets, as this was the Company’s best estimate of the period of economic benefit.

Amortization expense of intangible assets totaled $0.8 million for each of the years ended December 31, 2023, 2022 and 2021, respectively.

Leases - Additional Lease Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases	2 years 10 months 24 days	3 years 8 months 12 days
Weighted-average discount rate of operating leases	2.50%	2.60%

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
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 \| $	$ 8.7	$ 20.3

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 5.4	$ 5.5	$ 4.7
Variable lease cost	0.4	0.5	0.5
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 5.9	$ 5.8	$ 5.1
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	6 years

Revenue and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

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 periods indicated:


	December 31,
	2023		2022		2021
(in thousands)
Deferred revenue, beginning of period	$	38,658	$	35,405	$	26,276
Recognition of revenue for amounts included in beginning of period deferred revenue	(34,869)		(30,547)		(23,518)
Revenue deferred, net of revenue recognized on contracts in the respective period	39,446		33,800		32,647
Deferred revenue, end of period	$	43,235	$	38,658	$	35,405

Schedule of Recognition of Deferred Revenue

The Company expects the following recognition of deferred revenue as of December 31, 2023:


			Year Ended December 31,
	2024		2025		2026		Total
(in thousands)
Revenue expected to be recognized	$	40,304	$	2,171	$	760	$	43,235

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:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
North America	$	609,933	$	743,962	$	1,157,679
International	155,214		142,334		148,548
Total revenue	$	765,147	$	886,296	$	1,306,227

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 765,147	$ 886,296	$ 1,306,227
Cost of revenue	421,854	536,403	848,777
Gross profit	343,293	349,893	457,450
Connected machines
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	198,312	252,563	548,205
Cost of revenue	172,571	244,260	484,025
Gross profit	25,741	8,303	64,180
Subscriptions
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	303,989	272,344	205,858
Cost of revenue	32,346	26,375	21,961
Gross profit	271,643	245,969	183,897
Accessories and materials
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	262,846	361,389	552,164
Cost of revenue	216,937	265,768	342,791
Gross profit	$ 45,909	$ 95,621	$ 209,373

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- 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

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Property and Equipment - Composition of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 150,454	$ 143,457
Less: accumulated depreciation	(102,840)	(80,050)
Property and equipment, net	47,614	63,407
Computer software, software development costs and equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	106,602	86,929
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	2,928	2,941
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	5,070	5,057
Manufacturing tools and equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	34,350	35,396
Assets under construction
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 1,504	$ 13,134

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
Accounting Policies [Abstract]
Trade accounts receivable	$ 100,070	$ 128,437
Credit card and other receivables	13,127	8,550
Less: allowance for credit losses	(1,950)	(448)
Total accounts receivable, net	$ 111,247	$ 136,539	$ 199,500

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 1.7
Capitalized contract cost, unamortized	0.9
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	3.2	$ 1.7	$ 2.3
Concentration Risk [Line Items]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 3.2	$ 1.7	$ 2.3
Revenue Benchmark \| Geographic Concentration Risk \| UNITED STATES
Concentration Risk [Line Items]
Concentration risk, percentage	95.00%	95.00%	96.00%

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic earnings per share:
Net income	$ 53,636	$ 60,666	$ 140,473
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	216,892,525	214,458,284	208,833,827
Earnings per share, basic (in dollars per share)	$ 0.25	$ 0.28	$ 0.67
Diluted earnings per share:
Net income	$ 53,636	$ 60,666	$ 140,473
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	216,892,525	214,458,284	208,833,827
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	1,840,180	5,621,136	9,132,579
Underwriters' option to purchase additional shares (in shares)	0	0	18,798
Diluted weighted-average common shares outstanding (in shares)	219,722,063	220,588,789	219,776,069
Diluted earnings per share (in dollars per share)	$ 0.24	$ 0.28	$ 0.64
Employee stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	48,889	23,100	717,772
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	940,469	486,269	1,073,093

Cash, Cash Equivalents, and Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Marketable securities, maturity	9 months

Subsequent Events (Details) - segment	1 Months Ended	12 Months Ended
Subsequent Events (Details) - segment	Jan. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Number of reportable segments		3
Subsequent Event
Subsequent Event [Line Items]
Number of reportable segments	2
Number of platform segments	1
Number of product segments	1

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 47,326	$ 41,121	$ 38,074
Total stock-based compensation	50,030	45,288	42,202
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	1,960	2,321	1,607
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	744	1,846	2,521
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,431	930	253
Connected machines
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	700	288	34
Subscriptions
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	926	443	219
Accessories and materials
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	805	199	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	18,169	17,713	15,782
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,740	12,603	13,814
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 13,986	$ 9,875	$ 8,225

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
(in thousands)
Customer rebates	$	30,479	$	35,552
Other accrued liabilities and other current liabilities	41,454		34,223
Total accrued expenses	$	71,933	$	69,775

Intangible Assets, Net - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 42,301	$ 42,301
Accumulated Amortization and Impairment	(42,301)	(41,541)
Net	0	760
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	42,301	42,301
Accumulated Amortization and Impairment	(42,301)	(41,541)
Net	$ 0	$ 760

Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory undergoing rework	$ 100	$ 4,500
Inventory reserves	54,416	$ 28,087
Machine Inventory
Inventory [Line Items]
Inventory reserves	4,600
Accessories and Materials Inventory
Inventory [Line Items]
Inventory reserves	46,500
Raw Materials
Inventory [Line Items]
Inventory reserves	$ 3,300

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 765,147	$ 886,296	$ 1,306,227
North America
Disaggregation of Revenue [Line Items]
Revenue	609,933	743,962	1,157,679
International
Disaggregation of Revenue [Line Items]
Revenue	$ 155,214	$ 142,334	$ 148,548

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
(in thousands)
Customer rebates	$	30,479	$	35,552
Other accrued liabilities and other current liabilities	41,454		34,223
Total accrued expenses	$	71,933	$	69,775

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Finite-Lived Intangible Assets [Line Items]
Foreign currency transaction gains (losses)	$ (1,300,000)	$ (1,000,000)	$ (900,000)
Accounts receivable, net	111,247,000	136,539,000		$ 199,500,000
Amortization of intangible assets	800,000	800,000	800,000
Finite-lived intangible assets, accumulated amortization	42,301,000	41,541,000
Impairment of intangible assets	0	0	0
Impairments	$ 9,953,000	2,922,000	0
Impairment of long-lived property and equipment			0
Expected dividend	0.00%
Advertising expense	$ 32,200,000	34,200,000	45,100,000
Cloud Computing Arrangement
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,000,000	700,000	$ 100,000
Capitalized costs	2,200,000	2,200,000
Finite-lived intangible assets, accumulated amortization	$ 1,800,000	$ 800,000
Cost of Goods and Service, Product and Service Benchmark \| Product Concentration Risk \| Top Two Vendors
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	59.00%	61.00%	76.00%
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage			10.00%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage			11.00%
Customer Three \| Revenue Benchmark \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage			14.00%

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the year ended December 31, 2021 the Company received $0.2 million of capital contributions from Cricut Holdings, as a result of additional common units issued by Cricut Holdings at the estimated fair value of the underlying units. The equity offering was purchased by a subset of then current common unit holders of Cricut Holdings and employees of the Company. For the years ended December 31, 2023 and 2022, the Company received zero capital contributions. The Company has an active common stock repurchase program that allows for the repurchase of common stock in the open market or in private transactions as described in Note 11. On August 24, 2022 the Company repurchased and retired 250,000 shares of its Class A common stock from a previous executive at a price per share at the market price of $6.47 in a private transaction for a total of $1.6 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2023
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 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 consolidated financial statements were retroactively adjusted to reflect the forward stock split 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 19 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 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 12. 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 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 Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 38,658	$ 35,405	$ 26,276
Recognition of revenue for amounts included in beginning of period deferred revenue	(34,869)	(30,547)	(23,518)
Revenue deferred, net of revenue recognized on contracts in the respective period	39,446	33,800	32,647
Deferred revenue, end of period	$ 43,235	$ 38,658	$ 35,405

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories are comprised of the following:


	December 31,
	2023		2022
(in thousands)
Raw materials	$	44,935	$	40,911
Finished goods	286,988		368,644
Total inventories	$	331,923	$	409,555
Less: reserves	(54,416)		(28,087)
Total inventories, net	$	277,507	$	381,468
Inventories current	$	244,469	$	351,682
Inventories non-current (included in Other assets)	$	33,038	$	29,786

Stock-Based Compensation - Narrative (Details)	12 Months Ended				24 Months Ended
Stock-Based Compensation - Narrative (Details)	Dec. 31, 2023 USD ($) tranche $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation cost, tax benefit	$ 9,300,000	$ 8,200,000	$ 5,800,000
Number of tranches \| tranche	2
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued \| shares	1,656,679	4,655,214
Fair value of awards vested	$ 27,100,000	$ 73,900,000	$ 69,700,000
Weighted-average grant date fair value of options granted (in dollars per share) \| $ / shares			$ 13.42
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 14,500,000
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) \| shares	41,467,020
Incentive Unit Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued \| shares	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 \| shares	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 \| shares	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 \| shares	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	$ 94,200,000
Unrecognized stock-based compensation cost, period for recognition	2 years 3 months 18 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 157,800,000
Performance Restricted Stock Units (PRSUs) \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share) \| $ / shares	$ 4.93
Performance Restricted Stock Units (PRSUs) \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share) \| $ / shares	$ 6.16
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued \| shares	6,766,001	6,295,000
Performance period	5 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 17,100,000	$ 13,000,000	$ 6,100,000
Restricted stock units \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued \| shares	8,893,831	6,364,022
Granted (in dollars per share) \| $ / shares	$ 10.42
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares			$ 4.45
Employee stock options \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Minimum exercise price, percentage of fair market value of shares on date of grant	100.00%
Weighted-average grant date fair value of options granted (in dollars per share) \| $ / shares			$ 8.79
Exercised aggregate intrinsic value			$ 100,000
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 \| shares	6,173	4,846
Granted (in dollars per share) \| $ / shares	$ 0
ESPP \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation contribution percentage	15.00%
Offering period	27 months
ESPP \| 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) \| shares	4,000,000
Equity Classified Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested			$ 3,200,000
Percentage of awards vesting	25.00%
Award vesting period	4 years
Granted (in dollars per share) \| $ / shares			$ 9.06
Vested aggregate intrinsic value			$ 0
Liability Classified Incentive Unit Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years		4 years
Granted (in dollars per share) \| $ / shares			$ 8.19
Liability Classified Incentive Unit Equivalents \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				50.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 customer rebates and product returns. Other estimates include the warranty reserve, allowance for credit losses, 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 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.

Foreign Currency Transactions

The Company translates assets and liabilities of foreign subsidiaries from functional currencies into United States dollars (“USD”) at exchange rates in effect at the balance sheet dates, and related revenues and expenses are translated into USD at average exchange rates in effect during each period. Net foreign currency gains and losses resulting from the translation of assets and liabilities of foreign operations into USD are reported as a separate component of other comprehensive income in the consolidated statements of comprehensive income.

Realized and unrealized foreign currency transaction gains and losses included in net income are recorded primarily within general and administrative expenses. Foreign currency transaction losses totaled $1.3 million, $1.0 million, and $0.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Comprehensive Income

Comprehensive income consists of two components: net income and other comprehensive income (loss). Other comprehensive income (loss) refers to net gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income (loss) consists of unrealized gains and losses on marketable securities as well as foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include money market funds and are stated at fair value. The Company also classifies amounts in transit from payment processors for credit card and debit card transactions as cash equivalents.

Marketable Securities

The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the consolidated balance sheets. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the consolidated statements of operations and comprehensive income.

The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented. As of December 31, 2023, the Company’s available-for-sale debt securities were in an unrealized gain position. As of December 31, 2022, the gross unrealized losses on available-for-sale debt securities are related to market interest rate changes and not attributable to credit.

Accounts Receivable

Accounts receivable are recorded at original invoice amounts less estimates for credit losses. Management determines the allowance for credit losses by specifically identifying troubled accounts and by using historical write off experience, adjusted for current market conditions and reasonable supportable forecasts of future economic conditions, applied to an aging of all other accounts. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of January 1, 2021, the Company had an accounts receivable balance of $199.5 million. Accounts receivable consist of the following:


	December 31,
	2023		2022
(in thousands)
Trade accounts receivable	$	100,070	$	128,437
Credit card and other receivables	13,127		8,550
Less: allowance for credit losses	(1,950)		(448)
Total accounts receivable, net	$	111,247	$	136,539

The following table summarizes changes in the allowance for credit losses:


	December 31,
	2023		2022
(in thousands)
Beginning balance	$	(448)	$	(1,454)
Provision for expected losses	(1,720)		64
Write-offs	218		942

Ending balance	$	(1,950)	$	(448)

Concentration of Credit Risk

The Company maintains cash and cash equivalents in deposit accounts at financial institutions that, at times, may significantly exceed federally insured limits. Historically, the Company has not experienced any losses related to such accounts. The Company’s non-interest bearing cash balances at December 31, 2023 and 2022 were fully insured up to $250,000 per depositor at each financial institution. Balances held at the institutions may significantly exceed federally insured limits.

Financial instruments, which potentially subject the Company to concentrations of credit risk, include trade receivables. In the normal course of business, the Company provides credit terms to its customers. Accordingly, the Company performs ongoing credit evaluations of its customers, generally does not require collateral and considers the credit risk profile of the customer from which the receivable is due in further evaluating collection risk. The Company maintains allowances for possible losses which, when realized, have been within the range of management’s expectations. If one or more of the Company’s significant customers were to become insolvent or were otherwise unable to pay for product purchased, it would have a material adverse effect on the Company’s financial condition and results of consolidated operations. Customers that accounted for 10% or greater of accounts receivable, net as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Customer A	26	%	22	%
Customer B	11	%	12	%
Customer C	17	%	*
Customer D	12	%	*

* Accounts Receivable was less than 10%

As of December 31, 2023 and 2022, no customers accounted for more than 10% of revenue. As of December 31, 2021, three customers accounted for equal to or greater than 10% of total revenue, totaling 10%, 11% and 14%, respectively. The revenue from these customers is associated with the Connected Machines and Accessories and Materials segments.

Supplier Concentration

The Company relies on third parties for the supply and manufacture of its products, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. Substantially all of the Company’s products are manufactured by outsourcing partners that are located primarily in Asia.

We rely on single source, or a small number of suppliers. For the years ended December 31, 2023, 2022, and 2021, the Company’s top two vendors accounted for approximately 59%, 61%, and 76% of total finished goods purchases, respectively.

Inventories

Inventories (current and non-current), which consist of finished goods and raw materials, are valued at the lower of average cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Assessments to value the inventory at the lower of the average cost to purchase the inventory, or the net realizable value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels and market conditions. As a result of the Company’s assessments, when the net realizable value of inventory is less than the carrying value, the inventory cost is written down to the net realizable value and the write down is recorded as a charge to cost of revenue. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products.

As needed, we complete strategic and market beneficial purchases of critical raw materials that are used in our core production process (such as microchips) in quantities that exceed anticipated consumption within our

normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as non-current within Other assets.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Major additions and improvements are capitalized, while minor repairs and maintenance costs are expensed when incurred. Manufacturing tools include tools and molds used in the production process. Expenditures for tools and molds are capitalized and depreciated over the estimated useful lives of the assets. We capitalize certain software development costs in the application development stage in accordance with Accounting Standards Codification (“ASC”) 350-40, “Accounting for Costs of Computer Software Developed or Obtained for Internal Use” and upon the establishment of technological feasibility for a product in accordance with ASC 985-20, “Software to Be Sold, Leased or Otherwise Marketed”. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the related assets.

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

Cloud Computing Arrangement Implementation Costs

The Company incurs costs to implement cloud computing arrangements that are hosted by third-party vendors. Implementation costs incurred during the application development stage are capitalized until the software is ready for its intended use. The costs are then amortized on a straight-line basis over the term of the associated hosting arrangement and are recognized primarily as general and administrative expense within the consolidated statements of operations. To date, these costs primarily relate to new website hosting services. During the years ended December 31, 2023, 2022, and 2021, the Company recorded amortization expense of $1.0 million, $0.7 million, and $0.1 million respectively, for these implementation costs. Gross capitalized costs were $2.2 million and $2.2 million as of December 31, 2023 and 2022, respectively, with accumulated amortization of $1.8 million and $0.8 million, respectively. Capitalized costs are reported as a component of other assets on the Company's consolidated balance sheets.

Leases

The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease, total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses and cost of revenue over the reasonably assured lease term.

The Company has elected to not separate lease and non-lease components for leases of office space and, as a result, accounts for any lease and non-lease components for office space as a single lease component, to the

extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s office leases typically include non-lease components such as common-area maintenance costs. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.

Legal Contingencies

Liabilities for legal contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made. See Note 13.

Debt Issuance Costs

Costs incurred and paid to the lender or third parties for the revolver credit facility are recorded as other assets and amortized over the term of the revolver using the straight-line method.

Impairment of Long-lived Assets

The Company assesses potential impairments to its long-lived assets, including intangible assets subject to amortization, on an annual basis or when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company regularly evaluates whether events or circumstances have occurred that indicate possible impairment and relies on a number of factors, including results of operations, business plans, economic projections and anticipated future cash flows. An impairment loss is recognized when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to the consolidated statement of operations. During the years ended December 31, 2023, 2022, and 2021, the Company recorded no impairments relating to amortized intangible assets. During the years ended December 31, 2023 and 2022, the Company recorded an impairment charge of $10.0 million and $2.9 million, respectively, primarily related to computer software and software development costs and manufacturing tools and equipment from products that the Company no longer plans to commercialize. These impairment charges were recorded primarily within general and administrative expense in the consolidated statements of operations. During the year ended December 31, 2021, the Company recorded no impairments of property and equipment. See Note 6.

Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, marketable securities, accounts receivable, and accounts payable. At December 31, 2023, and 2022, the carrying amounts of cash, accounts receivable, and accounts payable approximate fair values because of the short-term nature of these instruments.

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.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. The Company estimates fair value for the assets and liabilities measured and reported at fair value on a recurring or non-recurring basis by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.


			•			Level I – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date.


			•			Level II – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves and market-corroborated inputs). Pricing inputs are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.


			•			Level III – Pricing inputs are unobservable for the assets and liabilities and includes situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The Company’s non-financial assets and liabilities, which include intangible assets and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. The inputs for fair value calculations of intangible assets and property and equipment, are based on Level 3 inputs as data used for such fair value calculations would be based on discounted cash flows that are not observable from the market, directly or indirectly. The key variables that drive the discounted cash flow analysis are estimated revenue growth rates, levels of profitability, the terminal value growth rate assumptions and the weighted average cost of capital rate applied, among others.

No long-lived assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022.

Money market funds are highly liquid investments and are actively traded. The pricing information for these assets is 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. Marketable securities which include U.S. Treasury securities are valued using observable inputs from similar assets, or from observable data in markets that are not active; these assets are classified as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. There were no liabilities measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 other than liability classified stock-based awards discussed in Note 12.

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 Recognition

The Company derives the majority of its revenue from the sale of connected machines, digital content subscriptions and accessories and materials. The Company markets and sells its products to customers, which include brick-and-mortar and online retail partners as well as users that purchase from the Company’s website at cricut.com.

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns, volume rebates and customer rebates or discounts. The estimates of variable consideration are based on historical return experience, historical and projected sales data and current contract terms.

Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. The Company accounts for shipping and handling activities performed after a customer obtains control of the goods as activities to fulfill the promise to transfer the good. All incremental costs of obtaining a contract with a customer are expensed as incurred if the expected amortization period of the asset that would have been recognized is one year or less. The Company does not have any material contract cost assets.

The following describes the nature of the Company’s primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions with its customers.

Connected Machines

Connected machines include the Cricut Joy, Cricut Explore, Cricut Maker and Cricut Venture machine architectures. Payment by traditional brick-and-mortar retail partners, including their online channels, is due under customary fixed payment terms. Payment for sale of products online through the online channel at cricut.com is collected at point of sale in advance of shipping the products. The Company’s contracts with customers for a connected machine contain multiple promises that include hardware, software, unspecified future upgrades and enhancements related to the software and access to the Company’s cloud-based services. Determining whether the hardware, software, unspecified future upgrades, enhancements and cloud-based services are considered distinct performance obligations requires significant judgment. The Company’s software used to design, cut and complete projects can be accessed offline or with the cloud-based services at no charge. When accessed with the cloud-based services, users are also able to sync projects across various devices. The connected machines are not able to function without the software, inclusive of firmware and the downloadable software. Together the hardware and software are inputs into providing the essential functionality of the connected machines and are accounted for as a single performance obligation. Revenue is recognized for the single performance obligation of hardware with essential software at a point-in-time when control is transferred, which is either upon shipment or delivery of goods, in accordance with the terms of each contract with the customer.

The promise to provide the customer with unspecified future upgrades and enhancements related to the essential software and the promise to provide access to the Company’s cloud-based services are both distinct performance obligations that provide incremental benefits to the connected machines and are recognized using a time-based output measure over the service period as the customer consumes the benefit of the service each day. The Company estimates the service period since it is not contractually stated. In developing the estimated period of providing future services, the Company considers past history, plans to continue to provide services, expected technological developments, obsolescence, competition and other factors. The estimated service period may change in the future in response to competition, technology developments and the Company’s business strategy.

Judgment is required to determine the SSP for each distinct performance obligation related to sales of connected machines and the allocation of the transaction price to each of those performance obligations. The Company estimates SSP for performance obligations that are not sold separately, which include the connected machines and related software, unspecified future upgrades and enhancements and cloud-based services using information that may include the range of prices for the bundle of products and services and the cost of providing the products or services plus a reasonable margin. In developing SSP estimates, the Company also considers the nature of the products and services and the expected level of future services. SSP of the hardware and essential software reflects the Company’s best estimate of the selling price if it was sold regularly on a standalone basis and comprises the majority of the contract value.

Subscriptions

The Company’s paid subscription services relate to Cricut Access and Cricut Access Premium which provide users access to images, fonts and projects. The paid subscription is separate from our free of charge service to provide unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services as described above. The paid subscription services are offered on a month-to-month or annual basis. Payments for subscription services are due month-to-month or annually in advance. Cricut Access and Cricut Access Premium are generally sold in standalone contracts and reallocations are not required other than allocations to customer options that were determined to be material rights related to incremental discounts on purchases of physical products that paid subscribers receive. The transaction price is allocated between the subscription and material right based on the relative standalone selling prices of the subscription and material right. Revenue related to the material right is recognized as accessories and materials revenue upon redemption or expiration of the material right. Revenue related to subscriptions is recognized ratably over the length of the subscription using a time-based output measure as the customer consumes the benefit of the service each day.

Accessories and Materials

The Company also sells accessories and materials (both physical and digital) which generally consist of a single performance obligation and reallocations are not required. Revenue from accessories and materials is recognized at a point-in-time when control is transferred, either upon shipment or delivery of goods, in accordance with the terms of each contract with the customer, or in the case of digital goods, at a point-in-time when the goods are made available to the customer. Payment by traditional brick-and-mortar retail partners, including their online channels, is due under customary fixed payment terms. Payment for sale of accessories and materials through the online channel at cricut.com is collected at point of sale in advance of shipping the products.

Cost of Revenue

Connected Machines

Cost of revenue related to Connected Machines consists of product costs, including costs of components, costs of contract manufacturers for production, inspecting and packaging, shipping, receiving, handling, warehousing and fulfillment, duties and other applicable importing costs, warranty replacement, excess and obsolete inventory write-downs, tooling and equipment depreciation and royalties.

Subscriptions

Cost of revenue related to Subscriptions consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Accessories and Materials

Costs of revenue related to Accessories and Materials consists of product costs, including costs of components, costs of contract manufacturers for production, inspecting and packaging, shipping, receiving, handling, warehousing and fulfillment, duties and other applicable importing costs, warranty replacement, excess and obsolete inventory write-downs, tooling and equipment depreciation and royalties.

Customer Rebates

The Company recognizes revenue at the net sales price, which at times includes certain contractual discounts or estimates for variable consideration related to customer rebates with our key brick-and-mortar and online retail partners. These promotional programs are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The promotional programs include advertising and product damage allowances, volume/growth and business development incentives and point-of-sale support. The Company estimates certain customer rebates using either the expected value method or most likely amount, based upon the nature of the incentive. Sales are reduced by the cost of these promotional and rebate programs and the Company records a related customer rebate liability in its consolidated balance sheets at the date of the transaction. Certain customer rebate programs are estimates at period end due to the nature of the incentives or expected and yet-to-be announced incentive programs that apply to current period revenue transactions. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation.

In limited cases where the customer rebate is specifically for co-operative marketing or advertising campaigns, the Company classifies these expenditures as selling and marketing expenses only if they meet the criteria of being a distinct good or service, are distinct within the context of the contract and the fair value is readily estimable.

Sales Refund Liability

The Company provides its customers a limited right of return with the sale of its products. The Company estimates sales returns and records reserves at the time the related sales are recorded based on historical data and current economic trends. Actual sales returns could differ from these estimates. The Company regularly assesses and adjusts the estimate of accrued sales returns by updating the return rates for actual trends and projected costs. The Company classifies the estimated sales returns as a current liability as they are expected to be paid out in less than one year using the expected-value method. The estimated sales returns are recorded as a reduction of revenue at the time of sale and recorded as a liability on the consolidated balance sheets. At the same time this is recorded, a right of recovery asset is also recorded within inventory.

Changes in the reserve for sales refunds were as follows:


	December 31,
	2023		2022
(in thousands)
Balance at beginning of period	$	7,273	$	7,826
Additions that reduced net revenue	9,757		18,977
Deductions from reserves for current year returns	(13,763)		(19,530)
Balance at end of period	$	3,267	$	7,273

Warranty Reserves

The Company provides an assurance-type limited warranty on most of the products sold. The estimated warranty costs, which are expensed at the time of sale and included in cost of revenue, are based on the results of product testing, industry and historical trends and warranty claim rates incurred and are adjusted for any current or expected trends as appropriate. Actual warranty claim costs could differ from these estimates. The Company regularly assesses and adjusts the estimate of accrued warranty claims by updating claims rates for actual trends and projected claim costs.

Changes in the reserve for product warranties were as follows:


	December 31,
	2023		2022
(in thousands)
Balance at beginning of period	$	2,484	$	2,398
Additions charged to cost of revenue	4,163		8,146
Repairs and replacement costs incurred	(4,835)		(8,060)
Balance at end of period	$	1,812	$	2,484

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. The Company recognizes deferred tax liabilities and assets for the expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. As such, deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, the Company assesses the probability that its deferred tax assets, if any, will be recovered. If after evaluating all of the positive and negative evidence, a conclusion is made that it is more likely than not that some portion or all of the deferred tax assets will not be recovered, a valuation allowance is provided by a charge to tax expense to reserve the portion of the deferred tax assets which are not expected to be realized.

Under literature related to uncertain tax provisions, the Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. The Company recognizes a liability for each uncertain tax position at the amount estimated to be required to settle the issues.

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. For the years ended December 31, 2023, 2022 and 2021, interest or penalties related to income tax matters included in the provision for income taxes have not been material.

Sales Taxes

The Company is required by certain governmental authorities to collect sales taxes on certain transactions. The Company currently collects and reports on sales tax in all states in which it does business. However, the application of existing, new or revised taxes on our business, in particular, sales taxes, VAT and similar taxes would likely increase the cost of doing business online and decrease the attractiveness of selling products over the Internet. The application of these taxes on our business could also create significant increases in internal costs necessary to capture data and collect and remit taxes. There have been, and will continue to be, substantial ongoing costs associated with complying with the various indirect tax requirements in the numerous markets in which we conduct or will conduct business. The Company conducts ongoing analysis on state sales tax nexus regulations to determine where collection is necessary. The Company accounts for sales taxes as part of accrued expenses and excludes them from revenue.

Stock-Based and Stock-Equivalent Compensation

The Company records compensation expense for all stock-based awards granted based on the fair value of the award at the time of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for awards with only a service condition. The graded vesting method is used for awards that have service and other conditions. For awards subject to performance vesting conditions, expense is recognized for the awards if it is probable the performance conditions will be met. Forfeitures are accounted for as they occur.

The Company estimates the fair value of stock option awards with time-based or performance-based vesting provisions using the Black-Scholes method. For restricted stock units, the fair value is based on the closing price of our common stock on the grant date. The fair value of awards subject to market conditions prior to the Corporate Reorganization was estimated using a Monte Carlo Simulation. The determination of the grant date fair value of the awards issued is affected by a number of variables, including the fair value of the underlying shares or units, the expected price volatility over the expected life of the awards, the expected term of the award, risk-free interest rates, the expected dividend yield of the underlying shares or units and the likelihood of termination.

The Company has limited publicly available stock information and therefore, used the historical volatility of the stock price of similar publicly traded peer companies prior to its IPO in March 2021, and the historical volatility of the Company's stock price or a blended average of average historical stock volatilities of peer companies and historical volatility of the Company's stock price for valuations subsequent to the IPO. The Company estimates the expected term using the simplified method for “plain vanilla” stock option awards or based on the expected time to a liquidation event or other transaction that would result in settlement of other awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company does not anticipate paying dividends, and the Company and its former parent, Cricut Holdings, have not paid dividends other than special dividends declared in 2020, 2022 and 2023, and the Company does not expect to pay regular dividends in the future. See Note 11 for further discussion of the Company’s dividends. Likelihood of termination for the Monte Carlo Simulation was estimated based upon both historical turnover and anticipated turnover based upon Company or market pressures.

Prior to the Corporate Reorganization in March 2021, the Company’s former parent Cricut Holdings issued stock-based awards to employees of the Company. As the awards were issued by Cricut Holdings, the Company recorded a capital contribution from Cricut Holdings commensurate with the amount of compensation expense recognized in relation to the awards.

Incentive unit equivalents (phantom units) granted by Cricut Holdings prior to the Corporate Reorganization in March 2021 to the Company’s employees entitled the recipient to future compensation based upon satisfaction of service conditions and were liability classified. The amount of compensation was determined by the change in the underlying value of Cricut Holdings common units. Since the awards also had a market condition, the Company

recorded stock-based compensation expense over the requisite service period using the graded vesting method. The incentive unit equivalent awards were recorded at fair value and re-measured at fair value at each reporting period during the period from the date of grant through the settlement date. The impact of fair value re-measurement was recognized as compensation cost over the requisite service period.

Shipping and Handling Revenue and Expenses

Shipping and handling revenue for orders placed by customers is recognized at the time of the sale. Shipping and handling expenses incurred by the Company related to these sales are considered fulfillment costs and reported as costs of revenue at the time of the sale.

Advertising Costs

The Company incurs advertising costs associated with print, digital and other related broadcast advertisements. Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2023, 2022 and 2021 was $32.2 million, $34.2 million, and $45.1 million respectively. Advertising costs include expenditures for shared advertising costs that the Company incurs under its co-operative advertising programs to the extent the fair value of the distinct good or service can reasonably be estimated.

Research and Development (“R&D”)

R&D expense consists of costs associated primarily with engineering, product development, quality assurance, service fees incurred by contracting with vendors and allocated overhead costs. R&D costs are expensed as incurred.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses, and is effective for fiscal years beginning after December 15, 2023 on a retrospective basis. The Company is currently evaluating the impact of this standard on the consolidated financial statements.

In December, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end Public business entities). The Company is currently evaluating the impact of this standard on the consolidated financial statements.

Cash, Cash Equivalents, and Financial Instruments

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Financial Instruments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2023:


	As of December 31, 2023
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	44,809	$	—	$	—	$	—	$	44,809	$	44,809	$	—
Level 1:
Money market funds	97,378		—		—		—		97,378		97,378		—
Subtotal	97,378		—		—		—		97,378		97,378		—
Level 2:
U.S. treasury securities	102,411		—		541		—		102,952		—		102,952
Subtotal	102,411		—		541		—		102,952		—		102,952
Total	$	244,598	$	—	$	541	$	—	$	245,139	$	142,187	$	102,952

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2022:


	As of December 31, 2022
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	155,459	$	—	$	—	$	—	$	155,459	$	155,459	$	—
Level 1:
Money market funds	69,484		—		—		—		69,484		69,484		—
Subtotal	69,484		—		—		—		69,484		69,484		—
Level 2:
U.S. treasury securities	74,659		—		—		(403)		74,256		—		74,256
Subtotal	74,659		—		—		(403)		74,256		—		74,256
Total	$	299,602	$	—	$	—	$	(403)	$	299,199	$	224,943	$	74,256

Marketable securities held as of December 31, 2023 generally mature over the next 9 months.

The Company evaluates whether the decline in fair value of the available-for-sale securities below their amortized cost basis is related to credit losses or other factors. Based on this evaluation, we determined that unrealized losses of the above securities were primarily attributable to changes in interest rates and non credit-related factors. Accordingly, we determined that an allowance for credit losses was unnecessary as of December 31, 2022

Segment Information

12 Months Ended

Dec. 31, 2023

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 the years ended December 31, 2023 and 2022, long-lived assets located outside the United States, primarily located in Malaysia and China, were $8.7 million and $20.3 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 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 EasyPress, Cricut Mug Press, and Cricut Autopress . There are no 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:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Connected Machines:
Revenue	$	198,312	$	252,563	$	548,205
Cost of revenue	172,571		244,260		484,025
Gross profit	$	25,741	$	8,303	$	64,180

Subscriptions:
Revenue	$	303,989	$	272,344	$	205,858
Cost of revenue	32,346		26,375		21,961
Gross profit	$	271,643	$	245,969	$	183,897

Accessories and Materials:
Revenue	$	262,846	$	361,389	$	552,164
Cost of revenue	216,937		265,768		342,791
Gross profit	$	45,909	$	95,621	$	209,373

Consolidated:
Revenue	$	765,147	$	886,296	$	1,306,227
Cost of revenue	421,854		536,403		848,777
Gross profit	$	343,293	$	349,893	$	457,450

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Cash, Cash Equivalents, and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2023:


	As of December 31, 2023
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	44,809	$	—	$	—	$	—	$	44,809	$	44,809	$	—
Level 1:
Money market funds	97,378		—		—		—		97,378		97,378		—
Subtotal	97,378		—		—		—		97,378		97,378		—
Level 2:
U.S. treasury securities	102,411		—		541		—		102,952		—		102,952
Subtotal	102,411		—		541		—		102,952		—		102,952
Total	$	244,598	$	—	$	541	$	—	$	245,139	$	142,187	$	102,952

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2022:


	As of December 31, 2022
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	155,459	$	—	$	—	$	—	$	155,459	$	155,459	$	—
Level 1:
Money market funds	69,484		—		—		—		69,484		69,484		—
Subtotal	69,484		—		—		—		69,484		69,484		—
Level 2:
U.S. treasury securities	74,659		—		—		(403)		74,256		—		74,256
Subtotal	74,659		—		—		(403)		74,256		—		74,256
Total	$	299,602	$	—	$	—	$	(403)	$	299,199	$	224,943	$	74,256

Stock-Based Compensation - Schedule of Weighted-Average Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%
Employee stock options \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		51.60%
Risk-free interest rate		0.80%
Expected term (in years)		4 years 10 months 24 days
Expected dividend		0.00%
Employee stock options \| Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		51.40%
Risk-free interest rate		0.80%
Expected term (in years)		5 years 6 months
Expected dividend		0.00%
Equity Classified Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common unit (in dollars per share)		$ 8.99
Expected volatility		50.90%
Risk-free interest rate		0.60%
Expected term (in years)		5 years
Expected dividend		0.00%

Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions					12 Months Ended
	Apr. 28, 2021 USD ($) shares	Mar. 29, 2021 USD ($) $ / shares shares	Mar. 11, 2021	Sep. 02, 2020 $ / shares shares	Dec. 31, 2023 segment vote $ / shares shares	Mar. 24, 2021	Sep. 01, 2020 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001
Amount of Class A stock exchanged for common stock (in shares)				1
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				9,214,127
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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s income before income taxes of $79.8 million, $82.0 million, and $192.4 million during the years ended December 31, 2023, 2022, and 2021, respectively, consisted of $78.4 million, $81.0 million, and $191.5 million of income earned in the United States. The remaining amount was earned in foreign jurisdictions.

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021

Income tax provision at statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net	4.8		5.6		4.7
Stock-based compensation	8.2		7.1		2.1
Foreign derived intangible income deduction	(2.5)		(3.2)		(1.4)
Tax credits	(5.0)		(8.7)		(2.9)
Return to provision adjustments	1.4		1.5		2.3
Uncertain tax positions	2.6		—		—
Other	2.3		2.7		1.2
Total provision for income taxes	32.8	%	26.0	%	27.0	%

Differences between the Company’s effective tax rate and the statutory tax rate relate primarily to state income taxes, stock-based compensation, tax credits and changes in unrecognized tax benefits during the period. Deferred taxes reflect the net tax effects of the temporary differences between the carrying amount of assets and

liabilities for financial reporting and the amount used for income tax purposes. Significant components of the Company’s net deferred tax assets are comprised of the following:


	December 31,
	2023		2022
(in thousands)
Deferred tax assets:
Inventories	$	10,888	$	5,694
Lease liability	3,434		4,799
Accounts receivable	481		115
Sales refund liability	806		1,866
Deferred revenue	723		972
Stock-based compensation	6,724		5,903
Amortization	212		36
Capitalized research expenditures	18,434		15,567
Net operating loss carryforwards	86		122
Capital loss carryforwards	110		114
Tax credits	2,937		2,286
Other	1,459		1,145
Total deferred tax assets	46,294		38,619
Deferred tax liabilities:
Depreciation and amortization	(8,483)		(10,587)
ROU lease asset	(2,988)		(4,213)
Total deferred tax liabilities	(11,471)		(14,800)
Net deferred tax assets	$	34,823	$	23,819


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Current:
Federal	$	32,140	$	29,741	$	44,093
State	4,695		11,928		7,780
Foreign	549		107		162
Total current	37,384		41,776		52,035
Deferred:
Federal	(9,561)		(15,169)		(23)
State	(1,713)		(5,316)		(137)
Foreign	37		24		25
Total deferred	(11,237)		(20,461)		(135)
Income tax provision	$	26,147	$	21,315	$	51,900

There are immaterial foreign net operating loss carryforwards set to expire in 2026. The Company establishes valuation allowances if it is more likely than not that deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the net operating loss deferred tax asset and other net deferred tax assets recorded in our consolidated financial statements. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for the years ended December 31, 2023 and 2022.

As of December 31, 2023, the Company has not recorded incremental income taxes for outside basis differences in our investments in foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. The undistributed earnings of the Company’s foreign subsidiaries that meet the indefinite reversal criteria amounted to $1.1 million.

As of December 31, 2023, 2022, and 2021, $7.8 million, $4.1 million and $2.8 million, respectively, of unrecognized tax benefits would affect our effective tax rate if recognized. The total balance of unrecognized gross tax benefits for the years ended December 31, 2023 and 2022, resulted primarily from research and development credits, foreign derived intangible income differences and inventory basis differences. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Unrecognized tax benefits at beginning of year	$	3,988	$	2,379	$	3,318
Reductions based on prior year tax positions	(159)		(227)		—
Additions based on prior year tax provisions	2,691		296		593
Additions based on current year tax provisions	996		1,787		1,431
Reductions due to tax authorities’ settlements	—		—		(2,824)
Reductions due to expirations of statutes of limitation	(368)		(247)		(139)
Unrecognized tax benefits at end of year	$	7,148	$	3,988	$	2,379

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. For the years ended December 31, 2023 and 2022, interest or penalties related to income tax matters included in the provision for income taxes have not been material.

In January 2021, the IRS completed its examination of the Company’s 2017 tax year. No material adjustments resulted from this examination. The Company is subject to U.S. federal and state income tax examination for tax years 2016 and forward.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 1.2
Research and development
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.7
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs	0.3
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Connected Machines:
Revenue	$	198,312	$	252,563	$	548,205
Cost of revenue	172,571		244,260		484,025
Gross profit	$	25,741	$	8,303	$	64,180

Subscriptions:
Revenue	$	303,989	$	272,344	$	205,858
Cost of revenue	32,346		26,375		21,961
Gross profit	$	271,643	$	245,969	$	183,897

Accessories and Materials:
Revenue	$	262,846	$	361,389	$	552,164
Cost of revenue	216,937		265,768		342,791
Gross profit	$	45,909	$	95,621	$	209,373

Consolidated:
Revenue	$	765,147	$	886,296	$	1,306,227
Cost of revenue	421,854		536,403		848,777
Gross profit	$	343,293	$	349,893	$	457,450

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Impairments	$ 9,953	$ 2,922	$ 0
Depreciation	29,000	25,900	18,300
Computer software, software development costs and equipment
Property, Plant and Equipment [Line Items]
Impairments	4,200
Amortization	20,100	$ 16,800	$ 12,200
Manufacturing tools and equipment
Property, Plant and Equipment [Line Items]
Impairments	$ 5,800

Stock-Based Compensation - Restricted Stock Units Activity Under Company's Stock Plans (Details) - Restricted stock units - 2021 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	6,364,022
Granted (in shares) \| shares	4,342,919
Dividend equivalent grants (in shares) \| shares	594,486
Vested (in shares) \| shares	(1,997,154)
Forfeited / cancelled (in shares) \| shares	(410,442)
Ending balance (in shares) \| shares	8,893,831
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 18.06
Granted (in dollars per share) \| $ / shares	10.42
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	18.77
Forfeited / cancelled (in dollars per share) \| $ / shares	14.49
Ending balance (in dollars per share) \| $ / shares	$ 14.38

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	243

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2023
Equity [Abstract]
Capital Structure	Capital Structure In connection with the Corporate Reorganization prior to the IPO, the Company filed an amended and restated certification of incorporation which 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. All previously outstanding common stock was reclassified as Class B common stock. During the year ended December 31, 2023, 9,214,127 shares of Class B common stock were converted to Class A common stock. As of December 31, 2023, 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 51,414,599 shares of Class A common stock and 166,501,114 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. Stock Repurchase Program On July 19, 2022, the Company’s Board of Directors approved a common stock repurchase program under which the Company may repurchase shares of its outstanding Class A common stock up to an aggregate transactional value of $50 million, depending on the Company’s continuing analysis of market, financial, and other factors. The share repurchase program may be suspended or discontinued at any time and does not have a predetermined expiration date. During the years ended December 31, 2023 and 2022, the Company repurchased and retired 2,548,893 and 2,349,581 shares of our Class A common stock, respectively, for $20.3 million and $18.5 million, respectively, under this program. Dividends On May 18, 2023, the Company declared a special dividend of $1.00 per share on its Class A and Class B common stock, payable on July 17, 2023 to shareholders of record as of July 3, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”) received dividend equivalents of $1.00 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $234.6 million was to be satisfied in cash of $219.8 million payable to holders of Class A and Class B common stock with the remaining $14.8 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On December 21, 2022, the Company declared a special dividend of $0.35 per share on its Class A and Class B common stock, payable on February 15, 2023 to shareholders of record as of February 1, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of RSU and PRSUs received a dividend equivalent of $0.35 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $81.4 million was to be satisfied in cash of $76.9 million payable to holders of Class A and Class B common stock with the remaining $4.5 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. During the twelve months ended December 31, 2023, an aggregate of $294.1 million was paid in cash, and $19.2 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. Dividends payable includes dividends declared but not yet paid and prior dividends on unvested shares of Class A common stock payable upon future vesting. $0.2 million of the cash dividend is classified as non-current and presented in other non-current liabilities on the consolidated balance sheets due to vesting conditions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	4,655,214
Vested (in shares) \| shares	(2,680,986)
Forfeited / cancelled (in shares) \| shares	(317,549)
Ending balance (in shares) \| shares	1,656,679
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 20.00
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

Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate	21.00%	21.00%	21.00%
State taxes, net	4.80%	5.60%	4.70%
Stock-based compensation	8.20%	7.10%	2.10%
Foreign derived intangible income deduction	(2.50%)	(3.20%)	(1.40%)
Tax credits	(5.00%)	(8.70%)	(2.90%)
Return to provision adjustments	1.40%	1.50%	2.30%
Uncertain tax positions	2.60%	0.00%	0.00%
Other	2.30%	2.70%	1.20%
Total provision for income taxes	32.80%	26.00%	27.00%

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 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	$ 2.5	$ 2.5	$ 2.4

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

The computation of net income per share is as follows:


	Year Ended December 31,
	2023		2022		2021
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	53,636	$	60,666	$	140,473
Shares used in computation:
Weighted-average common shares outstanding, basic	216,892,525		214,458,284		208,833,827
Earnings per share, basic	$	0.25	$	0.28	$	0.67

Diluted earnings per share:
Net income	$	53,636	$	60,666	$	140,473
Shares used in computation:
Weighted-average common shares outstanding, basic	216,892,525		214,458,284		208,833,827
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	1,840,180		5,621,136		9,132,579
Employee stock options	48,889		23,100		717,772
Restricted stock units	940,469		486,269		1,073,093
Underwriters’ option to purchase additional shares	—		—		18,798
Diluted weighted-average common shares outstanding	219,722,063		220,588,789		219,776,069
Diluted earnings per share	$	0.24	$	0.28	$	0.64

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:


	Year Ended December 31,
	2023	2022	2021


Employee stock options	2,999,085	3,142,911	—
Restricted stock units	4,435,957	5,742,284	786,500
Unvested Class B common stock subject to forfeiture	415,402	831,952	—

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
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	140,473			140,473
Capital contributions	200		200
Initial public offering, net of offering costs (in shares)		14,218,815
Initial public offering, net of offering costs	260,689	$ 14	260,675
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		121,014
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(2,606)		(2,606)
Forfeiture of unvested common stock (in shares)		(541,850)
Forfeiture of unvested common stock	0
Repurchases upon Corporate Reorganization and common stock (in shares)		(524)
Repurchase upon Corporate Reorganization and common stock	(10)		(10)
Extinguishment of liability awards to equity	10,784		10,784
Stock-based compensation	35,755		35,755
Compensatory units repurchased	(170)		(170)
Other comprehensive income (loss)	(64)				(64)
Balance at end of period (in shares) at Dec. 31, 2021		221,913,559
Balance at end of period at Dec. 31, 2021	673,976	$ 222	717,369	(43,560)	(55)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,666			60,666
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		620,611
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(6,815)		(6,815)
Forfeiture of unvested common stock (in shares)		(528,002)
Forfeiture of unvested common stock	0
Repurchases upon Corporate Reorganization and common stock (in shares)		(2,349,581)
Repurchase upon Corporate Reorganization and common stock	(18,580)	$ (2)	(18,578)
Extinguishment of liability awards to equity	0
Dividends declared	(81,420)		(64,314)	(17,106)
Stock-based compensation	45,342		45,342
Compensatory units repurchased	(14)		(14)
Other comprehensive income (loss)	(420)				(420)
Balance at end of period (in shares) at Dec. 31, 2022		219,656,587
Balance at end of period at Dec. 31, 2022	672,735	$ 220	672,990	0	(475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53,636			53,636
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		1,125,568
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(6,852)	$ 1	(6,853)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(317,549)
Forfeiture of unvested common stock and dividend equivalents	403		403
Repurchases upon Corporate Reorganization and common stock (in shares)		(2,548,893)
Repurchase upon Corporate Reorganization and common stock	(20,332)	$ (3)	(20,329)
Extinguishment of liability awards to equity	0
Dividends declared and dividend equivalents issued	(215,455)		(190,333)	(25,122)
Stock-based compensation	49,986		49,986
Other comprehensive income (loss)	752				752
Balance at end of period (in shares) at Dec. 31, 2023		217,915,713
Balance at end of period at Dec. 31, 2023	$ 534,873	$ 218	$ 505,864	$ 28,514	$ 277

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Inventories	$ 10,888	$ 5,694
Lease liability	3,434	4,799
Accounts receivable	481	115
Sales refund liability	806	1,866
Deferred revenue	723	972
Stock-based compensation	6,724	5,903
Amortization	212	36
Capitalized research expenditures	18,434	15,567
Net operating loss carryforwards	86	122
Capital loss carryforwards	110	114
Tax credits	2,937	2,286
Other	1,459	1,145
Total deferred tax assets	46,294	38,619
Deferred tax liabilities:
Depreciation and amortization	(8,483)	(10,587)
ROU lease asset	(2,988)	(4,213)
Total deferred tax liabilities	(11,471)	(14,800)
Net deferred tax assets	$ 34,823	$ 23,819

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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
Common stock, shares authorized (in shares)	1,250,000,000
Common stock, shares issued (in shares)	217,915,713	219,656,587
Common stock, shares outstanding (in shares)	217,915,713	219,656,587

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

The composition of property and equipment is as follows:


	December 31,
	2023		2022
(in thousands)
Computer software, software development costs and equipment	$	106,602	$	86,929
Furniture and fixtures	2,928		2,941
Leasehold improvements	5,070		5,057
Manufacturing tools and equipment	34,350		35,396
Assets under construction	1,504		13,134
Total cost of property and equipment	150,454		143,457
Less: accumulated depreciation	(102,840)		(80,050)
Property and equipment, net	$	47,614	$	63,407

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases office space with original lease terms ranging from 1 to 6 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. For the years ended December 31, 2023, 2022 and 2021, the Company incurred operating lease costs of $5.4 million, $5.5 million and $4.7 million, respectively, and variable lease costs of $0.4 million, $0.5 million and $0.5 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2023, 2022 and 2021 was $5.9 million, $5.8 million and $5.1 million, respectively, and was included in net cash used in operating activities in the Company's consolidated statements of cash flows.

As of December 31, 2023, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2024	$	5,566
2025	4,351
2026	3,899
2027	967

Total lease payments	$	14,783
Less: imputed interest	$	(615)
Present value of operating lease liabilities	$	14,168
Operating lease liabilities, current	$	5,230
Operating lease liabilities, non-current	$	8,938

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 December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term of operating leases	2.9 years		3.7 years
Weighted-average discount rate of operating leases	2.5	%	2.6	%

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 32,140	$ 29,741	$ 44,093
State	4,695	11,928	7,780
Foreign	549	107	162
Total current	37,384	41,776	52,035
Deferred:
Federal	(9,561)	(15,169)	(23)
State	(1,713)	(5,316)	(137)
Foreign	37	24	25
Total deferred	(11,237)	(20,461)	(135)
Income tax provision	$ 26,147	$ 21,315	$ 51,900

Revenue and Deferred Revenue

12 Months Ended

Dec. 31, 2023

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. Contract costs consist of amounts paid to obtain contracts with customers in connection with sales of subscriptions through third-party apps. Contract costs are amortized over the subscription term. During the twelve months ended December 31, 2023, the Company capitalized $1.7 million of contract costs, and as of December 31, 2023 the unamortized balance was $0.9 million, included in prepaid and other current assets on our consolidated balance sheets. There were no capitalized costs during the year ended December 31, 2022. The Company has recognized no contract assets for any of the periods presented.

The following table summarizes the changes in the deferred revenue balance for the periods indicated:


	December 31,
	2023		2022		2021
(in thousands)
Deferred revenue, beginning of period	$	38,658	$	35,405	$	26,276
Recognition of revenue for amounts included in beginning of period deferred revenue	(34,869)		(30,547)		(23,518)
Revenue deferred, net of revenue recognized on contracts in the respective period	39,446		33,800		32,647
Deferred revenue, end of period	$	43,235	$	38,658	$	35,405

As of December 31, 2023, 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 December 31, 2023:


			Year Ended December 31,
	2024		2025		2026		Total
(in thousands)
Revenue expected to be recognized	$	40,304	$	2,171	$	760	$	43,235

The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 19.

Revenue recognized during the years ended December 31, 2023, 2022, and 2021, related to performance obligations satisfied or partially satisfied in prior periods was $3.2 million, $1.7 million and $2.3 million, respectively.

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


	Year Ended December 31,
	2023		2022		2021
(in thousands)
North America	$	609,933	$	743,962	$	1,157,679
International	155,214		142,334		148,548
Total revenue	$	765,147	$	886,296	$	1,306,227

North America revenue consists of revenues from the United States and Canada. United States represents 95%, 95%, and 96% of North America revenue for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock-Based Compensation - Options to Purchase Class B Common Stock (Details) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	358,000
Exercised (in shares)	(40,575)
Forfeited / cancelled (in shares)	(58,000)
Ending balance (in shares)	259,425	358,000
Vested (in shares)	259,425
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 9.04
Exercised (in dollars per share)	9.04
Forfeited / Cancelled (in dollars per share)	8.80
Ending weighted average exercise price (in dollars per share)	7.69	$ 9.04
Vested (in dollars per share)	$ 7.69
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	1 year 10 months 24 days	2 years 9 months 18 days
Weighted- Average Remaining Term (Years)	1 year 10 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 82
Ending aggregate intrinsic value	0	$ 82
Vested aggregate intrinsic value	$ 0

Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - USD ($)		12 Months Ended
	Aug. 04, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2020
Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility expiration period	5 years			3 years
Maximum borrowing capacity	$ 300,000,000			$ 150,000,000
Amounts outstanding		$ 0		0
Remaining borrowing capacity		300,000,000		$ 150,000,000
Additional borrowing capacity, increase limit	150,000,000
Additional borrowing capacity, higher borrowing capacity option	$ 450,000,000
Line of credit facility, unused fee (percentage)	0.175%
Debt issuance costs	$ 1,300,000
Unamortized debt issuance costs	$ 300,000	$ 1,200,000	$ 1,500,000
Leverage ratio	3.0
Credit Agreement \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)		2.00%
New Credit Agreement
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 1,600,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Equity-classified awards
Restricted stock units	$	41,094	$	32,442	$	14,149
Stock options	2,388		3,579		6,406
Class B common stock	6,504		9,321		15,200

Liability-classified awards	44		(54)		6,447
Total stock-based compensation	$	50,030	$	45,288	$	42,202


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Cost of revenue
Connected machines	$	700	$	288	$	34
Subscriptions	926		443		219
Accessories and materials	805		199		—
Total cost of revenue	2,431		930		253
Research and development	18,169		17,713		15,782
Sales and marketing	12,740		12,603		13,814
General and administrative	13,986		9,875		8,225
Total stock-based compensation expense	$	47,326	$	41,121	$	38,074
Capitalized for software development costs	1,960		2,321		1,607
Capitalized to inventory	744		1,846		2,521
Total stock-based compensation	$	50,030	$	45,288	$	42,202

As of December 31, 2023, there was $94.2 million of unrecognized stock-based compensation cost related to service-based awards, which is expected to be recognized over a weighted-average period of 2.3 years. The total unrecognized compensation expense related to unvested PRSUs that are not probable of vesting was

$157.8 million as of December 31, 2023. The tax benefit from stock-based compensation cost during the years ended December 31, 2023, 2022 and 2021, was $9.3 million, $8.2 million, and $5.8 million, respectively.

Corporate Reorganization and Stock-Based Compensation Modifications

In connection with the Corporate Reorganization in 2021, 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 unvested 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 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 unvested 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. Outstanding restricted stock units and performance units are entitled to dividend equivalents in the form of additional unvested restricted stock units or unvested performance units equal in value to the amount of any declared dividend based on the closing price of the Company’s class A stock on the dividend payment date. Dividend equivalents are forfeited if the underlying award does not vest. As of December 31, 2023, 41,467,020 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 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, 2022	6,364,022	$	18.06
Granted	4,342,919	$	10.42
Dividend equivalent grants	594,486	$	—
Vested	(1,997,154)	$	18.77
Forfeited/cancelled	(410,442)	$	14.49
Outstanding at December 31, 2023	8,893,831	$	14.38

The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2023, 2022 and 2021, was $17.1 million, $13.0 million, and $6.1 million, respectively.

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 5.0 years 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, 2022	6,295,000	$	23.32
Dividend equivalent grants	710,033	$	—

Forfeited / cancelled	(239,032)	$	23.37
Outstanding at December 31, 2023	6,766,001	$	23.32

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 during the performance period. At December 31, 2023, the Company determined it was not probable any performance conditions would be achieved, so no stock-based compensation has been recorded for these PRSUs during the years ended December 31, 2023 and 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, 2022	3,142,911	$	20.00	4.6	$	—


Forfeited/cancelled	(143,826)	20.00
Outstanding and expected to vest at December 31, 2023	2,999,085	$	18.65	3.5	$	—
Vested and exercisable at December 31, 2023	2,526,813	$	18.65	3.4	$	—

For the years ended December 31, 2023 and 2022, no options were granted and the total intrinsic value of options exercised was immaterial. The weighted-average grant date fair value of options granted during the year ended December 31, 2021 was $8.79 per share and the total intrinsic value of options exercised was $0.1 million. The Company used the following weighted-average assumptions in determining the grant date fair value of options granted:


	Year Ended December 31, 2021

Expected volatility	51.6	%
Risk-free interest rate	0.8	%
Expected term (in years)	4.9
Expected dividend	—	%

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. If the base price exceeds the Company’s stock price on the vesting date, the stock-based award is considered cancelled. Due to the cash settlement feature, these awards are liability classified awards and require initial and subsequent measurement at fair value. As of December 31, 2023, the total recognized liability for the unvested awards was not material. 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, 2022	4,846	$	15.87	$	86
Granted	3,500	$	—
Vested	(2,173)	$	—
Forfeited/cancelled	—	$	—
Outstanding at December 31, 2023	6,173	$	11.52	$	38

Unvested Class B Common Stock

and are forfeited if the underlying stock does not vest. Activity related to Class B common stock subject to future vesting for the year ended December 31, 2023 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2022	4,655,214	$	20.00
Vested	(2,680,986)	$	20.00
Forfeited / Cancelled	(317,549)	$	20.00
Outstanding at December 31, 2023	1,656,679	$	20.00

The total fair value of Class B common stock vested as of the vesting dates during the years ended December 31, 2023, 2022 and 2021, was $27.1 million, $73.9 million, and $69.7 million, respectively.

Options to Purchase Class B Common Stock


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2022	358,000	$	9.04	2.8	$	82
Exercised	(40,575)	$	9.04
Forfeited / Cancelled	(58,000)	$	8.80
Outstanding at December 31, 2023	259,425	$	7.69	1.9	$	—
Vested at December 31, 2023	259,425	$	7.69	1.9	$	—


	Year Ended December 31, 2021

Expected volatility	51.4	%
Risk-free interest rate	0.8	%
Expected term (in years)	5.5
Expected dividend	—	%

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 December 31, 2023, 4,000,000 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.

Incentive Unit Plan

Prior to the Corporate Reorganization which occurred in 2021, the Company’s former parent, Cricut Holdings, had authorized an Incentive Unit Compensation Plan (the “IU Plan”) that allowed for issuances of common incentive units (“CIUs”). The participation threshold of the awards granted under the IU Plan was typically equal to the fair market value of Cricut Holdings’ membership units at the date of the grant, except zero strike price incentive unit awards which have no participation threshold. Except as noted below, all awards issued under the IU Plan only had service-based conditions. Per unit amounts in the activity below are based on the value of Cricut Holdings’ units. Upon the Corporate Reorganization Cricut Holdings, was liquidated and all outstanding awards were settled or modified as described above.

Equity Classified Units

The Company’s former parent, Cricut Holdings, granted CIUs to employees of the Company. These awards vested 25% annually over four years of service. The Company’s former parent also granted a performance-based incentive unit, which are discussed later. These awards are collectively referred to as equity classified incentive units. Once vested, all equity classified incentive units remained outstanding until the liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings all outstanding awards were settled or modified as described above. Accordingly, no CIUs were granted during the years ended December 31, 2023 and 2022.

The weighted-average grant date fair value of equity classified incentive units granted during the year ended December 31, 2021 was $9.06. The total intrinsic value of equity classified incentive units exercised during the year ended December 31, 2021 was nil. The total fair value of equity classified incentive units vested during the year ended December 31, 2021 was $3.2 million.

The grant date fair value of CIUs granted during the year ended December 31, 2021 was equal to the estimated fair value of Cricut Holdings’ common units on the date of the grant as all CIUs had no participation threshold.

Equity Classified Options

The Company’s former parent, Cricut Holdings, granted employees of the Company options to purchase zero strike price incentive units. These options generally vested on a cliff basis upon completion of the service period specified for each award. All outstanding options of Cricut Holdings were exchanged for options to purchase class B common stock of Cricut Inc. in connection with the Corporate Reorganization.


	Years Ended December 31.
	2021

Fair value of common unit	$	8.99
Expected life (in years)	5.0
Expected volatility	50.9		%
Risk-free rate	0.6		%
Expected dividend yield	—		%

Liability Classified Incentive Unit Equivalents

Prior to the Corporate Reorganization which occurred in 2021, the Company’s former parent issued incentive unit equivalents (phantom units) to various employees under the Incentive Unit Plan. The incentive unit equivalents paid out upon the occurrence of a liquidation event such as a change in control transaction. In addition, the units did not participate until the sum of distributions and capital appreciation of the common units from the date of grant of the incentive units equaled a specified participation threshold per unit. The incentive unit equivalents did not represent any kind of legal equity interest in the Company or the former parent Company and required cash

settlement. Accordingly, the incentive unit equivalent awards were accounted for as liability classified awards and required initial and subsequent measurement at fair value.

Initially, during the year ended December 31, 2020, these awards generally vested 12.5% annually for each of the first four years of service and 50% after the fifth year of service. Following the amendment of these awards in January 2020 and through the Corporate Reorganization in 2021, these awards vested 25% annually over four years of service. All liability classified incentive units had indefinite contract terms and, once vested, remained outstanding until liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings in the Corporate Reorganization all outstanding awards were settled or modified as described above.

The weighted-average grant date fair value of liability classified incentive units granted during the year ended December 31, 2021 was $8.19.

For the year end December 31, 2021, the Company estimated the fair value of liability classified incentive unit equivalents upon the modification or settlement as part of the Corporate Reorganization based on the estimated fair value of the awards received to settle the liability. The cumulative adjustment upon settlement or modification is included in stock-based compensation related to liability awards above.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2023
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 $2.5 million during both the years ended December 31, 2023 and 2022, respectively, and $2.4 million in the year ended December 31, 2021.

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (448)	$ (1,454)
Provision for expected losses	(1,720)	64	$ (1,096)
Write-offs	218	942
Ending balance	$ (1,950)	$ (448)	$ (1,454)

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.8	$ 0.8	$ 0.8
Trade names and trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	11 years
Trade names and trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	15 years

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Dec. 31, 2023
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 2020 Credit Agreement In September 2020, the Company entered into a credit agreement ( the “2020 Credit Agreement”) with JPMorgan Chase Bank, N.A., Citibank, N.A. and Origin Bank. The 2020 Credit Agreement provided for a three-year asset-based senior secured revolving credit facility of up to $150.0 million, maturing on September 4, 2023. The amount that could be borrowed under the 2020 Credit Agreement was 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 was determined according to certain percentages of eligible accounts receivable and eligible inventory, subject to reserves determined by the administrative agent. As disclosed below, the 2020 Credit Agreement was replaced on August 4, 2022. At that time, no amount was outstanding under the 2020 Credit Agreement, available borrowings were $150.0 million, and the Company was in compliance with all financial and non-financial debt covenants. 2022 Credit Agreement On August 4, 2022, the Company entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A, Citigroup N.A., PNC Bank, N.A., KeyBank, N.A., and other parties. The Credit Agreement replaced the Company’s prior asset-based Credit Agreement with JPMorgan Chase Bank, N.A., Citigroup N.A., and Origin Bank. The Credit Agreement provides for a five-year revolving credit facility (the “Credit Facility”) of up to $300.0 million, maturing on August 4, 2027. In addition, during the term of the Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $150.0 million, (for maximum aggregate lender commitments of up to $450.0 million), subject to customary conditions under the Credit Agreement, including obtaining a consent from participating lenders (or another lender, if applicable) to such increase. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The current unused fee rate is 0.175% on per annum basis. The Company accounted for the Credit Agreement as a modification of the 2020 Credit Agreement in accordance with ASC 470-50 Modification and Extinguishments. In connection with the Credit Agreement, the Company incurred and capitalized $1.3 million of debt issuance costs in addition to $0.3 million of existing unamortized debt issuance costs with the 2020 Credit Agreement which remained deferred, resulting a total deferral of debt issuance costs of $1.6 million as of the date of the Credit Agreement. As of December 31, 2023 and 2022, total unamortized debt issuance costs were $1.2 million and $1.5 million, respectively. The Credit Agreement is collateralized by substantially all of the Company’s assets and contains affirmative and negative covenants, representations and warranties, events of default and other terms customary for loans of this nature. In particular, the Credit Agreement will not permit the leverage ratio to be greater than 3.0 to 1.0, measured on the last day of any fiscal quarter. In addition, the Credit Agreement will not permit the interest coverage ratio to be less than 3.0 to 1.0, for any period of four consecutive quarters, measured on the last day of any fiscal quarter. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of December 31, 2023. As of December 31, 2023, no amount was outstanding under the Credit Agreement and available borrowings were $300.0 million Generally, borrowings under the Credit Agreement bear interest at a rate based on an alternative base rate (“ABR”), plus, in each case, an applicable margin. The applicable margin will range from (a) borrowings bearing interest at the ABR 2.00%, and (b) borrowings bearing interest at the Adjusted Term Secured Overnight Financing Rate, the Adjusted Australian Dollar Rate, the Adjusted Canadian Dollar Offered Rate or the Adjusted New Zealand Dollar Rate, as applicable for the interest period in effect for such borrowing plus the applicable rate.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	3,142,911
Forfeited / cancelled (in shares)	(143,826)
Ending balance (in shares)	2,999,085	3,142,911
Vested and exercisable (in shares)	2,526,813
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 20.00
Forfeited (in dollars per share)	20.00
Ending weighted average exercise price (in dollars per share)	18.65	$ 20.00
Vested and exercisable (in dollars per share)	$ 18.65
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	3 years 6 months	4 years 7 months 6 days
Weighted average remaining terms, vested and exercisable (years)	3 years 4 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested and exercisable aggregate intrinsic value	$ 0

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 44,935	$ 40,911
Finished goods	286,988	368,644
Total inventories	331,923	409,555
Less: reserves	(54,416)	(28,087)
Total inventories, net	277,507	381,468
Inventories current	244,469	351,682
Inventories non-current (included in Other assets)	$ 33,038	$ 29,786

Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 3,988	$ 2,379	$ 3,318
Reductions based on prior year tax positions	(159)	(227)	0
Additions based on prior year tax provisions	2,691	296	593
Additions based on current year tax provisions	996	1,787	1,431
Reductions due to tax authorities’ settlements	0	0	(2,824)
Reductions due to expirations of statutes of limitation	(368)	(247)	(139)
Unrecognized tax benefits at end of year	$ 7,148	$ 3,988	$ 2,379

Stock-Based Compensation - Restricted Stock Units Equivalent Activity Under Company's Stock Plans (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of RSU Equivalents
Forfeited / cancelled (in shares) \| shares	(143,826)
Weighted- Average Base Price
Forfeited / Cancelled (in dollars per share) \| $ / shares	$ 20.00
Restricted Stock Unit Equivalents (“RSU equivalents”)
Number of RSU Equivalents
Beginning balance (in shares) \| shares	4,846
Granted (in shares) \| shares	3,500
Vested (in shares) \| shares	(2,173)
Forfeited / cancelled (in shares) \| shares	0
Ending balance (in shares) \| shares	6,173
Weighted- Average Base Price
Beginning balance (in dollars per share) \| $ / shares	$ 15.87
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited / Cancelled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 11.52
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $	$ 86
Ending aggregate intrinsic value \| $	$ 38

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of the Company’s intangible assets:


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization and Impairment		Net
(in thousands)
Trade names and trademarks	$	42,301	$	(42,301)	$	—
Total intangible asset	$	42,301	$	(42,301)	$	—


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization and Impairment		Net
(in thousands)
Trade names and trademarks	$	42,301	$	(41,541)	$	760
Total intangible asset	$	42,301	$	(41,541)	$	760

Cash, Cash Equivalents, and Financial Instruments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 142,187	$ 224,943
Debt Securities, Available-for-Sale [Abstract]
Allowance for Credit Losses	0	0
Total Unrealized Gains	541	0
Total Unrealized Losses	0	(403)
Assets, Adjusted Cost	244,598	299,602
Assets, Fair Value	245,139	299,199
Cash
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	44,809	155,459
Cash, Fair Value	44,809	155,459
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	97,378	69,484
Allowance for Credit Losses	0	0
Total Unrealized Gains	0	0
Total Unrealized Losses	0	0
Fair Value	97,378	69,484
Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	97,378	69,484
Allowance for Credit Losses	0	0
Total Unrealized Gains	0	0
Total Unrealized Losses	0	0
Fair Value	97,378	69,484
Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	102,411	74,659
Allowance for Credit Losses	0	0
Total Unrealized Gains	541	0
Total Unrealized Losses	0	(403)
Fair Value	102,952	74,256
Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	102,411	74,659
Allowance for Credit Losses	0	0
Total Unrealized Gains	541	0
Total Unrealized Losses	0	(403)
Fair Value	102,952	74,256
Cash
Cash and Cash Equivalents [Line Items]
Cash, Fair Value	44,809	155,459
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	142,187	224,943
Cash \| Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Fair Value	97,378	69,484
Cash \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	97,378	69,484
Cash \| Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Cash \| Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	102,952	74,256
Marketable Securities \| Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities \| Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Fair Value	102,952	74,256
Marketable Securities \| Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	$ 102,952	$ 74,256

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the year ended December 31, 2023, the Company undertook a restructuring plan to improve efficiency and streamline operations. The Company recognized $1.2 million of severance costs which was primarily settled within the three months ended March 31, 2023. Of this amount, $0.7 million, $0.3 million, and $0.2 million, were recorded within research and development, selling and marketing, and general and administrative expense, respectively.

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,999,085	3,142,911	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,435,957	5,742,284	786,500
Unvested Class B common stock subject to forfeiture
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	415,402	831,952	0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 142,187	$ 224,943
Marketable securities	102,952	74,256
Accounts receivable, net	111,247	136,539
Inventories	244,469	351,682
Prepaid expenses and other current assets	19,114	23,842
Total current assets	619,969	811,262
Property and equipment, net	47,614	63,407
Operating lease right-of-use assets	12,353	17,078
Intangible assets, net	0	760
Deferred tax assets	34,823	23,819
Other assets	35,363	33,301
Total assets	750,122	949,627
Current liabilities:
Accounts payable	76,860	63,195
Accrued expenses and other current liabilities	71,933	69,775
Deferred revenue, current portion	40,304	34,869
Operating lease liabilities, current portion	5,230	5,436
Dividends payable, current portion	2,137	80,781
Total current liabilities	196,464	254,056
Operating lease liabilities, net of current portion	8,938	13,935
Deferred revenue, net of current portion	2,931	3,789
Other non-current liabilities	6,916	5,112
Total liabilities	215,249	276,892
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, and no shares issued and outstanding as of December 31, 2023 and December 31, 2022.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of December 31, 2023, 217,915,713 and 219,656,587 shares issued and outstanding as of December 31, 2023 and 2022, respectively.	218	220
Additional paid-in capital	505,864	672,990
Retained earnings	28,514	0
Accumulated other comprehensive income (loss)	277	(475)
Total stockholders’ equity	534,873	672,735
Total liabilities and stockholders’ equity	$ 750,122	$ 949,627

Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 591,990
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed subsequent to the date hereof with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s annual meeting of stockholders in 2024 (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such definitive proxy statement will be filed with the Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001828962
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		50,536,912
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		166,259,962

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Effective Tax Rate

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021

Income tax provision at statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net	4.8		5.6		4.7
Stock-based compensation	8.2		7.1		2.1
Foreign derived intangible income deduction	(2.5)		(3.2)		(1.4)
Tax credits	(5.0)		(8.7)		(2.9)
Return to provision adjustments	1.4		1.5		2.3
Uncertain tax positions	2.6		—		—
Other	2.3		2.7		1.2
Total provision for income taxes	32.8	%	26.0	%	27.0	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are comprised of the following:


	December 31,
	2023		2022
(in thousands)
Deferred tax assets:
Inventories	$	10,888	$	5,694
Lease liability	3,434		4,799
Accounts receivable	481		115
Sales refund liability	806		1,866
Deferred revenue	723		972
Stock-based compensation	6,724		5,903
Amortization	212		36
Capitalized research expenditures	18,434		15,567
Net operating loss carryforwards	86		122
Capital loss carryforwards	110		114
Tax credits	2,937		2,286
Other	1,459		1,145
Total deferred tax assets	46,294		38,619
Deferred tax liabilities:
Depreciation and amortization	(8,483)		(10,587)
ROU lease asset	(2,988)		(4,213)
Total deferred tax liabilities	(11,471)		(14,800)
Net deferred tax assets	$	34,823	$	23,819

Schedule of Components of Income Tax Expense (Benefit)


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Current:
Federal	$	32,140	$	29,741	$	44,093
State	4,695		11,928		7,780
Foreign	549		107		162
Total current	37,384		41,776		52,035
Deferred:
Federal	(9,561)		(15,169)		(23)
State	(1,713)		(5,316)		(137)
Foreign	37		24		25
Total deferred	(11,237)		(20,461)		(135)
Income tax provision	$	26,147	$	21,315	$	51,900

Schedule of Unrecognized Tax Benefits Roll Forward

The total balance of unrecognized gross tax benefits for the years ended December 31, 2023 and 2022, resulted primarily from research and development credits, foreign derived intangible income differences and inventory basis differences. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2023		2022		2021
(in thousands)
Unrecognized tax benefits at beginning of year	$	3,988	$	2,379	$	3,318
Reductions based on prior year tax positions	(159)		(227)		—
Additions based on prior year tax provisions	2,691		296		593
Additions based on current year tax provisions	996		1,787		1,431
Reductions due to tax authorities’ settlements	—		—		(2,824)
Reductions due to expirations of statutes of limitation	(368)		(247)		(139)
Unrecognized tax benefits at end of year	$	7,148	$	3,988	$	2,379

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 5,566
2025	4,351
2026	3,899
2027	967
Total lease payments	14,783
Less: imputed interest	(615)
Present value of operating lease liabilities	14,168
Operating lease liabilities, current	5,230	$ 5,436
Operating lease liabilities, non-current	$ 8,938	$ 13,935

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

The composition of property and equipment is as follows:


	December 31,
	2023		2022
(in thousands)
Computer software, software development costs and equipment	$	106,602	$	86,929
Furniture and fixtures	2,928		2,941
Leasehold improvements	5,070		5,057
Manufacturing tools and equipment	34,350		35,396
Assets under construction	1,504		13,134
Total cost of property and equipment	150,454		143,457
Less: accumulated depreciation	(102,840)		(80,050)
Property and equipment, net	$	47,614	$	63,407

During the twelve months ended December 31, 2023, the Company recorded an impairment charge of $10.0 million, including $4.2 million for computer software and software development costs and $5.8 million for manufacturing tools and equipment from products the Company no longer plans to commercialize. These impairment charges were recorded primarily within general and administrative expense in the consolidated statements of operations.

Total depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $29.0 million, $25.9 million and $18.3 million, respectively.

Amortization of computer software, software development costs and equipment for the years ended December 31, 2023, 2022 and 2021 was $20.1 million, $16.8 million and $12.2 million, respectively.

Property and equipment, along with all other Company assets are pledged as collateral on the Credit Agreement (see Note 9).

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 43,235
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	$ 40,304
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	$ 2,171
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 760
Revenue, expected timing of satisfaction, period	1 year

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 53,636	$ 60,666	$ 140,473

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Employee medical claims	$ 0.8	$ 0.7

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 53,636	$ 60,666	$ 140,473
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)	30,039	26,957	19,388
Provision for expected losses	1,720	(64)	1,096
Impairments	9,953	2,922	0
Stock-based compensation	47,326	41,121	38,074
Deferred income tax	(11,238)	(20,461)	(135)
Non-cash lease expense	4,987	4,845	4,186
Provision for inventory obsolescence	26,330	11,466	5,070
Unrealized foreign currency (gain) loss	88	(1,040)	0
Other	(2,143)	(440)	(2)
Changes in operating assets and liabilities:
Accounts receivable	23,500	63,696	(37,673)
Inventories	78,376	63,085	(207,978)
Prepaid expenses and other current assets	4,204	8,807	(27,942)
Other assets	869	(51)	(934)
Accounts payable	13,535	(139,845)	(46,667)
Accrued expenses and other current liabilities and other non-current liabilities	7,761	(2,137)	3,639
Operating lease liabilities	(5,423)	(5,096)	(4,672)
Deferred revenue	4,577	3,252	9,128
Net cash and cash equivalents provided by (used in) operating activities	288,097	117,683	(104,949)
Cash flows from investing activities:
Purchase of marketable securities	(63,451)	(180,112)	0
Proceeds from maturities of marketable securities	38,390	21,393	0
Proceeds from sales of marketable securities	0	84,621	0
Purchases of property and equipment, including capitalized software development costs	(23,717)	(33,771)	(35,786)
Net cash and cash equivalents used in investing activities	(48,778)	(107,869)	(35,786)
Cash flows from financing activities:
Proceeds from capital contributions	0	0	200
Proceeds from issuance of common stock upon initial public offering, net of offering costs	0	0	262,007
Repurchases of common stock	(20,332)	(18,580)	0
Proceeds from exercise of stock options	383	31	272
Employee tax withholding payments on stock-based awards	(8,106)	(6,384)	(2,017)
Payments for debt issuance costs	0	(1,300)	0
Cash dividend	(294,130)	0	0
Other financing activities, net	0	(14)	(218)
Net cash and cash equivalents provided by (used in) financing activities	(322,185)	(26,247)	260,244
Effect of exchange rate on changes on cash and cash equivalents	110	(221)	(127)
Net (decrease) increase in cash and cash equivalents	(82,756)	(16,654)	119,382
Cash and cash equivalents at beginning of period	224,943	241,597	122,215
Cash and cash equivalents at end of period	142,187	224,943	241,597
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	0	0	14
Cash paid during the period for income taxes	24,072	28,916	81,132
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	280	4,285	6,805
Property and equipment included in accounts payable and accrued expenses and other current liabilities	2,824	4,410	3,355
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	451	1,324	860
Stock-based compensation capitalized for software development costs	1,960	2,321	1,607
Reclassification of liability awards to equity upon modification	0	0	10,784
Leasehold improvements acquired through tenant allowances	0	859	0
Dividends declared but unpaid	$ 2,342	$ 81,420	$ 0

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following:


	December 31,
	2023		2022
(in thousands)
Raw materials	$	44,935	$	40,911
Finished goods	286,988		368,644
Total inventories	$	331,923	$	409,555
Less: reserves	(54,416)		(28,087)
Total inventories, net	$	277,507	$	381,468
Inventories current	$	244,469	$	351,682
Inventories non-current (included in Other assets)	$	33,038	$	29,786

As of the years ended December 31, 2023 and 2022, the Company had $0.1 million and $4.5 million in finished goods for connected machines that were undergoing rework prior to being in a sellable condition. The Company’s recorded inventory reserves as of December 31, 2023 consisted of $4.6 million related to excess connected machine inventory that the Company does not expect to sell, $46.5 million related to excess accessories and materials inventory, and $3.3 million related to raw material components. Amounts charged to the reserve account are recorded primarily in cost of revenues.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2024, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. Effective in the first quarter ending March 31, 2024, the Company will reduce its reportable segments to two: one Platform segment and one Products segment which combines our Connected Machines and Accessories and Materials businesses.

Capital Structure - Narrative (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	May 18, 2023 USD ($) $ / shares	Dec. 21, 2022 USD ($) $ / shares	Aug. 24, 2022 USD ($) shares	Apr. 28, 2021 shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jul. 19, 2022 USD ($)	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
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001
Common stock, shares outstanding (in shares)					217,915,713	219,656,587
Common stock, shares issued (in shares)					217,915,713	219,656,587
Dividends payable (in dollars per share) \| $ / shares	$ 1.00	$ 0.35
Dividends declared but unpaid \| $	$ 234,600	$ 81,400			$ 2,342	$ 81,420	$ 0
Dividends payable, current portion \| $	219,800	76,900
Dividends, paid-in-kind \| $	$ 14,800	$ 4,500
Dividends, cash \| $					294,100
Dividends, Stock \| $					$ 19,200
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
Sale of stock, shares issued in transaction				968,815
Common stock, shares outstanding (in shares)					51,414,599
Common stock, shares issued (in shares)					51,414,599
Number of votes per share \| vote					1
Number of shares issuable upon conversion (in shares)					1
Stock repurchase program, authorized amount \| $								$ 50,000
Stock repurchased and retired (in shares)			250,000		2,548,893	2,349,581
Stock repurchased and retired, value \| $			$ 1,600		$ 20,300	$ 18,500
Dividends, cash \| $					$ 200
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)					250,000,000
Common stock, shares outstanding (in shares)					166,501,114
Common stock, shares issued (in shares)					166,501,114
Number of votes per share \| vote					5
Existing Stockholders \| Common Class A
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction				150,984	9,214,127

Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Customer rebates	$ 30,479	$ 35,552
Other accrued liabilities and other current liabilities	41,454	34,223
Total accrued expenses	$ 71,933	$ 69,775

Summary of Significant Accounting Policies - Schedule Customer of Concentration (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	26.00%	22.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	12.00%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ashish Arora [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 30, 2023, Ashish Arora, our Chief Executive Officer and a member of our Board of Directors, terminated a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 1,868,516 shares of our Class A common stock. The trading arrangement was intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement was until November 13, 2024, or earlier if all transactions under the trading arrangement are completed.
Name	Ashish Arora
Title	Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	On November 30, 2023
Aggregate Available	1,868,516	1,868,516

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to certain outside claims and litigation, as well as regulatory disputes, audits, government inquiries and other proceedings, 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. Self-Insurance Liabilities Starting in 2022, the Company began to self-insure for certain employee medical benefits. The recorded liabilities for self-insured risks are calculated using actuarial methods and are not discounted. The liabilities include amounts for actual claims and claims incurred but not reported. Actual experience, including claim frequency and severity as well as health care inflation, could result in actual liabilities being more or less than the amounts currently recorded. As of December 31, 2023 and 2022 we have accrued $0.8 million and $0.7 million, respectively, for employee medical claims. Such amounts are included in accrued expenses and other current liabilities on our consolidated balance sheets.

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2023
Computer software, software development costs and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer software, software development costs and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
Manufacturing tools and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Manufacturing tools and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years

Summary of Significant Accounting Policies - Schedule of Product Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 2,484	$ 2,398
Additions charged to cost of revenue	4,163	8,146
Repairs and replacement costs incurred	(4,835)	(8,060)
Balance at end of period	$ 1,812	$ 2,484

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying 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 Securities and Exchange Commission (“SEC”).

Consolidation

The consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Foreign Currency Transactions

Comprehensive Income

Cash and Cash Equivalents

Marketable Securities

Accounts Receivable

Concentration of Credit Risk


	December 31,
	2023		2022
Customer A	26	%	22	%
Customer B	11	%	12	%
Customer C	17	%	*
Customer D	12	%	*

* Accounts Receivable was less than 10%

Supplier Concentration

Inventories

normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as non-current within Other assets.

Property and Equipment

Cloud Computing Arrangement Implementation Costs

Leases

Legal Contingencies

Debt Issuance Costs

Costs incurred and paid to the lender or third parties for the revolver credit facility are recorded as other assets and amortized over the term of the revolver using the straight-line method.

Impairment of Long-lived Assets

Fair Value of Financial Instruments

Fair Value Measurement


			•			Level I – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date.


			•			Level II – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves and market-corroborated inputs). Pricing inputs are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.


			•			Level III – Pricing inputs are unobservable for the assets and liabilities and includes situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

No long-lived assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022.

Earnings Per Share

Revenue Recognition

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Connected Machines

Subscriptions

Accessories and Materials

Cost of Revenue

Connected Machines

Subscriptions

Cost of revenue related to Subscriptions consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Accessories and Materials

Customer Rebates

Sales Refund Liability

Shipping and Handling Revenue and Expenses

Warranty Reserves

Income Taxes

Sales Taxes

Stock-Based and Stock-Equivalent Compensation

Shipping and Handling Revenue and Expenses

Revenue Recognition

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Connected Machines

Subscriptions

Accessories and Materials

Cost of Revenue

Connected Machines

Subscriptions

Cost of revenue related to Subscriptions consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Accessories and Materials

Customer Rebates

Sales Refund Liability

Shipping and Handling Revenue and Expenses

Advertising Costs

Research and Development (“R&D”)

Recently Issued Accounting Pronouncements

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of net income per share is as follows:


	Year Ended December 31,
	2023		2022		2021
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	53,636	$	60,666	$	140,473
Shares used in computation:
Weighted-average common shares outstanding, basic	216,892,525		214,458,284		208,833,827
Earnings per share, basic	$	0.25	$	0.28	$	0.67

Diluted earnings per share:
Net income	$	53,636	$	60,666	$	140,473
Shares used in computation:
Weighted-average common shares outstanding, basic	216,892,525		214,458,284		208,833,827
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	1,840,180		5,621,136		9,132,579
Employee stock options	48,889		23,100		717,772
Restricted stock units	940,469		486,269		1,073,093
Underwriters’ option to purchase additional shares	—		—		18,798
Diluted weighted-average common shares outstanding	219,722,063		220,588,789		219,776,069
Diluted earnings per share	$	0.24	$	0.28	$	0.64

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:


	Year Ended December 31,
	2023	2022	2021


Employee stock options	2,999,085	3,142,911	—
Restricted stock units	4,435,957	5,742,284	786,500
Unvested Class B common stock subject to forfeiture	415,402	831,952	—

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	December 31,
	2023		2022
(in thousands)
Trade accounts receivable	$	100,070	$	128,437
Credit card and other receivables	13,127		8,550
Less: allowance for credit losses	(1,950)		(448)
Total accounts receivable, net	$	111,247	$	136,539

Schedule of Allowance for Credit Loss

The following table summarizes changes in the allowance for credit losses:


	December 31,
	2023		2022
(in thousands)
Beginning balance	$	(448)	$	(1,454)
Provision for expected losses	(1,720)		64
Write-offs	218		942

Ending balance	$	(1,950)	$	(448)

Schedule Customer of Concentration

Customers that accounted for 10% or greater of accounts receivable, net as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Customer A	26	%	22	%
Customer B	11	%	12	%
Customer C	17	%	*
Customer D	12	%	*

* Accounts Receivable was less than 10%

Schedule of Property, Plant and Equipment

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

The composition of property and equipment is as follows:


	December 31,
	2023		2022
(in thousands)
Computer software, software development costs and equipment	$	106,602	$	86,929
Furniture and fixtures	2,928		2,941
Leasehold improvements	5,070		5,057
Manufacturing tools and equipment	34,350		35,396
Assets under construction	1,504		13,134
Total cost of property and equipment	150,454		143,457
Less: accumulated depreciation	(102,840)		(80,050)
Property and equipment, net	$	47,614	$	63,407

Schedule of Sale Refund Liability

Changes in the reserve for sales refunds were as follows:


	December 31,
	2023		2022
(in thousands)
Balance at beginning of period	$	7,273	$	7,826
Additions that reduced net revenue	9,757		18,977
Deductions from reserves for current year returns	(13,763)		(19,530)
Balance at end of period	$	3,267	$	7,273

Schedule of Product Warranty Reserves

Changes in the reserve for product warranties were as follows:


	December 31,
	2023		2022
(in thousands)
Balance at beginning of period	$	2,484	$	2,398
Additions charged to cost of revenue	4,163		8,146
Repairs and replacement costs incurred	(4,835)		(8,060)
Balance at end of period	$	1,812	$	2,484

Summary of Significant Accounting Policies - Schedule of Sale Refund Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement In Contract With Customer, Refund Liability [Roll Forward]
Balance at beginning of period	$ 7,273	$ 7,826
Additions that reduced net revenue	9,757	18,977
Deductions from reserves for current year returns	(13,763)	(19,530)
Balance at end of period	$ 3,267	$ 7,273

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2023, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2024	$	5,566
2025	4,351
2026	3,899
2027	967

Total lease payments	$	14,783
Less: imputed interest	$	(615)
Present value of operating lease liabilities	$	14,168
Operating lease liabilities, current	$	5,230
Operating lease liabilities, non-current	$	8,938

Schedule of Additional Lease Information

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 December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term of operating leases	2.9 years		3.7 years
Weighted-average discount rate of operating leases	2.5	%	2.6	%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Income before provision for income taxes	$ 79,783	$ 81,981	$ 192,373
Undistributed foreign earnings	1,100
Unrecognized tax benefits that would affect effective tax rate if recognized	7,800	4,100	2,800
UNITED STATES
Income Tax Examination [Line Items]
Income before provision for income taxes	$ 78,400	$ 81,000	$ 191,500

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock-Based Compensation - PRSU Activity (Details) - 2021 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Performance Restricted Stock Units (PRSUs)
Number of PRSUs
Beginning balance (in shares) \| shares	6,295,000
Dividend equivalent grants (in shares) \| shares	710,033
Forfeited / cancelled (in shares) \| shares	(239,032)
Ending balance (in shares) \| shares	6,766,001
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 23.32
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	23.37
Ending balance (in dollars per share) \| $ / shares	$ 23.32
Restricted stock units
Number of PRSUs
Beginning balance (in shares) \| shares	6,364,022
Dividend equivalent grants (in shares) \| shares	594,486
Forfeited / cancelled (in shares) \| shares	(410,442)
Ending balance (in shares) \| shares	8,893,831
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 18.06
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	14.49
Ending balance (in dollars per share) \| $ / shares	$ 14.38