0001828962-24-000048 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000	1,250,000,000
Common stock, shares issued (in shares)	216,702,784	217,915,713
Common stock, shares outstanding (in shares)	216,702,784	217,915,713

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes interim period income taxes by applying an estimated annual effective tax rate to our year-to-date income from operations before income taxes, except for significant unusual or infrequently occurring items. The estimated effective tax rate is adjusted each quarter. The estimated effective tax rate was 30.6% and 29.2% for the three months ended March 31, 2024, and 2023, respectively. The Company’s provision for income taxes was $8.6 million and $3.7 million, for the three months ended March 31, 2024, and 2023, respectively. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate for the periods presented primarily due to an increase for permanent adjustments from Section 83(b) elections and stock-based compensation differences resulting from the decrease in stock price upon vesting versus the stock price at the grant date. The Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies, the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded that it is more likely than not that the net deferred tax assets will be realized. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for any of the periods presented.

- Definition

The entire disclosure for income tax.

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+ Details

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remainder of the year)	$ 4,047
2025	4,350
2026	3,899
2027	967
Total lease payments	13,263
Less: imputed interest	(516)
Present value of operating lease liabilities	12,747
Operating lease liabilities, current	4,955	$ 5,230
Operating lease liabilities, non-current	$ 7,792	$ 8,938

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the three months ended March 31, 2024, and March 31, 2023, the Company undertook restructuring plans to improve efficiency and streamline operations. During the three months ended March 31, 2024, the Company recognized severance costs of $0.9 million, of which $0.4 million, $0.4 million and $0.1 million were recorded within research and development, selling and marketing, and general and administrative expense, respectively. In the three months ended March 31, 2023, the Company recognized severance costs of $1.2 million, of which $0.7 million, $0.3 million, $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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of awards issued	6,542,885		6,766,001
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,248,445	3,109,412
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,396,613	8,940,648
Unvested common stock subject to forfeiture
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	246,083	657,228

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Unvested Shares
Beginning balance (in shares) \| shares	1,656,679
Vested (in shares) \| shares	(988,133)
Forfeited / cancelled (in shares) \| shares	(64,001)
Ending balance (in shares) \| shares	604,545
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

Leases - Additional Lease Information (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term of operating leases	2 years 8 months 12 days	2 years 10 months 24 days
Weighted-average discount rate of operating leases	2.50%	2.50%

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 167,392	$ 181,227
Cost of revenue	75,798	104,561
Gross profit	91,594	76,666
Platform
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	78,286	76,241
Cost of revenue	8,759	7,761
Gross profit	69,527	68,480
Products
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	89,106	104,986
Cost of revenue	67,039	96,800
Gross profit	$ 22,067	$ 8,186

- Definition

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

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+ Details

- Definition

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

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- 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.

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+ Details

Cash, Cash Equivalents, and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Investments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	134,285	$	—	$	—	$	—	$	134,285	$	134,285	$	—
Level 1:
Money market funds	44,707		—		—		—		44,707		44,707		—
Subtotal	44,707		—		—		—		44,707		44,707		—
Level 2:
U.S. treasury securities	102,544		—		159		—		102,703		—		102,703
Subtotal	102,544		—		159		—		102,703		—		102,703
Total	$	281,536	$	—	$	159	$	—	$	281,695	$	178,992	$	102,703


	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

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.9	$ 1.2
Research and development
Restructuring Cost and Reserve [Line Items]
Severance costs	0.4	0.7
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs	0.4	0.3
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.1	$ 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)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Key Financial Performance Measures of the Segments

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
Platform:
Revenue	$	78,286	$	76,241
Cost of revenue	8,759		7,761
Gross profit	$	69,527	$	68,480

Products:
Revenue	$	89,106	$	104,986
Cost of revenue	67,039		96,800
Gross profit	$	22,067	$	8,186

Consolidated:
Revenue	$	167,392	$	181,227
Cost of revenue	75,798		104,561
Gross profit	$	91,594	$	76,666

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Liability Maturity

As of March 31, 2024, the maturities of the Company's operating lease liabilities were as follows:


Year Ended December 31,	Operating Leases
	(in thousands)
2024 (remainder of the year)	$	4,047
2025	4,350
2026	3,899
2027	967


Total lease payments	$	13,263
Less: imputed interest	$	(516)
Present value of operating lease liabilities	$	12,747
Operating lease liabilities, current	$	4,955
Operating lease liabilities, non-current	$	7,792

Schedule of Weighted Average Lease Term and Discount Rate

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2024		As of December 31, 2023
Weighted-average remaining lease term of operating leases	2.7 years		2.9 years
Weighted-average discount rate of operating leases	2.5	%	2.5	%

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 167,392	$ 181,227
North America
Disaggregation of Revenue [Line Items]
Total revenue	134,835	147,755
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 32,557	$ 33,472

- 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

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company leases office space with lease terms ranging from one to six 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.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.3 million and $1.4 million for the three months ended March 31, 2024 and 2023, respectively. The Company also incurred variable lease costs of $0.2 million and $0.1 million, for the three months ended March 31, 2024 and 2023, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $1.5 million for both the three months ended March 31, 2024 and 2023, respectively. These amounts were included in net cash provided by operating activities in the Company's consolidated statements of cash flows.

As of March 31, 2024, the maturities of the Company's operating lease liabilities were as follows:


Year Ended December 31,	Operating Leases
	(in thousands)
2024 (remainder of the year)	$	4,047
2025	4,350
2026	3,899
2027	967


Total lease payments	$	13,263
Less: imputed interest	$	(516)
Present value of operating lease liabilities	$	12,747
Operating lease liabilities, current	$	4,955
Operating lease liabilities, non-current	$	7,792

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of March 31, 2024		As of December 31, 2023
Weighted-average remaining lease term of operating leases	2.7 years		2.9 years
Weighted-average discount rate of operating leases	2.5	%	2.5	%

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	May 18, 2023	Dec. 21, 2022	Mar. 31, 2024	Mar. 31, 2023	May 06, 2024	Jul. 19, 2022
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 1.00	$ 0.35
Dividends declared but unpaid	$ 234,600	$ 81,400	$ 831	$ 0
Common Class A
Subsequent Event [Line Items]
Stock repurchase program, authorized amount						$ 50,000
Subsequent Event \| Special Dividend, Class A and Class B Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable (in dollars per share)					$ 0.40
Subsequent Event \| Semi-Annual Dividend, Class A and Class B Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable (in dollars per share)					$ 0.10
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Stock repurchase program, authorized amount					$ 50,000

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 167,392	$ 181,227
Cost of revenue:
Total cost of revenue	75,798	104,561
Gross profit	91,594	76,666
Operating expenses:
Research and development	14,853	17,801
Sales and marketing	33,030	29,616
General and administrative	18,506	18,720
Total operating expenses	66,389	66,137
Income from operations	25,205	10,529
Other income (expense):
Interest income	2,418	1,753
Interest expense	(81)	(79)
Other income	748	641
Total other income, net	3,085	2,315
Income before provision for income taxes	28,290	12,844
Provision for income taxes	8,643	3,745
Net income	19,647	9,099
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities, net of tax	(288)	188
Change in foreign currency translation adjustment, net of tax	(88)	18
Comprehensive income	$ 19,271	$ 9,305
Earnings per share, basic (in dollars per share)	$ 0.09	$ 0.04
Earnings per share, diluted (in dollars per share)	$ 0.09	$ 0.04
Weighted-average common shares outstanding, basic (in shares)	215,549,467	215,587,699
Weighted-average common shares outstanding, diluted (in shares)	216,865,052	218,749,255
Platform
Revenue:
Total revenue	$ 78,286	$ 76,241
Cost of revenue:
Total cost of revenue	8,759	7,761
Products
Revenue:
Total revenue	89,106	104,986
Cost of revenue:
Total cost of revenue	$ 67,039	$ 96,800

Revenue and Deferred Revenue - Schedule of Total Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 167,392	$ 181,227
Platform
Disaggregation of Revenue [Line Items]
Revenue	78,286	76,241
Connected machines
Disaggregation of Revenue [Line Items]
Revenue	36,948	34,131
Accessories and materials
Disaggregation of Revenue [Line Items]
Revenue	$ 52,158	$ 70,855

- 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

Stock-Based Compensation - PRSU Activity (Details) - Performance Restricted Stock Units (PRSUs) - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Unvested Shares
Beginning balance (in shares) \| shares	6,766,001
Forfeited / cancelled (in shares) \| shares	(223,116)
Ending balance (in shares) \| shares	6,542,885
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 23.32
Forfeited / cancelled (in dollars per share) \| $ / shares	23.37
Ending balance (in dollars per share) \| $ / shares	$ 23.32

Capital Structure	3 Months Ended
Capital Structure	Mar. 31, 2024
Equity [Abstract]
Capital Structure	Capital Structure As of March 31, 2024, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001 per share, and 1,250,000,000 shares of common stock, par value $0.001 per share, which was divided between two series: Class A common stock and Class B common stock. As of March 31, 2024, 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 51,292,929 shares of Class A common stock and 165,409,855 shares of Class B common stock issued and outstanding. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. During the three months ended March 31, 2024 and 2023, 1,027,258 and 7,772,294 shares of Class B common stock were converted to Class A common stock, respectively. 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 three months ended March 31, 2024, the Company repurchased and retired 1,697,272 shares of our Class A common stock for $10.8 million, effectively finishing the stock repurchase program authorized in August 2022. 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 a dividend equivalent 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 RSUs 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 three months ended March 31, 2024, an aggregate of $1.4 million was paid in cash. During three months ended March 31, 2023, $75.5 million was paid in cash and $4.4 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 43,235	$ 38,658
Recognition of revenue included in beginning of period deferred revenue	(23,479)	(21,076)
Revenue deferred, net of revenue recognized on contracts in the respective period	26,877	24,194
Deferred revenue, end of period	$ 46,633	$ 41,776

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2024
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 platform, versatile connected machines, and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s subscription services, connected machines and related accessories and materials are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries around the world. Headquartered in South Jordan, Utah, the Company is an innovator in its industry, focused on bringing innovative technology (automation and consumerization of industrial tools) to the craft, DIY, and home décor categories. The Company’s condensed consolidated financial statements include the operations of its wholly owned subsidiaries, which are located throughout Europe and in the Asia-Pacific region. The Company designs, markets, and distributes the Cricut family of products, including the platform, connected machines, and accessories and materials. In addition, Cricut sells a broad line of images, fonts, and projects for purchase à la carte. During the year ended December 31, 2023 and prior periods, we had three reportable segments: Connected Machines, Subscriptions, and Accessories and Materials. As of January 2024, we realigned our operating segment structure and now have two reportable segments: Platform and Products. The change in operating segments is based on how the Company’s chief operating decision maker (“CODM”) makes operating decisions and assesses business performance. Prior period segment information has been recast retrospectively to reflect the realignment. See Note 16, Segment Information, for further discussion of the Company’s segment reporting structure. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the annual report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2024, or any other period. Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation-Stock Compensation (Topic 718). The ASU clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or non-employees in exchange for goods or services. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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.

Capital Structure (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	May 18, 2023 USD ($) $ / shares	Dec. 21, 2022 USD ($) $ / shares	Mar. 31, 2024 USD ($) vote $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Jul. 19, 2022 USD ($)
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)			100,000,000		100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001
Common stock, shares authorized (in shares)			1,250,000,000		1,250,000,000
Common stock, shares issued (in shares)			216,702,784		217,915,713
Common stock, shares outstanding (in shares)			216,702,784		217,915,713
Dividends payable (in dollars per share) \| $ / shares	$ 1.00	$ 0.35
Dividends declared but unpaid \| $	$ 234,600	$ 81,400	$ 831	$ 0
Dividends payable, current portion \| $	219,800	76,900
Dividends, paid-in-kind \| $	$ 14,800	$ 4,500
Dividends, paid in cash \| $			$ 1,400	75,500
Dividends, satisfied in form of dividend equivalents to RSU or PRSU holders \| $				$ 4,400
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)			1,000,000,000
Common stock, shares issued (in shares)			51,292,929
Common stock, shares outstanding (in shares)			51,292,929
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)			1,697,272
Stock repurchased and retired, value \| $			$ 10,800
Common Class A \| Existing Stockholders
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction			1,027,258	7,772,294
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)			250,000,000
Common stock, shares issued (in shares)			165,409,855
Common stock, shares outstanding (in shares)			165,409,855
Number of votes per share \| vote			5

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

In January 2024, the Company reevaluated its operating segments in order to better align with how the CODM evaluates performance and allocates resources. The key factor evaluated by the Company resulted from the growth and expansion of Design Space, the Company’s digital platform. Since its initial public offering, the Company’s digital platform has evolved and grown considerably. Key enhancements to the platform include the size of its images, fonts, and projects library, the introduction of advanced design tools, the software support for several new cutting machines, and the creation of enhanced subscriptions offerings. The change in operating segments reflects the Company’s strategy to focus on continuing to expand revenue and margin generated from its digital platform and Paid Subscribers. At the same time, a number of product related factors also contributed to this decision, including the relative importance of physical products to the platform, including bundles (comprised of several combinations of machines, accessories, and materials), and changes in our Accessories and Materials

business. Based on these changes, the Company has determined that it was appropriate to reduce its reportable segments from three to two, combining its Subscriptions and digital content businesses into one Platform segment, and its Connected Machines and Accessories and Materials businesses into one Product segment. Prior period segment results have been retrospectively recast to reflect the new reportable segments.

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 considered the provisions of ASC 280-10-50 as it relates to the information provided to and used by the CODM for evaluating performance and allocating resources to operating segments.

The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of March 31, 2024, long-lived assets located outside the United States, primarily located in Malaysia and China, were $7.3 million.

The Platform segment derives revenue primarily from monthly and annual subscription fees, digital content, and a portion of the revenue allocated to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. For the three months ended March 31, 2024, upfront digital content revenue comprised 1% of Platform revenue. The remaining Platform revenue consists of ratably recognized subscription revenue. The Products segment derives revenue primarily from the sale of its connected machine hardware, and sale of craft, DIY, home décor products and extensions. There are no internal revenue transactions between the Company’s segments.

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
Platform:
Revenue	$	78,286	$	76,241
Cost of revenue	8,759		7,761
Gross profit	$	69,527	$	68,480

Products:
Revenue	$	89,106	$	104,986
Cost of revenue	67,039		96,800
Gross profit	$	22,067	$	8,186

Consolidated:
Revenue	$	167,392	$	181,227
Cost of revenue	75,798		104,561
Gross profit	$	91,594	$	76,666

- 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

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2024		As of December 31, 2023
(in thousands)
Sales incentives	$	21,116	$	30,479
Other accrued liabilities and other current liabilities	36,955		41,454
Total accrued expenses	$	58,071	$	71,933

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company sponsors a 401(k) plan for the benefit of its employees who have attained at least 18 years of age. The Company matches 50% of the first 12% of an employee’s salary contributed to the plan on the first day of the month following their hire date. The Company contributed $0.7 million for both the three months ended March 31, 2024 and 2023.

Revenue and Deferred Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Deferred Revenue

Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company has recognized no contract assets as of March 31, 2024 and December 31, 2023.

The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
(in thousands)
Deferred revenue, beginning of period	$	43,235	$	38,658
Recognition of revenue included in beginning of period deferred revenue	(23,479)		(21,076)
Revenue deferred, net of revenue recognized on contracts in the respective period	26,877		24,194
Deferred revenue, end of period	$	46,633	$	41,776

As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance.

The Company expects the following recognition of deferred revenue as of March 31, 2024:


	Year Ended December 31,
	2024 (remainder of year)		2025		2026		2027		Total
(in thousands)
Revenue expected to be recognized	$	41,228	$	4,411	$	976	$	18	$	46,633

The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 16 under the heading “Segment Information.”

Revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied or partially satisfied was $2.6 million.

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
North America*	$	134,835	$	147,755
International	32,557		33,472
Total revenue	$	167,392	$	181,227
*North America revenue consists of revenues from the United States and Canada.

The following table presents the total revenue by source for the periods indicated:


	Three Months Ended March 31,
	2024		2023
(in thousands)
Platform	$	78,286	$	76,241
Connected machines	36,948		34,131
Accessories and materials	52,158		70,855
Total revenue	$	167,392	$	181,227

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based Compensation Cost

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
Equity classified awards
Restricted stock units	$	9,798	$	8,379
Stock options	437		626
Class B common stock	1,238		1,889
Liability classified awards	7		12
Total stock-based compensation	$	11,480	$	10,906

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
Cost of revenue
Platform	$	237	$	115
Products	186		458
Total cost of revenue	423		573
Research and development	3,713		3,906
Sales and marketing	2,936		3,205
General and administrative	3,685		2,737
Total stock-based compensation expense	$	10,757	$	10,421
Capitalized for software development costs	330		430
Capitalized to inventories	393		55
Total stock-based compensation	$	11,480	$	10,906

As of March 31, 2024, there was $78.3 million of unrecognized stock-based compensation cost related to service-based awards which is expected to be recognized over a weighted-average period of 2.1 years. The total unrecognized compensation expense related to unvested PRSUs was $152.6 million as of March 31, 2024.

2021 Equity Incentive Plan

In March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. As of March 31, 2024, 51,770,242 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan.

A summary of the Company’s service-based restricted stock unit (“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, 2023	8,893,831	$	14.38
Granted	247,500	$	4.91

Vested	(991,402)	$	11.33
Forfeited / cancelled	(406,288)	$	12.93
Outstanding at March 31, 2024	7,743,641	$	14.54

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 per share and $6.16 per share, respectively, at any point during the 5-year performance period, subject to employees remaining with the Company through the vesting date. Adjusted earnings per share means GAAP net income adjusted to exclude income tax expenses, as well as stock-based compensation expense and payroll tax expense specifically related to the PRSU awards.

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


	Number of PRSUs (a)	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023	6,766,001	$	23.32


Forfeited / cancelled	(223,116)	$	23.37
Outstanding at March 31, 2024	6,542,885	$	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. At March 31, 2024, the Company determined it was not probable any performance conditions would be achieved so no stock-based compensation was recorded for these PRSUs during the three months ended March 31, 2024.

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, 2023	2,999,085	$	18.65	3.5	$	—


Forfeited / cancelled	(4,065)	$	18.65
Outstanding at March 31, 2024	2,995,020	$	18.65	3.1	$	—
Vested and exercisable at March 31, 2024	2,680,069	$	18.65	3.0	$	—

During the three months ended March 31, 2024 and 2023, no options were granted.

Certain employees received restricted stock unit equivalents (“RSU equivalents”) which upon vesting are settled for a cash payment equal to the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. As of March 31, 2024, the total recognized liability for these awards was immaterial.

Unvested Class B Common Stock

The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2024 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023	1,656,679	$	20.00

Vested	(988,133)	$	20.00
Forfeited / cancelled	(64,001)	$	20.00
Outstanding at March 31, 2024	604,545	$	20.00

Options to Purchase Class B Common Stock

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


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2023	259,425	$	7.69	1.9	$	—

Exercised	—	—
Forfeited / cancelled	(6,000)	$	7.69
Outstanding at March 31, 2024	253,425	$	7.69	1.5	$	—
Vested and exercisable at March 31, 2024	253,425	$	7.69	1.5	$	—

During the three months ended March 31, 2024 and 2023, the total intrinsic value of options exercised was immaterial.

2021 Employee Stock Purchase Plan

In March 2021, the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”) became effective. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. As of March 31, 2024, 10,602,602 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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 6, 2024, the Board of Directors approved a special dividend of $0.40 per share and a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock payable on July 19, 2024 to shareholders of record as of July 2, 2024. In addition, the Board of Directors also approved a share repurchase program authorizing the Company to purchase up to an aggregate of $50 million of the Company’s Class A common stock.

Stock-Based Compensation - Options to Purchase Class B Common Stock (Details) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	259,425
Exercised (in shares)	0
Forfeited / cancelled (in shares)	(6,000)
Ending balance (in shares)	253,425	259,425
Vested (in shares)	253,425
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 7.69
Exercised (in dollars per share)	0
Forfeited / Cancelled (in dollars per share)	7.69
Ending weighted average exercise price (in dollars per share)	7.69	$ 7.69
Vested (in dollars per share)	$ 7.69
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	1 year 6 months	1 year 10 months 24 days
Weighted average remaining terms, vested and exercisable (years)	1 year 6 months
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested aggregate intrinsic value	$ 0

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2024		As of December 31, 2023
(in thousands)
Sales incentives	$	21,116	$	30,479
Other accrued liabilities and other current liabilities	36,955		41,454
Total accrued expenses	$	58,071	$	71,933

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Sales incentives	$ 21,116	$ 30,479
Other accrued liabilities and other current liabilities	36,955	41,454
Total accrued expenses	$ 58,071	$ 71,933

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 1.3	$ 1.4
Variable lease cost	0.2	$ 0.1
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 1.5
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	6 years

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 46,633
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 41,228
Revenue, expected timing of satisfaction, period	9 months
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	$ 4,411
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	$ 976
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 18
Revenue, expected timing of satisfaction, period	1 year

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (percentage)	30.60%	29.20%
Provision for income taxes	$ 8,643	$ 3,745

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories are comprised of the following:


	As of March 31, 2024		As of December 31, 2023
(in thousands)
Raw materials	$	44,224	$	44,935
Finished goods	267,285		286,988
Total inventories	$	311,509	$	331,923
Less: reserves	$	(55,021)	$	(54,416)
Total inventories, net	$	256,488	$	277,507
Inventories current	$	225,367	$	244,469
Inventories non-current (included in other assets)	$	31,121	$	33,038

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 19,647	$ 9,099

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
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-Subparagraph (g)(3)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

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
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Subparagraph (a)
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: 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(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

The computation of net income per share is as follows:


	Three Months Ended March 31,
	2024		2023
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	19,647	$	9,099
Shares used in computation:
Weighted-average common shares outstanding, basic	215,549,467		215,587,699
Earnings per share, basic	$	0.09	$	0.04

Diluted earnings per share:
Net income	$	19,647	$	9,099
Shares used in computation:
Weighted-average common shares outstanding, basic	215,549,467		215,587,699
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	794,502		2,813,251
Employee stock options	—		18,851
Restricted stock units	521,083		329,454
Diluted weighted-average common shares outstanding	216,865,052		218,749,255
Diluted net income per share	$	0.09	$	0.04

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


	Three Months Ended March 31,
	2024	2023

Employee stock options	3,248,445	3,109,412
Restricted stock units	7,396,613	8,940,648
Unvested common stock subject to forfeiture	246,083	657,228

As of March 31, 2024, 6,542,885 PRSUs were not assessed for inclusion in diluted earnings per share, and any potential antidilutive shares were excluded from the table above because they are subject to performance conditions that were not achieved as of such date.

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
Segment Information - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) segment
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	2
Percentage Of Revenue Subject To Point In Time Recognition	1.00%
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets \| $	$ 7.3

Revolving Credit Facility	3 Months Ended
Revolving Credit Facility	Mar. 31, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 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. As of March 31, 2024, and December 31, 2023 total unamortized debt issuance costs were $1.1 million and $1.2 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 March 31, 2024. As of March 31, 2024 and December 31, 2023, no amounts were 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 plus 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, Cash Equivalents, and Financial Instruments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 178,992	$ 142,187
Debt Securities, Available-for-Sale [Abstract]
Allowance for Credit Losses	0	0
Total Unrealized Gains	159	541
Total Unrealized Losses	0	0
Assets, Adjusted Cost	281,536	244,598
Assets, Fair Value	$ 281,695	245,139
Marketable securities, maturity	24 months
Cash
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 134,285	44,809
Cash, Fair Value	134,285	44,809
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	44,707	97,378
Allowance for Credit Losses	0	0
Total Unrealized Gains	0	0
Total Unrealized Losses	0	0
Fair Value	44,707	97,378
Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	44,707	97,378
Allowance for Credit Losses	0	0
Total Unrealized Gains	0	0
Total Unrealized Losses	0	0
Fair Value	44,707	97,378
Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	102,544	102,411
Allowance for Credit Losses	0	0
Total Unrealized Gains	159	541
Total Unrealized Losses	0	0
Fair Value	102,703	102,952
Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	102,544	102,411
Allowance for Credit Losses	0	0
Total Unrealized Gains	159	541
Total Unrealized Losses	0	0
Fair Value	102,703	102,952
Cash
Cash and Cash Equivalents [Line Items]
Cash, Fair Value	134,285	44,809
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	178,992	142,187
Cash \| Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Fair Value	44,707	97,378
Cash \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	44,707	97,378
Cash \| Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Cash \| Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	102,703	102,952
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	102,703	102,952
Marketable Securities \| Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	$ 102,703	$ 102,952

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of net income per share is as follows:


	Three Months Ended March 31,
	2024		2023
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	19,647	$	9,099
Shares used in computation:
Weighted-average common shares outstanding, basic	215,549,467		215,587,699
Earnings per share, basic	$	0.09	$	0.04

Diluted earnings per share:
Net income	$	19,647	$	9,099
Shares used in computation:
Weighted-average common shares outstanding, basic	215,549,467		215,587,699
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	794,502		2,813,251
Employee stock options	—		18,851
Restricted stock units	521,083		329,454
Diluted weighted-average common shares outstanding	216,865,052		218,749,255
Diluted net income per share	$	0.09	$	0.04

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended March 31,
	2024	2023

Employee stock options	3,248,445	3,109,412
Restricted stock units	7,396,613	8,940,648
Unvested common stock subject to forfeiture	246,083	657,228

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, and estimating variable consideration such as sales incentives 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 ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds and certain marketable securities 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. Other marketable securities such as 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 March 31, 2024 and December 31, 2023. 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. 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. If a retailer fails to follow the policies and guidelines in our sales agreements, we may choose to temporarily or permanently stop shipping product to that retailer. As of March 31, 2024, December 31, 2023, and January 1, 2023, the Company had net accounts receivable balances of $77.6 million, $111.2 million and $136.5 million, respectively. As of March 31, 2024, and December 31, 2023, the Company had allowances against accounts receivable of $2.9 million and $2.0 million, respectively.

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following:


	As of March 31, 2024		As of December 31, 2023
(in thousands)
Raw materials	$	44,224	$	44,935
Finished goods	267,285		286,988
Total inventories	$	311,509	$	331,923
Less: reserves	$	(55,021)	$	(54,416)
Total inventories, net	$	256,488	$	277,507
Inventories current	$	225,367	$	244,469
Inventories non-current (included in other assets)	$	31,121	$	33,038

The Company’s recorded inventory reserves as of March 31, 2024 consisted of $5.1 million related to excess connected machine inventory, $46.4 million related to excess accessories and materials inventory, and $3.5 million related to raw material components. Amounts charged to the reserve account are recorded primarily in cost of revenues.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 19,647	$ 9,099
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	7,496	6,888
Bad debt expense	992	1,107
Impairments	0	441
Stock-based compensation	10,757	10,421
Deferred income tax	(4,140)	(3,311)
Non-cash lease expense	1,272	1,238
Unrealized foreign currency loss	605	636
Provision for inventory obsolescence	563	8,477
Other	(739)	(634)
Changes in operating assets and liabilities:
Accounts receivable	32,011	44,416
Inventories	20,849	48,506
Prepaid expenses and other current assets	8,497	8,351
Other assets	259	(466)
Accounts payable	(31,096)	(24,192)
Accrued expenses and other current liabilities and other non-current liabilities	(12,280)	(17,573)
Operating lease liabilities	(1,403)	(1,353)
Deferred revenue	3,398	3,118
Net cash and cash equivalents provided by operating activities	56,688	95,169
Cash flows from investing activities:
Purchases of marketable securities	(25,442)	0
Proceeds from maturities of marketable securities	25,440	0
Purchases of property and equipment, including capitalized software development costs	(5,117)	(7,741)
Net cash and cash equivalents used in investing activities	(5,119)	(7,741)
Cash flows from financing activities:
Repurchases of common stock	(10,795)	(3,244)
Proceeds from exercise of stock options	0	55
Employee tax withholding payments on stock-based awards	(2,408)	(1,358)
Cash dividend	(1,439)	(75,531)
Net cash and cash equivalents used in financing activities	(14,642)	(80,078)
Effect of exchange rate on changes on cash and cash equivalents	(122)	28
Net increase in cash and cash equivalents	36,805	7,378
Cash and cash equivalents at beginning of period	142,187	224,943
Cash and cash equivalents at end of period	178,992	232,321
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	0	0
Cash paid during the period for income taxes	151	115
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses and other current liabilities	1,786	2,027
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	367	190
Stock-based compensation capitalized for software development costs	330	430
Dividends declared but unpaid	$ 831	$ 0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the annual report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.
Consolidation	The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2024, or any other period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation-Stock Compensation (Topic 718). The ASU clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or non-employees in exchange for goods or services. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, and estimating variable consideration such as sales incentives 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 ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates.
Fair Value Measurement	Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds and certain marketable securities 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. Other marketable securities such as 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 March 31, 2024 and December 31, 2023.
Earnings Per Share	Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock- based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.
Accounts Receivable	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. If a retailer fails to follow the policies and guidelines in our sales agreements, we may choose to temporarily or permanently stop shipping product to that retailer. As of March 31, 2024, December 31, 2023, and January 1, 2023, the Company had net accounts receivable balances of $77.6 million, $111.2 million and $136.5 million, respectively. As of March 31, 2024, and December 31, 2023, the Company had allowances against accounts receivable of $2.9 million and $2.0 million, respectively.

Revenue and Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Changes in the Deferred Revenue Balance

The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
(in thousands)
Deferred revenue, beginning of period	$	43,235	$	38,658
Recognition of revenue included in beginning of period deferred revenue	(23,479)		(21,076)
Revenue deferred, net of revenue recognized on contracts in the respective period	26,877		24,194
Deferred revenue, end of period	$	46,633	$	41,776

Schedule of Recognition of Deferred Revenue

The Company expects the following recognition of deferred revenue as of March 31, 2024:


	Year Ended December 31,
	2024 (remainder of year)		2025		2026		2027		Total
(in thousands)
Revenue expected to be recognized	$	41,228	$	4,411	$	976	$	18	$	46,633

Schedule of Total Revenue by Geography

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
North America*	$	134,835	$	147,755
International	32,557		33,472
Total revenue	$	167,392	$	181,227
*North America revenue consists of revenues from the United States and Canada.

Schedule of Total Revenue by Source

The following table presents the total revenue by source for the periods indicated:


	Three Months Ended March 31,
	2024		2023
(in thousands)
Platform	$	78,286	$	76,241
Connected machines	36,948		34,131
Accessories and materials	52,158		70,855
Total revenue	$	167,392	$	181,227

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accounts receivable	$ 77,597	$ 111,247	$ 136,500
Allowances against accounts receivable	$ 2,900	$ 2,000

Revenue and Deferred Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 2.6

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Common stock, balance at beginning of period (in shares) at Dec. 31, 2022		219,656,587
Balance at beginning of period at Dec. 31, 2022	$ 672,735	$ 220	$ 672,990	$ 0	$ (475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,099			9,099
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		43,671
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(169)		(169)
Forfeiture of unvested common stock and dividend equivalents			275
Forfeiture of unvested common stock (in shares)		(103,906)
Forfeiture of unvested common stock and dividend equivalents	275
Repurchase of common stock (in shares)		(346,699)
Repurchase of common stock	(3,244)	$ (1)	(3,243)
Dividend equivalents issued	4,366		4,366
Stock-based compensation	10,895		10,895
Other comprehensive income (loss)	206				206
Common stock, balance at end of period (in shares) at Mar. 31, 2023		219,249,653
Balance at end of period at Mar. 31, 2023	694,163	$ 219	685,114	9,099	(269)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2023		217,915,713
Balance at beginning of period at Dec. 31, 2023	534,873	$ 218	505,864	28,514	277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,647			19,647
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		548,344
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(2,323)	$ 1	(2,324)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(64,001)
Forfeiture of unvested common stock and dividend equivalents	73		73
Repurchase of common stock (in shares)		(1,697,272)
Repurchase of common stock	(10,795)	$ (2)	(10,793)
Stock-based compensation	11,473		11,473
Other comprehensive income (loss)	(376)				(376)
Common stock, balance at end of period (in shares) at Mar. 31, 2024		216,702,784
Balance at end of period at Mar. 31, 2024	$ 552,572	$ 217	$ 504,293	$ 48,161	$ (99)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Costs

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


	Three Months Ended March 31,
	2024		2023
(in thousands)
Equity classified awards
Restricted stock units	$	9,798	$	8,379
Stock options	437		626
Class B common stock	1,238		1,889
Liability classified awards	7		12
Total stock-based compensation	$	11,480	$	10,906


	Three Months Ended March 31,
	2024		2023
(in thousands)
Cost of revenue
Platform	$	237	$	115
Products	186		458
Total cost of revenue	423		573
Research and development	3,713		3,906
Sales and marketing	2,936		3,205
General and administrative	3,685		2,737
Total stock-based compensation expense	$	10,757	$	10,421
Capitalized for software development costs	330		430
Capitalized to inventories	393		55
Total stock-based compensation	$	11,480	$	10,906

Schedule of Restricted Stock Unit Activity

A summary of the Company’s service-based restricted stock unit (“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, 2023	8,893,831	$	14.38
Granted	247,500	$	4.91

Vested	(991,402)	$	11.33
Forfeited / cancelled	(406,288)	$	12.93
Outstanding at March 31, 2024	7,743,641	$	14.54

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, 2023	6,766,001	$	23.32


Forfeited / cancelled	(223,116)	$	23.37
Outstanding at March 31, 2024	6,542,885	$	23.32

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

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, 2023	2,999,085	$	18.65	3.5	$	—


Forfeited / cancelled	(4,065)	$	18.65
Outstanding at March 31, 2024	2,995,020	$	18.65	3.1	$	—
Vested and exercisable at March 31, 2024	2,680,069	$	18.65	3.0	$	—


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2023	259,425	$	7.69	1.9	$	—

Exercised	—	—
Forfeited / cancelled	(6,000)	$	7.69
Outstanding at March 31, 2024	253,425	$	7.69	1.5	$	—
Vested and exercisable at March 31, 2024	253,425	$	7.69	1.5	$	—

Schedule of Nonvested Share Activity


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023	1,656,679	$	20.00

Vested	(988,133)	$	20.00
Forfeited / cancelled	(64,001)	$	20.00
Outstanding at March 31, 2024	604,545	$	20.00

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to certain outside claims and litigation arising in the ordinary course of business. Management is not aware of any contingencies which it believes will have a material effect on its financial position, results of operations or liquidity.

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share:
Net income	$ 19,647	$ 9,099
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	215,549,467	215,587,699
Earnings per share, basic (in dollars per share)	$ 0.09	$ 0.04
Diluted earnings per share:
Net income	$ 19,647	$ 9,099
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	215,549,467	215,587,699
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	794,502	2,813,251
Diluted weighted-average common shares outstanding (in shares)	216,865,052	218,749,255
Diluted net income per share (in dollars per share)	$ 0.09	$ 0.04
Employee stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	0	18,851
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	521,083	329,454

Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Employer matching contribution (percentage)	50.00%
Employer matching contribution as a percent of employees' gross pay (percentage)	12.00%
Employer contribution amount	$ 0.7	$ 0.7

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 44,224	$ 44,935
Finished goods	267,285	286,988
Total inventories	311,509	331,923
Less: reserves	(55,021)	(54,416)
Total inventories, net	256,488	277,507
Inventories current	225,367	244,469
Inventories non-current (included in other assets)	31,121	33,038
Inventory [Line Items]
Inventory Valuation Reserves	55,021	$ 54,416
Machine Inventory
Inventory Disclosure [Abstract]
Less: reserves	(5,100)
Inventory [Line Items]
Inventory Valuation Reserves	5,100
Accessories and Materials Inventory
Inventory Disclosure [Abstract]
Less: reserves	(46,400)
Inventory [Line Items]
Inventory Valuation Reserves	46,400
Raw Materials
Inventory Disclosure [Abstract]
Less: reserves	(3,500)
Inventory [Line Items]
Inventory Valuation Reserves	$ 3,500

Cash, Cash Equivalents, and Financial Instruments

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:


	As of March 31, 2024
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	134,285	$	—	$	—	$	—	$	134,285	$	134,285	$	—
Level 1:
Money market funds	44,707		—		—		—		44,707		44,707		—
Subtotal	44,707		—		—		—		44,707		44,707		—
Level 2:
U.S. treasury securities	102,544		—		159		—		102,703		—		102,703
Subtotal	102,544		—		159		—		102,703		—		102,703
Total	$	281,536	$	—	$	159	$	—	$	281,695	$	178,992	$	102,703


	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

Marketable securities held as of March 31, 2024 generally mature over the next twenty-four months. As of March 31, 2024 and December 31, 2023 all balances were in a gain position, therefore there are no allowances for credit losses recorded for the periods presented

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40257
Entity Registrant Name	Cricut, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0282025
Entity Address, Address Line One	10855 South River Front Parkway
Entity Address, City or Town	South Jordan
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84095
City Area Code	385
Local Phone Number	351-0633
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	CRCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001828962
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,394,617
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		165,319,847

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,757	$ 10,421
Total stock-based compensation	11,480	10,906
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	330	430
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	393	55
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	423	573
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,713	3,906
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,936	3,205
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,685	2,737
Platform
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	237	115
Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 186	$ 458

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche	2
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
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
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	51,770,242
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost \| $	$ 78.3
Unrecognized stock-based compensation cost, period for recognition	2 years 1 month 6 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost \| $	$ 152.6
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years
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%
Employee stock \| 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
Employee stock \| 2021 Employee Stock Purchase Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for sale (in shares) \| shares	10,602,602

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	2,999,085
Forfeited / cancelled (in shares)	(4,065)
Ending balance (in shares)	2,995,020	2,999,085
Vested and exercisable (in shares)	2,680,069
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 18.65
Forfeited / Cancelled (in dollars per share)	18.65
Ending weighted average exercise price (in dollars per share)	18.65	$ 18.65
Vested and exercisable (in dollars per share)	$ 18.65
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	3 years 1 month 6 days	3 years 6 months
Weighted average remaining terms, vested and exercisable (years)	3 years
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested and exercisable aggregate intrinsic value	$ 0

Stock-Based Compensation - Cost By Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 11,480	$ 10,906
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	9,798	8,379
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	437	626
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	1,238	1,889
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 7	$ 12

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revolving Credit Facility (Details) - Revolving Credit Facility - Credit Agreement		3 Months Ended
	Aug. 04, 2022 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility expiration period	5 years
Maximum borrowing capacity	$ 300,000,000
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%
Unamortized debt issuance costs		$ 1,100,000	$ 1,200,000
Leverage ratio		3.0
Amounts outstanding		$ 0	$ 0
Remaining borrowing capacity		$ 300,000,000
Basis spread on variable rate (percentage)		2.00%

Description of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Stock-Based Compensation - Restricted Stock Units Activity Under Company's Stock Plans (Details) - Restricted stock units - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Unvested Shares
Beginning balance (in shares) \| shares	8,893,831
Granted (in shares) \| shares	247,500
Vested (in shares) \| shares	(991,402)
Forfeited / cancelled (in shares) \| shares	(406,288)
Ending balance (in shares) \| shares	7,743,641
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 14.38
Granted (in dollars per share) \| $ / shares	4.91
Vested (in dollars per share) \| $ / shares	11.33
Forfeited / cancelled (in dollars per share) \| $ / shares	12.93
Ending balance (in dollars per share) \| $ / shares	$ 14.54

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 178,992	$ 142,187
Marketable securities	102,703	102,952
Accounts receivable, net	77,597	111,247
Inventories	225,367	244,469
Prepaid expenses and other current assets	11,198	19,114
Total current assets	595,857	619,969
Property and equipment, net	44,616	47,614
Operating lease right-of-use asset	11,076	12,353
Deferred tax assets	39,058	34,823
Other assets	33,104	35,363
Total assets	723,711	750,122
Current liabilities:
Accounts payable	45,206	76,860
Accrued expenses and other current liabilities	58,071	71,933
Deferred revenue, current portion	43,912	40,304
Operating lease liabilities, current portion	4,955	5,230
Dividends payable, current portion	809	2,137
Total current liabilities	152,953	196,464
Operating lease liabilities, net of current portion	7,792	8,938
Deferred revenue, net of current portion	2,721	2,931
Other non-current liabilities	7,673	6,916
Total liabilities	171,139	215,249
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of March 31, 2024, 216,702,784 shares issued and outstanding as of March 31, 2024; 1,250,000,000 shares authorized as of December 31, 2023, 217,915,713 shares issued and outstanding as of December 31, 2023.	217	218
Additional paid-in capital	504,293	505,864
Retained earnings	48,161	28,514
Accumulated other comprehensive income (loss)	(99)	277
Total stockholders’ equity	552,572	534,873
Total liabilities and stockholders’ equity	$ 723,711	$ 750,122