Cricut, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cricut, Inc. has filed its 2023 Form 10-K detailing its annual financial performance and business operations.</b>

AI Summary

Cricut, Inc. (CRCT) filed a Annual Report (10-K) with the SEC on March 6, 2024. Cricut, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 10855 South River Front Parkway, South Jordan, UT 84095. Cricut, Inc. is classified under the SIC code 3559 for Special Industry Machinery, NEC. The report was filed on March 6, 2024.

Why It Matters

For investors and stakeholders tracking Cricut, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cricut's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. As a public document, this filing ensures transparency and allows stakeholders, including investors, analysts, and the public, to gain insights into the company's financial results, risks, and management's discussion of its business.

Risk Assessment

Risk Level: low — Cricut, Inc. shows low risk based on this filing. The risk level is assessed as low because the filing is a standard annual report (10-K) and does not appear to contain any immediate, significant negative disclosures based on the provided header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Cricut's performance drivers and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Date the 10-K was filed)
• 001-40257 — SEC File Number (SEC file number for Cricut, Inc.)
• 870282025 — IRS Number (Company's IRS number)

Key Players & Entities

• Cricut, Inc. (company) — Filer name
• 10-K (document) — Filing type
• 20231231 (date) — Period of report
• 20240306 (date) — Filing date
• South Jordan, UT (location) — Business address city and state
• 877-727-4288 (phone) — Business phone number
• 3559 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation

FAQ

Industry Context

Cricut operates in the Special Industry Machinery sector, focusing on creative crafting tools and related consumables.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the 'Business' section to understand Cricut's product lines and market strategy.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine the 'Financial Statements and Supplementary Data' for detailed performance metrics.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted from the header of the 2023 10-K. Further analysis would require the full document content.

Key Financial Figures

• $0.001 — stered Class A Common Stock, par value $0.001 per share CRCT The Nasdaq Global Select
• $12.20 — ion, based on a closing market price of $12.20 per share. As of March 1, 2024, the re
• $149.00 — ation, organization, and customization, $149.00-$199.00 MSRP Cricut Explore family for
• $199.00 M — rganization, and customization, $149.00-$199.00 MSRP Cricut Explore family for cutting,
• $249.00 — amily for cutting, writing and scoring, $249.00 - $319.00 MSRP Cricut Maker family for
• $319.00 M — cutting, writing and scoring, $249.00 - $319.00 MSRP Cricut Maker family for cutting, wr
• $399.00 — effects to a wider range of materials, $399.00 - $429.00 MSRP Cricut Venture for cutt
• $429.00 M — o a wider range of materials, $399.00 - $429.00 MSRP Cricut Venture for cutting, writing
• $999.00 M — format projects at professional speeds, $999.00 MRSP Cricut often becomes a huge part of
• $1,306.2 m — d 2023, we generated: Total revenue of $1,306.2 million, $886.3 million and $765.1 millio
• $886.3 million — ed: Total revenue of $1,306.2 million, $886.3 million and $765.1 million, respectively, repre
• $765.1 m — of $1,306.2 million, $886.3 million and $765.1 million, respectively, representing 36%,
• $140.5 m — ear growth, respectively Net income of $140.5 million, $60.7 million and $53.6 million,
• $60.7 million — ectively Net income of $140.5 million, $60.7 million and $53.6 million, respectively, repres
• $53.6 m — me of $140.5 million, $60.7 million and $53.6 million, respectively, representing (9)%,

Filing Documents

• crct-20231231.htm (10-K) — 2247KB
• ex231bdoconsent20231.htm (EX-23.1) — 2KB
• crct-20231231xex311.htm (EX-31.1) — 10KB
• crct-20231231xex312.htm (EX-31.2) — 10KB
• crct-20231231xex321.htm (EX-32.1) — 4KB
• crct-20231231xex322.htm (EX-32.2) — 4KB
• cricutinc-clawbackpolicyfo.htm (EX-97.1) — 38KB
• crct-20231231_g1.jpg (GRAPHIC) — 125KB
• 0001828962-24-000014.txt (&nbsp;) — 11485KB
• crct-20231231.xsd (EX-101.SCH) — 65KB
• crct-20231231_cal.xml (EX-101.CAL) — 96KB
• crct-20231231_def.xml (EX-101.DEF) — 423KB
• crct-20231231_lab.xml (EX-101.LAB) — 939KB
• crct-20231231_pre.xml (EX-101.PRE) — 692KB
• crct-20231231_htm.xml (XML) — 1604KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 61 Item 1C. Cybersecurity 62 Item 2.

Properties

Properties 63 Item 3.

Legal Proceedings

Legal Proceedings 63 Item 4. Mine Safety Disclosures 63 Part II 63 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63 Item 6. [ Reserved ] 65 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 119 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. 119 Part III 119 Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11.

Executive Compensation

Executive Compensation 120 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 120 Item 13. Certain Relationships and Related Transactions, and Director Independence 120 Item 14. Principal Accounting Fees and Services 120 Part IV 120 Item 15. Exhibits, Financial Statement Schedules 120 Item 16. Form 10-K Summary 122

Signatures

Signatures 122 3 PART I

Business

Item 1. Business Overview At Cricut, our mission is to help people lead creative lives. Our creativity platform enables our engaged and loyal community of over 8.9 million users, as of December 31, 2023, to turn ideas into "I Did It's" — DIY goods from custom greeting cards, and apparel to on-demand gifts and large-scale decor. We designed and built our ecosystem of connected cutting machines, accessories, and materials for scalability and seamless integration, allowing us to both introduce new products as well as continuously update the functionality and features of existing physical and digital products. This makes Cricut broadly extensible and empowers our users to unlock ever-expanding creative potential. The Cricut platform centers around our cloud-based app, Cricut Design Space, giving users access to create and work on their projects anywhere, at any time, across desktop and mobile devices. This software aggregates billions of data points of our users' contributions, giving us valuable insights into their preferences and behaviors that enable us to continuously improve our products and drive further engagement. As a result, our business model is characterized by strong user engagement and diversified sales across product categories. We extend the inspiring and intuitive nature of our platform to our hardware with connected machines that are both beautiful and easy to use. Our portfolio of connected machines cuts, writes, scores, and creates decorative effects for a wide range of use cases on an array of materials including paper, vinyl, wood, and leather. These machines are available at a variety of price points: Cricut Joy family for personalization, organization, and customization, $149.00-$199.00 MSRP Cricut Explore family for cutting, writing and scoring, $249.00 - $319.00 MSRP Cricut Maker family for cutting, writing, scoring and adding decorative effects to a wider range of materials, $399.00 - $429.00 MSRP Cricut Venture for cutting, writing, a

View Full Filing

View this 10-K filing on SEC EDGAR