Cricut Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
CRCT$8.67-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $53,636 | $60,666 | $140,473 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | |||
| Depreciation and amortization (including amortization of debt issuance costs) | 30,039 | 26,957 | 19,388 |
| Bad debt expense | 1,720 | (64) | 1,096 |
| Impairments | 9,953 | 2,922 | — |
| Stock-based compensation | 47,326 | 41,121 | 38,074 |
| Deferred income tax | (11,238) | (20,461) | (135) |
| Non-cash lease expense | 4,987 | 4,845 | 4,186 |
| Provision for inventory obsolescence | 26,330 | 11,466 | 5,070 |
| Unrealized foreign currency (gain) loss | 88 | (1,040) | — |
| Other | (2,143) | (440) | (2) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 23,500 | 63,696 | (37,673) |
| Inventories | 78,376 | 63,085 | (207,978) |
| Prepaid expenses and other current assets | 4,204 | 8,807 | (27,942) |
| Other assets | 869 | (51) | (934) |
| Accounts payable | 13,535 | (139,845) | (46,667) |
| Accrued expenses and other current liabilities and other non-current liabilities | 7,761 | (2,137) | 3,639 |
| Operating lease liabilities | (5,423) | (5,096) | (4,672) |
| Deferred revenue | 4,577 | 3,252 | 9,128 |
| Net cash and cash equivalents provided by (used in) operating activities | 288,097 | 117,683 | (104,949) |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | (63,451) | (180,112) | — |
| Proceeds from maturities of marketable securities | 38,390 | 21,393 | — |
| Proceeds from sales of marketable securities | — | 84,621 | — |
| Purchases of property and equipment, including capitalized software development costs | (23,717) | (33,771) | (35,786) |
| Net cash and cash equivalents used in investing activities | (48,778) | (107,869) | (35,786) |
| Cash flows from financing activities: | |||
| Proceeds from capital contributions | — | — | 200 |
| Proceeds from issuance of common stock upon initial public offering, net of offering costs | — | — | 262,007 |
| Repurchases of common stock | (20,332) | (18,580) | — |
| Proceeds from exercise of stock options | 383 | 31 | 272 |
| Employee tax withholding payments on stock-based awards | (8,106) | (6,384) | (2,017) |
| Payments for debt issuance costs | — | (1,300) | — |
| Cash dividend | (294,130) | — | — |
| Other financing activities, net | — | (14) | (218) |
| Net cash and cash equivalents provided by (used in) financing activities | (322,185) | (26,247) | 260,244 |
| Effect of exchange rate on changes on cash and cash equivalents | 110 | (221) | (127) |
| Net (decrease) increase in cash and cash equivalents | (82,756) | (16,654) | 119,382 |
| Cash and cash equivalents at beginning of period | 224,943 | 241,597 | 122,215 |
| Cash and cash equivalents at end of period | $142,187 | $224,943 | $241,597 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for interest | $— | $— | $14 |
| Cash paid during the period for income taxes | $24,072 | $28,916 | $81,132 |
Consolidated Statements of Cash Flows (continued)
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $280 | $4,285 | $6,805 |
| Property and equipment included in accounts payable and accrued expenses and other current liabilities | $2,824 | $4,410 | $3,355 |
| Tax withholdings on stock-based awards included in accrued expenses and other current liabilities | $451 | $1,324 | $860 |
| Stock-based compensation capitalized for software development costs | $1,960 | $2,321 | $1,607 |
| Reclassification of liability awards to equity upon modification | $— | $— | $10,784 |
| Leasehold improvements acquired through tenant allowances | $— | $859 | $— |
| Dividends declared but unpaid | $2,342 | $81,420 | $— |
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