Cricut Inc
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 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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Condensed Consolidated Statements of Cash Flows (unaudited)
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $50,904 | $42,348 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
| Depreciation and amortization (including amortization of debt issuance costs) | 22,308 | 22,072 |
| Bad debt expense (benefit) | (454) | 2,144 |
| Impairments | — | 1,960 |
| Stock-based compensation | 33,255 | 34,789 |
| Deferred income tax | (12,016) | (11,938) |
| Non-cash lease expense | 3,805 | 3,727 |
| Unrealized foreign currency loss | 304 | 950 |
| Provision for inventory obsolescence | 110 | 17,942 |
| Other | (1,810) | (1,846) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 18,061 | 41,200 |
| Inventories | 86,283 | 37,488 |
| Prepaid expenses and other current assets | (13,673) | 7,490 |
| Other assets | (605) | 274 |
| Accounts payable | (30,635) | 17,102 |
| Accrued expenses and other current liabilities and other non-current liabilities | 7,574 | (17,437) |
| Operating lease liabilities | (4,197) | (4,056) |
| Deferred revenue | 2,671 | 1,817 |
| Net cash and cash equivalents provided by operating activities | 161,885 | 196,026 |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | (110,521) | (44,256) |
| Proceeds from maturities of marketable securities | 110,527 | 19,200 |
| Purchases of property and equipment, including capitalized software development costs | (14,442) | (18,942) |
| Net cash and cash equivalents used in investing activities | (14,436) | (43,998) |
| Cash flows from financing activities: | ||
| Repurchases of common stock | (30,483) | (4,558) |
| Proceeds from exercise of stock options | — | 382 |
| Employee tax withholding payments on stock-based awards | (7,144) | (6,328) |
| Cash dividend | (109,775) | (293,820) |
| Net cash and cash equivalents used in financing activities | (147,402) | (304,324) |
| Effect of exchange rate on changes on cash and cash equivalents | 142 | (95) |
| Net increase (decrease) in cash and cash equivalents | 189 | (152,391) |
| Cash and cash equivalents at beginning of period | 142,187 | 224,943 |
| Cash and cash equivalents at end of period | $142,376 | $72,552 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for interest | $— | $— |
| Cash paid during the period for income taxes | $34,898 | $21,590 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $477 | $— |
| Property and equipment included in accounts payable and accrued expenses and other current liabilities | $1,479 | $2,764 |
| Tax withholdings on stock-based awards included in accrued expenses and other current liabilities | $436 | $1,129 |
| Stock-based compensation capitalized for software development costs | $1,121 | $1,520 |
| Dividends declared but unpaid | $410 | $— |
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