Cricut Inc
For the period ended Dec 31, 2024. Filed Mar 5, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 5, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $62,830 | $53,636 | $60,666 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
| Depreciation and amortization (including amortization of debt issuance costs) | 29,006 | 30,039 | 26,957 |
| Bad debt expense | 3,285 | 1,720 | (64) |
| Impairments | 486 | 9,953 | 2,922 |
| Stock-based compensation | 45,067 | 47,326 | 41,121 |
| Deferred income tax | (4,378) | (11,238) | (20,461) |
| Non-cash lease expense | 4,811 | 4,987 | 4,845 |
| Provision for inventory obsolescence, net | (5,401) | 26,330 | 11,466 |
| Unrealized foreign currency (gain) loss | 1,047 | 88 | (1,040) |
| Other | (1,816) | (2,143) | (440) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 4,888 | 23,500 | 63,696 |
| Inventories | 149,965 | 78,376 | 63,085 |
| Prepaid expenses and other current assets | (7,221) | 4,204 | 8,807 |
| Other assets | (1,119) | 869 | (51) |
| Accounts payable | (23,120) | 13,535 | (139,845) |
| Accrued expenses and other current liabilities and other non-current liabilities | 6,985 | 7,761 | (2,137) |
| Operating lease liabilities | (5,365) | (5,423) | (5,096) |
| Deferred revenue | 5,018 | 4,577 | 3,252 |
| Net cash and cash equivalents provided by operating activities | 264,968 | 288,097 | 117,683 |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | (110,521) | (63,451) | (180,112) |
| Proceeds from maturities of marketable securities | 110,527 | 38,390 | 21,393 |
| Proceeds from sales of marketable securities | — | — | 84,621 |
| Purchases of property and equipment, including capitalized software development costs | (18,334) | (23,717) | (33,771) |
| Net cash and cash equivalents used in investing activities | (18,328) | (48,778) | (107,869) |
| Cash flows from financing activities: | |||
| Repurchases of common stock | (38,493) | (20,332) | (18,580) |
| Proceeds from exercise of stock options | — | 383 | 31 |
| Employee tax withholding payments on stock-based awards | (7,970) | (8,106) | (6,384) |
| Payments for debt issuance costs | — | — | (1,300) |
| Cash dividend | (109,972) | (294,130) | — |
| Other financing activities, net | — | — | (14) |
| Net cash and cash equivalents provided by used in financing activities | (156,435) | (322,185) | (26,247) |
| Effect of exchange rate on changes on cash and cash equivalents | (252) | 110 | (221) |
| Net increase (decrease) in cash and cash equivalents | 89,953 | (82,756) | (16,654) |
| Cash and cash equivalents at beginning of period | 142,187 | 224,943 | 241,597 |
| Cash and cash equivalents at end of period | $232,140 | $142,187 | $224,943 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for interest | $— | $— | $— |
| Cash paid during the period for income taxes | $43,596 | $24,072 | $28,916 |
Consolidated Statements of Cash Flows (continued)
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $6,417 | $280 | $4,285 |
| Property and equipment included in accounts payable and accrued expenses and other current liabilities | $2,050 | $2,824 | $4,410 |
| Tax withholdings on stock-based awards included in accrued expenses and other current liabilities | $463 | $451 | $1,324 |
| Stock-based compensation capitalized for software development costs | $1,509 | $1,960 | $2,321 |
| Leasehold improvements acquired through tenant allowances | $— | $— | $859 |
| Dividends declared but unpaid | $24,413 | $2,342 | $81,420 |
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