CRICUT, INC. 
Cricut Investor Relations Data Sheet
Q2 2023 | ||||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | ||||||||||||||||||
Total Cricut Revenue | $ | 143,723 | $ | 235,336 | $ | 209,005 | $ | 370,966 | $ | 959,030 | $ | 323,822 | $ | 334,493 | $ | 260,086 | $ | 387,826 | $ | 1,306,227 | $ | 244,783 | $ | 183,757 | $ | 176,996 | $ | 280,760 | $ | 886,296 | $ | 181,227 | $ | 177,765 |
% Change in Total revenue (YoY) | 36% | 149% | 86% | 114% | 97% | 125% | 42% | 24% | 5% | 36% | -24% | -45% | -32% | -28% | -32% | -26% | -3% |
OPERATING EXPENSES TOTAL REVENUE & GROSS MARGINS EARNINGS
PROFITABILITY AND
Total Cost of Revenue | $ | 98,955 | $ | 162,029 | $ | 119,455 | $ | 246,217 | $ | 626,656 | $ | 203,552 | $ | 204,198 | $ | 158,023 | $ | 283,004 | $ | 848,777 | $ | 145,763 | $ | 98,329 | $ | 95,162 | $ | 197,149 | $ | 536,403 | $ | 104,561 | $ | 90,110 |
Total Gross Profit | $ | 44,768 | $ | 73,307 | $ | 89,550 | $ | 124,749 | $ | 332,374 | $ | 120,270 | $ | 130,295 | $ | 102,063 | $ | 104,822 | $ | 457,450 | $ | 99,020 | $ | 85,428 | $ | 81,834 | $ | 83,611 | $ | 349,893 | $ | 76,666 | $ | 87,655 |
Total Cricut Gross Margin % | 31.1% | 31.1% | 42.8% | 33.6% | 34.7% | 37.1% | 39.0% | 39.2% | 27.0% | 35.0% | 40.5% | 46.5% | 46.2% | 29.8% | 39.5% | 42.3% | 49.3% | |||||||||||||||||
Connected Machine Revenue | $ | 56,888 | $ | 113,388 | $ | 75,523 | $ | 170,915 | $ | 416,714 | $ | 141,320 | $ | 146,326 | $ | 102,454 | $ | 158,105 | $ | 548,205 | $ | 62,391 | $ | 35,438 | $ | 52,420 | $ | 102,314 | $ | 252,563 | $ | 34,131 | $ | 37,284 |
% Change in Connected Machine revenue (YoY) | 28% | 276% | 74% | 114% | 110% | 148% | 29% | 36% | -7% | 32% | -56% | -76% | -49% | -35% | -54% | -45% | 5% | |||||||||||||||||
Connected Machine cost of revenue | $ | 51,577 | $ | 95,543 | $ | 58,525 | $ | 146,253 | $ | 351,898 | $ | 119,692 | $ | 116,217 | $ | 87,649 | $ | 160,467 | $ | 484,025 | $ | 60,713 | $ | 34,882 | $ | 49,240 | $ | 99,425 | $ | 244,260 | $ | 33,066 | $ | 33,765 |
Connected Machine gross profit | $ | 5,311 | $ | 17,845 | $ | 16,998 | $ | 24,662 | $ | 64,816 | $ | 21,628 | $ | 30,109 | $ | 14,805 | $ | (2,362) | $ | 64,180 | $ | 1,678 | $ | 556 | $ | 3,180 | $ | 2,889 | $ | 8,303 | $ | 1,065 | $ | 3,519 |
Connected Machine gross margin % | 9.3% | 15.7% | 22.5% | 14.4% | 15.6% | 15.3% | 20.6% | 14.5% | -1.5% | 11.7% | 2.7% | 1.6% | 6.1% | 2.8% | 3.3% | 3.1% | 9.4% | |||||||||||||||||
Subscriptions Revenue | $ | 19,180 | $ | 24,028 | $ | 31,206 | $ | 36,923 | $ | 111,337 | $ | 46,139 | $ | 50,673 | $ | 53,303 | $ | 55,743 | $ | 205,858 | $ | 64,778 | $ | 67,604 | $ | 68,865 | $ | 71,097 | $ | 272,344 | $ | 75,083 | $ | 76,129 |
% Change in Subscription revenues (YoY) | 63% | 91% | 125% | 137% | 107% | 141% | 111% | 71% | 51% | 85% | 40% | 33% | 29% | 28% | 32% | 16% | 13% | |||||||||||||||||
Subscriptions cost of revenue | $ | 2,841 | $ | 3,122 | $ | 2,998 | $ | 4,164 | $ | 13,125 | $ | 4,298 | $ | 5,285 | $ | 5,934 | $ | 6,444 | $ | 21,961 | $ | 6,252 | $ | 6,181 | $ | 6,500 | $ | 7,442 | $ | 26,375 | $ | 7,631 | $ | 7,898 |
Subscriptions gross profit | $ | 16,339 | $ | 20,906 | $ | 28,208 | $ | 32,759 | $ | 98,212 | $ | 41,841 | $ | 45,388 | $ | 47,369 | $ | 49,299 | $ | 183,897 | $ | 58,526 | $ | 61,423 | $ | 62,365 | $ | 63,655 | $ | 245,969 | $ | 67,452 | $ | 68,231 |
Subscriptions gross margin % | 85.2% | 87.0% | 90.4% | 88.7% | 88.2% | 90.7% | 89.6% | 88.9% | 88.4% | 89.3% | 90.3% | 90.9% | 90.6% | 89.5% | 90.3% | 89.8% | 89.6% | |||||||||||||||||
Accessories & Materials Revenue | $ | 67,655 | $ | 97,920 | $ | 102,276 | $ | 163,128 | $ | 430,979 | $ | 136,363 | $ | 137,494 | $ | 104,329 | $ | 173,978 | $ | 552,164 | $ | 117,614 | $ | 80,715 | $ | 55,711 | $ | 107,349 | $ | 361,389 | $ | 72,013 | $ | 64,352 |
% Change in A&M Revenue (YoY) | 36% | 89% | 86% | 109% | 84% | 102% | 40% | 2% | 7% | 28% | -14% | -41% | -47% | -38% | -35% | -39% | -20% | |||||||||||||||||
Accessories & Materials cost of revenue | $ | 44,537 | $ | 63,364 | $ | 57,932 | $ | 95,800 | $ | 261,633 | $ | 79,562 | $ | 82,696 | $ | 64,440 | $ | 116,093 | $ | 342,791 | $ | 78,798 | $ | 57,266 | $ | 39,422 | $ | 90,282 | $ | 265,768 | $ | 63,864 | $ | 48,447 |
Accessories & Materials gross profit | $ | 23,118 | $ | 34,556 | $ | 44,344 | $ | 67,328 | $ | 169,346 | $ | 56,801 | $ | 54,798 | $ | 39,889 | $ | 57,885 | $ | 209,373 | $ | 38,816 | $ | 23,449 | $ | 16,289 | $ | 17,067 | $ | 95,621 | $ | 8,149 | $ | 15,905 |
Accessories & Materials gross margin % | 34.2% | 35.3% | 43.4% | 41.3% | 39.3% | 41.7% | 39.9% | 38.2% | 33.3% | 37.9% | 33.0% | 29.1% | 29.2% | 15.9% | 26.5% | 11.3% | 24.7% | |||||||||||||||||
Total Operating Expenses | $ | 27,318 | $ | 27,546 | $ | 31,832 | $ | 45,165 | $ | 131,861 | $ | 55,606 | $ | 66,143 | $ | 64,315 | $ | 78,981 | $ | 265,045 | $ | 67,613 | $ | 65,399 | $ | 64,413 | $ | 72,515 | $ | 269,940 | $ | 66,137 | $ | 68,405 |
OPEX as % of Revenue | 19% | 12% | 15% | 12% | 14% | 17% | 20% | 25% | 20% | 20% | 28% | 36% | 36% | 26% | 30% | 36% | 38% | |||||||||||||||||
Research & Development Expense | $ | 9,171 | $ | 8,636 | $ | 9,977 | $ | 11,146 | $ | 38,930 | $ | 15,698 | $ | 20,606 | $ | 20,531 | $ | 22,979 | $ | 79,814 | $ | 20,530 | $ | 20,055 | $ | 18,747 | $ | 17,582 | $ | 76,914 | $ | 17,801 | $ | 16,346 |
R&D Expense as % of Revenue | 6% | 4% | 5% | 3% | 4% | 5% | 6% | 8% | 6% | 6% | 8% | 11% | 11% | 6% | 9% | 10% | 9% | |||||||||||||||||
Sales & Marketing Expense | $ | 12,447 | $ | 13,437 | $ | 13,660 | $ | 23,785 | $ | 63,329 | $ | 27,489 | $ | 33,030 | $ | 30,293 | $ | 43,151 | $ | 133,963 | $ | 32,789 | $ | 31,516 | $ | 29,165 | $ | 36,909 | $ | 130,379 | $ | 29,616 | $ | 29,407 |
S&M Expense as % of Revenue | 9% | 6% | 7% | 6% | 7% | 8% | 10% | 12% | 11% | 10% | 13% | 17% | 16% | 13% | 15% | 16% | 17% | |||||||||||||||||
General & Administrative Expense | $ | 5,700 | $ | 5,473 | $ | 8,195 | $ | 10,234 | $ | 29,602 | $ | 12,419 | $ | 12,507 | $ | 13,491 | $ | 12,851 | $ | 51,268 | $ | 14,294 | $ | 13,828 | $ | 16,501 | $ | 18,024 | $ | 62,647 | $ | 18,720 | $ | 22,652 |
G&A Expense as % of Revenue | 4% | 2% | 4% | 3% | 3% | 4% | 4% | 5% | 3% | 4% | 6% | 8% | 9% | 6% | 7% | 10% | 13% | |||||||||||||||||
Stock-Based Compensation Expense | $ | 1,435 | $ | 1,320 | $ | 2,179 | $ | 4,512 | $ | 9,446 | $ | 11,641 | $ | 8,050 | $ | 8,070 | $ | 10,060 | $ | 37,821 | $ | 8,903 | $ | 10,286 | $ | 11,144 | $ | 9,858 | $ | 40,191 | $ | 9,848 | $ | 11,232 |
Operating Income | $ | 17,450 | $ | 45,761 | $ | 57,718 | $ | 79,584 | $ | 200,513 | $ | 64,664 | $ | 64,152 | $ | 37,748 | $ | 25,841 | $ | 192,405 | $ | 31,407 | $ | 20,029 | $ | 17,421 | $ | 11,096 | $ | 79,953 | $ | 10,529 | $ | 19,250 |
Operating margin % | 12.1% | 19.4% | 27.6% | 21.5% | 20.9% | 20.0% | 19.2% | 14.5% | 6.7% | 14.7% | 12.8% | 10.9% | 9.8% | 4.0% | 9.0% | 5.8% | 10.8% | |||||||||||||||||
Net Income | $ | 13,040 | $ | 34,879 | $ | 45,211 | $ | 61,448 | $ | 154,578 | $ | 49,418 | $ | 49,126 | $ | 30,005 | $ | 11,924 | $ | 140,473 | $ | 23,504 | $ | 13,827 | $ | 12,444 | $ | 10,891 | $ | 60,666 | $ | 9,099 | $ | 16,024 |
Net Income Margin % | 9.1% | 14.8% | 21.6% | 16.6% | 16.1% | 15.3% | 14.7% | 11.5% | 3.1% | 10.8% | 9.6% | 7.5% | 7.0% | 3.9% | 6.8% | 5.0% | 9.0% | |||||||||||||||||
% Change in Net Income (YoY) | -14% | 295% | 505% | 689% | 294% | 279% | 41% | -34% | -81% | -9% | -52% | -72% | -59% | -9% | -57% | -61% | 16% | |||||||||||||||||
Earnings per share, basic | N/A | N/A | N/A | N/A | N/A | $0.24 | $0.24 | $0.14 | $0.06 | $0.67 | $0.11 | $0.06 | $0.06 | $0.05 | $0.28 | $0.04 | $0.07 | |||||||||||||||||
Earnings per share, diluted | N/A | N/A | N/A | N/A | N/A | $0.24 | $0.22 | $0.13 | $0.05 | $0.64 | $0.11 | $0.06 | $0.06 | $0.05 | $0.28 | $0.04 | $0.07 | |||||||||||||||||
Basic Shares | N/A | N/A | N/A | N/A | N/A | 207,309,946 | 208,205,162 | 208,988,168 | 210,776,177 | 208,833,827 | 212,403,383 | 214,852,256 | 215,347,882 | 215,658,921 | 214,458,284 | 215,587,699 | 216,963,697 | |||||||||||||||||
Diluted Shares | N/A | N/A | N/A | N/A | N/A | 208,458,352 | 222,947,030 | 224,331,039 | 222,897,188 | 219,776,069 | 220,967,935 | 220,791,640 | 220,353,807 | 219,710,235 | 220,588,789 | 218,749,255 | 219,915,839 |
Cricut Investor Relations Data | 1 of 2 |
Cricut Investor Relations Data Sheet
Q2 2023
USERS/ ENGAGE- | Total Users | |
MENT | % Change in Users (YoY) | |
Engaged Users - 90 days | ||
% Change in Engaged Users - 90 days (YoY) | ||
Engagement % - 90 days | ||
Subscriptions revenue | ||
% Change in Subscription revenues YoY | ||
USER | Total Paid Subscribers | |
Paid Subscriber Attach Rate of total users | ||
Subscription ARPU | ||
Accessories & Materials Revenue | ||
% Change in A&M Revenue (YoY) | ||
A&M ARPU |
2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | |||||||||||||||||
2,803 | 3,274 | 3,681 | 4,323 | 4,323 | 4,939 | 5,373 | 5,732 | 6,409 | 6,409 | 6,904 | 7,192 | 7,457 | 7,893 | 7,893 | 8,239 | 8,446 | |||||||||||||||||
47% | 59% | 66% | 71% | 71% | 76% | 64% | 56% | 48% | 48% | 40% | 34% | 30% | 23% | 23% | 19% | 17% | |||||||||||||||||
1,673 | 2,066 | 2,330 | 2,810 | 2,810 | 3,054 | 3,145 | 3,200 | 3,828 | 3,828 | 3,703 | 3,670 | 3,564 | 4,050 | 4,050 | 3,710 | 3,652 | |||||||||||||||||
74% | 73% | 73% | 82% | 52% | 37% | 36% | 36% | 21% | 17% | 11% | 6% | 6% | 0% | 0% | |||||||||||||||||||
60% | 63% | 63% | 65% | 65% | 62% | 59% | 56% | 60% | 60% | 54% | 51% | 48% | 51% | 51% | 45% | 43% | |||||||||||||||||
$ | 19,180 | $ | 24,028 | $ | 31,206 | $ | 36,923 | $ | 111,337 | $ | 46,139 | $ | 50,673 | $ | 53,303 | $ | 55,743 | $ | 205,858 | $ | 64,778 | $ | 67,604 | $ | 68,865 | $ | 71,097 | $ | 272,344 | $ | 75,083 | $ | 76,129 |
63% | 91% | 125% | 137% | 107% | 141% | 111% | 71% | 51% | 85% | 40% | 33% | 29% | 28% | 32% | 16% | 13% | |||||||||||||||||
740 | 996 | 1,164 | 1,303 | 1,303 | 1,614 | 1,765 | 1,814 | 2,037 | 2,037 | 2,311 | 2,367 | 2,438 | 2,609 | 2,609 | 2,715 | 2,722 | |||||||||||||||||
26% | 30% | 32% | 30% | 30% | 33% | 33% | 32% | 32% | 32% | 33% | 33% | 33% | 33% | 33% | 33% | 32% | |||||||||||||||||
$ | 7.20 | $ | 7.91 | $ | 8.97 | $ | 9.23 | $ | 32.52 | $ | 9.96 | $ | 9.83 | $ | 9.60 | $ | 9.18 | $ | 38.37 | $ | 9.73 | $ | 9.59 | $ | 9.40 | $ | 9.26 | $ | 38.09 | $ | 9.31 | $ | 9.13 |
$ | 67,655 | $ | 97,920 | $ | 102,276 | $ | 163,128 | $ | 430,979 | $ | 136,363 | $ | 137,494 | $ | 104,329 | $ | 173,978 | $ | 552,164 | $ | 117,614 | $ | 80,715 | $ | 55,711 | $ | 107,349 | $ | 361,389 | $ | 72,013 | $ | 64,352 |
36% | 89% | 86% | 109% | 84% | 102% | 40% | 2% | 7% | 28% | -14% | -41% | -47% | -38% | -35% | -39% | -20% | |||||||||||||||||
$ | 25.40 | $ | 32.23 | $ | 29.41 | $ | 40.76 | $ | 125.88 | $ | 29.45 | $ | 26.67 | $ | 18.79 | $ | 28.66 | $ | 102.91 | $ | 17.67 | $ | 11.45 | $ | 7.61 | $ | 13.99 | $ | 50.54 | $ | 8.93 | $ | 7.71 |
Glossary of Terms:
Users:We define a User as a registered user of at least one registered connected machine as of the end of a period. One user may own multiple registered connected machines, but is only counted once if that user registers those connected machines by using the same email address.
Engaged Users:We define the Engaged Users as users who have used a connected machine for any activity, such as cutting, writing or any other activity enabled by our connected machines, in the past 90 days.
Engagement %:We define the Engagement % as the percentage of users who have used a connected machine for any activity, such as cutting, writing or any other activity enabled by our connected machines, in the past 90 days. We calculate the percentage by dividing the number of Engaged Users in the period by the total user base.
Paid Subscribers:We define Paid Subscribers as the number of users with a subscription to Cricut Access or Cricut Access Premium, excluding cancelled, unpaid or free trial subscriptions, as of the end of a period.
Subscription ARPU:We define Subscription ARPU as Subscriptions revenue divided by average total usersin a period.
Accessories and Materials ARPU:We define Accessories and Materials ARPU as Accessories and Materials revenue divided by average total usersin a period. Accessories and Materials ARPU fluctuates over time as we introduce new accessories and materials at various price points and as the volume and mix of accessories and materials purchased changes.
Cricut Investor Relations Data | 2 of 2 |
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Cricut Inc. published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 00:18:09 UTC.
