Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 06, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40257 | |
Entity Registrant Name | Cricut, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0282025 | |
Entity Address, Address Line One | 10855 South River Front Parkway | |
Entity Address, City or Town | South Jordan | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84095 | |
City Area Code | 385 | |
Local Phone Number | 351-0633 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | CRCT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001828962 | |
Current Fiscal Year End Date | --12-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,434,702 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 205,753,791 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 337,472,000 | $ 122,215,000 |
Accounts receivable, net | 154,356,000 | 162,931,000 |
Inventories | 301,776,000 | 248,745,000 |
Prepaid expenses and other current assets | 2,225,000 | 4,916,000 |
Total current assets | 795,829,000 | 538,807,000 |
Property and equipment, net | 37,377,000 | 33,441,000 |
Intangible assets, net | 2,090,000 | 2,280,000 |
Deferred tax assets | 3,119,000 | 3,119,000 |
Other assets | 1,772,000 | 3,753,000 |
Total assets | 840,187,000 | 581,400,000 |
Current liabilities: | ||
Accounts payable | 203,828,000 | 251,658,000 |
Accrued expenses and other current liabilities | 66,409,000 | 71,324,000 |
Deferred revenue, current portion | 24,551,000 | 23,518,000 |
Total current liabilities | 294,788,000 | 346,500,000 |
Deferred revenue, net of current portion | 3,454,000 | 2,758,000 |
Other non-current liabilities | 3,498,000 | 3,217,000 |
Total liabilities | 301,740,000 | 352,475,000 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2021. No shares issued, authorized or outstanding as of December 31, 2020. | 0 | 0 |
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of March 31, 2021, 221,365,580 shares issued and outstanding as of March 31, 2021; 257,058,262 shares authorized as of December 31, 2020, 208,116,104 shares issued and outstanding as of December 31, 2020 | 221,000 | 208,000 |
Additional paid-in capital | 672,845,000 | 412,741,000 |
Accumulated deficit | (134,615,000) | (184,033,000) |
Accumulated other comprehensive income (loss) | (4,000) | 9,000 |
Total stockholders’ equity | 538,447,000 | 228,925,000 |
Total liabilities and stockholders’ equity | $ 840,187,000 | $ 581,400,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | |
Common stock, shares authorized (in shares) | 1,250,000,000 | 257,058,262 |
Common stock, shares issued (in shares) | 221,365,580 | 208,116,104 |
Common stock, shares outstanding (in shares) | 221,365,580 | 208,116,104 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Revenue | $ 323,822 | $ 143,723 |
Cost of revenue: | ||
Cost of revenue | 203,552 | 98,955 |
Gross profit | 120,270 | 44,768 |
Operating expenses: | ||
Research and development | 15,698 | 9,171 |
Sales and marketing | 27,489 | 12,447 |
General and administrative | 12,419 | 5,700 |
Total operating expenses | 55,606 | 27,318 |
Income from operations | 64,664 | 17,450 |
Other expense, net | (29) | (574) |
Income before provision for income taxes | 64,635 | 16,876 |
Provision for income taxes | 15,217 | 3,836 |
Net income | 49,418 | 13,040 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (13) | 98 |
Comprehensive income | 49,405 | 13,138 |
Net income | $ 49,418 | $ 13,040 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.06 |
Diluted net income per share (in dollars per share) | $ 0.24 | $ 0.06 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average common shares outstanding, basic (in shares) | 207,309,946 | 208,116,104 |
Weighted-average common shares outstanding, diluted (in shares) | 208,458,352 | 208,116,104 |
Connected machines | ||
Revenue: | ||
Revenue | $ 141,320 | $ 56,888 |
Cost of revenue: | ||
Cost of revenue | 119,692 | 51,577 |
Subscriptions | ||
Revenue: | ||
Revenue | 46,139 | 19,180 |
Cost of revenue: | ||
Cost of revenue | 4,298 | 2,841 |
Accessories and materials | ||
Revenue: | ||
Revenue | 136,363 | 67,655 |
Cost of revenue: | ||
Cost of revenue | $ 79,562 | $ 44,537 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Common stock, balance at beginning of period (in shares) at Dec. 31, 2019 | 208,116,104 | ||||
Balance at beginning of period at Dec. 31, 2019 | $ 121,142 | $ 208 | $ 459,573 | $ (338,611) | $ (28) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 13,040 | 13,040 | |||
Capital contributions | 1,083 | 1,083 | |||
Reclassification of liability awards to equity upon modification | 0 | ||||
Stock-based compensation | 1,379 | 1,379 | |||
Compensatory units repurchased | (732) | (732) | |||
Other comprehensive income (loss) | 98 | 98 | |||
Common stock, balance at end of period (in shares) at Mar. 31, 2020 | 208,116,104 | ||||
Balance at end of period at Mar. 31, 2020 | 136,010 | $ 208 | 461,303 | (325,571) | 70 |
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020 | 208,116,104 | ||||
Balance at beginning of period at Dec. 31, 2020 | 228,925 | $ 208 | 412,741 | (184,033) | 9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 49,418 | 49,418 | |||
Capital contributions | 200 | 200 | |||
Initial public offering, net of offering costs (in shares) | 13,250,000 | ||||
Initial public offering, net of offering costs | 242,668 | $ 13 | 242,655 | ||
Repurchase upon corporate reorganization (in shares) | (524) | ||||
Repurchase upon Corporate Reorganization | (10) | (10) | |||
Reclassification of liability awards to equity upon modification | 10,784 | 10,784 | |||
Stock-based compensation | 6,635 | 6,635 | |||
Compensatory units repurchased | (160) | (160) | |||
Other comprehensive income (loss) | (13) | (13) | |||
Common stock, balance at end of period (in shares) at Mar. 31, 2021 | 221,365,580 | ||||
Balance at end of period at Mar. 31, 2021 | $ 538,447 | $ 221 | $ 672,845 | $ (134,615) | $ (4) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 49,418 | $ 13,040 |
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) | 3,956 | 3,246 |
Stock-based compensation | 11,685 | 1,446 |
Provision for inventory obsolescence | 605 | 2,580 |
Provision for doubtful accounts | (109) | 467 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 8,684 | (12,707) |
Inventories | (52,939) | 31,968 |
Prepaid expenses and other current assets | 2,680 | 448 |
Other assets | (30) | 38 |
Accounts payable | (48,317) | (43,289) |
Accrued expenses and other current liabilities and other non-current liabilities | 675 | 8,273 |
Deferred revenue | 1,729 | 927 |
Net cash and cash equivalents (used in) provided by operating activities | (21,963) | 6,437 |
Cash flows from investing activities: | ||
Acquisitions of property and equipment, including costs capitalized for development of internal use software | (7,839) | (7,753) |
Net cash and cash equivalents used in investing activities | (7,839) | (7,753) |
Cash flows from financing activities: | ||
Proceeds from capital contributions | 200 | 1,083 |
Proceeds from issuance of common stock upon initial public offering, net of offering costs | 245,082 | 0 |
Repurchase of compensatory units | (160) | (732) |
Repurchase of common stock upon Corporate Reorganization | (10) | 0 |
Payments on term loan | 0 | (1,250) |
Drawdowns on revolving loan | 0 | 169,426 |
Payments on revolving loan | 0 | (131,792) |
Payments on capital leases | (14) | (25) |
Net cash provided by financing activities | 245,098 | 36,710 |
Effect of exchange rate on changes on cash and cash equivalents | (39) | 83 |
Net increase in cash and cash equivalents | 215,257 | 35,477 |
Cash and cash equivalents at beginning of period | 122,215 | 6,653 |
Cash and cash equivalents at end of period | 337,472 | 42,130 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 9 | 591 |
Cash paid during the period for income taxes | 789 | 0 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable and accrued expenses and other current liabilities | 2,085 | 1,061 |
Stock-based compensation capitalized for software development costs | 294 | 77 |
Deferred offering costs in accounts payable and accrued expenses and other current liabilities | 1,096 | 0 |
Reclassification of liability awards to equity upon modification | $ 10,784 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Nature of Business Cricut, Inc. (“Cricut” or the “Company”) is a designer and marketer of a creativity platform that enables users to turn ideas into professional-looking handmade goods. Using the Company’s versatile connected machines, design apps and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s connected machines and related accessories and materials and subscription services are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries of the world. Headquartered in South Jordan, Utah, the Company is an innovator in its industry, focused on bringing innovative technology (automation and consumerization of industrial tools) to the craft, DIY and home décor categories. The Company’s condensed consolidated financial statements include the operations of its wholly owned subsidiaries, which are located throughout Europe and in the Asia-Pacific region. The Company designs, markets and distributes the Cricut family of products, including connected machines, design apps and accessories and materials. In addition, Cricut sells a broad line of images, fonts and projects for purchase à la carte. On September 2, 2020, Cricut converted from a Utah corporation to a Delaware corporation. In connection with such conversion, each share of Class A common stock, par value $0.01, of the Utah corporation was exchanged for one share of common stock of the Delaware corporation, par value $0.001. On March 11, 2021, the Company filed an Amended and Restated Certificate of Incorporation to effect a 64.2645654-for-1 forward stock split of its outstanding common stock. The par value per share was not adjusted as a result of the forward stock split. All authorized, issued and outstanding shares of common stock, common stock, additional paid in capital and the related per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the forward stock split and change in par value for all prior periods presented. The Company organizes its business into the following three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. See Note 13, Segment Information, for further discussion of the Company’s segment reporting structure. Initial Public Offering and Corporate Reorganization The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on March 24, 2021 by the Securities and Exchange Commission (“SEC”), and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on March 25, 202 1. On March 29, 2021, the Company closed its IPO, in which the Company sold 13,250,000 shares of Class A common stock and the selling stockholders sold an additional 2,064,903 shares of Class A Common Stock at a price to the public of $20.00 per share. The Company received aggregate net proceeds of $242.7 million after deducting offering costs, underwriting discounts and commissions of $22.3 million. On April 28, 2021, the Company sold an additional 968,815 shares of Class A common stock and the selling stockholders sold an additional 150,984 shares of Class A common stock pursuant to the partial exercise of the underwriters’ option to purchase additional shares which generated net proceeds of $18.1 million after deducting for underwriting discounts and commissions of $1.3 million. Immediately prior to the IPO, the Company engaged in a series of related Corporate Reorganization transactions as follows: • Cricut, Inc. filed an amended and restated certificate of incorporation; and • Cricut Holdings, LLC, or Cricut Holdings, dissolved and liquidated in accordance with the terms and conditions of its then existing limited liability company agreement, pursuant to which the holders of existing units in Cricut Holdings (including holders of purchased units, incentive units, zero strike price incentive units, certain phantom units and options), or the Existing Unitholders, received 100% of the capital stock of Cricut, Inc., its sole asset, at the time of the liquidation with a value implied by the initial public offering price of the shares of Class A common stock to be sold in this offering. Cricut Holdings ceased to exist following this transaction. In connection with the Corporate Reorganization the outstanding stock based compensation awards issued by Cricut Holdings were modified or settled as described in Note 8 below. Upon filing the amended and restated certificate of incorporation, all of the Company’s historical Common Stock converted to Class B common stock. Shares of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, (the "Securities Act"), on March 25, 2021 (the "Prospectus"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2021, or any other period. Except as described elsewhere in Note 2 below, there have been no material changes to the Company's significant accounting policies as described in the Company’s Prospectus. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and internally developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Deferred Offering Costs The Company recorded deferred offering costs of $1.9 million as other assets on the consolidated balance sheet as of December 31, 2020 and consist of costs incurred in connection with the Company’s IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of the IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds are highly liquid investments and are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. As of March 31, 2021 and December 31, 2020, the Company held $319.1 million and $106.0 million in money market funds, respectively, with no unrealized gains or losses. Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-Based and Stock-Equivalent Compensation The Company records compensation expense for all stock-based awards granted based on the fair value of the award at the time of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for awards with only a service condition. The graded vesting method is used for awards that have service and other conditions. Forfeitures are accounted for as they occur. The Company estimates the fair value of awards with time-based or performance-based vesting provisions using the Black-Scholes method. The fair value of awards subject to market conditions is estimated using a Geometric Brownian Motion Stock Path Monte Carlo Simulation (“Monte Carlo Simulation”). The determination of the grant date fair value of the awards issued is affected by a number of variables, including the fair value of the underlying shares or units, the expected price volatility over the expected life of the awards, the expected term of the award, risk-free interest rates, the expected dividend yield of the underlying units and the likelihood of termination. The Company has limited publicly available stock information and therefore, the Company uses the historical volatility of the stock price of similar publicly traded peer companies. The Company estimates the expected term using the simplified method for “plain vanilla” stock option awards or based on the expected time to a liquidation event or other transaction that would result in settlement of other awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company does not anticipate paying dividends, and the Company and its former parent, Cricut Holdings, have not paid dividends other than a one-time dividend paid in 2020. Likelihood of termination for the Monte Carlo Simulation is estimated based upon both historical turnover and anticipated turnover based upon Company or market pressures. |
Revenue and Deferred Revenue
Revenue and Deferred Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Deferred Revenue | Revenue and Deferred RevenueDeferred revenue relates to performance obligations for which payments have been received by the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company had no material contract assets. The following table summarizes the changes in the deferred revenue balance (in thousands): March 31, March 31, (in thousands) Deferred revenue, beginning of period $ 26,276 $ 14,566 Recognition of revenue included in beginning of period deferred revenue (14,389) (7,212) Revenue deferred, net of revenue recognized on contracts in the respective period 16,118 8,140 Deferred revenue, end of period $ 28,005 $ 15,494 As of March 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance. The Company expected the following recognition of deferred revenue as of March 31, 2021: Year Ended December 31, 2021 (remainder of year) 2022 2023 Total (in thousands) Revenue expected to be recognized $ 23,846 $ 2,579 $ 1,580 $ 28,005 The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 13 under the heading “Segment Information.” Revenue recognized during the three months ended March 31, 2021 related to performance obligations satisfied or partially satisfied in prior periods was $0.6 million. The following table presents the total revenue by geography based on the ship-to address for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) North America* $ 290,337 $ 134,248 International 33,485 9,475 Total revenue $ 323,822 $ 143,723 *Consists of United States and Canada |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of March 31, As of December 31, (in thousands) Customer rebates $ 23,000 $ 30,295 Other accrued liabilities and other current liabilities 43,409 41,029 Total accrued expenses $ 66,409 $ 71,324 |
Revolving Credit Facility
Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Revolving Credit Facility 2020 Credit Agreement In September 2020, the Company entered into the New Credit Agreement with JPMorgan Chase Bank, N.A., Citibank, N.A. and Origin Bank. The New Credit Agreement replaces the prior amended Credit Agreement with Origin Bank. The New Credit Agreement provides for a three-year asset-based senior secured revolving credit facility of up to $150.0 million, maturing on September 4, 2023. During the term of the New Credit Agreement, the Company may increase the aggregate amount of the New Credit Facility by up to an additional $200.0 million, (for maximum aggregate lender commitments of up to $350.0 million), subject to the satisfaction of certain conditions under the New Credit Agreement, including obtaining the consent of the administrative agent and an increased commitment from existing or new lenders. The New Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The amount that can be borrowed under the New Credit Facility is limited to the lesser of (a) the borrowing base minus the aggregate revolving exposure or (b) aggregate lender commitments at any given time. The borrowing base is determined according to certain percentages of eligible accounts receivable and eligible inventory (which may be valued at average cost, market value or net orderly liquidation value), subject to reserves determined by the administrative agent. At any time that the Company’s borrowing base is less than the aggregate lender commitments, the Company can only borrow revolving loans up to the amount of the Company’s borrowing base and not in the full amount of the aggregate lender commitments. As of March 31, 2021, no amount was outstanding under the New Credit Agreement and available borrowings were $137.3 million. Generally, borrowings under the New Credit Agreement bear interest at a rate based on LIBOR (“Adjusted LIBO rate”) or an alternative base rate (“ABR”), plus, in each case, an applicable margin. The applicable margin will range from (a) with respect to borrowings bearing interest at the ABR, 1.50% to 2.00%, and (b) with respect to borrowings bearing interest at the ABR (i) if the “REVLIBOR30 Screen Rate” (as defined in the New Credit Agreement) is available for such period, 1.50% to 2.00%, or (ii) otherwise, 0.00% to 0.50%, in each case for the previous clauses (a) and (b), based on our “Fixed Charge Coverage Ratio” as defined in the New Credit Agreement. The New Credit Agreement contains financial covenants during the initial year of the agreement, requiring the Company to maintain a fixed charge coverage ratio of at least 1.0 to 1.0, measured monthly on a trailing 12-month basis. The Company is also subject to this covenant in future periods if the available commitments is less than the greater of $15.0 million and 10% of total commitment made by all lenders. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of March 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As required by ASC 740, “Income Taxes,” the Company computes interim period income taxes by applying an estimated annual effective tax rate to our year-to-date income from operations before income taxes, except for significant unusual or infrequently occurring items. The estimated effective tax rate is adjusted each quarter in accordance with ASC 740. The estimated annual effective tax rate was 23.5 percent and 22.7 percent for the three months ended March 31, 2021 and March 31, 2020, respectively, resulting in a year-to-date provision for income taxes of $15.2 million and $3.8 million, respectively. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate for the periods presented primarily due to state taxes. The Company reported no significant discrete tax items. The Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies, the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded that it is more likely than not that the net deferred tax assets will be realized. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for the three months ended March 31, 2021. |
Capital Structure
Capital Structure | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Structure | Capital Structure In connection with the Corporate Reorganization prior to the IPO, the Company filed an amended and restated certification of incorporation which authorized 100,000,000 shares of preferred stock, par value $0.001 per share, and 1,250,000,000 shares of common stock, par value $0.001 per share, which was divided between two series Class A common stock and Class B common stock. All previously outstanding common stock was reclassified as Class B common stock. During the quarter, 2,064,903 shares of Class B common stock converted to Class A common stock. As of March 31, 2021, the Company had 1,000,000,000 shares of Class A common stock and 250,000,000 shares of Class B common stock authorized and 15,314,903 shares of Class A common stock and 206,050,677 shares of Class B common stock issued and outstanding. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based Compensation Cost The following table shows the stock-based compensation cost by award type for the periods indicated: Three Months Ended Three Months Ended (in thousands) Equity classified awards $ 6,635 $ 1,378 Liability classified awards 6,041 203 Total stock-based compensation $ 12,676 $ 1,581 The following table sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income for the periods indicated: Three Months Ended Three Months Ended (in thousands) Cost of revenue Connected machines $ 8 $ 2 Subscriptions 36 9 Accessories and materials — — Total cost of revenue 44 11 Research and development 3,641 760 Sales and marketing 5,607 457 General and administrative 2,393 218 Total stock-based compensation expense $ 11,685 $ 1,446 During the three months ended March 31, 2021 and 2020, the Company capitalized $0.7 million and $0.1 million of stock-based compensation to inventories, respectively. As of March 31, 2021, there was $64.4 million of unrecognized stock-based compensation cost related to equity awards which is expected to be recognized over a weighted-average period of 3.5 years. As of March 31, 2021, there was $0.9 million of unrecognized stock-based compensation cost related to liability classified awards which is expected to be recognized over a weighted-average period of 3.5 years. Corporate Reorganization and Stock-Based Compensation Modifications In connection with the Corporate Reorganization, all outstanding awards issued under the Incentive Unit Plan discussed below were modified by exchanging the outstanding awards of Cricut Holdings for awards of the Company. All service based vesting conditions were unaffected by the modification. As described below, the vesting conditions were modified for certain awards which previously had both service and market based vesting conditions. All vested equity classified awards were settled in shares of the Company’s Class B common stock previously held by Cricut Holdings. Unvested equity classified awards were converted to restricted shares of the Company’s Class B common stock subject to future vesting, or in the case of options were converted into options to purchase the Company’s Class B common stock. All vested liability classified awards converted into either shares of Class B common stock to the extent permitted in each applicable jurisdiction or settled in cash. All unvested liability classified awards converted into RSUs under the 2021 Equity Incentive Plan that will vest into shares of Class A common stock of Cricut, Inc. to the extent permitted in each applicable jurisdiction or into restricted stock unit equivalents which will be settled in cash upon vesting as described below. In connection with the Corporate Reorganization and modification, the Company granted options under the 2021 Equity Incentive Plan to certain employees. The number of options was calculated based on the number of outstanding incentive units or incentive unit equivalents prior to the modification and the participation threshold of such awards. The vesting terms of the options are also based on the vesting terms of the original award. Therefore, the Company considered the exchange of the original award for the restricted shares or RSUs plus the options to be a single modification and will recognize the incremental compensation cost of $14.5 million over the vesting term. Of this amount, the Company recognized $3.5 million during the three months ended March 31, 2021, including a cumulative adjustment to recognize the incremental compensation cost associated with historical vesting. As part of the modification of outstanding awards in connection with the Corporate Reorganization, awards issued under the Incentive Unit Plan which included both service and market conditions were modified to remove the market vesting condition and to increase the participation threshold of the award to the price specified in the former market condition. In total, 3.0 million, 3.0 million, 1.0 million and 1.0 million awards which previously had a participation threshold of $2.00, $2.00, $5.00 and $5.00 per share, respectively, were modified to have a participation threshold of $3.00, $4.00, $6.00 and $7.00 per share, respectively. Incremental compensation cost associated with these awards is included in the total incremental compensation cost associated with the issuance of additional options to employees described above as this change was part of a single modification. These modifications are shown as cancellations under the Incentive Unit Plan and as grants under the activity summarized below. 2021 Equity Incentive Plan In March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. As of March 31, 2021, 20,800,000 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan. A summary of the Company’s RSU activity under the 2021 Equity Incentive Plan is as follows: Number of RSUs Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2020 — $ — Granted 1,124,862 $ 20.00 Outstanding at March 31, 2021 1,124,862 $ 20.00 Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an ISO and NSO shall not be less than 100% of the fair market value of the shares on the date of grant. A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — — $ — Granted 3,419,359 20.00 Outstanding at March 31, 2021 3,419,359 $ 20.00 8.7 $ — Vested and exercisable at March 31, 2021 738,570 $ 20.00 7.9 $ — The weighted-average grant date fair value of options granted under the 2021 Equity Incentive Plan during the three months ended March 31, 2021 was $8.79 per share based on the following weighted-average assumptions: Three Months Ended Expected volatility 51.6 % Risk-free interest rate 0.8 % Expected term (in years) 4.9 Expected dividend — % In connection with the Corporate Reorganization, certain employees received restricted stock unit equivalents (RSU equivalents). Upon vesting, these awards are settled for a cash payment equal to the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. As of March 31, 2021 the total recognized liability for these awards was $0.5 million. A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows: Number of RSU Equivalents Weighted- Average Base Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — $ — Granted 94,304 6.14 Outstanding at March 31, 2021 94,304 $ 6.14 $ 1,448 Unvested Class B Common Stock The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2021 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2020 — $ — Granted 14,037,505 $ 20.00 Outstanding at March 31, 2021 14,037,505 $ 20.00 Options to Purchase Class B Common Stock The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — — $ — Granted 522,000 $ 9.04 Outstanding at March 31, 2021 522,000 $ 9.04 9.7 $ 5,590 Vested at March 31, 2021 2,000 $ 9.04 0.7 $ 21 The weighted-average grant date fair value of options to purchase Class B common stock during the three months ended March 31, 2021 was $13.42 per share based on the following weighted-average assumptions: Three Months Ended Expected volatility 51.4 % Risk-free interest rate 0.8 % Expected term (in years) 5.5 Expected dividend — % 2021 Employee Stock Purchase Plan In March 2021, the Company’s 2021 Employee Stock Purchase Plan “2021 ESPP” became effective. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. As of March 31, 2021, 4,000,000 shares of our Class A common stock were available for sale under the 2021 ESPP. No offerings have been authorized to date by the administrator under the 2021 ESPP. If the administrator authorizes an offering period under the 2021 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months. Incentive Unit Plan The Company’s former parent, Cricut Holdings, authorized an Incentive Unit Compensation Plan (the “IU Plan”) that allowed for issuances of CIUs. The participation threshold of the awards granted under the IU Plan was typically equal to the fair market value of Cricut Holdings’ membership units at the date of the grant, except zero strike price incentive unit awards which have no participation threshold. Except as noted below, all awards issued under the IU Plan only had service-based conditions. Per unit amounts in the activity below are based on the value of Cricut Holdings’ units. Equity Classified Units The Company’s former parent, Cricut Holdings, granted CIUs to employees of the Company. These awards vested 25% annually over four years of service. The Company’s former parent also granted a performance-based incentive unit, which is discussed later. These awards are collectively referred to as equity classified incentive units. Once vested, all equity classified incentive units remained outstanding until the liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings all outstanding awards were settled or modified as described above. A summary of the equity classified incentive units activity for the three months ended March 31, 2021 is as follows: Equity Incentive Units Weighted- Average Participation Threshold Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 93,371,324 $ 0.97 $ 600,316 Granted 1,548,223 $ — Exercised — $ — Forfeited (82,500) $ 1.29 Cancelled upon Corporate Reorganization (94,837,047) $ 0.95 Outstanding at March 31, 2021 — $ — $ — Vested at March 31, 2021 — $ — $ — The following table summarizes the unvested equity classified incentive units activity for the three months ended March 31, 2021: Number of Awards Weighted- Average Grant Date Fair Value Per Unit Unvested at December 31, 2020 37,116,025 $ 0.74 Granted 1,548,223 $ 9.06 Vested (7,123,673) $ 0.40 Forfeited (82,500) $ 0.79 Cancelled upon Corporate Reorganization (31,458,075) $ 1.23 Unvested at March 31, 2021 — $ — The total fair value of equity classified incentive units vested during the three months ended March 31, 2021 was $3.1 million. The grant date fair value of CIUs granted during the three months ended March 31, 2021 was equal to the estimated fair value of Cricut Holdings’ common unit on the date of the grant as all CIUs had no participation threshold. Equity Classified Options The Company’s former parent, Cricut Holdings, granted employees of the Company options to purchase zero strike price incentive units. These options generally vested on a cliff basis upon completion of the service period specified for each award. All outstanding options of Cricut Holdings were exchanged for options to purchase class B common stock of Cricut Inc. in connection with the Corporate Reorganization. A summary of option activity for the three months ended March 31, 2021 is as follows: Number of Options Weighted- Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 1,140,000 $ 4.52 $ 3,283 Granted 27,027 $ 7.40 Exercised (27,027) $ 7.40 $ 52 Forfeited (84,000) $ 4.52 Cancelled upon Corporate Reorganization (1,056,000) $ 4.52 Outstanding at March 31, 2021 — $ — $ — Vested at March 31, 2021 — $ — $ — Liability Classified Incentive Unit Equivalents The Company’s former parent issued incentive unit equivalents (phantom units) to various employees under the Incentive Unit Plan. The incentive unit equivalents paid out upon the occurrence of a liquidation event such as a change in control transaction. In addition, the units did not participate until the sum of distributions and capital appreciation of the common units from the date of grant of the incentive units equaled a specified participation threshold per unit. The incentive unit equivalents did not represent any kind of legal equity interest in the Company or the former parent Company and required cash settlement. Accordingly, the incentive unit equivalent awards were accounted for as liability classified awards and required initial and subsequent measurement at fair value. Initially, during the three months ended March 31, 2020, these awards generally vested 12.5% annually for each of the first four years of service and 50% after the fifth year of service. Following the amendment of these awards in January 2020, these awards vested 25% annually over four years of service. All liability classified incentive units had indefinite contract terms and, once vested, remained outstanding until liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings all outstanding awards were settled or modified as described above. A summary of the liability classified incentive unit equivalents activity for the three months ended March 31, 2021 is as follows: Liability Incentive Equivalents Weighted- Average Participation Threshold Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 2,851,516 $ 2.13 $ 15,017 Granted 320,000 $ — Forfeited (4,000) $ — Cancelled upon Corporate Reorganization (3,167,516) $ 1.92 Outstanding at March 31, 2021 — $ — $ — Exercisable at March 31, 2021 — $ — $ — Vested and expected to vest at March 31, 2021 — $ — $ — The following table summarizes the unvested liability classified incentive unit equivalents activity for the three months ended March 31, 2021: Number of Awards Weighted- Average Grant Date Fair Value Per Unit Unvested at December 31, 2020 2,851,516 $ 1.74 Granted 320,000 $ 8.19 Forfeited (4,000) $ 6.58 Cancelled upon Corporate Reorganization (3,167,516) $ 2.39 Unvested at March 31, 2021 — $ — The Company estimated the fair value of liability classified incentive unit equivalents upon the modification or settlement as part of the Corporate Reorganization based on the estimated fair value of the awards received to settle the liability. The cumulative adjustment upon settlement or modification is included in stock-based compensation related to liability awards above. Liability classified incentive unit equivalents were included in accrued expenses per the Company’s consolidated balance sheets and the rollforward of this liability is as follows (in thousands): Balance at December 31, 2020 $ 5,702 Stock-based compensation during period $ 6,041 Settlement or modification of awards $ (11,743) Balance at March 31, 2021 $ — |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease commitments Operating lease payments primarily relate to office and warehousing space and leases of computer equipment under operating leases. The leases provide for monthly payments with expirations through July 31, 2025. Certain of these arrangements include free rent, landlord incentives, escalating lease payments, renewal provisions and other provisions which require the Company to pay taxes, insurance, maintenance costs or defined rent increases. The Company leases certain equipment and furniture under capital leases. Future minimum lease payments under non-cancellable capital leases at March 31, 2021 were immaterial. The future minimum lease payments under non-cancellable operating leases at March 31, 2021 were as follows: Year Ending December 31, Operating Leases (in thousands) 2021 (remainder of the year) $ 3,262 2022 3,955 2023 3,874 2024 3,850 2025 2,228 Thereafter — Total minimum lease payments, net $ 17,169 Rent expense totaled $1.0 million and, $1.2 million for the three months ended March 31, 2021 and 2020, respectively. Sublease rental income was nil and $0.2 million for three months ended March 31, 2021 and 2020, respectively. Litigation |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions During the three months ended March 31, 2021 and 2020 respectively the Company received $0.2 million and $1.1 million of capital contributions from its former parent company, Cricut Holdings, as a result of additional common units issued by Cricut Holdings at the estimated fair value of the underlying units. The equity offering was purchased by a subset of then current common unitholders of Cricut Holdings and employees of the Company. |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company sponsors a 401(k) plan for the benefit of its employees who have attained at least 18 years of age. The Company matches 50% of the first 12% of an employee’s salary contributed to the plan on the first day of the month following their hire date. The Company contributed $0.7 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The computation of net income per share is as follows: Three Months Ended March 31, 2021 2020 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 49,418 $ 13,040 Shares used in computation: Weighted-average common shares outstanding, basic 207,309,946 208,116,104 Earnings per share, basic $ 0.24 $ 0.06 Diluted earnings per share: Net income $ 49,418 $ 13,040 Shares used in computation: Weighted-average common shares outstanding, basic 207,309,946 208,116,104 Weighted-average effect of potentially dilutive securities: Unvested common stock subject to forfeiture 1,089,343 — Employee stock options 31,828 — Restricted stock units and awards 26,229 — Underwriters’ option to purchase additional shares 1,006 — Diluted weighted-average common shares outstanding 208,458,352 208,116,104 Diluted net income per share $ 0.24 $ 0.06 The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Employee stock options 3,419,359 — Restricted stock units 41,019 — |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company applies ASC Topic 280, Segment Reporting, in determining reportable segments for its financial statement disclosure. The Company’s operating segments are generally organized by the type of product or service offered. Similar operating segments have been aggregated into three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. Segment information is presented in the same manner that the Company’s Chief Operating Decision Maker (“CODM”) reviews the results of operations in assessing performance and allocating resources. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of March 31, 2021, long-lived assets located outside the United States, primarily located in Malaysia and China, were $13.4 million. The Connected Machines segment derives revenue from the sale of its connected machine hardware and related essential software. The Subscriptions segment derives revenue primarily from monthly and annual subscription fees and a minimal amount of revenue allocated to the unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. The Accessories and Materials segment primarily consists of craft, DIY and home décor products. There are no internal revenue transactions between the Company’s segments. Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Connected Machines: Revenue $ 141,320 $ 56,888 Cost of revenue $ 119,692 $ 51,577 Gross profit $ 21,628 $ 5,311 Subscriptions: Revenue $ 46,139 $ 19,180 Cost of revenue $ 4,298 $ 2,841 Gross profit $ 41,841 $ 16,339 Accessories and Materials: Revenue $ 136,363 $ 67,655 Cost of revenue $ 79,562 $ 44,537 Gross profit $ 56,801 $ 23,118 Consolidated: Revenue $ 323,822 $ 143,723 Cost of revenue $ 203,552 $ 98,955 Gross profit $ 120,270 $ 44,768 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In connection with the IPO, the underwriters were granted a 30-day option to purchase up to 1,987,495 additional shares. On April 28, 2021, the Company sold an additional 968,815 shares of Class A common stock and the selling stockholders sold an additional 150,984 shares of Class A common stock pursuant to the partial exercise of the underwriters’ option to purchase additional shares which generated net proceeds of $18.1 million after deducting for underwriting discounts and commissions of $1.3 million. On May 1, 2021, the Company granted 3,086,721 restricted stock units under the 2021 Equity Incentive Plan to certain employees of the Company which generally vest over a service period of four years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) |
Consolidation | The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2021, or any other period. Except as described elsewhere in Note 2 below, there have been no material changes to the Company's significant accounting policies as described in the Company’s Prospectus. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and internally developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the ongoing pandemic and the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. |
Fair Value Measurement | Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. |
Earnings Per Share | Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. |
Stock-Based and Stock-Equivalent Compensation | Stock-Based and Stock-Equivalent Compensation The Company records compensation expense for all stock-based awards granted based on the fair value of the award at the time of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for awards with only a service condition. The graded vesting method is used for awards that have service and other conditions. Forfeitures are accounted for as they occur. The Company estimates the fair value of awards with time-based or performance-based vesting provisions using the Black-Scholes method. The fair value of awards subject to market conditions is estimated using a Geometric Brownian Motion Stock Path Monte Carlo Simulation (“Monte Carlo Simulation”). The determination of the grant date fair value of the awards issued is affected by a number of variables, including the fair value of the underlying shares or units, the expected price volatility over the expected life of the awards, the expected term of the award, risk-free interest rates, the expected dividend yield of the underlying units and the likelihood of termination. The Company has limited publicly available stock information and therefore, the Company uses the historical volatility of the stock price of similar publicly traded peer companies. The Company estimates the expected term using the simplified method for “plain vanilla” stock option awards or based on the expected time to a liquidation event or other transaction that would result in settlement of other awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company does not anticipate paying dividends, and the Company and its former parent, Cricut Holdings, have not paid dividends other than a one-time dividend paid in 2020. Likelihood of termination for the Monte Carlo Simulation is estimated based upon both historical turnover and anticipated turnover based upon Company or market pressures. |
Revenue and Deferred Revenue (T
Revenue and Deferred Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of changes in the deferred revenue balance | The following table summarizes the changes in the deferred revenue balance (in thousands): March 31, March 31, (in thousands) Deferred revenue, beginning of period $ 26,276 $ 14,566 Recognition of revenue included in beginning of period deferred revenue (14,389) (7,212) Revenue deferred, net of revenue recognized on contracts in the respective period 16,118 8,140 Deferred revenue, end of period $ 28,005 $ 15,494 |
Schedule of recognition of deferred revenue | The Company expected the following recognition of deferred revenue as of March 31, 2021: Year Ended December 31, 2021 (remainder of year) 2022 2023 Total (in thousands) Revenue expected to be recognized $ 23,846 $ 2,579 $ 1,580 $ 28,005 |
Schedule of total revenue by geography | The following table presents the total revenue by geography based on the ship-to address for the periods indicated: Three Months Ended March 31, 2021 2020 (in thousands) North America* $ 290,337 $ 134,248 International 33,485 9,475 Total revenue $ 323,822 $ 143,723 *Consists of United States and Canada |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: As of March 31, As of December 31, (in thousands) Customer rebates $ 23,000 $ 30,295 Other accrued liabilities and other current liabilities 43,409 41,029 Total accrued expenses $ 66,409 $ 71,324 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation costs | The following table shows the stock-based compensation cost by award type for the periods indicated: Three Months Ended Three Months Ended (in thousands) Equity classified awards $ 6,635 $ 1,378 Liability classified awards 6,041 203 Total stock-based compensation $ 12,676 $ 1,581 The following table sets forth the total stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive income for the periods indicated: Three Months Ended Three Months Ended (in thousands) Cost of revenue Connected machines $ 8 $ 2 Subscriptions 36 9 Accessories and materials — — Total cost of revenue 44 11 Research and development 3,641 760 Sales and marketing 5,607 457 General and administrative 2,393 218 Total stock-based compensation expense $ 11,685 $ 1,446 |
Schedule of restricted stock unit activity | A summary of the Company’s RSU activity under the 2021 Equity Incentive Plan is as follows: Number of RSUs Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2020 — $ — Granted 1,124,862 $ 20.00 Outstanding at March 31, 2021 1,124,862 $ 20.00 Number of RSU Equivalents Weighted- Average Base Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — $ — Granted 94,304 6.14 Outstanding at March 31, 2021 94,304 $ 6.14 $ 1,448 |
Schedule of stock option activity | A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — — $ — Granted 3,419,359 20.00 Outstanding at March 31, 2021 3,419,359 $ 20.00 8.7 $ — Vested and exercisable at March 31, 2021 738,570 $ 20.00 7.9 $ — The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 — $ — — $ — Granted 522,000 $ 9.04 Outstanding at March 31, 2021 522,000 $ 9.04 9.7 $ 5,590 Vested at March 31, 2021 2,000 $ 9.04 0.7 $ 21 Number of Options Weighted- Average Exercise Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 1,140,000 $ 4.52 $ 3,283 Granted 27,027 $ 7.40 Exercised (27,027) $ 7.40 $ 52 Forfeited (84,000) $ 4.52 Cancelled upon Corporate Reorganization (1,056,000) $ 4.52 Outstanding at March 31, 2021 — $ — $ — Vested at March 31, 2021 — $ — $ — |
Schedule of weighted-average valuation assumptions | The weighted-average grant date fair value of options to purchase Class B common stock during the three months ended March 31, 2021 was $13.42 per share based on the following weighted-average assumptions: Three Months Ended Expected volatility 51.4 % Risk-free interest rate 0.8 % Expected term (in years) 5.5 Expected dividend — % |
Schedule of nonvested share activity | The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2021 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2020 — $ — Granted 14,037,505 $ 20.00 Outstanding at March 31, 2021 14,037,505 $ 20.00 The following table summarizes the unvested equity classified incentive units activity for the three months ended March 31, 2021: Number of Awards Weighted- Average Grant Date Fair Value Per Unit Unvested at December 31, 2020 37,116,025 $ 0.74 Granted 1,548,223 $ 9.06 Vested (7,123,673) $ 0.40 Forfeited (82,500) $ 0.79 Cancelled upon Corporate Reorganization (31,458,075) $ 1.23 Unvested at March 31, 2021 — $ — |
Schedule of equity classified incentive units | A summary of the equity classified incentive units activity for the three months ended March 31, 2021 is as follows: Equity Incentive Units Weighted- Average Participation Threshold Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 93,371,324 $ 0.97 $ 600,316 Granted 1,548,223 $ — Exercised — $ — Forfeited (82,500) $ 1.29 Cancelled upon Corporate Reorganization (94,837,047) $ 0.95 Outstanding at March 31, 2021 — $ — $ — Vested at March 31, 2021 — $ — $ — |
Schedule of liability classified incentive unit equivalents activity | A summary of the liability classified incentive unit equivalents activity for the three months ended March 31, 2021 is as follows: Liability Incentive Equivalents Weighted- Average Participation Threshold Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 2,851,516 $ 2.13 $ 15,017 Granted 320,000 $ — Forfeited (4,000) $ — Cancelled upon Corporate Reorganization (3,167,516) $ 1.92 Outstanding at March 31, 2021 — $ — $ — Exercisable at March 31, 2021 — $ — $ — Vested and expected to vest at March 31, 2021 — $ — $ — |
Schedule of unvested liability classified incentive unit equivalents activity | The following table summarizes the unvested liability classified incentive unit equivalents activity for the three months ended March 31, 2021: Number of Awards Weighted- Average Grant Date Fair Value Per Unit Unvested at December 31, 2020 2,851,516 $ 1.74 Granted 320,000 $ 8.19 Forfeited (4,000) $ 6.58 Cancelled upon Corporate Reorganization (3,167,516) $ 2.39 Unvested at March 31, 2021 — $ — |
Summary of liability classified incentive unit equivalents rollforward | Liability classified incentive unit equivalents were included in accrued expenses per the Company’s consolidated balance sheets and the rollforward of this liability is as follows (in thousands): Balance at December 31, 2020 $ 5,702 Stock-based compensation during period $ 6,041 Settlement or modification of awards $ (11,743) Balance at March 31, 2021 $ — |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments under non-cancellable operating leases | The future minimum lease payments under non-cancellable operating leases at March 31, 2021 were as follows: Year Ending December 31, Operating Leases (in thousands) 2021 (remainder of the year) $ 3,262 2022 3,955 2023 3,874 2024 3,850 2025 2,228 Thereafter — Total minimum lease payments, net $ 17,169 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share of common stock | The computation of net income per share is as follows: Three Months Ended March 31, 2021 2020 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 49,418 $ 13,040 Shares used in computation: Weighted-average common shares outstanding, basic 207,309,946 208,116,104 Earnings per share, basic $ 0.24 $ 0.06 Diluted earnings per share: Net income $ 49,418 $ 13,040 Shares used in computation: Weighted-average common shares outstanding, basic 207,309,946 208,116,104 Weighted-average effect of potentially dilutive securities: Unvested common stock subject to forfeiture 1,089,343 — Employee stock options 31,828 — Restricted stock units and awards 26,229 — Underwriters’ option to purchase additional shares 1,006 — Diluted weighted-average common shares outstanding 208,458,352 208,116,104 Diluted net income per share $ 0.24 $ 0.06 |
Schedule of antidilutive securities excluded from computation of earnings per share | The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Employee stock options 3,419,359 — Restricted stock units 41,019 — |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of key financial performance measures of the segments | Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Connected Machines: Revenue $ 141,320 $ 56,888 Cost of revenue $ 119,692 $ 51,577 Gross profit $ 21,628 $ 5,311 Subscriptions: Revenue $ 46,139 $ 19,180 Cost of revenue $ 4,298 $ 2,841 Gross profit $ 41,841 $ 16,339 Accessories and Materials: Revenue $ 136,363 $ 67,655 Cost of revenue $ 79,562 $ 44,537 Gross profit $ 56,801 $ 23,118 Consolidated: Revenue $ 323,822 $ 143,723 Cost of revenue $ 203,552 $ 98,955 Gross profit $ 120,270 $ 44,768 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions | Apr. 28, 2021USD ($)shares | Mar. 29, 2021USD ($)$ / sharesshares | Mar. 11, 2021 | Mar. 31, 2021$ / shares | Mar. 24, 2021 | Sep. 02, 2020$ / shares | Sep. 01, 2020$ / shares |
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||
Stock split, conversion ratio | 64.2645654 | ||||||
Reorganization items, percent of capital stock | 100.00% | ||||||
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from IPO | $ | $ 18.1 | ||||||
Payments of stock issuance costs | $ | $ 1.3 | ||||||
Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||
Common Class A | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares issued in transaction | shares | 968,815 | ||||||
Common Class A | Subsequent Event | Existing Stockholders | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares issued in transaction | shares | 150,984 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from IPO | $ | $ 242.7 | ||||||
Payments of stock issuance costs | $ | $ 22.3 | ||||||
IPO | Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares issued in transaction | shares | 13,250,000 | ||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 20 | ||||||
IPO | Common Class A | Existing Stockholders | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares issued in transaction | shares | 2,064,903 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Money market funds, at carrying value | $ 319.1 | $ 106 |
Expected dividend | 0.00% | |
Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred offering costs | $ 1.9 |
Revenue and Deferred Revenue -
Revenue and Deferred Revenue - Schedule of changes in the deferred revenue balance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue, beginning of period | $ 26,276 | $ 14,566 |
Recognition of revenue included in beginning of period deferred revenue | (14,389) | (7,212) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 16,118 | 8,140 |
Deferred revenue, end of period | $ 28,005 | $ 15,494 |
Revenue and Deferred Revenue _2
Revenue and Deferred Revenue - Schedule of recognition of deferred revenue (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 28,005 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 23,846 |
Revenue, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 2,579 |
Revenue, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 1,580 |
Revenue, expected timing of satisfaction, period | 1 year |
Revenue and Deferred Revenue _3
Revenue and Deferred Revenue - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods | $ 0.6 |
Revenue and Deferred Revenue _4
Revenue and Deferred Revenue - Schedule of total revenue by geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 323,822 | $ 143,723 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 290,337 | 134,248 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 33,485 | $ 9,475 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Customer rebates | $ 23,000 | $ 30,295 |
Other accrued liabilities and other current liabilities | 43,409 | 41,029 |
Total accrued expenses | $ 66,409 | $ 71,324 |
Revolving Credit Facility - Nar
Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - New Credit Agreement | 3 Months Ended | |
Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Revolving credit facility expiration period | 3 years | |
Maximum borrowing capacity | $ 150,000,000 | |
Additional borrowing capacity, increase limit | 200,000,000 | |
Additional borrowing capacity, higher borrowing capacity option | $ 350,000,000 | |
Amounts outstanding | $ 0 | |
Remaining borrowing capacity | $ 137,300,000 | |
Restrictive covenants, fixed charge coverage ratio | 1 | |
Restrictive covenants, fixed charge coverage ratio, calculation period | 12 months | |
Restrictive covenants in future periods if available commitments are less than, amount | $ 15,000,000 | |
Restrictive covenants in future period if available commitments are less than percent (in percentage) | 0.10 | |
Minimum | Alternative Base Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 1.50% | |
Minimum | REVLIBOR30 Screen Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 1.50% | |
Minimum | Rate Based on Fixed Charge Coverage Ratio | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 0.00% | |
Maximum | Alternative Base Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 2.00% | |
Maximum | REVLIBOR30 Screen Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 2.00% | |
Maximum | Rate Based on Fixed Charge Coverage Ratio | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate (percentage) | 0.50% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percentage) | 23.50% | 22.70% |
Provision for income taxes | $ 15,217 | $ 3,836 |
Capital Structure - Narrative (
Capital Structure - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021vote$ / sharesshares | Dec. 31, 2020shares | Sep. 01, 2020$ / shares | |
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 100,000,000 | 0 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||
Common stock, shares authorized (in shares) | 1,250,000,000 | 257,058,262 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||
Common stock, shares issued (in shares) | 221,365,580 | 208,116,104 | |
Common stock, shares outstanding (in shares) | 221,365,580 | 208,116,104 | |
Common Class A | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 1,000,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||
Common stock, shares issued (in shares) | 15,314,903 | ||
Common stock, shares outstanding (in shares) | 15,314,903 | ||
Number of votes per share | vote | 1 | ||
Number of convertible votes per share | vote | 1 | ||
Common Class B | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 250,000,000 | ||
Common stock, shares issued (in shares) | 206,050,677 | ||
Common stock, shares outstanding (in shares) | 206,050,677 | ||
Number of votes per share | vote | 5 |
Stock-Based Compensation - Cost
Stock-Based Compensation - Cost by award type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expensed and capitalized | $ 12,676 | $ 1,581 |
Equity classified awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expensed and capitalized | 6,635 | 1,378 |
Liability classified awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expensed and capitalized | $ 6,041 | $ 203 |
Stock-Based Compensation - Co_2
Stock-Based Compensation - Cost related to company's stock-based compensation plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 11,685 | $ 1,446 |
Connected machines | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 8 | 2 |
Subscriptions | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 36 | 9 |
Accessories and materials | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0 | 0 |
Total cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 44 | 11 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 3,641 | 760 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,607 | 457 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 2,393 | $ 218 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 14 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense, amount capitalized | $ 700,000 | $ 100,000 | ||
Stock-based compensation during period | $ 11,685,000 | $ 1,446,000 | ||
Common Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 14,037,505 | 14,037,505 | 0 | |
Weighted-average grant date fair value of options granted | $ 13.42 | |||
2021 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 14,500,000 | $ 14,500,000 | ||
Stock-based compensation during period | $ 3,500,000 | |||
Expiration period | 10 years | |||
Weighted-average grant date fair value of options granted | $ 8.79 | |||
2021 Equity Incentive Plan | Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 20,800,000 | 20,800,000 | ||
Incentive Unit Plan | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 3,000,000 | 3,000,000 | ||
Participation threshold before modification | $ 2 | |||
Participation threshold after modification | $ 3 | |||
Incentive Unit Plan | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 3,000,000 | 3,000,000 | ||
Participation threshold before modification | $ 2 | |||
Participation threshold after modification | $ 4 | |||
Incentive Unit Plan | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 1,000,000 | 1,000,000 | ||
Participation threshold before modification | $ 5 | |||
Participation threshold after modification | $ 6 | |||
Incentive Unit Plan | Tranche Four | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 1,000,000 | 1,000,000 | ||
Participation threshold before modification | $ 5 | |||
Participation threshold after modification | 7 | |||
Equity classified awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 64,400,000 | $ 64,400,000 | ||
Unrecognized stock-based compensation cost, period for recognition | 3 years 6 months | |||
Liability classified awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 900,000 | 900,000 | ||
Unrecognized stock-based compensation cost, period for recognition | 3 years 6 months | |||
Restricted Stock Units Equivalent | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of recognized liability | $ 500,000 | $ 500,000 | ||
Employee stock | 2021 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum eligible employee compensation | 15.00% | |||
Offering period | 27 months | |||
Employee stock | 2021 Employee Stock Purchase Plan | Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock available for sale | 4,000,000 | 4,000,000 | ||
Equity Classified Incentive Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 0 | 0 | 37,116,025 | |
Percentage of awards vesting | 25.00% | |||
Award vesting period | 4 years | |||
Fair value of awards vested | $ 3,100,000 | |||
Liability Classified Incentive Unit Equivalents | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards issued | 0 | 0 | 2,851,516 | |
Award vesting period | 5 years | 4 years | ||
Liability Classified Incentive Unit Equivalents | Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting | 12.50% | 25.00% | ||
Liability Classified Incentive Unit Equivalents | Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting | 12.50% | 25.00% | ||
Liability Classified Incentive Unit Equivalents | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting | 12.50% | 25.00% | ||
Liability Classified Incentive Unit Equivalents | Tranche Four | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting | 12.50% | 25.00% | ||
Liability Classified Incentive Unit Equivalents | Tranche Five | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards vesting | 50.00% |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock units activity under company's stock plans (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 94,304 |
Ending balance (in shares) | shares | 94,304 |
Weighted- Average Grant Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 6.14 |
Ending balance (in dollars per share) | $ / shares | $ 6.14 |
2021 Equity Incentive Plan | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 1,124,862 |
Ending balance (in shares) | shares | 1,124,862 |
Weighted- Average Grant Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 20 |
Ending balance (in dollars per share) | $ / shares | $ 20 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 3,419,359 |
Ending balance (in shares) | shares | 3,419,359 |
Vested and exercisable (in shares) | shares | 738,570 |
Weighted- Average Exercise Price | |
Beginning weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 20 |
Ending weighted average exercise price (in dollars per share) | $ / shares | 20 |
Vested and exercisable (in dollars per share) | $ / shares | $ 20 |
Weighted- Average Remaining Terms (Years) | |
Weighted average remaining terms (years) | 8 years 8 months 12 days |
Weighted average remaining terms, vested and exercisable (years) | 7 years 10 months 24 days |
Aggregate Intrinsic Value | |
Beginning aggregate intrinsic value | $ | $ 0 |
Ending aggregate intrinsic value | $ | 0 |
Vested and exercisable aggregate intrinsic value | $ | $ 0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of weighted-average valuation assumptions (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend | 0.00% |
Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 51.60% |
Risk-free interest rate | 0.80% |
Expected term (in years) | 4 years 10 months 24 days |
Expected dividend | 0.00% |
Stock Option | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 51.40% |
Risk-free interest rate | 0.80% |
Expected term (in years) | 5 years 6 months |
Expected dividend | 0.00% |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted stock units equivalent activity under company's stock plans (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of RSU Equivalents | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 94,304 |
Ending balance (in shares) | shares | 94,304 |
Weighted- Average Base Price | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 6.14 |
Ending balance (in dollars per share) | $ / shares | $ 6.14 |
Aggregate Intrinsic Value | |
Beginning aggregate intrinsic value | $ | $ 0 |
Ending aggregate intrinsic value | $ | $ 1,448 |
Stock-Based Compensation - Unve
Stock-Based Compensation - Unvested class B common stock activity (Details) - Common Class B | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 14,037,505 |
Ending balance (in shares) | shares | 14,037,505 |
Weighted- Average Grant Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 20 |
Ending balance (in dollars per share) | $ / shares | $ 20 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options to purchase class B common stock (Details) - Common Class B $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 522,000 |
Ending balance (in shares) | shares | 522,000 |
Vested (in shares) | shares | 2,000 |
Weighted- Average Exercise Price | |
Beginning weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 9.04 |
Ending weighted average exercise price (in dollars per share) | $ / shares | 9.04 |
Vested (in dollars per share) | $ / shares | $ 9.04 |
Weighted- Average Remaining Terms (Years) | |
Weighted average remaining terms (years) | 9 years 8 months 12 days |
Weighted average remaining terms, vested (years) | 8 months 12 days |
Aggregate Intrinsic Value | |
Beginning aggregate intrinsic value | $ | $ 0 |
Ending aggregate intrinsic value | $ | 5,590 |
Vested aggregate intrinsic value | $ | $ 21 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of outstanding equity classified incentive units (Details) - Equity Classified Incentive Units $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 93,371,324 |
Granted (in shares) | shares | 1,548,223 |
Exercised (in shares) | shares | 0 |
Forfeited (in shares) | shares | (82,500) |
Cancelled (in shares) | shares | (94,837,047) |
Ending balance (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Weighted- Average Participation Threshold | |
Beginning weighted average participation threshold (in dollars per share) | $ / shares | $ 0.97 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 1.29 |
Cancelled (in dollars per share) | $ / shares | 0.95 |
Ending weighted average participation threshold (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | $ 0 |
Aggregate Intrinsic Value | |
Beginning aggregate intrinsic value | $ | $ 600,316 |
Ending aggregate intrinsic value | $ | 0 |
Vested aggregate intrinsic value | $ | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of unvested equity classified incentive units (Details) - Equity Classified Incentive Units | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 37,116,025 |
Granted (in shares) | shares | 1,548,223 |
Vested (in shares) | shares | (7,123,673) |
Forfeited (in shares) | shares | (82,500) |
Cancelled (in shares) | shares | (31,458,075) |
Ending balance (in shares) | shares | 0 |
Weighted- Average Grant Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 0.74 |
Granted (in dollars per share) | $ / shares | 9.06 |
Vested (in dollars per share) | $ / shares | 0.40 |
Forfeited (in dollars per share) | $ / shares | 0.79 |
Cancelled (in dollars per share) | $ / shares | 1.23 |
Ending balance (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of equity classified options (Details) - Equity Classified Options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning balance (in shares) | shares | 1,140,000 |
Granted (in shares) | shares | 27,027 |
Exercised (in shares) | shares | (27,027) |
Forfeited (in shares) | shares | (84,000) |
Cancelled (in shares) | shares | (1,056,000) |
Ending balance (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Weighted- Average Exercise Price | |
Beginning weighted average exercise price (in dollars per share) | $ / shares | $ 4.52 |
Granted (in dollars per share) | $ / shares | 7.40 |
Exercised (in dollars per share) | $ / shares | 7.40 |
Forfeited (in dollars per share) | $ / shares | 4.52 |
Cancelled (in dollars per share) | $ / shares | 4.52 |
Ending weighted average exercise price (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | $ 0 |
Weighted- Average Remaining Terms (Years) | |
Beginning aggregate intrinsic value | $ | $ 3,283 |
Exercised aggregate intrinsic value | $ | 52 |
Ending aggregate intrinsic value | $ | 0 |
Vested aggregate intrinsic value | $ | $ 0 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of outstanding liability classified incentive units (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Aggregate Intrinsic Value | |
Exercisable aggregate intrinsic value | $ | $ 0 |
Liability Classified Incentive Unit Equivalents | |
Number of Shares | |
Beginning balance (in shares) | shares | 2,851,516 |
Granted (in shares) | shares | 320,000 |
Forfeited (in shares) | shares | (4,000) |
Cancelled (in shares) | shares | (3,167,516) |
Ending balance (in shares) | shares | 0 |
Exercisable (in shares) | shares | 0 |
Vested and expected to vest (in shares) | shares | 0 |
Weighted- Average Participation Threshold | |
Beginning weighted average participation threshold (in dollars per share) | $ / shares | $ 2.13 |
Granted (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Cancelled (in dollars per share) | $ / shares | 1.92 |
Ending weighted average participation threshold (in dollars per share) | $ / shares | 0 |
Exercisable (in dollars per share) | $ / shares | 0 |
Vested and expected to vest (in dollars per share) | $ / shares | $ 0 |
Aggregate Intrinsic Value | |
Beginning aggregate intrinsic value | $ | $ 15,017 |
Ending aggregate intrinsic value | $ | 0 |
Vested and expected to vest aggregate intrinsic value | $ | $ 0 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of unvested liability classified incentive units (Details) - Liability Classified Incentive Unit Equivalents | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 2,851,516 |
Granted (in shares) | shares | 320,000 |
Forfeited (in shares) | shares | (4,000) |
Cancelled (in shares) | shares | (3,167,516) |
Ending balance (in shares) | shares | 0 |
Weighted- Average Grant Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 1.74 |
Granted (in dollars per share) | $ / shares | 8.19 |
Forfeited (in dollars per share) | $ / shares | 6.58 |
Cancelled (in dollars per share) | $ / shares | 2.39 |
Ending balance (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of liability classified incentive unit equivalents rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Liability Classified Incentive Unit Equivalents, Outstanding [Roll Forward] | ||
Stock-based compensation during period | $ 11,685 | $ 1,446 |
Liability Classified Incentive Unit Equivalents | Accrued expenses | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Liability Classified Incentive Unit Equivalents, Outstanding [Roll Forward] | ||
Beginning balance | 5,702 | |
Stock-based compensation during period | 6,041 | |
Settlement or modification of awards | (11,743) | |
Ending balance | $ 0 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of future minimum lease payments under non-cancellable operating leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (remainder of the year) | $ 3,262 |
2022 | 3,955 |
2023 | 3,874 |
2024 | 3,850 |
2025 | 2,228 |
Thereafter | 0 |
Total minimum lease payments, net | $ 17,169 |
Commitment and Contingencies _2
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense of operating leases | $ 1 | $ 1.2 |
Sublease rental income | $ 0 | $ 0.2 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Proceeds from capital contributions | $ 200 | $ 1,083 |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Proceeds from capital contributions | $ 200 | $ 1,100 |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employer matching contribution (percentage) | 50.00% | |
Employer matching contribution as a percent of employees' gross pay (percentage) | 12.00% | |
Employer contribution amount | $ 0.7 | $ 0.4 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of computation of basic and diluted earnings per share of common stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic earnings per share: | ||
Net income | $ 49,418 | $ 13,040 |
Shares used in computation: | ||
Weighted-average common shares outstanding, basic (in shares) | 207,309,946 | 208,116,104 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.06 |
Diluted earnings per share: | ||
Net income | $ 49,418 | $ 13,040 |
Shares used in computation: | ||
Weighted-average common shares outstanding, basic (in shares) | 207,309,946 | 208,116,104 |
Weighted-average effect of potentially dilutive securities: | ||
Unvested common stock subject to forfeiture (in shares) | 1,089,343 | 0 |
Underwriters' option to purchase additional shares (in shares) | 1,006 | 0 |
Diluted weighted-average common shares outstanding (in shares) | 208,458,352 | 208,116,104 |
Diluted net income per share (in dollars per share) | $ 0.24 | $ 0.06 |
Equity Option | ||
Weighted-average effect of potentially dilutive securities: | ||
Employee stock options (in shares) | 31,828 | 0 |
Restricted stock units and awards (in shares) | 31,828 | 0 |
Restricted Stock | ||
Weighted-average effect of potentially dilutive securities: | ||
Employee stock options (in shares) | 26,229 | 0 |
Restricted stock units and awards (in shares) | 26,229 | 0 |
Net Income Per Share - Schedu_2
Net Income Per Share - Schedule of antidilutive securities excluded from computation of earnings per share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Employee stock options | 3,419,359 | 0 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Employee stock options | 41,019 | 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Millions | Mar. 31, 2021USD ($) |
Non-US | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Long-lived assets | $ 13.4 |
Segment Information - Schedule
Segment Information - Schedule of key financial performance measures of the segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Revenue | $ 323,822 | $ 143,723 |
Cost of revenue | 203,552 | 98,955 |
Gross profit | 120,270 | 44,768 |
Connected machines | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Revenue | 141,320 | 56,888 |
Cost of revenue | 119,692 | 51,577 |
Gross profit | 21,628 | 5,311 |
Subscriptions | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Revenue | 46,139 | 19,180 |
Cost of revenue | 4,298 | 2,841 |
Gross profit | 41,841 | 16,339 |
Accessories and materials | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Revenue | 136,363 | 67,655 |
Cost of revenue | 79,562 | 44,537 |
Gross profit | $ 56,801 | $ 23,118 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | May 01, 2021 | Apr. 28, 2021 | Mar. 29, 2021 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||||
Number of additional shares for purchase | 1,987,495 | |||
Restricted Stock Units (RSUs) | ||||
Subsequent Event [Line Items] | ||||
Granted (in shares) | 94,304 | |||
Restricted Stock Units (RSUs) | 2021 Equity Incentive Plan | ||||
Subsequent Event [Line Items] | ||||
Granted (in shares) | 1,124,862 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from IPO | $ 18.1 | |||
Payments of stock issuance costs | $ 1.3 | |||
Subsequent Event | Restricted Stock Units (RSUs) | 2021 Equity Incentive Plan | ||||
Subsequent Event [Line Items] | ||||
Granted (in shares) | 3,086,721 | |||
Award requisite service period | 4 years | |||
Subsequent Event | Common Class A | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, shares issued in transaction | 968,815 | |||
Subsequent Event | Common Class A | Existing Stockholders | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, shares issued in transaction | 150,984 |