Cricut (CRCT) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001828962
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,200,508
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		177,983,885

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 147,771	$ 241,597
Marketable securities	83,547	0
Accounts receivable, net	81,061	199,508
Inventories current	484,216	454,174
Prepaid expenses and other current assets	28,498	32,820
Total current assets	825,093	928,099
Property and equipment, net	63,112	53,261
Operating lease right-of-use asset	19,541	17,653
Intangible assets, net	1,140	1,520
Deferred tax assets	3,255	3,255
Other assets	34,458	2,462
Total assets	946,599	1,006,250
Current liabilities:
Accounts payable	113,554	204,714
Accrued expenses and other current liabilities	43,028	69,351
Deferred revenue, current portion	31,261	30,547
Operating lease liabilities, current portion	5,257	3,755
Total current liabilities	193,100	308,367
Operating lease liabilities, net of current portion	16,709	15,780
Deferred revenue, net of current portion	3,913	4,858
Other non-current liabilities	4,617	3,269
Total liabilities	218,339	332,274
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2022 and December 31, 2021.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of June 30, 2022, 222,186,359 shares issued and outstanding as of June 30, 2022; 1,250,000,000 shares authorized as of December 31, 2021, 221,913,559 shares issued and outstanding as of December 31, 2021.	222	222
Additional paid-in capital	734,787	717,369
Accumulated deficit	(6,229)	(43,560)
Accumulated other comprehensive income (loss)	(520)	(55)
Total stockholders’ equity	728,260	673,976
Total liabilities and stockholders’ equity	$ 946,599	$ 1,006,250
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
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	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000	1,250,000,000
Common stock, shares issued (in shares)	222,186,359	221,913,559
Common stock, shares outstanding (in shares)	222,186,359	221,913,559

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Revenue	$ 183,757	$ 334,493	$ 428,540	$ 658,315
Cost of revenue:
Cost of revenue	98,329	204,198	244,092	407,750
Gross profit	85,428	130,295	184,448	250,565
Operating expenses:
Research and development	20,055	20,606	40,585	36,304
Sales and marketing	31,516	33,030	64,305	60,519
General and administrative	13,828	12,507	28,122	24,926
Total operating expenses	65,399	66,143	133,012	121,749
Income from operations	20,029	64,152	51,436	128,816
Other income (expense), net	322	14	283	(15)
Income before provision for income taxes	20,351	64,166	51,719	128,801
Provision for income taxes	6,524	15,040	14,388	30,257
Net income	13,827	49,126	37,331	98,544
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities	(343)	0	(343)	0
Change in foreign currency translation adjustment, net of tax	(110)	4	(122)	(9)
Total other comprehensive income (loss):	(453)	4	(465)	(9)
Comprehensive income	$ 13,374	$ 49,130	$ 36,866	$ 98,535
Earnings per share, basic (in dollars per share)	$ 0.06	$ 0.24	$ 0.17	$ 0.47
Earnings per share, diluted (in dollars per share)	$ 0.06	$ 0.22	$ 0.17	$ 0.46
Weighted-average common shares outstanding, basic (in shares)	214,852,256	208,205,162	213,634,584	207,760,027
Weighted-average common shares outstanding, diluted (in shares)	220,791,640	222,947,030	221,199,963	216,403,427
Connected machines
Revenue:
Revenue	$ 35,438	$ 146,326	$ 97,829	$ 287,646
Cost of revenue:
Cost of revenue	34,882	116,217	95,595	235,909
Subscriptions
Revenue:
Revenue	67,604	50,673	132,382	96,812
Cost of revenue:
Cost of revenue	6,181	5,285	12,433	9,583
Accessories and materials
Revenue:
Revenue	80,715	137,494	198,329	273,857
Cost of revenue:
Cost of revenue	$ 57,266	$ 82,696	$ 136,064	$ 162,258

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, 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
Stock-based compensation	6,635		6,635
Compensatory units repurchased	(160)		(160)
Other comprehensive income (loss)	(13)				(13)
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)
Extinguishment of liability awards to equity	10,784		10,784
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)
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	98,544
Other comprehensive income (loss)	(9)
Extinguishment of liability awards to equity	10,784
Common stock, balance at end of period (in shares) at Jun. 30, 2021		222,253,059
Balance at end of period at Jun. 30, 2021	613,612	$ 222	698,879	(85,489)	0
Common stock, balance at beginning of period (in shares) at Mar. 31, 2021		221,365,580
Balance at beginning of period at Mar. 31, 2021	538,447	$ 221	672,845	(134,615)	(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,126			49,126
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		64,566
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	0		0
Forfeiture of unvested common stock (in shares)		(145,902)
Forfeiture of unvested common stock	0
Stock-based compensation	8,015		8,015
Other comprehensive income (loss)	4				4
Initial public offering, net of offering costs (in shares)		968,815
Initial public offering, net of offering costs	18,020	$ 1	18,019
Common stock, balance at end of period (in shares) at Jun. 30, 2021		222,253,059
Balance at end of period at Jun. 30, 2021	613,612	$ 222	698,879	(85,489)	0
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021		221,913,559
Balance at beginning of period at Dec. 31, 2021	673,976	$ 222	717,369	(43,560)	(55)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,504			23,504
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		10,387
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(1,328)		(1,328)
Forfeiture of unvested common stock (in shares)		(114,332)
Forfeiture of unvested common stock	0
Stock-based compensation	10,500		10,500
Compensatory units repurchased	(14)		(14)
Other comprehensive income (loss)	(12)				(12)
Common stock, balance at end of period (in shares) at Mar. 31, 2022		221,809,614
Balance at end of period at Mar. 31, 2022	706,626	$ 222	726,527	(20,056)	(67)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021		221,913,559
Balance at beginning of period at Dec. 31, 2021	673,976	$ 222	717,369	(43,560)	(55)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,331
Other comprehensive income (loss)	(465)
Extinguishment of liability awards to equity	0
Common stock, balance at end of period (in shares) at Jun. 30, 2022		222,186,359
Balance at end of period at Jun. 30, 2022	728,260	$ 222	734,787	(6,229)	(520)
Common stock, balance at beginning of period (in shares) at Mar. 31, 2022		221,809,614
Balance at beginning of period at Mar. 31, 2022	706,626	$ 222	726,527	(20,056)	(67)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,827			13,827
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		500,237
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(3,218)		(3,218)
Forfeiture of unvested common stock (in shares)		(123,492)
Forfeiture of unvested common stock	0
Stock-based compensation	11,478		11,478
Other comprehensive income (loss)	(453)				(453)
Common stock, balance at end of period (in shares) at Jun. 30, 2022		222,186,359
Balance at end of period at Jun. 30, 2022	$ 728,260	$ 222	$ 734,787	$ (6,229)	$ (520)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 37,331	$ 98,544
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)	12,129	8,317
Stock-based compensation	19,360	19,795
Non-cash lease expense	2,406	1,887
Provision for inventory obsolescence	4,454	1,598
Other	(59)	(110)
Changes in operating assets and liabilities:
Accounts receivable	118,447	(659)
Inventories	(64,783)	(178,527)
Prepaid expenses and other current assets	4,237	(15,361)
Other assets	(594)	311
Accounts payable	(91,840)	28,833
Accrued expenses and other current liabilities and other non-current liabilities	(25,990)	(20,560)
Operating lease liabilities	(1,861)	(2,187)
Deferred revenue	(231)	4,124
Net cash and cash equivalents (used in) provided by operating activities	13,006	(53,995)
Cash flows from investing activities:
Purchase of marketable securities	(84,601)	0
Proceeds from maturities of marketable securities	807	0
Acquisitions of property and equipment, including capitalized software development costs	(17,775)	(16,124)
Net cash and cash equivalents used in investing activities	(101,569)	(16,124)
Cash flows from financing activities:
Proceeds from capital contributions	0	200
Proceeds from issuance of common stock upon initial public offering, net of offering costs	0	262,007
Repurchase of compensatory units	(14)	(160)
Repurchase of common stock upon Corporate Reorganization	0	(10)
Proceeds from exercise of stock options	31	0
Employee tax withholding payments on stock-based awards	(5,048)	0
Payments on capital leases	0	(24)
Net cash and cash equivalents (used in) provided by financing activities	(5,031)	262,013
Effect of exchange rate on changes on cash and cash equivalents	(232)	(29)
Net increase (decrease) in cash and cash equivalents	(93,826)	191,865
Cash and cash equivalents at beginning of period	241,597	122,215
Cash and cash equivalents at end of period	147,771	314,080
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	0	14
Cash paid during the period for income taxes	5,967	52,410
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	4,307	3,529
Property and equipment included in accounts payable and accrued expenses and other current liabilities	5,895	3,118
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	388	0
Stock-based compensation capitalized for software development costs	1,153	673
Extinguishment of liability awards to equity	0	10,784
Leasehold improvements acquired through tenant allowances	$ 752	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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, 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 16, 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 $18.0 million after deducting for underwriting discounts and commissions of $1.4 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 10 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 annual report on Form 10-K for the fiscal year ended December 31, 2021 (The “Annual Report”). 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, 2021 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 and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2022, or any other period. Certain prior year reported amounts have been reclassified to conform with the current period presentation. These reclassifications did not have a material impact on the Company's consolidated financial statements or related footnotes. There were no material changes to the Company's significant accounting policies during the six months ended June 30, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 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. Marketable Securities The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the consolidated balance sheets. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the condensed consolidated statements of operations and comprehensive income. The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented. As of June 30, 2022, the gross unrealized losses on available-for-sale securities are related to market interest rate changes and not attributable to credit. 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 and certain marketable securities are highly liquid investments and are actively traded. The pricing information for these assets is 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. Other marketable securities such as corporate bonds, commercial paper, U.S. Treasury and agency securities are valued using observable inputs from similar assets, or from observable data in markets that are not active; these assets are classified as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. There were no liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021. 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 awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period. Inventories Inventories (current and non-current), which primarily consist of finished goods, are valued at the lower of average cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Assessments to value the inventory at the lower of the average cost to purchase the inventory, or the net realizable value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels and market conditions. As a result of the Company’s assessments, when the net realizable value of inventory is less than the carrying value, the inventory cost is written down to the net realizable value and the write down is recorded as a charge to cost of revenue. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products. As needed, we complete strategic and market beneficial purchases of critical raw materials that are used in our core production process (such as microchips) in quantities that exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as non-current within Other assets.

Revenue and Deferred Revenue

Revenue and Deferred Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue and Deferred Revenue	Revenue and Deferred Revenue Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine 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 for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 (in thousands) Deferred revenue, beginning of period $ 35,405 $ 26,276 Recognition of revenue included in beginning of period deferred revenue (23,938) (18,805) Revenue deferred, net of revenue recognized on contracts in the respective period 23,707 22,930 Deferred revenue, end of period $ 35,174 $ 30,401 As of June 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance. The Company expects the following recognition of deferred revenue as of June 30, 2022: Year Ended December 31, 2022 (remainder of year) 2023 2024 2025 Total (in thousands) Revenue expected to be recognized $ 25,314 $ 7,847 $ 1,884 $ 129 $ 35,174 The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 16 under the heading “Segment Information.” Revenue recognized during the three and six months ended June 30, 2022 related to performance obligations satisfied or partially satisfied in prior periods was $0.3 million and $0.7 million, respectively. The following table presents the total revenue by geography based on the ship-to address for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) North America* $ 159,479 $ 306,173 $ 367,784 $ 596,510 International 24,278 28,320 60,756 61,805 Total revenue $ 183,757 $ 334,493 $ 428,540 $ 658,315

Cash, Cash Equivalents, and Fin

Cash, Cash Equivalents, and Financial Instruments	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Financial Instruments	Cash, Cash Equivalents, and Financial Instruments The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of June 30, 2022: As of June 30, 2022 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains Total Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 128,989 $ — $ — $ — $ 128,989 $ 128,989 $ — Level 1: Commercial paper 27,842 — — (20) 27,822 16,635 11,187 Subtotal 27,842 — — (20) 27,822 16,635 11,187 Level 2: Corporate debt securities 47,408 — — (239) 47,169 2,147 45,022 U.S. treasury securities 27,422 — — (84) 27,338 — 27,338 Subtotal 74,830 — — (323) 74,507 2,147 72,360 Total $ 231,661 $ — $ — $ (343) $ 231,318 $ 147,771 $ 83,547 Marketable securities held as of June 30, 2022 generally mature over the next one

Inventory

Inventory	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventories are comprised of the following: As of June 30, As of December 31, (in thousands) Raw materials $ 34,659 $ 20,187 Finished goods 481,102 433,987 Total inventories $ 515,761 $ 454,174 Inventories current $ 484,216 $ 454,174 Inventories non-current (included in other assets) $ 31,545 $ —

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
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 June 30, As of December 31, (in thousands) Sales incentives $ 18,979 $ 36,969 Other accrued liabilities and other current liabilities 24,049 32,382 Total accrued expenses $ 43,028 $ 69,351

Revolving Credit Facility

Revolving Credit Facility	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 2020 Credit Agreement In September 2020, the Company entered into the Credit Agreement with JPMorgan Chase Bank, N.A., Citibank, N.A. and Origin Bank. The Credit Agreement replaces the prior amended credit agreement with Origin Bank. The 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 Credit Agreement, the Company may increase the aggregate amount of the 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 Credit Agreement, including obtaining the consent of the administrative agent and an increased commitment from existing or new lenders. The 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 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 June 30, 2022, no amount was outstanding under the Credit Agreement and available borrowings were $150.0 million. Generally, borrowings under the 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 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 Credit Agreement.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As required by Accounting Standards Codification (“ASC”) Topic 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 32.1 percent and 27.8 percent for the three and six months ended June 30, 2022, respectively, and 23.4 percent and 23.5 percent for the three and six months ended June 30, 2021, respectively. The Company’s provision for income taxes was $6.5 million and $14.4 million, respectively, for the three and six ended June 30, 2022, and $15.0 million and $30.3 million, respectively, for the three and six months ended June 30, 2021. 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 discrete tax items including a stock based compensation shortfall due to the decrease in stock price upon vesting. 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 any of the periods presented.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Capital Structure	Capital Structure As of June 30, 2022, the Company had 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. As of June 30, 2022, 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 44,050,301 shares of Class A common stock and 178,136,058 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. During the six months ended June 30, 2022 and 2021, 5,653,017 and 2,215,887 shares of Class B common stock were converted to Class A common stock, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Equity classified awards Restricted stock units 8,424 4,479 15,250 4,775 Stock options 906 773 1,918 4,267 Class B common stock 2,148 2,763 4,810 5,608 Liability classified awards 22 1,004 (208) 7,045 Total stock-based compensation $ 11,500 $ 9,019 $ 21,770 $ 21,695 The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue Connected machines $ 9 $ 8 $ 12 $ 16 Subscriptions 107 52 159 88 Accessories and materials — — — — Total cost of revenue 116 60 171 104 Research and development 4,915 3,768 8,926 7,409 Sales and marketing 3,255 2,425 6,123 8,032 General and administrative 2,116 1,857 4,140 4,250 Total stock-based compensation expense $ 10,402 $ 8,110 $ 19,360 $ 19,795 Capitalized for software development costs 612 379 1,153 673 Capitalized to inventory 486 530 1,257 1,227 Total stock-based compensation $ 11,500 $ 9,019 $ 21,770 $ 21,695 As of June 30, 2022, there was $136.8 million of unrecognized stock-based compensation cost related to service-based awards which is expected to be recognized over a weighted-average period of 3.1 years. The total unrecognized compensation expense related to unvested performance-based restricted stock units (“PRSUs”) was $154.2 million as of June 30, 2022. 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 restricted stock units (“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 began recognizing the incremental compensation cost of $14.5 million beginning in March 2021 over the vesting term, including a cumulative adjustment in March 2021 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. 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 June 30, 2022, 31,895,729 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 service-based 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, 2021 4,673,831 $ 23.84 Granted 2,895,550 $ 13.82 Vested (910,462) $ 22.60 Forfeited/cancelled (215,938) $ 22.09 Outstanding at June 30, 2022 6,442,981 $ 19.56 In 2022, the Company granted PRSUs under the 2021 Equity Incentive Plan to certain employees that represent shares potentially issuable in the future. The PRSUs vest in two equal tranches subject to the Company achieving cumulative adjusted earnings per share over eight quarters of $4.93 share and $6.16 per share, respectively, at any point during the 5-year performance period, subject to employees remaining with the Company through the vesting date. Adjusted earnings per share means GAAP net income adjusted to exclude income tax expenses, as well as stock-based compensation expense and payroll tax expense specifically related to the PRSU awards. A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows: Number of PRSUs (a) Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2021 — $ — Granted 6,655,000 $ 23.31 Forfeited/cancelled (40,000) $ 23.37 Outstanding at June 30, 2022 6,615,000 $ 23.31 a. Represents the maximum number of PRSUs assuming all performance targets are achieved. The expense recognized each period for these PRSUs is primarily dependent upon the Company’s estimate of the probability of achieving the performance targets. At June 30, 2022, the Company determined it was not probable any performance conditions would be achieved so no stock-based compensation was recorded for these PRSUs during the six months ended June 30, 2022. Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an incentive stock option and non-qualified stock option 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, 2021 3,260,357 $ 20.00 5.8 $ 6,814 Exercised (1,535) $ 20.00 Forfeited/cancelled (13,004) $ 20.00 Outstanding at June 30, 2022 3,245,818 $ 20.00 5.3 $ — Vested and exercisable at June 30, 2022 1,578,208 $ 20.00 4.9 $ — 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 intrinsic value of the award on the date of the Corporate Reorganization plus 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 June 30, 2022, the total recognized liability for these awards was $0.7 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, 2021 81,077 $ 20.00 $ 1,231 Granted 1,000 $ — Forfeited / Cancelled (7,141) $ 20.00 Outstanding at June 30, 2022 74,936 $ 19.73 $ 960 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 six months ended June 30, 2022 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2021 10,854,859 $ 20.00 Vested (3,634,707) $ 20.00 Forfeited / Cancelled (227,783) $ 20.00 Outstanding at June 30, 2022 6,992,369 $ 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, 2021 434,000 $ 9.04 3.9 $ 5,664 Forfeited / Cancelled (50,000) $ 9.04 Outstanding at June 30, 2022 384,000 $ 9.04 3.4 $ — Vested at June 30, 2022 — $ — N/A $ — 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 June 30, 2022, 6,219,145 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.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lease commitments The Company leases office space with lease terms ranging from 1 to 10 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease. In December 2021, the Company amended its operating lease for its corporate headquarters in South Jordan, Utah to extend the term through March 2027 and to reduce the annual rent rate for future periods. As a result of this amendment, the Company remeasured the associated operating lease liability and right-of-use asset for this lease. The Company also leased additional space at its corporate headquarters which commenced in January of 2022 under the same terms as its existing lease. The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.3 million and $2.7 million for the three and six months ended June 30, 2022, respectively, and $1.2 million and $2.2 million for the three and six months ended June 30, 2021, respectively. The Company also incurred variable lease costs of $0.1 million and $0.3 million for the three and six months ended June 30, 2022, respectively, and nil for the three and six months ended June 30, 2021. Cash paid for amounts included in the measurement of operating lease liabilities was $1.5 million and $2.8 million for the three and six months ended June 30, 2022, respectively, and $1.4 million and $2.5 million for the three and six months ended June 30, 2021, respectively. These amounts were included in net cash used in operating activities in the Company's consolidated statements of cash flows. As of June 30, 2022, the maturities of the Company's operating lease liabilities were as follows: Year Ending December 31, Operating Leases (in thousands) 2022 (remainder of the year) $ 2,848 2023 5,999 2024 5,518 2025 4,252 2026 3,798 Thereafter 967 Total minimum lease payments, net $ 23,382 Less: imputed interest $ (1,416) Present value of operating lease liabilities $ 21,966 Operating lease liabilities, current $ 5,257 Operating lease liabilities, non-current $ 16,709 As of June 30, 2022, the weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows: As of June 30, 2022 Weighted-average remaining lease term of operating leases 4.2 years Weighted-average discount rate of operating leases 2.6 %

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the three months ended June 30, 2022 and 2021, the Company received no capital contributions from its former parent company, Cricut Holdings. For the six months ended June 30, 2022 and 2021, the Company received capital contributions of nil and $0.2 million from its former parent company, Cricut Holdings. 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	6 Months Ended
	Jun. 30, 2022
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 $0.6 million and $1.4 million for the three and six months ended June 30, 2022. The Company contributed $0.5 million and $1.2 million for the three and six months ended June 30, 2021, respectively.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 13,827 $ 49,126 $ 37,331 $ 98,544 Shares used in computation: Weighted-average common shares outstanding, basic 214,852,256 208,205,162 213,634,584 207,760,027 Earnings per share, basic $ 0.06 $ 0.24 $ 0.17 $ 0.47 Diluted earnings per share: Net income $ 13,827 $ 49,126 $ 37,331 $ 98,544 Shares used in computation: Weighted-average common shares outstanding, basic 214,852,256 208,205,162 213,634,584 207,760,027 Weighted-average effect of potentially dilutive securities: Unvested common stock subject to forfeiture 5,439,764 12,593,087 6,841,217 7,005,901 Employee stock options 2,042 891,015 81,850 484,067 Restricted stock units 497,578 1,058,685 642,312 1,047,840 Underwriters’ option to purchase additional shares — 199,081 — 105,592 Diluted weighted-average common shares outstanding 220,791,640 222,947,030 221,199,963 216,403,427 Diluted net income per share $ 0.06 $ 0.22 $ 0.17 $ 0.46 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Employee stock options 3,245,818 109,402 3,245,818 290,621 Restricted stock units 6,174,330 107,250 3,371,942 — Unvested common stock subject to forfeiture 1,062,247 — 511,094 — As of June 30, 2022, 6,615,000 PRSUs were not assessed for inclusion in diluted earnings per share, and any potential antidilutive shares were excluded from the table above because they are subject to performance conditions that were not achieved as of such date.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, long-lived assets located outside the United States, primarily located in Malaysia and China, were $21.9 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 portion of the revenue allocated to 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, home décor products and heat presses including the Cricut EasyPress, Cricut Mug Press, and Cricut Autopress. 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Connected Machines: Revenue $ 35,438 $ 146,326 $ 97,829 $ 287,646 Cost of revenue $ 34,882 $ 116,217 $ 95,595 $ 235,909 Gross profit $ 556 $ 30,109 $ 2,234 $ 51,737 Subscriptions: Revenue $ 67,604 $ 50,673 $ 132,382 $ 96,812 Cost of revenue $ 6,181 $ 5,285 $ 12,433 $ 9,583 Gross profit $ 61,423 $ 45,388 $ 119,949 $ 87,229 Accessories and Materials: Revenue $ 80,715 $ 137,494 $ 198,329 $ 273,857 Cost of revenue $ 57,266 $ 82,696 $ 136,064 $ 162,258 Gross profit $ 23,449 $ 54,798 $ 62,265 $ 111,599 Consolidated: Revenue $ 183,757 $ 334,493 $ 428,540 $ 658,315 Cost of revenue $ 98,329 $ 204,198 $ 244,092 $ 407,750 Gross profit $ 85,428 $ 130,295 $ 184,448 $ 250,565

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 4, 2022, the Company entered into a credit agreement (the “New Credit Agreement”) with JPMorgan Chase Bank, N.A, Citigroup N.A., PNC Bank, N.A., KeyBank, N.A., and other parties. The New Credit Agreement replaces the Company’s prior asset-based Credit Agreement with JPMorgan Chase Bank, N.A., Citigroup N.A., and Origin Bank. The New Credit Agreement provides for a five-year revolving credit facility (the “Credit Facility”) of up to $300.0 million, maturing on August 4, 2027. In addition, during the term of the New Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $150.0 million, (for maximum aggregate lender commitments of up to $450.0 million), subject to customary conditions under the New Credit Agreement, including obtaining a consent from participating lenders (or another lender, if applicable) to such increase. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The New Credit Agreement is collateralized by substantially all of our assets and contains affirmative and negative covenants, representations and warranties, events of default and other terms customary for loans of this nature. In particular, the New Credit Agreement will not permit the leverage ratio to be greater than 3.0 to 1.0, measured on the last day of any fiscal quarter. In addition, the New Credit Agreement will not permit the interest

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021 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 and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2022, or any other period. Certain prior year reported amounts have been reclassified to conform with the current period presentation. These reclassifications did not have a material impact on the Company's consolidated financial statements or related footnotes. There were no material changes to the Company's significant accounting policies during the six months ended June 30, 2022.
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 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.
Marketable Securities	Marketable Securities The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the consolidated balance sheets. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the condensed consolidated statements of operations and comprehensive income. The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented. As of June 30, 2022, the gross unrealized losses on available-for-sale securities are related to market interest rate changes and not attributable to credit.
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 awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.
Inventories	Inventories Inventories (current and non-current), which primarily consist of finished goods, are valued at the lower of average cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Assessments to value the inventory at the lower of the average cost to purchase the inventory, or the net realizable value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels and market conditions. As a result of the Company’s assessments, when the net realizable value of inventory is less than the carrying value, the inventory cost is written down to the net realizable value and the write down is recorded as a charge to cost of revenue. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products. As needed, we complete strategic and market beneficial purchases of critical raw materials that are used in our core production process (such as microchips) in quantities that exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as non-current within Other assets.

Revenue and Deferred Revenue (T

Revenue and Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
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 for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 (in thousands) Deferred revenue, beginning of period $ 35,405 $ 26,276 Recognition of revenue included in beginning of period deferred revenue (23,938) (18,805) Revenue deferred, net of revenue recognized on contracts in the respective period 23,707 22,930 Deferred revenue, end of period $ 35,174 $ 30,401
Schedule of Recognition of Deferred Revenue	The Company expects the following recognition of deferred revenue as of June 30, 2022: Year Ended December 31, 2022 (remainder of year) 2023 2024 2025 Total (in thousands) Revenue expected to be recognized $ 25,314 $ 7,847 $ 1,884 $ 129 $ 35,174
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) North America* $ 159,479 $ 306,173 $ 367,784 $ 596,510 International 24,278 28,320 60,756 61,805 Total revenue $ 183,757 $ 334,493 $ 428,540 $ 658,315

Cash, Cash Equivalents, and F_2

Cash, Cash Equivalents, and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of June 30, 2022: As of June 30, 2022 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains Total Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 128,989 $ — $ — $ — $ 128,989 $ 128,989 $ — Level 1: Commercial paper 27,842 — — (20) 27,822 16,635 11,187 Subtotal 27,842 — — (20) 27,822 16,635 11,187 Level 2: Corporate debt securities 47,408 — — (239) 47,169 2,147 45,022 U.S. treasury securities 27,422 — — (84) 27,338 — 27,338 Subtotal 74,830 — — (323) 74,507 2,147 72,360 Total $ 231,661 $ — $ — $ (343) $ 231,318 $ 147,771 $ 83,547

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories are comprised of the following: As of June 30, As of December 31, (in thousands) Raw materials $ 34,659 $ 20,187 Finished goods 481,102 433,987 Total inventories $ 515,761 $ 454,174 Inventories current $ 484,216 $ 454,174 Inventories non-current (included in other assets) $ 31,545 $ —

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of June 30, As of December 31, (in thousands) Sales incentives $ 18,979 $ 36,969 Other accrued liabilities and other current liabilities 24,049 32,382 Total accrued expenses $ 43,028 $ 69,351

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Equity classified awards Restricted stock units 8,424 4,479 15,250 4,775 Stock options 906 773 1,918 4,267 Class B common stock 2,148 2,763 4,810 5,608 Liability classified awards 22 1,004 (208) 7,045 Total stock-based compensation $ 11,500 $ 9,019 $ 21,770 $ 21,695 The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue Connected machines $ 9 $ 8 $ 12 $ 16 Subscriptions 107 52 159 88 Accessories and materials — — — — Total cost of revenue 116 60 171 104 Research and development 4,915 3,768 8,926 7,409 Sales and marketing 3,255 2,425 6,123 8,032 General and administrative 2,116 1,857 4,140 4,250 Total stock-based compensation expense $ 10,402 $ 8,110 $ 19,360 $ 19,795 Capitalized for software development costs 612 379 1,153 673 Capitalized to inventory 486 530 1,257 1,227 Total stock-based compensation $ 11,500 $ 9,019 $ 21,770 $ 21,695
Schedule of Restricted Stock Unit Activity	A summary of the Company’s service-based 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, 2021 4,673,831 $ 23.84 Granted 2,895,550 $ 13.82 Vested (910,462) $ 22.60 Forfeited/cancelled (215,938) $ 22.09 Outstanding at June 30, 2022 6,442,981 $ 19.56 A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows: Number of PRSUs (a) Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2021 — $ — Granted 6,655,000 $ 23.31 Forfeited/cancelled (40,000) $ 23.37 Outstanding at June 30, 2022 6,615,000 $ 23.31 a. Represents the maximum number of PRSUs assuming all performance targets are achieved. Number of RSU Equivalents Weighted- Average Base Price Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 81,077 $ 20.00 $ 1,231 Granted 1,000 $ — Forfeited / Cancelled (7,141) $ 20.00 Outstanding at June 30, 2022 74,936 $ 19.73 $ 960
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, 2021 3,260,357 $ 20.00 5.8 $ 6,814 Exercised (1,535) $ 20.00 Forfeited/cancelled (13,004) $ 20.00 Outstanding at June 30, 2022 3,245,818 $ 20.00 5.3 $ — Vested and exercisable at June 30, 2022 1,578,208 $ 20.00 4.9 $ — 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, 2021 434,000 $ 9.04 3.9 $ 5,664 Forfeited / Cancelled (50,000) $ 9.04 Outstanding at June 30, 2022 384,000 $ 9.04 3.4 $ — Vested at June 30, 2022 — $ — N/A $ —
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 six months ended June 30, 2022 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2021 10,854,859 $ 20.00 Vested (3,634,707) $ 20.00 Forfeited / Cancelled (227,783) $ 20.00 Outstanding at June 30, 2022 6,992,369 $ 20.00

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Lease Liability Maturity	As of June 30, 2022, the maturities of the Company's operating lease liabilities were as follows: Year Ending December 31, Operating Leases (in thousands) 2022 (remainder of the year) $ 2,848 2023 5,999 2024 5,518 2025 4,252 2026 3,798 Thereafter 967 Total minimum lease payments, net $ 23,382 Less: imputed interest $ (1,416) Present value of operating lease liabilities $ 21,966 Operating lease liabilities, current $ 5,257 Operating lease liabilities, non-current $ 16,709
Weighted Average Lease Term and Discount Rate	As of June 30, 2022, the weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows: As of June 30, 2022 Weighted-average remaining lease term of operating leases 4.2 years Weighted-average discount rate of operating leases 2.6 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of net income per share is as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 13,827 $ 49,126 $ 37,331 $ 98,544 Shares used in computation: Weighted-average common shares outstanding, basic 214,852,256 208,205,162 213,634,584 207,760,027 Earnings per share, basic $ 0.06 $ 0.24 $ 0.17 $ 0.47 Diluted earnings per share: Net income $ 13,827 $ 49,126 $ 37,331 $ 98,544 Shares used in computation: Weighted-average common shares outstanding, basic 214,852,256 208,205,162 213,634,584 207,760,027 Weighted-average effect of potentially dilutive securities: Unvested common stock subject to forfeiture 5,439,764 12,593,087 6,841,217 7,005,901 Employee stock options 2,042 891,015 81,850 484,067 Restricted stock units 497,578 1,058,685 642,312 1,047,840 Underwriters’ option to purchase additional shares — 199,081 — 105,592 Diluted weighted-average common shares outstanding 220,791,640 222,947,030 221,199,963 216,403,427 Diluted net income per share $ 0.06 $ 0.22 $ 0.17 $ 0.46
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Employee stock options 3,245,818 109,402 3,245,818 290,621 Restricted stock units 6,174,330 107,250 3,371,942 — Unvested common stock subject to forfeiture 1,062,247 — 511,094 —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Connected Machines: Revenue $ 35,438 $ 146,326 $ 97,829 $ 287,646 Cost of revenue $ 34,882 $ 116,217 $ 95,595 $ 235,909 Gross profit $ 556 $ 30,109 $ 2,234 $ 51,737 Subscriptions: Revenue $ 67,604 $ 50,673 $ 132,382 $ 96,812 Cost of revenue $ 6,181 $ 5,285 $ 12,433 $ 9,583 Gross profit $ 61,423 $ 45,388 $ 119,949 $ 87,229 Accessories and Materials: Revenue $ 80,715 $ 137,494 $ 198,329 $ 273,857 Cost of revenue $ 57,266 $ 82,696 $ 136,064 $ 162,258 Gross profit $ 23,449 $ 54,798 $ 62,265 $ 111,599 Consolidated: Revenue $ 183,757 $ 334,493 $ 428,540 $ 658,315 Cost of revenue $ 98,329 $ 204,198 $ 244,092 $ 407,750 Gross profit $ 85,428 $ 130,295 $ 184,448 $ 250,565

Description of Business and B_2

Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions				6 Months Ended
	Apr. 28, 2021 USD ($) shares	Mar. 29, 2021 USD ($) $ / shares shares	Mar. 11, 2021	Jun. 30, 2022 vote segment $ / shares shares	Jun. 30, 2021 shares	Dec. 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		$ 0.001
Stock split, conversion ratio			64.2645654
Number of reportable segments | segment				3
Proceeds from IPO | $	$ 18
Payments of stock issuance costs | $	$ 1.4
Reorganization items, percent of capital stock							100%
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares									$ 0.01
Sale of stock, shares issued in transaction	968,815
Number of votes per share | vote				1
Number of shares issuable upon conversion (in shares)				1
Common Class A | Existing Stockholders
Class of Stock [Line Items]
Sale of stock, shares issued in transaction	150,984			5,653,017	2,215,887
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares								$ 0.001
Class B common stock
Class of Stock [Line Items]
Number of votes per share | vote				5
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		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		2,064,903

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 35,405	$ 26,276
Recognition of revenue included in beginning of period deferred revenue	(23,938)	(18,805)
Revenue deferred, net of revenue recognized on contracts in the respective period	23,707	22,930
Deferred revenue, end of period	$ 35,174	$ 30,401

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 35,174
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 25,314
Revenue, expected timing of satisfaction, period	6 months
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	$ 7,847
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1,884
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 129
Revenue, expected timing of satisfaction, period	1 year

Revenue and Deferred Revenue _3

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 0.3	$ 0.7

Revenue and Deferred Revenue _4

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 183,757	$ 334,493	$ 428,540	$ 658,315
North America
Disaggregation of Revenue [Line Items]
Revenue	159,479	306,173	367,784	596,510
International
Disaggregation of Revenue [Line Items]
Revenue	$ 24,278	$ 28,320	$ 60,756	$ 61,805

Cash, Cash Equivalents, and F_3

Cash, Cash Equivalents, and Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 147,771	$ 241,597
Debt Securities, Available-for-Sale [Abstract]
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(343)
Assets, Adjusted Cost	231,661
Assets, Fair Value	$ 231,318
Money market funds, at carrying value		$ 106,000
Minimum
Debt Securities, Available-for-Sale [Abstract]
Marketable securities, maturity	1 month
Maximum
Debt Securities, Available-for-Sale [Abstract]
Marketable securities, maturity	18 months
Cash
Cash and Cash Equivalents [Line Items]
Cash, Fair Value	$ 128,989
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	147,771
Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	83,547
Cash
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	128,989
Cash, Fair Value	128,989
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	27,842
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(20)
Fair Value	27,822
Fair Value, Inputs, Level 1 | Cash
Debt Securities, Available-for-Sale [Abstract]
Fair Value	16,635
Fair Value, Inputs, Level 1 | Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	11,187
Fair Value, Inputs, Level 1 | Commercial Paper
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	27,842
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(20)
Fair Value	27,822
Fair Value, Inputs, Level 1 | Commercial Paper | Cash
Debt Securities, Available-for-Sale [Abstract]
Fair Value	16,635
Fair Value, Inputs, Level 1 | Commercial Paper | Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	11,187
Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	74,830
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(323)
Fair Value	74,507
Fair Value, Inputs, Level 2 | Cash
Debt Securities, Available-for-Sale [Abstract]
Fair Value	2,147
Fair Value, Inputs, Level 2 | Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	72,360
Fair Value, Inputs, Level 2 | Corporate Debt Securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	47,408
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(239)
Fair Value	47,169
Fair Value, Inputs, Level 2 | Corporate Debt Securities | Cash
Debt Securities, Available-for-Sale [Abstract]
Fair Value	2,147
Fair Value, Inputs, Level 2 | Corporate Debt Securities | Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	45,022
Fair Value, Inputs, Level 2 | US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	27,422
Allowance for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	(84)
Fair Value	27,338
Fair Value, Inputs, Level 2 | US Treasury Securities | Cash
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0
Fair Value, Inputs, Level 2 | US Treasury Securities | Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	$ 27,338

Inventory - Components of Inven

Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 34,659	$ 20,187
Finished goods	481,102	433,987
Total inventories	515,761	454,174
Inventories current	484,216	454,174
Inventories non-current (included in other assets)	$ 31,545	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Sales incentives	$ 18,979	$ 36,969
Other accrued liabilities and other current liabilities	24,049	32,382
Total accrued expenses	$ 43,028	$ 69,351

Revolving Credit Facility - Nar

Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - Credit Agreement	6 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2020 USD ($)
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	$ 150,000,000
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%
Maximum | Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2%
Maximum | REVLIBOR30 Screen Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2%
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate (percentage)	32.10%	23.40%	27.80%	23.50%
Provision for income taxes	$ 6,524	$ 15,040	$ 14,388	$ 30,257

Capital Structure - Narrative (

Capital Structure - Narrative (Details)		6 Months Ended
	Apr. 28, 2021 shares	Jun. 30, 2022 vote $ / shares shares	Jun. 30, 2021 shares	Dec. 31, 2021 $ / shares shares	Sep. 01, 2020 $ / shares
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)		100,000,000		100,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		1,250,000,000		1,250,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001		$ 0.001
Common stock, shares issued (in shares)		222,186,359		221,913,559
Common stock, shares outstanding (in shares)		222,186,359		221,913,559
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)		44,050,301
Common stock, shares outstanding (in shares)		44,050,301
Number of votes per share | vote		1
Number of shares issuable upon conversion (in shares)		1
Sale of stock, shares issued in transaction	968,815
Common Class A | Existing Stockholders
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction	150,984	5,653,017	2,215,887
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000
Common stock, shares issued (in shares)		178,136,058
Common stock, shares outstanding (in shares)		178,136,058
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 11,500	$ 9,019	$ 21,770	$ 21,695
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	8,424	4,479	15,250	4,775
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	906	773	1,918	4,267
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2,148	2,763	4,810	5,608
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 22	$ 1,004	$ (208)	$ 7,045

Stock-Based Compensation - Co_2

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,402	$ 8,110	$ 19,360	$ 19,795
Total stock-based compensation	11,500	9,019	21,770	21,695
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	612	379	1,153	673
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	486	530	1,257	1,227
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	116	60	171	104
Connected machines
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9	8	12	16
Subscriptions
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	107	52	159	88
Accessories and materials
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0	0	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,915	3,768	8,926	7,409
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,255	2,425	6,123	8,032
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,116	$ 1,857	$ 4,140	$ 4,250

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	6,992,369	10,854,859
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share)	$ 4.93
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eight quarter cumulative adjusted earnings per share (in dollars per share)	$ 6.16
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 14,500,000
Expiration period	10 years
2021 Equity Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	31,895,729
Incentive Unit Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	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
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
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
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	$ 136,800,000
Unrecognized stock-based compensation cost, period for recognition	3 years 1 month 6 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 154,200,000
Performance Restricted Stock Units (PRSUs) | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	6,615,000	0
Performance period	5 years
Restricted Stock Unit Equivalents (“RSU equivalents”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of recognized liability	$ 700,000
Restricted Stock Unit Equivalents (“RSU equivalents”) | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	74,936	81,077
Employee stock | 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation	15%
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 (in shares)	6,219,145

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - Restricted stock units - 2021 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	4,673,831
Granted (in shares) | shares	2,895,550
Vested (in shares) | shares	(910,462)
Forfeited / cancelled (in shares) | shares	(215,938)
Ending balance (in shares) | shares	6,442,981
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) | $ / shares	$ 23.84
Granted (in dollars per share) | $ / shares	13.82
Vested (in dollars per share) | $ / shares	22.60
Forfeited / cancelled (in dollars per share) | $ / shares	22.09
Ending balance (in dollars per share) | $ / shares	$ 19.56

Stock-Based Compensation - PRSU

Stock-Based Compensation - PRSU Activity (Details) - Performance Restricted Stock Units (PRSUs) - 2021 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	6,655,000
Forfeited / cancelled (in shares) | shares	(40,000)
Ending balance (in shares) | shares	6,615,000
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	23.31
Forfeited / cancelled (in dollars per share) | $ / shares	23.37
Ending balance (in dollars per share) | $ / shares	$ 23.31

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	3,260,357
Exercised (in shares)	(1,535)
Forfeited / cancelled (in shares)	(13,004)
Ending balance (in shares)	3,245,818	3,260,357
Vested and exercisable (in shares)	1,578,208
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 20
Exercised (in dollars per share)	20
Forfeited (in dollars per share)	20
Ending weighted average exercise price (in dollars per share)	20	$ 20
Vested and exercisable (in dollars per share)	$ 20
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	5 years 3 months 18 days	5 years 9 months 18 days
Weighted average remaining terms, vested and exercisable (years)	4 years 10 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 6,814
Ending aggregate intrinsic value	0	$ 6,814
Vested and exercisable aggregate intrinsic value	$ 0

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Equivalent Activity (Details) - Restricted Stock Unit Equivalents (“RSU equivalents”) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Number of RSU Equivalents
Beginning balance (in shares) | shares	81,077
Granted (in shares) | shares	1,000
Forfeited (in shares) | shares	(7,141)
Ending balance (in shares) | shares	74,936
Weighted- Average Base Price
Beginning balance (in dollars per share) | $ / shares	$ 20
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	20
Ending balance (in dollars per share) | $ / shares	$ 19.73
Aggregate Intrinsic Value
Beginning aggregate intrinsic value | $	$ 1,231
Ending aggregate intrinsic value | $	$ 960

Stock-Based Compensation - Unve

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	10,854,859
Vested (in shares) | shares	(3,634,707)
Forfeited / cancelled (in shares) | shares	(227,783)
Ending balance (in shares) | shares	6,992,369
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) | $ / shares	$ 20
Vested (in dollars per share) | $ / shares	20
Forfeited / cancelled (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) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	434,000
Forfeited / cancelled (in shares)	(50,000)
Ending balance (in shares)	384,000	434,000
Vested (in shares)	0
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 9.04
Forfeited / Cancelled (in dollars per share)	9.04
Ending weighted average exercise price (in dollars per share)	9.04	$ 9.04
Vested (in dollars per share)	$ 0
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	3 years 4 months 24 days	3 years 10 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 5,664
Ending aggregate intrinsic value	0	$ 5,664
Vested aggregate intrinsic value	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 1,300,000	$ 1,200,000	$ 2,700,000	$ 2,200,000
Variable lease cost	100,000	0	300,000	0
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 1,500,000	$ 1,400,000	$ 2,800,000	$ 2,500,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years		10 years

Leases - Schedule of Lease Liab

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (remainder of year)	$ 2,848
2023	5,999
2024	5,518
2025	4,252
2026	3,798
Thereafter	967
Total minimum lease payments, net	23,382
Less: imputed interest	(1,416)
Present value of operating lease liabilities	21,966
Operating lease liabilities, current	5,257	$ 3,755
Operating lease liabilities, non-current	$ 16,709	$ 15,780

Leases - Weighted Average Lease

Leases - Weighted Average Lease Term and Discount Rate (Details)	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term of operating leases	4 years 2 months 12 days
Weighted-average discount rate of operating leases	2.60%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Proceeds from capital contributions			$ 0	$ 200,000
Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from capital contributions	$ 0	$ 0	$ 0	$ 200,000

Employee Benefit Plan - Narrati

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Employer matching contribution (percentage)			50%
Employer matching contribution as a percent of employees' gross pay (percentage)			12%
Employer contribution amount	$ 0.6	$ 0.5	$ 1.4	$ 1.2

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic earnings per share:
Net income	$ 13,827	$ 23,504	$ 49,126	$ 49,418	$ 37,331	$ 98,544
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	214,852,256		208,205,162		213,634,584	207,760,027
Earnings per share, basic (in dollars per share)	$ 0.06		$ 0.24		$ 0.17	$ 0.47
Diluted earnings per share:
Net income	$ 13,827	$ 23,504	$ 49,126	$ 49,418	$ 37,331	$ 98,544
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	214,852,256		208,205,162		213,634,584	207,760,027
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	5,439,764		12,593,087		6,841,217	7,005,901
Underwriters' option to purchase additional shares (in shares)	0		199,081		0	105,592
Diluted weighted-average common shares outstanding (in shares)	220,791,640		222,947,030		221,199,963	216,403,427
Diluted net income per share (in dollars per share)	$ 0.06		$ 0.22		$ 0.17	$ 0.46
Stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	2,042		891,015		81,850	484,067
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	497,578		1,058,685		642,312	1,047,840

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Performance Restricted Stock Units (PRSUs) | 2021 Equity Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of awards issued	6,615,000		6,615,000		0
Total stock-based compensation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,245,818	109,402	3,245,818	290,621
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,174,330	107,250	3,371,942	0
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,062,247	0	511,094	0

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) segment
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	3
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets | $	$ 21.9

Segment Information - Schedule

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 183,757	$ 334,493	$ 428,540	$ 658,315
Cost of revenue	98,329	204,198	244,092	407,750
Gross profit	85,428	130,295	184,448	250,565
Connected machines
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	35,438	146,326	97,829	287,646
Cost of revenue	34,882	116,217	95,595	235,909
Gross profit	556	30,109	2,234	51,737
Subscriptions
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	67,604	50,673	132,382	96,812
Cost of revenue	6,181	5,285	12,433	9,583
Gross profit	61,423	45,388	119,949	87,229
Accessories and materials
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	80,715	137,494	198,329	273,857
Cost of revenue	57,266	82,696	136,064	162,258
Gross profit	$ 23,449	$ 54,798	$ 62,265	$ 111,599

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Aug. 04, 2022 USD ($)	Jul. 19, 2022 USD ($)
Common Class A
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 50,000,000
Revolving Credit Facility | New Credit Agreement
Subsequent Event [Line Items]
Revolving credit facility expiration period	5 years
Maximum borrowing capacity	$ 300,000,000
Additional borrowing capacity, increase limit	150,000,000
Additional borrowing capacity, higher borrowing capacity option	$ 450,000,000
Leverage ratio	3