CRCT - Earnings call transcript Q1 2024

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Operator

Welcome to the Cricut Q1 2024 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your first speaker today, Jim Suva, Senior Vice President of Finance, Treasurer and Investor Relations Services. Please go ahead.

Jim Suva

Thank you, operator, and good afternoon, everyone. Thank you for joining us on Cricut's first quarter 2024 earnings call. call section webcast of today's the recorded that Relations Investor the note is and being on Please company's website. the of today's replay webcast be also A available call. will following

along Ashish. XXXX. call.I only to call or that today's release no Actual therefore, assumes XX-Q projection accurate date not be filed company's them. turn made differ and section will most-recently XX-K current will inherent based have Kimball of been do in would our posted regarding statements forward-looking in as Chief that are remarks the contains Risk upon to response any guarantee undue accompanying Today's on recorded remarks slides those in website, For Ashish the reliance section May Kimball are Ashish the we Shill, Cricut Executive risks additional not to Exchange host begin, which Form now the is have materially. These the Officer. supplemental filed performance, expectations the update and involve operations, future the investor.cricut.com.Joining statements results and prepared forward-looking like our strategies, and your Cricut's identified your have today's that management the Arora, live X, me or investor Commission. Factors questions. we should uncertainties, reference, business, These contain could this and time-sensitive on that call, Chief be events after sheet, Financial on Q&A.Before data This call with been make including everyone management expenses, including of used of may we to of and statements and company's and or with statements obligation remind over statements, information relations Form Officer, also may forward-looking of placed of a to today prepared call results Securities broadcast,

Ashish Arora

or Jim, driven dollars you, lower played of drop and write-offs, everyone.QX despite year-on-year as inventory Operating $XX sales X% an million, and largely expected. subscribers margin out overall XXX% by sales. higher paid machines connected welcome, Thank by significantly grew in more

four more to provide among machines in approved priorities: our in the into the the in capital capital who going of profitable year, in line and allocation active I repurchase on operations, up competitors we users X.XX past expectations. with will Given $XX and who & Remember items: on our three declined users press stock $X.XX and detailed about need Accessories in We materials.The a our straight past Active cut are the growth and slightly and on we million items detail as recurring year dividend will the of subscriber these quarter talk X% metrics Directors and XX% accessories another their in was decline review per a positive New of could do in and few platform increased three have X.XX to materials. new more million re-inject used million a share, over our to from KPIs.We where growth. Users of some go ago a Platform have will machines. Kimball connected users. our ended buy with Board new sustainability to go innovations.As areas year commentary machines trends over in paid offset connected attract the the units in revenues special per forward. confidence semi-annual more weakening acquisition, dividend and enthusiasm QX, more detail items Subscriptions, forward and program. be release, we mentioned briefly need engagement engagement, accessories Kimball share, Products reverse a allocation minutes.In revenues these in connected user User from We will than by effective need better Materials. We $X.XX our higher

on focus flywheel.During monetization QX, platform, drive and and live our and engagement user on product coverage. our marketing continue guides, ultimately doubled on which new our acquisition We growth we in gift investment to broadcast, PR lifestyle down via our spend accelerated reviews

things. will consumers funnel, our save of launched To highlights these we could savings finished them they appeal, the Make address using recently people making and similar Recognizing vs. called move products. experiencing cost we vs. campaign much that of use while we money, ongoing the As Buy, cost projects the down of to of machine personalizing a concerns, this and which how examples wanted creating joy consider the research the show plus shows they it buying of it. specific

to personalized For mats cost make, to compared $XXX buy. example, up door only $XX to to

is bags, fashionable only tote to Another $XX personalized to to example which make cost $X.XX buy. compared

strategies, an many examples Valentine's and National that website.During Fox organic by a QX, Each influencer towards the personalizing programs was including apparel stated vehicles different programs including a saw programs crafters our The we and and dÃ©cor up Day having we want our a power marketing Day, consumers a X.XX full-size including Active hobby leaned "Cricut's into is partnerships, for broadcast with an who more executed target occasions. show Month, million the our of for on Users Month, which quarter, April marketing supported Xtra trend Cricut NFL programs from crafters. content We Women's broadcast.We posts, the incorporating USA highlighted newest and leveraging in Day event to History key We down X.X making million I Cricut and You News' Make cut playoffs, size XX. sales we brand Make QX all Joy Users of cutting hit quote, had can Their Easter. who who Friends. Valentines sales influencers, moments on bulky the choice event a cut is editorial, seasonal social Cricut Fox The integrated Today, ended past Engaged recently quarter without and these plan, is coverage.We X.X Craft cutting to integrated during event, X-week deals machine."As and party XXXX. in the launched ideal social, the million over Mom's for retailer see casual XX-Day live store for year, marketing, and in on were supported show, social, machine digital the perfect by talk follow these and

offset from new quarters. users and on are age to continue as in erosion XXXX, our We large prior engagement their with years, many cohorts recent from who curve XXXX and not and experience from user engagement

this we more remains focus engagement understanding users data our the impactful most that This the an out-of-box increased within to new the Our and Onboarders of helped Platform. instrumentation and who our complete developed successfully improve new onboarding maximize onto we Onboarders) to into during saw journey focus their us In challenges can improvement experience. in their our are start cohorts, (or has initial of efforts Paid experience. Subscribers.Recently, run QX, our platform percentage of which users

also first users, now video across through month test our and and for In show first now how quarter, we educational We and Our in the we week to content, first our images mobile Space personalization to the directly addition first have new provide journey cut Space.In on in present algorithm. the recommendations apps. on made adjusted Inspire library, improvements Design search a we and which efforts for project, projects platform. our Design personalized larger will continue content page from we

inputs personalization over on search will our to personalization continue user from learning platform. machine our time.We consider progress additional make to We also on enhanced behavior have model

We an the recommendation flexible, in-house and images QX, system adaptable are and also created designed preferences. capture have aspects projects of a success.In of higher that is prioritizing make team our and system to that user improved different projects chance more

suggest on behavior label made users. did to results increased to this it projects examine example, use produce find and to users of images help than applied projects suggest our and old popular database projects tested models recommend platform.We AI are and to AI We customized that that learning suitable our deep system, for our better time for the like our on might uploaded number For tags images, sensitive. better also help new based user and we and similar projects to search

algorithm We refine retrieval. existing to in to also tags use this our improve search intend should database, which

Subscribers. planned search in year-on-year and under million more for just subscribers with future our in enhancements X.X improvements with We in-line increased Paid have and quarters.Paid QX, sequentially ending were increased several XX,XXX expectations XX,XXX

the incredibly process improvements launched our in most services. removing to leveraging raw to machine premium tools, an based AI of adds easy tool, used of of our of continue in years our fluctuations efforts will accuracy sticker a a in and software attrition subscription quarterly bear new despite machines dramatically background learning we compared is to on subscriptions and uploaded in curves and make subscribers, made subscriber images it value steady our which to proposition also new up steps. puts which some growth including terms our other multiple prior turning users.Our models removal for described repeat subscribers. subscriber design roadmap by with engagement. compelling have a by rates members, end, Create and strategies increase a have to is as pressure of sign to rich by At suite created the Sticker, of simplifies finished purchasers January, that into converting Lower in to variants significant goal the the the likely into fruit testing above. content remained In the Our subscription few image We've user increase XXXX the XXXX.We to continually a along declines from of features one backgrounds ever-growing leverage

to stimulate business recognize engagement position here. our are Materials The and we year-on-year in XX% aim affordability engagement. Clearly, we to and boost materials to expect QX. boost have on a long efforts establish our activity expected to solutions. go sales still see to the plays several working in way and subscriptions.Accessories fruit, our is role We bear purchasing competitive declined As a

our face machines update in progress than a the our give this part and am of In to excited you to in positive some area. with tangible business, lower on we digital cutting entry this stiffest addition, barriers competition platform.I

cadence machines bear encouraging offering that our and our through promotional and but efforts far time, a price products this in look this to improvements comments, This we focus through we we over effectively. expect take thus fruit. new you packaging segment roll as share. in creating forward I still current quarters business improving in begin some emerge with new accomplished time inventory in is prior more acquisition higher to re-engineered will are winning Consistent for It in a works supply the seamlessly we margin economics aimed in, of require our us great has our maximum that this of offering with get more will the Towards this with at deliver shipping online. a the price compete with price consumers been platform. and price, are as we should new a are category launched QX, to when marketplaces, hitting online was driving on points rate which to range the Materials effectively ahead.Growth compete competitive successful to performance end share.We the competitors, right engagement continue to with more achieve Value we Cricut with and chain fair efficiencies. Feedback our re-engineered to Designed competitive and in see to customer price at remain product, we work differentiated while sharing

We it for both that work retailers experience those on that us more are overall to ecosystem. create appealing inspiration help things when great to lift the make and to It's customer affordably, actual will materials that we make and easier reasons and we things motivated belief we see people are on use focused our give a to make of with intensely we and shelf consumption. experience, them to a our fundamental are

continue long-term focus to now to discipline.I driven innovate both current call will exhibiting over the to are turn and Kimball. while We

Kimball Shill

new is on payable anticipated The for record details would of dividend months, The are July more $X.XX $XX on XX, dividend directors approval.The provide special, to board about one-time capital of per January is board $X.XX a recurring shareholders the repurchase directors allocation semi-annual semi-annual like items. dividends share approved six but a also would and the I in dividend Ashish. July on you, timeframe which board per share. Thank stock of $X.XX a of X. of of to be again subject million approved recurring program. Both

given due August to XXXX. continue previously financial allocation not and capital We our appropriate plans but liquidity capital our basis.These dividends, repurchases the last our sustain to and anticipate want repurchase program announced company's not effectively capital this completed past board operating or confidence to grow the and always are of sustainability possible As mentioned hold allocation Cricut of both reason. line in in in views of utilization regular credit The the on as our call, and level for any authorized to and we earnings debt in to evaluate the stock stock profitable do a excess profitability cash allocation, directors of business, will for We term. our ample have near our need no decisions operations.

for public and adjust segments financials our we our of KPIs. X Cricut reporting years. been the company Recall, a to quarter, would on QX and Now that outlook.Last mentioned approximately I has

redesigned view segments platform go to with our We KPIs. as to a for reporting have Platform physical segments including and of years our X some transparency business of quarterly with After information public, developed investors, meaningful Products. we of in preparing quarterly be During provide we Cricut package and evolution, business information package. consistent new of aspects our XXXX, commentary increasingly will a products.My

KPIs We future focus the also our to on for and current indicators meaningful most public updated our operations.

will more business. which users now reflects provide users, accurately than our You rather notice we total active

Active project has an XX the definitional User make user unique For who to connected purposes, machine last used a is months. their in a

X% their Relations continued we increase million over revenue year the our Users, income, provided connected and of continue a unique compared $XX.X delivered revenue in as which to our segments down Products a driven Platform from year have accessories shorter-term units net information in last priorities.Breaking decline X% also our line prior XXXX key QX expectations. was XXX% sold, Investor XX who machine year. net to in our used positive up project new to XXXX. generated revenue income, XX-day website, our historical the user consecutive was We we XX% make increased of decreased year-on-year our an to quarter, will in has engagement We XXst and and quarter QX machines Revenue further, XX%. Connected down X%, million, $XX materials by while and first million, over days. $XXX.X higher from $XX On invest the a represent share on we Engaged metric KPIs.In million, of with

partially Some QX, in in were to unlike retailers when started inventory they levels XXXX restock destocking.

geographic found sales EU capture in However, terms Central to was driven during fully key events, inventory to we XXXX. was of down retailers' shelves light opportunity.In by QX million year-over-year in primarily $XX.X QX or The regions. on international $XX.X compared revenue decline breakdown, million the and UK -X%,

quarter from the Active XX-Day XX% a Engaged with year. QX which We percentage ended X% with quarter in a million As the decline ended was revenue, Active total We in QX X.XX a was Users, of X.X with increase last over revenue XX% Users, X.XX compared million XXXX.Turning over XXXX, of slight QX to ago. from year international and a total engagement. million Users

the As engagement.We Ashish to have nearly XX,XXX mentioned up and QX million with sequentially. more do we from improve quarter paid to work subscribers, XXXX, X.X X% ended up

expect the user down and compared the amount XX.X% earlier than a margin. from last percentage total improvement acquisition.Moving will year.Breaking subscriber XX.X%, were Platform pace new a as was Platform than improvement ago. materials increase The to stock-based of muted gross year from less expenses quarter for gross gross compared of included the slight expenses in and of a attrition; operating from $XX.X Platform million was year continue.Gross some decline due $XX.X higher ago. X% impairments QX QX the XX.X% As growth XX.X%, to of XX.X% gross to year to impairments we compensation. in in in be margins The in up to X.X% were capitalized in until discussed amortization we to machine compared natural first The in reflects margin further, software margins $XX.X XXXX. and revenue sales calls, less margin primarily million XXXX. a was than so, revenue related less higher Total in margin there increase Products an gross Total were the which is operating ago.Total million in subscriber gross margins costs, quarter a was primarily QX to

less to price. from We XXXX.Turning or the up decrease $X.X of delivered up As but last is sales consecutive and per due of due in share lower revenue, income encouraged QX a quarter in ago, quarter compared in $X.Xm to to million, impact R&D.Operating quarter, we paid plans million, was mentioned with, increase which of $XX.X primarily income, $XX.X income This rate increased income. or XXXX million, we by The to $X.XX costs primarily of which XX.X% to XXX% was income increase a was XX.X% $XX.X marketing, year stock coupled operating diluted the $X.X our subscriptions, drove impairments XX.X% a a in now in we million flow. balance or decline or positive diluted for despite Net XXst our the revenue for was XX%, share, this materials per tax operating higher of largely cash in compared year. the offset business.Our increased sales. marketing X.X% at in with and vesting sheet increased last net QX or million, our $X.XX are tax

repurchase cash with from shares $XXX million balance in a We XXXX. from annual million by generate million which $XXX free. Inventory $XX effectively ago. remain stock, million. our used in end ended stock year which on inventory for $XX cash and was we we a QX equivalents of of and of million In $XX growth. We cash investments program flow an the $XX million to August operations, cash year ago We long-term that of decreased healthy funds million a million continue needs debt repurchase to to $XX.X generated XXXX.During basis, QX, at QX authorized to cash QX, our completed X.X compared

stock are the we which outlook annual authorized in we on our give of will excitement want not some directors to do quarterly or detailed our previously, buyback million but guidance offer new for do a discussed bringing category. XXXX.We QX.Recall, commence $XX As color board to focused on program,

a paid the year. revenue a could in seasonality growth, and even pattern rates new and we second on growth QX.Typical the call focus and for QX marketing promotions only revenues in our do continuing QX machines under and of and paid marketing year.We pattern our portion larger major accessories too We Lower cutting subscriber half strategy a to through but point; in profits accordingly, XX% ongoing not to expect are But and will for subscriber following flat revenue accelerate in increased belt, the user soon continued QX two grow of is may expect is Products we and especially materials in and expect an to segment, first become a count company half growth on this to slightly year.We XX% XXXX, subscriptions conservatism an retailer it will in the positive and on consumer subscriber over and affordability.We a given our generate pressure QX to put hence, and declining growth similar materials full of pressure continue and to see doing drive on sales inflection continued sales decline seasonal deeper result the excitement. year on accessories year. cadence and sales our to full of total events

XXXX, category. the will the modestly XXXX anticipate a in where in increase like we XX% excitement the revenues our second operating to look were reinvigorate half.In in half we and XXXX, first increase However, marketing our lot seasonality distributed will spend expenses as XX%

profitable margins to XXXX. total operating be and flow expect year-over-year.We quarter each flat year cash positive significant be We to about generate expect during

margin targets model Our with to unchanged of remains XX%. financial operating XX% long-term

operate to operator we are growth, proven model turn and Our questions. top which define we drive call over achievable.With revenue as $X the above demonstrated the at for has scale, that when margins that, billion, these line I'll

Operator

you. Thank Erik first comes [Operator Stanley. from Our of Morgan Woodring Instructions] question

Maya Neuman

for when And do of both talked prior kind have fell then materialize? maybe quarters give see Erik. a number initiatives This about of and is the I of think little follow-up. And engagement users just you you've engaged -- The colors bit you year-over-year. to us on on Maya engagement? expect sequentially to do total of and details some increase a And in you when is that bottoms? that Can

Ashish Arora

is Maya, Ashish. this

company, is kind that's we've have engagement of a for the focused initiative as mentioned a really So important on before, we and team it.

decrease did year-on-year. engagement out, pointed you As

-- give -- a me that's when one about the curve, graduation pressure through was a at the creating there's headwind as for let cohort, and is users, X a and reasons main acquired what's you happens they putting XXXX XXXX which lot go for of look we So of the company. natural and you that attrition that roughly the million

Now we acquired typically and would XXXX not by the that acquiring offset engaged, headwind. of are users obviously and offset would enough them be more to that are newly XXXX

we on engagement. we driving initiatives, a initiatives focused of number have that of have are terms that In

first One onboarding to they sure to a have not XX as we main X great out-of-box of the make they users, enough days. look focus projects experience. at areas in make want positive that, the only we And actually that is

So remarks. as about we've in prepared we positive seen results, our some talked

around the In people they find addition and project initiatives cut it. find ultimately helping to that, education, actually we can inspiration so have

I So there's a of think number initiatives.

we One continue other reverse I and focused said, off. search and that highlight up and on want that -- a will kind it. stay believe trend pretty will execute these conviction some we this initiative We like as personalization. And that to to of initiatives we have ultimately, of need strong its I pay just again, to

Maya Neuman

bit America? consecutive quarter there compares specifically whether and if Could out mentioned, how some EU. guys maybe second North U.K. And the of And about then underlying, and macro revenue like a to to you declined region by and it's for as the speak then well. you differs little engagement trends you called the as international that

Kimball Shill

Maya, Kimball. is this

same But taste I goodness countries international pressure in that of -- think in the from to goodness some many growth regions where we world. of Largely, today some have ] of are of So international as huge X kind of in. we're that's the really in you vector our over we in add happening overwhelmed out, many we're business. other pointed we're the the to seeing in kind We're headwinds the and ways headwinds countries of U.K., consumer would continue there us macroeconomic that business. we of see America around North even overwhelmed opportunity we pronounced see that in for [ on we some as countries in the kind the of and more the XX we the tapped a future, the there. kind the barely of which barely

Ashish Arora

question other to different stages one was you their generalize there's many kind asked, maturity. because and countries just Maya different And of It's so hard sub of about engagement.

or So answer, want the I to the that. qualify in to given engagement just I see aggregate is -- I we again, would similar say, what think more to U.S. And I an was if but less,

as through launch over but similar not in to say saw a are I just we're so in early they see getting U.S. we happens may time curve, country, a countries the and in we graduation additional where of to is their parts in similar the are going are would be terms in overall, users that could you engaged, mature the that world engagement so that some seeing the the ] be with higher that we see be adopters, different [ more what are we trends of process. If of

Operator

comes question Yih Adrienne next of Barclays. from Our

Angus Kelleher-Ferguson

Adrienne Angus for Yih. Kelleher is This on

with do been shift, And think of have in long and could what the going with of A&M in both product then short I noise some connected year the thoughts style lot hard last see you clearance last some and reporting goods type over now the gross you segment share margin there's stock-outs a you machines, margins follow-up. segment So of term? term on quarter reserves profile that the forward in the a out on

Kimball Shill

talked were margins that over First, at being last very consistent. our -- remarks, in for our margins that for they platform year I'd platform costs quarter year. We COGS you more look from call then about and similar through down to we are slightly prepared XX.X% if operating we expectations the out And at quarter, our for last stable as flow software time margin. have amortized full

should those take you going margins if so forward. set what you X year And for that for points, the help be expectations products will

Angus Kelleher-Ferguson

consumer they sell-out some that at product? question Okay. fresh Has second trends is, and the sell-in receive has specifically? retailers retailer about any And My been there could you the the talk response once of around been restocking efforts? if how so,

Kimball Shill

thanks for follow-up. the So

this channel we but machine to So if actually up -- continued at noticed much that we X% level, more called at that saw sell-out sell-in, a you macro year. last a rate And outpace out reduced sales than were it, lighter the quarter, -- in we we quarter. and see some general, that saw the still see retailers restocked. did would to like the effect year-over-year In of we during as opportunity promotions partially in some

Ashish Arora

So let Kimball? higher right, said, Kimball sell-through of some than things we sell-in, me which is already which reinforce just kind see right,

Kimball Shill

Yes. ]. [ Sell-out

Ashish Arora

So retailers sell-out, see out than sorry, -- greater sell we Than right? sell-in we see... to

Kimball Shill

[indiscernible]. to Sell-out

Ashish Arora

â€¦ selling consumer greater retailers. to is than

retailers of of or largely events, the we stock. second the we've that missed halfway sales gone as a somewhat few because the opportunity were some The see through sale have out through is, event, they

we the funnel, need strategy, than opportunity the our with channels ] to as and consumers. drive it a and executing creating previously, stocked [ had still that done well what the that funnel, a are more doing some accelerate huge more sure make we of think machines is stacking they job but the started marketing leverage we team and just not have converting they our sell Now think promotional good really we opportunity to to as basically

Operator

Merchant Asiya of from Our Citi. next comes question

Asiya Merchant

be of a One Accessories understand materials, for was us of you plan. trajectory competitive The change think about was continue weak. Kimball I that the to we we going something they to one how to Maybe Or decline for mentioned one help level forward? be continue this business? there is know and this intensity there. the Should Kimball lot here. Ashish should fairly of at can business. on margin expect operating that I to the had could you there trajectory this

margins unless kind you I'm operating of for about X% mistaken reiterated I think flattish XXXX.

is strong a of Why operating guys the remainder posted decline margin. You the just big for such very obviously year?

Kimball Shill

this I'll add questions Ashish Kimball. commentary after. those Asiya, and is for answer can

your last question answer I'll first. So

on operating in expectations. with first, our QX call margins, out So the line that I'd was

increase on look up year. XXX% So year accessories with expected still marketing which our was sales line high that what while we're we million promotional for us. margins promotions the and And continue quarter. spend, to increased very of deeper And a rest and continue watermark profitability promotional and our -- as in materials XX% that for cadence the pleased machines revenue we affect the the we in to for move was through we we and with on which as into of lean our quarter, the is of will $XX and the

expect compared still of we X.X%. which to so last kind around And was margins be full year year, flattish to

pressure. is of Ashish lower it segment to question his comments. a engagement on and of your materials, to it continue accessories we where some highlighted is Part As and in see as

affects brands consuming fewer when We into are as materials, so both the see that marketplaces. they're clearly for label retailers cutting do from well people retailer less as to more white projects, competition, brick-and-mortar continue us. And entrants and

the in competition continue proud Value do to launch reengineered in we very to of business, specifically would designed our example And Cricut marketplaces. early still reengineered [ that that in we're things vinyl well days it's reinvent So call quarter. in But out, space. like to compete it's see are to I very then where doing we packaging online to configurations an and ] we're that. of the product,

we're to that taking But come turn business we've steps need for engagement the future our in help the to to one fruit while. that's this start business. that us part, but will around. help we'll to example so address There's had in a efforts others bear in that quarters, see And works

Ashish Arora

just the we necessarily I'll address comment in this add past, time. to talked And materials. and at We've other didn't accessories the one about

-- equally are that share be range really a we to know we certain of we within when competition, continue We hold our well.

so And but experience. reduced sure share great fair we provide materials, cost be we only will a that we customer our and increasingly, making have not win of the

So that's we ]. us you'll see on [ we execute -- something more

Asiya Merchant

if I Great. another And one. may,

free cash amazing here. You guys generation flow obviously have

more some announcing in return not the cash and use business? reverse or any Why that big inorganic whether shareholder it's marketing maybe the declines that even You're could growth program. other

Kimball Shill

Kimball. is this Asiya,

company, conviction a have us. a front in that of huge growth we're opportunity have strong We and we a

to ethos core a grow have also We profitably.

look revenue so at marketing and our as today, marketing, is high of XX% self watermark have And as already we was we us. highlighted, in investment for in it a that

leading terms the by but of yet, and POS year-over-year into encouraged reach clicks translate it and seen we're in to we're views indicators tracking increased that cricut.com. traffic and haven't We

we're that that things make data for to that that long us sure we and we on confident we're comfortable want responsibly manage get right the are with view our lean we spending that spending a at right in into the levels. but And we're doing we will are way profitability. more a helps the learn, and We it as and business spend, term on

Operator

to at Suva over Jim turn this like I'm closing time. showing remarks. I the no would to back for further now questions call

Jim Suva

Thank and afternoon. for us you, this joining everyone, Breanna, thank you,

the a continues engagement. value to increased The our to drive increased provide not have but Cricut We opportunity user to strengthen platform only growth and users. term new long large also over

the business manage healthy for growth to excited I'm flows. sustainable, profitable the cash continue ahead generate about and us. opportunities We of

If have and you disconnect. e-mail jsuva@cricut.com. me additional you. Thank may please earnings call, This concludes questions, now this you at

Operator

your Thank you today's participation in for conference.

disconnect. now may You

Cricut (CRCT) 7 May 242024 Q1 Earnings call transcript