Workflow
Cricut(CRCT) - 2024 Q4 - Annual Results
CRCTCricut(CRCT)2025-03-04 21:07

Financial Performance - Net income for FY 2024 was 62.8million,representingan8.862.8 million, representing an 8.8% margin, a 17% increase from FY 2023[1] - Revenue for FY 2024 was 712.5 million, a 7% decline compared to FY 2023[1] - Operating income for FY 2024 was 76.1million,or10.776.1 million, or 10.7% of revenue, compared to 70.0 million, or 9.1% of revenue in FY 2023[5] - Gross profit for the year ended December 31, 2024, was 352.8million,anincreaseof2.2352.8 million, an increase of 2.2% from 343.3 million in 2023[26] - Net income for the year ended December 31, 2024, reached 62.8million,up17.262.8 million, up 17.2% from 53.6 million in 2023[26] - Total revenue for Q4 2024 was 209.3million,adecreaseof9.5209.3 million, a decrease of 9.5% compared to 231.2 million in Q4 2023[26] - Q4 2024 revenue decreased 9% to 209.3millioncomparedtoQ42023[5]SubscriberandRevenueMetrics−Paidsubscribersincreasedto2.96million,up7209.3 million compared to Q4 2023[5] Subscriber and Revenue Metrics - Paid subscribers increased to 2.96 million, up 7% from FY 2023[1] - Platform revenue for FY 2024 increased 1% to 313.0 million, up from 309.0millioninFY2023[5]−InternationalrevenueforFY2024was309.0 million in FY 2023[5] - International revenue for FY 2024 was 157.5 million, or 22% of total revenue, a 1% increase from FY 2023[8] Cash Flow and Assets - The company generated 265millionincashfromoperationsinFY2024[6]−Cashandcashequivalentsattheendof2024were265 million in cash from operations in FY 2024[6] - Cash and cash equivalents at the end of 2024 were 232.1 million, up from 142.2millionattheendof2023[29]−Totalassetsdecreasedto142.2 million at the end of 2023[29] - Total assets decreased to 693.0 million in 2024 from 750.1millionin2023,primarilyduetoareductionininventories[29]ExpensesandInvestments−Researchanddevelopmentexpensesincreasedto750.1 million in 2023, primarily due to a reduction in inventories[29] Expenses and Investments - Research and development expenses increased to 60.4 million in 2024, compared to 65.0millionin2023,reflectingafocusoninnovation[26]−Operatingexpensesfortheyearwere65.0 million in 2023, reflecting a focus on innovation[26] - Operating expenses for the year were 276.7 million, slightly up from 273.3millionin2023[26]ShareholderReturns−Cricutrepurchased273.3 million in 2023[26] Shareholder Returns - Cricut repurchased 38.5 million of common stock in 2024, compared to 20.3millionin2023,indicatingacommitmenttoreturningvaluetoshareholders[31]−Thecompanydeclareddividendstotaling20.3 million in 2023, indicating a commitment to returning value to shareholders[31] - The company declared dividends totaling 110.0 million in 2024, a decrease from 294.1millionin2023,reflectingastrategicshiftincapitalallocation[31]ProductDevelopment−NewproductlaunchesincludedCricutExplore4andCricutMaker4,withpositiveinitialfeedback[2]InterestIncome−Thecompanyreportedasignificantincreaseininterestincometo294.1 million in 2023, reflecting a strategic shift in capital allocation[31] Product Development - New product launches included Cricut Explore 4 and Cricut Maker 4, with positive initial feedback[2] Interest Income - The company reported a significant increase in interest income to 11.0 million in 2024, compared to $8.0 million in 2023[26] Gross Margin - Gross margin for FY 2024 improved to 49.5%, up from 44.9% in FY 2023[5]