Company: CRCT
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001828962-25-000039
Chunk: 142

Company: Cricut, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 142
---
 intend to maintain in non-U.S. subsidiaries considers items including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans, and capital improvement programs. We also evaluate our expected cash requirements in the United States. Other factors that can influence that determination are local restrictions on remittances (for example, in some countries a central bank application and approval are required in order for our local country subsidiary to pay a dividend), economic stability and asset risk. See Note 9 to our audited consolidated financial statements.

The Organization for Economic Co-operation and Development (“OECD”) Pillar Two Model Rules (“Pillar Two”) for a global 15% minimum tax are in the process of being adopted in a number of jurisdictions in which we operate. Pillar Two is applicable to us beginning January 1, 2024. Of the jurisdictions where Pillar Two has been adopted, the only jurisdiction where the top-up tax is applicable is Switzerland and the estimated tax is immaterial. 

72

Results of Operations

The following table is presented in thousands:

Year Ended December 31,202420232022(in thousands)Revenue:Platform$312,976 $309,012 $278,646 Products399,562 456,135 607,650 Total revenue712,538 765,147 886,296 Cost of revenue:Platform(1)37,288 32,804 26,676 Products(1)322,462 389,050 509,727 Total cost of revenue359,750 421,854 536,403 Gross profit352,788 343,293 349,893 Operating expenses:Research and development(1)60,399 65,048 76,914 Sales and marketing(1)143,294 123,169 130,379 General and administrative(1)72,985 85,091 62,647 Total operating expenses276,678 273,308 269,940 Income from operations76,110 69,985 79,953 Other income (expense):Interest income11,016 7,976 1,809 Interest expense(326)(323)(289)Other income2,077 2,145 508 Total other income, net12,767 9,798 2,028 Income before provision for income taxes88,877 79,783 81,981 Provision for income taxes26