Company: CRCT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001828962-25-000075
Chunk: 43

Company: Cricut, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 of July 2, 2024. As part of the dividends, and pursuant to the underlying award agreements, holders of RSUs and PRSUs received a dividend equivalent of $0.50 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $121.7 million was to be satisfied in cash of $108.2 million payable to holders of Class A and Class B common stock with the remaining $13.5 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures.During the three months ended March 31, 2025, an aggregate of $21.5 million was paid in cash, and $2.9 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. During the three months ended March 31, 2024, $1.4 million was paid in cash.

Dividends payable includes dividends declared but not yet paid and prior dividends on unvested shares of Class A common stock payable upon future vesting. 

10.Stock-Based Compensation 

Stock-Based Compensation CostThe following table shows the stock-based compensation cost by award type for the periods indicated: Three Months Ended March 31,20252024(in thousands)Equity classified awardsRestricted stock units$10,788 $9,798 Stock options— 437 Class B common stock 263 1,238 Liability-classified awards2 7 Total stock-based compensation$11,053 $11,480 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 March 31,20252024(in thousands)Cost of revenuePlatform$267 $237 Products6 186 Total cost of revenue273 423 Research and development3,437 3,713 Sales and marketing3,114 2,936 General and administrative3,626 3,685 Total stock-based compensation expense$10,450 $10,757 Capitalized for software development costs423 330 Capitalized to inventories180 393 Total stock-based compensation$11,053 $11,480 As of March 31, 2025, there was $76.7 million of unrecognized stock-based compensation cost related to service-based awards,