Company: CRCT
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001828962-25-000039
Chunk: 3

Company: Cricut, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 8
Chunk 3
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 the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

/s/ BDO USA, P.C.

Salt Lake City, Utah

March 4, 2025

82

Cricut, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

As of December 31,20242023AssetsCurrent assets:Cash and cash equivalents$232,140 $142,187 Marketable securities104,774 102,952 Accounts receivable, net101,980 111,247 Inventories115,255 244,469 Prepaid expenses and other current assets26,065 19,114 Total current assets580,214 619,969 Property and equipment, net37,546 47,614 Operating lease right-of-use assets13,958 12,353 Deferred tax assets39,186 34,823 Other assets22,131 35,363 Total assets$693,035 $750,122 Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payable$53,373 $76,860 Accrued expenses and other current liabilities76,274 71,933 Deferred