Cricut (CRCT) 10-Q5 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40257
Entity Registrant Name	Cricut, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0282025
Entity Address, Address Line One	10855 South River Front Parkway
Entity Address, City or Town	South Jordan
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84095
City Area Code	385
Local Phone Number	351-0633
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	CRCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001828962
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,395,799
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		161,051,577

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 142,376	$ 142,187
Marketable securities	104,566	102,952
Accounts receivable, net	93,302	111,247
Inventories	167,503	244,469
Prepaid expenses and other current assets	33,010	19,114
Total current assets	540,757	619,969
Property and equipment, net	39,792	47,614
Operating lease right-of-use asset	9,047	12,353
Deferred tax assets	46,839	34,823
Other assets	27,330	35,363
Total assets	663,765	750,122
Current liabilities:
Accounts payable	45,524	76,860
Accrued expenses and other current liabilities	77,437	71,933
Deferred revenue, current portion	43,376	40,304
Operating lease liabilities, current portion	4,595	5,230
Dividends payable, current portion	379	2,137
Total current liabilities	171,311	196,464
Operating lease liabilities, net of current portion	5,864	8,938
Deferred revenue, net of current portion	2,530	2,931
Other non-current liabilities	8,224	6,916
Total liabilities	187,929	215,249
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of September 30, 2024, 214,422,477 shares issued and outstanding as of September 30, 2024; 1,250,000,000 shares authorized as of December 31, 2023, 217,915,713 shares issued and outstanding as of December 31, 2023.	214	218
Additional paid-in capital	463,717	505,864
Retained earnings	11,488	28,514
Accumulated other comprehensive income	417	277
Total stockholders’ equity	475,836	534,873
Total liabilities and stockholders’ equity	$ 663,765	$ 750,122

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000	1,250,000,000
Common stock, shares issued (in shares)	214,422,477	217,915,713
Common stock, shares outstanding (in shares)	214,422,477	217,915,713

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 167,890	$ 174,909	$ 503,229	$ 533,901
Cost of revenue:
Total cost of revenue	90,527	92,975	244,432	287,646
Gross profit	77,363	81,934	258,797	246,255
Operating expenses:
Research and development	15,240	15,910	44,408	50,057
Sales and marketing	35,278	28,375	101,662	87,398
General and administrative	16,249	13,962	50,494	55,334
Total operating expenses	66,767	58,247	196,564	192,789
Income from operations	10,596	23,687	62,233	53,466
Other income (expense):
Interest income	2,718	1,340	8,189	6,211
Interest expense	(84)	(81)	(245)	(240)
Other income	932	569	2,067	1,863
Total other income, net	3,566	1,828	10,011	7,834
Income before provision for income taxes	14,162	25,515	72,244	61,300
Provision for income taxes	2,674	8,290	21,340	18,952
Net income	11,488	17,225	50,904	42,348
Other comprehensive income:
Change in net unrealized gains (losses) on marketable securities, net of tax	46	76	0	(54)
Change in foreign currency translation adjustment, net of tax	229	(56)	140	(88)
Comprehensive income	$ 11,763	$ 17,245	$ 51,044	$ 42,206
Earnings per share, basic (in dollars per share)	$ 0.05	$ 0.08	$ 0.24	$ 0.20
Earnings per share, diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.24	$ 0.19
Weighted-average common shares outstanding, basic (in shares)	214,769,065	217,737,089	214,706,773	216,771,051
Weighted-average common shares outstanding, diluted (in shares)	215,749,745	220,424,691	215,281,337	219,920,343
Platform
Revenue:
Total revenue	$ 77,674	$ 77,455	$ 233,609	$ 231,082
Cost of revenue:
Total cost of revenue	10,000	8,276	27,647	24,045
Products
Revenue:
Total revenue	90,216	97,454	269,620	302,819
Cost of revenue:
Total cost of revenue	$ 80,527	$ 84,699	$ 216,785	$ 263,601

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2022		219,656,587
Balance at beginning of period at Dec. 31, 2022	$ 672,735	$ 220	$ 672,990	$ 0	$ (475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,099			9,099
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		43,671
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(169)		(169)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(103,906)
Forfeiture of unvested common stock and dividend equivalents	275		275
Repurchase of common stock (in shares)		(346,699)
Repurchase of common stock	(3,244)	$ (1)	(3,243)
Dividend equivalents issued	4,366		4,366
Stock-based compensation	10,895		10,895
Other comprehensive income (loss)	206				206
Common stock, balance at end of period (in shares) at Mar. 31, 2023		219,249,653
Balance at end of period at Mar. 31, 2023	694,163	$ 219	685,114	9,099	(269)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2022		219,656,587
Balance at beginning of period at Dec. 31, 2022	672,735	$ 220	672,990	0	(475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,348
Common stock, balance at end of period (in shares) at Sep. 30, 2023		219,855,433
Balance at end of period at Sep. 30, 2023	526,271	$ 220	509,443	17,225	(617)
Common stock, balance at beginning of period (in shares) at Mar. 31, 2023		219,249,653
Balance at beginning of period at Mar. 31, 2023	694,163	$ 219	685,114	9,099	(269)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,024			16,024
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		884,619
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(4,582)	$ 1	(4,583)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(199,898)
Forfeiture of unvested common stock and dividend equivalents	120		120
Repurchase of common stock (in shares)		(104,070)
Repurchase of common stock	(967)		(967)
Dividends declared	(234,625)		(209,502)	(25,123)
Stock-based compensation	12,542		12,542
Other comprehensive income (loss)	(368)				(368)
Common stock, balance at end of period (in shares) at Jun. 30, 2023		219,830,304
Balance at end of period at Jun. 30, 2023	482,307	$ 220	482,724	0	(637)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,225			17,225
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		76,041
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(1,000)		(1,000)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(12,154)
Forfeiture of unvested common stock and dividend equivalents	6		6
Repurchase of common stock (in shares)		(38,758)
Repurchase of common stock	(348)		(348)
Dividend equivalents issued	14,803		14,803
Stock-based compensation	13,258		13,258
Other comprehensive income (loss)	20				20
Common stock, balance at end of period (in shares) at Sep. 30, 2023		219,855,433
Balance at end of period at Sep. 30, 2023	526,271	$ 220	509,443	17,225	(617)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2023		217,915,713
Balance at beginning of period at Dec. 31, 2023	534,873	$ 218	505,864	28,514	277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,647			19,647
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		548,344
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(2,323)	$ 1	(2,324)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(64,001)
Forfeiture of unvested common stock and dividend equivalents	73		73
Repurchase of common stock (in shares)		(1,697,272)
Repurchase of common stock	(10,795)	$ (2)	(10,793)
Stock-based compensation	11,473		11,473
Other comprehensive income (loss)	(376)				(376)
Common stock, balance at end of period (in shares) at Mar. 31, 2024		216,702,784
Balance at end of period at Mar. 31, 2024	552,572	$ 217	504,293	48,161	(99)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2023		217,915,713
Balance at beginning of period at Dec. 31, 2023	534,873	$ 218	505,864	28,514	277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	50,904
Common stock, balance at end of period (in shares) at Sep. 30, 2024		214,422,477
Balance at end of period at Sep. 30, 2024	475,836	$ 214	463,717	11,488	417
Common stock, balance at beginning of period (in shares) at Mar. 31, 2024		216,702,784
Balance at beginning of period at Mar. 31, 2024	552,572	$ 217	504,293	48,161	(99)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,769			19,769
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		880,919
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(4,425)	$ 1	(4,426)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(24,629)
Forfeiture of unvested common stock and dividend equivalents	48		48
Repurchase of common stock (in shares)		(1,473,061)
Repurchase of common stock	(9,308)	$ (2)	(9,306)
Dividends declared	(121,657)		(53,727)	(67,930)
Stock-based compensation	11,304		11,304
Other comprehensive income (loss)	241				241
Common stock, balance at end of period (in shares) at Jun. 30, 2024		216,086,013
Balance at end of period at Jun. 30, 2024	448,544	$ 216	448,186	0	142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,488			11,488
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		124,753
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax	(379)		(379)
Forfeiture of unvested common stock and dividend equivalents (in shares)		(2,819)
Forfeiture of unvested common stock and dividend equivalents	9		9
Repurchase of common stock (in shares)		(1,785,470)
Repurchase of common stock	(10,380)	$ (2)	(10,378)
Dividend equivalents issued	13,685		13,685
Stock-based compensation	12,594		12,594
Other comprehensive income (loss)	275				275
Common stock, balance at end of period (in shares) at Sep. 30, 2024		214,422,477
Balance at end of period at Sep. 30, 2024	$ 475,836	$ 214	$ 463,717	$ 11,488	$ 417

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 50,904	$ 42,348
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	22,308	22,072
Bad debt expense (benefit)	(454)	2,144
Impairments	0	1,960
Stock-based compensation	33,255	34,789
Deferred income tax	(12,016)	(11,938)
Non-cash lease expense	3,805	3,727
Unrealized foreign currency loss	304	950
Provision for inventory obsolescence	110	17,942
Other	(1,810)	(1,846)
Changes in operating assets and liabilities:
Accounts receivable	18,061	41,200
Inventories	86,283	37,488
Prepaid expenses and other current assets	(13,673)	7,490
Other assets	(605)	274
Accounts payable	(30,635)	17,102
Accrued expenses and other current liabilities and other non-current liabilities	7,574	(17,437)
Operating lease liabilities	(4,197)	(4,056)
Deferred revenue	2,671	1,817
Net cash and cash equivalents provided by operating activities	161,885	196,026
Cash flows from investing activities:
Purchases of marketable securities	(110,521)	(44,256)
Proceeds from maturities of marketable securities	110,527	19,200
Purchases of property and equipment, including capitalized software development costs	(14,442)	(18,942)
Net cash and cash equivalents used in investing activities	(14,436)	(43,998)
Cash flows from financing activities:
Repurchases of common stock	(30,483)	(4,558)
Proceeds from exercise of stock options	0	382
Employee tax withholding payments on stock-based awards	(7,144)	(6,328)
Cash dividend	(109,775)	(293,820)
Net cash and cash equivalents used in financing activities	(147,402)	(304,324)
Effect of exchange rate on changes on cash and cash equivalents	142	(95)
Net increase (decrease) in cash and cash equivalents	189	(152,391)
Cash and cash equivalents at beginning of period	142,187	224,943
Cash and cash equivalents at end of period	142,376	72,552
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	0	0
Cash paid during the period for income taxes	34,898	21,590
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses and other current liabilities	1,479	2,764
Right-of-use assets obtained in exchange for new operating lease liabilities	477	0
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	436	1,129
Stock-based compensation capitalized for software development costs	1,121	1,520
Dividends declared but unpaid	$ 410	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Nature of Business Cricut, Inc. (“Cricut” or the “Company”) is a designer and marketer of a creativity platform that enables users to turn ideas into professional-looking handmade goods. Using the Company’s platform, versatile connected machines, and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s subscription services, connected machines and related accessories and materials are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries around the world. Headquartered in South Jordan, Utah, the Company is an innovator in its industry, focused on bringing innovative technology (automation and consumerization of industrial tools) to the craft, DIY, and home décor categories. The Company’s condensed consolidated financial statements include the operations of its wholly owned subsidiaries, which are located throughout Europe and in the Asia-Pacific region. The Company designs, markets, and distributes the Cricut family of products, including the platform, connected machines, and accessories and materials. In addition, Cricut sells a broad line of images, fonts, and projects for purchase à la carte. During the year ended December 31, 2023 and prior periods, we had three reportable segments: Connected Machines, Subscriptions, and Accessories and Materials. As of January 2024, we realigned our operating segment structure and now have two reportable segments: Platform and Products. The change in operating segments is based on how the Company’s chief operating decision maker (“CODM”) makes operating decisions and assesses business performance. Prior period segment information has been recast retrospectively to reflect the realignment. See Note 16, Segment Information, for further discussion of the Company’s segment reporting structure. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the annual report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2024, or any other period. Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation-Stock Compensation (Topic 718). The ASU clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or non-employees in exchange for goods or services. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In December, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end Public business entities). The Company is currently evaluating the impact of this standard on the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses, and is effective for fiscal years beginning after December 15, 2023 on a retrospective basis. The Company is currently evaluating the impact of this standard on the consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price of performance obligations, and estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for credit losses, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates. Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Money market funds and certain marketable securities are highly liquid investments and are actively traded. The pricing information for these assets is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. Other marketable securities such as U.S. Treasury securities are valued using observable inputs from similar assets, or from observable data in markets that are not active; these assets are classified as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. There were no liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023. Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period. Accounts Receivable Accounts receivable are recorded at original invoice amounts less estimates for credit losses. Management determines the allowance for credit losses by specifically identifying troubled accounts and by using historical write off experience, adjusted for current market conditions and reasonable supportable forecasts of future economic conditions, applied to an aging of all other accounts. If a retailer fails to follow the policies and guidelines in our sales agreements, we may choose to temporarily or permanently stop shipping product to that retailer.

Revenue and Deferred Revenue

Revenue and Deferred Revenue	9 Months Ended
Revenue and Deferred Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Deferred Revenue	Revenue and Deferred Revenue Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company has recognized no contract assets as of September 30, 2024, December 31, 2023 and January 1, 2023. The following table summarizes the changes in the deferred revenue balance for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 (in thousands) Deferred revenue, beginning of period $ 43,235 $ 38,658 Recognition of revenue included in beginning of period deferred revenue (37,568) (32,134) Revenue deferred, net of revenue recognized on contracts in the respective period 40,239 33,951 Deferred revenue, end of period $ 45,906 $ 40,475 As of September 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance. The Company expects the following recognition of deferred revenue as of September 30, 2024: Year Ended December 31, 2024 (remainder of year) 2025 2026 2027 Total (in thousands) Revenue expected to be recognized $ 24,978 $ 19,031 $ 1,590 $ 307 $ 45,906 The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 16 under the heading “Segment Information.” Revenue recognized during the three and nine months ended September 30, 2024 related to performance obligations satisfied or partially satisfied was $0.4 million and $3.3 million, respectively. The following table presents the total revenue by geography based on the ship-to address for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) North America* $ 129,390 $ 137,320 $ 398,640 $ 430,200 International 38,500 37,589 104,589 103,701 Total revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901 *North America revenue consists of revenues from the United States and Canada. The following table presents the total revenue by source for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Platform $ 77,674 $ 77,455 $ 233,609 $ 231,082 Connected machines 43,909 49,495 124,827 120,910 Accessories and materials 46,307 47,959 144,793 181,909 Total revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901

Cash, Cash Equivalents, and Fin

Cash, Cash Equivalents, and Financial Instruments	9 Months Ended
Cash, Cash Equivalents, and Financial Instruments	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Financial Instruments	Cash, Cash Equivalents, and Financial Instruments The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of September 30, 2024 and December 31, 2023: As of September 30, 2024 Adjusted Cost Total Unrealized Gains Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 138,526 $ — $ 138,526 $ 138,526 $ — Level 1: Money market funds 3,850 — 3,850 3,850 — Subtotal 3,850 — 3,850 3,850 — Level 2: U.S. treasury securities 104,025 541 104,566 — 104,566 Subtotal 104,025 541 104,566 — 104,566 Total $ 246,401 $ 541 $ 246,942 $ 142,376 $ 104,566 As of December 31, 2023 Adjusted Cost Total Unrealized Gains Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 44,809 $ — $ 44,809 $ 44,809 $ — Level 1: Money market funds 97,378 — 97,378 97,378 — Subtotal 97,378 — 97,378 97,378 — Level 2: U.S. treasury securities 102,411 541 102,952 — 102,952 Subtotal 102,411 541 102,952 — 102,952 Total $ 244,598 $ 541 $ 245,139 $ 142,187 $ 102,952 Marketable securities held as of September 30, 2024 generally mature over the next twenty-four months. As of September 30, 2024 and December 31, 2023 all balances were in a gain position, therefore there are no allowances for credit losses recorded for the periods presented.

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following: As of September 30, As of December 31, (in thousands) Raw materials $ 41,975 $ 44,935 Finished goods 204,693 286,988 Total inventories 246,668 331,923 Less: reserves (54,526) (54,416) Total inventories, net $ 192,142 $ 277,507 Inventories current $ 167,503 $ 244,469 Inventories non-current (included in other assets) $ 24,639 $ 33,038 The Company’s recorded inventory reserves as of September 30, 2024 consisted of $2.9 million related to excess connected machine inventory, $46.3 million related to excess accessories and materials inventory, and $5.4 million related to raw material components. Amounts charged to the reserve account are recorded primarily in cost of revenues.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
Accrued Expenses and Other Current Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of September 30, As of December 31, (in thousands) Sales incentives $ 29,981 $ 30,479 Other accrued liabilities and other current liabilities 47,456 41,454 Total accrued expenses $ 77,437 $ 71,933

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On August 4, 2022, the Company entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A, Citigroup N.A., PNC Bank, N.A., KeyBank, N.A., and other parties. The Credit Agreement replaced the Company’s prior asset-based Credit Agreement with JPMorgan Chase Bank, N.A., Citigroup N.A., and Origin Bank. The Credit Agreement provides for a five-year revolving credit facility (the “Credit Facility”) of up to $300.0 million, maturing on August 4, 2027. In addition, during the term of the Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $150.0 million, (for maximum aggregate lender commitments of up to $450.0 million), subject to customary conditions under the Credit Agreement, including obtaining a consent from participating lenders (or another lender, if applicable) to such increase. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The current unused fee rate is 0.175% on per annum basis. As of September 30, 2024, and December 31, 2023 total unamortized debt issuance costs were $0.9 million and $1.2 million, respectively. The Credit Agreement is collateralized by substantially all of the Company’s assets and contains affirmative and negative covenants, representations and warranties, events of default and other terms customary for loans of this nature. In particular, the Credit Agreement will not permit the leverage ratio to be greater than 3.0 to 1.0, measured on the last day of any fiscal quarter. In addition, the Credit Agreement will not permit the interest coverage ratio to be less than 3.0 to 1.0, for any period of four consecutive quarters, measured on the last day of any fiscal quarter. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of September 30, 2024. As of September 30, 2024 and December 31, 2023, no amounts were outstanding under the Credit Agreement and available borrowings were $300.0 million.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes interim period income taxes by applying an estimated annual effective tax rate to our year-to-date income from operations before income taxes, except for significant unusual or infrequently occurring items. The estimated effective tax rate is adjusted each quarter. The Company’s provision for income taxes was $2.7 million and $21.3 million for the three and nine months ended September 30, 2024, respectively, and $8.3 million and $19.0 million for the three and nine months ended September 30, 2023, respectively. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate for the three-month period ended September 30, 2024, primarily due to a reduction in the unfavorable prior-period adjustments, increases in the foreign derived intangible income deduction, and a $0.9 million decrease from discrete items related to stock-based compensation. For the nine-month period ended September 30, 2024, the income tax provision varied from the tax computed at the U.S. federal statutory income tax primarily due to an increase in stock-based compensation difference attributable to the decrease in stock price upon vesting versus the stock price at the grant date and a decrease to the research and development credit. The Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies, the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded that it is more likely than not that the net deferred tax assets will be realized. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for any of the periods presented.

Capital Structure

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2024
Equity [Abstract]
Capital Structure	Capital Structure As of September 30, 2024, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001 per share, and 1,250,000,000 shares of common stock, par value $0.001 per share, which was divided between two series: Class A common stock and Class B common stock. As of September 30, 2024, the Company had 1,000,000,000 shares of Class A common stock and 250,000,000 shares of Class B common stock authorized and 53,344,901 shares of Class A common stock and 161,077,576 shares of Class B common stock issued and outstanding. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. During the nine months ended September 30, 2024 and 2023, 5,332,089 and 9,008,751 shares of Class B common stock were converted to Class A common stock, respectively. Stock Repurchase Program On July 19, 2022, the Company’s Board of Directors approved a share repurchase program to purchase shares of our outstanding Class A common stock up to an aggregate transactional value of $50 million which was recently completed. On May 6, 2024 the Company’s Board of Directors approved an additional $50 million for the share repurchase program to purchase shares of its outstanding Class A common stock depending on the Company’s continuing analysis of market, financial, and other factors. The share repurchase program may be suspended or discontinued at any time and does not have a predetermined expiration date. During the nine months ended September 30, 2024, the Company repurchased and retired 4,955,803 shares of our Class A common stock for $30.4 million. Dividends On May 6, 2024, the Company declared a special dividend of $0.40 per share and a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock, payable on July 19, 2024 to shareholders of record as of July 2, 2024. As part of the dividends, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“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. On May 18, 2023, the Company declared a special dividend of $1.00 per share on its Class A and Class B common stock, payable on July 17, 2023 to shareholders of record as of July 3, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”) received a dividend equivalent of $1.00 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $234.6 million was to be satisfied in cash of $219.8 million payable to holders of Class A and Class B common stock with the remaining $14.8 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On December 21, 2022, the Company declared a special dividend of $0.35 per share on its Class A and Class B common stock, payable on February 15, 2023 to shareholders of record as of February 1, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of RSUs and PRSUs received a dividend equivalent of $0.35 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $81.4 million was to be satisfied in cash of $76.9 million payable to holders of Class A and Class B common stock with the remaining $4.5 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 and nine months ended September 30, 2024, an aggregate of $108.2 million and $109.8 million was paid in cash, respectively, and $13.5 million and $13.5 million was satisfied in the form of dividend equivalents to RSU or PRSU holders, respectively. During the three and nine months ended September 30, 2023, $218.0 million and $293.8 million was paid in cash, respectively, and $14.8 million and $19.2 million was satisfied in the form of dividend equivalents to RSU or PRSU holders, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-Based Compensation Cost The following table shows the stock-based compensation cost by award type for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Equity classified awards Restricted stock units $ 11,828 $ 11,022 $ 31,652 $ 30,041 Stock options 40 617 720 1,763 Class B common stock 727 1,619 2,999 4,891 Liability classified awards 13 10 35 36 Total stock-based compensation $ 12,608 $ 13,268 $ 35,406 $ 36,731 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Cost of revenue Platform $ 341 $ 422 $ 833 $ 751 Products 170 322 566 1,220 Total cost of revenue 511 744 1,399 1,971 Research and development 4,266 4,732 11,519 13,355 Sales and marketing 3,474 3,156 9,398 9,362 General and administrative 3,628 3,850 10,939 10,101 Total stock-based compensation expense $ 11,879 $ 12,482 $ 33,255 $ 34,789 Capitalized for software development costs 426 545 1,122 1,520 Capitalized to inventories 303 241 1,029 422 Total stock-based compensation $ 12,608 $ 13,268 $ 35,406 $ 36,731 As of September 30, 2024, there was $79.1 million of unrecognized stock-based compensation cost related to service-based awards which is expected to be recognized over a weighted-average period of 2.4 years. The total unrecognized compensation expense related to unvested PRSUs was approximately $195.3 million as of September 30, 2024. 2021 Equity Incentive Plan In March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. As of September 30, 2024, 50,764,570 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan. A summary of the Company’s service-based restricted stock unit (“RSU”) activity under the 2021 Equity Incentive Plan is as follows: Number of RSUs Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 8,893,831 $ 14.38 Granted 5,340,981 $ 5.88 Dividend equivalent grants 499,066 — Vested (2,656,423) $ 16.08 Forfeited / cancelled (666,797) $ 12.42 Outstanding at September 30, 2024 11,410,658 $ 10.10 The Company has granted PRSUs under the 2021 Equity Incentive Plan to certain employees of the Company that represent shares potentially issuable in the future. In July 2024, the Company granted PRSUs by which the first tranche of 30% and the second tranche of 70% will vest upon the Company achieving certain adjusted operating income targets during any four consecutive quarters of the respective performance periods, subject to employees remaining with the Company through the vesting date. The performance periods for the first and second tranches is 4 and 5.0 years, respectively. Adjusted operating income means GAAP operating income adjusted to exclude stock-based compensation expense and payroll expense specifically related to these PRSU awards. In 2022, the Company granted PRSUs that vest in two equal tranches subject to the Company achieving certain cumulative adjusted earnings per share over eight quarters at any point during the 5-year performance period, subject to employees remaining with the Company through the vesting date. Adjusted earnings per share means GAAP net income adjusted to exclude income tax expenses, as well as stock-based compensation expense and payroll tax expense specifically related to these PRSU awards. A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows: Number of PRSUs (a) Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 6,766,001 $ 23.32 Granted 9,808,000 $ 5.55 Dividend equivalent grants 1,366,343 $ — Forfeited / cancelled (360,081) $ 22.18 Outstanding at September 30, 2024 17,580,263 $ 12.60 a. Represents the maximum number of PRSUs assuming all performance targets are achieved. The expense recognized each period for the PRSUs is primarily dependent upon the Company’s estimate of the probability of achieving the performance targets. At September 30, 2024, the Company determined it was not probable any performance conditions would be achieved so no stock-based compensation was recorded for the PRSUs during the nine months ended September 30, 2024. Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an incentive stock option and non-qualified stock option shall not be less than 100% of the fair market value of the shares on the date of grant. A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 2,999,085 $ 18.65 3.5 $ — Forfeited / cancelled (223,245) $ 18.54 Outstanding at September 30, 2024 2,775,840 $ 18.25 2.4 $ — Vested and exercisable at September 30, 2024 2,744,200 $ 18.25 2.4 $ — During the nine months ended September 30, 2024 and 2023, no options were granted. Certain employees received restricted stock unit equivalents (“RSU equivalents”) which upon vesting are settled for a cash payment equal to the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. As of September 30, 2024, the total recognized liability for these awards was immaterial. Unvested Class B Common Stock The Company’s unvested Class B common stock resulted from the corporate reorganization in March 2021 and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the nine months ended September 30, 2024 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 1,656,679 $ 20.00 Vested (1,343,776) $ 20.00 Forfeited / cancelled (91,449) $ 20.00 Outstanding at September 30, 2024 221,454 $ 20.00 Options to Purchase Class B Common Stock The Company’s options to purchase Class B common stock resulted from the corporate reorganization in March 2021 and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 259,425 $ 7.69 1.9 $ — Forfeited / cancelled (48,000) $ 7.62 Outstanding at September 30, 2024 211,425 $ 7.29 1.1 $ — Vested and exercisable at September 30, 2024 211,425 $ 7.29 1.1 $ — During the nine months ended September 30, 2024 and 2023, the total intrinsic value of options exercised was immaterial. 2021 Employee Stock Purchase Plan In March 2021, the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”) became effective. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. As of September 30, 2024, 10,602,602 shares of our Class A common stock were available for sale under the 2021 ESPP. No offerings have been authorized to date by the administrator under the 2021 ESPP. If the administrator authorizes an offering period under the 2021 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases office space with lease terms ranging from one The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. The Company incurred operating lease costs of $1.3 million and $4.0 million for the three and nine months ended September 30, 2024, respectively, and $1.3 million and $4.0 million, respectively for the three and nine months ended September 30, 2023. The Company also incurred variable lease costs of $0.1 million and $0.3 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million, for the three and nine months ended September 30, 2023, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $1.5 million for both the three months ended September 30, 2024 and 2023, and $4.5 million for both the nine months ended September 30, 2024 and 2023. These amounts were included in net cash provided by operating activities in the Company's consolidated statements of cash flows. As of September 30, 2024, the maturities of the Company's operating lease liabilities were as follows: Year Ended December 31, Operating Leases (in thousands) 2024 (remainder of the year) $ 1,241 2025 4,611 2026 3,997 2027 967 Total lease payments $ 10,816 Less: imputed interest $ (357) Present value of operating lease liabilities $ 10,459 Operating lease liabilities, current $ 4,595 Operating lease liabilities, non-current $ 5,864 The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows: As of September 30, 2024 As of December 31, 2023 Weighted-average remaining lease term of operating leases 2.3 years 2.9 years Weighted-average discount rate of operating leases 3.0 % 2.5 %

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the three months ended March 31, 2024, and March 31, 2023, the Company undertook restructuring plans to improve efficiency and streamline operations. Costs for each plan were primarily settled within the first fiscal quarter of 2023 and 2024, respectively. During the nine months ended September 30, 2024, the Company recognized severance costs of $0.9 million, of which $0.4 million, $0.4 million and $0.1 million were recorded within research and development, selling and marketing, and general and administrative expense, respectively. During the nine months ended September 30, 2023, the Company recognized severance costs of $1.2 million, of which $0.7 million, $0.3 million, $0.2 million were recorded within research and development, selling and marketing, and general and administrative expense, respectively.

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
Employee Benefit Plan	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan

Net Income Per Share

Net Income Per Share	9 Months Ended
Net Income Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The computation of net income per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 11,488 $ 17,225 $ 50,904 $ 42,348 Shares used in computation: Weighted-average common shares outstanding, basic 214,769,065 217,737,089 214,706,773 216,771,051 Earnings per share, basic $ 0.05 $ 0.08 $ 0.24 $ 0.20 Diluted earnings per share: Net income $ 11,488 $ 17,225 $ 50,904 $ 42,348 Shares used in computation: Weighted-average common shares outstanding, basic 214,769,065 217,737,089 214,706,773 216,771,051 Weighted-average effect of potentially dilutive securities: Unvested Class B common stock subject to forfeiture 155,639 1,524,534 379,998 2,029,734 Employee stock options — 42,039 — 24,903 Restricted stock units 825,041 1,121,029 194,566 1,094,655 Diluted weighted-average common shares outstanding 215,749,745 220,424,691 215,281,337 219,920,343 Diluted net income per share $ 0.05 $ 0.08 $ 0.24 $ 0.19 The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Employee stock options 2,987,265 3,001,077 2,987,265 3,001,077 Restricted stock units 5,480,606 4,605,725 6,173,601 4,630,993 Unvested Class B common stock subject to forfeiture 125,115 315,858 221,454 367,133 As of September 30, 2024, 17,580,263 PRSUs were not assessed for inclusion in diluted earnings per share, and any potential antidilutive shares were excluded from the table above because they are subject to performance conditions that were not achieved as of such date.

Segment Information

Segment Information	3 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information In January 2024, the Company reevaluated its operating segments in order to better align with how the CODM evaluates performance and allocates resources. The key factor evaluated by the Company resulted from the growth and expansion of Design Space, the Company’s digital platform. Since its initial public offering, the Company’s digital platform has evolved and grown considerably. Key enhancements to the platform include the size of its images, fonts, and projects library, the introduction of advanced design tools, the software support for several new cutting machines, and the creation of enhanced subscriptions offerings. The change in operating segments reflects the Company’s strategy to focus on continuing to expand revenue and margin generated from its digital platform and Paid Subscribers. At the same time, a number of product related factors also contributed to this decision, including the relative importance of physical products to the platform, including bundles (comprised of several combinations of machines, accessories, and materials), and changes in our Accessories and Materials business. Based on these changes, the Company has determined that it was appropriate to reduce its reportable segments from three to two, combining its Subscriptions and digital content businesses into one Platform segment, and its Connected Machines and Accessories and Materials businesses into one Product segment. Prior period segment results have been retrospectively recast to reflect the new reportable segments. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment. The Company considered the provisions of ASC 280-10-50 as it relates to the information provided to and used by the CODM for evaluating performance and allocating resources to operating segments. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of September 30, 2024, long-lived assets located outside the United States, primarily located in Malaysia and China, were $5.2 million. The Platform segment derives revenue primarily from monthly and annual subscription fees, digital content, and a portion of the revenue allocated to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. For the nine months ended September 30, 2024, upfront digital content revenue comprised 1% of Platform revenue. The remaining Platform revenue consists of ratably recognized subscription revenue. The Products segment derives revenue primarily from the sale of its connected machine hardware, and sale of craft, DIY, home décor products and extensions. There are no internal revenue transactions between the Company’s segments. Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Platform: Revenue $ 77,674 $ 77,455 $ 233,609 $ 231,082 Cost of revenue 10,000 8,276 27,647 24,045 Gross profit $ 67,674 $ 69,179 $ 205,962 $ 207,037 Products: Revenue $ 90,216 $ 97,454 $ 269,620 $ 302,819 Cost of revenue 80,527 84,699 216,785 263,601 Gross profit $ 9,689 $ 12,755 $ 52,835 $ 39,218 Consolidated: Revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901 Cost of revenue 90,527 92,975 244,432 287,646 Gross profit $ 77,363 $ 81,934 $ 258,797 $ 246,255

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 11,488	$ 19,769	$ 19,647	$ 17,225	$ 16,024	$ 9,099	$ 50,904	$ 42,348

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Len Blackwell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 29, 2024, Len Blackwell, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 447,867 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 2, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Len Blackwell
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 29, 2024
Expiration Date	September 2, 2025
Arrangement Duration	369 days
Aggregate Available	447,867	447,867
Ashish Arora [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 19, 2024, Ashish Arora, our Chief Executive Officer and a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2,030,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until October 17, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Ashish Arora
Title	Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2024
Expiration Date	October 17, 2025
Arrangement Duration	424 days
Aggregate Available	2,030,000	2,030,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”)
Consolidation	The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2024, or any other period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation-Stock Compensation (Topic 718). The ASU clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or non-employees in exchange for goods or services. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on the consolidated financial statements. In December, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end Public business entities). The Company is currently evaluating the impact of this standard on the consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses, and is effective for fiscal years beginning after December 15, 2023 on a retrospective basis. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price of performance obligations, and estimating variable consideration such as sales incentives and product returns. Other estimates include the warranty reserve, allowance for credit losses, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates.
Fair Value Measurement	Fair Value Measurement The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
Earnings Per Share	Earnings Per Share Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at original invoice amounts less estimates for credit losses. Management determines the allowance for credit losses by specifically identifying troubled accounts and by using historical write off experience, adjusted for current market conditions and reasonable supportable forecasts of future economic conditions, applied to an aging of all other accounts. If a retailer fails to follow the policies and guidelines in our sales agreements, we may choose to temporarily or permanently stop shipping product to that retailer.

Revenue and Deferred Revenue (T

Revenue and Deferred Revenue (Tables)	9 Months Ended
Revenue and Deferred Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Changes in the Deferred Revenue Balance	The following table summarizes the changes in the deferred revenue balance for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 (in thousands) Deferred revenue, beginning of period $ 43,235 $ 38,658 Recognition of revenue included in beginning of period deferred revenue (37,568) (32,134) Revenue deferred, net of revenue recognized on contracts in the respective period 40,239 33,951 Deferred revenue, end of period $ 45,906 $ 40,475
Schedule of Recognition of Deferred Revenue	The Company expects the following recognition of deferred revenue as of September 30, 2024: Year Ended December 31, 2024 (remainder of year) 2025 2026 2027 Total (in thousands) Revenue expected to be recognized $ 24,978 $ 19,031 $ 1,590 $ 307 $ 45,906
Schedule of Total Revenue by Geography	The following table presents the total revenue by geography based on the ship-to address for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) North America* $ 129,390 $ 137,320 $ 398,640 $ 430,200 International 38,500 37,589 104,589 103,701 Total revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901 *North America revenue consists of revenues from the United States and Canada.
Schedule of Total Revenue by Source	The following table presents the total revenue by source for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Platform $ 77,674 $ 77,455 $ 233,609 $ 231,082 Connected machines 43,909 49,495 124,827 120,910 Accessories and materials 46,307 47,959 144,793 181,909 Total revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901

Cash, Cash Equivalents, and F_2

Cash, Cash Equivalents, and Financial Instruments (Tables)	9 Months Ended
Cash, Cash Equivalents, and Financial Instruments (Tables)	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Investments	The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of September 30, 2024 and December 31, 2023: As of September 30, 2024 Adjusted Cost Total Unrealized Gains Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 138,526 $ — $ 138,526 $ 138,526 $ — Level 1: Money market funds 3,850 — 3,850 3,850 — Subtotal 3,850 — 3,850 3,850 — Level 2: U.S. treasury securities 104,025 541 104,566 — 104,566 Subtotal 104,025 541 104,566 — 104,566 Total $ 246,401 $ 541 $ 246,942 $ 142,376 $ 104,566 As of December 31, 2023 Adjusted Cost Total Unrealized Gains Fair Value Cash and Cash Equivalents Marketable Securities (in thousands) Cash $ 44,809 $ — $ 44,809 $ 44,809 $ — Level 1: Money market funds 97,378 — 97,378 97,378 — Subtotal 97,378 — 97,378 97,378 — Level 2: U.S. treasury securities 102,411 541 102,952 — 102,952 Subtotal 102,411 541 102,952 — 102,952 Total $ 244,598 $ 541 $ 245,139 $ 142,187 $ 102,952

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories are comprised of the following: As of September 30, As of December 31, (in thousands) Raw materials $ 41,975 $ 44,935 Finished goods 204,693 286,988 Total inventories 246,668 331,923 Less: reserves (54,526) (54,416) Total inventories, net $ 192,142 $ 277,507 Inventories current $ 167,503 $ 244,469 Inventories non-current (included in other assets) $ 24,639 $ 33,038

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of September 30, As of December 31, (in thousands) Sales incentives $ 29,981 $ 30,479 Other accrued liabilities and other current liabilities 47,456 41,454 Total accrued expenses $ 77,437 $ 71,933

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Costs	The following table shows the stock-based compensation cost by award type for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Equity classified awards Restricted stock units $ 11,828 $ 11,022 $ 31,652 $ 30,041 Stock options 40 617 720 1,763 Class B common stock 727 1,619 2,999 4,891 Liability classified awards 13 10 35 36 Total stock-based compensation $ 12,608 $ 13,268 $ 35,406 $ 36,731 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Cost of revenue Platform $ 341 $ 422 $ 833 $ 751 Products 170 322 566 1,220 Total cost of revenue 511 744 1,399 1,971 Research and development 4,266 4,732 11,519 13,355 Sales and marketing 3,474 3,156 9,398 9,362 General and administrative 3,628 3,850 10,939 10,101 Total stock-based compensation expense $ 11,879 $ 12,482 $ 33,255 $ 34,789 Capitalized for software development costs 426 545 1,122 1,520 Capitalized to inventories 303 241 1,029 422 Total stock-based compensation $ 12,608 $ 13,268 $ 35,406 $ 36,731
Schedule of Restricted Stock Unit Activity	A summary of the Company’s service-based restricted stock unit (“RSU”) activity under the 2021 Equity Incentive Plan is as follows: Number of RSUs Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 8,893,831 $ 14.38 Granted 5,340,981 $ 5.88 Dividend equivalent grants 499,066 — Vested (2,656,423) $ 16.08 Forfeited / cancelled (666,797) $ 12.42 Outstanding at September 30, 2024 11,410,658 $ 10.10 A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows: Number of PRSUs (a) Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 6,766,001 $ 23.32 Granted 9,808,000 $ 5.55 Dividend equivalent grants 1,366,343 $ — Forfeited / cancelled (360,081) $ 22.18 Outstanding at September 30, 2024 17,580,263 $ 12.60 a. Represents the maximum number of PRSUs assuming all performance targets are achieved.
Schedule of Stock Option Activity	A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 2,999,085 $ 18.65 3.5 $ — Forfeited / cancelled (223,245) $ 18.54 Outstanding at September 30, 2024 2,775,840 $ 18.25 2.4 $ — Vested and exercisable at September 30, 2024 2,744,200 $ 18.25 2.4 $ — The Company’s options to purchase Class B common stock resulted from the corporate reorganization in March 2021 and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows: Number of Options Weighted- Average Exercise Price Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 259,425 $ 7.69 1.9 $ — Forfeited / cancelled (48,000) $ 7.62 Outstanding at September 30, 2024 211,425 $ 7.29 1.1 $ — Vested and exercisable at September 30, 2024 211,425 $ 7.29 1.1 $ —
Schedule of Nonvested Share Activity	The Company’s unvested Class B common stock resulted from the corporate reorganization in March 2021 and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the nine months ended September 30, 2024 is as follows: Number of Unvested Shares Weighted- Average Grant Date Fair Value (per share) Outstanding at December 31, 2023 1,656,679 $ 20.00 Vested (1,343,776) $ 20.00 Forfeited / cancelled (91,449) $ 20.00 Outstanding at September 30, 2024 221,454 $ 20.00

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Lease Liability Maturity	As of September 30, 2024, the maturities of the Company's operating lease liabilities were as follows: Year Ended December 31, Operating Leases (in thousands) 2024 (remainder of the year) $ 1,241 2025 4,611 2026 3,997 2027 967 Total lease payments $ 10,816 Less: imputed interest $ (357) Present value of operating lease liabilities $ 10,459 Operating lease liabilities, current $ 4,595 Operating lease liabilities, non-current $ 5,864
Schedule of Weighted Average Lease Term and Discount Rate	The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows: As of September 30, 2024 As of December 31, 2023 Weighted-average remaining lease term of operating leases 2.3 years 2.9 years Weighted-average discount rate of operating leases 3.0 % 2.5 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
Net Income Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of net income per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share amounts) Basic earnings per share: Net income $ 11,488 $ 17,225 $ 50,904 $ 42,348 Shares used in computation: Weighted-average common shares outstanding, basic 214,769,065 217,737,089 214,706,773 216,771,051 Earnings per share, basic $ 0.05 $ 0.08 $ 0.24 $ 0.20 Diluted earnings per share: Net income $ 11,488 $ 17,225 $ 50,904 $ 42,348 Shares used in computation: Weighted-average common shares outstanding, basic 214,769,065 217,737,089 214,706,773 216,771,051 Weighted-average effect of potentially dilutive securities: Unvested Class B common stock subject to forfeiture 155,639 1,524,534 379,998 2,029,734 Employee stock options — 42,039 — 24,903 Restricted stock units 825,041 1,121,029 194,566 1,094,655 Diluted weighted-average common shares outstanding 215,749,745 220,424,691 215,281,337 219,920,343 Diluted net income per share $ 0.05 $ 0.08 $ 0.24 $ 0.19
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Employee stock options 2,987,265 3,001,077 2,987,265 3,001,077 Restricted stock units 5,480,606 4,605,725 6,173,601 4,630,993 Unvested Class B common stock subject to forfeiture 125,115 315,858 221,454 367,133

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Key Financial Performance Measures of the Segments	Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Platform: Revenue $ 77,674 $ 77,455 $ 233,609 $ 231,082 Cost of revenue 10,000 8,276 27,647 24,045 Gross profit $ 67,674 $ 69,179 $ 205,962 $ 207,037 Products: Revenue $ 90,216 $ 97,454 $ 269,620 $ 302,819 Cost of revenue 80,527 84,699 216,785 263,601 Gross profit $ 9,689 $ 12,755 $ 52,835 $ 39,218 Consolidated: Revenue $ 167,890 $ 174,909 $ 503,229 $ 533,901 Cost of revenue 90,527 92,975 244,432 287,646 Gross profit $ 77,363 $ 81,934 $ 258,797 $ 246,255

Description of Business and B_2

Description of Business and Basis of Presentation (Details) - segment	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accounts receivable	$ 93,302	$ 111,247	$ 136,500
Allowances against accounts receivable	$ 1,100	$ 2,000

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 43,235	$ 38,658
Recognition of revenue included in beginning of period deferred revenue	(37,568)	(32,134)
Revenue deferred, net of revenue recognized on contracts in the respective period	40,239	33,951
Deferred revenue, end of period	$ 45,906	$ 40,475

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 45,906
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 24,978
Revenue, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 19,031
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1,590
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 307
Revenue, expected timing of satisfaction, period	1 year

Revenue and Deferred Revenue _3

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 0.4	$ 3.3

Revenue and Deferred Revenue _4

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 167,890	$ 174,909	$ 503,229	$ 533,901
North America
Disaggregation of Revenue [Line Items]
Total revenue	129,390	137,320	398,640	430,200
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 38,500	$ 37,589	$ 104,589	$ 103,701

Revenue and Deferred Revenue _5

Revenue and Deferred Revenue - Schedule of Total Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 167,890	$ 174,909	$ 503,229	$ 533,901
Platform
Disaggregation of Revenue [Line Items]
Revenue	77,674	77,455	233,609	231,082
Connected machines
Disaggregation of Revenue [Line Items]
Revenue	43,909	49,495	124,827	120,910
Accessories and materials
Disaggregation of Revenue [Line Items]
Revenue	$ 46,307	$ 47,959	$ 144,793	$ 181,909

Cash, Cash Equivalents, and F_3

Cash, Cash Equivalents, and Financial Instruments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 142,376	$ 142,187
Debt Securities, Available-for-Sale [Abstract]
Total Unrealized Gains	541	541
Assets, Adjusted Cost	246,401	244,598
Assets, Fair Value	$ 246,942	245,139
Marketable securities, maturity	24 months
Cash
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 138,526	44,809
Cash, Fair Value	138,526	44,809
Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	3,850	97,378
Total Unrealized Gains	0	0
Fair Value	3,850	97,378
Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	3,850	97,378
Total Unrealized Gains	0	0
Fair Value	3,850	97,378
Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	104,025	102,411
Total Unrealized Gains	541	541
Fair Value	104,566	102,952
Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	104,025	102,411
Total Unrealized Gains	541	541
Fair Value	104,566	102,952
Cash
Cash and Cash Equivalents [Line Items]
Cash, Fair Value	138,526	44,809
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	142,376	142,187
Cash \| Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Fair Value	3,850	97,378
Cash \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	3,850	97,378
Cash \| Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Cash \| Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	104,566	102,952
Marketable Securities \| Fair Value, Inputs, Level 1
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities \| Fair Value, Inputs, Level 2
Debt Securities, Available-for-Sale [Abstract]
Fair Value	104,566	102,952
Marketable Securities \| Fair Value, Inputs, Level 2 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	$ 104,566	$ 102,952

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 41,975	$ 44,935
Finished goods	204,693	286,988
Total inventories	246,668	331,923
Less: reserves	(54,526)	(54,416)
Total inventories, net	192,142	277,507
Inventories current	167,503	244,469
Inventories non-current (included in other assets)	24,639	33,038
Inventory [Line Items]
Inventory Valuation Reserves	54,526	$ 54,416
Machine Inventory
Inventory Disclosure [Abstract]
Less: reserves	(2,900)
Inventory [Line Items]
Inventory Valuation Reserves	2,900
Accessories and Materials Inventory
Inventory Disclosure [Abstract]
Less: reserves	(46,300)
Inventory [Line Items]
Inventory Valuation Reserves	46,300
Raw Materials
Inventory Disclosure [Abstract]
Less: reserves	(5,400)
Inventory [Line Items]
Inventory Valuation Reserves	$ 5,400

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Sales incentives	$ 29,981	$ 30,479
Other accrued liabilities and other current liabilities	47,456	41,454
Total accrued expenses	$ 77,437	$ 71,933

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - Revolving Credit Facility - Credit Agreement		9 Months Ended
	Aug. 04, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility expiration period	5 years
Maximum borrowing capacity	$ 300,000,000
Additional borrowing capacity, increase limit	150,000,000
Additional borrowing capacity, higher borrowing capacity option	$ 450,000,000
Line of credit facility, unused fee (percentage)	0.175%
Unamortized debt issuance costs		$ 900,000	$ 1,200,000
Leverage ratio		3
Amounts outstanding		$ 0	$ 0
Remaining borrowing capacity		$ 300,000,000
Basis spread on variable rate (percentage)		2%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,674	$ 8,290	$ 21,340	$ 18,952
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount	$ 900

Capital Structure (Details)

Capital Structure (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	May 06, 2024 USD ($) $ / shares	May 18, 2023 USD ($) $ / shares	Dec. 21, 2022 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($) shares	Nov. 01, 2024 $ / shares	Dec. 31, 2023 shares	Jul. 19, 2022 USD ($)
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)				100,000,000		100,000,000			100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001
Common stock, shares authorized (in shares)				1,250,000,000		1,250,000,000			1,250,000,000
Common stock, shares issued (in shares)				214,422,477		214,422,477			217,915,713
Common stock, shares outstanding (in shares)				214,422,477		214,422,477			217,915,713
Dividends payable (in dollars per share) \| $ / shares			$ 0.35
Dividends declared but unpaid \| $	$ 121,700	$ 234,600	$ 81,400			$ 410	$ 0
Dividends payable, current portion \| $	108,200	219,800	76,900
Dividends, paid-in-kind \| $	$ 13,500	$ 14,800	$ 4,500
Dividends, paid in cash \| $				$ 108,200	$ 218,000	109,800	293,800
Dividends, satisfied in form of dividend equivalents to RSU or PRSU holders \| $				$ 13,500	$ 14,800	$ 13,500	$ 19,200
Dividend Equivalent Payable Amount Per Share \| $ / shares	$ 0.5	$ 1
Special Dividend, Class A and Class B Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares	$ 0.40	$ 1
Semi-Annual Dividend, Class A and Class B Common Stock [Member] \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares								$ 0.10
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)				1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)				53,344,901		53,344,901
Common stock, shares outstanding (in shares)				53,344,901		53,344,901
Number of votes per share \| vote						1
Number of shares issuable upon conversion (in shares)						1
Stock repurchase program, authorized amount \| $	$ 50,000									$ 50,000
Stock repurchased and retired (in shares)						4,955,803
Stock repurchased and retired, value \| $						$ 30,400
Common Class A \| Existing Stockholders
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction						5,332,089	9,008,751
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)				250,000,000		250,000,000
Common stock, shares issued (in shares)				161,077,576		161,077,576
Common stock, shares outstanding (in shares)				161,077,576		161,077,576
Number of votes per share \| vote						5

Stock-Based Compensation - Cost

Stock-Based Compensation - Cost By Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 12,608	$ 13,268	$ 35,406	$ 36,731
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	11,828	11,022	31,652	30,041
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	40	617	720	1,763
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	727	1,619	2,999	4,891
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 13	$ 10	$ 35	$ 36

Stock-Based Compensation - Co_2

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,879	$ 12,482	$ 33,255	$ 34,789
Total stock-based compensation	12,608	13,268	35,406	36,731
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	426	545	1,122	1,520
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	303	241	1,029	422
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	511	744	1,399	1,971
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,266	4,732	11,519	13,355
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,474	3,156	9,398	9,362
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,628	3,850	10,939	10,101
Platform
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	341	422	833	751
Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 170	$ 322	$ 566	$ 1,220

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche	2
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Percentage of awards vesting	30%
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Percentage of awards vesting	70%
2021 Equity Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares	50,764,570
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost \| $	$ 79.1
Unrecognized stock-based compensation cost, period for recognition	2 years 4 months 24 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost \| $	$ 195.3
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years
Stock options \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Minimum exercise price, percentage of fair market value of shares on date of grant	100%
Employee stock \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation contribution percentage	15%
Offering period	27 months
Employee stock \| 2021 Employee Stock Purchase Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for sale (in shares) \| shares	10,602,602

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity Under Company's Stock Plans (Details) - Restricted stock units - 2021 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Unvested Shares
Beginning balance (in shares) \| shares	8,893,831
Granted (in shares) \| shares	5,340,981
Dividend equivalent grants (in dollars per share)	$ 0
Vested (in shares) \| shares	(2,656,423)
Forfeited / cancelled (in shares) \| shares	(666,797)
Ending balance (in shares) \| shares	11,410,658
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share)	$ 14.38
Granted (in dollars per share)	5.88
Vested (in dollars per share)	16.08
Forfeited / cancelled (in dollars per share)	12.42
Ending balance (in dollars per share)	$ 10.10

Stock-Based Compensation - PRSU

Stock-Based Compensation - PRSU Activity (Details) - 2021 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Performance Restricted Stock Units (PRSUs)
Number of Unvested Shares
Beginning balance (in shares) \| shares	6,766,001
Granted (in shares) \| shares	9,808,000
Dividend equivalent grants (in shares) \| shares	1,366,343
Forfeited / cancelled (in shares) \| shares	(360,081)
Ending balance (in shares) \| shares	17,580,263
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 23.32
Granted (in dollars per share) \| $ / shares	5.55
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	22.18
Ending balance (in dollars per share) \| $ / shares	$ 12.60
Restricted stock units
Number of Unvested Shares
Beginning balance (in shares) \| shares	8,893,831
Granted (in shares) \| shares	5,340,981
Dividend equivalent grants (in shares) \| shares	499,066
Forfeited / cancelled (in shares) \| shares	(666,797)
Ending balance (in shares) \| shares	11,410,658
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 14.38
Granted (in dollars per share) \| $ / shares	5.88
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	12.42
Ending balance (in dollars per share) \| $ / shares	$ 10.10

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	2,999,085
Forfeited / cancelled (in shares)	(223,245)
Ending balance (in shares)	2,775,840	2,999,085
Vested and exercisable (in shares)	2,744,200
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 18.65
Forfeited / Cancelled (in dollars per share)	18.54
Ending weighted average exercise price (in dollars per share)	18.25	$ 18.65
Vested and exercisable (in dollars per share)	$ 18.25
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	2 years 4 months 24 days	3 years 6 months
Weighted average remaining terms, vested and exercisable (years)	2 years 4 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested and exercisable aggregate intrinsic value	$ 0

Stock-Based Compensation - Unve

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Unvested Shares
Beginning balance (in shares) \| shares	1,656,679
Vested (in shares) \| shares	(1,343,776)
Forfeited / cancelled (in shares) \| shares	(91,449)
Ending balance (in shares) \| shares	221,454
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 20
Vested (in dollars per share) \| $ / shares	20
Forfeited / cancelled (in dollars per share) \| $ / shares	20
Ending balance (in dollars per share) \| $ / shares	$ 20

Stock-Based Compensation - Opti

Stock-Based Compensation - Options to Purchase Class B Common Stock (Details) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	259,425
Forfeited / cancelled (in shares)	(48,000)
Ending balance (in shares)	211,425	259,425
Vested (in shares)	211,425
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 7.69
Forfeited / Cancelled (in dollars per share)	7.62
Ending weighted average exercise price (in dollars per share)	7.29	$ 7.69
Vested (in dollars per share)	$ 7.29
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	1 year 1 month 6 days	1 year 10 months 24 days
Weighted average remaining terms, vested and exercisable (years)	1 year 1 month 6 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested aggregate intrinsic value	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 1.3	$ 1.3	$ 4	$ 4
Variable lease cost	0.1	0.1	0.3	0.2
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 1.5	$ 1.5	$ 4.5	$ 4.5
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	6 years		6 years

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remainder of the year)	$ 1,241
2025	4,611
2026	3,997
2027	967
Total lease payments	10,816
Less: imputed interest	(357)
Present value of operating lease liabilities	10,459
Operating lease liabilities, current	4,595	$ 5,230
Operating lease liabilities, non-current	$ 5,864	$ 8,938

Leases - Additional Lease Infor

Leases - Additional Lease Information (Details)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term of operating leases	2 years 3 months 18 days	2 years 10 months 24 days
Weighted-average discount rate of operating leases	3%	2.50%

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	9 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.9	$ 1.2
Research and development
Restructuring Cost and Reserve [Line Items]
Severance costs	0.4	0.7
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs	0.4	0.3
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0.1	$ 0.2

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Employer matching contribution (percentage)			50%
Employer matching contribution as a percent of employees' gross pay (percentage)			12%
Employer contribution amount	$ 0.6	$ 0.5	$ 1.8	$ 1.9

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings per share:
Net income	$ 11,488	$ 19,769	$ 19,647	$ 17,225	$ 16,024	$ 9,099	$ 50,904	$ 42,348
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	214,769,065			217,737,089			214,706,773	216,771,051
Earnings per share, basic (in dollars per share)	$ 0.05			$ 0.08			$ 0.24	$ 0.20
Diluted earnings per share:
Net income	$ 11,488	$ 19,769	$ 19,647	$ 17,225	$ 16,024	$ 9,099	$ 50,904	$ 42,348
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	214,769,065			217,737,089			214,706,773	216,771,051
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	155,639			1,524,534			379,998	2,029,734
Diluted weighted-average common shares outstanding (in shares)	215,749,745			220,424,691			215,281,337	219,920,343
Diluted net income per share (in dollars per share)	$ 0.05			$ 0.08			$ 0.24	$ 0.19
Employee stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	0			42,039			0	24,903
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	825,041			1,121,029			194,566	1,094,655

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of awards issued	17,580,263		17,580,263		6,766,001
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,987,265	3,001,077	2,987,265	3,001,077
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,480,606	4,605,725	6,173,601	4,630,993
Unvested Class B common stock subject to forfeiture
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	125,115	315,858	221,454	367,133

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) segment	Sep. 30, 2024 USD ($) segment
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	2	2
Percentage Of Revenue Subject To Point In Time Recognition		1%
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets \| $	$ 5.2	$ 5.2

Segment Information - Schedule

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 167,890	$ 174,909	$ 503,229	$ 533,901
Cost of revenue	90,527	92,975	244,432	287,646
Gross profit	77,363	81,934	258,797	246,255
Platform
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	77,674	77,455	233,609	231,082
Cost of revenue	10,000	8,276	27,647	24,045
Gross profit	67,674	69,179	205,962	207,037
Products
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	90,216	97,454	269,620	302,819
Cost of revenue	80,527	84,699	216,785	263,601
Gross profit	$ 9,689	$ 12,755	$ 52,835	$ 39,218

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Nov. 01, 2024	Dec. 21, 2022
Subsequent Event [Line Items]
Dividends payable (in dollars per share)		$ 0.35
Subsequent Event \| Semi-Annual Dividend, Class A and Class B Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable (in dollars per share)	$ 0.10