Cricut, Inc. (NASDAQ:CRCT) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Jim Suva - Senior Vice President, Finance

Ashish Arora - President & CEO

Kimball Shill - CFO

Conference Call Participants

Erik Woodring - Morgan Stanley

Paul Kearney - Barclays

Mark Altschwager - Baird

Operator

Good day, and thank you for standing by. Welcome to the Cricut Q2 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Cricut. Please go ahead.

Jim Suva

Thank you, operator and good afternoon, everyone. Thank you for joining us on Cricut's second quarter 2023 earnings call. Please note that today's call is being webcast and recorded on the Investor Relations section of the company's website. A replay of the webcast will also be available following today's call.

For your reference, accompanying slides used on today's call, along with a supplemental data sheet have been posted to the Investor Relations section of the company's website, investor.cricut.com. Joining me on the call today are Ashish Arora, Chief Executive Officer; and Kimball Shill, Chief Financial Officer. Today's prepared remarks have been recorded, after which Ashish and Kimball will host live Q&A.

Before we begin, we would like to remind everyone that our prepared remarks contain forward-looking statements, and management may make additional forward-looking statements, including statements regarding our strategies, business, expenses and results of operations in response to your questions.

These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. These statements are based on current expectations as of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Cricut's most recently filed Form 10-Q. Actual events or results could differ materially. This call also contains time-sensitive information that is accurate only as of the date of this broadcast, August 8, 2023. Cricut assumes no obligation to update any forward-looking projection that may be made in today's release or call.

I will now turn the call over to Ashish.

Ashish Arora

Thank you, Jim. We finished the quarter in line with our expectations. We continue to manage the business with an eye towards profitability, even as we navigate softer consumer spend. I'm proud of the accomplishments the team has made, and we launched some important innovations that I will discuss in detail. Looking at Q2 highlights, on a year-over-year basis, Q2 total revenues were down 3%, machine sales were up 5% and operating income was down 4%.