Cricut, Inc. (NASDAQ:CRCT) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET

Company Participants

Jim Suva - Senior Vice President, Finance

Ashish Arora - Chief Executive Officer

Kimball Shill - Chief Financial Officer

Conference Call Participants

Maya Neuman - Morgan Stanley

Paul Kearney - Barclays

Amy Teske - Baird

Asiya Merchant - Citigroup

Operator

Good day and thank you for standing by. Welcome to the Cricut Quarter Three Earnings Conference Call. At this time, all participants are in a listen-only mode. After the 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 your speaker today, Jim Suva, Senior Vice President of Finance. Jim, please go ahead.

Jim Suva

Thank you, Operator, and good afternoon, everyone. Thank you for joining us on Cricut’s third 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 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, November 7, 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. Q3 was strong from a profitability perspective, with operating income up 36% year-over-year despite a 1% sales decline. As we mentioned before, in 2023, we are focused on profitability and remain disciplined in our investments to generate value over time.