Cricut, Inc. (NASDAQ:CRCT) Q2 2024 Results Conference Call August 6, 2024 5:00 PM ET

Company Participants

Jim Suva - Senior Vice President of Finance and Treasurer
Ashish Arora - Chief Executive Officer & Director
Kimball Shill - Chief Financial Officer

Conference Call Participants

Eric Woodring - Morgan Stanley
Angus Kelleher - Barclays

Operator

Good day, and thank you for standing by. Welcome to the Cricut Q2 2024 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 first speaker today, Jim Suva, Senior Vice President of Finance and Treasurer. Please go ahead.

Jim Suva

Thank you, operator, and good afternoon, everyone. Thank you for joining us on Cricut's second quarter 2024 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 the 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 Kimbell will host a 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-K or Form 10-Q that we have filed with the Securities and Exchange Commission.

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 6, 2024. 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, and welcome everyone. We are pleased with strong Q2 profitability and early signs that our acquisition and marketing strategies with retailers and consumers are starting to bear fruit. Connected machines revenue grew for the second consecutive quarter from increased sell into retailers, while sellout to consumers was about flagged in the quarter compared to a decline in Q1.