SOUTHERN JORDAN, Utah, December 22, 2022 (GLOBE NEWSWIRE) — Cricut, Inc. CRCT (“Cricut”, the “Company” or “we”) announced today that the Board of Directors, through its Audit Committee, has declared a special one-time cash dividend of $0.35 per share for Class A and Class holders of the Company B common stock. The dividend is payable on February 15, 2023 to shareholders of record at the close of business on February 1, 2023. The total amount of cash to be paid in connection with this special dividend will be approximately $77 million. In addition, holders of restricted stock units that have not vested as of the Record Date will be credited with a dividend equivalent based on the value of the dividend per share under the terms of the Company’s stock incentive documents. The dividend equivalent entitles such holders to receive additional shares upon vesting of the corresponding restricted stock units.

“We have a strong balance sheet and generate cash on an annual basis. Our financial profile gives us the ability to appropriately allocate cash and deliver the best returns for our shareholders. We ended the third quarter with $198 million in cash and short term investments on our balance sheet and expect to end 2022 with over $260 million with no debt. We believe that our current and projected future cash flows are more than sufficient to fund important product development and investments for future growth. We will continue to conduct our business with discipline and expect to drive improvements toward our long-term operating margin goal of 15-19%,” said Kimball Shill, Cricut’s Chief Financial Officer.

“As part of the Company’s ongoing assessment of its capital allocation, we seek to balance several considerations, including ensuring that the Company has more than adequate liquidity and financial flexibility, and evaluating investment opportunities in our business to enhance the long-term Shareholder returns (organic or through potential acquisitions) and…