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On December 2, 2022, Cricut Inc. (CRCT) has declared a $0.35 per share special dividend. The technology company does not pay a regular quarterly dividend to shareholders.

Cricut, Inc. announced that the Board of Directors, through its Audit Committee, has declared a special, one-time cash dividend of $0.35 per share to holders of the Company’s Class A and Class B Common Stock. The dividend is payable on February 15, 2023, to stockholders of record at the close of business on February 1, 2023. The aggregate amount of the cash payment to be made in connection with this special dividend will be approximately $77 million. In addition, holders of restricted stock units that are unvested on the record date will be credited with a dividend equivalent based on the value of the per share dividend pursuant to the terms of the Company’s equity incentive documents. The dividend equivalent will entitle such holders to receive additional shares upon vesting of the corresponding restricted stock units.

“We have a strong balance sheet, and we generate cash on an annual basis. Our financial profile gives us optionality to allocate cash appropriately and drive 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 expected future cash flows are more than sufficient to fund key product development and investments for future growth. We will continue to operate our business with discipline and expect to drive improvements toward our long-term operating margin target of 15-19%,” said Kimball Shill, Cricut’s Chief Financial Officer.

“As part of the Company’s ongoing evaluation of capital allocation, we seek to balance multiple considerations, including ensuring that the Company has more than adequate liquidity and financial flexibility, evaluating opportunities to invest in our business to drive long term shareholder returns (organically or through potential acquisitions) and returning capital to our shareholders,” said Ashish Arora, Cricut’s Chief Executive Officer. “While we prefer share repurchases when share prices are attractive, our current share repurchase program has been constrained by liquidity in the market, and therefore we believe it is appropriate to return capital to our shareholders via a special dividend. This special dividend will be in addition to our existing share repurchase program.”

Cricut, Inc. is a technology platform company whose machines and design software help users to turn ideas into professional-looking handmade goods. Its connected machines, design applications and accessories and materials, its users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations and more. Its cloud-based software enables it to update the functionality and features of existing physical and digital products and to release new products that integrate with its platform. Cricut does not pay a regular dividend.