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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 10-Q
______________________________________________________________________________
(MARK ONE)
| | | | | |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____ to _____
Commission File Number: 001-38390
______________________________________________________________________________
Cactus, Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________
| | | | | | | | |
Delaware | 35-2586106 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | |
920 Memorial City Way, Suite 300 | 77024 |
Houston, | Texas | (Zip Code) |
(Address of principal executive offices) | |
(713) 626-8800
(Registrant’s telephone number, including area code)
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A Common Stock, par value $0.01 | | WHD | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☑ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of November 6, 2023, the registrant had 65,323,129 shares of Class A common stock, $0.01 par value per share, and 14,106,469 shares of Class B common stock, $0.01 par value per share, outstanding.
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. When considering forward‑looking statements, you should keep in mind the risk factors and other cautionary statements described under “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 Annual Report”), the Risk Factors described in “Part II, Item 1A. Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, the Risk Factors described in “Part II, Item 1A. Risk Factors” of this Quarterly Report and other cautionary statements contained herein and in our Exchange Act filings. Forward‑looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Should one or more of the risks or uncertainties described in our 2022 Annual Report or other Exchange Act filings occur, or should underlying assumptions prove incorrect, our actual results could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| | | | | | | | | | | |
(in thousands, except per share data) | September 30, 2023 | | December 31, 2022 |
Assets |
| |
|
Current assets | | | |
Cash and cash equivalents | $ | 63,738 | | | $ | 344,527 | |
Accounts receivable, net of allowance of $3,187 and $1,060, respectively | 206,251 | | | 138,268 | |
Inventories | 203,517 | | | 161,283 | |
Prepaid expenses and other current assets | 19,442 | | | 10,564 | |
Total current assets | 492,948 | | | 654,642 | |
Property and equipment, net | 345,222 | | | 129,998 | |
Operating lease right-of-use assets, net | 19,969 | | | 23,183 | |
Intangible assets, net | 183,974 | | | — | |
Goodwill | 200,723 | | | 7,824 | |
Deferred tax asset, net | 211,535 | | | 301,644 | |
Other noncurrent assets | 9,779 | | | 1,605 | |
Total assets | $ | 1,464,150 | | | $ | 1,118,896 | |
Liabilities and Equity | | | |
Current liabilities | | | |
Accounts payable | $ | 65,217 | | | $ | 47,776 | |
Accrued expenses and other current liabilities | 60,713 | | | 30,619 | |
Earn-out liability | 18,892 | | | — | |
Current portion of liability related to tax receivable agreement | 20,855 | | | 27,544 | |
Finance lease obligations, current portion | 7,543 | | | 5,933 | |
Operating lease liabilities, current portion | 4,147 | | | 4,777 | |
Total current liabilities | 177,367 | | | 116,649 | |
Deferred tax liability, net | 1,469 | | | 1,966 | |
Liability related to tax receivable agreement, net of current portion | 250,256 | | | 265,025 | |
Finance lease obligations, net of current portion | 9,239 | | | 6,436 | |
Operating lease liabilities, net of current portion | 15,748 | | | 18,375 | |
Total liabilities | 454,079 | | | 408,451 | |
Commitments and contingencies |
| |
|
Stockholders’ equity | | | |
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding | — | | | — | |
Class A common stock, $0.01 par value, 300,000 shares authorized, 65,323 and 60,903 shares issued and outstanding | 654 | | | 609 | |
Class B common stock, $0.01 par value, 215,000 shares authorized, 14,106 and 14,978 shares issued and outstanding | — | | | — | |
Additional paid-in capital | 462,302 | | | 310,528 | |
Retained earnings | 359,699 | | | 261,764 | |
Accumulated other comprehensive loss | (1,647) | | | (984) | |
Total stockholders’ equity attributable to Cactus Inc. | 821,008 | | | 571,917 | |
Non-controlling interest | 189,063 | | | 138,528 | |
Total stockholders’ equity | 1,010,071 | | | 710,445 | |
Total liabilities and equity | $ | 1,464,150 | | | $ | 1,118,896 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 |
Revenues |
| |
| |
| |
|
Product revenue | $ | 214,295 | | | $ | 121,782 | | | $ | 605,698 | | | $ | 328,054 | |
Rental revenue | 28,879 | | | 27,105 | | | 84,916 | | | 73,143 | |
Field service and other revenue | 44,696 | | | 35,594 | | | 131,480 | | | 99,398 | |
Total revenues | 287,870 | | | 184,481 | | | 822,094 | | | 500,595 | |
Costs and expenses | | | | | | | |
Cost of product revenue | 123,278 | | | 73,747 | | | 373,310 | | | 203,839 | |
Cost of rental revenue | 15,558 | | | 16,323 | | | 48,538 | | | 46,740 | |
Cost of field service and other revenue | 36,973 | | | 27,145 | | | 103,861 | | | 78,685 | |
Selling, general and administrative expenses | 29,549 | | | 15,970 | | | 97,519 | | | 44,804 | |
Change in fair value of earn-out liability | (5,091) | | | — | | | 13,053 | | | — | |
Total costs and expenses | 200,267 | | | 133,185 | | | 636,281 | | | 374,068 | |
Operating income | 87,603 | | | 51,296 | | | 185,813 | | | 126,527 | |
| | | | | | | |
Interest income (expense), net | (1,372) | | | 1,140 | | | (6,298) | | | 1,344 | |
Other income, net | 266 | | | 1,125 | | | 3,804 | | | 10 | |
Income before income taxes | 86,497 | | | 53,561 | | | 183,319 | | | 127,881 | |
Income tax expense | 18,478 | | | 12,041 | | | 30,553 | | | 23,498 | |
Net income | $ | 68,019 | | | $ | 41,520 | | | $ | 152,766 | | | $ | 104,383 | |
Less: net income attributable to non-controlling interest | 15,439 | | | 10,095 | | | 32,542 | | | 25,198 | |
Net income attributable to Cactus Inc. | $ | 52,580 | | | $ | 31,425 | | | $ | 120,224 | | | $ | 79,185 | |
| | | | | | | |
Earnings per Class A share - basic | $ | 0.81 | | | $ | 0.52 | | | $ | 1.87 | | | $ | 1.32 | |
Earnings per Class A share - diluted | $ | 0.80 | | | $ | 0.51 | | | $ | 1.82 | | | $ | 1.30 | |
| | | | | | | |
Weighted average Class A shares outstanding - basic | 64,879 | | | 60,665 | | | 64,399 | | | 60,164 | |
Weighted average Class A shares outstanding - diluted | 65,486 | | | 61,106 | | | 79,632 | | | 76,296 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 68,019 | | | $ | 41,520 | | | $ | 152,766 | | | $ | 104,383 | |
Foreign currency translation adjustments | (670) | | | (1,219) | | | (812) | | | (2,150) | |
Comprehensive income | $ | 67,349 | | | $ | 40,301 | | | $ | 151,954 | | | $ | 102,233 | |
Less: comprehensive income attributable to non-controlling interest | 15,319 | | | 9,795 | | | 32,393 | | | 24,673 | |
Comprehensive income attributable to Cactus Inc. | $ | 52,030 | | | $ | 30,506 | | | $ | 119,561 | | | $ | 77,560 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | Class B | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non-controlling Interest | | Total Equity |
| Common Stock | | Common Stock | | | | | |
(in thousands) | Shares | | Amount | | Shares | | Amount | | | | | |
Balance at June 30, 2023 | 64,609 | | | $ | 647 | | | 14,820 | | | $ | — | | | $ | 446,206 | | | $ | 315,049 | | | $ | (1,096) | | | $ | 191,968 | | | $ | 952,774 | |
| | | | | | | | | | | | | | | | | |
Member distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9,214) | | | (9,214) | |
Effect of CC Unit redemptions | 714 | | | 7 | | | (714) | | | — | | | 9,753 | | | — | | | — | | | (9,760) | | | — | |
Tax impact of equity transactions | — | | | — | | | — | | | — | | | 2,574 | | | — | | | — | | | (100) | | | 2,474 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (551) | | | (119) | | | (670) | |
| | | | | | | | | | | | | | | | | |
Stock-based compensation | — | | | — | | | — | | | — | | | 3,769 | | | — | | | — | | | 849 | | | 4,618 | |
Cash dividends declared ($0.12 per share) | — | | | — | | | — | | | — | | | — | | | (7,930) | | | — | | | — | | | (7,930) | |
Net income | — | | | — | | | — | | | — | | | — | | | 52,580 | | | — | | | 15,439 | | | 68,019 | |
Balance at September 30, 2023 | 65,323 | | | $ | 654 | | | 14,106 | | | $ | — | | | $ | 462,302 | | | $ | 359,699 | | | $ | (1,647) | | | $ | 189,063 | | | $ | 1,010,071 | |
| | | | | | | | | | | | | | | | | |
Balance at June 30, 2022 | 60,613 | | | $ | 606 | | | 15,263 | | | $ | — | | | $ | 304,418 | | | $ | 212,913 | | | $ | (698) | | | $ | 126,569 | | | $ | 643,808 | |
Member distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,659) | | | (4,659) | |
Effect of CW Unit redemptions | 104 | | | 1 | | | (104) | | | — | | | 894 | | | — | | | — | | | (895) | | | — | |
Tax impact of equity transactions | — | | | — | | | — | | | — | | | (33) | | | — | | | — | | | — | | | (33) | |
Equity award vestings | 2 | | | — | | | — | | | — | | | 5 | | | — | | | — | | | (3) | | | 2 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (919) | | | (300) | | | (1,219) | |
Stock-based compensation | — | | | — | | | — | | | — | | | 2,414 | | | — | | | — | | | 604 | | | 3,018 | |
Cash dividends declared ($0.11 per share) | — | | | — | | | — | | | — | | | — | | | (6,787) | | | — | | | — | | | (6,787) | |
Net income | — | | | — | | | — | | | — | | | — | | | 31,425 | | | — | | | 10,095 | | | 41,520 | |
Balance at September 30, 2022 | 60,719 | | | $ | 607 | | | 15,159 | | | $ | — | | | $ | 307,698 | | | $ | 237,551 | | | $ | (1,617) | | | $ | 131,411 | | | $ | 675,650 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | Class B | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non-controlling Interest | | Total Equity |
| Common Stock | | Common Stock | | | | | |
(in thousands) | Shares | | Amount | | Shares | | Amount | | | | | |
Balance at December 31, 2022 | 60,903 | | | $ | 609 | | | 14,978 | | | $ | — | | | $ | 310,528 | | | $ | 261,764 | | | $ | (984) | | | $ | 138,528 | | | $ | 710,445 | |
Issuances of common stock | 3,352 | | | 34 | | | — | | | — | | | 143,302 | | | — | | | — | | | 26,033 | | | 169,369 | |
Member distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (13,926) | | | (13,926) | |
Effect of CC Unit redemptions | 872 | | | 9 | | | (872) | | | — | | | 11,773 | | | — | | | — | | | (11,782) | | | — | |
Tax impact of equity transactions | — | | | — | | | — | | | — | | | (10,979) | | | — | | | — | | | 16,726 | | | 5,747 | |
Equity award vestings | 200 | | | 2 | | | — | | | — | | | (3,071) | | | — | | | — | | | (1,371) | | | (4,440) | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (663) | | | (149) | | | (812) | |
Share repurchases | (4) | | | — | | | — | | | — | | | (137) | | | — | | | — | | | (22) | | | (159) | |
Stock-based compensation | — | | | — | | | — | | | — | | | 10,886 | | | — | | | — | | | 2,484 | | | 13,370 | |
Cash dividends declared ($0.34 per share) | — | | | — | | | — | | | — | | | — | | | (22,289) | | | — | | | — | | | (22,289) | |
Net income | — | | | — | | | — | | | — | | | — | | | 120,224 | | | — | | | 32,542 | | | 152,766 | |
Balance at September 30, 2023 | 65,323 | | | $ | 654 | | | 14,106 | | | $ | — | | | $ | 462,302 | | | $ | 359,699 | | | $ | (1,647) | | | $ | 189,063 | | | $ | 1,010,071 | |
| | | | | | | | | | | | | | | | | |
Balance at December 31, 2021 | 59,035 | | | $ | 590 | | | 16,674 | | | $ | — | | | $ | 289,600 | | | $ | 178,446 | | | $ | 8 | | | $ | 126,389 | | | $ | 595,033 | |
Member distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8,007) | | | (8,007) | |
Effect of CW Unit redemptions | 1,515 | | | 15 | | | (1,515) | | | — | | | 12,039 | | | — | | | — | | | (12,054) | | | — | |
Tax impact of equity transactions | — | | | — | | | — | | | — | | | 2,931 | | | — | | | — | | | — | | | 2,931 | |
Equity award vestings | 169 | | | 2 | | | — | | | — | | | (3,258) | | | — | | | — | | | (1,238) | | | (4,494) | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | (1,625) | | | (525) | | | (2,150) | |
Stock-based compensation | — | | | — | | | — | | | — | | | 6,386 | | | — | | | — | | | 1,648 | | | 8,034 | |
Cash dividends declared ($0.33 per share) | — | | | — | | | — | | | — | | | — | | | (20,080) | | | — | | | — | | | (20,080) | |
Net income | — | | | — | | | — | | | — | | | — | | | 79,185 | | | — | | | 25,198 | | | 104,383 | |
Balance at September 30, 2022 | 60,719 | | | $ | 607 | | | 15,159 | | | $ | — | | | $ | 307,698 | | | $ | 237,551 | | | $ | (1,617) | | | $ | 131,411 | | | $ | 675,650 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 |
Cash flows from operating activities |
| |
|
Net income | $ | 152,766 | | | $ | 104,383 | |
Reconciliation of net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 50,180 | | | 25,991 | |
Deferred financing cost amortization | 4,187 | | | 133 | |
Stock-based compensation | 13,526 | | | 8,034 | |
Provision for expected credit losses | 2,153 | | | 224 | |
Inventory obsolescence | 3,569 | | | 1,642 | |
Gain on disposal of assets | (1,999) | | | (470) | |
Deferred income taxes | 10,723 | | | 19,230 | |
Change in fair value of earn-out liability | 12,932 | | | — | |
Gain from revaluation of liability related to tax receivable agreement | (3,683) | | | (10) | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (12,637) | | | (42,906) | |
Inventories | 45,377 | | | (45,545) | |
Prepaid expenses and other assets | (7,321) | | | (4,265) | |
Accounts payable | 2,733 | | | 20,537 | |
Accrued expenses and other liabilities | 2,986 | | | 3,293 | |
Payments pursuant to tax receivable agreement | (26,890) | | | (11,666) | |
Net cash provided by operating activities | 248,602 | | | 78,605 | |
Cash flows from investing activities | | | |
Acquisition of a business, net of cash and cash equivalents acquired | (616,189) | | | — | |
Capital expenditures and other | (33,400) | | | (21,197) | |
Proceeds from sales of assets | 4,347 | | | 1,701 | |
Net cash used in investing activities | (645,242) | | | (19,496) | |
Cash flows from financing activities | | | |
Proceeds from the issuance of long-term debt | 155,000 | | | — | |
Repayments of borrowings of long-term debt | (155,000) | | | — | |
Net proceeds from the issuance of Class A common stock | 169,878 | | | — | |
Payments of deferred financing costs | (6,857) | | | (165) | |
Payments on finance leases | (5,579) | | | (4,505) | |
Dividends paid to Class A common stock shareholders | (22,266) | | | (20,015) | |
Distributions to members | (13,926) | | | (8,007) | |
Repurchases of shares | (4,599) | | | (4,495) | |
Net cash provided by (used in) financing activities | 116,651 | | | (37,187) | |
Effect of exchange rate changes on cash and cash equivalents | (800) | | | (2,968) | |
Net increase (decrease) in cash and cash equivalents | (280,789) | | | 18,954 | |
Cash and cash equivalents, beginning of period | 344,527 | | | 301,669 | |
Cash and cash equivalents, end of period | $ | 63,738 | | | $ | 320,623 | |
| | | |
Supplemental disclosure of cash flow information | | | |
Net cash paid for income taxes | $ | 19,464 | | | $ | 3,762 | |
Cash paid for interest | $ | 5,150 | | | $ | 801 | |
Non-cash investing and financing activities: | | | |
Right-of-use assets obtained in exchange for new lease obligations | $ | 10,210 | | | $ | 10,707 | |
Property and equipment in accounts payable | $ | 1,758 | | | $ | 1,582 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
CACTUS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(in thousands, except per share data, or as otherwise indicated)
1.Preparation of Interim Financial Statements and Other Items
Basis of Presentation
The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries.
On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the merger of the FlexSteel business (the “Merger”) through a merger with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through September 30, 2023. See Note 2 for additional information related to the acquisition.
Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies.
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022.
The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.
2.FlexSteel Acquisition
On February 28, 2023 (the “acquisition date”), we completed the acquisition of FlexSteel in accordance with the terms and conditions of the merger agreement dated December 30, 2022. Including final adjustments for closing working capital, cash on hand and indebtedness adjustments as set forth in the merger agreement, we paid total cash consideration of $621.5 million. There is also a potential future earn-out payment of up to $75.0 million to be paid no later than the third quarter of 2024, if certain revenue growth targets are met by FlexSteel. We funded the upfront purchase price using a combination of $165.6 million of net
proceeds received from the public offering of shares of our Class A common stock completed in January 2023, borrowings under the Amended ABL Credit Facility (as defined in Note 7) totaling $155.0 million and available cash on hand at the time of closing.
We believe this acquisition enhances Cactus’ position as a premier manufacturer and provider of highly engineered equipment to the oil and gas exploration and production (“E&P”) industry and provides meaningful growth potential for Cactus. We also believe FlexSteel’s products are highly complementary to Cactus’ equipment as it expands our exposure to our customers’ operations from production trees to transportation of oil, gas and other liquids as well as to additional customers operating in the midstream area. The acquisition is being accounted for using the acquisition method of accounting, with Cactus being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities are recorded at their respective fair values as of the acquisition date. The transaction was treated as a purchase of stock for United States federal income tax purposes. In connection with the acquisition, we incurred approximately $7.5 million of transaction costs for the nine months ended September 30, 2023 required to effect the transaction and incurred an additional $4.4 million in costs related to the reporting of and accounting for the transaction. These fees primarily related to legal, accounting and consulting fees and are included in selling, general and administrative (“SG&A”) expenses in the consolidated statements of income.
Purchase Price Consideration
The final purchase price consideration for the acquisition is $627.5 million and is summarized as follows:
| | | | | | | | |
| | Purchase Price Consideration |
Cash consideration | | $ | 621,505 | |
Add: Contingent consideration (1) | | 5,960 | |
Fair value of consideration transferred | | $ | 627,465 | |
(1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75 million of additional cash consideration if certain revenue growth targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate.
Changes in the fair value of the earn-out liability subsequent to the acquisition date are recognized in the consolidated statements of income. As of September 30, 2023, the estimated fair value of the earn-out payment increased to $18.9 million. The increase is based on the revised forecast for the period January 1, 2023 through June 30, 2024, reflecting improvements in FlexSteel’s revenues as compared to projections made at the time of the acquisition. See further discussion of the calculation of fair value of the earn-out liability in Note 12.
Preliminary Purchase Price Allocation
The following table provides the preliminary allocation of the purchase price as of the acquisition date. The goodwill reflected below decreased $0.6 million from the original preliminary purchase price allocation as a result of measurement period adjustments, primarily related to changes in cash consideration upon finalization of the closing net working capital and the
resulting updates to deferred tax liabilities, partially offset by valuation adjustments to inventories and property and equipment.
| | | | | | | | |
Cash and cash equivalents | | $ | 5,316 | |
Receivables | | 57,747 | |
Inventories | | 91,746 | |
Prepaid expenses and other current assets | | 1,283 | |
Property and equipment | | 208,955 | |
Operating lease right-of-use assets | | 1,021 | |
Identifiable intangible assets | | 200,300 | |
Other noncurrent assets | | 5,666 | |
Total assets acquired | | 572,034 | |
Accounts payable | | (14,789) | |
Accrued expenses and other current liabilities | | (26,827) | |
Finance lease obligations | | (974) | |
Operating lease liabilities | | (906) | |
Deferred tax liabilities | | (93,972) | |
Total liabilities assumed | | (137,468) | |
| | |
Net assets acquired | | 434,566 | |
| | |
Goodwill | | $ | 192,899 | |
Assets acquired and liabilities assumed in connection with the acquisition were recorded at their estimated fair values. Estimated fair values were determined by management, based in part on an independent valuation performed by third-party valuation specialists. The valuation methods used to determine the estimated fair value of intangible assets included the excess earnings approach for customer relationships and backlog using customer inputs and contributory charges and the relief from royalty method for tradename and developed technology. Several significant assumptions and estimates were involved in the application of these valuation methods, including forecasted sales volumes and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, attrition rates and working capital changes. Cash flow forecasts were generally based on FlexSteel’s pre-acquisition forecasts. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives.
The fair values determined for accounts receivable, accounts payable and most other current assets and liabilities, other than inventory, were equivalent to the carrying value due to their short-term nature. Acquired inventories are comprised of raw materials, work-in-progress and finished goods. The preliminary fair value of finished goods was calculated as the estimated selling price, less costs of the selling effort and a reasonable profit allowance relating to the selling effort. The preliminary fair value of work-in-progress was calculated as the estimated selling price, less costs to complete, less costs of the selling effort and a reasonable profit allowance on completion and selling costs. The preliminary fair value of raw materials was determined based on replacement cost which approximates historical carrying value. The preliminary fair value of identifiable fixed assets was calculated using a combination of valuation approaches, but primarily consisted of the cost approach which adjusts estimates of replacement cost for the age, condition and utility of the associated assets.
Goodwill is calculated as the excess of the purchase price over the estimated fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the estimated fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, expansion opportunities and other benefits that we believe will result from combining the operations of FlexSteel with ours. Goodwill was further increased by the deferred tax liability associated with the fair market value in excess of the tax basis acquired. The goodwill associated with this transaction has been allocated to our Spoolable Technologies segment.
The purchase price allocation is preliminary and could be revised as a result of additional information obtained regarding assets acquired and liabilities assumed and revisions of preliminary estimates of fair values including, but not limited to, certain tangible assets acquired and liabilities assumed, contractual relationships, intangible assets, certain working capital items, deferred income taxes and residual goodwill. The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition date.
Tax-related impacts
As a result of the transaction, we acquired certain carryforward tax attributes. The Company’s current assessment is that some of these attributes should be accounted for as unrecognized tax benefits in the acquisition accounting. The unrecognized tax benefits have been offset by an indemnification asset from the seller of $5.7 million. The Company continues to evaluate the technical merits of the tax attributes, and the unrecognized tax benefit assessment is subject to change within the measurement period. Subsequent to completion of the acquisition, we determined that we expect to generate sufficient taxable income of the appropriate type to allow for the realization of the deferred tax asset associated with our investment in Cactus Companies and recognized a $12.1 million tax benefit in the first quarter of 2023 associated with the release of our valuation allowance previously provided. Additionally, we recognized $4.3 million of tax expense in the first quarter of 2023 associated with the revaluation of our deferred tax asset as a result of a change in our forecasted state rate primarily due to state impacts of the FlexSteel acquisition.
Pro forma financial information
From acquisition date through September 30, 2023, FlexSteel produced revenue of $245.8 million and net income of $34.1 million. The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, as if the acquisition had occurred as of January 1, 2022. The unaudited pro forma combined financial information includes, where applicable, adjustments for additional amortization expense related to the fair value step-up of intangible assets, additional inventory fair value step-up expense, additional depreciation expense associated with adjusting property and equipment to fair value, changes to align accounting policies, decreases in interest expense due to modification of borrowings in conjunction with the acquisition and associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that we believe are reasonable to reflect the impact of the FlexSteel acquisition on our historical financial information on a supplemental pro forma basis. Adjustments do not include the elimination of transaction-related costs incurred or any costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results.
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2023 | | 2022 |
Revenues | $ | 274,855 | | | $ | 875,473 | | | $ | 765,847 | |
Net Income attributable to Cactus, Inc. | 33,885 | | | 132,026 | | | 83,224 | |
3.Accounts Receivable and Allowance for Credit Losses
We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas E&P companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes amounts billed and currently due from customers and unbilled amounts for products delivered and services performed for which billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of September 30, 2023 and December 31, 2022 was $36.6 million and $34.9 million, respectively.
We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us and apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a rollforward of our allowance for credit losses.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance at Beginning of Period | | Expense | | Write off | | Translation Adjustments | | Balance at End of Period |
Nine Months Ended September 30, 2023 | $ | 1,060 | | | $ | 2,153 | | | $ | (16) | | | $ | (10) | | | $ | 3,187 | |
Nine Months Ended September 30, 2022 | 741 | | | 224 | | | (63) | | | (1) | | | 901 | |
4.Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost (which approximates average cost). Costs include an application of related material, direct labor, duties, tariffs, freight and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Reserves are made for excess and obsolete items based on a range of factors, including age, usage and technological or market changes that may impact demand for those products. Inventories consist of the following:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Raw materials | $ | 23,144 | | | $ | 3,150 | |
Work-in-progress | 11,500 | | | 5,444 | |
Finished goods | 168,873 | | | 152,689 | |
| $ | 203,517 | | | $ | 161,283 | |
5.Property and Equipment, net
Property and equipment are stated at cost. We manufacture or construct most of our Pressure Control rental equipment assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
Land | $ | 16,442 | | | $ | 5,302 | |
Buildings and improvements | 131,960 | | | 25,480 | |
Machinery and equipment | 127,701 | | | 57,883 | |
Reels and skids | 18,028 | | | — | |
Vehicles | 35,319 | | | 29,045 | |
Rental equipment | 215,581 | | | 194,088 | |
Furniture and fixtures | 1,905 | | | 1,759 | |
Computers and software | 3,889 | | | 3,068 | |
Gross property and equipment | 550,825 | | | 316,625 | |
Less: Accumulated depreciation | (222,998) | | | (200,573) | |
Net property and equipment | 327,827 | | | 116,052 | |
Construction in progress | 17,395 | | | 13,946 | |
Total property and equipment, net | $ | 345,222 | | | $ | 129,998 | |
6.Goodwill and Other Intangible Assets
Goodwill represents the excess of purchase price paid over the fair value of the net assets of acquired businesses. Goodwill is not amortized, but we evaluate at least annually whether it is impaired. Goodwill is considered impaired if the carrying amount of the reporting unit exceeds its estimated fair value. We conduct our annual assessment of the recoverability of goodwill as of December 31 of each year and more frequently if events and circumstances indicate that goodwill might be impaired. The change in carrying value of goodwill allocated to our reportable segments during the nine months ended September 30, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| | Pressure Control | | Spoolable Technologies | | Total |
Balance at December 31, 2022 | | $ | 7,824 | | | $ | — | | | $ | 7,824 | |
FlexSteel acquisition | | — | | | 192,899 | | | 192,899 | |
| | | | | | |
Balance at September 30, 2023 | | $ | 7,824 | | | $ | 192,899 | | | $ | 200,723 | |
The following table presents the detail of acquired intangible assets other than goodwill as of September 30, 2023:
| | | | | | | | | | | | | | | | | | | | |
| | Gross Cost | | Accumulated Amortization | | Net Cost |
Customer relationships | | $ | 100,300 | | | $ | (3,901) | | | $ | 96,399 | |
Developed technology | | 77,000 | | | (4,492) | | | 72,508 | |
Tradename | | 16,000 | | | (933) | | | 15,067 | |
Backlog | | 7,000 | | | (7,000) | | | — | |
Total | | $ | 200,300 | | | $ | (16,326) | | | $ | 183,974 | |
All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired is 12 years. Amortization expense recognized during the three and nine months ended September 30, 2023 was $4.0 million and $16.3 million, respectively, and was recorded in SG&A expenses in the consolidated statements of income. Estimated future amortization expense is as follows:
| | | | | | | | |
Remainder of 2023 | | $ | 3,997 | |
2024 | | 15,987 | |
2025 | | 15,987 | |
2026 | | 15,987 | |
2027 | | 15,987 | |
2028 | | 15,987 | |
Thereafter | | 100,042 | |
Total | | $ | 183,974 | |
7.Debt
We had no debt outstanding as of September 30, 2023 and December 31, 2022. We had $1.5 million in letters of credit outstanding as of September 30, 2023.
In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was first amended in September 2020 and provided for up to $75.0 million in revolving commitments. On July 25, 2022, the ABL Credit Facility was amended again for up to $80.0 million in revolving commitments, up to $15.0 million of which was available for the issuance of letters of credit.
On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provides for a term loan of $125.0 million and up to $225.0 million in revolving commitments, of which $20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility was set to mature on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments.
We borrowed the full $125.0 million term loan amount and $30.0 million as a revolving loan at closing of the Amended ABL Credit Facility to fund a portion of the Merger. The term loan was required to be repaid in regular set amounts starting July 1, 2023 as set forth in the amortization schedule in the Amended ABL Credit Facility and could be prepaid without the payment of any prepayment premium (other than customary breakage costs for Term Benchmark (as defined below) borrowings). We began making discretionary prepayments on the term loan in April 2023 and continued to make payments until the entire $155.0 million we borrowed was repaid in July 2023.
Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in
each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50% per annum for term loan ABR borrowings and 3.50% per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum.
The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. Until the term loan was paid in full, the Amended ABL Credit Facility required Cactus Companies to maintain a leverage ratio no greater than 2.50 to 1.00 based on the ratio of Total Indebtedness (as defined therein) to EBITDA (as defined therein). The Amended ABL Credit Facility requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral. We were in compliance with all covenants under the Amended ABL Credit Facility as of September 30, 2023.
8.Revenue
The majority of our revenues are derived from short-term contracts for fixed consideration or in the case of rentals, for a fixed charge per day plus repairs while the equipment is in use by the customer. Product sales generally do not include right of return or other significant post-delivery obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenues are recognized when we satisfy a performance obligation by transferring control of the promised goods or providing services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The majority of our contracts with customers contain a single performance obligation to provide agreed upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We do not incur any material costs of obtaining contracts.
We do not adjust the amount of consideration per the contract for the effects of a significant financing component when we expect, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less, which is in substantially all cases. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days of invoicing. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat shipping and handling associated with outbound freight as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for the associated shipping and handling when incurred as an expense in cost of sales.
We disaggregate revenue into three categories: product revenues, rental revenues and field service and other revenues. We have predominately domestic operations with a small amount of sales in Australia, Canada, the Middle East and other international markets. The following table presents our revenues disaggregated by category:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2023 | | 2022 | 2023 | | 2022 |
Product revenue | $ | 214,295 | | | 74 | % | | $ | 121,782 | | | 66 | % | | $ | 605,698 | | | 74 | % | | $ | 328,054 | | | 65 | % |
Rental revenue | 28,879 | | | 10 | % | | 27,105 | | | 15 | % | | 84,916 | | | 10 | % | | 73,143 | | | 15 | % |
Field service and other revenue | 44,696 | | | 16 | % | | 35,594 | | | 19 | % | | 131,480 | | | 16 | % | | 99,398 | | | 20 | % |
Total revenues | $ | 287,870 | | | 100 | % | | $ | 184,481 | | | 100 | % | | $ | 822,094 | | | 100 | % | | $ | 500,595 | | | 100 | % |
At September 30, 2023, we had a deferred revenue balance of $8.6 million compared to the December 31, 2022 balance of $1.5 million. Deferred revenue represents our obligation to transfer products to or perform services for a customer for which we have received cash or billed in advance. The revenue that has been deferred will be recognized upon product delivery or as services are performed. As of September 30, 2023, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.
9.Tax Receivable Agreement (“TRA”)
In connection with our initial public offering (“IPO”) in February 2018, we entered into the TRA which generally provides for payment by Cactus Inc. to certain direct and indirect owners of Cactus LLC (after the CC Reorganization, Cactus Companies) of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Cactus Inc. actually realizes or is deemed to realize in certain circumstances. Cactus Inc. will retain the benefit of the remaining 15% of these net cash savings.
The TRA liability is calculated by determining the tax basis subject to the TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the resulting iterative impact. The blended tax rate consists of the U.S. federal income tax rate and an assumed combined state and local income tax rate driven by the apportionment factors applicable to each state. Subsequent changes to the measurement of the TRA liability are recognized in the statements of income as a component of other expense, net. After finalizing its 2022 federal tax return in September 2023, Cactus Inc. made a $26.9 million TRA payment, which is equal to 85% of the $31.6 million 2022 tax benefit resulting from the exchange of CC Units for shares of Class A common stock. In September 2022, Cactus Inc. made an $11.7 million TRA payment based on its 2021 federal tax return. As of September 30, 2023, the total liability from the TRA was $271.1 million with $20.9 million reflected in current liabilities based on the expected timing of our next payment. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc.
The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA and such payment is expected to be substantial. The calculation of anticipated future payments will be based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates.
We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date.
10.Equity
As of September 30, 2023, Cactus Inc. owned 82.2% of Cactus Companies as compared to 80.3% of Cactus LLC (prior to the CC Reorganization) as of December 31, 2022. As of September 30, 2023, Cactus Inc. had outstanding 65.3 million shares of Class A common stock (representing 82.2% of the total voting power) and 14.1 million shares of Class B common stock (representing 17.8% of the total voting power).
Equity Offering
In January 2023, Cactus Inc. completed an underwritten offering of 3,224,300 shares of Class A common stock at a price to the underwriters of $51.36 per share for net proceeds of $165.6 million (net of $6.9 million of underwriting discounts and commissions). In addition to the underwriting discounts and commissions, approximately $2.2 million of costs directly associated with the stock issuance were recorded as a reduction to additional paid-in capital.
FlexSteel Acquisition
In conjunction with the FlexSteel acquisition, a restricted stock award of 128,150 shares of Class A common stock was issued under the Company’s long-term incentive plan to a key employee in exchange for cash consideration of $6.5 million. The shares
are restricted from sale or trading and are subject to vesting requirements for one year from grant date. If the fair market value of the restricted shares is below the purchase price upon vesting, Cactus will compensate the key employee for the difference in price plus a gross-up for taxes. We are accounting for this guaranteed payment as stock compensation with liability classification and remeasure the liability to fair value at each reporting period. Compensation cost is being recognized ratably over the one-year vesting period. The liability balance is $0.7 million as of September 30, 2023 and is included in accrued expenses and other current liabilities in the consolidated balance sheets. We recognized $0.2 million of compensation expense in SG&A in the consolidated statements of income during the nine months ended September 30, 2023.
CC Reorganization
As part of the CC Reorganization in connection with the acquisition of FlexSteel, Cactus Companies acquired all of the outstanding units representing limited liability company interests of Cactus LLC ( “CW Units”) in exchange for an equal number of CC Units issued to each of the previous owners of CW Units other than Cactus Inc. (the “CW Unit Holders”). Upon the completion of the CC Reorganization, CW Unit Holders ceased to be holders of CW Units and, instead, became holders of a number of CC Units equal to the number of CW Units such CW Unit Holders held immediately prior to the completion of the CC Reorganization. After the CC Reorganization, we refer to the owners of CC Units, other than Cactus Inc. (along with their permitted transferees), as “CC Unit Holders.” Following the completion of the CC Reorganization, CC Unit Holders own one share of our Class B Common Stock for each CC Unit such CC Unit Holder owns.
In connection with the CC Reorganization, Cactus Inc. and the owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which contains substantially the same terms and conditions as the Second Amended and Restated Limited Liability Company Operating Agreement of Cactus LLC (the “Cactus Wellhead LLC Agreement”), which was the limited liability company operating agreement of Cactus LLC prior to the CC Reorganization. Cactus Inc. was responsible for all operational, management and administrative decisions relating to Cactus LLC’s business for the period from completion of our IPO until the CC Reorganization and relating to Cactus Companies’ business for periods after the CC Reorganization. Pursuant to the Cactus Companies LLC Agreement, each holder of CC Units has, subject to certain limitations, the right to cause Cactus Companies to acquire all or at least a minimum portion of its CC Units for, at Cactus Companies’ election, (x) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each CC Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or (y) an equivalent amount of cash. Alternatively, upon the exercise of such redemption right, Cactus Inc. (instead of Cactus Companies) has the right to acquire each tendered CC Unit directly from the exchanging CC Unit Holder for, at its election, (x) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions, or (y) an equivalent amount of cash. In connection with any redemption of CC Units pursuant to such redemption right or our alternative right to acquire each tendered CC Unit, the corresponding number of shares of Class B common stock would be canceled.
Redemptions of CC Units
Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, an aggregate of 46.5 million of CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock.
During the nine months ended September 30, 2023, 0.9 million CC Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Companies LLC Agreement. During the nine months ended September 30, 2022, 1.5 million CW Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Wellhead LLC Agreement. There was no change in the combined number of Cactus Inc. voting shares outstanding as a result of the redemptions.
Dividends
Aggregate cash dividends of $0.34 per share of Class A common stock declared during the nine months ended September 30, 2023 totaled $22.3 million compared to $0.33 per share of Class A common stock and $20.1 million during the nine months ended September 30, 2022. Cash dividends paid during the nine months ended September 30, 2023 and 2022 totaled $22.3 million and $20.0 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same
amount per share as our Class A common stockholders is paid to the owners of CC Units other than Cactus Inc. for any dividends declared on our Class A common stock. See further discussion of the distributions below under “Member Distributions.”
Share Repurchase Program
On June 6, 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the nine months ended September 30, 2023, the Company purchased and retired 4,007 shares of Class A common stock for $0.2 million or $39.69 average price per share excluding commissions, under the share repurchase program. As of September 30, 2023, $149.8 million remained authorized for future repurchases of Class A common stock under the program.
Member Distributions
Distributions made by Cactus Companies are generally required to be made pro rata among all its members. For the nine months ended September 30, 2023, Cactus Companies distributed $63.1 million to Cactus Inc. to fund its dividend, TRA and estimated tax payments and made pro rata distributions to the other members totaling $13.9 million over the same period. During the nine months ended September 30, 2022, Cactus Companies distributed $31.7 million to Cactus Inc. to fund its dividend, TRA and estimated payments and made pro rata distributions to the other members totaling $8.0 million.
Limitation of Members’ Liability
Under the terms of the Cactus Companies LLC Agreement, the members of Cactus Companies are not obligated for debt, liabilities, contracts or other obligations of Cactus Companies. Profits and losses are allocated to members as defined in the Cactus Companies LLC Agreement.
11.Commitments and Contingencies
We are involved in various disputes arising in the ordinary course of business. Management does not believe the outcome of these disputes will have a material adverse effect on our consolidated financial position or consolidated results of operations.
12.Fair Value Measurements
Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value of cash and cash equivalents, receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.
The following table sets forth our liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value at September 30, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Liabilities: | | | | | | | |
Earn-out liability | $ | — | | | $ | — | | | $ | 18,892 | | | $ | 18,892 | |
Put option liability | — | | | — | | | 777 | | | 777 | |
The earn-out liability related to the FlexSteel acquisition (see Note 2) is measured at fair value using Level 3 unobservable inputs at the end of each reporting period with changes in its estimated fair value recorded in earnings until the liability is settled. The fair value is determined based on the evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of FlexSteel using a Monte Carlo simulation model. The Monte Carlo simulation model uses assumptions including revenue volatilities, risk free rates, credit discount rates and revenue discount rates. Significant changes in any of those assumptions could have a material effect on the estimated fair value of the earn-out payment. The following table
sets forth the range of inputs for the significant assumptions utilized to determine the fair value of the earn-out payment as of September 30, 2023:
| | | | | | | | | | | | | | |
| | September 30, 2023 |
Risk-free interest rate | | 5.60% | to | 5.63% |
Expected revenue volatility | | 25.20% |
Revenue discount rate | | 10.88% | to | 10.92% |
Credit discount rate | | 10.90% | to | 11.00% |
The put option liability represents the guaranteed payment on restricted stock purchased in conjunction with the FlexSteel acquisition (see Note 10). This liability is measured at fair value at the end of each reporting period until the liability is settled with changes in fair value from grant date recognized ratably over the one-year vesting period. The fair value is determined using the Black-Scholes option pricing method that utilizes a selected volatility calculated based on weighting historical and implied volatility indications. As the selected volatility involves judgement and is a significant input to estimating the fair value of the put option, it is classified as a Level 3 input. Significant changes in the volatility could have a material effect on the estimated fair value of the put option liability. The following table sets forth the inputs for the significant assumptions utilized to determine the fair value of the put option liability as of September 30, 2023:
| | | | | | | | |
| | September 30, 2023 |
Risk-free interest rate | | 5.46% |
Expected volatility | | 39.27% |
Dividend yield | | 0.95% |
The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs:
| | | | | | | | | | | | | | |
| | Earn-out | | Put Option |
Opening Balance | | $ | 5,960 | | | $ | 510 | |
Changes in fair value (1) | | 12,932 | | | 267 | |
Balance at September 30, 2023 | | $ | 18,892 | | | $ | 777 | |
(1)We recognized $12.9 million of remeasurement expense associated with the change in the fair value of the earn-out liability during the nine months ended September 30, 2023. During the three months ended March 31, 2023, a $0.1 million gain was recognized in other income, net in the consolidated statements of operations. After the first quarter of 2023, the change in fair value of the earn-out liability is being presented separately as a component of operating income with $13.1 million of expense recognized during the six months ended September 30, 2023. For the put option liability, we recognized $0.2 million of expense associated with the change in fair value in SG&A in the consolidated statements of income during the nine months ended September 30, 2023.
The fair value of our foreign currency forwards was less than $0.1 million as of September 30, 2023 and was determined using market observable inputs including forward and spot prices (Level 2 inputs).
13.Segment Reporting
Prior to the acquisition of FlexSteel, we operated in a single segment which reflected how our business was managed and the nature of our products and services. Upon completion of the acquisition, we re-evaluated our reportable segments and now report two business segments. Our business segments offer different products and services and correspond to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to each segment.
Our reporting segments are:
•Pressure Control – engaged in the design, manufacture, sale, installation and service of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells.
•Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids.
Financial information by business segment for the three and nine months ended September 30, 2023 and 2022 is summarized below.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Revenue: | | | | | | | | |
Pressure Control | | $ | 182,484 | | | $ | 184,481 | | | $ | 576,273 | | | $ | 500,595 | |
Spoolable Technologies | | 105,386 | | | — | | | 245,821 | | | — | |
Total revenues | | 287,870 | | | 184,481 | | | 822,094 | | | 500,595 | |
Operating income: | | | | | | | | |
Pressure Control (1) | | 47,830 | | | 51,296 | | | 151,809 | | | 126,527 | |
Spoolable Technologies | | 39,773 | | | — | | | 34,004 | | | — | |
Total operating income | | 87,603 | | | 51,296 | | | 185,813 | | | 126,527 | |
Interest income (expense), net | | (1,372) | | | 1,140 | | | (6,298) | | | 1,344 | |
Other income, net | | 266 | | | 1,125 | | | 3,804 | | | 10 | |
Income before income taxes | | $ | 86,497 | | | $ | 53,561 | | | $ | 183,319 | | | $ | 127,881 | |
(1)Includes corporate and other costs not directly attributable to our reporting segments such as corporate executive management and other administrative functions.
14.Earnings per Share
Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding assuming all potentially dilutive shares were issued.
We use the if-converted method to determine the potential dilutive effect of outstanding CC Units (and corresponding shares of outstanding Class B common stock), the treasury stock method to determine the potential dilutive effect of unvested restricted stock units assuming that the proceeds will be used to purchase shares of Class A common stock and the contingently issuable share method to determine the potential dilutive effect of unvested performance stock units.
The following table summarizes the basic and diluted earnings per share calculations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Numerator: | | | | | | | |
Net income attributable to Cactus Inc.—basic | $ | 52,580 | | | $ | 31,425 | | | $ | 120,224 | | | $ | 79,185 | |
Net income attributable to non-controlling interest (1) | — | | | — | | | 24,874 | | | 19,686 | |
Net income attributable to Cactus Inc.—diluted (1) | $ | 52,580 | | | $ | 31,425 | | | $ | 145,098 | | | $ | 98,871 | |
Denominator: | | | | | | | |
Weighted average Class A shares outstanding—basic | 64,879 | | | 60,665 | | | 64,399 | | | 60,164 | |
Effect of dilutive shares (2) | 607 | | | 441 | | | 15,233 | | | 16,132 | |
Weighted average Class A shares outstanding—diluted (2) | 65,486 | | | 61,106 | | | 79,632 | | | 76,296 | |
| | | | | | | |
Earnings per Class A share—basic | $ | 0.81 | | | $ | 0.52 | | | $ | 1.87 | | | $ | 1.32 | |
Earnings per Class A share—diluted (1)(2) | $ | 0.80 | | | $ | 0.51 | | | $ | 1.82 | | | $ | 1.30 | |
(1)The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26.0% for the nine months ended September 30, 2023 and 25.0% for the nine months ended September 30, 2022.
(2)Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes 14.6 million and 15.2 million, respectively, of weighted average shares of Class B common stock as the effect would be anti-dilutive.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Except as otherwise indicated or required by the context, all references in this Quarterly Report to the “Company,” “Cactus,” “we,” “us” and “our” refer to Cactus, Inc. (“Cactus Inc.”) and its consolidated subsidiaries, unless we state otherwise or the context otherwise requires. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes. The following discussion contains “forward-looking statements” that reflect our plans, estimates, beliefs and expected performance. Our actual results may differ materially from those anticipated as discussed in these forward-looking statements as a result of a variety of risks and uncertainties, which are difficult to predict, including those described above in “Cautionary Note Regarding Forward-Looking Statements,” and in the risk factors included in “Part I, Item 1A. Risk Factors” in our 2022 Annual Report, in “Part II, Item 1A. Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and in “Part II, Item 1A. Risk Factors” of this Quarterly Report. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements except as otherwise required by law.
Executive Summary
Cactus is an equipment solutions provider primarily for onshore oil and gas markets. Founded in 2011 by a management group that previously operated two of the largest wellhead providers at the time, Cactus has rapidly grown to be a leading provider of wellhead solutions to the U.S. onshore market. On February 28, 2023, Cactus acquired FlexSteel, which similarly grew from its founding in 2003 to its current status as a leading provider of spoolable pipe technologies primarily to the U.S. onshore market.
Including final adjustments for closing working capital, cash on hand and indebtedness as set forth in the merger agreement, we paid total cash consideration of approximately $621.5 million for the FlexSteel acquisition. Additionally, there is a potential future earn-out payment of up to $75 million to be paid no later than the third quarter of 2024 if certain revenue growth targets are met by FlexSteel. We believe this acquisition enhances our position as a premier manufacturer and provider of highly engineered equipment to the E&P industry and should provide meaningful growth potential. We further believe FlexSteel’s products are highly complementary to Cactus’ equipment as it expands our exposure to our customers’ operations from production trees to transportation of oil, gas and other liquids as well as to additional customers operating in the midstream area.
Demand for our products and services depends primarily upon oil and gas industry activity levels, including the number of active drilling rigs, the number of wells being drilled, the number of wells being completed, and the volume of newly producing wells, among other factors.
Revenues
Our revenues are derived from three sources: products, rentals, and field service and other. Product revenues are derived from the sale of wellhead systems, production trees and spoolable pipe and fittings. Rental revenues are primarily derived from the rental of equipment used during the completion process, the repair of such equipment and the rental of equipment or tools used to install wellhead equipment or spoolable pipe. Field service and other revenues are primarily earned when we provide installation and other field services for both product sales and equipment rental.
During the nine months ended September 30, 2023, we derived 74% of total revenues from the sale of our products, 10% of total revenues from rental and 16% of total revenues from field service and other. During the nine months ended September 30, 2022, we derived 65% of total revenues from the sale of our products, 15% of total revenues from rental and 20% of total revenues from field service and other. We have predominantly domestic operations with more limited operations in Australia, Canada, and the Middle East as well as sales in other international markets.
Following the acquisition of FlexSteel, we now operate in two business segments consisting of the Pressure Control segment and the Spoolable Technologies segment.
Pressure Control
The Pressure Control segment designs, manufactures, sells and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand. Products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers’ wells. In addition, we provide field services for all of our products and rental items to assist with the installation, maintenance and handling of the equipment.
We operate through service centers in the United States, which are strategically located in the key oil and gas producing regions, and in Eastern Australia. These service centers support our field services and provide equipment assembly and repair services. We also provide rental and service operations in the Kingdom of Saudi Arabia. Pressure Control manufacturing and production facilities are located in Bossier City, Louisiana and Suzhou, China.
Demand for our product sales in the Pressure Control segment are driven primarily by the number of new wells drilled, as each new well requires a wellhead and, after the completion phase, a production tree. Demand for our rental items is driven primarily by the number of well completions as we rent frac trees to oil and gas operators to assist in hydraulic fracturing. Rental demand is also driven to a lesser extent by drilling activity as we rent tools used in the installation of wellheads. Field service and other revenues are closely correlated with revenues from product sales and rentals, as items sold or rented almost always have an associated service component.
Spoolable Technologies
The Spoolable Technologies segment designs, manufactures, and sells spoolable pipe and associated end fittings under the FlexSteel brand. Our customers use these products primarily as production, gathering and takeaway pipelines to transport oil, gas or other liquids. In addition, we also provide field services and rental items to assist our customers with the installation of these products. We support our field service operations through service centers and pipe yards located in oil and gas regions throughout the United States and Western Canada. Our manufacturing facility is located in Baytown, Texas.
Demand for our product sales in the Spoolable Technologies segment are driven primarily by the number of wells being placed into production after the completions phase as customers use our spoolable pipe and associated fittings to bring wells more rapidly onto production. Rental and field service and other revenues are closely correlated with revenues from product sales, as items sold usually have an associated rental and service component.
Recent Developments and Trends
FlexSteel Acquisition
As previously discussed, we completed the acquisition of FlexSteel on February 28, 2023. The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through September 30, 2023. See Note 2 to the unaudited condensed consolidated financial statements for additional information related to the acquisition.
Oil and Natural Gas Prices
The following table summarizes average oil and natural gas prices in North America over the indicated periods as well as industry activity levels as reflected by the average number of active onshore drilling rigs during the same periods.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, 2023 | | June 30, 2023 | | September 30, 2023 | | September 30, 2022 |
WTI Oil Price ($/bbl) (1) | | $ | 82.25 | | | $ | 73.54 | | | $ | 77.27 | | | $ | 98.96 | |
Natural Gas Price ($/MMBtu) (2) | | $ | 2.59 | | | $ | 2.16 | | | $ | 2.46 | | | $ | 6.74 | |
U.S. Land Drilling Rigs (3) | | 627 | | 698 | | 689 | | 688 |
(1) EIA Cushing, OK WTI (“West Texas Intermediate”) spot price.
(2) EIA Henry Hub Natural Gas spot price per million British Thermal Unit (“MMBtu”).
(3) Baker Hughes.
As expected, drilling and completion activity levels declined in the third quarter of 2023. The average number of U.S. land drilling rigs decreased by 17% from the fourth quarter of 2022 with most of the reductions occurring in the third quarter of 2023. Oil prices rose 12% in the third quarter compared to the second quarter of 2023 as global oil demand remained strong and concerns regarding tightening supply emerged due to continued OPEC+ production cuts. The recent conflict in the Middle East has resulted in some volatility in oil prices due to concerns regarding the potential impact on global oil supplies. Natural gas prices have also risen since the second quarter of 2023 primarily due to declining drilling activity and moderating storage surplus.
Barring any significant developments in the Middle East, we believe oil and natural gas activity levels in the fourth quarter of 2023 will display a modest recovery compared with the third quarter.
Critical Accounting Policies and Estimates
A discussion of our critical accounting policies and estimates is contained in our 2022 Annual Report on Form 10-K. There have not been any changes in our critical accounting policies since December 31, 2022 other than the following additional critical accounting estimate.
Determination of Fair Value in Business Combinations
Accounting for the acquisition of a business requires the allocation of the purchase price to the various assets acquired and liabilities assumed at their respective fair values. The determination of fair value requires the use of significant estimates and assumptions, and in making these determinations, management uses all available information. If necessary, we have up to one year after the acquisition closing date to finalize these fair value determinations under the applicable GAAP. For tangible and identifiable intangible assets acquired in a business combination, the determination of fair value utilizes several valuation methodologies including discounted cash flows which has assumptions with respect to the timing and amount of future revenue and expenses associated with an asset. The assumptions made in performing these valuations include, but are not limited to, discount rates, future revenues and operating costs, projections of capital costs, and other assumptions believed to be consistent with those used by principal market participants. Due to the specialized nature of these calculations, we engage third-party specialists to assist management in evaluating our assumptions as well as appropriately measuring the fair value of assets acquired and liabilities assumed.
Consolidated Results of Operations
The following discussions relating to significant line items from our condensed consolidated statements of income are based on available information and represent our analysis of significant changes or events that impact the comparability of reported amounts. Where appropriate, we have identified specific events and changes that affect comparability or trends and, where reasonably practicable, have quantified the impact of such items.
Three Months Ended September 30, 2023 Compared to Three Months Ended June 30, 2023
The following table presents summary consolidated operating results for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | |
| September 30, 2023 | | June 30, 2023 | | $ Change | | % Change |
| (in thousands) | | |
Revenues | | | | | | | |
Pressure Control | $ | 182,484 | | | $ | 199,134 | | | $ | (16,650) | | | (8.4) | % |
Spoolable Technologies | 105,386 | | | 106,685 | | | (1,299) | | | (1.2) | |
Total revenues | 287,870 | | | 305,819 | | | (17,949) | | | (5.9) | |
Operating income | | | | | | | |
Pressure Control | 47,830 | | | 54,540 | | | (6,710) | | | (12.3) | |
Spoolable Technologies | 39,773 | | | (6,018) | | | 45,791 | | | nm |
Total operating income | 87,603 | | | 48,522 | | | 39,081 | | | 80.5 | |
| | | | | | | |
Interest expense, net | (1,372) | | | (5,928) | | | 4,556 | | | (76.9) | |
Other income, net | 266 | | | — | | | 266 | | | nm |
Income before income taxes | 86,497 | | | 42,594 | | | 43,903 | | | nm |
Income tax expense | 18,478 | | | 10,135 | | | 8,343 | | | 82.3 | % |
Net income | 68,019 | | | 32,459 | | | 35,560 | | | nm |
Less: net income attributable to non-controlling interest | 15,439 | | | 7,709 | | | 7,730 | | | nm |
Net income attributable to Cactus Inc. | $ | 52,580 | | | $ | 24,750 | | | $ | 27,830 | | | nm |
nm = not meaningful | | | | | | | |
Pressure Control. Pressure Control revenue for the third quarter of 2023 was $182.5 million, a decrease of $16.7 million, or 8.4%, from $199.1 million for the second quarter of 2023 primarily due to decreased sales of wellhead and production related equipment and related field services resulting from reduced activity offset slightly by higher rental revenues. Pressure Control operating income of $47.8 million for the third quarter of 2023 decreased $6.7 million, or 12.3% from the second quarter of 2023. The decreased revenues and associated gross margins related to equipment sales and field services were offset by higher gross margins associated with rentals driven by higher revenue and lower depreciation expense on our rental fleet. Selling, general and administrative expenses (“SG&A”) decreased approximately $2.0 million from the second quarter primarily due to lower bad debt expense, professional fees, stock-based compensation expense and annual incentive bonus accruals.
Spoolable Technologies. Spoolable Technologies revenue for the third quarter of 2023 was $105.4 million, a decrease of $1.3 million from the second quarter of 2023. Total operating income for Spoolable Technologies for the third quarter of 2023 was $39.8 million compared to an operating loss of $6.0 million for the second quarter of 2023. The improvement in operating income was mainly due to recognition of a gain of $5.1 million for the change in fair value of the earn-out payment for the FlexSteel acquisition in the third quarter compared to an $18.1 million loss in the second quarter. Additional increases in operating income from the second quarter were due to a $19.3 million decrease in inventory step-up expense and a $4.7 million reduction in intangible amortization expense.
Interest expense, net. Interest expense, net was $1.4 million for the third quarter of 2023 compared to $5.9 million for the second quarter of 2023. The decrease in interest expense from the second quarter was the result of our repayment of $55.0 million under the Amended ABL Credit Facility in July 2023, reducing our total bank debt outstanding to zero.
Other income, net. Other income, net of $0.3 million for the third quarter of 2023 represented non-cash adjustments for the revaluation of the liability related to the tax receivable agreement as a result of changes to the state tax rate.
Income tax expense. Income tax expense for the third quarter of 2023 was $18.5 million compared to $10.1 million for the second quarter of 2023. The increase in income tax expense from the second quarter was primarily due to an increase in operating income quarter over quarter. Cactus Inc. is only subject to federal and state income tax on its share of income from Cactus Companies. Income allocated to the non-controlling interest is only taxable to the non-controlling interest.
Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
The following table presents summary consolidated operating results for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
| (in thousands) | | |
Revenues | | | | | | | |
Pressure Control | $ | 576,273 | | | $ | 500,595 | | | $ | 75,678 | | | 15.1 | % |
Spoolable Technologies | 245,821 | | | — | | | 245,821 | | | nm |
Total revenues | 822,094 | | | 500,595 | | | 321,499 | | | 64.2 | |
Operating income | | | | | | | |
Pressure Control | 151,809 | | | 126,527 | | | 25,282 | | | 20.0 | |
Spoolable Technologies | 34,004 | | | — | | | 34,004 | | | nm |
Total operating income | 185,813 | | | 126,527 | | | 59,286 | | | 46.9 | |
| | | | | | | |
Interest income (expense), net | (6,298) | | | 1,344 | | | (7,642) | | | nm |
Other income, net | 3,804 | | | 10 | | | 3,794 | | | nm |
Income before income taxes | 183,319 | | | 127,881 | | | 55,438 | | | 43.4 | |
Income tax expense | 30,553 | | | 23,498 | | | 7,055 | | | 30.0 | |
Net income | 152,766 | | | 104,383 | | | 48,383 | | | 46.4 | |
Less: net income attributable to non-controlling interest | 32,542 | | | 25,198 | | | 7,344 | | | 29.1 | |
Net income attributable to Cactus Inc. | $ | 120,224 | | | $ | 79,185 | | | $ | 41,039 | | | 51.8 | % |
nm = not meaningful | | | | | | | |
Pressure Control. Pressure Control revenue was $576.3 million for the first nine months of 2023, an increase of $75.7 million, or 15.1%, from $500.6 million for the first nine months of 2022. This was primarily due to higher sales of wellhead and production related equipment resulting from higher drilling and completion activity by our customers. In addition, increased rental of drilling and completion equipment and field service associated with product and rental revenues increased as a result of the abovementioned activity. Operating income of $151.8 million in the first nine months of 2023 increased $25.3 million, or 20.0%, from $126.5 million in the first nine months of 2022. The increase was primarily attributable to higher gross margins during the period due to the increased volume partially offset by higher SG&A expenses. The increase in SG&A expenses primarily related to $11.9 million of professional fees and expenses incurred in 2023 associated with the FlexSteel acquisition, higher bad debt expense and higher stock-based compensation expense.
Spoolable Technologies. Spoolable Technologies revenue of $245.8 million and operating income of $34.0 million represents FlexSteel results generated from February 28, 2023, the date of acquisition, through September 30, 2023. The results for Spoolable Technologies included approximately $13.1 million of expense related to the change in fair value of the estimated earn-out payment for the FlexSteel acquisition, $23.5 million of inventory step-up expense and $16.3 million of intangible amortization expense as well as depreciation expense of $9.9 million primarily associated with the step-up of fixed assets in connection with accounting for the purchased assets at fair value in conjunction with purchase accounting.
Interest income (expense), net. Interest expense, net was $6.3 million for the first nine months of 2023 compared to $1.3 million of interest income, net for the nine months ended September 30, 2022. Interest expense in 2023 primarily related to borrowings outstanding through July 2023 under the Amended ABL Credit Facility.
Other income, net. Other income, net for 2023 and 2022 primarily related to non-cash adjustments for the revaluation of the liability related to the tax receivable agreement as a result of changes to the state tax rate.
Income tax expense. Income tax expense for the first nine months of 2023 was $30.6 million compared to $23.5 million for the first nine months of 2022. Income tax expense for 2023 included an approximately $38.3 million expense associated with current income offset by a $12.1 million benefit associated with the release of our valuation allowance previously provided for our investment in Cactus Companies based on the determination that the deferred tax asset was realizable due to our ability to generate sufficient taxable income of the appropriate type. Additionally, we recognized $4.3 million of expense associated with the revaluation of our deferred tax asset as a result of a change in our forecasted state tax rate, $0.5 million of expense related to the finalization of our 2022 tax returns and a $0.4 million benefit associated with permanent differences related to equity compensation. Income tax expense for 2022 included approximately $26.3 million expense associated with current income offset by a $1.7 million benefit associated with permanent differences related to equity compensation and a $1.2 million tax benefit associated with the partial valuation allowance release in conjunction with CW Unit redemptions during 2022. Partial valuation releases occur in conjunction with redemptions of CW Units (or CC Units, in the case of redemptions after the CC Reorganization) as a portion of Cactus Inc.’s deferred tax assets from its investment in Cactus LLC (or, after the CC Reorganization, its investment in Cactus Companies) becomes realizable.
Liquidity and Capital Resources
At September 30, 2023, we had $63.7 million of cash and cash equivalents. Our primary sources of liquidity and capital resources are cash on hand, cash flows generated by operating activities and borrowings under our Amended ABL Credit Facility (as defined in Note 7 in the notes to the unaudited condensed consolidated financial statements). Depending upon market conditions and other factors, we may also have the ability to issue additional equity and debt if needed. As of September 30, 2023, we had $222.9 million of available borrowing capacity under our Amended ABL Credit Facility with no outstanding borrowings and $1.5 million in letters of credit outstanding. We were in compliance with the covenants of the Amended ABL Credit Facility as of September 30, 2023.
In June 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
We believe that our existing cash on hand, cash generated from operations and available borrowings under our Amended ABL Credit Facility will be sufficient for at least the next 12 months to meet working capital requirements, debt service obligations, anticipated capital expenditures, repurchases of shares of our Class A common stock, expected TRA liability
payments, anticipated tax liabilities and dividends to holders of our Class A common stock as well as pro rata cash distributions to holders of CC Units other than Cactus Inc.
We currently estimate our net capital expenditures for the year ending December 31, 2023 will range from $35 million to $40 million. In the Pressure Control segment, capital expenditures are primarily related to rental fleet investments, the March 2023 purchase of our previously leased branch facility in Odessa, Texas, international expansion, diversification of our low cost supply chain and development of a recently-leased research and development facility in Houston, Texas. In the Spoolable Technologies segment, capital expenditures are primarily related to manufacturing plant enhancements and additional deployment equipment to facilitate installation of recent product introductions.
Our ability to satisfy our long-term liquidity requirements, including cash requirements to fund income tax liabilities and the TRA liability at Cactus Inc. along with associated distributions to holders of CC Units relating to their ownership of Cactus Companies, depends on our future operating performance, which is affected by, and subject to, prevailing economic conditions, market conditions in the E&P industry, availability and cost of raw materials, and financial, business and other factors, many of which are beyond our control. We will not be able to predict or control many of these factors, such as economic conditions in the markets where we operate and competitive pressures. If necessary, we could choose to further reduce our spending on capital expenditures and operating expenses to ensure we operate within the cash flow generated from our operations.
Cash Flows
Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
The following table summarizes our cash flows for the periods indicated:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (in thousands) |
Net cash provided by operating activities | $ | 248,602 | | | $ | 78,605 | |
Net cash used in investing activities | (645,242) | | | (19,496) | |
Net cash provided by (used in) financing activities | 116,651 | | | (37,187) | |
Net cash provided by operating activities was $248.6 million and $78.6 million for the nine months ended September 30, 2023 and 2022, respectively. Operating cash flows for 2023 increased due to higher income and a decrease in cash outflows associated with working capital, largely related to decreased purchases of Pressure Control inventories as well as higher collections on receivable balances. These increases in operating cash flows were slightly offset by $15.7 million of additional income tax payments, higher TRA payments of $15.2 million and $4.3 million of additional interest paid in 2023 compared to 2022.
Net cash used in investing activities was $645.2 million and $19.5 million for the nine months ended September 30, 2023 and 2022, respectively. The increase was primarily due to cash paid to acquire FlexSteel for $621.5 million less $5.3 million in cash acquired. Additionally, our capital expenditures increased approximately $12.2 million primarily due to the $7.0 million purchase of a previously leased facility and Pressure Control rental fleet additions and enhancements. Capital expenditures for the Spoolable segment have been modest since the acquisition, totaling approximately $1.1 million through September 30, 2023. Other movements in our investing activities were related to the increase in proceeds from sales of assets of approximately $2.6 million from 2022.
Net cash provided by financing activities was $116.7 million for the nine months ended September 30, 2023 as compared to net cash used in financing activities of $37.2 million for the nine months ended September 30, 2022. The increase in net cash provided by financing activities was primarily related to certain financing activities in 2023 associated with the FlexSteel acquisition. We received approximately $169.9 million of proceeds, net of issuance costs, from issuing shares of our Class A common stock during 2023. Additionally, we received $155.0 million from total borrowings under our Amended ABL Credit Facility of which all $155.0 million has been repaid. Increased payments of $6.7 million in debt issuance costs, increased distributions to members of $5.9 million, higher dividend payments of approximately $2.3 million and $1.1 million of additional payments on finance leases partially offset the aforementioned cash inflows associated with the equity financing activities during 2023.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
For quantitative and qualitative disclosures about market risk, see Part II, Item 7A., “Quantitative and Qualitative Disclosures about Market Risk,” in our 2022 Annual Report. Our exposure to market risk has not changed materially since December 31, 2022, other than with regard to interest rate risk as described in “Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk” of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
In accordance with Exchange Act Rules 13a-15 and 15d-15, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the period covered by this report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2023 at the reasonable assurance level.
As disclosed in Note 2 to the unaudited condensed consolidated financial statements, we acquired FlexSteel on February 28, 2023 and accounted for this acquisition as a business combination. FlexSteel’s total revenues constituted approximately 30% of our total consolidated revenues for the first nine months of 2023. FlexSteel’s total assets constituted approximately 51% of our total consolidated assets as of September 30, 2023. We excluded FlexSteel’s disclosure controls and procedures that are subsumed by its internal control over financial reporting from the scope of management's assessment of the effectiveness of our disclosure controls and procedures. This exclusion is in accordance with the SEC staff’s general guidance that an assessment of a recently acquired business may be omitted from the scope of management’s assessment of internal controls over financial reporting for one year following the acquisition. We are in the process of implementing financial reporting controls and procedures at FlexSteel as part of our ongoing integration activities.
Changes in Internal Control over Financial Reporting
Except as described above, there were no changes in our internal control over financial reporting that occurred during the third quarter of 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We are party to lawsuits arising in the ordinary course of our business. We cannot predict the outcome of any such lawsuits with certainty, but management believes it is unlikely that pending or threatened legal matters will have a material adverse impact on our financial condition.
Due to the nature of our business, we are, from time to time, involved in other routine litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment related disputes. In the opinion of our management, none of these, whether pending litigation, disputes or claims against us, if decided adversely, will have a material adverse effect on our results of operations, financial condition or cash flows.
Item 1A. Risk Factors.
In addition to the information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our 2022 Annual Report, and under “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and the risk factors and other cautionary statements contained in our other filings with the Securities and Exchange Commission, which could materially affect our business, results of operations, financial condition or cash flows. Additional risks and uncertainties not currently known
to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition or cash flows. In addition to what was previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, there have been no material changes in our risk factors from those described in our 2022 Annual Report or our other Securities and Exchange Commission filings except as follows:
Recent conflict in the Middle East may adversely affect our business and results of operations.
Recent conflict in the Middle East has resulted in some volatility in oil prices due to concerns regarding the conflict’s impact on global oil supplies. Continued conflict or an expanded or increased level of conflict could further impact oil prices and drilling activity globally or have adverse effects on global macroeconomic conditions generally, which could have a negative impact on our business and results of operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Not applicable.
Item 5. Other Information.
During the three months ended September 30, 2023, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of Cactus, Inc. adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits.
The following exhibits are required by Item 601 of Regulation S-K and are filed as part of this report.
| | | | | | | | |
Exhibit No. | | Description |
3.1 | | |
3.2 | | |
31.1* | | |
31.2* | | |
32.1** | | |
32.2** | | |
101.INS* | | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
101.SCH* | | Inline XBRL Taxonomy Extension Schema Document |
101.CAL* | | Inline XBRL Taxonomy Calculation Linkbase Document |
101.LAB* | | Inline XBRL Taxonomy Label Linkbase Document |
101.PRE* | | Inline XBRL Taxonomy Presentation Linkbase Document |
101.DEF* | | Inline XBRL Taxonomy Definition Document |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Filed herewith.
** Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | |
| | | Cactus, Inc. |
| | | |
November 9, 2023 | | By: | /s/ Scott Bender |
Date | | | Scott Bender Chief Executive Officer, Chairman of the Board and Director (Principal Executive Officer) |
| | | |
November 9, 2023 | | By: | /s/ Stephen Tadlock |
Date | | | Stephen Tadlock Executive Vice President and Chief Executive Officer of the Spoolable Technologies segment, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Scott Bender, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Cactus, Inc. (the “registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: November 9, 2023 | /s/ Scott Bender |
| Scott Bender Chief Executive Officer, Chairman of the Board and Director (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Stephen Tadlock, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Cactus, Inc. (the “registrant”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: November 9, 2023 | /s/ Stephen Tadlock |
| Stephen Tadlock Executive Vice President and Chief Executive Officer of the Spoolable Technologies segment, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
This certification is provided pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the Quarterly Report on Form 10-Q for the period ended September 30, 2023 of Cactus, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”).
I, Scott Bender, Chief Executive Officer, Chairman of the Board and Director of the Company, certify that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: November 9, 2023 | /s/ Scott Bender |
| Scott Bender Chief Executive Officer, Chairman of the Board and Director (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
This certification is provided pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the Quarterly Report on Form 10-Q for the period ended September 30, 2023 of Cactus, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”).
I, Stephen Tadlock, Executive Vice President and Chief Executive Officer of the Spoolable Technologies segment, Chief Financial Officer and Treasurer of the Company, certify that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: November 9, 2023 | /s/ Stephen Tadlock |
| Stephen Tadlock Executive Vice President and Chief Executive Officer of the Spoolable Technologies segment, Chief Financial Officer and Treasurer (Principal Financial Officer) |
v3.23.3
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Cactus, Inc.
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Entity Incorporation, State or Country Code |
DE
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Entity Tax Identification Number |
35-2586106
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Entity Address, Address Line One |
920 Memorial City Way, Suite 300
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Entity Address, City or Town |
Houston,
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Entity Address, State or Province |
TX
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Entity Address, Postal Zip Code |
77024
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City Area Code |
713
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Local Phone Number |
626-8800
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Title of 12(b) Security |
Class A Common Stock, par value $0.01
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Trading Symbol |
WHD
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|
Security Exchange Name |
NYSE
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Entity Current Reporting Status |
Yes
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 63,738
|
$ 344,527
|
Accounts receivable, net of allowance of $3,187 and $1,060, respectively |
206,251
|
138,268
|
Inventories |
203,517
|
161,283
|
Prepaid expenses and other current assets |
19,442
|
10,564
|
Total current assets |
492,948
|
654,642
|
Noncurrent assets |
|
|
Property and equipment, net |
345,222
|
129,998
|
Operating lease right-of-use assets, net |
19,969
|
23,183
|
Intangible assets, net |
183,974
|
0
|
Goodwill |
200,723
|
7,824
|
Deferred tax asset, net |
211,535
|
301,644
|
Other noncurrent assets |
9,779
|
1,605
|
Total assets |
1,464,150
|
1,118,896
|
Current liabilities |
|
|
Accounts payable |
65,217
|
47,776
|
Accrued expenses and other current liabilities |
60,713
|
30,619
|
Earn-out liability |
18,892
|
0
|
Current portion of liability related to tax receivable agreement |
20,855
|
27,544
|
Finance lease obligations, current portion |
7,543
|
5,933
|
Operating lease liabilities, current portion |
4,147
|
4,777
|
Total current liabilities |
177,367
|
116,649
|
Noncurrent liabilities |
|
|
Deferred tax liability, net |
1,469
|
1,966
|
Liability related to tax receivable agreement, net of current portion |
250,256
|
265,025
|
Finance lease obligations, net of current portion |
9,239
|
6,436
|
Operating lease liabilities, net of current portion |
15,748
|
18,375
|
Total liabilities |
454,079
|
408,451
|
Commitments and contingencies |
|
|
Stockholders’ equity |
|
|
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding |
0
|
0
|
Additional paid-in capital |
462,302
|
310,528
|
Retained earnings |
359,699
|
261,764
|
Accumulated other comprehensive loss |
(1,647)
|
(984)
|
Total stockholders’ equity attributable to Cactus Inc. |
821,008
|
571,917
|
Non-controlling interest |
189,063
|
138,528
|
Total stockholders’ equity |
1,010,071
|
710,445
|
Total liabilities and equity |
1,464,150
|
1,118,896
|
Class A Common Stock |
|
|
Stockholders’ equity |
|
|
Common stock, $0.01 par value |
654
|
609
|
Class B Common Stock |
|
|
Stockholders’ equity |
|
|
Common stock, $0.01 par value |
$ 0
|
$ 0
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Allowance for accounts receivable |
$ 3,187
|
$ 1,060
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
10,000
|
10,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Class A Common Stock |
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
300,000
|
300,000
|
Common stock, shares issued (in shares) |
65,323
|
60,903
|
Common stock, shares outstanding (in shares) |
65,323
|
60,903
|
Class B Common Stock |
|
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
215,000
|
215,000
|
Common stock, shares issued (in shares) |
14,106
|
14,978
|
Common stock, shares outstanding (in shares) |
14,106
|
14,978
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues |
|
|
|
|
Total revenues |
$ 287,870
|
$ 184,481
|
$ 822,094
|
$ 500,595
|
Costs and expenses |
|
|
|
|
Selling, general and administrative expenses |
29,549
|
15,970
|
97,519
|
44,804
|
Change in fair value of earn-out liability |
(5,091)
|
0
|
13,053
|
0
|
Total costs and expenses |
200,267
|
133,185
|
636,281
|
374,068
|
Operating income |
87,603
|
51,296
|
185,813
|
126,527
|
Interest income (expense), net |
(1,372)
|
1,140
|
(6,298)
|
1,344
|
Other income, net |
266
|
1,125
|
3,804
|
10
|
Income before income taxes |
86,497
|
53,561
|
183,319
|
127,881
|
Income tax expense |
18,478
|
12,041
|
30,553
|
23,498
|
Net income |
68,019
|
41,520
|
152,766
|
104,383
|
Less: net income attributable to non-controlling interest |
15,439
|
10,095
|
32,542
|
25,198
|
Net income attributable to Cactus Inc. |
$ 52,580
|
$ 31,425
|
$ 120,224
|
$ 79,185
|
Class A Common Stock |
|
|
|
|
Earnings per share and weighted average shares outstanding |
|
|
|
|
Earnings per Class A share - basic (in dollars per share) |
$ 0.81
|
$ 0.52
|
$ 1.87
|
$ 1.32
|
Earnings per Class A share - diluted (in dollars per share) |
$ 0.80
|
$ 0.51
|
$ 1.82
|
$ 1.30
|
Weighted average Class A shares outstanding - basic (in shares) |
64,879
|
60,665
|
64,399
|
60,164
|
Weighted average Class A shares outstanding - diluted (in shares) |
65,486
|
61,106
|
79,632
|
76,296
|
Product revenue |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
$ 214,295
|
$ 121,782
|
$ 605,698
|
$ 328,054
|
Costs and expenses |
|
|
|
|
Cost of revenue |
123,278
|
73,747
|
373,310
|
203,839
|
Rental revenue |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
28,879
|
27,105
|
84,916
|
73,143
|
Costs and expenses |
|
|
|
|
Cost of revenue |
15,558
|
16,323
|
48,538
|
46,740
|
Field service and other revenue |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
44,696
|
35,594
|
131,480
|
99,398
|
Costs and expenses |
|
|
|
|
Cost of revenue |
$ 36,973
|
$ 27,145
|
$ 103,861
|
$ 78,685
|
X |
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 68,019
|
$ 41,520
|
$ 152,766
|
$ 104,383
|
Foreign currency translation adjustments |
(670)
|
(1,219)
|
(812)
|
(2,150)
|
Comprehensive income |
67,349
|
40,301
|
151,954
|
102,233
|
Less: comprehensive income attributable to non-controlling interest |
15,319
|
9,795
|
32,393
|
24,673
|
Comprehensive income attributable to Cactus Inc. |
$ 52,030
|
$ 30,506
|
$ 119,561
|
$ 77,560
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Non-controlling Interest |
Class A Common Stock
Common stock
|
Class B Common Stock
Common stock
|
Balance at the beginning of the period (in shares) at Dec. 31, 2021 |
|
|
|
|
|
59,035
|
16,674
|
Balance at the beginning of the period at Dec. 31, 2021 |
$ 595,033
|
$ 289,600
|
$ 178,446
|
$ 8
|
$ 126,389
|
$ 590
|
$ 0
|
Statement of Stockholders'/Members' Equity |
|
|
|
|
|
|
|
Member distributions |
(8,007)
|
|
|
|
(8,007)
|
|
|
Effect of CW Unit redemptions (in shares) |
|
|
|
|
|
1,515
|
(1,515)
|
Effect of CC Unit redemptions |
0
|
12,039
|
|
|
(12,054)
|
$ 15
|
|
Tax impact of equity transactions |
2,931
|
2,931
|
|
|
|
|
|
Equity award vestings (in shares) |
|
|
|
|
|
169
|
|
Equity award vestings |
(4,494)
|
(3,258)
|
|
|
(1,238)
|
$ 2
|
|
Other comprehensive loss |
(2,150)
|
|
|
(1,625)
|
(525)
|
|
|
Stock-based compensation |
8,034
|
6,386
|
|
|
1,648
|
|
|
Cash dividends declared |
(20,080)
|
|
(20,080)
|
|
|
|
|
Net income |
104,383
|
|
79,185
|
|
25,198
|
|
|
Balance at the end of the period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
60,719
|
15,159
|
Balance at the end of the period at Sep. 30, 2022 |
675,650
|
307,698
|
237,551
|
(1,617)
|
131,411
|
$ 607
|
$ 0
|
Balance at the beginning of the period (in shares) at Jun. 30, 2022 |
|
|
|
|
|
60,613
|
15,263
|
Balance at the beginning of the period at Jun. 30, 2022 |
643,808
|
304,418
|
212,913
|
(698)
|
126,569
|
$ 606
|
$ 0
|
Statement of Stockholders'/Members' Equity |
|
|
|
|
|
|
|
Member distributions |
(4,659)
|
|
|
|
(4,659)
|
|
|
Effect of CW Unit redemptions (in shares) |
|
|
|
|
|
104
|
(104)
|
Effect of CC Unit redemptions |
0
|
894
|
|
|
(895)
|
$ 1
|
|
Tax impact of equity transactions |
(33)
|
(33)
|
|
|
|
|
|
Equity award vestings (in shares) |
|
|
|
|
|
2
|
|
Equity award vestings |
2
|
5
|
|
|
(3)
|
|
|
Other comprehensive loss |
(1,219)
|
|
|
(919)
|
(300)
|
|
|
Stock-based compensation |
3,018
|
2,414
|
|
|
604
|
|
|
Cash dividends declared |
(6,787)
|
|
(6,787)
|
|
|
|
|
Net income |
41,520
|
|
31,425
|
|
10,095
|
|
|
Balance at the end of the period (in shares) at Sep. 30, 2022 |
|
|
|
|
|
60,719
|
15,159
|
Balance at the end of the period at Sep. 30, 2022 |
675,650
|
307,698
|
237,551
|
(1,617)
|
131,411
|
$ 607
|
$ 0
|
Balance at the beginning of the period (in shares) at Dec. 31, 2022 |
|
|
|
|
|
60,903
|
14,978
|
Balance at the beginning of the period at Dec. 31, 2022 |
710,445
|
310,528
|
261,764
|
(984)
|
138,528
|
$ 609
|
$ 0
|
Statement of Stockholders'/Members' Equity |
|
|
|
|
|
|
|
Issuance of common stock (in shares) |
|
|
|
|
|
3,352
|
|
Issuances of common stock |
169,369
|
143,302
|
|
|
26,033
|
$ 34
|
|
Member distributions |
(13,926)
|
|
|
|
(13,926)
|
|
|
Effect of CW Unit redemptions (in shares) |
|
|
|
|
|
872
|
(872)
|
Effect of CC Unit redemptions |
0
|
11,773
|
|
|
(11,782)
|
$ 9
|
|
Tax impact of equity transactions |
5,747
|
(10,979)
|
|
|
16,726
|
|
|
Equity award vestings (in shares) |
|
|
|
|
|
200
|
|
Equity award vestings |
(4,440)
|
(3,071)
|
|
|
(1,371)
|
$ 2
|
|
Other comprehensive loss |
(812)
|
|
|
(663)
|
(149)
|
|
|
Share repurchases (in shares) |
|
|
|
|
|
(4)
|
|
Share repurchases |
(159)
|
(137)
|
|
|
(22)
|
|
|
Stock-based compensation |
13,370
|
10,886
|
|
|
2,484
|
|
|
Cash dividends declared |
(22,289)
|
|
(22,289)
|
|
|
|
|
Net income |
152,766
|
|
120,224
|
|
32,542
|
|
|
Balance at the end of the period (in shares) at Sep. 30, 2023 |
|
|
|
|
|
65,323
|
14,106
|
Balance at the end of the period at Sep. 30, 2023 |
1,010,071
|
462,302
|
359,699
|
(1,647)
|
189,063
|
$ 654
|
$ 0
|
Balance at the beginning of the period (in shares) at Jun. 30, 2023 |
|
|
|
|
|
64,609
|
14,820
|
Balance at the beginning of the period at Jun. 30, 2023 |
952,774
|
446,206
|
315,049
|
(1,096)
|
191,968
|
$ 647
|
$ 0
|
Statement of Stockholders'/Members' Equity |
|
|
|
|
|
|
|
Member distributions |
(9,214)
|
|
|
|
(9,214)
|
|
|
Effect of CW Unit redemptions (in shares) |
|
|
|
|
|
714
|
(714)
|
Effect of CC Unit redemptions |
0
|
9,753
|
|
|
(9,760)
|
$ 7
|
|
Tax impact of equity transactions |
2,474
|
2,574
|
|
|
(100)
|
|
|
Other comprehensive loss |
(670)
|
|
|
(551)
|
(119)
|
|
|
Stock-based compensation |
4,618
|
3,769
|
|
|
849
|
|
|
Cash dividends declared |
(7,930)
|
|
(7,930)
|
|
|
|
|
Net income |
68,019
|
|
52,580
|
|
15,439
|
|
|
Balance at the end of the period (in shares) at Sep. 30, 2023 |
|
|
|
|
|
65,323
|
14,106
|
Balance at the end of the period at Sep. 30, 2023 |
$ 1,010,071
|
$ 462,302
|
$ 359,699
|
$ (1,647)
|
$ 189,063
|
$ 654
|
$ 0
|
X |
- DefinitionAmount of increase (decrease) to additional paid-in capital (APIC) for recognition and exercise of award under share-based payment arrangement.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities |
|
|
Net income |
$ 152,766
|
$ 104,383
|
Reconciliation of net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
50,180
|
25,991
|
Deferred financing cost amortization |
4,187
|
133
|
Stock-based compensation |
13,526
|
8,034
|
Provision for expected credit losses |
2,153
|
224
|
Inventory obsolescence |
3,569
|
1,642
|
Gain on disposal of assets |
(1,999)
|
(470)
|
Deferred income taxes |
10,723
|
19,230
|
Change in fair value of earn-out liability |
12,932
|
0
|
Gain from revaluation of liability related to tax receivable agreement |
(3,683)
|
(10)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(12,637)
|
(42,906)
|
Inventories |
45,377
|
(45,545)
|
Prepaid expenses and other assets |
(7,321)
|
(4,265)
|
Accounts payable |
2,733
|
20,537
|
Accrued expenses and other liabilities |
2,986
|
3,293
|
Payments pursuant to tax receivable agreement |
(26,890)
|
(11,666)
|
Net cash provided by operating activities |
248,602
|
78,605
|
Cash flows from investing activities |
|
|
Acquisition of a business, net of cash and cash equivalents acquired |
(616,189)
|
0
|
Capital expenditures and other |
(33,400)
|
(21,197)
|
Proceeds from sales of assets |
4,347
|
1,701
|
Net cash used in investing activities |
(645,242)
|
(19,496)
|
Cash flows from financing activities |
|
|
Proceeds from the issuance of long-term debt |
155,000
|
0
|
Repayments of borrowings of long-term debt |
(155,000)
|
0
|
Net proceeds from the issuance of Class A common stock |
169,878
|
0
|
Payments of deferred financing costs |
(6,857)
|
(165)
|
Payments on finance leases |
(5,579)
|
(4,505)
|
Dividends paid to Class A common stock shareholders |
(22,266)
|
(20,015)
|
Distributions to members |
(13,926)
|
(8,007)
|
Repurchases of shares |
(4,599)
|
(4,495)
|
Net cash provided by (used in) financing activities |
116,651
|
(37,187)
|
Effect of exchange rate changes on cash and cash equivalents |
(800)
|
(2,968)
|
Net increase (decrease) in cash and cash equivalents |
(280,789)
|
18,954
|
Cash and Cash Equivalents, at Carrying Value [Abstract] |
|
|
Cash and cash equivalents, beginning of period |
344,527
|
301,669
|
Cash and cash equivalents, end of period |
63,738
|
320,623
|
Supplemental disclosure of cash flow information |
|
|
Net cash paid for income taxes |
19,464
|
3,762
|
Cash paid for interest |
5,150
|
801
|
Non-cash investing and financing activities: |
|
|
Right-of-use assets obtained in exchange for new lease obligations |
10,210
|
10,707
|
Property and equipment in accounts payable |
$ 1,758
|
$ 1,582
|
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v3.23.3
Preparation of Interim Financial Statements and Other Items
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Preparation of Interim Financial Statements and Other Items |
Preparation of Interim Financial Statements and Other Items Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the merger of the FlexSteel business (the “Merger”) through a merger with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through September 30, 2023. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.
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v3.23.3
FlexSteel Acquisition
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
FlexSteel Acquisition |
FlexSteel AcquisitionOn February 28, 2023 (the “acquisition date”), we completed the acquisition of FlexSteel in accordance with the terms and conditions of the merger agreement dated December 30, 2022. Including final adjustments for closing working capital, cash on hand and indebtedness adjustments as set forth in the merger agreement, we paid total cash consideration of $621.5 million. There is also a potential future earn-out payment of up to $75.0 million to be paid no later than the third quarter of 2024, if certain revenue growth targets are met by FlexSteel. We funded the upfront purchase price using a combination of $165.6 million of net proceeds received from the public offering of shares of our Class A common stock completed in January 2023, borrowings under the Amended ABL Credit Facility (as defined in Note 7) totaling $155.0 million and available cash on hand at the time of closing. We believe this acquisition enhances Cactus’ position as a premier manufacturer and provider of highly engineered equipment to the oil and gas exploration and production (“E&P”) industry and provides meaningful growth potential for Cactus. We also believe FlexSteel’s products are highly complementary to Cactus’ equipment as it expands our exposure to our customers’ operations from production trees to transportation of oil, gas and other liquids as well as to additional customers operating in the midstream area. The acquisition is being accounted for using the acquisition method of accounting, with Cactus being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities are recorded at their respective fair values as of the acquisition date. The transaction was treated as a purchase of stock for United States federal income tax purposes. In connection with the acquisition, we incurred approximately $7.5 million of transaction costs for the nine months ended September 30, 2023 required to effect the transaction and incurred an additional $4.4 million in costs related to the reporting of and accounting for the transaction. These fees primarily related to legal, accounting and consulting fees and are included in selling, general and administrative (“SG&A”) expenses in the consolidated statements of income. Purchase Price Consideration The final purchase price consideration for the acquisition is $627.5 million and is summarized as follows: | | | | | | | | | | | Purchase Price Consideration | Cash consideration | | $ | 621,505 | | Add: Contingent consideration (1) | | 5,960 | | Fair value of consideration transferred | | $ | 627,465 | |
(1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75 million of additional cash consideration if certain revenue growth targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate. Changes in the fair value of the earn-out liability subsequent to the acquisition date are recognized in the consolidated statements of income. As of September 30, 2023, the estimated fair value of the earn-out payment increased to $18.9 million. The increase is based on the revised forecast for the period January 1, 2023 through June 30, 2024, reflecting improvements in FlexSteel’s revenues as compared to projections made at the time of the acquisition. See further discussion of the calculation of fair value of the earn-out liability in Note 12. Preliminary Purchase Price Allocation The following table provides the preliminary allocation of the purchase price as of the acquisition date. The goodwill reflected below decreased $0.6 million from the original preliminary purchase price allocation as a result of measurement period adjustments, primarily related to changes in cash consideration upon finalization of the closing net working capital and the resulting updates to deferred tax liabilities, partially offset by valuation adjustments to inventories and property and equipment. | | | | | | | | | Cash and cash equivalents | | $ | 5,316 | | Receivables | | 57,747 | | Inventories | | 91,746 | | Prepaid expenses and other current assets | | 1,283 | | Property and equipment | | 208,955 | | Operating lease right-of-use assets | | 1,021 | | Identifiable intangible assets | | 200,300 | | Other noncurrent assets | | 5,666 | | Total assets acquired | | 572,034 | | Accounts payable | | (14,789) | | Accrued expenses and other current liabilities | | (26,827) | | Finance lease obligations | | (974) | | Operating lease liabilities | | (906) | | Deferred tax liabilities | | (93,972) | | Total liabilities assumed | | (137,468) | | | | | Net assets acquired | | 434,566 | | | | | Goodwill | | $ | 192,899 | |
Assets acquired and liabilities assumed in connection with the acquisition were recorded at their estimated fair values. Estimated fair values were determined by management, based in part on an independent valuation performed by third-party valuation specialists. The valuation methods used to determine the estimated fair value of intangible assets included the excess earnings approach for customer relationships and backlog using customer inputs and contributory charges and the relief from royalty method for tradename and developed technology. Several significant assumptions and estimates were involved in the application of these valuation methods, including forecasted sales volumes and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, attrition rates and working capital changes. Cash flow forecasts were generally based on FlexSteel’s pre-acquisition forecasts. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives. The fair values determined for accounts receivable, accounts payable and most other current assets and liabilities, other than inventory, were equivalent to the carrying value due to their short-term nature. Acquired inventories are comprised of raw materials, work-in-progress and finished goods. The preliminary fair value of finished goods was calculated as the estimated selling price, less costs of the selling effort and a reasonable profit allowance relating to the selling effort. The preliminary fair value of work-in-progress was calculated as the estimated selling price, less costs to complete, less costs of the selling effort and a reasonable profit allowance on completion and selling costs. The preliminary fair value of raw materials was determined based on replacement cost which approximates historical carrying value. The preliminary fair value of identifiable fixed assets was calculated using a combination of valuation approaches, but primarily consisted of the cost approach which adjusts estimates of replacement cost for the age, condition and utility of the associated assets. Goodwill is calculated as the excess of the purchase price over the estimated fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the estimated fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, expansion opportunities and other benefits that we believe will result from combining the operations of FlexSteel with ours. Goodwill was further increased by the deferred tax liability associated with the fair market value in excess of the tax basis acquired. The goodwill associated with this transaction has been allocated to our Spoolable Technologies segment. The purchase price allocation is preliminary and could be revised as a result of additional information obtained regarding assets acquired and liabilities assumed and revisions of preliminary estimates of fair values including, but not limited to, certain tangible assets acquired and liabilities assumed, contractual relationships, intangible assets, certain working capital items, deferred income taxes and residual goodwill. The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition date. Tax-related impacts As a result of the transaction, we acquired certain carryforward tax attributes. The Company’s current assessment is that some of these attributes should be accounted for as unrecognized tax benefits in the acquisition accounting. The unrecognized tax benefits have been offset by an indemnification asset from the seller of $5.7 million. The Company continues to evaluate the technical merits of the tax attributes, and the unrecognized tax benefit assessment is subject to change within the measurement period. Subsequent to completion of the acquisition, we determined that we expect to generate sufficient taxable income of the appropriate type to allow for the realization of the deferred tax asset associated with our investment in Cactus Companies and recognized a $12.1 million tax benefit in the first quarter of 2023 associated with the release of our valuation allowance previously provided. Additionally, we recognized $4.3 million of tax expense in the first quarter of 2023 associated with the revaluation of our deferred tax asset as a result of a change in our forecasted state rate primarily due to state impacts of the FlexSteel acquisition. Pro forma financial information From acquisition date through September 30, 2023, FlexSteel produced revenue of $245.8 million and net income of $34.1 million. The pro forma financial information below represents the combined results of operations for the nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, as if the acquisition had occurred as of January 1, 2022. The unaudited pro forma combined financial information includes, where applicable, adjustments for additional amortization expense related to the fair value step-up of intangible assets, additional inventory fair value step-up expense, additional depreciation expense associated with adjusting property and equipment to fair value, changes to align accounting policies, decreases in interest expense due to modification of borrowings in conjunction with the acquisition and associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that we believe are reasonable to reflect the impact of the FlexSteel acquisition on our historical financial information on a supplemental pro forma basis. Adjustments do not include the elimination of transaction-related costs incurred or any costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results. | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2023 | | 2022 | Revenues | $ | 274,855 | | | $ | 875,473 | | | $ | 765,847 | | Net Income attributable to Cactus, Inc. | 33,885 | | | 132,026 | | | 83,224 | |
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v3.23.3
Accounts Receivable and Allowance for Credit Losses
|
9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
|
Accounts Receivable and Allowance for Credit Losses |
Accounts Receivable and Allowance for Credit Losses We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas E&P companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes amounts billed and currently due from customers and unbilled amounts for products delivered and services performed for which billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of September 30, 2023 and December 31, 2022 was $36.6 million and $34.9 million, respectively. We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us and apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a rollforward of our allowance for credit losses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at Beginning of Period | | Expense | | Write off | | Translation Adjustments | | Balance at End of Period | Nine Months Ended September 30, 2023 | $ | 1,060 | | | $ | 2,153 | | | $ | (16) | | | $ | (10) | | | $ | 3,187 | | Nine Months Ended September 30, 2022 | 741 | | | 224 | | | (63) | | | (1) | | | 901 | |
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.3
Inventories
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost (which approximates average cost). Costs include an application of related material, direct labor, duties, tariffs, freight and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Reserves are made for excess and obsolete items based on a range of factors, including age, usage and technological or market changes that may impact demand for those products. Inventories consist of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Raw materials | $ | 23,144 | | | $ | 3,150 | | Work-in-progress | 11,500 | | | 5,444 | | Finished goods | 168,873 | | | 152,689 | | | $ | 203,517 | | | $ | 161,283 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.3
Property and Equipment, net
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment, net |
Property and Equipment, net Property and equipment are stated at cost. We manufacture or construct most of our Pressure Control rental equipment assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following: | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 | Land | $ | 16,442 | | | $ | 5,302 | | Buildings and improvements | 131,960 | | | 25,480 | | Machinery and equipment | 127,701 | | | 57,883 | | Reels and skids | 18,028 | | | — | | Vehicles | 35,319 | | | 29,045 | | Rental equipment | 215,581 | | | 194,088 | | Furniture and fixtures | 1,905 | | | 1,759 | | Computers and software | 3,889 | | | 3,068 | | Gross property and equipment | 550,825 | | | 316,625 | | Less: Accumulated depreciation | (222,998) | | | (200,573) | | Net property and equipment | 327,827 | | | 116,052 | | Construction in progress | 17,395 | | | 13,946 | | Total property and equipment, net | $ | 345,222 | | | $ | 129,998 | |
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v3.23.3
Goodwill and Other Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price paid over the fair value of the net assets of acquired businesses. Goodwill is not amortized, but we evaluate at least annually whether it is impaired. Goodwill is considered impaired if the carrying amount of the reporting unit exceeds its estimated fair value. We conduct our annual assessment of the recoverability of goodwill as of December 31 of each year and more frequently if events and circumstances indicate that goodwill might be impaired. The change in carrying value of goodwill allocated to our reportable segments during the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | Pressure Control | | Spoolable Technologies | | Total | Balance at December 31, 2022 | | $ | 7,824 | | | $ | — | | | $ | 7,824 | | FlexSteel acquisition | | — | | | 192,899 | | | 192,899 | | | | | | | | | Balance at September 30, 2023 | | $ | 7,824 | | | $ | 192,899 | | | $ | 200,723 | |
The following table presents the detail of acquired intangible assets other than goodwill as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | Gross Cost | | Accumulated Amortization | | Net Cost | Customer relationships | | $ | 100,300 | | | $ | (3,901) | | | $ | 96,399 | | Developed technology | | 77,000 | | | (4,492) | | | 72,508 | | Tradename | | 16,000 | | | (933) | | | 15,067 | | Backlog | | 7,000 | | | (7,000) | | | — | | Total | | $ | 200,300 | | | $ | (16,326) | | | $ | 183,974 | |
All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired is 12 years. Amortization expense recognized during the three and nine months ended September 30, 2023 was $4.0 million and $16.3 million, respectively, and was recorded in SG&A expenses in the consolidated statements of income. Estimated future amortization expense is as follows: | | | | | | | | | Remainder of 2023 | | $ | 3,997 | | 2024 | | 15,987 | | 2025 | | 15,987 | | 2026 | | 15,987 | | 2027 | | 15,987 | | 2028 | | 15,987 | | Thereafter | | 100,042 | | Total | | $ | 183,974 | |
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
Debt We had no debt outstanding as of September 30, 2023 and December 31, 2022. We had $1.5 million in letters of credit outstanding as of September 30, 2023. In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was first amended in September 2020 and provided for up to $75.0 million in revolving commitments. On July 25, 2022, the ABL Credit Facility was amended again for up to $80.0 million in revolving commitments, up to $15.0 million of which was available for the issuance of letters of credit. On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provides for a term loan of $125.0 million and up to $225.0 million in revolving commitments, of which $20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility was set to mature on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments. We borrowed the full $125.0 million term loan amount and $30.0 million as a revolving loan at closing of the Amended ABL Credit Facility to fund a portion of the Merger. The term loan was required to be repaid in regular set amounts starting July 1, 2023 as set forth in the amortization schedule in the Amended ABL Credit Facility and could be prepaid without the payment of any prepayment premium (other than customary breakage costs for Term Benchmark (as defined below) borrowings). We began making discretionary prepayments on the term loan in April 2023 and continued to make payments until the entire $155.0 million we borrowed was repaid in July 2023. Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50% per annum for term loan ABR borrowings and 3.50% per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum. The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. Until the term loan was paid in full, the Amended ABL Credit Facility required Cactus Companies to maintain a leverage ratio no greater than 2.50 to 1.00 based on the ratio of Total Indebtedness (as defined therein) to EBITDA (as defined therein). The Amended ABL Credit Facility requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral. We were in compliance with all covenants under the Amended ABL Credit Facility as of September 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Revenue
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9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
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Revenue |
Revenue The majority of our revenues are derived from short-term contracts for fixed consideration or in the case of rentals, for a fixed charge per day plus repairs while the equipment is in use by the customer. Product sales generally do not include right of return or other significant post-delivery obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenues are recognized when we satisfy a performance obligation by transferring control of the promised goods or providing services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The majority of our contracts with customers contain a single performance obligation to provide agreed upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We do not incur any material costs of obtaining contracts. We do not adjust the amount of consideration per the contract for the effects of a significant financing component when we expect, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less, which is in substantially all cases. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days of invoicing. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat shipping and handling associated with outbound freight as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for the associated shipping and handling when incurred as an expense in cost of sales. We disaggregate revenue into three categories: product revenues, rental revenues and field service and other revenues. We have predominately domestic operations with a small amount of sales in Australia, Canada, the Middle East and other international markets. The following table presents our revenues disaggregated by category: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2023 | | 2022 | 2023 | | 2022 | Product revenue | $ | 214,295 | | | 74 | % | | $ | 121,782 | | | 66 | % | | $ | 605,698 | | | 74 | % | | $ | 328,054 | | | 65 | % | Rental revenue | 28,879 | | | 10 | % | | 27,105 | | | 15 | % | | 84,916 | | | 10 | % | | 73,143 | | | 15 | % | Field service and other revenue | 44,696 | | | 16 | % | | 35,594 | | | 19 | % | | 131,480 | | | 16 | % | | 99,398 | | | 20 | % | Total revenues | $ | 287,870 | | | 100 | % | | $ | 184,481 | | | 100 | % | | $ | 822,094 | | | 100 | % | | $ | 500,595 | | | 100 | % |
At September 30, 2023, we had a deferred revenue balance of $8.6 million compared to the December 31, 2022 balance of $1.5 million. Deferred revenue represents our obligation to transfer products to or perform services for a customer for which we have received cash or billed in advance. The revenue that has been deferred will be recognized upon product delivery or as services are performed. As of September 30, 2023, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Tax Receivable Agreement ("TRA")
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9 Months Ended |
Sep. 30, 2023 |
Tax Receivable Agreement |
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Tax Receivable Agreement ("TRA") |
Tax Receivable Agreement (“TRA”) In connection with our initial public offering (“IPO”) in February 2018, we entered into the TRA which generally provides for payment by Cactus Inc. to certain direct and indirect owners of Cactus LLC (after the CC Reorganization, Cactus Companies) of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Cactus Inc. actually realizes or is deemed to realize in certain circumstances. Cactus Inc. will retain the benefit of the remaining 15% of these net cash savings. The TRA liability is calculated by determining the tax basis subject to the TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the resulting iterative impact. The blended tax rate consists of the U.S. federal income tax rate and an assumed combined state and local income tax rate driven by the apportionment factors applicable to each state. Subsequent changes to the measurement of the TRA liability are recognized in the statements of income as a component of other expense, net. After finalizing its 2022 federal tax return in September 2023, Cactus Inc. made a $26.9 million TRA payment, which is equal to 85% of the $31.6 million 2022 tax benefit resulting from the exchange of CC Units for shares of Class A common stock. In September 2022, Cactus Inc. made an $11.7 million TRA payment based on its 2021 federal tax return. As of September 30, 2023, the total liability from the TRA was $271.1 million with $20.9 million reflected in current liabilities based on the expected timing of our next payment. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc. The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA and such payment is expected to be substantial. The calculation of anticipated future payments will be based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates. We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date.
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v3.23.3
Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Equity |
Equity As of September 30, 2023, Cactus Inc. owned 82.2% of Cactus Companies as compared to 80.3% of Cactus LLC (prior to the CC Reorganization) as of December 31, 2022. As of September 30, 2023, Cactus Inc. had outstanding 65.3 million shares of Class A common stock (representing 82.2% of the total voting power) and 14.1 million shares of Class B common stock (representing 17.8% of the total voting power). Equity Offering In January 2023, Cactus Inc. completed an underwritten offering of 3,224,300 shares of Class A common stock at a price to the underwriters of $51.36 per share for net proceeds of $165.6 million (net of $6.9 million of underwriting discounts and commissions). In addition to the underwriting discounts and commissions, approximately $2.2 million of costs directly associated with the stock issuance were recorded as a reduction to additional paid-in capital. FlexSteel Acquisition In conjunction with the FlexSteel acquisition, a restricted stock award of 128,150 shares of Class A common stock was issued under the Company’s long-term incentive plan to a key employee in exchange for cash consideration of $6.5 million. The shares are restricted from sale or trading and are subject to vesting requirements for one year from grant date. If the fair market value of the restricted shares is below the purchase price upon vesting, Cactus will compensate the key employee for the difference in price plus a gross-up for taxes. We are accounting for this guaranteed payment as stock compensation with liability classification and remeasure the liability to fair value at each reporting period. Compensation cost is being recognized ratably over the one-year vesting period. The liability balance is $0.7 million as of September 30, 2023 and is included in accrued expenses and other current liabilities in the consolidated balance sheets. We recognized $0.2 million of compensation expense in SG&A in the consolidated statements of income during the nine months ended September 30, 2023. CC Reorganization As part of the CC Reorganization in connection with the acquisition of FlexSteel, Cactus Companies acquired all of the outstanding units representing limited liability company interests of Cactus LLC ( “CW Units”) in exchange for an equal number of CC Units issued to each of the previous owners of CW Units other than Cactus Inc. (the “CW Unit Holders”). Upon the completion of the CC Reorganization, CW Unit Holders ceased to be holders of CW Units and, instead, became holders of a number of CC Units equal to the number of CW Units such CW Unit Holders held immediately prior to the completion of the CC Reorganization. After the CC Reorganization, we refer to the owners of CC Units, other than Cactus Inc. (along with their permitted transferees), as “CC Unit Holders.” Following the completion of the CC Reorganization, CC Unit Holders own one share of our Class B Common Stock for each CC Unit such CC Unit Holder owns. In connection with the CC Reorganization, Cactus Inc. and the owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which contains substantially the same terms and conditions as the Second Amended and Restated Limited Liability Company Operating Agreement of Cactus LLC (the “Cactus Wellhead LLC Agreement”), which was the limited liability company operating agreement of Cactus LLC prior to the CC Reorganization. Cactus Inc. was responsible for all operational, management and administrative decisions relating to Cactus LLC’s business for the period from completion of our IPO until the CC Reorganization and relating to Cactus Companies’ business for periods after the CC Reorganization. Pursuant to the Cactus Companies LLC Agreement, each holder of CC Units has, subject to certain limitations, the right to cause Cactus Companies to acquire all or at least a minimum portion of its CC Units for, at Cactus Companies’ election, (x) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each CC Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or (y) an equivalent amount of cash. Alternatively, upon the exercise of such redemption right, Cactus Inc. (instead of Cactus Companies) has the right to acquire each tendered CC Unit directly from the exchanging CC Unit Holder for, at its election, (x) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions, or (y) an equivalent amount of cash. In connection with any redemption of CC Units pursuant to such redemption right or our alternative right to acquire each tendered CC Unit, the corresponding number of shares of Class B common stock would be canceled. Redemptions of CC Units Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, an aggregate of 46.5 million of CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock. During the nine months ended September 30, 2023, 0.9 million CC Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Companies LLC Agreement. During the nine months ended September 30, 2022, 1.5 million CW Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Wellhead LLC Agreement. There was no change in the combined number of Cactus Inc. voting shares outstanding as a result of the redemptions. Dividends Aggregate cash dividends of $0.34 per share of Class A common stock declared during the nine months ended September 30, 2023 totaled $22.3 million compared to $0.33 per share of Class A common stock and $20.1 million during the nine months ended September 30, 2022. Cash dividends paid during the nine months ended September 30, 2023 and 2022 totaled $22.3 million and $20.0 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to the owners of CC Units other than Cactus Inc. for any dividends declared on our Class A common stock. See further discussion of the distributions below under “Member Distributions.” Share Repurchase Program On June 6, 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the nine months ended September 30, 2023, the Company purchased and retired 4,007 shares of Class A common stock for $0.2 million or $39.69 average price per share excluding commissions, under the share repurchase program. As of September 30, 2023, $149.8 million remained authorized for future repurchases of Class A common stock under the program. Member Distributions Distributions made by Cactus Companies are generally required to be made pro rata among all its members. For the nine months ended September 30, 2023, Cactus Companies distributed $63.1 million to Cactus Inc. to fund its dividend, TRA and estimated tax payments and made pro rata distributions to the other members totaling $13.9 million over the same period. During the nine months ended September 30, 2022, Cactus Companies distributed $31.7 million to Cactus Inc. to fund its dividend, TRA and estimated payments and made pro rata distributions to the other members totaling $8.0 million. Limitation of Members’ Liability Under the terms of the Cactus Companies LLC Agreement, the members of Cactus Companies are not obligated for debt, liabilities, contracts or other obligations of Cactus Companies. Profits and losses are allocated to members as defined in the Cactus Companies LLC Agreement.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and ContingenciesWe are involved in various disputes arising in the ordinary course of business. Management does not believe the outcome of these disputes will have a material adverse effect on our consolidated financial position or consolidated results of operations.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value of cash and cash equivalents, receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. The following table sets forth our liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at September 30, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | | | | | | | | Earn-out liability | $ | — | | | $ | — | | | $ | 18,892 | | | $ | 18,892 | | Put option liability | — | | | — | | | 777 | | | 777 | |
The earn-out liability related to the FlexSteel acquisition (see Note 2) is measured at fair value using Level 3 unobservable inputs at the end of each reporting period with changes in its estimated fair value recorded in earnings until the liability is settled. The fair value is determined based on the evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of FlexSteel using a Monte Carlo simulation model. The Monte Carlo simulation model uses assumptions including revenue volatilities, risk free rates, credit discount rates and revenue discount rates. Significant changes in any of those assumptions could have a material effect on the estimated fair value of the earn-out payment. The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value of the earn-out payment as of September 30, 2023: | | | | | | | | | | | | | | | | | September 30, 2023 | Risk-free interest rate | | 5.60% | to | 5.63% | Expected revenue volatility | | 25.20% | Revenue discount rate | | 10.88% | to | 10.92% | Credit discount rate | | 10.90% | to | 11.00% |
The put option liability represents the guaranteed payment on restricted stock purchased in conjunction with the FlexSteel acquisition (see Note 10). This liability is measured at fair value at the end of each reporting period until the liability is settled with changes in fair value from grant date recognized ratably over the one-year vesting period. The fair value is determined using the Black-Scholes option pricing method that utilizes a selected volatility calculated based on weighting historical and implied volatility indications. As the selected volatility involves judgement and is a significant input to estimating the fair value of the put option, it is classified as a Level 3 input. Significant changes in the volatility could have a material effect on the estimated fair value of the put option liability. The following table sets forth the inputs for the significant assumptions utilized to determine the fair value of the put option liability as of September 30, 2023: | | | | | | | | | | | September 30, 2023 | Risk-free interest rate | | 5.46% | Expected volatility | | 39.27% | Dividend yield | | 0.95% |
The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: | | | | | | | | | | | | | | | | | Earn-out | | Put Option | Opening Balance | | $ | 5,960 | | | $ | 510 | | Changes in fair value (1) | | 12,932 | | | 267 | | Balance at September 30, 2023 | | $ | 18,892 | | | $ | 777 | |
(1)We recognized $12.9 million of remeasurement expense associated with the change in the fair value of the earn-out liability during the nine months ended September 30, 2023. During the three months ended March 31, 2023, a $0.1 million gain was recognized in other income, net in the consolidated statements of operations. After the first quarter of 2023, the change in fair value of the earn-out liability is being presented separately as a component of operating income with $13.1 million of expense recognized during the six months ended September 30, 2023. For the put option liability, we recognized $0.2 million of expense associated with the change in fair value in SG&A in the consolidated statements of income during the nine months ended September 30, 2023. The fair value of our foreign currency forwards was less than $0.1 million as of September 30, 2023 and was determined using market observable inputs including forward and spot prices (Level 2 inputs).
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Segment Reporting
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Segment Reporting Prior to the acquisition of FlexSteel, we operated in a single segment which reflected how our business was managed and the nature of our products and services. Upon completion of the acquisition, we re-evaluated our reportable segments and now report two business segments. Our business segments offer different products and services and correspond to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to each segment. Our reporting segments are: •Pressure Control – engaged in the design, manufacture, sale, installation and service of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells. •Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids. Financial information by business segment for the three and nine months ended September 30, 2023 and 2022 is summarized below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | Revenue: | | | | | | | | | Pressure Control | | $ | 182,484 | | | $ | 184,481 | | | $ | 576,273 | | | $ | 500,595 | | Spoolable Technologies | | 105,386 | | | — | | | 245,821 | | | — | | Total revenues | | 287,870 | | | 184,481 | | | 822,094 | | | 500,595 | | Operating income: | | | | | | | | | Pressure Control (1) | | 47,830 | | | 51,296 | | | 151,809 | | | 126,527 | | Spoolable Technologies | | 39,773 | | | — | | | 34,004 | | | — | | Total operating income | | 87,603 | | | 51,296 | | | 185,813 | | | 126,527 | | Interest income (expense), net | | (1,372) | | | 1,140 | | | (6,298) | | | 1,344 | | Other income, net | | 266 | | | 1,125 | | | 3,804 | | | 10 | | Income before income taxes | | $ | 86,497 | | | $ | 53,561 | | | $ | 183,319 | | | $ | 127,881 | |
(1)Includes corporate and other costs not directly attributable to our reporting segments such as corporate executive management and other administrative functions.
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v3.23.3
Earnings per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
Earnings per Share Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding assuming all potentially dilutive shares were issued. We use the if-converted method to determine the potential dilutive effect of outstanding CC Units (and corresponding shares of outstanding Class B common stock), the treasury stock method to determine the potential dilutive effect of unvested restricted stock units assuming that the proceeds will be used to purchase shares of Class A common stock and the contingently issuable share method to determine the potential dilutive effect of unvested performance stock units. The following table summarizes the basic and diluted earnings per share calculations: | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net income attributable to Cactus Inc.—basic | $ | 52,580 | | | $ | 31,425 | | | $ | 120,224 | | | $ | 79,185 | | Net income attributable to non-controlling interest (1) | — | | | — | | | 24,874 | | | 19,686 | | Net income attributable to Cactus Inc.—diluted (1) | $ | 52,580 | | | $ | 31,425 | | | $ | 145,098 | | | $ | 98,871 | | Denominator: | | | | | | | | Weighted average Class A shares outstanding—basic | 64,879 | | | 60,665 | | | 64,399 | | | 60,164 | | Effect of dilutive shares (2) | 607 | | | 441 | | | 15,233 | | | 16,132 | | Weighted average Class A shares outstanding—diluted (2) | 65,486 | | | 61,106 | | | 79,632 | | | 76,296 | |
| | | | | | | | Earnings per Class A share—basic | $ | 0.81 | | | $ | 0.52 | | | $ | 1.87 | | | $ | 1.32 | | Earnings per Class A share—diluted (1)(2) | $ | 0.80 | | | $ | 0.51 | | | $ | 1.82 | | | $ | 1.30 | |
(1)The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26.0% for the nine months ended September 30, 2023 and 25.0% for the nine months ended September 30, 2022. (2)Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes 14.6 million and 15.2 million, respectively, of weighted average shares of Class B common stock as the effect would be anti-dilutive.
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v3.23.3
Preparation of Interim Financial Statements and Other Items (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the merger of the FlexSteel business (the “Merger”) through a merger with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through September 30, 2023. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
|
Use of Estimates |
Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.
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v3.23.3
FlexSteel Acquisition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Summary of Purchase Price Consideration |
The final purchase price consideration for the acquisition is $627.5 million and is summarized as follows: | | | | | | | | | | | Purchase Price Consideration | Cash consideration | | $ | 621,505 | | Add: Contingent consideration (1) | | 5,960 | | Fair value of consideration transferred | | $ | 627,465 | |
(1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75 million of additional cash consideration if certain revenue growth targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate.
|
Summary of Preliminary Purchase Price Allocation |
The following table provides the preliminary allocation of the purchase price as of the acquisition date. The goodwill reflected below decreased $0.6 million from the original preliminary purchase price allocation as a result of measurement period adjustments, primarily related to changes in cash consideration upon finalization of the closing net working capital and the resulting updates to deferred tax liabilities, partially offset by valuation adjustments to inventories and property and equipment. | | | | | | | | | Cash and cash equivalents | | $ | 5,316 | | Receivables | | 57,747 | | Inventories | | 91,746 | | Prepaid expenses and other current assets | | 1,283 | | Property and equipment | | 208,955 | | Operating lease right-of-use assets | | 1,021 | | Identifiable intangible assets | | 200,300 | | Other noncurrent assets | | 5,666 | | Total assets acquired | | 572,034 | | Accounts payable | | (14,789) | | Accrued expenses and other current liabilities | | (26,827) | | Finance lease obligations | | (974) | | Operating lease liabilities | | (906) | | Deferred tax liabilities | | (93,972) | | Total liabilities assumed | | (137,468) | | | | | Net assets acquired | | 434,566 | | | | | Goodwill | | $ | 192,899 | |
|
Summary of Unaudited Proforma Results |
The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results. | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2022 | | 2023 | | 2022 | Revenues | $ | 274,855 | | | $ | 875,473 | | | $ | 765,847 | | Net Income attributable to Cactus, Inc. | 33,885 | | | 132,026 | | | 83,224 | |
|
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v3.23.3
Accounts Receivable and Allowance for Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
|
Schedule of Rollforward of Allowance for Credit Losses |
The following is a rollforward of our allowance for credit losses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at Beginning of Period | | Expense | | Write off | | Translation Adjustments | | Balance at End of Period | Nine Months Ended September 30, 2023 | $ | 1,060 | | | $ | 2,153 | | | $ | (16) | | | $ | (10) | | | $ | 3,187 | | Nine Months Ended September 30, 2022 | 741 | | | 224 | | | (63) | | | (1) | | | 901 | |
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v3.23.3
Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories consist of the following: | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Raw materials | $ | 23,144 | | | $ | 3,150 | | Work-in-progress | 11,500 | | | 5,444 | | Finished goods | 168,873 | | | 152,689 | | | $ | 203,517 | | | $ | 161,283 | |
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v3.23.3
Property and Equipment, net (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment Net |
Property and equipment consists of the following: | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 | Land | $ | 16,442 | | | $ | 5,302 | | Buildings and improvements | 131,960 | | | 25,480 | | Machinery and equipment | 127,701 | | | 57,883 | | Reels and skids | 18,028 | | | — | | Vehicles | 35,319 | | | 29,045 | | Rental equipment | 215,581 | | | 194,088 | | Furniture and fixtures | 1,905 | | | 1,759 | | Computers and software | 3,889 | | | 3,068 | | Gross property and equipment | 550,825 | | | 316,625 | | Less: Accumulated depreciation | (222,998) | | | (200,573) | | Net property and equipment | 327,827 | | | 116,052 | | Construction in progress | 17,395 | | | 13,946 | | Total property and equipment, net | $ | 345,222 | | | $ | 129,998 | |
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v3.23.3
Goodwill and Other Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
The change in carrying value of goodwill allocated to our reportable segments during the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | Pressure Control | | Spoolable Technologies | | Total | Balance at December 31, 2022 | | $ | 7,824 | | | $ | — | | | $ | 7,824 | | FlexSteel acquisition | | — | | | 192,899 | | | 192,899 | | | | | | | | | Balance at September 30, 2023 | | $ | 7,824 | | | $ | 192,899 | | | $ | 200,723 | |
|
Summary of Total Intangible Assets |
The following table presents the detail of acquired intangible assets other than goodwill as of September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | Gross Cost | | Accumulated Amortization | | Net Cost | Customer relationships | | $ | 100,300 | | | $ | (3,901) | | | $ | 96,399 | | Developed technology | | 77,000 | | | (4,492) | | | 72,508 | | Tradename | | 16,000 | | | (933) | | | 15,067 | | Backlog | | 7,000 | | | (7,000) | | | — | | Total | | $ | 200,300 | | | $ | (16,326) | | | $ | 183,974 | |
|
Summary of Future Amortization |
Estimated future amortization expense is as follows: | | | | | | | | | Remainder of 2023 | | $ | 3,997 | | 2024 | | 15,987 | | 2025 | | 15,987 | | 2026 | | 15,987 | | 2027 | | 15,987 | | 2028 | | 15,987 | | Thereafter | | 100,042 | | Total | | $ | 183,974 | |
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenues Disaggregated by Category |
The following table presents our revenues disaggregated by category: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
| 2023 | | 2022 | 2023 | | 2022 | Product revenue | $ | 214,295 | | | 74 | % | | $ | 121,782 | | | 66 | % | | $ | 605,698 | | | 74 | % | | $ | 328,054 | | | 65 | % | Rental revenue | 28,879 | | | 10 | % | | 27,105 | | | 15 | % | | 84,916 | | | 10 | % | | 73,143 | | | 15 | % | Field service and other revenue | 44,696 | | | 16 | % | | 35,594 | | | 19 | % | | 131,480 | | | 16 | % | | 99,398 | | | 20 | % | Total revenues | $ | 287,870 | | | 100 | % | | $ | 184,481 | | | 100 | % | | $ | 822,094 | | | 100 | % | | $ | 500,595 | | | 100 | % |
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v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Summary of Liabilities Measured at Fair Value |
The following table sets forth our liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at September 30, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | | | | | | | | Earn-out liability | $ | — | | | $ | — | | | $ | 18,892 | | | $ | 18,892 | | Put option liability | — | | | — | | | 777 | | | 777 | |
|
Summary of Significant Assumptions to Determine Fair Value |
The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value of the earn-out payment as of September 30, 2023: | | | | | | | | | | | | | | | | | September 30, 2023 | Risk-free interest rate | | 5.60% | to | 5.63% | Expected revenue volatility | | 25.20% | Revenue discount rate | | 10.88% | to | 10.92% | Credit discount rate | | 10.90% | to | 11.00% |
The following table sets forth the inputs for the significant assumptions utilized to determine the fair value of the put option liability as of September 30, 2023: | | | | | | | | | | | September 30, 2023 | Risk-free interest rate | | 5.46% | Expected volatility | | 39.27% | Dividend yield | | 0.95% |
|
Summary of Changes in Fair Value |
The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: | | | | | | | | | | | | | | | | | Earn-out | | Put Option | Opening Balance | | $ | 5,960 | | | $ | 510 | | Changes in fair value (1) | | 12,932 | | | 267 | | Balance at September 30, 2023 | | $ | 18,892 | | | $ | 777 | |
(1)We recognized $12.9 million of remeasurement expense associated with the change in the fair value of the earn-out liability during the nine months ended September 30, 2023. During the three months ended March 31, 2023, a $0.1 million gain was recognized in other income, net in the consolidated statements of operations. After the first quarter of 2023, the change in fair value of the earn-out liability is being presented separately as a component of operating income with $13.1 million of expense recognized during the six months ended September 30, 2023. For the put option liability, we recognized $0.2 million of expense associated with the change in fair value in SG&A in the consolidated statements of income during the nine months ended September 30, 2023.
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v3.23.3
Segment Reporting (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Summarized Financial Information by Segment |
Financial information by business segment for the three and nine months ended September 30, 2023 and 2022 is summarized below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | Revenue: | | | | | | | | | Pressure Control | | $ | 182,484 | | | $ | 184,481 | | | $ | 576,273 | | | $ | 500,595 | | Spoolable Technologies | | 105,386 | | | — | | | 245,821 | | | — | | Total revenues | | 287,870 | | | 184,481 | | | 822,094 | | | 500,595 | | Operating income: | | | | | | | | | Pressure Control (1) | | 47,830 | | | 51,296 | | | 151,809 | | | 126,527 | | Spoolable Technologies | | 39,773 | | | — | | | 34,004 | | | — | | Total operating income | | 87,603 | | | 51,296 | | | 185,813 | | | 126,527 | | Interest income (expense), net | | (1,372) | | | 1,140 | | | (6,298) | | | 1,344 | | Other income, net | | 266 | | | 1,125 | | | 3,804 | | | 10 | | Income before income taxes | | $ | 86,497 | | | $ | 53,561 | | | $ | 183,319 | | | $ | 127,881 | |
(1)Includes corporate and other costs not directly attributable to our reporting segments such as corporate executive management and other administrative functions.
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v3.23.3
Earnings per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Basic and Diluted Earnings per Share |
The following table summarizes the basic and diluted earnings per share calculations: | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net income attributable to Cactus Inc.—basic | $ | 52,580 | | | $ | 31,425 | | | $ | 120,224 | | | $ | 79,185 | | Net income attributable to non-controlling interest (1) | — | | | — | | | 24,874 | | | 19,686 | | Net income attributable to Cactus Inc.—diluted (1) | $ | 52,580 | | | $ | 31,425 | | | $ | 145,098 | | | $ | 98,871 | | Denominator: | | | | | | | | Weighted average Class A shares outstanding—basic | 64,879 | | | 60,665 | | | 64,399 | | | 60,164 | | Effect of dilutive shares (2) | 607 | | | 441 | | | 15,233 | | | 16,132 | | Weighted average Class A shares outstanding—diluted (2) | 65,486 | | | 61,106 | | | 79,632 | | | 76,296 | |
| | | | | | | | Earnings per Class A share—basic | $ | 0.81 | | | $ | 0.52 | | | $ | 1.87 | | | $ | 1.32 | | Earnings per Class A share—diluted (1)(2) | $ | 0.80 | | | $ | 0.51 | | | $ | 1.82 | | | $ | 1.30 | |
(1)The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26.0% for the nine months ended September 30, 2023 and 25.0% for the nine months ended September 30, 2022. (2)Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes 14.6 million and 15.2 million, respectively, of weighted average shares of Class B common stock as the effect would be anti-dilutive.
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- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
FlexSteel Acquisition - Narrative (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
7 Months Ended |
9 Months Ended |
|
Feb. 28, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
Earn-out liability |
|
$ 18,892
|
|
|
$ 18,892
|
$ 18,892
|
|
$ 0
|
Upfront purchase price funds |
$ 165,600
|
|
|
|
|
|
|
|
Additional costs related to reporting and accounting of the transaction |
|
4,400
|
|
|
4,400
|
4,400
|
|
|
Tax expense associated with revaluation of deferred tax asset |
|
|
$ 4,300
|
|
|
|
|
|
Net income |
|
52,580
|
|
$ 31,425
|
|
120,224
|
$ 79,185
|
|
FlexSteel |
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
Cash consideration |
621,505
|
|
|
|
|
|
|
|
Earn-out liability |
75,000
|
18,900
|
|
|
18,900
|
18,900
|
|
|
Borrowings total |
155,000
|
|
|
|
|
|
|
|
Transaction costs |
|
$ 7,500
|
|
|
7,500
|
$ 7,500
|
|
|
Indemnification asset |
$ 5,700
|
|
|
|
|
|
|
|
Tax benefit for release of valuation allowance |
|
|
$ 12,100
|
|
|
|
|
|
Revenue |
|
|
|
|
245,800
|
|
|
|
Net income |
|
|
|
|
$ 34,100
|
|
|
|
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FlexSteel Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
|
Sep. 30, 2023 |
Feb. 28, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Operating lease right-of-use assets |
|
$ 1,021
|
|
Goodwill |
$ 200,723
|
|
$ 7,824
|
FlexSteel |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Goodwill decrease |
$ 600
|
|
|
Cash and cash equivalents |
|
5,316
|
|
Receivables |
|
57,747
|
|
Inventories |
|
91,746
|
|
Prepaid expenses and other current assets |
|
1,283
|
|
Property and equipment |
|
208,955
|
|
Identifiable intangible assets |
|
200,300
|
|
Other noncurrent assets |
|
5,666
|
|
Total assets acquired |
|
572,034
|
|
Accounts payable |
|
(14,789)
|
|
Accrued expenses and other current liabilities |
|
(26,827)
|
|
Finance lease obligations |
|
(974)
|
|
Operating lease liabilities |
|
(906)
|
|
Deferred tax liabilities |
|
(93,972)
|
|
Total liabilities assumed |
|
(137,468)
|
|
Net assets acquired |
|
434,566
|
|
Goodwill |
|
$ 192,899
|
|
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FlexSteel Acquisition - Summary of Unadited Proforma Results (Details) - FlexSteel - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Business Acquisition [Line Items] |
|
|
|
Revenues |
$ 274,855
|
$ 875,473
|
$ 765,847
|
Net Income attributable to Cactus, Inc. |
$ 33,885
|
$ 132,026
|
$ 83,224
|
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Sep. 30, 2023 |
Dec. 31, 2022 |
Summary of inventories |
|
|
Raw materials |
$ 23,144
|
$ 3,150
|
Work-in-progress |
11,500
|
5,444
|
Finished goods |
168,873
|
152,689
|
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|
$ 161,283
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Property and Equipment, net (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
$ 550,825
|
$ 316,625
|
Less: Accumulated depreciation |
(222,998)
|
(200,573)
|
Net property and equipment |
327,827
|
116,052
|
Total property and equipment, net |
345,222
|
129,998
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
16,442
|
5,302
|
Buildings and improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
131,960
|
25,480
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
127,701
|
57,883
|
Reels and skids |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
18,028
|
0
|
Vehicles |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Vehicles |
35,319
|
29,045
|
Rental equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
215,581
|
194,088
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
1,905
|
1,759
|
Computers and software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
3,889
|
3,068
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Gross property and equipment |
$ 17,395
|
$ 13,946
|
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v3.23.3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Goodwill [Roll Forward] |
|
Balance at December 31, 2022 |
$ 7,824
|
FlexSteel acquisition |
192,899
|
Balance at September 30, 2023 |
200,723
|
Pressure Control |
|
Goodwill [Roll Forward] |
|
Balance at December 31, 2022 |
7,824
|
FlexSteel acquisition |
0
|
Balance at September 30, 2023 |
7,824
|
Spoolable Technologies |
|
Goodwill [Roll Forward] |
|
Balance at December 31, 2022 |
0
|
FlexSteel acquisition |
192,899
|
Balance at September 30, 2023 |
$ 192,899
|
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Goodwill and Other Intangible Assets - Summary of Total Intangible Assets (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
Gross Cost |
$ 200,300
|
Accumulated Amortization |
(16,326)
|
Net Cost |
183,974
|
Customer relationships |
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
Gross Cost |
100,300
|
Accumulated Amortization |
(3,901)
|
Net Cost |
96,399
|
Developed technology |
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
Gross Cost |
77,000
|
Accumulated Amortization |
(4,492)
|
Net Cost |
72,508
|
Tradename |
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
Gross Cost |
16,000
|
Accumulated Amortization |
(933)
|
Net Cost |
15,067
|
Backlog |
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
Gross Cost |
7,000
|
Accumulated Amortization |
(7,000)
|
Net Cost |
$ 0
|
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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization expense |
$ 29,549
|
$ 15,970
|
$ 97,519
|
$ 44,804
|
Identifiable Intangible Assets Acquired |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization period |
12 years
|
|
12 years
|
|
Amortization expense |
$ 4,000
|
|
$ 16,300
|
|
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v3.23.3
Debt - Narrative (Details)
|
|
9 Months Ended |
|
|
|
Feb. 28, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 25, 2022
USD ($)
|
Aug. 21, 2018
USD ($)
|
Long-term Debt |
|
|
|
|
|
Debt outstanding |
|
|
$ 0
|
|
|
Letters of credit outstanding |
|
$ 1,500,000
|
|
|
|
Repayment of debt |
$ 155,000,000
|
|
|
|
|
Secured Debt | Amended ABL Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Face amount |
125,000,000
|
|
|
|
|
ABL Credit Facility | Line of Credit | Amended ABL Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Borrowing capacity |
225,000,000
|
|
|
|
|
ABL Credit Facility | Line of Credit | The Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Debt gross |
30,000,000
|
|
|
|
|
Secured Debt | Line of Credit | The Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Debt gross |
125,000,000
|
|
|
|
|
Letters of credit | Line of Credit | Amended ABL Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Borrowing capacity |
20,000,000
|
|
|
|
|
Cactus LLC | Line of Credit |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Borrowing capacity |
|
|
|
$ 15,000,000
|
|
Cactus LLC | ABL Credit Facility | Line of Credit |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Term |
|
|
|
|
5 years
|
Borrowing capacity |
|
|
|
$ 80,000,000
|
$ 75,000,000
|
Additional commitments |
50,000,000
|
|
|
|
|
Maximum borrowing capacity |
$ 275,000,000
|
|
|
|
|
Subsidiaries | ABL Credit Facility |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Fixed charge coverage ratio |
|
1.00
|
|
|
|
Subsidiaries | ABL Credit Facility | Base Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
2.50%
|
|
|
|
Subsidiaries | ABL Credit Facility | Secured Overnight Financing Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
3.50%
|
|
|
|
Subsidiaries | ABL Credit Facility | Minimum |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Commitment fee |
|
0.25%
|
|
|
|
Subsidiaries | ABL Credit Facility | Minimum | Base Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
0.00%
|
|
|
|
Subsidiaries | ABL Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
1.25%
|
|
|
|
Subsidiaries | ABL Credit Facility | Maximum | Base Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
0.50%
|
|
|
|
Subsidiaries | ABL Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Applicable margin rate |
|
1.75%
|
|
|
|
Subsidiaries | ABL Credit Facility | Line of Credit | Credit Agreement |
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
Leverage ratio |
|
2.50
|
|
|
|
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v3.23.3
Revenue - Schedule of Revenues Disaggregated by Category (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 287,870
|
$ 184,481
|
$ 822,094
|
$ 500,595
|
Revenue as a percentage |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Product revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 214,295
|
$ 121,782
|
$ 605,698
|
$ 328,054
|
Revenue as a percentage |
74.00%
|
66.00%
|
74.00%
|
65.00%
|
Rental revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 28,879
|
$ 27,105
|
$ 84,916
|
$ 73,143
|
Revenue as a percentage |
10.00%
|
15.00%
|
10.00%
|
15.00%
|
Field service and other revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 44,696
|
$ 35,594
|
$ 131,480
|
$ 99,398
|
Revenue as a percentage |
16.00%
|
19.00%
|
16.00%
|
20.00%
|
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v3.23.3
Tax Receivable Agreement ("TRA") (Details) - USD ($) $ in Thousands |
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
Feb. 28, 2018 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Tax Receivable Agreement |
|
|
|
|
Tax savings payable to TRA Holders |
85.00%
|
85.00%
|
|
|
Tax savings benefit retained by Cactus Inc |
15.00%
|
|
|
|
Tax receivable agreement payment |
|
$ 26,900
|
|
$ 11,700
|
Tax receivable expense |
|
|
$ 31,600
|
|
Total TRA liability |
|
271,100
|
|
|
Current portion of liability related to tax receivable agreement |
|
$ 20,855
|
$ 27,544
|
|
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v3.23.3
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
68 Months Ended |
|
Jan. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Jun. 06, 2023 |
Equity |
|
|
|
|
|
|
|
|
Issuances of common stock |
|
|
|
$ 169,369
|
|
|
|
|
Cash dividend declared (in dollars per share) |
|
$ 0.12
|
$ 0.11
|
$ 0.34
|
$ 0.33
|
|
|
|
Share repurchases |
|
|
|
$ 159
|
|
|
|
|
Pro rata distributions made to other members |
|
|
|
13,926
|
$ 8,007
|
|
|
|
Share Repurchase Program |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Authorized amount of stock repurchase |
|
|
|
|
|
|
|
$ 150,000
|
Additional Paid-In Capital |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Costs associated with stock issuance |
$ 2,200
|
|
|
|
|
|
|
|
Issuances of common stock |
|
|
|
143,302
|
|
|
|
|
Share repurchases |
|
|
|
$ 137
|
|
|
|
|
Common stock | Share Repurchase Program |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Common stock purchased and retired (in shares) |
|
|
|
4,007
|
|
|
|
|
Share repurchases |
|
|
|
$ 200
|
|
|
|
|
Average stock repurchased price (in dollars per share) |
|
|
|
$ 39.69
|
|
|
|
|
Common stock authorized repurchase amount |
|
$ 149,800
|
|
$ 149,800
|
|
|
$ 149,800
|
|
FlexSteel | Key Employee |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Issuance of common stock (in shares) |
|
|
|
128,150
|
|
|
|
|
Issuances of common stock |
|
|
|
$ 6,500
|
|
|
|
|
Vesting period |
|
|
|
1 year
|
|
|
|
|
Period for recognition |
|
|
|
1 year
|
|
|
|
|
Accrued expenses and other current liabilities |
|
$ 700
|
|
$ 700
|
|
|
$ 700
|
|
Selling, general and administrative expenses |
|
|
|
$ 200
|
|
|
|
|
Cactus Companies |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Ownership interest |
|
|
|
82.20%
|
|
|
|
|
Cactus LLC |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Ownership interest |
|
|
|
|
|
80.30%
|
|
|
Cactus Inc |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Cash distributions to unit holders |
|
|
|
$ 63,100
|
31,700
|
|
|
|
CC Unit Holders other than Cactus, Inc. |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Pro rata distributions made to other members |
|
|
|
$ 13,900
|
$ 8,000
|
|
|
|
Class A Common Stock |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Common stock, shares outstanding (in shares) |
|
65,323,000
|
|
65,323,000
|
|
60,903,000
|
65,323,000
|
|
Shares outstanding, percentage of total voting power |
|
82.20%
|
|
82.20%
|
|
|
82.20%
|
|
Cash dividend declared (in dollars per share) |
|
|
|
$ 0.34
|
$ 0.33
|
|
|
|
Dividends declared |
|
|
|
$ 22,300
|
$ 20,100
|
|
|
|
Dividends paid |
|
|
|
$ 22,300
|
$ 20,000
|
|
|
|
Class A Common Stock | Common stock |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Issuance of common stock (in shares) |
|
|
|
3,352,000
|
|
|
|
|
Issuances of common stock |
|
|
|
$ 34
|
|
|
|
|
Class A Common Stock | Additional Offering |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Shares sold (in shares) |
3,224,300
|
|
|
|
|
|
|
|
Price of stock (in dollars per share) |
$ 51.36
|
|
|
|
|
|
|
|
Cash consideration |
$ 165,600
|
|
|
|
|
|
|
|
Underwriting discounts |
$ 6,900
|
|
|
|
|
|
|
|
Class A Common Stock | Cactus Companies LLC Agreement |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Redemption ratio per unit (in shares) |
|
1
|
|
1
|
|
|
1
|
|
Shares subject to conversion rate adjustments (in shares) |
|
1
|
|
1
|
|
|
1
|
|
CW Unit redemptions (in shares) |
|
|
|
|
|
|
46,500,000
|
|
Class A Common Stock | March 2021 Secondary Offering |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
CW Unit redemptions (in shares) |
|
|
|
900,000
|
1,500,000
|
|
|
|
Class B Common Stock |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Common stock, shares outstanding (in shares) |
|
14,106,000
|
|
14,106,000
|
|
14,978,000
|
14,106,000
|
|
Shares outstanding, percentage of total voting power |
|
17.80%
|
|
17.80%
|
|
|
17.80%
|
|
Class B Common Stock | Cactus Companies |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Shares owned per units held (in shares) |
|
1
|
|
1
|
|
|
1
|
|
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Fair Value Measurements - Summary of Liabilities Measured at Fair Value (Details) - Fair Value, Recurring $ in Thousands |
Sep. 30, 2023
USD ($)
|
Earn-out liability |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
$ 18,892
|
Earn-out liability | Level 1 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
0
|
Earn-out liability | Level 2 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
0
|
Earn-out liability | Level 3 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
18,892
|
Put option liability |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
777
|
Put option liability | Level 1 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
0
|
Put option liability | Level 2 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
0
|
Put option liability | Level 3 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
Liabilities |
$ 777
|
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Fair Value Measurements - Summary of Changes in Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
|
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$ (5,091)
|
|
$ 0
|
$ 13,053
|
$ 0
|
Level 3 | Earn-out liability |
|
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
|
Opening Balance |
|
$ 5,960
|
|
5,960
|
|
Changes in fair value |
|
|
|
12,932
|
|
Balance at September 30, 2023 |
18,892
|
|
|
18,892
|
|
Level 3 | Earn-out liability | FlexSteel |
|
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
|
Changes in fair value |
|
100
|
|
|
|
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|
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
|
Opening Balance |
|
$ 510
|
|
510
|
|
Changes in fair value |
|
|
|
267
|
|
Balance at September 30, 2023 |
$ 777
|
|
|
777
|
|
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|
|
|
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
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|
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|
|
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Segment Reporting - Summarized Financial Information by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenues |
$ 287,870
|
$ 184,481
|
$ 822,094
|
$ 500,595
|
Total operating income |
87,603
|
51,296
|
185,813
|
126,527
|
Interest income (expense), net |
(1,372)
|
1,140
|
(6,298)
|
1,344
|
Other income, net |
266
|
1,125
|
3,804
|
10
|
Income before income taxes |
86,497
|
53,561
|
183,319
|
127,881
|
Pressure Control |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenues |
182,484
|
184,481
|
576,273
|
500,595
|
Total operating income |
47,830
|
51,296
|
151,809
|
126,527
|
Spoolable Technologies |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total revenues |
105,386
|
0
|
245,821
|
0
|
Total operating income |
$ 39,773
|
$ 0
|
$ 34,004
|
$ 0
|
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v3.23.3
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Numerator: |
|
|
|
|
Net income attributable to Cactus Inc. |
$ 52,580
|
$ 31,425
|
$ 120,224
|
$ 79,185
|
Net income attributable to non-controlling interest |
0
|
0
|
24,874
|
19,686
|
Net income attributable to Cactus Inc. - diluted |
$ 52,580
|
$ 31,425
|
$ 145,098
|
$ 98,871
|
Denominator: |
|
|
|
|
Effect of dilutive shares (in shares) |
607
|
441
|
15,233
|
16,132
|
Corporate effective income tax rate, if-converted method |
|
|
26.00%
|
25.00%
|
Class A Common Stock |
|
|
|
|
Denominator: |
|
|
|
|
Weighted average Class A Shares Outstanding - basic (in shares) |
64,879
|
60,665
|
64,399
|
60,164
|
Weighted average Class A shares outstanding - diluted (in shares) |
65,486
|
61,106
|
79,632
|
76,296
|
Earnings per Class A share - basic (in dollars per share) |
$ 0.81
|
$ 0.52
|
$ 1.87
|
$ 1.32
|
Earnings per Class A share - diluted (in dollars per share) |
$ 0.80
|
$ 0.51
|
$ 1.82
|
$ 1.30
|
Class B Common Stock |
|
|
|
|
Denominator: |
|
|
|
|
Weighted average Class A shares outstanding - diluted (in shares) |
14,600
|
15,200
|
|
|
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