Cactus (WHD) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 03, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38390
Entity Registrant Name	Cactus, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2586106
Entity Address, Address Line One	920 Memorial City Way, Suite 300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	626-8800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	WHD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001699136
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		47,549,381
Class B Common Stock
Entity Common Stock, Shares Outstanding		27,815,584

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 273,941	$ 202,603
Accounts receivable, net of allowance of $904 and $837, respectively	40,290	87,865
Inventories	87,702	113,371
Prepaid expenses and other current assets	9,961	11,044
Total current assets	411,894	414,883
Property and equipment, net	148,696	161,748
Operating lease right-of-use assets, net	24,167	26,561
Goodwill	7,824	7,824
Deferred tax asset, net	217,659	222,545
Other noncurrent assets	1,248	1,403
Total assets	811,488	834,964
Current liabilities
Accounts payable	15,573	40,957
Accrued expenses and other current liabilities	14,565	22,067
Current portion of liability related to tax receivable agreement	8,902	14,630
Finance lease obligations, current portion	4,009	6,735
Operating lease liabilities, current portion	4,948	6,737
Total current liabilities	47,997	91,126
Deferred tax liability, net	792	1,348
Liability related to tax receivable agreement, net of current portion	194,616	201,902
Finance lease obligations, net of current portion	2,286	3,910
Operating lease liabilities, net of current portion	19,237	20,283
Total liabilities	264,928	318,569
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	199,570	194,456
Retained earnings	151,240	132,990
Accumulated other comprehensive loss	(266)	(452)
Total stockholders’ equity attributable to Cactus Inc.	351,019	327,466
Non-controlling interest	195,541	188,929
Total stockholders’ equity	546,560	516,395
Total liabilities and equity	811,488	834,964
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	475	472
Class B Common Stock
Stockholders’ equity
Common stock, $0.01 par value	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts receivable	$ 904	$ 837
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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)	300,000,000	300,000,000
Common stock, shares issued (in shares)	47,547,000	47,159,000
Common stock, shares outstanding (in shares)	47,547,000	47,159,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	215,000,000	215,000,000
Common stock, shares issued (in shares)	27,816,000	27,958,000
Common stock, shares outstanding (in shares)	27,816,000	27,958,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total revenues	$ 59,789	$ 160,808	$ 280,476	$ 488,176
Costs and expenses
Selling, general and administrative expenses	8,384	13,348	30,739	39,268
Severance expenses	0	0	1,864	0
Total costs and expenses	47,233	113,685	218,860	341,111
Income from operations	12,556	47,123	61,616	147,065
Interest income, net	218	373	851	489
Other income (expense), net	(1,865)	558	(555)	(484)
Income before income taxes	10,909	48,054	61,912	147,070
Income tax expense	23	12,221	8,833	22,041
Net income	10,886	35,833	53,079	125,029
Less: net income attributable to non-controlling interest	4,653	16,494	21,835	57,475
Net income attributable to Cactus Inc.	$ 6,233	$ 19,339	$ 31,244	$ 67,554
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.13	$ 0.41	$ 0.66	$ 1.53
Earnings per Class A share - diluted (in dollars per share)	$ 0.13	$ 0.41	$ 0.64	$ 1.50
Weighted average Class A shares outstanding - diluted (in shares)	75,622	47,322	75,427	75,337
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.13	$ 0.41	$ 0.66	$ 1.53
Earnings per Class A share - diluted (in dollars per share)	$ 0.13	$ 0.41	$ 0.64	$ 1.50
Weighted average Class A shares outstanding - basic (in shares)	47,510	47,095	47,406	44,260
Weighted average Class A shares outstanding - diluted (in shares)	75,622	47,322	75,427	75,337
Product revenue
Revenues
Total revenues	$ 35,857	$ 92,582	$ 163,781	$ 273,716
Costs and expenses
Cost of revenue	19,879	57,768	101,976	168,303
Rental revenue
Revenues
Total revenues	9,881	35,528	57,579	113,601
Costs and expenses
Cost of revenue	9,647	17,194	39,661	54,435
Field service and other revenue
Revenues
Total revenues	14,051	32,698	59,116	100,859
Costs and expenses
Cost of revenue	$ 9,323	$ 25,375	$ 44,620	$ 79,105

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 10,886	$ 35,833	$ 53,079	$ 125,029
Foreign currency translation adjustments	533	(469)	329	(570)
Comprehensive income	11,419	35,364	53,408	124,459
Less: comprehensive income attributable to non-controlling interest	4,883	16,494	21,978	57,475
Comprehensive income attributable to Cactus Inc.	$ 6,536	$ 18,870	$ 31,430	$ 66,984

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest	Class A Common StockCommon stock	Class B Common StockCommon stock
Balance at the beginning of the period (in shares) at Dec. 31, 2018						37,654	37,236
Balance at the beginning of the period at Dec. 31, 2018	$ 362,328	$ 126,418	$ 51,683	$ (820)	$ 184,670	$ 377	$ 0
Statement of Stockholders'/Members' Equity
Adjustment to prior periods	(506)	12,569		488	(13,563)
Member distributions	(5,853)				(5,853)
Effect of CW Unit redemptions (in shares)						9,221	(9,221)
Effect of CW Unit redemptions		48,344		(57)	(48,379)	$ 92
Adjustment to deferred tax asset from CW Unit redemptions	(9,751)	(9,751)
Tax impact of equity transactions	14,652	14,652
Equity award vestings (in shares)						225
Equity award vestings	(1,527)	(4,080)			2,551	$ 2
Other comprehensive loss	(570)			(403)	(167)
Stock-based compensation	5,257	5,257
Net income	125,029		67,554		57,475
Balance at the end of the period (in shares) at Sep. 30, 2019						47,100	28,015
Balance at the end of the period at Sep. 30, 2019	489,059	193,409	119,237	(792)	176,734	$ 471	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2019						47,093	28,020
Balance at the beginning of the period at Jun. 30, 2019	454,530	193,160	99,898	(498)	161,499	$ 471	$ 0
Statement of Stockholders'/Members' Equity
Adjustment to prior periods	(506)	(1,466)			960
Member distributions	(2,005)				(2,005)
Effect of CW Unit redemptions (in shares)						5	(5)
Effect of CW Unit redemptions		39		0	(39)	$ 0
Equity award vestings (in shares)						2
Equity award vestings	(13)	(13)			0
Other comprehensive loss	(469)			(294)	(175)
Stock-based compensation	1,689	1,689
Net income	35,833		19,339		16,494
Balance at the end of the period (in shares) at Sep. 30, 2019						47,100	28,015
Balance at the end of the period at Sep. 30, 2019	489,059	193,409	119,237	(792)	176,734	$ 471	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2019						47,159	27,958
Balance at the beginning of the period at Dec. 31, 2019	516,395	194,456	132,990	(452)	188,929	$ 472	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(15,560)				(15,560)
Effect of CW Unit redemptions (in shares)						142	(142)
Effect of CW Unit redemptions		1,015		0	(1,016)	$ 1
Tax impact of equity transactions	261	261
Equity award vestings (in shares)						246
Equity award vestings	(1,386)	(214)			(1,174)	$ 2
Other comprehensive loss	329			186	143
Stock-based compensation	6,436	4,052			2,384
Cash dividends declared on Class A common Stock	(12,994)		(12,994)
Net income	53,079		31,244		21,835
Balance at the end of the period (in shares) at Sep. 30, 2020						47,547	27,816
Balance at the end of the period at Sep. 30, 2020	546,560	199,570	151,240	(266)	195,541	$ 475	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2020						47,478	27,884
Balance at the beginning of the period at Jun. 30, 2020	547,907	197,484	149,356	(569)	201,161	$ 475	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(10,848)				(10,848)
Effect of CW Unit redemptions (in shares)						68	(68)
Effect of CW Unit redemptions		476			(476)	$ 0
Tax impact of equity transactions	199	199
Equity award vestings (in shares)						1
Equity award vestings	0	4			(4)
Other comprehensive loss	533			303	230
Stock-based compensation	2,232	1,407			825
Cash dividends declared on Class A common Stock	(4,349)		(4,349)
Net income	10,886		6,233		4,653
Balance at the end of the period (in shares) at Sep. 30, 2020						47,547	27,816
Balance at the end of the period at Sep. 30, 2020	$ 546,560	$ 199,570	$ 151,240	$ (266)	$ 195,541	$ 475	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.09	$ 0.27

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 53,079	$ 125,029
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	31,262	28,264
Deferred financing cost amortization	126	126
Stock-based compensation	6,436	5,257
Provision for expected credit losses	341	255
Inventory obsolescence	3,376	1,708
(Gain) loss on disposal of assets	(1,810)	820
Deferred income taxes	5,182	15,072
(Gain) loss from revaluation of liability related to tax receivable agreement	555	(558)
Changes in operating assets and liabilities:
Accounts receivable	48,190	(8,326)
Inventories	19,188	(14,513)
Prepaid expenses and other assets	1,127	4,032
Accounts payable	(23,753)	(4,334)
Accrued expenses and other liabilities	(7,607)	4,694
Payments pursuant to tax receivable agreement	(14,207)	(9,335)
Net cash provided by operating activities	121,485	148,191
Cash flows from investing activities
Capital expenditures and other	(21,908)	(40,526)
Proceeds from sale of assets	5,414	2,811
Net cash used in investing activities	(16,494)	(37,715)
Cash flows from financing activities
Payments on finance leases	(4,298)	(5,660)
Dividends paid to Class A common stock shareholders	(12,847)	0
Distributions to members	(15,560)	(5,853)
Repurchases of shares	(1,385)	(1,529)
Net cash used in financing activities	(34,090)	(13,042)
Effect of exchange rate changes on cash and cash equivalents	437	(730)
Net increase in cash and cash equivalents	71,338	96,704
Cash and cash equivalents
Beginning of period	202,603	70,841
End of period	273,941	167,545
Supplemental disclosure of cash flow information
Property and equipment acquired under finance leases	2,018	2,921
Property and equipment in payables	$ 621	$ 4,968

Preparation of Interim Financia

Preparation of Interim Financial Statements and Other Items	9 Months Ended
	Sep. 30, 2020
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 Wellhead, LLC (“Cactus LLC”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus LLC (“CW Units”). Cactus Inc. is the sole managing member of Cactus LLC and operates and controls all of the business and affairs of Cactus LLC and conducts its business through Cactus LLC and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus LLC and its subsidiaries and reports a non-controlling interest related to the portion of CW 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. 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, 2019. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Recent Accounting Pronouncements Standards Adopted Effective January 1, 2020, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changed the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The new guidance replaced the prior methodology for recognizing credit losses when it is probable that a loss has been incurred with an expected loss model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of an asset. The allowance for credit losses under the new guidance represents the portion of the asset’s amortized cost basis that we do not expect to collect over the asset’s contractual life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Adoption of the standard did not impact our consolidated financial statements other than certain expanded disclosures. See further discussion and expanded disclosures in Note 3. We also adopted FASB ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) effective January 1, 2020. The new standard simplified the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test. Under

Concentrations Risks and Uncert

Concentrations Risks and Uncertainties	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Concentrations, Risks and Uncertainties	Concentrations, Risks and Uncertainties Significant Customers Our customers are engaged in the oil and natural gas exploration and production business primarily in the U.S. as well as Australia. Our receivables are spread over a number of customers, a majority of which are operators and suppliers to the oil and natural gas industry. For the nine months ended September 30, 2020, no customer represented 10% or more of our consolidated revenues. For the nine months ended September 30, 2019, one customer represented 10% of our consolidated revenue. Significant Vendors We have historically purchased a significant portion of supplies, equipment and machined components from a single vendor located in China. For the nine months ended September 30, 2020 and 2019, purchases from this vendor totaled $5.6 million and $30.3 million, respectively. These figures represent approximately 7% and 17% for the respective periods of our total third-party vendor purchases of raw materials, finished products, equipment, machining and other services. Amounts due to the vendor included in accounts payable in the consolidated balance sheets as of September 30, 2020 and December 31, 2019 totaled $0.9 million and $4.3 million, respectively. COVID-19 The significant decline in oil demand due to COVID-19 coupled with the instability of oil prices caused by geopolitical issues and production levels, as well as limited availability of storage capacity have resulted in our customers significantly reducing their capital expenditure budgets for 2020. As a result, demand for our products and services was severely impacted beginning in late March and continued through the third quarter of 2020. Our expectation is that this will continue through the end of 2020 and potentially beyond. In an effort to offset the reduction in revenues resulting from the weakened macroeconomic environment, we implemented certain cost reduction measures throughout 2020. These measures included, but were not limited to, the following: • More than 80% reduction to our Chief Executive Officer’s base salary; • Salary reductions ranging from 32.5% to 55% for our other named executive officers; • Salary and wage reductions for the remaining U.S. workforce ranging from 2% to 15% depending on salary and position beginning in March 2020 with an additional 10% reduction in May 2020; • Reduction in board member compensation by 25%; • Suspension of our 401(k) match program; • Headcount reductions during 2020 representing an almost 50% reduction in our worldwide workforce; • Sales of fleet vehicles in line with the reduction in headcount; and • Reduction in our 2020 planned capital expenditures.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2020
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 companies in the U.S. Our receivables are short-term in nature and typically due in 30 to 45 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, 2020 and December 31, 2019 was $8.4 million and $23.8 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 Expense Write off Other Balance at Nine Months Ended September 30, 2020 $ 837 $ 341 $ (274) $ — $ 904 Nine Months Ended September 30, 2019 576 255 (59) 2 774

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
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) and weighted average methods. Costs include an application of related direct labor and overhead cost. 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, December 31, Raw materials $ 1,999 $ 1,538 Work-in-progress 3,573 4,619 Finished goods 82,130 107,214 ​ $ 87,702 $ 113,371

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2020
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 own rental 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, December 31, Land $ 3,203 $ 3,203 Buildings and improvements 21,903 21,655 Machinery and equipment 56,994 55,494 Vehicles under finance lease 14,007 24,275 Rental equipment 171,580 161,156 Furniture and fixtures 1,770 1,684 Computers and software 3,498 3,317 Gross property and equipment 272,955 270,784 Less: Accumulated depreciation (139,627) (123,397) Net property and equipment 133,328 147,387 Construction in progress 15,368 14,361 Total property and equipment, net $ 148,696 $ 161,748

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt We had no debt outstanding as of September 30, 2020 and December 31, 2019. On August 21, 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 provides for up to $75.0 million in revolving commitments, up to $15.0 million of which is available for the issuance of letters of credit. The maximum amount that Cactus LLC may borrow under the 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 were in compliance with all covenants under the ABL Credit Facility as of September 30, 2020. The ABL Credit Facility was amended in September 2020 to incorporate certain changes related to revised and new definitions associated with alternative interest rates to LIBOR and satisfaction of payment conditions for restricted payments, investments, permitted acquisitions and asset dispositions. The amendment did not change covenants, the Alternate Base Rate, applicable margin rates, commitment fees, the maturity date or borrowing availability under the ABL Credit Facility.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenues are derived from short-term contracts for fixed consideration. 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 45 days. 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 being generated in Australia. The following table presents our revenues disaggregated by category: ​ ​ Three Months Ended Nine Months Ended ​ 2020 2019 2020 2019 Product revenue $ 35,857 60 % $ 92,582 58 % $ 163,781 58 % $ 273,716 56 % Rental revenue 9,881 17 % 35,528 22 % 57,579 21 % 113,601 23 % Field service and other revenue 14,051 23 % 32,698 20 % 59,116 21 % 100,859 21 % Total revenue $ 59,789 100 % $ 160,808 100 % $ 280,476 100 % $ 488,176 100 % At September 30, 2020, we had a deferred revenue balance of $1.1 million compared to the December 31, 2019 balance of $1.4 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, 2020, 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. ​

Tax Receivable Agreement

Tax Receivable Agreement	9 Months Ended
	Sep. 30, 2020
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement (TRA) In connection with our initial public offering (“IPO”) in February 2018, we entered into the TRA with certain direct and indirect owners of Cactus LLC (the “TRA Holders”). The TRA generally provides for payment by Cactus Inc. to the TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or 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 TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the 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 income (expense), net. After finalizing its 2019 federal tax return in July 2020, Cactus, Inc. made a $14.2 million TRA payment, which is equal to 85% of the $16.7 million 2019 tax benefit resulting from the exchange of CW Units for shares of Class A common stock. As of September 30, 2020, the total liability from the TRA was $203.5 million with $8.9 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 LLC 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 CW 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.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity As of September 30, 2020, Cactus Inc. owned 63.1% of Cactus LLC as compared to 62.8% as of December 31, 2019. As of September 30, 2020, Cactus Inc. had outstanding 47.5 million shares of Class A common stock (representing 63.1% of the total voting power) and 27.8 million shares of Class B common stock (representing 36.9% of the total voting power). Redemptions of CW Units Pursuant to the First Amended and Restated Limited Liability Company Operating Agreement of Cactus Wellhead, LLC (the “Cactus Wellhead LLC Agreement”), holders of CW Units are entitled to redeem their CW Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, 32.7 million CW Units 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, 2020, 142 thousand CW Units were redeemed in exchange for Class A common stock as compared to 9.2 million CW Units redeemed as part of a secondary offering and other CW Unit redemptions during the nine months ended September 30, 2019. We did not receive any of the proceeds from the 2019 offering and incurred $1.0 million in offering expenses which were recorded in other income (expense), net, in the consolidated statement of income. Dividends Cash dividends of $0.27 per share of Class A common stock declared and paid during the nine months ended September 30, 2020 totaled $13.0 million and $12.8 million, respectively. Dividends accrue on unvested restricted stock on the date of record and are paid upon vesting. A de minimis amount of accrued dividends was paid during 2020 to holders of restricted stock units that vested during the period. Member Distributions Distributions made by Cactus LLC are generally required to be made pro rata among all its members. For the nine months ended September 30, 2020, Cactus LLC distributed $26.5 million to Cactus Inc. to fund dividend and TRA liability payments and made pro rata distributions to its other members totaling $15.6 million over the same period. During the nine months ended September 30, 2019, Cactus LLC distributed $9.9 million to Cactus Inc. to fund the 2019 TRA liability payments and made pro rata distributions to its other members totaling $5.9 million. Limitation of Members’ Liability Under the terms of the Cactus Wellhead LLC Agreement, the members of Cactus LLC are not obligated for debt, liabilities, contracts or other obligations of Cactus LLC. Profits and losses are allocated to members as defined in the Cactus LLC Agreement.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loss 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. Gain Contingencies On March 26, 2020, the U.S. Trade Representative (“USTR”) announced certain exclusion requests related to tariffs on our Chinese imports under Section 301 of the Trade Act of 1974 (“Section 301”). The tariff exemption applied to covered products exported from China to the United States from September 24, 2018 until August 7, 2020. Accordingly, we filed protests and post summary corrections with U.S. Customs and Border Protection in order to recover tariffs paid on the excluded products. The filing requests for refunds were subject to review and approval; therefore, we did not recognize these potential gains until the amounts were realized or considered realizable based on information available to us prior to issuance of the financial statements. As of September 30, 2020, we recognized approximately $14.0 million in refunds, inclusive of $0.5 million in interest. Approximately $4.0 million of the tariff recoveries related to balances included in inventory and were recorded as a reduction to inventory in the second quarter of 2020. Approximately $6.0 million and $9.5 million were recorded as credits to cost of goods sold during the three and nine months ended September 30, 2020, respectively, to offset the accounts where the tariff expenses were originally recorded. Remaining refunds applied for and not recorded as of September 30, 2020 totaled approximately $0.1 million (excluding interest) and will be recognized as a reduction to cost of goods sold when received. The tariff exemption ended August 7, 2020; therefore, we have resumed paying tariffs at 25% on the aforementioned previously excluded parts imported from China.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
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 CW Units (and corresponding shares of outstanding Class B common stock), and 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. The following table summarizes the basic and diluted earnings per share calculations: ​ Three Months Ended Nine Months Ended ​ 2020 2019 2020 2019 Numerator: Net income attributable to Cactus Inc.—basic $ 6,233 $ 19,339 $ 31,244 $ 67,554 Net income attributable to non-controlling interest (1) 3,522 — 17,271 45,683 Net income attributable to Cactus Inc.—diluted (1) $ 9,755 $ 19,339 $ 48,515 $ 113,237 Denominator: Weighted average Class A shares outstanding—basic 47,510 47,095 47,406 44,260 Effect of dilutive shares (2) 28,112 227 28,021 31,077 Weighted average Class A shares outstanding—diluted (2) 75,622 47,322 75,427 75,337 ​ Earnings per Class A share—basic $ 0.13 $ 0.41 $ 0.66 $ 1.53 Earnings per Class A share—diluted (1) (2) $ 0.13 $ 0.41 $ 0.64 $ 1.50 (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 25.5% for the three and nine months ended September 30, 2020 and 24.0% for the nine months ended September 30, 2019. (2) Diluted earnings per share for the three and nine months ended September 30, 2020 includes 28.1 million and 28.0 million, respectively, of weighted average shares of Class B common stock outstanding assuming conversion and the dilutive effect of restricted stock unit awards. Diluted earnings per share for the three months ended September 30, 2019 excludes 28.0 million weighted average shares of Class B common stock as the effect would be anti-dilutive. Diluted earnings per share for the nine months ended September 30, 2019 includes 31.1 million shares of Class B common stock outstanding assuming conversion and the dilutive effect of restricted stock unit awards.

Preparation of Interim Financ_2

Preparation of Interim Financial Statements and Other Items (Policies)	9 Months Ended
	Sep. 30, 2020
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 Wellhead, LLC (“Cactus LLC”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus LLC (“CW Units”). Cactus Inc. is the sole managing member of Cactus LLC and operates and controls all of the business and affairs of Cactus LLC and conducts its business through Cactus LLC and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus LLC and its subsidiaries and reports a non-controlling interest related to the portion of CW 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. 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, 2019. 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standards Adopted Effective January 1, 2020, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance changed the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. The new guidance replaced the prior methodology for recognizing credit losses when it is probable that a loss has been incurred with an expected loss model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of an asset. The allowance for credit losses under the new guidance represents the portion of the asset’s amortized cost basis that we do not expect to collect over the asset’s contractual life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Adoption of the standard did not impact our consolidated financial statements other than certain expanded disclosures. See further discussion and expanded disclosures in Note 3. We also adopted FASB ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) effective January 1, 2020. The new standard simplified the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test. Under

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of rollforward of allowance for credit losses	The following is a rollforward of our allowance for credit losses. ​ Balance at Expense Write off Other Balance at Nine Months Ended September 30, 2020 $ 837 $ 341 $ (274) $ — $ 904 Nine Months Ended September 30, 2019 576 255 (59) 2 774

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Summary of inventories	Inventories consist of the following: ​ September 30, December 31, Raw materials $ 1,999 $ 1,538 Work-in-progress 3,573 4,619 Finished goods 82,130 107,214 ​ $ 87,702 $ 113,371

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment net	Property and equipment consists of the following: ​ September 30, December 31, Land $ 3,203 $ 3,203 Buildings and improvements 21,903 21,655 Machinery and equipment 56,994 55,494 Vehicles under finance lease 14,007 24,275 Rental equipment 171,580 161,156 Furniture and fixtures 1,770 1,684 Computers and software 3,498 3,317 Gross property and equipment 272,955 270,784 Less: Accumulated depreciation (139,627) (123,397) Net property and equipment 133,328 147,387 Construction in progress 15,368 14,361 Total property and equipment, net $ 148,696 $ 161,748

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues disaggregated by category	The following table presents our revenues disaggregated by category:​ ​ Three Months Ended Nine Months Ended ​ 2020 2019 2020 2019 Product revenue $ 35,857 60 % $ 92,582 58 % $ 163,781 58 % $ 273,716 56 % Rental revenue 9,881 17 % 35,528 22 % 57,579 21 % 113,601 23 % Field service and other revenue 14,051 23 % 32,698 20 % 59,116 21 % 100,859 21 % Total revenue $ 59,789 100 % $ 160,808 100 % $ 280,476 100 % $ 488,176 100 %

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Summary of basic and diluted earnings per share	The following table summarizes the basic and diluted earnings per share calculations: ​ Three Months Ended Nine Months Ended ​ 2020 2019 2020 2019 Numerator: Net income attributable to Cactus Inc.—basic $ 6,233 $ 19,339 $ 31,244 $ 67,554 Net income attributable to non-controlling interest (1) 3,522 — 17,271 45,683 Net income attributable to Cactus Inc.—diluted (1) $ 9,755 $ 19,339 $ 48,515 $ 113,237 Denominator: Weighted average Class A shares outstanding—basic 47,510 47,095 47,406 44,260 Effect of dilutive shares (2) 28,112 227 28,021 31,077 Weighted average Class A shares outstanding—diluted (2) 75,622 47,322 75,427 75,337 ​ Earnings per Class A share—basic $ 0.13 $ 0.41 $ 0.66 $ 1.53 Earnings per Class A share—diluted (1) (2) $ 0.13 $ 0.41 $ 0.64 $ 1.50 (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 25.5% for the three and nine months ended September 30, 2020 and 24.0% for the nine months ended September 30, 2019. (2) Diluted earnings per share for the three and nine months ended September 30, 2020 includes 28.1 million and 28.0 million, respectively, of weighted average shares of Class B common stock outstanding assuming conversion and the dilutive effect of restricted stock unit awards. Diluted earnings per share for the three months ended September 30, 2019 excludes 28.0 million weighted average shares of Class B common stock as the effect would be anti-dilutive. Diluted earnings per share for the nine months ended September 30, 2019 includes 31.1 million shares of Class B common stock outstanding assuming conversion and the dilutive effect of restricted stock unit awards.

Preparation of Interim Financ_3

Preparation of Interim Financial Statements and Other Items (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Class A Common Stock
Organization and Nature of Operations
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Concentrations Risks and Unce_2

Concentrations Risks and Uncertainties (Details) - USD ($) $ in Millions	1 Months Ended	7 Months Ended	9 Months Ended
	May 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Concentrations, Risks and Uncertainties
Percentage of positions eliminated		50.00%
Chief Executive Officer
Concentrations, Risks and Uncertainties
Reduction in salary		80.00%
Executive officers | Minimum
Concentrations, Risks and Uncertainties
Reduction in salary		32.50%
Executive officers | Maximum
Concentrations, Risks and Uncertainties
Reduction in salary		55.00%
United States Workforce
Concentrations, Risks and Uncertainties
Reduction in salary	10.00%
United States Workforce | Minimum
Concentrations, Risks and Uncertainties
Reduction in salary		2.00%
United States Workforce | Maximum
Concentrations, Risks and Uncertainties
Reduction in salary		15.00%
Board of Directors
Concentrations, Risks and Uncertainties
Reduction in compensation		25.00%
Significant vendors | Purchases
Concentrations, Risks and Uncertainties
Concentration risk			7.00%	17.00%
Purchases from the vendor			$ 5.6	$ 30.3
Accounts payable		$ 0.9	$ 0.9		$ 4.3
One Customer | Customer | Total revenues
Concentrations, Risks and Uncertainties
Concentration risk				10.00%

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts Receivable
Unbilled revenue	$ 8,400		$ 23,800
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	837	$ 576
Expense	341	255
Write off	(274)	(59)
Other	0	2
Balance at End of Period	$ 904	$ 774

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Summary of inventories
Raw materials	$ 1,999	$ 1,538
Work-in-progress	3,573	4,619
Finished goods	82,130	107,214
Total inventory	$ 87,702	$ 113,371

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 272,955	$ 270,784
Less: Accumulated depreciation	(139,627)	(123,397)
Net property and equipment	133,328	147,387
Total property and equipment, net	148,696	161,748
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,203	3,203
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	21,903	21,655
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	56,994	55,494
Vehicles under finance lease
Property, Plant and Equipment [Line Items]
Vehicles under finance lease	14,007	24,275
Rental equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	171,580	161,156
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,770	1,684
Computers and software
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,498	3,317
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 15,368	$ 14,361

Debt (Details)

Debt (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Aug. 21, 2018
Long-term Debt
Long-term debt outstanding	$ 0	$ 0
Cactus LLC | ABL Credit Facility | Line of Credit
Long-term Debt
Term of long term debt			5 years
Maximum borrowing capacity			$ 75,000,000
Cactus LLC | Letters of credit | Line of Credit
Long-term Debt
Maximum borrowing capacity			$ 15,000,000

Revenue - Disaggregated by cate

Revenue - Disaggregated by category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 59,789	$ 160,808	$ 280,476	$ 488,176
Revenue as a percentage	100.00%	100.00%	100.00%	100.00%
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 35,857	$ 92,582	$ 163,781	$ 273,716
Revenue as a percentage	60.00%	58.00%	58.00%	56.00%
Rental revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 9,881	$ 35,528	$ 57,579	$ 113,601
Revenue as a percentage	17.00%	22.00%	21.00%	23.00%
Field service and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 14,051	$ 32,698	$ 59,116	$ 100,859
Revenue as a percentage	23.00%	20.00%	21.00%	21.00%

Revenue - Contracts with custom

Revenue - Contracts with customers (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Contract Balances
Deferred revenue	$ 1.1	$ 1.4

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2019	Sep. 30, 2020	Jul. 31, 2020
Tax Receivable Agreement
Tax savings payable to TRA Holders (as a percent)	85.00%
Tax savings benefit recorded as APIC (as a percent)	15.00%
TRA payment				$ 14,200
Tax benefit		$ 16,700
Total TRA liability			$ 203,500
Current portion of liability related to tax receivable agreement		$ 14,630	$ 8,902

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended	32 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 30, 2020	Mar. 31, 2019
Equity
Cash dividend declared (in dollars per share)	$ 0.09	$ 0.27
Dividends declared		$ 13
Dividends paid		$ 12.8
Cactus LLC
Equity
Ownership interest		63.10%		62.80%
Cactus Inc
Equity
Cash distributions to unit holders		$ 26.5	$ 9.9
CW Unit Holders other than Cactus, Inc.
Equity
Pro rate distributions made to other members		$ 15.6	$ 5.9
March 2019 Secondary Offering
Equity
Offering expenses						$ 1
Class A Common Stock
Equity
Common stock, shares outstanding (in shares)	47,547,000	47,547,000		47,159,000	47,547,000
Shares outstanding, percentage of total voting power	63.10%	63.10%			63.10%
Class A Common Stock | Cactus Wellhead LLC Agreement
Equity
CW Unit redemptions (in shares)		142,000	9,200,000		32,700,000
Class B Common Stock
Equity
Common stock, shares outstanding (in shares)	27,816,000	27,816,000		27,958,000	27,816,000
Shares outstanding, percentage of total voting power	36.90%	36.90%			36.90%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Positive Outcome of Litigation $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Gain Contingencies [Line Items]
Recognized gain contingency		$ 14
Interest income		0.5
Reduction to inventory		4
Reduction to cost of goods sold	$ 6	9.5
Unrecorded gain contingencies	$ 0.1	$ 0.1

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income attributable to Cactus Inc.	$ 6,233	$ 19,339	$ 31,244	$ 67,554
Net income attributable to non-controlling interest	3,522	0	17,271	45,683
Net income attributable to Cactus Inc. - diluted	$ 9,755	$ 19,339	$ 48,515	$ 113,237
Denominator:
Effect of dilutive shares (in shares)	28,112	227	28,021	31,077
Weighted average Class A shares outstanding - diluted (in shares)	75,622	47,322	75,427	75,337
Earnings per Class A share - basic (in dollars per share)	$ 0.13	$ 0.41	$ 0.66	$ 1.53
Earnings per Class A share - diluted (in dollars per share)	$ 0.13	$ 0.41	$ 0.64	$ 1.50
Corporate effective interest rate, if-converted method	25.50%		25.50%	24.00%
Class A Common Stock
Denominator:
Weighted average Class A Shares Outstanding - basic (in shares)	47,510	47,095	47,406	44,260
Weighted average Class A shares outstanding - diluted (in shares)	75,622	47,322	75,427	75,337
Earnings per Class A share - basic (in dollars per share)	$ 0.13	$ 0.41	$ 0.66	$ 1.53
Earnings per Class A share - diluted (in dollars per share)	$ 0.13	$ 0.41	$ 0.64	$ 1.50
Class B Common Stock
Denominator:
Effect of dilutive shares (in shares)	28,100		28,000	31,100
Antidilutive securities excluded from computation of earnings per share (in shares)		28,000