Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 $0.01 | |
Trading Symbol | WHD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001699136 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 60,615,296 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 15,262,826 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 311,684 | $ 301,669 |
Accounts receivable, net of allowance of $920 and $741, respectively | 125,821 | 89,205 |
Inventories | 149,037 | 119,817 |
Prepaid expenses and other current assets | 7,985 | 7,794 |
Total current assets | 594,527 | 518,485 |
Property and equipment, net | 130,376 | 129,117 |
Operating lease right-of-use assets, net | 20,910 | 22,538 |
Goodwill | 7,824 | 7,824 |
Deferred tax asset, net | 315,495 | 303,074 |
Other noncurrent assets | 992 | 1,040 |
Total assets | 1,070,124 | 982,078 |
Current liabilities | ||
Accounts payable | 57,366 | 42,818 |
Accrued expenses and other current liabilities | 33,620 | 28,240 |
Current portion of liability related to tax receivable agreement | 11,769 | 11,769 |
Finance lease obligations, current portion | 5,630 | 4,867 |
Operating lease liabilities, current portion | 5,253 | 4,880 |
Total current liabilities | 113,638 | 92,574 |
Deferred tax liability, net | 1,247 | 1,172 |
Liability related to tax receivable agreement, net of current portion | 288,659 | 269,838 |
Finance lease obligations, net of current portion | 6,912 | 5,811 |
Operating lease liabilities, net of current portion | 15,860 | 17,650 |
Total liabilities | 426,316 | 387,045 |
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 | 304,418 | 289,600 |
Retained earnings | 212,913 | 178,446 |
Accumulated other comprehensive income (loss) | (698) | 8 |
Total stockholders’ equity attributable to Cactus Inc. | 517,239 | 468,644 |
Non-controlling interest | 126,569 | 126,389 |
Total stockholders’ equity | 643,808 | 595,033 |
Total liabilities and equity | 1,070,124 | 982,078 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock, $0.01 par value | 606 | 590 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for accounts receivable | $ 920 | $ 741 |
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) | 60,613,000 | 59,035,000 |
Common stock, shares outstanding (in shares) | 60,613,000 | 59,035,000 |
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) | 15,263,000 | 16,674,000 |
Common stock, shares outstanding (in shares) | 15,263,000 | 16,674,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Total revenues | $ 170,215 | $ 108,893 | $ 316,114 | $ 193,310 |
Costs and expenses | ||||
Selling, general and administrative expenses | 14,740 | 11,384 | 28,834 | 21,011 |
Total costs and expenses | 125,974 | 91,579 | 240,883 | 164,361 |
Income from operations | 44,241 | 17,314 | 75,231 | 28,949 |
Interest income (expense), net | 304 | (181) | 204 | (333) |
Other expense, net | 0 | (1,004) | (1,115) | (1,410) |
Income before income taxes | 44,545 | 16,129 | 74,320 | 27,206 |
Income tax expense (benefit) | 8,765 | 1,355 | 11,457 | (2,704) |
Net income | 35,780 | 14,774 | 62,863 | 29,910 |
Less: net income attributable to non-controlling interest | 8,636 | 4,381 | 15,103 | 7,958 |
Net income attributable to Cactus Inc. | $ 27,144 | $ 10,393 | $ 47,760 | $ 21,952 |
Class A Common Stock | ||||
Earnings per share and weighted average shares outstanding | ||||
Earnings per Class A share - basic (in dollars per share) | $ 0.45 | $ 0.19 | $ 0.80 | $ 0.42 |
Earnings per Class A share - diluted (in dollars per share) | $ 0.44 | $ 0.18 | $ 0.78 | $ 0.37 |
Weighted average Class A shares outstanding - basic (in shares) | 60,523 | 55,048 | 59,909 | 52,124 |
Weighted average Class A shares outstanding - diluted (in shares) | 76,322 | 75,997 | 76,262 | 75,955 |
Product revenue | ||||
Revenues | ||||
Total revenues | $ 112,232 | $ 70,345 | $ 206,272 | $ 122,301 |
Costs and expenses | ||||
Cost of revenue | 69,172 | 48,100 | 130,092 | 84,621 |
Rental revenue | ||||
Revenues | ||||
Total revenues | 23,695 | 14,644 | 46,038 | 27,133 |
Costs and expenses | ||||
Cost of revenue | 15,328 | 14,403 | 30,417 | 26,574 |
Field service and other revenue | ||||
Revenues | ||||
Total revenues | 34,288 | 23,904 | 63,804 | 43,876 |
Costs and expenses | ||||
Cost of revenue | $ 26,734 | $ 17,692 | $ 51,540 | $ 32,155 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,780 | $ 14,774 | $ 62,863 | $ 29,910 |
Foreign currency translation adjustments | (1,367) | (82) | (931) | (275) |
Comprehensive income | 34,413 | 14,692 | 61,932 | 29,635 |
Less: comprehensive income attributable to non-controlling interest | 8,302 | 4,337 | 14,878 | 7,796 |
Comprehensive income attributable to Cactus Inc. | $ 26,111 | $ 10,355 | $ 47,054 | $ 21,839 |
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 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, 2020 | 47,713 | 27,655 | |||||
Balance at the beginning of the period at Dec. 31, 2020 | $ 550,770 | $ 202,077 | $ 150,086 | $ 330 | $ 197,800 | $ 477 | $ 0 |
Statement of Stockholders'/Members' Equity | |||||||
Member distributions | (3,560) | (3,560) | |||||
Effect of CW Unit redemptions (in shares) | 9,990 | (9,990) | |||||
Effect of CW Unit redemptions | 0 | 71,911 | (72,011) | $ 100 | |||
Tax impact of equity transactions | 2,436 | 2,436 | |||||
Equity award vestings (in shares) | 335 | ||||||
Equity award vestings | (3,174) | (1,067) | (2,110) | $ 3 | |||
Other comprehensive loss | (275) | (113) | (162) | ||||
Stock-based compensation | 4,438 | 3,148 | 1,290 | ||||
Cash dividends declared | (9,370) | (9,370) | |||||
Net income | 29,910 | 21,952 | 7,958 | ||||
Balance at the end of the period (in shares) at Jun. 30, 2021 | 58,038 | 17,665 | |||||
Balance at the end of the period at Jun. 30, 2021 | 571,175 | 278,505 | 162,668 | 217 | 129,205 | $ 580 | $ 0 |
Balance at the beginning of the period (in shares) at Mar. 31, 2021 | 54,317 | 21,383 | |||||
Balance at the beginning of the period at Mar. 31, 2021 | 559,050 | 247,875 | 157,286 | 255 | 153,091 | $ 543 | $ 0 |
Statement of Stockholders'/Members' Equity | |||||||
Member distributions | (1,886) | (1,886) | |||||
Effect of CW Unit redemptions (in shares) | 3,718 | (3,718) | |||||
Effect of CW Unit redemptions | 0 | 26,912 | (26,949) | $ 37 | |||
Tax impact of equity transactions | 1,931 | 1,931 | |||||
Equity award vestings (in shares) | 3 | ||||||
Equity award vestings | (36) | (19) | (17) | $ 0 | |||
Other comprehensive loss | (82) | (38) | (44) | ||||
Stock-based compensation | 2,435 | 1,806 | 629 | ||||
Cash dividends declared | (5,011) | (5,011) | |||||
Net income | 14,774 | 10,393 | 4,381 | ||||
Balance at the end of the period (in shares) at Jun. 30, 2021 | 58,038 | 17,665 | |||||
Balance at the end of the period at Jun. 30, 2021 | 571,175 | 278,505 | 162,668 | 217 | 129,205 | $ 580 | $ 0 |
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 | (3,348) | (3,348) | |||||
Effect of CW Unit redemptions (in shares) | 1,411 | (1,411) | |||||
Effect of CW Unit redemptions | 0 | 11,145 | (11,159) | $ 14 | |||
Tax impact of equity transactions | 2,964 | 2,964 | |||||
Equity award vestings (in shares) | 167 | ||||||
Equity award vestings | (4,496) | (3,263) | (1,235) | $ 2 | |||
Other comprehensive loss | (931) | (706) | (225) | ||||
Stock-based compensation | 5,016 | 3,972 | 1,044 | ||||
Cash dividends declared | (13,293) | (13,293) | |||||
Net income | 62,863 | 47,760 | 15,103 | ||||
Balance at the end of the period (in shares) at Jun. 30, 2022 | 60,613 | 15,263 | |||||
Balance at the end of the period at Jun. 30, 2022 | 643,808 | 304,418 | 212,913 | (698) | 126,569 | $ 606 | $ 0 |
Balance at the beginning of the period (in shares) at Mar. 31, 2022 | 60,197 | 15,674 | |||||
Balance at the beginning of the period at Mar. 31, 2022 | 615,102 | 298,893 | 192,493 | 335 | 122,779 | $ 602 | $ 0 |
Statement of Stockholders'/Members' Equity | |||||||
Member distributions | (1,694) | (1,694) | |||||
Effect of CW Unit redemptions (in shares) | 411 | (411) | |||||
Effect of CW Unit redemptions | 0 | 3,267 | (3,271) | $ 4 | |||
Tax impact of equity transactions | 433 | 433 | |||||
Equity award vestings (in shares) | 5 | ||||||
Equity award vestings | (72) | (51) | (21) | $ 0 | |||
Other comprehensive loss | (1,367) | (1,033) | (334) | ||||
Stock-based compensation | 2,350 | 1,876 | 474 | ||||
Cash dividends declared | (6,724) | (6,724) | |||||
Net income | 35,780 | 27,144 | 8,636 | ||||
Balance at the end of the period (in shares) at Jun. 30, 2022 | 60,613 | 15,263 | |||||
Balance at the end of the period at Jun. 30, 2022 | $ 643,808 | $ 304,418 | $ 212,913 | $ (698) | $ 126,569 | $ 606 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividend declared (in dollars per share) | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 62,863 | $ 29,910 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,592 | 18,352 |
Deferred financing cost amortization | 84 | 84 |
Stock-based compensation | 5,016 | 4,438 |
Provision for expected credit losses | 240 | 149 |
Inventory obsolescence | 959 | 1,566 |
Gain on disposal of assets | (518) | (613) |
Deferred income taxes | 8,504 | (4,506) |
Loss from revaluation of liability related to tax receivable agreement | 1,115 | 1,004 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (36,484) | (27,858) |
Inventories | (30,670) | (2,569) |
Prepaid expenses and other assets | (210) | 499 |
Accounts payable | 14,238 | 12,774 |
Accrued expenses and other liabilities | 5,494 | 9,999 |
Net cash provided by operating activities | 48,223 | 43,229 |
Cash flows from investing activities | ||
Capital expenditures and other | (13,752) | (5,461) |
Proceeds from sale of assets | 876 | 1,108 |
Net cash used in investing activities | (12,876) | (4,353) |
Cash flows from financing activities | ||
Payments on finance leases | (2,987) | (2,479) |
Dividends paid to Class A common stock shareholders | (13,335) | (9,426) |
Distributions to members | (3,348) | (3,560) |
Repurchases of shares | (4,495) | (3,174) |
Net cash used in financing activities | (24,165) | (18,639) |
Effect of exchange rate changes on cash and cash equivalents | (1,167) | 186 |
Net increase in cash and cash equivalents | 10,015 | 20,423 |
Cash and cash equivalents | ||
Beginning of period | 301,669 | 288,659 |
End of period | 311,684 | 309,082 |
Supplemental disclosure of cash flow information | ||
Right-of-use assets obtained in exchange for new lease obligations | 6,340 | 9,859 |
Property and equipment in accounts payable | $ 1,729 | $ 694 |
Preparation of Interim Financia
Preparation of Interim Financial Statements and Other Items | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. 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. |
Concentrations, Risks and Uncer
Concentrations, Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations, Risks and Uncertainties | Concentrations, Risks and Uncertainties Significant Customers Our customers are primarily oil and natural gas E&P companies representing private operators, publicly-traded independents, majors and other companies with operations in the key U.S. oil and gas producing basins as well as Australia and the Kingdom of Saudi Arabia. For the six months ended June 30, 2022 and 2021, one customer represented approximately 10% and 13%, respectively, of our consolidated revenues. Significant Vendors The principal raw materials used in the manufacture of our products and rental equipment include forgings and plate, castings, tube and bar stock. In addition, we require accessory items (such as elastomers, ring gaskets, studs and nuts) and machined components and assemblies. We purchase these items from vendors primarily located in the United States, China, India and Australia. For the six months ended June 30, 2022, no vendor represented 10% or more of our total third-party vendor purchases of raw materials, finished products, components, equipment, machining and other services. For the six months ended |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
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 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 June 30, 2022 and December 31, 2021 was $28.3 million and $24.1 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 Balance at Six Months Ended June 30, 2022 $ 741 $ 240 $ (61) $ 920 Six Months Ended June 30, 2021 598 149 (117) 630 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
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 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: June 30, December 31, Raw materials $ 2,695 $ 1,870 Work-in-progress 6,159 4,288 Finished goods 140,183 113,659 $ 149,037 $ 119,817 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2022 | |
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 rental assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following: June 30, December 31, Land $ 5,590 $ 3,203 Buildings and improvements 23,961 22,532 Machinery and equipment 57,468 56,937 Vehicles under finance lease 27,334 23,450 Rental equipment 187,464 180,704 Furniture and fixtures 1,750 1,755 Computers and software 3,605 3,495 Gross property and equipment 307,172 292,076 Less: Accumulated depreciation (190,236) (175,992) Net property and equipment 116,936 116,084 Construction in progress 13,440 13,033 Total property and equipment, net $ 130,376 $ 129,117 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt We had no debt outstanding as of June 30, 2022 and December 31, 2021. 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 was amended in September 2020 and 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 June 30, 2022. On July 25, 2022, the ABL Credit Facility was amended to, among other things, increase the committed amount of the revolving credit facility to $80.0 million and extend the maturity date to July 25, 2027, or such earlier date that is 91 days prior to the maturity date of any indebtedness that has a principal balance exceeding $30.0 million. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
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 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 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 in Australia and the Kingdom of Saudi Arabia. The following table presents our revenues disaggregated by category: Three Months Ended Six Months Ended 2022 2021 2022 2021 Product revenue $ 112,232 66 % $ 70,345 65 % $ 206,272 65 % $ 122,301 63 % Rental revenue 23,695 14 % 14,644 13 % 46,038 15 % 27,133 14 % Field service and other revenue 34,288 20 % 23,904 22 % 63,804 20 % 43,876 23 % Total revenues $ 170,215 100 % $ 108,893 100 % $ 316,114 100 % $ 193,310 100 % At June 30, 2022, we had a deferred revenue balance of $1.4 million compared to the December 31, 2021 balance of $1.8 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 June 30, 2022, 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 (TRA)
Tax Receivable Agreement (TRA) | 6 Months Ended |
Jun. 30, 2022 | |
Tax Receivable Agreement | |
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 the TRA Holders 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. retains 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. As of June 30, 2022, the total liability from the TRA was $300.4 million with $11.8 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 | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Equity | EquityAs of June 30, 2022, Cactus Inc. owned 79.9% of Cactus LLC as compared to 78.0% as of December 31, 2021. As of June 30, 2022, Cactus Inc. had outstanding 60.6 million shares of Class A common stock (representing 79.9% of the total voting power) and 15.3 million shares of Class B common stock (representing 20.1% 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, 45.3 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 six months ended June 30, 2022, 1.4 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. On June 17, 2021, Cadent Energy Partners II, L.P. (“Cadent”) transferred ownership of 944,093 CW Units, together with a corresponding number of shares of Class B common stock, to various Cadent-affiliated entities. Cadent then redeemed its remaining 3.3 million CW Units, together with a corresponding number of shares of Class B common stock, as provided in the Cactus Wellhead LLC Agreement. The redeemed CW Units (and the corresponding shares of Class B common stock) were cancelled and Cactus Inc. issued 3.3 million new shares of Class A common stock to Cadent, which then distributed such shares to its limited partners. Cactus received no proceeds from these events, and there was no change in the combined number of voting shares of Cactus Inc. outstanding. In addition to the redemption by Cadent, 425,433 CW Units were redeemed in exchange for shares of Class A common stock during the three months ended June 30, 2021. We recorded an increase in additional paid-in capital with a corresponding decrease in the non-controlling interest in equity of $26.9 million and an increase in the TRA liability of $33.1 million resulting from the redemption of CW Units during the second quarter of 2021. Additionally, we recognized a $3.0 million tax benefit for the partial valuation release related to the realizable portion of the deferred tax assets. On March 9, 2021, Cactus Inc. entered into an underwriting agreement with Cactus LLC, certain selling stockholders of Cactus (the “Selling Stockholders”) and the underwriters named therein, providing for the offer and sale by the Selling Stockholders (the “2021 Secondary Offering”) of up to 6,325,000 shares of Class A common stock at a price to the underwriters of $30.555 per share. On March 12, 2021, in connection with the 2021 Secondary Offering, certain of the Selling Stockholders exercised their right to redeem 6,272,500 CW Units, together with a corresponding number of shares of Class B common stock, as provided in the Cactus Wellhead LLC Agreement. Upon the closing of the 2021 Secondary Offering, Cactus Inc. acquired the redeemed CW Units and a corresponding number of shares of Class B common stock (which shares of Class B common stock were then cancelled) and issued 6,272,500 new shares of Class A common stock to the underwriters at the direction of the redeeming Selling Stockholders, as provided in the Cactus Wellhead LLC Agreement. In addition, certain other Selling Stockholders sold 52,500 shares of Class A common stock in the 2021 Secondary Offering, which shares were owned by them directly as of the time of the 2021 Secondary Offering. Cactus did not receive any of the proceeds from the sale of common stock in the 2021 Secondary Offering and incurred $0.4 million in expenses which were recorded in other expense, net, in the consolidated statements of income. There was no change in the combined number of Cactus Inc. voting shares outstanding as a result of the 2021 Secondary Offering. We recorded an increase in additional paid-in capital with a corresponding decrease in the non-controlling interest in equity of approximately $45.0 million and an increase in the TRA liability of $46.7 million resulting from the redemption of CW Units pursuant to the 2021 Secondary Offering. Additionally, we recognized a $5.1 million tax benefit for a partial valuation allowance release related to the realizable portion of the deferred tax asset. Dividends Aggregate cash dividends of $0.22 per share of Class A common stock declared during the six months ended June 30, 2022 totaled $13.3 million compared to $0.18 per share of Class A common stock and $9.4 million during the six months ended June 30, 2021. Cash dividends paid during the six months ended June 30, 2022 and 2021 totaled $13.3 million and $9.4 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 CW 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.” Member Distributions Distributions made by Cactus LLC are generally required to be made pro rata among all its members. For the six months ended June 30, 2022, Cactus LLC distributed $13.1 million to Cactus Inc. to fund its dividend and estimated tax payments and made pro rata distributions to the other members totaling $3.3 million over the same period. During the six months ended June 30, 2021, Cactus LLC distributed $9.2 million to Cactus Inc. to fund its dividend payments and made pro rata distributions to the other members totaling $3.6 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 Wellhead LLC Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2022 | |
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), 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 Six Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Cactus Inc.—basic $ 27,144 $ 10,393 $ 47,760 $ 21,952 Net income attributable to non-controlling interest (1) 6,759 3,332 11,779 6,091 Net income attributable to Cactus Inc.—diluted (1) $ 33,903 $ 13,725 $ 59,539 $ 28,043 Denominator: Weighted average Class A shares outstanding—basic 60,523 55,048 59,909 52,124 Effect of dilutive shares 15,799 20,949 16,353 23,831 Weighted average Class A shares outstanding—diluted 76,322 75,997 76,262 75,955 Earnings per Class A share—basic $ 0.45 $ 0.19 $ 0.80 $ 0.42 Earnings per Class A share—diluted (1) $ 0.44 $ 0.18 $ 0.78 $ 0.37 (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 25.0% for the three and six months ended June 30, 2022 and 28.0% for the three and six months ended June 30, 2021. |
Preparation of Interim Financ_2
Preparation of Interim Financial Statements and Other Items (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. 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. |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Balance at Six Months Ended June 30, 2022 $ 741 $ 240 $ (61) $ 920 Six Months Ended June 30, 2021 598 149 (117) 630 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following: June 30, December 31, Raw materials $ 2,695 $ 1,870 Work-in-progress 6,159 4,288 Finished goods 140,183 113,659 $ 149,037 $ 119,817 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment net | Property and equipment consists of the following: June 30, December 31, Land $ 5,590 $ 3,203 Buildings and improvements 23,961 22,532 Machinery and equipment 57,468 56,937 Vehicles under finance lease 27,334 23,450 Rental equipment 187,464 180,704 Furniture and fixtures 1,750 1,755 Computers and software 3,605 3,495 Gross property and equipment 307,172 292,076 Less: Accumulated depreciation (190,236) (175,992) Net property and equipment 116,936 116,084 Construction in progress 13,440 13,033 Total property and equipment, net $ 130,376 $ 129,117 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues disaggregated by category | The following table presents our revenues disaggregated by category: Three Months Ended Six Months Ended 2022 2021 2022 2021 Product revenue $ 112,232 66 % $ 70,345 65 % $ 206,272 65 % $ 122,301 63 % Rental revenue 23,695 14 % 14,644 13 % 46,038 15 % 27,133 14 % Field service and other revenue 34,288 20 % 23,904 22 % 63,804 20 % 43,876 23 % Total revenues $ 170,215 100 % $ 108,893 100 % $ 316,114 100 % $ 193,310 100 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Cactus Inc.—basic $ 27,144 $ 10,393 $ 47,760 $ 21,952 Net income attributable to non-controlling interest (1) 6,759 3,332 11,779 6,091 Net income attributable to Cactus Inc.—diluted (1) $ 33,903 $ 13,725 $ 59,539 $ 28,043 Denominator: Weighted average Class A shares outstanding—basic 60,523 55,048 59,909 52,124 Effect of dilutive shares 15,799 20,949 16,353 23,831 Weighted average Class A shares outstanding—diluted 76,322 75,997 76,262 75,955 Earnings per Class A share—basic $ 0.45 $ 0.19 $ 0.80 $ 0.42 Earnings per Class A share—diluted (1) $ 0.44 $ 0.18 $ 0.78 $ 0.37 (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 25.0% for the three and six months ended June 30, 2022 and 28.0% for the three and six months ended June 30, 2021. |
Preparation of Interim Financ_3
Preparation of Interim Financial Statements and Other Items (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class A Common Stock | ||
Organization and Nature of Operations | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Concentrations, Risks and Unc_2
Concentrations, Risks and Uncertainties (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
One vendor | Significant vendors | Purchases | ||
Concentrations, Risks and Uncertainties | ||
Concentration risk | 10% | |
One customer | Customer | Total revenues | ||
Concentrations, Risks and Uncertainties | ||
Concentration risk | 10% | 13% |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts Receivable | |||
Unbilled revenue | $ 28,300 | $ 24,100 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | 741 | $ 598 | |
Expense | 240 | 149 | |
Write off | (61) | (117) | |
Balance at End of Period | $ 920 | $ 630 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Summary of inventories | ||
Raw materials | $ 2,695 | $ 1,870 |
Work-in-progress | 6,159 | 4,288 |
Finished goods | 140,183 | 113,659 |
Total inventory | $ 149,037 | $ 119,817 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 307,172 | $ 292,076 |
Less: Accumulated depreciation | (190,236) | (175,992) |
Net property and equipment | 116,936 | 116,084 |
Total property and equipment, net | 130,376 | 129,117 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 5,590 | 3,203 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 23,961 | 22,532 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 57,468 | 56,937 |
Vehicles under finance lease | ||
Property, Plant and Equipment [Line Items] | ||
Vehicles under finance lease | 27,334 | 23,450 |
Rental equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 187,464 | 180,704 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,750 | 1,755 |
Computers and software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 3,605 | 3,495 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 13,440 | $ 13,033 |
Debt (Details)
Debt (Details) - USD ($) | Jul. 25, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | 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 | ABL Credit Facility | Line of Credit | Subsequent event | ||||
Long-term Debt | ||||
Maximum borrowing capacity | $ 80,000,000 | |||
Days prior to maturity with option to extend | 91 days | |||
Principal balance | $ 30,000,000 | |||
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 170,215 | $ 108,893 | $ 316,114 | $ 193,310 |
Revenue as a percentage | 100% | 100% | 100% | 100% |
Product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 112,232 | $ 70,345 | $ 206,272 | $ 122,301 |
Revenue as a percentage | 66% | 65% | 65% | 63% |
Rental revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 23,695 | $ 14,644 | $ 46,038 | $ 27,133 |
Revenue as a percentage | 14% | 13% | 15% | 14% |
Field service and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 34,288 | $ 23,904 | $ 63,804 | $ 43,876 |
Revenue as a percentage | 20% | 22% | 20% | 23% |
Revenue - Contracts with Custom
Revenue - Contracts with Customers (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Contract Balances | ||
Deferred revenue | $ 1.4 | $ 1.8 |
Tax Receivable Agreement (TRA)
Tax Receivable Agreement (TRA) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Feb. 28, 2018 | Jun. 30, 2022 | Dec. 31, 2021 | |
Tax Receivable Agreement | |||
Tax savings payable to TRA Holders | 85% | ||
Tax savings benefit retained by Cactus Inc | 15% | ||
Total TRA liability | $ 300,400 | ||
Current portion of liability related to tax receivable agreement | $ 11,769 | $ 11,769 |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 53 Months Ended | |||||
Jun. 17, 2021 | Mar. 12, 2021 | Mar. 09, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | |
Equity | |||||||||
Effect of CW Unit redemptions | $ 0 | $ 0 | $ 0 | $ 0 | |||||
TRA liability increase | $ 46,700,000 | $ 33,100,000 | |||||||
Tax benefit for partial valuation allowance | $ 3,000,000 | 5,100,000 | |||||||
Cash dividend declared (in dollars per share) | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 | |||||
Pro rata distributions made to other members | $ 3,348,000 | $ 3,560,000 | |||||||
Additional Paid-In Capital | |||||||||
Equity | |||||||||
Effect of CW Unit redemptions | $ (3,267,000) | $ (26,912,000) | (11,145,000) | (71,911,000) | |||||
Non-controlling Interest | |||||||||
Equity | |||||||||
Effect of CW Unit redemptions | $ 3,271,000 | $ 26,949,000 | $ 11,159,000 | 72,011,000 | |||||
Cactus LLC | |||||||||
Equity | |||||||||
Ownership interest | 79.90% | 78% | |||||||
Cactus Inc | |||||||||
Equity | |||||||||
Cash distributions to unit holders | $ 13,100,000 | 9,200,000 | |||||||
CW Unit Holders other than Cactus, Inc. | |||||||||
Equity | |||||||||
Pro rata distributions made to other members | $ 3,300,000 | $ 3,600,000 | |||||||
CW Unit Holders other than Cactus, Inc. | Cactus LLC | |||||||||
Equity | |||||||||
CW Unit redemptions (in shares) | 3,300,000 | ||||||||
Common Units transferred (in shares) | 944,093 | ||||||||
Proceeds from issuance of common stock | $ 0 | ||||||||
March 2021 Secondary Offering | Additional Paid-In Capital | |||||||||
Equity | |||||||||
Effect of CW Unit redemptions | (45,000,000) | ||||||||
March 2021 Secondary Offering | Non-controlling Interest | |||||||||
Equity | |||||||||
Effect of CW Unit redemptions | 45,000,000 | ||||||||
March 2021 Secondary Offering | Other Nonoperating Income (Expense) | |||||||||
Equity | |||||||||
Offering expenses | $ 400,000 | ||||||||
Class A Common Stock | |||||||||
Equity | |||||||||
Common stock, shares outstanding (in shares) | 60,613,000 | 60,613,000 | 59,035,000 | 60,613,000 | |||||
Shares outstanding, percentage of total voting power | 79.90% | 79.90% | 79.90% | ||||||
Cash dividend declared (in dollars per share) | $ 0.22 | $ 0.18 | |||||||
Dividends declared | $ 13,300,000 | $ 9,400,000 | |||||||
Dividends paid | $ 13,300,000 | $ 9,400,000 | |||||||
Class A Common Stock | CW Unit Holders other than Cactus, Inc. | Cactus LLC | |||||||||
Equity | |||||||||
Shares issued (in shares) | 3,300,000 | ||||||||
Class A Common Stock | Cactus Wellhead LLC Agreement | |||||||||
Equity | |||||||||
CW Unit redemptions (in shares) | 425,433 | 1,400,000 | 45,300,000 | ||||||
Class A Common Stock | March 2021 Secondary Offering | |||||||||
Equity | |||||||||
CW Unit redemptions (in shares) | 6,272,500 | ||||||||
Shares sold (in shares) | 6,325,000 | ||||||||
Price of stock (in dollars per share) | $ 30.555 | ||||||||
Other shares sold (in shares) | 52,500 | ||||||||
Class B Common Stock | |||||||||
Equity | |||||||||
Common stock, shares outstanding (in shares) | 15,263,000 | 15,263,000 | 16,674,000 | 15,263,000 | |||||
Shares outstanding, percentage of total voting power | 20.10% | 20.10% | 20.10% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income attributable to Cactus Inc. | $ 27,144 | $ 10,393 | $ 47,760 | $ 21,952 |
Net income attributable to non-controlling interest | 6,759 | 3,332 | 11,779 | 6,091 |
Net income attributable to Cactus Inc. - diluted | $ 33,903 | $ 13,725 | $ 59,539 | $ 28,043 |
Denominator: | ||||
Effect of dilutive shares (in shares) | 15,799 | 20,949 | 16,353 | 23,831 |
Corporate effective income tax rate, if-converted method | 25% | 28% | 25% | 28% |
Class A Common Stock | ||||
Denominator: | ||||
Weighted average Class A Shares Outstanding - basic (in shares) | 60,523 | 55,048 | 59,909 | 52,124 |
Weighted average Class A shares outstanding - diluted (in shares) | 76,322 | 75,997 | 76,262 | 75,955 |
Earnings per Class A share - basic (in dollars per share) | $ 0.45 | $ 0.19 | $ 0.80 | $ 0.42 |
Earnings per Class A share - diluted (in dollars per share) | $ 0.44 | $ 0.18 | $ 0.78 | $ 0.37 |