Cactus (WHD) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		60,718,869
Class B Common Stock
Entity Common Stock, Shares Outstanding		15,159,253

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 320,623	$ 301,669
Accounts receivable, net of allowance of $901 and $741, respectively	131,748	89,205
Inventories	162,730	119,817
Prepaid expenses and other current assets	11,849	7,794
Total current assets	626,950	518,485
Property and equipment, net	130,099	129,117
Operating lease right-of-use assets, net	22,232	22,538
Goodwill	7,824	7,824
Deferred tax asset, net	306,789	303,074
Other noncurrent assets	1,307	1,040
Total assets	1,095,201	982,078
Current liabilities
Accounts payable	62,398	42,818
Accrued expenses and other current liabilities	31,659	28,240
Current portion of liability related to tax receivable agreement	27,696	11,769
Finance lease obligations, current portion	5,757	4,867
Operating lease liabilities, current portion	4,677	4,880
Total current liabilities	132,187	92,574
Deferred tax liability, net	2,099	1,172
Liability related to tax receivable agreement, net of current portion	260,844	269,838
Finance lease obligations, net of current portion	6,837	5,811
Operating lease liabilities, net of current portion	17,584	17,650
Total liabilities	419,551	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	307,698	289,600
Retained earnings	237,551	178,446
Accumulated other comprehensive income (loss)	(1,617)	8
Total stockholders’ equity attributable to Cactus Inc.	544,239	468,644
Non-controlling interest	131,411	126,389
Total stockholders’ equity	675,650	595,033
Total liabilities and equity	1,095,201	982,078
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	607	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	Sep. 30, 2022	Dec. 31, 2021
Allowance for accounts receivable	$ 901	$ 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)	60,719,000	59,035,000
Common stock, shares outstanding (in shares)	60,719,000	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)	15,159,000	16,674,000
Common stock, shares outstanding (in shares)	15,159,000	16,674,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 184,481	$ 115,363	$ 500,595	$ 308,673
Costs and expenses
Selling, general and administrative expenses	15,970	12,149	44,804	33,160
Total costs and expenses	133,185	94,597	374,068	258,958
Income from operations	51,296	20,766	126,527	49,715
Interest income (expense), net	1,140	(299)	1,344	(632)
Other income (expense), net	1,125	0	10	(1,410)
Income before income taxes	53,561	20,467	127,881	47,673
Income tax expense	12,041	3,290	23,498	586
Net income	41,520	17,177	104,383	47,087
Less: net income attributable to non-controlling interest	10,095	4,560	25,198	12,518
Net income attributable to Cactus Inc.	$ 31,425	$ 12,617	$ 79,185	$ 34,569
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.52	$ 0.22	$ 1.32	$ 0.64
Earnings per Class A share - diluted (in dollars per share)	$ 0.51	$ 0.21	$ 1.30	$ 0.58
Weighted average Class A shares outstanding - basic (in shares)	60,665	58,248	60,164	54,188
Weighted average Class A shares outstanding - diluted (in shares)	61,106	76,082	76,296	76,045
Product revenue
Revenues
Total revenues	$ 121,782	$ 74,835	$ 328,054	$ 197,136
Costs and expenses
Cost of revenue	73,747	49,708	203,839	134,329
Rental revenue
Revenues
Total revenues	27,105	15,271	73,143	42,404
Costs and expenses
Cost of revenue	16,323	13,250	46,740	39,824
Field service and other revenue
Revenues
Total revenues	35,594	25,257	99,398	69,133
Costs and expenses
Cost of revenue	$ 27,145	$ 19,490	$ 78,685	$ 51,645

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 41,520	$ 17,177	$ 104,383	$ 47,087
Foreign currency translation adjustments	(1,219)	(529)	(2,150)	(804)
Comprehensive income	40,301	16,648	102,233	46,283
Less: comprehensive income attributable to non-controlling interest	9,795	4,413	24,673	12,209
Comprehensive income attributable to Cactus Inc.	$ 30,506	$ 12,235	$ 77,560	$ 34,074

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	(8,074)				(8,074)
Effect of CW Unit redemptions (in shares)						10,898	(10,898)
Effect of CW Unit redemptions	0	78,654			(78,763)	$ 109
Tax impact of equity transactions	2,628	2,628
Equity award vestings (in shares)						336
Equity award vestings	(3,192)	(1,079)			(2,116)	$ 3
Other comprehensive loss	(804)			(495)	(309)
Stock-based compensation	6,546	4,773			1,773
Cash dividends declared	(15,261)		(15,261)
Net income	47,087		34,569		12,518
Balance at the end of the period (in shares) at Sep. 30, 2021						58,947	16,757
Balance at the end of the period at Sep. 30, 2021	579,700	287,053	169,394	(165)	122,829	$ 589	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2021						58,038	17,665
Balance at the beginning of the period at Jun. 30, 2021	571,175	278,505	162,668	217	129,205	$ 580	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(4,514)				(4,514)
Effect of CW Unit redemptions (in shares)						908	(908)
Effect of CW Unit redemptions	0	6,743			(6,752)	$ 9
Tax impact of equity transactions	192	192
Equity award vestings (in shares)						1
Equity award vestings	(18)	(12)			(6)
Other comprehensive loss	(529)			(382)	(147)
Stock-based compensation	2,108	1,625			483
Cash dividends declared	(5,891)		(5,891)
Net income	17,177		12,617		4,560
Balance at the end of the period (in shares) at Sep. 30, 2021						58,947	16,757
Balance at the end of the period at Sep. 30, 2021	579,700	287,053	169,394	(165)	122,829	$ 589	$ 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	(8,007)				(8,007)
Effect of CW Unit redemptions (in shares)						1,515	(1,515)
Effect of CW Unit redemptions	0	12,039			(12,054)	$ 15
Tax impact of equity transactions	2,931	2,931
Equity award vestings (in shares)						169
Equity award vestings	(4,494)	(3,258)			(1,238)	$ 2
Other comprehensive loss	(2,150)			(1,625)	(525)
Stock-based compensation	8,034	6,386			1,648
Cash dividends declared	(20,080)		(20,080)
Net income	104,383		79,185		25,198
Balance at the end of the period (in shares) at Sep. 30, 2022						60,719	15,159
Balance at the end of the period at Sep. 30, 2022	675,650	307,698	237,551	(1,617)	131,411	$ 607	$ 0
Balance at the beginning of the period (in shares) at Jun. 30, 2022						60,613	15,263
Balance at the beginning of the period at Jun. 30, 2022	643,808	304,418	212,913	(698)	126,569	$ 606	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(4,659)				(4,659)
Effect of CW Unit redemptions (in shares)						104	(104)
Effect of CW Unit redemptions	0	894			(895)	$ 1
Tax impact of equity transactions	(33)	(33)
Equity award vestings (in shares)						2
Equity award vestings	2	5			(3)
Other comprehensive loss	(1,219)			(919)	(300)
Stock-based compensation	3,018	2,414			604
Cash dividends declared	(6,787)		(6,787)
Net income	41,520		31,425		10,095
Balance at the end of the period (in shares) at Sep. 30, 2022						60,719	15,159
Balance at the end of the period at Sep. 30, 2022	$ 675,650	$ 307,698	$ 237,551	$ (1,617)	$ 131,411	$ 607	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.11	$ 0.10	$ 0.33	$ 0.28

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 104,383	$ 47,087
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	25,991	27,480
Deferred financing cost amortization	133	126
Stock-based compensation	8,034	6,546
Provision for expected credit losses	224	112
Inventory obsolescence	1,642	2,462
Gain on disposal of assets	(470)	(1,136)
Deferred income taxes	19,230	(1,404)
(Gain) loss from revaluation of liability related to tax receivable agreement	(10)	1,004
Changes in operating assets and liabilities:
Accounts receivable	(42,906)	(35,634)
Inventories	(45,545)	(16,491)
Prepaid expenses and other assets	(4,265)	(4,239)
Accounts payable	20,537	22,944
Accrued expenses and other liabilities	3,293	12,924
Payments pursuant to tax receivable agreement	(11,666)	(9,697)
Net cash provided by operating activities	78,605	52,084
Cash flows from investing activities
Capital expenditures and other	(21,197)	(10,382)
Proceeds from sale of assets	1,701	1,965
Net cash used in investing activities	(19,496)	(8,417)
Cash flows from financing activities
Payment of deferred financing costs	(165)	0
Payments on finance leases	(4,505)	(3,839)
Dividends paid to Class A common stock shareholders	(20,015)	(15,249)
Distributions to members	(8,007)	(8,074)
Repurchases of shares	(4,495)	(3,192)
Net cash used in financing activities	(37,187)	(30,354)
Effect of exchange rate changes on cash and cash equivalents	(2,968)	2
Net increase in cash and cash equivalents	18,954	13,315
Cash and cash equivalents
Beginning of period	301,669	288,659
End of period	320,623	301,974
Supplemental disclosure of cash flow information
Right-of-use assets obtained in exchange for new lease obligations	10,707	11,958
Property and equipment in accounts payable	$ 1,582	$ 479

Preparation of Interim Financia

Preparation of Interim Financial Statements and Other Items	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2022 and 2021, no vendor represented 10% or more of our total third-party vendor purchases of raw materials, finished products, components, equipment, machining and other services.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021 was $34.3 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 Translation Adjustments Balance at Nine Months Ended September 30, 2022 $ 741 $ 224 $ (63) $ (1) $ 901 Nine Months Ended September 30, 2021 598 112 (156) (1) 553

Inventories

Inventories	9 Months Ended
	Sep. 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: September 30, December 31, Raw materials $ 3,497 $ 1,870 Work-in-progress 6,503 4,288 Finished goods 152,730 113,659 $ 162,730 $ 119,817

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 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: September 30, December 31, Land $ 5,302 $ 3,203 Buildings and improvements 24,604 22,532 Machinery and equipment 57,152 56,937 Vehicles under finance lease 28,515 23,450 Rental equipment 190,220 180,704 Furniture and fixtures 1,758 1,755 Computers and software 3,645 3,495 Gross property and equipment 311,196 292,076 Less: Accumulated depreciation (196,008) (175,992) Net property and equipment 115,188 116,084 Construction in progress 14,911 13,033 Total property and equipment, net $ 130,099 $ 129,117

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt We had no debt outstanding as of September 30, 2022 and December 31, 2021. In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was first amended in September 2020 and provided for up to $75.0 million in revolving commitments. On July 25, 2022, the ABL Credit Facility was amended and restated (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provides for up to $80.0 million in revolving commitments, up to $15.0 million of which is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus LLC may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $130.0 million in revolving commitments. The Amended ABL Credit Facility matures on 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. Borrowings under the Amended ABL Credit Facility bear interest at Cactus LLC’s option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin ranges from 0.0% to 0.50% per annum for ABR borrowings and 1.25% to 1.75% per annum for Term Benchmark borrowings and, in each case, is based on the average quarterly availability under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of the Amended ABL Credit Facility is subject to a commitment fee of 0.250% per annum. The maximum amount that Cactus LLC may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments. We were in compliance with all covenants under the Amended ABL Credit Facility as of September 30, 2022.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe majority of our revenues are derived from short-term contracts for fixed consideration or in the case of frac equipment 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, the Kingdom of Saudi Arabia and other international markets. The following table presents our revenues disaggregated by category: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Product revenue $ 121,782 66 % $ 74,835 65 % $ 328,054 65 % $ 197,136 64 % Rental revenue 27,105 15 % 15,271 13 % 73,143 15 % 42,404 14 % Field service and other revenue 35,594 19 % 25,257 22 % 99,398 20 % 69,133 22 % Total revenues $ 184,481 100 % $ 115,363 100 % $ 500,595 100 % $ 308,673 100 % At September 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 September 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)	9 Months Ended
	Sep. 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 income (expense), net. After finalizing its 2021 federal tax return in August 2022, Cactus Inc. made an $11.7 million TRA payment, which is equal to 85% of the $13.7 million 2021 tax benefit resulting from the exchange of CW Units for shares of Class A common stock. In September 2021, Cactus Inc. made a $9.7 million TRA payment based on its 2020 federal tax return. As of September 30, 2022, the total liability from the TRA was $288.5 million with $27.7 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, 2022
Equity [Abstract]
Equity	Equity As of September 30, 2022, Cactus Inc. owned 80.0% of Cactus LLC as compared to 78.0% as of December 31, 2021. As of September 30, 2022, Cactus Inc. had outstanding 60.7 million shares of Class A common stock (representing 80.0% of the total voting power) and 15.2 million shares of Class B common stock (representing 20.0% 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, 45.4 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, 2022, 1.5 million CW Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Wellhead LLC Agreement. There was no change in the combined number of Cactus Inc. voting shares outstanding as a result of the redemptions. On September 13, 2021, Cadent Energy Partners II - GP, L.P., the general partner of Cadent Energy Partners II, L.P. (“Cadent”), and Cadent Management Services, LLC (“Cadent Management”), Cadent’s manager, transferred their aggregate ownership of 228,878 CW Units, together with a corresponding number of shares of Class B common stock, to certain Cactus Inc. board members and executive management. The transfers were made at the discretion of Cadent and Cadent Management without the consent of the transferees. Additionally, Cadent Energy Partners II - GP, L.P. and Cadent Management redeemed their remaining 715,215 CW Units held, together with a corresponding number of shares of Class B common stock, thus liquidating its ownership in Cactus Wellhead, LLC. These transactions were in accordance with the Cactus Wellhead LLC Agreement. The redeemed CW Units (and the corresponding shares of Class B common stock) were cancelled and Cactus Inc. issued 715,215 new shares of Class A common stock. 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 these transfers and redemptions, 192,459 CW Units were redeemed in exchange for shares of Class A common stock during the three months ended September 30, 2021. We recorded an increase in additional paid-in capital with a corresponding decrease in the non-controlling interest in equity of approximately $6.8 million and an increase in the TRA liability of $7.5 million resulting from the redemptions of CW Units during the third quarter of 2021. Additionally, we recognized a $0.7 million tax benefit for the partial valuation release related to the realizable portion of the deferred tax assets. On June 17, 2021, 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 $0.33 per share of Class A common stock declared during the nine months ended September 30, 2022 totaled $20.1 million compared to $0.28 per share of Class A common stock and $15.3 million during the nine months ended September 30, 2021. Cash dividends paid during the nine months ended September 30, 2022 and 2021 totaled $20.0 million and $15.2 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 nine months ended September 30, 2022, Cactus LLC distributed $31.7 million to Cactus Inc. to fund its dividend, TRA and estimated tax payments and made pro rata distributions to the other members totaling $8.0 million over the same period. During the nine months ended September 30, 2021, Cactus LLC distributed $24.7 million to Cactus Inc. to fund its dividend and TRA payments and made pro rata distributions to the other members totaling $8.1 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Cactus Inc.—basic $ 31,425 $ 12,617 $ 79,185 $ 34,569 Net income attributable to non-controlling interest (1) — 3,400 19,686 9,491 Net income attributable to Cactus Inc.—diluted (1) $ 31,425 $ 16,017 $ 98,871 $ 44,060 Denominator: Weighted average Class A shares outstanding—basic 60,665 58,248 60,164 54,188 Effect of dilutive shares (2) 441 17,834 16,132 21,857 Weighted average Class A shares outstanding—diluted (2) 61,106 76,082 76,296 76,045 Earnings per Class A share—basic $ 0.52 $ 0.22 $ 1.32 $ 0.64 Earnings per Class A share—diluted (1),(2) $ 0.51 $ 0.21 $ 1.30 $ 0.58 (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 nine months ended September 30, 2022 and 28.0% for the three and nine months ended September 30, 2021.

Preparation of Interim Financ_2

Preparation of Interim Financial Statements and Other Items (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 Translation Adjustments Balance at Nine Months Ended September 30, 2022 $ 741 $ 224 $ (63) $ (1) $ 901 Nine Months Ended September 30, 2021 598 112 (156) (1) 553

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following: September 30, December 31, Raw materials $ 3,497 $ 1,870 Work-in-progress 6,503 4,288 Finished goods 152,730 113,659 $ 162,730 $ 119,817

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment net	Property and equipment consists of the following: September 30, December 31, Land $ 5,302 $ 3,203 Buildings and improvements 24,604 22,532 Machinery and equipment 57,152 56,937 Vehicles under finance lease 28,515 23,450 Rental equipment 190,220 180,704 Furniture and fixtures 1,758 1,755 Computers and software 3,645 3,495 Gross property and equipment 311,196 292,076 Less: Accumulated depreciation (196,008) (175,992) Net property and equipment 115,188 116,084 Construction in progress 14,911 13,033 Total property and equipment, net $ 130,099 $ 129,117

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Product revenue $ 121,782 66 % $ 74,835 65 % $ 328,054 65 % $ 197,136 64 % Rental revenue 27,105 15 % 15,271 13 % 73,143 15 % 42,404 14 % Field service and other revenue 35,594 19 % 25,257 22 % 99,398 20 % 69,133 22 % Total revenues $ 184,481 100 % $ 115,363 100 % $ 500,595 100 % $ 308,673 100 %

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Cactus Inc.—basic $ 31,425 $ 12,617 $ 79,185 $ 34,569 Net income attributable to non-controlling interest (1) — 3,400 19,686 9,491 Net income attributable to Cactus Inc.—diluted (1) $ 31,425 $ 16,017 $ 98,871 $ 44,060 Denominator: Weighted average Class A shares outstanding—basic 60,665 58,248 60,164 54,188 Effect of dilutive shares (2) 441 17,834 16,132 21,857 Weighted average Class A shares outstanding—diluted (2) 61,106 76,082 76,296 76,045 Earnings per Class A share—basic $ 0.52 $ 0.22 $ 1.32 $ 0.64 Earnings per Class A share—diluted (1),(2) $ 0.51 $ 0.21 $ 1.30 $ 0.58 (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 nine months ended September 30, 2022 and 28.0% for the three and nine months ended September 30, 2021.

Preparation of Interim Financ_3

Preparation of Interim Financial Statements and Other Items (Details) - $ / shares	Sep. 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)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts Receivable
Unbilled revenue	$ 34,300		$ 24,100
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	741	$ 598
Expense	224	112
Write off	(63)	(156)
Translation Adjustments	(1)	(1)
Balance at End of Period	$ 901	$ 553

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Summary of inventories
Raw materials	$ 3,497	$ 1,870
Work-in-progress	6,503	4,288
Finished goods	152,730	113,659
Total inventory	$ 162,730	$ 119,817

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 311,196	$ 292,076
Less: Accumulated depreciation	(196,008)	(175,992)
Net property and equipment	115,188	116,084
Total property and equipment, net	130,099	129,117
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	5,302	3,203
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	24,604	22,532
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	57,152	56,937
Vehicles under finance lease
Property, Plant and Equipment [Line Items]
Vehicles under finance lease	28,515	23,450
Rental equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	190,220	180,704
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,758	1,755
Computers and software
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,645	3,495
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 14,911	$ 13,033

Debt (Details)

Debt (Details) - USD ($)	Jul. 25, 2022	Sep. 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	$ 80,000,000			$ 75,000,000
Additional possible maximum revolving commitment	50,000,000
Maximum possible borrowing capacity	$ 130,000,000
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
Subsidiaries | ABL Credit Facility | Minimum
Long-term Debt
Commitment fee, percentage	0.25%
Subsidiaries | ABL Credit Facility | Minimum | Base Rate
Long-term Debt
Applicable margin rate	0%
Subsidiaries | ABL Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term Debt
Applicable margin rate	1.25%
Subsidiaries | ABL Credit Facility | Maximum | Base Rate
Long-term Debt
Applicable margin rate	0.50%
Subsidiaries | ABL Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term Debt
Applicable margin rate	1.75%

Revenue - Disaggregated by Cate

Revenue - Disaggregated by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 184,481	$ 115,363	$ 500,595	$ 308,673
Revenue as a percentage	100%	100%	100%	100%
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 121,782	$ 74,835	$ 328,054	$ 197,136
Revenue as a percentage	66%	65%	65%	64%
Rental revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 27,105	$ 15,271	$ 73,143	$ 42,404
Revenue as a percentage	15%	13%	15%	14%
Field service and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 35,594	$ 25,257	$ 99,398	$ 69,133
Revenue as a percentage	19%	22%	20%	22%

Revenue - Contracts with Custom

Revenue - Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 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	9 Months Ended	12 Months Ended
	Feb. 28, 2018	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Tax Receivable Agreement
Tax savings payable to TRA Holders	85%	85%
Tax savings benefit retained by Cactus Inc	15%
Tax Receivable Agreement, Payment		$ 11,700		$ 9,700
Tax Receivable Agreement Expense (Benefit)			$ 13,700
Total TRA liability		288,500
Current portion of liability related to tax receivable agreement		$ 27,696	$ 11,769

Equity (Details)

Equity (Details) - USD ($)					3 Months Ended			9 Months Ended		12 Months Ended	53 Months Ended
	Sep. 13, 2021	Jun. 17, 2021	Mar. 12, 2021	Mar. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2022
Equity
Effect of CW Unit redemptions					$ 0	$ 0		$ 0	$ 0
TRA liability increase			$ 46,700,000			7,500,000	$ 33,100,000
Tax benefit (expense)					$ (12,041,000)	$ (3,290,000)		$ (23,498,000)	$ (586,000)
Tax benefit for partial valuation allowance		$ 3,000,000	5,100,000
Cash dividend declared (in dollars per share)					$ 0.11	$ 0.10		$ 0.33	$ 0.28
Pro rata distributions made to other members								$ 8,007,000	$ 8,074,000
Additional Paid-In Capital
Equity
Effect of CW Unit redemptions					$ (894,000)	$ (6,743,000)	(26,900,000)	(12,039,000)	(78,654,000)
Non-controlling Interest
Equity
Effect of CW Unit redemptions					$ 895,000	6,752,000	$ 26,900,000	$ 12,054,000	78,763,000
Cactus LLC
Equity
Ownership interest								80%		78%
Cactus Inc
Equity
Cash distributions to unit holders								$ 31,700,000	24,700,000
CW Unit Holders other than Cactus, Inc.
Equity
Pro rata distributions made to other members								$ 8,000,000	$ 8,100,000
CW Unit Holders other than Cactus, Inc. | Cactus LLC
Equity
CW Unit redemptions (in shares)	715,215	3,300,000
Common Units transferred (in shares)	228,878	944,093
Proceeds from issuance of common stock		$ 0
Cactus Wellhead LLC Agreement | Additional Paid-In Capital
Equity
Effect of CW Unit redemptions						(6,800,000)
Cactus Wellhead LLC Agreement | Non-controlling Interest
Equity
Effect of CW Unit redemptions						6,800,000
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)					60,719,000			60,719,000		59,035,000
Shares outstanding, percentage of total voting power					80%			80%
Cash dividend declared (in dollars per share)								$ 0.33	$ 0.28
Dividends declared								$ 20,100,000	$ 15,300,000
Dividends paid								$ 20,000,000	$ 15,200,000
Class A Common Stock | CW Unit Holders other than Cactus, Inc. | Cactus LLC
Equity
Shares issued (in shares)	715,215	3,300,000
Tax benefit (expense)						$ 700,000
Class A Common Stock | Cactus Wellhead LLC Agreement
Equity
CW Unit redemptions (in shares)						192,459	425,433	1,500,000			45,400,000
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)					15,159,000			15,159,000		16,674,000
Shares outstanding, percentage of total voting power					20%			20%

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to Cactus Inc.	$ 31,425	$ 12,617	$ 79,185	$ 34,569
Net income attributable to non-controlling interest	0	3,400	19,686	9,491
Net income attributable to Cactus Inc. - diluted	$ 31,425	$ 16,017	$ 98,871	$ 44,060
Denominator:
Effect of dilutive shares (in shares)	441	17,834	16,132	21,857
Corporate effective income tax rate, if-converted method		28%	25%	28%
Class B Common Stock
Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	15,200
Class A Common Stock
Denominator:
Weighted average Class A Shares Outstanding - basic (in shares)	60,665	58,248	60,164	54,188
Weighted average Class A shares outstanding - diluted (in shares)	61,106	76,082	76,296	76,045
Earnings per Class A share - basic (in dollars per share)	$ 0.52	$ 0.22	$ 1.32	$ 0.64
Earnings per Class A share - diluted (in dollars per share)	$ 0.51	$ 0.21	$ 1.30	$ 0.58