Cactus (WHD) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		64,609,498
Class B Common Stock
Entity Common Stock, Shares Outstanding		14,820,100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 63,910	$ 344,527
Accounts receivable, net of allowance of $2,550 and $1,060, respectively	214,590	138,268
Inventories	209,387	161,283
Prepaid expenses and other current assets	11,182	10,564
Total current assets	499,069	654,642
Noncurrent assets
Property and equipment, net	345,956	129,998
Operating lease right-of-use assets, net	20,998	23,183
Intangible assets, net	187,971	0
Goodwill	202,806	7,824
Deferred tax asset, net	209,721	301,644
Other noncurrent assets	9,876	1,605
Total assets	1,476,397	1,118,896
Current liabilities
Accounts payable	63,585	47,776
Accrued expenses and other current liabilities	53,216	30,619
Current portion of liability related to tax receivable agreement	27,544	27,544
Finance lease obligations, current portion	7,299	5,933
Operating lease liabilities, current portion	4,446	4,777
Long-term debt, current portion	24,641	0
Total current liabilities	180,731	116,649
Noncurrent liabilities
Deferred tax liability, net	1,049	1,966
Liability related to tax receivable agreement, net of current portion	262,882	265,025
Finance lease obligations, net of current portion	8,614	6,436
Operating lease liabilities, net of current portion	16,364	18,375
Long-term debt, current portion	30,000	0
Other noncurrent liabilities	23,983	0
Total liabilities	523,623	408,451
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	446,206	310,528
Retained earnings	315,049	261,764
Accumulated other comprehensive loss	(1,096)	(984)
Total stockholders’ equity attributable to Cactus Inc.	760,806	571,917
Non-controlling interest	191,968	138,528
Total stockholders’ equity	952,774	710,445
Total liabilities and equity	1,476,397	1,118,896
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	647	609
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, 2023	Dec. 31, 2022
Allowance for accounts receivable	$ 2,550	$ 1,060
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)	64,609,000	60,903,000
Common stock, shares outstanding (in shares)	64,609,000	60,903,000
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)	14,820,000	14,978,000
Common stock, shares outstanding (in shares)	14,820,000	14,978,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 305,819	$ 170,215	$ 534,224	$ 316,114
Costs and expenses
Selling, general and administrative expenses	38,069	14,740	67,970	28,834
Change in fair value of earn-out liability	18,144	0	18,144	0
Total costs and expenses	257,297	125,974	436,014	240,883
Operating income	48,522	44,241	98,210	75,231
Interest income (expense), net	(5,928)	304	(4,926)	204
Other income (expense), net	0	0	3,538	(1,115)
Income before income taxes	42,594	44,545	96,822	74,320
Income tax expense	10,135	8,765	12,075	11,457
Net income	32,459	35,780	84,747	62,863
Less: net income attributable to non-controlling interest	7,709	8,636	17,103	15,103
Net income attributable to Cactus Inc.	$ 24,750	$ 27,144	$ 67,644	$ 47,760
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.38	$ 0.45	$ 1.05	$ 0.80
Earnings per Class A share - diluted (in dollars per share)	$ 0.38	$ 0.44	$ 1.02	$ 0.78
Weighted average Class A shares outstanding - basic (in shares)	64,566	60,523	64,155	59,909
Weighted average Class A shares outstanding - diluted (in shares)	65,003	76,322	79,512	76,262
Product revenue
Revenues
Total revenues	$ 231,893	$ 112,232	$ 391,403	$ 206,272
Costs and expenses
Cost of revenue	149,217	69,172	250,032	130,092
Rental revenue
Revenues
Total revenues	28,220	23,695	56,037	46,038
Costs and expenses
Cost of revenue	16,896	15,328	32,980	30,417
Field service and other revenue
Revenues
Total revenues	45,706	34,288	86,784	63,804
Costs and expenses
Cost of revenue	$ 34,971	$ 26,734	$ 66,888	$ 51,540

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 32,459	$ 35,780	$ 84,747	$ 62,863
Foreign currency translation adjustments	(445)	(1,367)	(142)	(931)
Comprehensive income	32,014	34,413	84,605	61,932
Less: comprehensive income attributable to non-controlling interest	7,596	8,302	17,073	14,878
Comprehensive income attributable to Cactus Inc.	$ 24,418	$ 26,111	$ 67,532	$ 47,054

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, 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 CC 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 CC 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)
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
Balance at the beginning of the period (in shares) at Dec. 31, 2022						60,903	14,978
Balance at the beginning of the period at Dec. 31, 2022	710,445	310,528	261,764	(984)	138,528	$ 609	$ 0
Statement of Stockholders'/Members' Equity
Issuance of common stock (in shares)						3,352
Issuances of common stock	169,369	143,302			26,033	$ 34
Member distributions	(4,712)				(4,712)
Effect of CW Unit redemptions (in shares)						158	(158)
Effect of CC Unit redemptions	0	2,020			(2,022)	$ 2
Tax impact of equity transactions	3,273	(13,553)			16,826
Equity award vestings (in shares)						200
Equity award vestings	(4,440)	(3,071)			(1,371)	$ 2
Other comprehensive loss	(142)			(112)	(30)
Share repurchases (in shares)						(4)
Share repurchases	(159)	(137)			(22)
Stock-based compensation	8,752	7,117			1,635
Cash dividends declared	(14,359)		(14,359)
Net income	84,747		67,644		17,103
Balance at the end of the period (in shares) at Jun. 30, 2023						64,609	14,820
Balance at the end of the period at Jun. 30, 2023	952,774	446,206	315,049	(1,096)	191,968	$ 647	$ 0
Balance at the beginning of the period (in shares) at Mar. 31, 2023						64,448	14,978
Balance at the beginning of the period at Mar. 31, 2023	925,836	439,844	297,528	(764)	188,583	$ 645	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(3,068)				(3,068)
Effect of CW Unit redemptions (in shares)						158	(158)
Effect of CC Unit redemptions	0	2,020			(2,022)	$ 2
Tax impact of equity transactions	428	428			0
Equity award vestings (in shares)						7
Equity award vestings	(97)	(62)			(35)
Other comprehensive loss	(445)			(332)	(113)
Share repurchases (in shares)						(4)
Share repurchases	(159)	(137)			(22)
Stock-based compensation	5,049	4,113			936
Cash dividends declared	(7,229)		(7,229)
Net income	32,459		24,750		7,709
Balance at the end of the period (in shares) at Jun. 30, 2023						64,609	14,820
Balance at the end of the period at Jun. 30, 2023	$ 952,774	$ 446,206	$ 315,049	$ (1,096)	$ 191,968	$ 647	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.22
Effect of CC Unit redemptions	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 84,747	$ 62,863
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	35,024	17,592
Deferred financing cost amortization	3,545	84
Stock-based compensation	9,164	5,016
Provision for expected credit losses	1,515	240
Inventory obsolescence	1,980	959
Gain on disposal of assets	(1,632)	(518)
Deferred income taxes	1,079	8,504
Change in fair value of earn-out liability	18,023	0
(Gain) loss from revaluation of liability related to tax receivable agreement	(3,417)	1,115
Changes in operating assets and liabilities:
Accounts receivable	(20,107)	(36,484)
Inventories	41,185	(30,670)
Prepaid expenses and other assets	965	(210)
Accounts payable	1,236	14,238
Accrued expenses and other liabilities	(4,789)	5,494
Net cash provided by operating activities	168,518	48,223
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired	(618,857)	0
Capital expenditures and other	(23,700)	(13,752)
Proceeds from sales of assets	3,038	876
Net cash used in investing activities	(639,519)	(12,876)
Cash flows from financing activities
Proceeds from the issuance of long-term debt	155,000	0
Repayments of borrowings of long-term debt	(100,000)	0
Net proceeds from the issuance of Class A common stock	169,878	0
Payments of deferred financing costs	(6,817)	0
Payments on finance leases	(3,594)	(2,987)
Dividends paid to Class A common stock shareholders	(14,469)	(13,335)
Distributions to members	(4,712)	(3,348)
Repurchases of shares	(4,599)	(4,495)
Net cash provided by (used in) financing activities	190,687	(24,165)
Effect of exchange rate changes on cash and cash equivalents	(303)	(1,167)
Net increase (decrease) in cash and cash equivalents	(280,617)	10,015
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents, beginning of period	344,527	301,669
Cash and cash equivalents, end of period	63,910	311,684
Supplemental disclosure of cash flow information
Net cash paid for income taxes	10,814	2,451
Cash paid for interest	3,555	456
Noncash Investing and Financing Items [Abstract]
Right-of-use assets obtained in exchange for new lease obligations	6,923	6,340
Property and equipment in accounts payable	$ 1,703	$ 1,729

Preparation of Interim Financia

Preparation of Interim Financial Statements and Other Items	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preparation of Interim Financial Statements and Other Items	Preparation of Interim Financial Statements and Other Items Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed its previously announced merger of the FlexSteel business (the “Merger”) through a merger with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through June 30, 2023. See Note 2 for additional information related to the acquisition. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.

FlexSteel Acquisition

FlexSteel Acquisition	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
FlexSteel Acquisition	FlexSteel AcquisitionOn February 28, 2023, we completed the acquisition of FlexSteel in accordance with the terms and conditions of the merger agreement dated December 30, 2022. We paid cash consideration of $624.2 million upon closing, with that amount subject to finalization based upon closing working capital, cash on hand and indebtedness adjustments as set forth in the merger agreement. In addition to the upfront consideration, there is a potential future earn-out payment of up to $75.0 million to be paid no later than the third quarter of 2024, if certain revenue growth targets are met by FlexSteel. We funded the upfront purchase price using a combination of $165.6 million of net proceeds received from the public offering of shares of our Class A common stock completed in January 2023, borrowings under the Amended ABL Credit Facility (as defined in Note 7) totaling $155.0 million and available cash on hand at the time of closing. We believe this acquisition enhances Cactus’ position as a premier manufacturer and provider of highly engineered equipment to the exploration and production (“E&P”) industry and provides meaningful growth potential for Cactus. We also believe FlexSteel’s products are highly complementary to Cactus’ equipment as it expands our exposure to our customers’ operations from production trees to transportation of oil, gas and other liquids as well as to additional customers operating in the midstream area. The acquisition is being accounted for using the acquisition method of accounting, with Cactus being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities are recorded at their respective fair values as of the date of the completion of the acquisition. The transaction was treated as a purchase of stock for United States federal income tax purposes. In connection with the acquisition, we incurred approximately $7.5 million of transaction costs for the six months ended June 30, 2023 required to effect the transaction and incurred an additional $3.3 million in costs related to the reporting of and accounting for the transaction. These fees primarily related to legal, accounting and consulting fees and are included in selling, general and administrative (“SG&A”) expenses in the consolidated statements of income. Purchase Price Consideration The estimated purchase price consideration for the acquisition is $630.1 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 624,173 Add: Estimated contingent consideration (1) 5,960 Fair value of consideration transferred or estimated to be transferred $ 630,133 (1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75 million of additional cash consideration if certain revenue growth targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate. Changes in the fair value of the earn-out liability subsequent to the acquisition date are recognized in the consolidated statements of income. Based on the revised forecast for the period January 1, 2023 through June 30, 2024, the estimated fair value of the earn-out payment was $24.0 million as of June 30, 2023, which is reflected in other noncurrent liabilities in the consolidated balance sheets. See discussion of the calculation of fair value of the earn-out liability in Note 12. We recognized $18.0 million of remeasurement expense during the six months ended June 30, 2023 resulting from the change in fair value from the acquisition date. During the three months ended March 31, 2023, a $0.1 million gain on the change in fair value was presented in other income (expense), net in the consolidated statements of income. Beginning with the three months ended June 30, 2023, the change in fair value of the earn-out liability will be separately presented as a component of operating income. We have determined that presenting the change in fair value of the earn-out liability is more appropriately reflected in our operating costs. This change does not have a material impact to our consolidated financial statements. Preliminary Purchase Price Allocation The following table provides the preliminary allocation of the purchase price as of the acquisition date. The goodwill reflected below increased $1.5 million from the original preliminary purchase price allocation as a result of measurement period adjustments, primarily related to valuation adjustments to inventories and property and equipment. Cash and cash equivalents $ 5,316 Receivables 57,747 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 210,100 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 573,179 Accounts payable (14,789) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,532) Total liabilities assumed (138,028) Net assets acquired 435,151 Goodwill $ 194,982 Assets acquired and liabilities assumed in connection with the acquisition were recorded at their estimated fair values. Estimated fair values were determined by management, based in part on an independent valuation performed by third-party valuation specialists. The valuation methods used to determine the estimated fair value of intangible assets included the excess earnings approach for customer relationships and backlog using customer inputs and contributory charges and the relief from royalty method for tradename and developed technology. Several significant assumptions and estimates were involved in the application of these valuation methods, including forecasted sales volumes and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, attrition rates and working capital changes. Cash flow forecasts were generally based on FlexSteel’s pre-acquisition forecasts. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives. The fair values determined for accounts receivable, accounts payable and most other current assets and liabilities, other than inventory, were equivalent to the carrying value due to their short-term nature. Acquired inventories are comprised of raw materials, work-in-progress and finished goods. The preliminary fair value of finished goods was calculated as the estimated selling price, less costs of the selling effort and a reasonable profit allowance relating to the selling effort. The preliminary fair value of work-in-progress was calculated as the estimated selling price, less costs to complete, less costs of the selling effort and a reasonable profit allowance on completion and selling costs. The preliminary fair value of raw materials was determined based on replacement cost which approximates historical carrying value. The preliminary fair value of identifiable fixed assets was calculated using a combination of valuation approaches, but primarily consisted of the cost approach which adjusts estimates of replacement cost for the age, condition and utility of the associated assets. Goodwill is calculated as the excess of the purchase price over the estimated fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the estimated fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, expansion opportunities and other benefits that we believe will result from combining the operations of FlexSteel with ours. Goodwill was further increased by the deferred tax liability associated with the fair market value in excess of the tax basis acquired. The goodwill associated with this transaction has been allocated to our Spoolable Technologies segment. The purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding assets acquired and liabilities assumed and revisions of preliminary estimates of fair values including, but not limited to, certain tangible assets acquired and liabilities assumed, contractual relationships, intangible assets, certain working capital items, deferred income taxes and residual goodwill. These changes to the purchase price allocation could be significant. The purchase price allocation will be finalized within the measurement period of up to one year from the acquisition date. Tax-related impacts As a result of the transaction, we acquired certain carryforward tax attributes. The Company’s current assessment is that some of these attributes should be accounted for as unrecognized tax benefits in the acquisition accounting. The unrecognized tax benefits have been offset by an indemnification asset from the seller of $5.7 million. The Company continues to evaluate the technical merits of the tax attributes, and the unrecognized tax benefit assessment is subject to change within the measurement period. Subsequent to completion of the acquisition, we determined that we expect to generate sufficient taxable income of the appropriate type to allow for the realization of the deferred tax asset associated with our investment in Cactus Companies and recognized a $12.1 million tax benefit in the first quarter of 2023 associated with the release of our valuation allowance previously provided. Additionally, we recognized $4.3 million of tax expense in the first quarter of 2023 associated with the revaluation of our deferred tax asset as a result of a change in our forecasted state rate primarily due to state impacts of the FlexSteel acquisition. Pro forma financial information From acquisition date through June 30, 2023, FlexSteel had revenue of $140.4 million and a net loss of $5.7 million. The pro forma financial information below represents the combined results of operations for the six months ended June 30, 2023 and for the three and six months ended June 30, 2022, as if the acquisition had occurred as of January 1, 2022. The unaudited pro forma combined financial information includes, where applicable, adjustments for additional amortization expense related to the fair value step-up of intangible assets, additional inventory fair value step-up expense, additional depreciation expense associated with adjusting property and equipment to fair value, changes to align accounting policies, decreases in interest expense due to modification of borrowings in conjunction with the acquisition and associated tax-related impacts of adjustments. These pro forma adjustments are based on available information as of the date hereof and upon assumptions that we believe are reasonable to reflect the impact of the FlexSteel acquisition on our historical financial information on a supplemental pro forma basis. Adjustments do not include the elimination of transaction-related costs incurred or any costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business. The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results. Three Months Ended Six Months Ended 2022 2023 2022 Revenues $ 262,526 $ 587,603 $ 490,992 Net Income attributable to Cactus, Inc. 31,634 79,011 49,521

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas E&P companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes amounts billed and currently due from customers and unbilled amounts for products delivered and services performed for which billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of June 30, 2023 and December 31, 2022 was $35.0 million and $34.9 million, respectively. We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us and apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a rollforward of our allowance for credit losses. Balance at Expense Write off Translation Adjustments Balance at Six Months Ended June 30, 2023 $ 1,060 $ 1,515 $ (24) $ (1) $ 2,550 Six Months Ended June 30, 2022 741 240 (61) — 920

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost (which approximates average cost). Costs include an application of related material, direct labor, duties, tariffs, freight and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Reserves are made for excess and obsolete items based on a range of factors, including age, usage and technological or market changes that may impact demand for those products. Inventories consist of the following: June 30, December 31, Raw materials $ 22,697 $ 3,150 Work-in-progress 11,624 5,444 Finished goods 175,066 152,689 $ 209,387 $ 161,283

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost. We manufacture or construct most of our Pressure Control rental equipment assets. During the manufacture of these assets, they are reflected as construction in progress until complete. Property and equipment consists of the following: June 30, December 31, Land $ 16,442 $ 5,302 Buildings and improvements 131,733 25,480 Machinery and equipment 125,011 57,883 Reels and skids 18,028 — Vehicles 33,425 29,045 Rental equipment 212,403 194,088 Furniture and fixtures 1,894 1,759 Computers and software 3,714 3,068 Gross property and equipment 542,650 316,625 Less: Accumulated depreciation (214,092) (200,573) Net property and equipment 328,558 116,052 Construction in progress 17,398 13,946 Total property and equipment, net $ 345,956 $ 129,998

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible AssetsGoodwill represents the excess of purchase price paid over the fair value of the net assets of acquired businesses. Goodwill is not amortized, but we perform an annual goodwill impairment test on December 31 and more frequently if events and circumstances indicate that the asset might be impaired. The change in carrying value of goodwill allocated to our reportable segments during the six months ended June 30, 2023 was as follows: Pressure Control Spoolable Technologies Total Balance at December 31, 2022 $ 7,824 $ — $ 7,824 FlexSteel acquisition — 194,982 194,982 Balance at June 30, 2023 $ 7,824 $ 194,982 $ 202,806 The following table presents the detail of acquired intangible assets other than goodwill as of June 30, 2023: Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (2,229) $ 98,071 Developed technology 77,000 (2,567) 74,433 Tradename 16,000 (533) 15,467 Backlog 7,000 (7,000) — Total $ 200,300 $ (12,329) $ 187,971 All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired is 12 years. Amortization expense recognized during the three and six months ended June 30, 2023 was $8.7 million and $12.3 million, respectively, and was recorded in SG&A expenses in the consolidated statements of income. Estimated future amortization expense is as follows: Remainder of 2023 $ 7,994 2024 15,987 2025 15,987 2026 15,987 2027 15,987 2028 15,987 Thereafter 100,042 Total $ 187,971

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of our debt as of June 30, 2023. We had no debt outstanding as of December 31, 2022. Revolving loan $ 30,000 Term loan 25,000 Less: Unamortized debt issuance costs (359) Total debt, net of deferred financing costs 54,641 Less: Current portion of long-term debt, net of deferred financing costs (1) (24,641) Long-term debt $ 30,000 (1) Represents the mandatory amortization payments due within twelve months of June 30, 2023, net of unamortized deferred financing costs. In July 2023, we paid the remaining $25.0 million outstanding on the term loan and the $30.0 million of outstanding amounts borrowed on the revolving loan. In addition to the borrowings reflected above, we had $1.7 million in letters of credit outstanding as of June 30, 2023. In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was first amended in September 2020 and provided for up to $75.0 million in revolving commitments. On July 25, 2022, the ABL Credit Facility was amended again for up to $80.0 million in revolving commitments, up to $15.0 million of which was available for the issuance of letters of credit. On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provides for a term loan of $125.0 million, the full amount of which was borrowed at closing of the Amended ABL Credit Facility to fund a portion of the Merger, and up to $225.0 million in revolving commitments, up to $20.0 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 Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility matures on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments. Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50% per annum for term loan ABR borrowings and 3.50% per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum. The term loan is required to be repaid in regular set amounts starting July 1, 2023 as set forth in the amortization schedule in the Amended ABL Credit Facility. The term loan can be prepaid without the payment of any prepayment premium (other than customary breakage costs for Term Benchmark borrowings). The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. Until the term loan is paid in full, the Amended ABL Credit Facility requires Cactus Companies to maintain a leverage ratio no greater than 2.50 to 1.00 based on the ratio of Total Indebtedness (as defined therein) to EBITDA (as defined therein). The Amended ABL Credit Facility also requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral. We were in compliance with all covenants under the Amended ABL Credit Facility as of June 30, 2023.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 rentals, for a fixed charge per day plus repairs while the equipment is in use by the customer. Product sales generally do not include right of return or other significant post-delivery obligations. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenues are recognized when we satisfy a performance obligation by transferring control of the promised goods or providing services to our customers at a point in time, in an amount specified in the contract with our customer and that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The majority of our contracts with customers contain a single performance obligation to provide agreed upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We do not incur any material costs of obtaining contracts. We do not adjust the amount of consideration per the contract for the effects of a significant financing component when we expect, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less, which is in substantially all cases. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days of invoicing. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat shipping and handling associated with outbound freight as a fulfillment cost instead of as a separate performance obligation. We recognize the cost for the associated shipping and handling when incurred as an expense in cost of sales. We disaggregate revenue into three categories: product revenues, rental revenues and field service and other revenues. We have predominately domestic operations with a small amount of sales in Australia, Canada, the Middle East and other international markets. The following table presents our revenues disaggregated by category: Three Months Ended Six Months Ended 2023 2022 2023 2022 Product revenue $ 231,893 76 % $ 112,232 66 % $ 391,403 73 % $ 206,272 65 % Rental revenue 28,220 9 % 23,695 14 % 56,037 11 % 46,038 15 % Field service and other revenue 45,706 15 % 34,288 20 % 86,784 16 % 63,804 20 % Total revenues $ 305,819 100 % $ 170,215 100 % $ 534,224 100 % $ 316,114 100 % At June 30, 2023, we had a deferred revenue balance of $10.0 million compared to the December 31, 2022 balance of $1.5 million. Deferred revenue represents our obligation to transfer products to or perform services for a customer for which we have received cash or billed in advance. The revenue that has been deferred will be recognized upon product delivery or as services are performed. As of June 30, 2023, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied.

Tax Receivable Agreement ("TRA"

Tax Receivable Agreement ("TRA")	6 Months Ended
	Jun. 30, 2023
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 certain direct and indirect owners of Cactus LLC (after the CC Reorganization, Cactus Companies) of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Cactus Inc. actually realizes or is deemed to realize in certain circumstances. Cactus Inc. will retain the benefit of the remaining 15% of these net cash savings. The TRA liability is calculated by determining the tax basis subject to the TRA (“tax basis”) and applying a blended tax rate to the basis differences and calculating the resulting iterative impact. The blended tax rate consists of the U.S. federal income tax rate and an assumed combined state and local income tax rate driven by the apportionment factors applicable to each state. Subsequent changes to the measurement of the TRA liability are recognized in the statements of income as a component of other expense, net. As of June 30, 2023, the total liability from the TRA was $290.4 million with $27.5 million reflected in current liabilities based on the expected timing of our next payment. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc. The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA and such payment is expected to be substantial. The calculation of anticipated future payments will be based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates. We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity As of June 30, 2023, Cactus Inc. owned 81.3% of Cactus Companies as compared to 80.3% of Cactus LLC (prior to the CC Reorganization) as of December 31, 2022. As of June 30, 2023, Cactus Inc. had outstanding 64.6 million shares of Class A common stock (representing 81.3% of the total voting power) and 14.8 million shares of Class B common stock (representing 18.7% of the total voting power). Equity Offering In January 2023, Cactus Inc. completed an underwritten offering of 3,224,300 shares of Class A common stock at a price to the underwriters of $51.36 per share for net proceeds of $165.6 million (net of $6.9 million of underwriting discounts and commissions). In addition to the underwriting discounts and commissions, approximately $2.2 million of costs directly associated with the stock issuance were recorded as a reduction to additional paid-in capital. FlexSteel Acquisition In conjunction with the FlexSteel acquisition, a restricted stock award of 128,150 shares of Class A common stock was issued under the Company’s long-term incentive plan to a key employee in exchange for cash consideration of $6.5 million. The shares are restricted from sale or trading and are subject to vesting requirements for one year from grant date. If the fair market value of the restricted shares is below the purchase price upon vesting, Cactus will compensate the key employee for the difference in price plus a gross-up for taxes. We are accounting for this guaranteed payment as stock compensation with liability classification and remeasure the liability to fair value at each reporting period. Compensation cost is being recognized ratably over the one-year vesting period. The liability balance is $0.9 million as of June 30, 2023 and is included in accrued expenses and other current liabilities in the consolidated balance sheets. We recognized $0.4 million of compensation expense in SG&A in the consolidated statements of income during the six months ended June 30, 2023. CC Reorganization As part of the CC Reorganization in connection with the acquisition of FlexSteel, Cactus Companies acquired all of the outstanding units representing limited liability company interests of Cactus LLC ( “CW Units”) in exchange for an equal number of CC Units issued to each of the previous owners of CW Units other than Cactus Inc. (the “CW Unit Holders”). Upon the completion of the CC Reorganization, CW Unit Holders ceased to be holders of CW Units and, instead, became holders of a number of CC Units equal to the number of CW Units such CW Unit Holders held immediately prior to the completion of the CC Reorganization. After the CC Reorganization, we refer to the owners of CC Units, other than Cactus Inc. (along with their permitted transferees), as “CC Unit Holders.” Following the completion of the CC Reorganization, CC Unit Holders own one share of our Class B Common Stock for each CC Unit such CC Unit Holder owns. In connection with the CC Reorganization, Cactus Inc. and the owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which contains substantially the same terms and conditions as the Second Amended and Restated Limited Liability Company Operating Agreement of Cactus LLC (the “Cactus Wellhead LLC Agreement”), which was the limited liability company operating agreement of Cactus LLC prior to the CC Reorganization. Cactus Inc. was responsible for all operational, management and administrative decisions relating to Cactus LLC’s business for the period from completion of our IPO until the CC Reorganization and relating to Cactus Companies’ business for periods after the CC Reorganization. Pursuant to the Cactus Companies LLC Agreement, each holder of CC Units has, subject to certain limitations, the right to cause Cactus Companies to acquire all or at least a minimum portion of its CC Units for, at Cactus Companies’ election, (x) shares of our Class A common stock at a redemption ratio of one share of Class A common stock for each CC Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or (y) an equivalent amount of cash. Alternatively, upon the exercise of such redemption right, Cactus Inc. (instead of Cactus Companies) has the right to acquire each tendered CC Unit directly from the exchanging CC Unit Holder for, at its election, (x) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions, or (y) an equivalent amount of cash. In connection with any redemption of CC Units pursuant to such redemption right or our alternative right to acquire each tendered CC Unit, the corresponding number of shares of Class B common stock would be canceled. Redemptions of CC Units Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, an aggregate of 45.7 million of CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock. During the six months ended June 30, 2023, 0.2 million CC Units, together with a corresponding number of shares of Class B common stock, were redeemed in exchange for Class A common stock in accordance with the Cactus Companies LLC Agreement. During the 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. Dividends Aggregate cash dividends of $0.22 per share of Class A common stock declared during the six months ended June 30, 2023 and 2022 totaled $14.4 million and $13.3 million, respectively. Cash dividends paid during the six months ended June 30, 2023 and 2022 totaled $14.5 million and $13.3 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to the owners of CC Units other than Cactus Inc. for any dividends declared on our Class A common stock. See further discussion of the distributions below under “Member Distributions.” Share Repurchase Program On June 6, 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million. Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S. securities laws, rules and regulations. The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. During the three and six months ended June 30, 2023, the Company purchased and retired 4,007 shares of Class A common stock for $0.2 million or $39.69 average price per share excluding commissions, under the share repurchase program. As of June 30, 2023, $149.8 million remained authorized for future repurchases of Class A common stock under the program. Member Distributions Distributions made by Cactus Companies are generally required to be made pro rata among all its members. For the six months ended June 30, 2023, Cactus Companies distributed $20.4 million to Cactus Inc. to fund its dividend and estimated tax payments and made pro rata distributions to the other members totaling $4.7 million over the same period. During the six months ended June 30, 2022, Cactus Companies distributed $13.1 million to Cactus Inc. to fund its dividend payments and made pro rata distributions to the other members totaling $3.3 million. Limitation of Members’ Liability Under the terms of the Cactus Companies LLC Agreement, the members of Cactus Companies are not obligated for debt, liabilities, contracts or other obligations of Cactus Companies. Profits and losses are allocated to members as defined in the Cactus Companies LLC Agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are involved in various disputes arising in the ordinary course of business. Management does not believe the outcome of these disputes will have a material adverse effect on our consolidated financial position or consolidated results of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsAuthoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value of cash and cash equivalents, receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. The following table sets forth our liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Total Liabilities: Earn-out liability $ — $ — $ 23,983 $ 23,983 Put option liability — — 1,746 1,746 The earn-out liability related to the FlexSteel acquisition (see Note 2) is measured at fair value using Level 3 unobservable inputs at the end of each reporting period with changes in its estimated fair value recorded in earnings until the liability is settled. The fair value is determined based on the evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of FlexSteel using a Monte Carlo simulation model. The Monte Carlo simulation model uses assumptions including revenue volatilities, risk free rates, credit discount rates and revenue discount rates. Significant changes in any of those assumptions could have a material effect on the estimated fair value of the earn-out payment. The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value of the earn-out payment as of June 30, 2023: June 30, 2023 Risk-free interest rate 4.06% to 5.53% Expected revenue volatility 27.60% Revenue discount rate 11.00% to 11.10% Credit discount rate 10.80% to 10.97% The put option liability represents the guaranteed payment on restricted stock purchased in conjunction with the FlexSteel acquisition (see Note 10). This liability is measured at fair value at the end of each reporting period until the liability is settled with changes in fair value from grant date recognized ratably over the one-year vesting period. The fair value is determined using the Black-Scholes option pricing method that utilizes a selected volatility calculated based on weighting historical and implied volatility indications. As the selected volatility involves judgement and is a significant input to estimating the fair value of the put option, it is classified as a Level 3 input. Significant changes in the volatility could have a material effect on the estimated fair value of the put option liability. The following table sets forth the inputs for the significant assumptions utilized to determine the fair value of the put option liability as of June 30, 2023: June 30, 2023 Risk-free interest rate 5.37% Expected volatility 46.48% Dividend yield 1.03% The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: Earn-out Put Option Opening Balance $ 5,960 $ 510 Changes in fair value (1) 18,023 1,236 Balance at June 30, 2023 $ 23,983 $ 1,746 (1) We recognized $18.0 million of remeasurement expense associated with the change in the fair value of the earn-out liability during the six months ended June 30, 2023. During the three months ended March 31, 2023, $0.1 million of gain for the change in fair value was presented in other income (expense), net in the consolidated statements of operations. During the three months ended June 30, 2023, $18.1 million of expense for the change in fair value was separately presented as a component of operating income. For the put option liability, we recognized $0.4 million of expense associated with the change in fair value in SG&A in the consolidated statements of income during the six months ended June 30, 2023. The fair value of our foreign currency forwards was less than $0.1 million as of June 30, 2023 and was determined using market observable inputs including forward and spot prices (Level 2 inputs).

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Prior to the acquisition of FlexSteel, we operated in a single segment which reflected how our business was managed and the nature of our products and services. Upon completion of the acquisition, we re-evaluated our reportable segments and now report two business segments. Our business segments offer different products and services and correspond to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to each segment. Our reporting segments are: • Pressure Control – engaged in the design, manufacture, sale, installation and service of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells. • Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids. Financial information by business segment for the three and six months ended June 30, 2023 and 2022 is summarized below. Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue: Pressure Control $ 199,134 $ 170,215 $ 393,789 $ 316,114 Spoolable Technologies 106,685 — 140,435 — Total revenues 305,819 170,215 534,224 316,114 Operating income (loss): Pressure Control (1) 54,540 44,241 103,979 75,231 Spoolable Technologies (6,018) — (5,769) — Total operating income 48,522 44,241 98,210 75,231 Interest income (expense), net (5,928) 304 (4,926) 204 Other income (expense), net — — 3,538 (1,115) Income before income taxes $ 42,594 $ 44,545 $ 96,822 $ 74,320 (1) Includes corporate and other costs not directly attributable to our reporting segments such as corporate executive management and other administrative functions.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during the period by the weighted average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is calculated by dividing the net income attributable to Cactus Inc. during that period by the weighted average number of common shares outstanding assuming all potentially dilutive shares were issued. We use the if-converted method to determine the potential dilutive effect of outstanding CC Units (and corresponding shares of outstanding Class B common stock), the treasury stock method to determine the potential dilutive effect of unvested restricted stock units assuming that the proceeds will be used to purchase shares of Class A common stock and the contingently issuable share method to determine the potential dilutive effect of unvested performance stock units. The following table summarizes the basic and diluted earnings per share calculations: Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net income attributable to Cactus Inc.—basic $ 24,750 $ 27,144 $ 67,644 $ 47,760 Net income attributable to non-controlling interest (1) — 6,759 13,114 11,779 Net income attributable to Cactus Inc.—diluted (1) $ 24,750 $ 33,903 $ 80,758 $ 59,539 Denominator: Weighted average Class A shares outstanding—basic 64,566 60,523 64,155 59,909 Effect of dilutive shares (2) 437 15,799 15,357 16,353 Weighted average Class A shares outstanding—diluted (2) 65,003 76,322 79,512 76,262 Earnings per Class A share—basic $ 0.38 $ 0.45 $ 1.05 $ 0.80 Earnings per Class A share—diluted (1)(2) $ 0.38 $ 0.44 $ 1.02 $ 0.78 (1) The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26.0% for the six months ended June 30, 2023 and 25.0% for the three and six months ended June 30, 2022. (2) Diluted earnings per share for the three months ended June 30, 2023 excludes 14.9 million weighted average shares of Class B common stock as the effect would be anti-dilutive.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,750	$ 27,144	$ 67,644	$ 47,760

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Preparation of Interim Financ_2

Preparation of Interim Financial Statements and Other Items (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed its previously announced merger of the FlexSteel business (the “Merger”) through a merger with HighRidge Resources, Inc. and its subsidiaries (“HighRidge”). On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization was completed in which Cactus Companies acquired all of the outstanding units representing ownership interests in Cactus Wellhead, LLC (“Cactus LLC”), the operating subsidiary of Cactus Inc. (the “CC Reorganization”). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. and its subsidiaries. FlexSteel Holdings, Inc. was a wholly-owned subsidiary of HighRidge prior to the Merger and was converted into a limited liability company, contributed from HighRidge to Cactus Companies as part of the CC Reorganization and is now named FlexSteel Holdings, LLC (“FlexSteel”). The results of operations of FlexSteel have been reflected in our accompanying condensed consolidated financial statements from the closing date of the acquisition through June 30, 2023. See Note 2 for additional information related to the acquisition. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated financial statements include all adjustments, which are of a normal recurring nature, unless otherwise disclosed, necessary for a fair statement of the consolidated financial statements for the interim periods. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	Use of Estimates In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.

FlexSteel Acquisition (Tables)

FlexSteel Acquisition (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Purchase Price Consideration	The estimated purchase price consideration for the acquisition is $630.1 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 624,173 Add: Estimated contingent consideration (1) 5,960 Fair value of consideration transferred or estimated to be transferred $ 630,133 (1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75 million of additional cash consideration if certain revenue growth targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate.
Summary of Preliminary Purchase Price Allocation	The following table provides the preliminary allocation of the purchase price as of the acquisition date. The goodwill reflected below increased $1.5 million from the original preliminary purchase price allocation as a result of measurement period adjustments, primarily related to valuation adjustments to inventories and property and equipment. Cash and cash equivalents $ 5,316 Receivables 57,747 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 210,100 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 573,179 Accounts payable (14,789) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,532) Total liabilities assumed (138,028) Net assets acquired 435,151 Goodwill $ 194,982
Summary of Unaudited Proforma Results	The unaudited pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results. Three Months Ended Six Months Ended 2022 2023 2022 Revenues $ 262,526 $ 587,603 $ 490,992 Net Income attributable to Cactus, Inc. 31,634 79,011 49,521

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Rollforward of Allowance for Credit Losses	The following is a rollforward of our allowance for credit losses. Balance at Expense Write off Translation Adjustments Balance at Six Months Ended June 30, 2023 $ 1,060 $ 1,515 $ (24) $ (1) $ 2,550 Six Months Ended June 30, 2022 741 240 (61) — 920

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 31, Raw materials $ 22,697 $ 3,150 Work-in-progress 11,624 5,444 Finished goods 175,066 152,689 $ 209,387 $ 161,283

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Net	Property and equipment consists of the following: June 30, December 31, Land $ 16,442 $ 5,302 Buildings and improvements 131,733 25,480 Machinery and equipment 125,011 57,883 Reels and skids 18,028 — Vehicles 33,425 29,045 Rental equipment 212,403 194,088 Furniture and fixtures 1,894 1,759 Computers and software 3,714 3,068 Gross property and equipment 542,650 316,625 Less: Accumulated depreciation (214,092) (200,573) Net property and equipment 328,558 116,052 Construction in progress 17,398 13,946 Total property and equipment, net $ 345,956 $ 129,998

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in carrying value of goodwill allocated to our reportable segments during the six months ended June 30, 2023 was as follows: Pressure Control Spoolable Technologies Total Balance at December 31, 2022 $ 7,824 $ — $ 7,824 FlexSteel acquisition — 194,982 194,982 Balance at June 30, 2023 $ 7,824 $ 194,982 $ 202,806
Summary of Future Amortization	Estimated future amortization expense is as follows: Remainder of 2023 $ 7,994 2024 15,987 2025 15,987 2026 15,987 2027 15,987 2028 15,987 Thereafter 100,042 Total $ 187,971
Summary of Total Intangible Assets	The following table presents the detail of acquired intangible assets other than goodwill as of June 30, 2023: Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (2,229) $ 98,071 Developed technology 77,000 (2,567) 74,433 Tradename 16,000 (533) 15,467 Backlog 7,000 (7,000) — Total $ 200,300 $ (12,329) $ 187,971

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Debt	The following is a summary of our debt as of June 30, 2023. We had no debt outstanding as of December 31, 2022. Revolving loan $ 30,000 Term loan 25,000 Less: Unamortized debt issuance costs (359) Total debt, net of deferred financing costs 54,641 Less: Current portion of long-term debt, net of deferred financing costs (1) (24,641) Long-term debt $ 30,000 (1) Represents the mandatory amortization payments due within twelve months of June 30, 2023, net of unamortized deferred financing costs. In July 2023, we paid the remaining $25.0 million outstanding on the term loan and the $30.0 million of outstanding amounts borrowed on the revolving loan.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Category	The following table presents our revenues disaggregated by category: Three Months Ended Six Months Ended 2023 2022 2023 2022 Product revenue $ 231,893 76 % $ 112,232 66 % $ 391,403 73 % $ 206,272 65 % Rental revenue 28,220 9 % 23,695 14 % 56,037 11 % 46,038 15 % Field service and other revenue 45,706 15 % 34,288 20 % 86,784 16 % 63,804 20 % Total revenues $ 305,819 100 % $ 170,215 100 % $ 534,224 100 % $ 316,114 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Liabilities Measured at Fair Value	The following table sets forth our liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Total Liabilities: Earn-out liability $ — $ — $ 23,983 $ 23,983 Put option liability — — 1,746 1,746
Summary of Significant Assumptions to Determine Fair Value	The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value of the earn-out payment as of June 30, 2023: June 30, 2023 Risk-free interest rate 4.06% to 5.53% Expected revenue volatility 27.60% Revenue discount rate 11.00% to 11.10% Credit discount rate 10.80% to 10.97% June 30, 2023 Risk-free interest rate 5.37% Expected volatility 46.48% Dividend yield 1.03%
Summary of Changes in Fair Value	The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: Earn-out Put Option Opening Balance $ 5,960 $ 510 Changes in fair value (1) 18,023 1,236 Balance at June 30, 2023 $ 23,983 $ 1,746 (1) We recognized $18.0 million of remeasurement expense associated with the change in the fair value of the earn-out liability during the six months ended June 30, 2023. During the three months ended March 31, 2023, $0.1 million of gain for the change in fair value was presented in other income (expense), net in the consolidated statements of operations. During the three months ended June 30, 2023, $18.1 million of expense for the change in fair value was separately presented as a component of operating income. For the put option liability, we recognized $0.4 million of expense associated with the change in fair value in SG&A in the consolidated statements of income during the six months ended June 30, 2023.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summarized Financial Information by Segment	Financial information by business segment for the three and six months ended June 30, 2023 and 2022 is summarized below. Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue: Pressure Control $ 199,134 $ 170,215 $ 393,789 $ 316,114 Spoolable Technologies 106,685 — 140,435 — Total revenues 305,819 170,215 534,224 316,114 Operating income (loss): Pressure Control (1) 54,540 44,241 103,979 75,231 Spoolable Technologies (6,018) — (5,769) — Total operating income 48,522 44,241 98,210 75,231 Interest income (expense), net (5,928) 304 (4,926) 204 Other income (expense), net — — 3,538 (1,115) Income before income taxes $ 42,594 $ 44,545 $ 96,822 $ 74,320 (1) Includes corporate and other costs not directly attributable to our reporting segments such as corporate executive management and other administrative functions.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net income attributable to Cactus Inc.—basic $ 24,750 $ 27,144 $ 67,644 $ 47,760 Net income attributable to non-controlling interest (1) — 6,759 13,114 11,779 Net income attributable to Cactus Inc.—diluted (1) $ 24,750 $ 33,903 $ 80,758 $ 59,539 Denominator: Weighted average Class A shares outstanding—basic 64,566 60,523 64,155 59,909 Effect of dilutive shares (2) 437 15,799 15,357 16,353 Weighted average Class A shares outstanding—diluted (2) 65,003 76,322 79,512 76,262 Earnings per Class A share—basic $ 0.38 $ 0.45 $ 1.05 $ 0.80 Earnings per Class A share—diluted (1)(2) $ 0.38 $ 0.44 $ 1.02 $ 0.78 (1) The numerator is adjusted in the calculation of diluted earnings per share under the if-converted method to include net income attributable to the non-controlling interest calculated as its pre-tax income adjusted for a corporate effective tax rate of 26.0% for the six months ended June 30, 2023 and 25.0% for the three and six months ended June 30, 2022. (2) Diluted earnings per share for the three months ended June 30, 2023 excludes 14.9 million weighted average shares of Class B common stock as the effect would be anti-dilutive.

Preparation of Interim Financ_3

Preparation of Interim Financial Statements and Other Items (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class A Common Stock
Organization and Nature of Operations
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

FlexSteel Acquisition - Narrati

FlexSteel Acquisition - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 28, 2023	Jan. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Upfront purchase price funds	$ 165,600
Additional costs related to reporting and accounting of the transaction			$ 3,300			$ 3,300
Tax expense associated with revaluation of deferred tax asset				$ 4,300
Net income			24,750		$ 27,144	67,644	$ 47,760
Level 3 | Earn-out liability
Business Acquisition [Line Items]
Gain on change in fair value						18,023
FlexSteel
Business Acquisition [Line Items]
Cash consideration	624,173
Earnout opportunity	75,000		24,000			24,000
Borrowings total		$ 155,000
Transaction costs			$ 7,500			7,500
Expense recognized						18,000
Indemnification asset	$ 5,700
Tax benefit for release of valuation allowance				12,100
Revenue						140,400
Net income						$ (5,700)
FlexSteel | Level 3 | Earn-out liability
Business Acquisition [Line Items]
Gain on change in fair value				$ 100

FlexSteel Acquisition - Summary

FlexSteel Acquisition - Summary of Purchase Price Consideration (Details) - FlexSteel - USD ($) $ in Thousands	Feb. 28, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Cash consideration	$ 624,173
Add: Estimated contingent consideration	5,960
Fair value of consideration transferred or estimated to be transferred	630,133
Earnout opportunity	$ 75,000	$ 24,000

FlexSteel Acquisition - Summa_2

FlexSteel Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Feb. 28, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Operating lease right-of-use assets		$ 1,021
Goodwill	$ 202,806		$ 7,824
FlexSteel
Business Acquisition [Line Items]
Goodwill increase	$ 1,500
Cash and cash equivalents		5,316
Receivables		57,747
Inventories		91,746
Prepaid expenses and other current assets		1,283
Property and equipment		210,100
Identifiable intangible assets		200,300
Other noncurrent assets		5,666
Total assets acquired		573,179
Accounts payable		(14,789)
Accrued expenses and other current liabilities		(26,827)
Finance lease obligations		(974)
Operating lease liabilities		(906)
Deferred tax liabilities		(94,532)
Total liabilities assumed		(138,028)
Net assets acquired		435,151
Goodwill		$ 194,982

FlexSteel Acquisition - Summa_3

FlexSteel Acquisition - Summary of Unadited Proforma Results (Details) - FlexSteel - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 262,526	$ 587,603	$ 490,992
Net Income attributable to Cactus, Inc.	$ 31,634	$ 79,011	$ 49,521

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts Receivable
Unbilled revenue	$ 35,000		$ 34,900
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	1,060	$ 741
Expense	1,515	240
Write off	(24)	(61)
Translation Adjustments	(1)	0
Balance at End of Period	$ 2,550	$ 920

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Summary of inventories
Raw materials	$ 22,697	$ 3,150
Work-in-progress	11,624	5,444
Finished goods	175,066	152,689
Total inventory	$ 209,387	$ 161,283

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 542,650	$ 316,625
Less: Accumulated depreciation	(214,092)	(200,573)
Net property and equipment	328,558	116,052
Total property and equipment, net	345,956	129,998
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	16,442	5,302
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	131,733	25,480
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	125,011	57,883
Reels and skids
Property, Plant and Equipment [Line Items]
Gross property and equipment	18,028	0
Vehicles
Property, Plant and Equipment [Line Items]
Vehicles	33,425	29,045
Rental equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	212,403	194,088
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,894	1,759
Computers and software
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,714	3,068
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 17,398	$ 13,946

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 7,824
FlexSteel acquisition	194,982
Balance at June 30, 2023	202,806
Pressure Control
Goodwill [Roll Forward]
Balance at December 31, 2022	7,824
FlexSteel acquisition	0
Balance at June 30, 2023	7,824
Spoolable Technologies
Goodwill [Roll Forward]
Balance at December 31, 2022	0
FlexSteel acquisition	194,982
Balance at June 30, 2023	$ 194,982

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Total Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	$ 200,300
Accumulated Amortization	(12,329)
Net Cost	187,971
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	100,300
Accumulated Amortization	(2,229)
Net Cost	98,071
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	77,000
Accumulated Amortization	(2,567)
Net Cost	74,433
Tradename
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	16,000
Accumulated Amortization	(533)
Net Cost	15,467
Backlog
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	7,000
Accumulated Amortization	(7,000)
Net Cost	$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 38,069	$ 14,740	$ 67,970	$ 28,834
Identifiable Intangible Assets Acquired
Finite-Lived Intangible Assets [Line Items]
Amortization period	12 years		12 years
Amortization expense	$ 8,700		$ 12,300

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Summary of Future Amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 7,994
2024	15,987
2025	15,987
2026	15,987
2027	15,987
2028	15,987
Thereafter	100,042
Net Cost	$ 187,971

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	1 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs		$ (359,000)
Total debt, net of deferred financing costs		54,641,000	$ 0
Less: Current portion of long-term debt		(24,641,000)	0
Long-term debt		30,000,000	$ 0
Line of Credit | The Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Debt gross		30,000,000
Line of Credit | The Credit Facility | ABL Credit Facility | Subsequent event
Debt Instrument [Line Items]
Payments	$ 30,000,000
Line of Credit | The Credit Facility | Term loan
Debt Instrument [Line Items]
Debt gross		$ 25,000,000
Line of Credit | The Credit Facility | Term loan | Subsequent event
Debt Instrument [Line Items]
Payments	$ 25,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 25, 2022 USD ($)	Aug. 21, 2018 USD ($)
Long-term Debt
Letters of credit outstanding	$ 1,700,000
Term loan | Amended ABL Credit Facility
Long-term Debt
Face amount		$ 125,000,000
ABL Credit Facility | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity		225,000,000
Letters of credit | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity		20,000,000
Cactus LLC | Line of Credit
Long-term Debt
Borrowing capacity			$ 15,000,000
Cactus LLC | ABL Credit Facility | Line of Credit
Long-term Debt
Term				5 years
Borrowing capacity			$ 80,000,000	$ 75,000,000
Additional commitments		50,000,000
Maximum borrowing capacity		$ 275,000,000
Subsidiaries | ABL Credit Facility
Long-term Debt
Fixed charge coverage ratio	1
Subsidiaries | ABL Credit Facility | Base Rate
Long-term Debt
Applicable margin rate	2.50%
Subsidiaries | ABL Credit Facility | Secured Overnight Financing Rate
Long-term Debt
Applicable margin rate	3.50%
Subsidiaries | ABL Credit Facility | Minimum
Long-term Debt
Commitment fee	0.25%
Subsidiaries | ABL Credit Facility | Minimum | Base Rate
Long-term Debt
Applicable margin rate	0%
Subsidiaries | ABL Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term Debt
Applicable margin rate	1.25%
Subsidiaries | ABL Credit Facility | Maximum | Base Rate
Long-term Debt
Applicable margin rate	0.50%
Subsidiaries | ABL Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term Debt
Applicable margin rate	1.75%
Subsidiaries | ABL Credit Facility | Line of Credit | Credit Agreement
Long-term Debt
Leverage ratio	2.50

Revenue - Disaggregated by Cate

Revenue - Disaggregated by Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 305,819	$ 170,215	$ 534,224	$ 316,114
Revenue as a percentage	100%	100%	100%	100%
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 231,893	$ 112,232	$ 391,403	$ 206,272
Revenue as a percentage	76%	66%	73%	65%
Rental revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 28,220	$ 23,695	$ 56,037	$ 46,038
Revenue as a percentage	9%	14%	11%	15%
Field service and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,706	$ 34,288	$ 86,784	$ 63,804
Revenue as a percentage	15%	20%	16%	20%

Revenue - Contracts with Custom

Revenue - Contracts with Customers (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Contract Balances
Deferred revenue	$ 10	$ 1.5

Tax Receivable Agreement ("TR_2

Tax Receivable Agreement ("TRA") (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2018	Jun. 30, 2023	Dec. 31, 2022
Tax Receivable Agreement
Tax savings payable to TRA Holders	85%
Tax savings benefit retained by Cactus Inc	15%
Total TRA liability		$ 290,400
Current portion of liability related to tax receivable agreement		$ 27,544	$ 27,544

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	65 Months Ended
	Jan. 13, 2023	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 06, 2023
Equity
Issuances of common stock					$ 169,369
Cash dividend declared (in dollars per share)			$ 0.11	$ 0.11	$ 0.22	$ 0.22
Share repurchases			$ 159		$ 159
Pro rata distributions made to other members					4,712	$ 3,348
Share Repurchase Program
Equity
Authorized amount of stock repurchase									$ 150,000
Additional Paid-In Capital
Equity
Costs associated with stock issuance		$ 2,200
Issuances of common stock					143,302
Share repurchases			$ 137		$ 137
Common stock | Share Repurchase Program
Equity
Common stock purchased and retired (in shares)			4,007		4,007
Share repurchases			$ 200		$ 200
Average stock repurchased price (in dollars per share)			$ 39.69		$ 39.69
Common stock authorized repurchase amount			$ 149,800		$ 149,800			$ 149,800
FlexSteel | Key Employee
Equity
Issuance of common stock (in shares)					128,150
Issuances of common stock					$ 6,500
Accrued expenses and other current liabilities			$ 900		900			$ 900
Selling, general and administrative expenses					$ 400
Cactus Companies
Equity
Ownership interest					81.30%
Cactus LLC
Equity
Ownership interest							80.30%
Cactus Inc
Equity
Cash distributions to unit holders					$ 20,400	13,100
CC Unit Holders other than Cactus, Inc.
Equity
Pro rata distributions made to other members					$ 4,700	$ 3,300
Class A Common Stock
Equity
Common stock, shares outstanding (in shares)			64,609,000		64,609,000		60,903,000	64,609,000
Shares outstanding, percentage of total voting power			81.30%		81.30%			81.30%
Cash dividend declared (in dollars per share)					$ 0.22	$ 0.22
Dividends declared					$ 14,400	$ 13,300
Dividends paid					$ 14,500	$ 13,300
Class A Common Stock | Common stock
Equity
Issuance of common stock (in shares)					3,352,000
Issuances of common stock					$ 34
Class A Common Stock | Additional Offering
Equity
Shares sold (in shares)	3,224,300
Price of stock (in dollars per share)	$ 51.36
Cash consideration	$ 165,600
Underwriting discounts	$ 6,900
Class A Common Stock | Cactus Companies LLC Agreement
Equity
CW Unit redemptions (in shares)								45,700,000
Class A Common Stock | March 2021 Secondary Offering
Equity
CW Unit redemptions (in shares)					200,000	1,400,000
Class B Common Stock
Equity
Common stock, shares outstanding (in shares)			14,820,000		14,820,000		14,978,000	14,820,000
Shares outstanding, percentage of total voting power			18.70%		18.70%			18.70%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Liabilities Measured at Fair Value (Details) - Fair Value, Recurring $ in Thousands	Jun. 30, 2023 USD ($)
Earn-out liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 23,983
Earn-out liability | Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Earn-out liability | Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Earn-out liability | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	23,983
Put option liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	1,746
Put option liability | Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Put option liability | Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Put option liability | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ 1,746

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Significant Assumptions to Determine Fair Value (Details)	Jun. 30, 2023
Risk-free interest rate | Put option liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	5.37
Risk-free interest rate | Minimum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0406
Risk-free interest rate | Maximum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0553
Expected revenue volatility | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.2760
Revenue discount rate | Minimum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1100
Revenue discount rate | Maximum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1110
Credit discount rate | Minimum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1080
Credit discount rate | Maximum | Earn-out liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1097
Expected volatility | Put option liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	46.48
Dividend yield | Put option liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	1.03

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of earn-out liability	$ 18,144		$ 0	$ 18,144	$ 0
Level 3 | Earn-out liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance		$ 5,960		5,960
Changes in fair value				18,023
Balance at June 30, 2023	23,983			23,983
Level 3 | Earn-out liability | FlexSteel
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value		100
Level 3 | Put option liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance		$ 510		510
Changes in fair value				1,236
Balance at June 30, 2023	$ 1,746			1,746
Remeasurement Expense | Level 3 | Earn-out liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value				18,000
Remeasurement Expense | Level 3 | Put option liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value				$ 400

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign currency forwards	$ 0.1

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	2 Months Ended	6 Months Ended
	Feb. 27, 2023	Jun. 30, 2023
Segment Reporting [Abstract]
Number of operating segments	1
Number of business segments		2

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 305,819	$ 170,215	$ 534,224	$ 316,114
Total operating income	48,522	44,241	98,210	75,231
Interest income (expense), net	(5,928)	304	(4,926)	204
Other income (expense), net	0	0	3,538	(1,115)
Income before income taxes	42,594	44,545	96,822	74,320
Pressure Control
Segment Reporting Information [Line Items]
Total revenues	199,134	170,215	393,789	316,114
Total operating income	54,540	44,241	103,979	75,231
Spoolable Technologies
Segment Reporting Information [Line Items]
Total revenues	106,685	0	140,435	0
Total operating income	$ (6,018)	$ 0	$ (5,769)	$ 0

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to Cactus Inc.	$ 24,750	$ 27,144	$ 67,644	$ 47,760
Net income attributable to non-controlling interest	0	6,759	13,114	11,779
Net income attributable to Cactus Inc. - diluted	$ 24,750	$ 33,903	$ 80,758	$ 59,539
Denominator:
Effect of dilutive shares (in shares)	437	15,799	15,357	16,353
Corporate effective income tax rate, if-converted method			26%	25%
Class A Common Stock
Denominator:
Weighted average Class A Shares Outstanding - basic (in shares)	64,566	60,523	64,155	59,909
Weighted average Class A shares outstanding - diluted (in shares)	65,003	76,322	79,512	76,262
Earnings per Class A share - basic (in dollars per share)	$ 0.38	$ 0.45	$ 1.05	$ 0.80
Earnings per Class A share - diluted (in dollars per share)	$ 0.38	$ 0.44	$ 1.02	$ 0.78
Class B Common Stock
Denominator:
Weighted average Class A shares outstanding - diluted (in shares)	14,900