Cactus (WHD) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		65,706,197
Class B Common Stock
Entity Common Stock, Shares Outstanding		13,848,630

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 194,257	$ 133,792
Accounts receivable, net of allowance of $3,803 and $3,642, respectively	207,624	205,381
Inventories	204,049	205,625
Prepaid expenses and other current assets	11,027	11,380
Total current assets	616,957	556,178
Noncurrent assets
Property and equipment, net	344,973	345,502
Operating lease right-of-use assets, net	24,429	23,496
Intangible assets, net	175,981	179,978
Goodwill	203,028	203,028
Deferred tax asset, net	201,037	204,852
Other noncurrent assets	9,482	9,527
Total assets	1,575,887	1,522,561
Current liabilities
Accounts payable	66,142	71,841
Accrued expenses and other current liabilities	58,284	50,654
Earn-out liability	34,114	20,810
Current portion of liability related to tax receivable agreement	20,855	20,855
Finance lease obligations, current portion	7,181	7,280
Operating lease liabilities, current portion	4,094	4,220
Total current liabilities	190,670	175,660
Noncurrent liabilities
Deferred tax liability, net	3,743	3,589
Liability related to tax receivable agreement, net of current portion	250,069	250,069
Finance lease obligations, net of current portion	9,529	9,352
Operating lease liabilities, net of current portion	20,283	19,121
Other noncurrent liabilities	1,004	0
Total liabilities	475,298	457,791
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	462,464	465,012
Retained earnings	431,703	400,682
Accumulated other comprehensive loss	(1,456)	(826)
Total stockholders’ equity attributable to Cactus Inc.	893,366	865,522
Non-controlling interest	207,223	199,248
Total stockholders’ equity	1,100,589	1,064,770
Total liabilities and equity	1,575,887	1,522,561
Class A Common Stock
Stockholders’ equity
Common stock, $0.01 par value	655	654
Class B Common Stock
Stockholders’ equity
Common stock, $0.01 par value	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for accounts receivable	$ 3,803	$ 3,642
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	65,518	65,409
Common stock, shares outstanding (in shares)	65,518	65,409
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	215,000	215,000
Common stock, shares issued (in shares)	14,034	14,034
Common stock, shares outstanding (in shares)	14,034	14,034

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 274,123	$ 228,405
Costs and expenses
Selling, general and administrative expenses	29,422	29,901
Change in fair value of earn-out liability	13,304	0
Total costs and expenses	211,573	178,717
Operating income	62,550	49,688
Interest income, net	689	1,002
Other income, net	0	3,538
Income before income taxes	63,239	54,228
Income tax expense	13,424	1,940
Net income	49,815	52,288
Less: net income attributable to non-controlling interest	10,850	9,394
Net income attributable to Cactus Inc.	$ 38,965	$ 42,894
Class A Common Stock
Earnings per share and weighted average shares outstanding
Earnings per Class A share - basic (in dollars per share)	$ 0.60	$ 0.67
Earnings per Class A share - diluted (in dollars per share)	$ 0.59	$ 0.63
Weighted average Class A shares outstanding - basic (in shares)	65,378	63,740
Weighted average Class A shares outstanding - diluted (in shares)	79,556	79,155
Product revenue
Revenues
Total revenues	$ 207,511	$ 159,510
Costs and expenses
Cost of revenue	120,666	100,815
Rental revenue
Revenues
Total revenues	23,943	27,817
Costs and expenses
Cost of revenue	12,946	16,084
Field service and other revenue
Revenues
Total revenues	42,669	41,078
Costs and expenses
Cost of revenue	$ 35,235	$ 31,917

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 49,815	$ 52,288
Foreign currency translation adjustments	(803)	303
Comprehensive income	49,012	52,591
Less: comprehensive income attributable to non-controlling interest	10,677	9,477
Comprehensive income attributable to Cactus Inc.	$ 38,335	$ 43,114

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, 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	(1,644)				(1,644)
Tax impact of equity transactions	2,845	(13,981)			16,826
Equity award vestings (in shares)						193
Equity award vestings	(4,343)	(3,009)			(1,336)	$ 2
Other comprehensive income (loss)	303			220	83
Stock-based compensation	3,703	3,004			699
Cash dividends declared	(7,130)		(7,130)
Net income	52,288		42,894		9,394
Balance at the end of the period (in shares) at Mar. 31, 2023						64,448	14,978
Balance at the end of the period at Mar. 31, 2023	925,836	439,844	297,528	(764)	188,583	$ 645	$ 0
Balance at the beginning of the period (in shares) at Dec. 31, 2023						65,409	14,034
Balance at the beginning of the period at Dec. 31, 2023	1,064,770	465,012	400,682	(826)	199,248	$ 654	$ 0
Statement of Stockholders'/Members' Equity
Member distributions	(1,684)				(1,684)
Tax impact of equity transactions	234	234			0
Equity award vestings (in shares)						196
Equity award vestings	(4,896)	(3,466)			(1,432)	$ 2
Other comprehensive income (loss)	(803)			(630)	(173)
Share repurchases (in shares)						(87)
Share repurchases	(3,372)	(2,996)			(375)	$ (1)
Stock-based compensation	4,469	3,680			789
Cash dividends declared	(7,944)		(7,944)
Net income	49,815		38,965		10,850
Balance at the end of the period (in shares) at Mar. 31, 2024						65,518	14,034
Balance at the end of the period at Mar. 31, 2024	$ 1,100,589	$ 462,464	$ 431,703	$ (1,456)	$ 207,223	$ 655	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.12	$ 0.11

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 49,815	$ 52,288
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	15,046	13,110
Deferred financing cost amortization	280	291
Stock-based compensation	4,432	3,841
Provision for expected credit losses	162	(376)
Inventory obsolescence	1,062	576
Gain on disposal of assets	(208)	(1,033)
Deferred income taxes	4,403	(1,406)
Change in fair value of earn-out liability	13,304	(121)
Gain from revaluation of liability related to tax receivable agreement	0	(3,417)
Changes in operating assets and liabilities:
Accounts receivable	(3,011)	(12,883)
Inventories	234	20,565
Prepaid expenses and other assets	128	2,151
Accounts payable	(8,132)	(6,282)
Accrued expenses and other liabilities	8,748	(6,842)
Net cash provided by operating activities	86,263	60,462
Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired	0	(618,857)
Capital expenditures and other	(7,902)	(15,928)
Proceeds from sales of assets	1,094	1,633
Net cash used in investing activities	(6,808)	(633,152)
Cash flows from financing activities
Proceeds from the issuance of long-term debt	0	155,000
Net proceeds from the issuance of Class A common stock	0	169,878
Payments of deferred financing costs	0	(6,665)
Payments on finance leases	(2,031)	(1,709)
Dividends paid to Class A common stock shareholders	(8,144)	(7,353)
Distributions to members	(1,684)	(1,645)
Repurchases of shares	(8,268)	(4,343)
Net cash provided by (used in) financing activities	(20,127)	303,163
Effect of exchange rate changes on cash and cash equivalents	1,137	422
Net increase (decrease) in cash and cash equivalents	60,465	(269,105)
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents, beginning of period	133,792	344,527
Cash and cash equivalents, end of period	194,257	75,422
Supplemental disclosure of cash flow information
Net cash paid for income taxes	1,611	556
Cash paid for interest	535	327
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new lease obligations	4,515	4,874
Property and equipment in accounts payable	$ 2,637	$ 1,249

Preparation of Interim Financia

Preparation of Interim Financial Statements and Other Items	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preparation of Interim Financial Statements and Other Items	Preparation of Interim Financial Statements and Other Items Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the acquisition of the FlexSteel business through a merger (the “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. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2023. 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. Recent Accounting Pronouncements Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740).” The amendments in this ASU require entities to disclose on an annual basis specific categories in the income tax rate reconciliation and provide additional disclosures for reconciling items that meet a specified quantitative threshold. Entities will also be required to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid by individual jurisdictions that meet a five percent or greater threshold of total income taxes paid net of refunds received. The ASU also adds certain disclosures in order to be consistent with U.S. Securities and Exchange Commission rules and removes certain disclosures that no longer are considered cost beneficial or relevant. The amendments in this ASU are to be applied on a prospective basis and will be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” in order to require disclosure of incremental segment information on an annual and interim basis for all public entities. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is to be applied retrospectively to all prior periods presented in the financial statements and is effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our segment disclosures.

FlexSteel Acquisition

FlexSteel Acquisition	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
FlexSteel Acquisition	FlexSteel Acquisition On February 28, 2023 we completed the acquisition of FlexSteel. Including final adjustments for closing working capital, cash on hand and indebtedness adjustments as set forth in the merger agreement, we paid total cash consideration of $621.5 million. There is also a future earn-out payment of up to $75.0 million to be paid no later than the third quarter of 2024, if certain revenue targets are met by FlexSteel. Purchase Price Consideration The final purchase price consideration for the acquisition was $627.5 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 621,505 Add: Contingent consideration (1) 5,960 Fair value of consideration transferred $ 627,465 (1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75.0 million of additional cash consideration if certain revenue targets are met by FlexSteel. The estimated fair value of the earn-out payment was determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate. Changes in the fair value of the earn-out liability subsequent to the acquisition date are recognized in the consolidated statements of income. As of March 31, 2024, the estimated earn-out payment is $34.1 million. The increase is based on the improvements in FlexSteel's expected revenues for the period January 1, 2023 through June 30, 2024, compared to projections made at the time of the acquisition. See further discussion of the calculation of fair value of the earn-out liability in Note 12. Purchase Price Allocation The following table provides the final allocation of the purchase price as of the acquisition date: Cash and cash equivalents $ 5,316 Receivables 58,002 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 206,928 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 570,262 Accounts payable (14,975) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,319) Total liabilities assumed (138,001) Net assets acquired 432,261 Goodwill $ 195,204 The acquisition was 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 were recorded at their respective fair values as of the acquisition date. Fair values were determined by management, based in part on independent valuations performed by third-party valuation specialists. The valuation methods used to determine the 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. 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 were comprised of raw materials, work-in-progress and finished goods. The 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 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. Pro forma financial information The pro forma financial information below represents the combined results of operations as if the acquisition had occurred as of January 1, 2022. 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 2023 Revenues $ 281,784 Net Income attributable to Cactus, Inc. 40,803

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
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 exploration and production 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 March 31, 2024 and December 31, 2023 was $31.7 million and $26.8 million, respectively. We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us and apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a rollforward of our allowance for credit losses. Balance at Expense Write off Translation Adjustments Balance at Three Months Ended March 31, 2024 $ 3,642 $ 162 $ (1) $ — $ 3,803 Three Months Ended March 31, 2023 1,060 (376) (19) 2 667

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
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: March 31, December 31, Raw materials $ 18,941 $ 22,373 Work-in-progress 13,330 11,471 Finished goods 171,778 171,781 $ 204,049 $ 205,625

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2024
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: March 31, December 31, Land $ 16,442 $ 16,442 Buildings and improvements 132,091 131,974 Machinery and equipment 130,082 128,962 Reels and skids 16,124 16,181 Vehicles 37,657 36,552 Rental equipment 219,692 218,340 Furniture and fixtures 1,908 1,913 Computers and software 4,112 3,951 Gross property and equipment 558,108 554,315 Less: Accumulated depreciation (239,984) (231,594) Net property and equipment 318,124 322,721 Construction in progress 26,849 22,781 Total property and equipment, net $ 344,973 $ 345,502

Other Intangible Assets

Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Other Intangible Assets The following table presents the detail of acquired intangible assets: March 31, 2024 December 31, 2023 Gross Cost Accumulated Amortization Net Cost Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (7,244) $ 93,056 $ 100,300 $ (5,572) $ 94,728 Developed technology 77,000 (8,342) 68,658 77,000 (6,417) 70,583 Tradename 16,000 (1,733) 14,267 16,000 (1,333) 14,667 Backlog 7,000 (7,000) — 7,000 (7,000) — Total $ 200,300 $ (24,319) $ 175,981 $ 200,300 $ (20,322) $ 179,978 All intangible assets are amortized over their estimated useful lives. The weighted average amortization period for identifiable intangible assets acquired as of March 31, 2024 is 12 years. Amortization expense recognized during the three months ended March 31, 2024 was $4.0 million and was recorded in selling, general and administrative expenses in the consolidated statements of income. Estimated future amortization expense is as follows: Remainder of 2024 $ 11,990 2025 15,987 2026 15,987 2027 15,987 2028 15,987 2029 15,987 Thereafter 84,056 Total $ 175,981

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt We had no debt outstanding as of March 31, 2024 and December 31, 2023. We had $1.1 million in letters of credit outstanding and were in compliance with all covenants under the Amended ABL Credit Facility (as defined below) as of March 31, 2024. In August 2018, Cactus LLC entered into a five-year senior secured asset-based revolving credit facility with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for such lenders and as an issuing bank and swingline lender (the “ABL Credit Facility”). The ABL Credit Facility was first amended in September 2020 and provided for up to $75.0 million in revolving commitments. On July 25, 2022, the ABL Credit Facility was amended again for up to $80.0 million in revolving commitments, up to $15.0 million of which was available for the issuance of letters of credit. On February 28, 2023, in connection with the Merger, Cactus Companies assumed the rights and obligations of Cactus LLC as Borrower under the ABL Credit Facility, and the ABL Credit Facility was amended and restated in its entirety (the “Amended ABL Credit Facility”). The Amended ABL Credit Facility provides for a term loan of $125.0 million and up to $225.0 million in revolving commitments, of which $20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The term loan under the Amended ABL Credit Facility was set to mature on February 27, 2026 and any revolving loans under the Amended ABL Credit Facility mature on July 26, 2027. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments. We borrowed the full $125.0 million term loan amount and $30.0 million as a revolving loan at closing of the Amended ABL Credit Facility to fund a portion of the Merger. The term loan was required to be repaid in regular set amounts starting July 1, 2023 as set forth in the amortization schedule in the Amended ABL Credit Facility and could be prepaid without the payment of any prepayment premium (other than customary breakage costs for Term Benchmark (as defined below) borrowings). The term loan and revolving loan were repaid in full in July 2023. Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin is 2.50% per annum for term loan ABR borrowings and 3.50% per annum for term loan Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum. The Amended ABL Credit Facility contains various covenants and restrictive provisions that limit Cactus Companies’ and each of its subsidiaries’ ability to, among other things, incur additional indebtedness and create liens, make investments or loans, merge or consolidate with other companies, sell assets, make certain restricted payments and distributions, and engage in transactions with affiliates. The obligations under the Amended ABL Credit Facility are guaranteed by certain subsidiaries of Cactus Companies and secured by a security interest in accounts receivable, inventory, equipment and certain other real and personal property assets of Cactus Companies and the guarantors. Until the term loan was paid in full, the Amended ABL Credit Facility required Cactus Companies to maintain a leverage ratio no greater than 2.50 to 1.00 based on the ratio of Total Indebtedness (as defined therein) to EBITDA (as defined therein). The Amended ABL Credit Facility requires Cactus Companies to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 based on the ratio of EBITDA (as defined therein) minus Unfinanced Capital Expenditures (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the Amended ABL Credit Facility is under certain levels. If Cactus Companies fails to perform its obligations under the Amended ABL Credit Facility, (i) the revolving commitments under the Amended ABL Credit Facility could be terminated, (ii) any outstanding borrowings under the Amended ABL Credit Facility may be declared immediately due and payable, and (iii) the lenders may commence foreclosure or other actions against the collateral. The Amended ABL Credit Facility was amended in December 2023 to incorporate certain changes related to revised and new definitions associated with the satisfaction of payment conditions for restricted payments, investments, permitted acquisitions, periodic reporting and asset dispositions. The amendment did not change the ABR, applicable margin rates, commitment fees, the maturity date, borrowing availability or covenants under the Amended ABL Credit Facility other than timing of certain reporting requirements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenues are derived from short-term contracts for fixed consideration or in the case of rentals, for a fixed charge per day, 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 2024 2023 Product revenue $ 207,511 76 % $ 159,510 70 % Rental revenue 23,943 8 % 27,817 12 % Field service and other revenue 42,669 16 % 41,078 18 % Total revenues $ 274,123 100 % $ 228,405 100 % At March 31, 2024, we had a deferred revenue balance of $7.9 million compared to the December 31, 2023 balance of $8.1 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 March 31, 2024, 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")	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the total liability from the TRA was $270.9 million with $20.9 million reflected in current liabilities based on the expected timing of our next payment. The payments under the TRA will not be conditional on a holder of rights under the TRA having a continued ownership interest in either Cactus Companies or Cactus Inc. The term of the TRA commenced upon completion of our IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless we exercise our right to terminate the TRA. If we elect to terminate the TRA early (or it is terminated early due to certain mergers, asset sales, other forms of business combinations or other changes of control), our obligations under the TRA would accelerate and we would be required to make an immediate payment equal to the present value of the anticipated future payments to be made by us under the TRA and such payment is expected to be substantial. The calculation of anticipated future payments will be based upon certain assumptions and deemed events set forth in the TRA, including the assumptions that (i) we have sufficient taxable income to fully utilize the tax benefits covered by the TRA and (ii) any CC Units (other than those held by Cactus Inc.) outstanding on the termination date are deemed to be redeemed on the termination date. Any early termination payment may be made significantly in advance of the actual realization, if any, of the future tax benefits to which the termination payment relates. We may elect to defer payments due under the TRA if we do not have available cash to satisfy our payment obligations under the TRA. Any such deferred payments under the TRA generally will accrue interest from the due date for such payment until the payment date. In March of 2024, the TRA was amended to replace all references to one year LIBOR with references to the 12-month term SOFR published by CME Group Benchmark Administration Limited plus 71.513 basis points. Additionally, all references to Cactus LLC were replaced with references to Cactus Companies as described in the CC Reorganization. The foregoing description of the TRA Amendment is a summary of the material terms of the TRA Amendment, does not purport to be complete and is qualified in its entirety by reference to the complete text of the TRA Amendment, a copy of which is filed as an Exhibit to this Quarterly Report and is incorporated herein by reference.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity As of March 31, 2024, Cactus Inc. owned 82.4% of Cactus Companies as compared to 82.3% of Cactus Companies as of December 31, 2023. As of March 31, 2024, Cactus Inc. had outstanding 65.5 million shares of Class A common stock (representing 82.4% of the total voting power) and 14.0 million shares of Class B common stock (representing 17.6% 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 were restricted from sale or trading and were subject to vesting requirements for one year from grant date. The agreement included a guaranteed provision whereby if the fair market value of the restricted shares was below the purchase price upon vesting, Cactus would compensate the key employee for the difference in price plus a gross-up for taxes. The restricted stock award early vested in October 2023 when the employee separated from the Company. The guaranteed payment provision was not triggered when the shares vested; therefore no cash payment was required or made in accordance with the terms of this award. 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. Redemptions of CC Units Pursuant to the Cactus Companies LLC Agreement, holders of CC Units are entitled to redeem their CC Units, which results in additional Class A common stock outstanding. Since our IPO in February 2018, an aggregate of 46.5 million 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 three months ended March 31, 2024 and 2023, there were no redemptions of CC Units (or CW Units prior to the CC Reorganization). Dividends Aggregate cash dividends of $0.12 and $0.11 per share of Class A common stock were declared during the three months ended March 31, 2024 and 2023 totaling $8.0 million and $7.1 million, respectively. Cash dividends paid during the three months ended March 31, 2024 and 2023 totaled $8.1 million and $7.4 million, respectively. Dividends accrue on unvested equity-based awards on the date of record and are paid upon vesting. Dividends are not paid to our Class B common stockholders; however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to the owners of 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 months ended March 31, 2024, the Company purchased and retired 86,599 shares of Class A common stock for $3.4 million, or $38.92 average price per share excluding commissions, under the share repurchase program. As of March 31, 2024, $146.3 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 three months ended March 31, 2024, Cactus Companies distributed $7.8 million to Cactus Inc. to fund its dividend payments and made pro rata distributions to the other members totaling $1.7 million over the same period. During the three months ended March 31, 2023, Cactus Companies distributed $7.1 million to Cactus Inc. to fund its dividend payments and made pro rata distributions to the other members totaling $1.6 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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various disputes arising in the ordinary course of business. Management does not believe the outcome of these disputes will have a material adverse effect on our consolidated financial position or consolidated results of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs), observable inputs other than quoted prices in active markets (Level 2 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. At March 31, 2024, due to the short-term nature of this account, the earn-out liability related to the FlexSteel acquisition (see Note 2) was determined based on the estimated future payments, utilizing projections for the second quarter of 2024. At December 31, 2023, the earn-out liability was measured at a fair value of $20.8 million using Level 3 unobservable inputs. The fair value at December 31, 2023 was 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. The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value as of December 31, 2023: December 31, 2023 Risk-free interest rate 5.40% to 5.63% Expected revenue volatility 21.70% Revenue discount rate 10.02% to 10.23% Credit discount rate 9.85% The following table presents a summary of the changes in fair value of our liabilities measured using Level 3 inputs: Earn-out Opening Balance $ 5,960 Changes in fair value 14,850 Balance at December 31, 2023 $ 20,810 The fair value of our foreign currency forwards was less than $0.1 million as of March 31, 2024 and was determined using market observable inputs including forward and spot prices (Level 2 inputs).

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in two business segments that 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 three months ended March 31, 2024 and 2023 is summarized below. Three Months Ended 2024 2023 Revenue: Pressure Control $ 175,028 $ 194,655 Spoolable Technologies 99,095 33,750 Total revenues 274,123 228,405 Operating income: Pressure Control 51,675 63,171 Spoolable Technologies 16,393 249 Total segment operating income 68,068 63,420 Corporate and other expenses (1) (5,518) (13,732) Total operating income 62,550 49,688 Interest income, net 689 1,002 Other income, net — 3,538 Income before income taxes $ 63,239 $ 54,228 (1) Includes corporate and other costs not directly attributable to our reporting segments, such as corporate executive management and other administrative functions. These costs were previously included in the Pressure Control segment. The information for the three months ended March 31, 2023 has been recast to align with the presentation for the three months ended March 31, 2024.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
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. We use the treasury stock method to determine the potential dilutive effect of unvested stock-based compensation awards assuming that the proceeds will be used to purchase shares of Class A common stock. For our unvested performance stock units, we first apply the criteria for contingently issuable shares before determining the potential dilutive effect using the treasury stock method. The following table summarizes the basic and diluted earnings per share calculations: Three Months Ended 2024 2023 Numerator: Net income attributable to Cactus Inc.—basic $ 38,965 $ 42,894 Net income attributable to non-controlling interest (1) 8,241 7,312 Net income attributable to Cactus Inc.—diluted (1) $ 47,206 $ 50,206 Denominator: Weighted average Class A shares outstanding—basic 65,378 63,740 Effect of dilutive shares 14,178 15,415 Weighted average Class A shares outstanding—diluted 79,556 79,155 Earnings per Class A share—basic $ 0.60 $ 0.67 Earnings per Class A share—diluted (1) $ 0.59 $ 0.63 (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 three months ended March 31, 2024 and 24.5% for the three months ended March 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 38,965	$ 42,894

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The financial statements presented in this report represent the consolidation of Cactus, Inc. (“Cactus Inc.”) and its subsidiaries (the “Company”), including Cactus Companies, LLC (“Cactus Companies”). Cactus Inc. is a holding company whose only material asset is an equity interest consisting of units representing limited liability company interests in Cactus Companies (“CC Units”). Cactus Inc. is the sole managing member of Cactus Companies and operates and controls all of the business and affairs of Cactus Companies and conducts its business through Cactus Companies and its subsidiaries. As a result, Cactus Inc. consolidates the financial results of Cactus Companies and its subsidiaries and reports a non-controlling interest related to the portion of CC Units not owned by Cactus Inc., which reduces net income attributable to holders of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”). Except as otherwise indicated or required by the context, all references to “Cactus,” “we,” “us” and “our” refer to Cactus Inc. and its consolidated subsidiaries. On February 28, 2023, Cactus Inc. through one of its subsidiaries, completed the acquisition of the FlexSteel business through a merger (the “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. See Note 2 for additional information related to the acquisition. Following the acquisition of FlexSteel, we now operate in two business segments: Pressure Control and Spoolable Technologies. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these consolidated financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2023. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740).” The amendments in this ASU require entities to disclose on an annual basis specific categories in the income tax rate reconciliation and provide additional disclosures for reconciling items that meet a specified quantitative threshold. Entities will also be required to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid by individual jurisdictions that meet a five percent or greater threshold of total income taxes paid net of refunds received. The ASU also adds certain disclosures in order to be consistent with U.S. Securities and Exchange Commission rules and removes certain disclosures that no longer are considered cost beneficial or relevant. The amendments in this ASU are to be applied on a prospective basis and will be effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” in order to require disclosure of incremental segment information on an annual and interim basis for all public entities. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is to be applied retrospectively to all prior periods presented in the financial statements and is effective for our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with early adoption permitted. We are currently evaluating the impact the adoption of this new standard will have on our segment disclosures.

FlexSteel Acquisition (Tables)

FlexSteel Acquisition (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Summary of Purchase Price Consideration	The final purchase price consideration for the acquisition was $627.5 million and is summarized as follows: Purchase Price Consideration Cash consideration $ 621,505 Add: Contingent consideration (1) 5,960 Fair value of consideration transferred $ 627,465 (1) Represents the estimated fair value as of the acquisition date of the earn-out payment of up to $75.0 million of additional cash consideration if certain revenue 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 final allocation of the purchase price as of the acquisition date: Cash and cash equivalents $ 5,316 Receivables 58,002 Inventories 91,746 Prepaid expenses and other current assets 1,283 Property and equipment 206,928 Operating lease right-of-use assets 1,021 Identifiable intangible assets 200,300 Other noncurrent assets 5,666 Total assets acquired 570,262 Accounts payable (14,975) Accrued expenses and other current liabilities (26,827) Finance lease obligations (974) Operating lease liabilities (906) Deferred tax liabilities (94,319) Total liabilities assumed (138,001) Net assets acquired 432,261 Goodwill $ 195,204
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 2023 Revenues $ 281,784 Net Income attributable to Cactus, Inc. 40,803

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
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 Three Months Ended March 31, 2024 $ 3,642 $ 162 $ (1) $ — $ 3,803 Three Months Ended March 31, 2023 1,060 (376) (19) 2 667

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, Raw materials $ 18,941 $ 22,373 Work-in-progress 13,330 11,471 Finished goods 171,778 171,781 $ 204,049 $ 205,625

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Net	Property and equipment consists of the following: March 31, December 31, Land $ 16,442 $ 16,442 Buildings and improvements 132,091 131,974 Machinery and equipment 130,082 128,962 Reels and skids 16,124 16,181 Vehicles 37,657 36,552 Rental equipment 219,692 218,340 Furniture and fixtures 1,908 1,913 Computers and software 4,112 3,951 Gross property and equipment 558,108 554,315 Less: Accumulated depreciation (239,984) (231,594) Net property and equipment 318,124 322,721 Construction in progress 26,849 22,781 Total property and equipment, net $ 344,973 $ 345,502

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Total Intangible Assets	The following table presents the detail of acquired intangible assets: March 31, 2024 December 31, 2023 Gross Cost Accumulated Amortization Net Cost Gross Cost Accumulated Amortization Net Cost Customer relationships $ 100,300 $ (7,244) $ 93,056 $ 100,300 $ (5,572) $ 94,728 Developed technology 77,000 (8,342) 68,658 77,000 (6,417) 70,583 Tradename 16,000 (1,733) 14,267 16,000 (1,333) 14,667 Backlog 7,000 (7,000) — 7,000 (7,000) — Total $ 200,300 $ (24,319) $ 175,981 $ 200,300 $ (20,322) $ 179,978
Summary of Future Amortization	Estimated future amortization expense is as follows: Remainder of 2024 $ 11,990 2025 15,987 2026 15,987 2027 15,987 2028 15,987 2029 15,987 Thereafter 84,056 Total $ 175,981

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Category	The following table presents our revenues disaggregated by category: Three Months Ended 2024 2023 Product revenue $ 207,511 76 % $ 159,510 70 % Rental revenue 23,943 8 % 27,817 12 % Field service and other revenue 42,669 16 % 41,078 18 % Total revenues $ 274,123 100 % $ 228,405 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
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 as of December 31, 2023: December 31, 2023 Risk-free interest rate 5.40% to 5.63% Expected revenue volatility 21.70% Revenue discount rate 10.02% to 10.23% Credit discount rate 9.85%
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 Opening Balance $ 5,960 Changes in fair value 14,850 Balance at December 31, 2023 $ 20,810

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summarized Financial Information by Segment	Financial information by business segment for three months ended March 31, 2024 and 2023 is summarized below. Three Months Ended 2024 2023 Revenue: Pressure Control $ 175,028 $ 194,655 Spoolable Technologies 99,095 33,750 Total revenues 274,123 228,405 Operating income: Pressure Control 51,675 63,171 Spoolable Technologies 16,393 249 Total segment operating income 68,068 63,420 Corporate and other expenses (1) (5,518) (13,732) Total operating income 62,550 49,688 Interest income, net 689 1,002 Other income, net — 3,538 Income before income taxes $ 63,239 $ 54,228 (1) Includes corporate and other costs not directly attributable to our reporting segments, such as corporate executive management and other administrative functions. These costs were previously included in the Pressure Control segment. The information for the three months ended March 31, 2023 has been recast to align with the presentation for the three months ended March 31, 2024.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Numerator: Net income attributable to Cactus Inc.—basic $ 38,965 $ 42,894 Net income attributable to non-controlling interest (1) 8,241 7,312 Net income attributable to Cactus Inc.—diluted (1) $ 47,206 $ 50,206 Denominator: Weighted average Class A shares outstanding—basic 65,378 63,740 Effect of dilutive shares 14,178 15,415 Weighted average Class A shares outstanding—diluted 79,556 79,155 Earnings per Class A share—basic $ 0.60 $ 0.67 Earnings per Class A share—diluted (1) $ 0.59 $ 0.63 (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 three months ended March 31, 2024 and 24.5% for the three months ended March 31, 2023.

Preparation of Interim Financ_3

Preparation of Interim Financial Statements and Other Items (Details)	3 Months Ended
	Mar. 31, 2024 segment $ / shares	Dec. 31, 2023 $ / shares
Organization and Nature of Operations
Number of business segments | segment	2
Class A Common Stock
Organization and Nature of Operations
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01

FlexSteel Acquisition - Narrati

FlexSteel Acquisition - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Earn-out liability		$ 34,114	$ 20,810
FlexSteel
Business Acquisition [Line Items]
Cash consideration	$ 621,505
Earn-out liability	$ 75,000

FlexSteel Acquisition - Summary

FlexSteel Acquisition - Summary of Purchase Price Consideration (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Earn-out liability		$ 34,114	$ 20,810
FlexSteel
Business Acquisition [Line Items]
Cash consideration	$ 621,505
Add: Contingent consideration	5,960
Fair value of consideration transferred	627,465
Earn-out liability	$ 75,000

FlexSteel Acquisition - Summa_2

FlexSteel Acquisition - Summary of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Business Acquisition [Line Items]
Goodwill	$ 203,028	$ 203,028
FlexSteel
Business Acquisition [Line Items]
Cash and cash equivalents			$ 5,316
Receivables			58,002
Inventories			91,746
Prepaid expenses and other current assets			1,283
Property and equipment			206,928
Operating lease right-of-use assets			1,021
Identifiable intangible assets			200,300
Other noncurrent assets			5,666
Total assets acquired			570,262
Accounts payable			(14,975)
Accrued expenses and other current liabilities			(26,827)
Finance lease obligations			(974)
Operating lease liabilities			(906)
Deferred tax liabilities			(94,319)
Total liabilities assumed			(138,001)
Net assets acquired			432,261
Goodwill			$ 195,204

FlexSteel Acquisition - Summa_3

FlexSteel Acquisition - Summary of Unadited Proforma Results (Details) - FlexSteel $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Revenues	$ 281,784
Net Income attributable to Cactus, Inc.	$ 40,803

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts Receivable
Unbilled revenue	$ 31,700		$ 26,800
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	3,642	$ 1,060
Expense (Recovery)	162	(376)
Write off	(1)	(19)
Translation Adjustments	0	2
Balance at End of Period	$ 3,803	$ 667

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary of inventories
Raw materials	$ 18,941	$ 22,373
Work-in-progress	13,330	11,471
Finished goods	171,778	171,781
Total inventory	$ 204,049	$ 205,625

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 558,108	$ 554,315
Less: Accumulated depreciation	(239,984)	(231,594)
Net property and equipment	318,124	322,721
Total property and equipment, net	344,973	345,502
Land
Property, Plant and Equipment [Line Items]
Gross property and equipment	16,442	16,442
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	132,091	131,974
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	130,082	128,962
Reels and skids
Property, Plant and Equipment [Line Items]
Gross property and equipment	16,124	16,181
Vehicles
Property, Plant and Equipment [Line Items]
Vehicles	37,657	36,552
Rental equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	219,692	218,340
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,908	1,913
Computers and software
Property, Plant and Equipment [Line Items]
Gross property and equipment	4,112	3,951
Construction in progress
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 26,849	$ 22,781

Other Intangible Assets - Summa

Other Intangible Assets - Summary of Total Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	$ 200,300	$ 200,300
Accumulated Amortization	(24,319)	(20,322)
Net Cost	175,981	179,978
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	100,300	100,300
Accumulated Amortization	(7,244)	(5,572)
Net Cost	93,056	94,728
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	77,000	77,000
Accumulated Amortization	(8,342)	(6,417)
Net Cost	68,658	70,583
Tradename
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	16,000	16,000
Accumulated Amortization	(1,733)	(1,333)
Net Cost	14,267	14,667
Backlog
Finite-Lived Intangible Assets, Net [Abstract]
Gross Cost	7,000	7,000
Accumulated Amortization	(7,000)	(7,000)
Net Cost	$ 0	$ 0

Other Intangible Assets - Narra

Other Intangible Assets - Narrative (Details) - Identifiable Intangible Assets Acquired $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization period	12 years
Amortization of intangible assets	$ 4

Other Intangible Assets - Sum_2

Other Intangible Assets - Summary of Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 11,990
2025	15,987
2026	15,987
2027	15,987
2028	15,987
2029	15,987
Thereafter	84,056
Net Cost	$ 175,981	$ 179,978

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 25, 2022 USD ($)	Aug. 21, 2018 USD ($)
Long-term Debt
Debt outstanding	$ 0	$ 0	$ 0
Letters of credit outstanding	$ 1,100,000	$ 1,100,000
Applicable margin rate	0.71513%
Secured Debt | Amended ABL Credit Facility
Long-term Debt
Face amount				$ 125,000,000
ABL Credit Facility | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity				225,000,000
ABL Credit Facility | Line of Credit | The Credit Facility
Long-term Debt
Debt gross				30,000,000
Secured Debt | Line of Credit | The Credit Facility
Long-term Debt
Debt gross				125,000,000
Letters of credit | Line of Credit | Amended ABL Credit Facility
Long-term Debt
Borrowing capacity				20,000,000
Cactus LLC | Line of Credit
Long-term Debt
Borrowing capacity					$ 15,000,000
Cactus LLC | ABL Credit Facility | Line of Credit
Long-term Debt
Term						5 years
Borrowing capacity					$ 80,000,000	$ 75,000,000
Additional commitments				50,000,000
Maximum borrowing capacity				$ 275,000,000
Subsidiaries | ABL Credit Facility
Long-term Debt
Fixed charge coverage ratio		1
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	2.50

Revenue - Schedule of Revenues

Revenue - Schedule of Revenues Disaggregated by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 274,123	$ 228,405
Revenue as a percentage	100%	100%
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 207,511	$ 159,510
Revenue as a percentage	76%	70%
Rental revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 23,943	$ 27,817
Revenue as a percentage	8%	12%
Field service and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 42,669	$ 41,078
Revenue as a percentage	16%	18%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Contract Balances
Deferred revenue	$ 7.9	$ 8.1

Tax Receivable Agreement ("TR_2

Tax Receivable Agreement ("TRA") (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2024	Feb. 28, 2018	Dec. 31, 2023
Tax Receivable Agreement
Tax savings payable to TRA Holders		85%
Tax savings benefit retained by Cactus Inc		15%
Total TRA liability	$ 270,900
Current portion of liability related to tax receivable agreement	$ 20,855		$ 20,855
Applicable margin rate	0.71513%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended	74 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Jun. 06, 2023
Equity
Issuances of common stock			$ 169,369
CW Unit redemptions (in shares)		0	0
Cash dividend declared (in dollars per share)		$ 0.12	$ 0.11
Share repurchases		$ 3,372
Pro rata distributions made to other members		1,684	$ 1,645
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		$ 2,996
Common stock | Share Repurchase Program
Equity
Common stock purchased and retired (in shares)		86,599
Share repurchases		$ 3,400
Average stock repurchased price (in dollars per share)		$ 38.92
Common stock authorized repurchase amount		$ 146,300			$ 146,300
FlexSteel | Key Employee
Equity
Issuance of common stock (in shares)			128,150
Issuances of common stock			$ 6,500
Vesting period			1 year
Cactus Companies
Equity
Ownership interest		82.40%
Cactus LLC
Equity
Ownership interest				82.30%
Cactus Inc
Equity
Cash distributions to unit holders		$ 7,800	$ 7,100
CC Unit Holders other than Cactus, Inc.
Equity
Pro rata distributions made to other members		$ 1,700	$ 1,600
Class A Common Stock
Equity
Common stock, shares outstanding (in shares)		65,518,000		65,409,000	65,518,000
Shares outstanding, percentage of total voting power		82.40%			82.40%
Cash dividend declared (in dollars per share)		$ 0.12	$ 0.11
Dividends declared		$ 8,000	$ 7,100
Dividends paid		8,100	$ 7,400
Class A Common Stock | Common stock
Equity
Issuance of common stock (in shares)			3,352,000
Issuances of common stock			$ 34
Share repurchases		$ 1
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)					46,500,000
Class B Common Stock
Equity
Common stock, shares outstanding (in shares)		14,034,000		14,034,000	14,034,000
Shares outstanding, percentage of total voting power		17.60%			17.60%
Class B Common Stock | Cactus Companies
Equity
Shares owned per units held (in shares)		1			1

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Fair Value, Inputs, Level 3 | Earn Out Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability value	$ 20,800	$ 20,810	$ 5,960
Fair Value, Inputs, Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign currency forwards	$ 100

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Significant Assumptions to Determine Fair Value (Details) - Earn Out Liability	Dec. 31, 2023
Risk-free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0540
Risk-free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0563
Expected revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.2170
Revenue discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1002
Revenue discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.1023
Credit discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0985

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 - Earn Out Liability $ in Thousands	10 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in fair value	$ 14,850
Balance at December 31, 2023	$ 20,810

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments	2

Segment Reporting - Summarized

Segment Reporting - Summarized Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 274,123	$ 228,405
Total segment operating income	62,550	49,688
Interest income, net	689	1,002
Other income, net	0	3,538
Income before income taxes	63,239	54,228
Operating Segments
Segment Reporting Information [Line Items]
Total segment operating income	68,068	63,420
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total segment operating income	(5,518)	(13,732)
Pressure Control
Segment Reporting Information [Line Items]
Total revenues	175,028	194,655
Pressure Control | Operating Segments
Segment Reporting Information [Line Items]
Total segment operating income	51,675	63,171
Spoolable Technologies
Segment Reporting Information [Line Items]
Total revenues	99,095	33,750
Spoolable Technologies | Operating Segments
Segment Reporting Information [Line Items]
Total segment operating income	$ 16,393	$ 249

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to Cactus Inc.	$ 38,965	$ 42,894
Net income attributable to non-controlling interest	8,241	7,312
Net income attributable to Cactus Inc. - diluted	$ 47,206	$ 50,206
Denominator:
Effect of dilutive shares (in shares)	14,178	15,415
Corporate effective income tax rate, if-converted method	26%	24.50%
Class A Common Stock
Denominator:
Weighted average Class A Shares Outstanding - basic (in shares)	65,378	63,740
Weighted average Class A shares outstanding - diluted (in shares)	79,556	79,155
Earnings per Class A share - basic (in dollars per share)	$ 0.60	$ 0.67
Earnings per Class A share - diluted (in dollars per share)	$ 0.59	$ 0.63