Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today
announced financial and operating results for the second quarter of
2024.
Second Quarter Highlights
- Revenue of $290.4 million and operating income of $79.8
million;
- Net income of $63.1 million and diluted earnings per Class A
share of $0.75;
- Adjusted net income(1) of $65.2 million and diluted earnings
per share, as adjusted(1) of $0.81;
- Net income margin of 21.7% and adjusted net income margin(1) of
22.4%;
- Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $103.6
million and 35.7%, respectively;
- Cash flow from operations of $78.0 million;
- Cash and cash equivalents of $246.5 million with no bank debt
outstanding as of June 30, 2024;
- Final earn-out payment amount payable to the sellers of
FlexSteel of $37.0 million expected to be settled and paid in the
third quarter of 2024; and
- In July 2024, the Board of Directors approved an 8% increase in
the dividend to $0.13 per quarter.
Financial Summary
Three Months Ended
June 30,
March 31,
June 30,
2024
2024
2023
(in thousands)
Revenues
$
290,389
$
274,123
$
305,819
Operating income(3)
$
79,819
$
62,550
$
48,522
Operating income margin
27.5
%
22.8
%
15.9
%
Net income
$
63,059
$
49,815
$
32,459
Net income margin
21.7
%
18.2
%
10.6
%
Adjusted net income(1)
$
65,192
$
59,600
$
67,279
Adjusted net income margin(1)
22.4
%
21.7
%
22.0
%
Adjusted EBITDA(2)
$
103,637
$
95,332
$
115,419
Adjusted EBITDA margin(2)
35.7
%
34.8
%
37.7
%
(1)
Adjusted net income, Adjusted net income
margin and diluted earnings per share, as adjusted are non-GAAP
financial measures. These figures assume Cactus, Inc. held all
units in its operating subsidiary at the beginning of the period.
Additional information regarding non-GAAP measures and the
reconciliation of GAAP to non-GAAP financial measures are in the
Supplemental Information tables.
(2)
Adjusted EBITDA and Adjusted EBITDA margin
are non-GAAP financial measures. See definition of these measures
and the reconciliation of GAAP to non-GAAP financial measures in
the Supplemental Information tables.
(3)
Operating income reflects certain expenses
related to the FlexSteel acquisition, including expenses related to
the remeasurement of the earn-out liability associated with the
FlexSteel acquisition and intangible amortization expenses related
to purchase price accounting. See the reconciliation of GAAP to
non-GAAP financial measures in the Supplemental Information tables
for further details.
Scott Bender, CEO and Chairman of the Board of Cactus,
commented, “I am very proud of our Company's performance in the
second quarter. Pressure Control revenues rose as customer drilling
efficiency increased, and we shipped significant production
equipment to a large customer who had not previously used Cactus.
These events more than offset the impact of the softer U.S. land
rig count through the quarter. Our Spoolable Technologies segment
reported solid revenues with margins exceeding expectations.
International momentum continued in the quarter, combined with
increased operating leverage through lower material input costs,
which led to strong margin contribution.”
“Looking ahead to the third quarter of 2024, we anticipate that
our U.S. land activity levels will remain relatively stable from
today's levels. In Pressure Control, we expect revenue to moderate
in the third quarter following the lower average drilling activity
levels this year and less visibility into production equipment
awards. In Spoolable Technologies, we anticipate revenues to be
flat to slightly down from the second quarter reflecting the timing
of international shipments.”
Mr. Bender concluded, “We believe most of the significant
decline in U.S. activity is behind us for the year, although the
effects of customer consolidation represent a potential downside to
current activity levels. I remain very pleased with both segments'
performance in this relatively soft macro environment and have
confidence in our teams' ability to optimize free cash flow from
our two highly differentiated segments. This confidence is
reflected in the Board's recent approval to raise the dividend by
8%. As always, we will continue to responsibly allocate capital to
the highest-return opportunities, with a focus on safety, costs,
returns, and increasing long-term value for shareholders.”
Segment Performance
We report two business segments, Pressure Control and Spoolable
Technologies, and starting with the fourth quarter of 2023,
corporate and other expenses not directly attributable to either
segment are presented separately as Corporate and Other Expenses.
These expenses were previously included within the Pressure Control
segment. Prior periods presented have been recast to conform to the
new presentation.
Pressure Control
Second quarter 2024 Pressure Control revenue increased $12.2
million, or 6.9%, sequentially, as sales of wellhead and production
related equipment rose as a result of increased customer drilling
efficiencies and production equipment shipments to a large
customer, which more than offset the impacts of lower industry
activity. Operating income increased $4.0 million, or 7.7%,
sequentially, with margins increasing 20 basis points. Adjusted
Segment EBITDA increased $4.7 million, or 7.7%, sequentially, with
Adjusted Segment EBITDA margins increasing 30 basis points. The
margin improvements were due to higher operating leverage.
Spoolable Technologies
Second quarter 2024 Spoolable Technologies revenues increased
$4.6 million, or 4.7%, sequentially, due to increased customer
activity levels. Operating income increased $13.6 million, or
83.3%, sequentially, primarily due to a lower expense booked as a
result of the remeasurement of the earn-out liability associated
with the FlexSteel acquisition, which was $2.9 million in the
second quarter compared to $13.3 million in the first quarter.
Adjusted Segment EBITDA increased $3.7 million, or 9.4%,
sequentially, with Adjusted Segment EBITDA margins increasing 170
basis points due to lower input costs and increased operating
leverage.
Corporate and Other Expenses
Second quarter 2024 Corporate and Other expenses increased $0.4
million, or 6.8%, sequentially, primarily due to higher stock-based
compensation expenses.
Liquidity, Capital Expenditures and Other
As of June 30, 2024, the Company had $246.5 million of cash and
cash equivalents, no bank debt outstanding, and $220.1 million of
availability on our revolving credit facility. Operating cash flow
was $78.0 million for the second quarter of 2024. During the second
quarter, the Company made dividend payments and associated
distributions of $9.6 million. The Company also made TRA payments
and associated distributions of $18.2 million related to 2023 tax
savings provided by the TRA to minimize interest expense, which
reduced the current liability related to the TRA by $15.3
million.
Net capital expenditures were $7.2 million during the second
quarter of 2024. For the full year 2024, the Company now expects
net capital expenditures to be in the range of $35 million to $45
million due to timing of planned investments.
As of June 30, 2024, Cactus had 66,479,914 shares of Class A
common stock outstanding (representing 83.6% of the total voting
power) and 13,081,859 shares of Class B common stock outstanding
(representing 16.4% of the total voting power).
Quarterly Dividend
The Board of Directors approved a quarterly cash dividend of
$0.13 per share of Class A common stock with payment to occur on
September 12, 2024 to holders of record of Class A common stock at
the close of business on August 26, 2024. A corresponding
distribution of up to $0.13 per CC Unit has also been approved for
holders of CC Units of Cactus Companies, LLC.
Conference Call Details
The Company will host a conference call to discuss financial and
operational results tomorrow, Thursday August 1, 2024 at 9:00 a.m.
Central Time (10:00 a.m. Eastern Time).
The call will be webcast on Cactus’ website at
www.CactusWHD.com. Please access the webcast for the call at least
10 minutes ahead of the start time to ensure a proper connection.
Analysts and institutional investors may click here to pre-register
for the conference call and obtain a dial-in number and
passcode.
An archived webcast of the conference call will be available on
the Company’s website shortly after the end of the call.
About Cactus, Inc.
Cactus designs, manufactures, sells or rents a range of highly
engineered pressure control and spoolable pipe technologies. Its
products are sold and rented principally for onshore unconventional
oil and gas wells and are utilized during the drilling, completion
and production phases of its customers’ wells. In addition, it
provides field services for its products and rental items to assist
with the installation, maintenance and handling of the equipment.
Cactus operates service centers throughout North America and
Australia, while also providing equipment and services in select
international markets.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release and oral
statements made regarding the matters addressed in this release
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Cactus’ control, that
could cause actual results to differ materially from the results
discussed in the forward-looking statements.
Forward-looking statements can be identified by the use of
forward-looking terminology including “may,” “believe,” “expect,”
“intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,”
“potential,” “will,” “hope,” “opportunity,” or other similar words
and include the Company’s expectation of future performance
contained herein. These statements discuss future expectations,
contain projections of results of operations or of financial
condition, or state other “forward-looking” information. You are
cautioned not to place undue reliance on any forward-looking
statements, which can be affected by assumptions used or by risks
or uncertainties. Consequently, no forward-looking statements can
be guaranteed. When considering these forward-looking statements,
you should keep in mind the risk factors and other factors noted in
the Company’s Annual Report on Form 10-K, any Quarterly Reports on
Form 10-Q and the other documents that the Company files with the
Securities and Exchange Commission. The risk factors and other
factors noted therein could cause actual results to differ
materially from those contained in any forward-looking statement.
Cactus disclaims any duty to update and does not intend to update
any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this press release.
Cactus, Inc.
Condensed Consolidated
Statements of Income
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
(in thousands, except per
share data)
Revenues
Pressure Control
$
187,192
$
199,134
$
362,220
$
393,789
Spoolable Technologies
103,716
106,685
202,811
140,435
Corporate and other(1)
(519
)
—
(519
)
—
Total revenues
290,389
305,819
564,512
534,224
Operating income (loss)
Pressure Control
55,669
62,888
107,344
126,059
Spoolable Technologies
30,041
(6,018
)
46,434
(5,769
)
Total segment operating income
85,710
56,870
153,778
120,290
Corporate and other expenses
(5,891
)
(8,348
)
(11,409
)
(22,080
)
Total operating income
79,819
48,522
142,369
98,210
Interest income (expense), net
1,405
(5,928
)
2,094
(4,926
)
Other income, net
—
—
—
3,538
Income before income taxes
81,224
42,594
144,463
96,822
Income tax expense
18,165
10,135
31,589
12,075
Net income
$
63,059
$
32,459
$
112,874
$
84,747
Less: net income attributable to
non-controlling interest
13,231
7,709
24,081
17,103
Net income attributable to Cactus,
Inc.
$
49,828
$
24,750
$
88,793
$
67,644
Earnings per Class A share - basic
$
0.75
$
0.38
$
1.35
$
1.05
Earnings per Class A share -
diluted(2)
$
0.75
$
0.38
$
1.35
$
1.02
Weighted average shares outstanding -
basic
66,142
64,566
65,760
64,155
Weighted average shares outstanding -
diluted(2)
66,579
65,003
79,686
79,512
(1)
Represents the elimination of
inter-segment revenue for sales from our Pressure Control segment
to our Spoolable Technologies segment.
(2)
Dilution for the three months
ended June 30, 2024 and June 30, 2023 excludes 13.4 million and
14.9 million shares of Class B common stock, respectively, as the
effect would be antidilutive. Dilution for the six months ended
June 30, 2024 and June 30, 2023 includes an additional $24.9
million and $17.7 million, respectively, of pre-tax income
attributable to non-controlling interest adjusted for a corporate
effective tax rate of 26.0% and 13.7 million and 14.9 million
weighted average shares of Class B common stock outstanding,
respectively, plus the effect of dilutive securities.
Cactus, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
June 30,
December 31,
2024
2023
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
246,503
$
133,792
Accounts receivable, net
205,024
205,381
Inventories
206,730
205,625
Prepaid expenses and other current
assets
10,764
11,380
Total current assets
669,021
556,178
Property and equipment, net
343,525
345,502
Operating lease right-of-use assets,
net
23,239
23,496
Intangible assets, net
171,984
179,978
Goodwill
203,028
203,028
Deferred tax asset, net
206,409
204,852
Other noncurrent assets
9,187
9,527
Total assets
$
1,626,393
$
1,522,561
Liabilities and Equity
Current liabilities
Accounts payable
$
63,760
$
71,841
Accrued expenses and other current
liabilities
61,022
50,654
Earn-out liability
36,990
20,810
Current portion of liability related to
tax receivable agreement
5,578
20,855
Finance lease obligations, current
portion
7,087
7,280
Operating lease liabilities, current
portion
4,186
4,220
Total current liabilities
178,623
175,660
Deferred tax liability, net
2,887
3,589
Liability related to tax receivable
agreement, net of current portion
259,550
250,069
Finance lease obligations, net of current
portion
9,372
9,352
Operating lease liabilities, net of
current portion
18,953
19,121
Other noncurrent liabilities
2,212
—
Total liabilities
471,597
457,791
Equity
1,154,796
1,064,770
Total liabilities and equity
$
1,626,393
$
1,522,561
Cactus, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Six Months Ended June
30,
2024
2023
(in thousands)
Cash flows from operating
activities
Net income
$
112,874
$
84,747
Reconciliation of net income to net cash
provided by operating activities
Depreciation and amortization
30,047
35,024
Deferred financing cost amortization
560
3,545
Stock-based compensation
10,373
9,164
Provision for expected credit losses
589
1,515
Inventory obsolescence
3,035
1,980
Gain on disposal of assets
(1,674
)
(1,632
)
Deferred income taxes
7,915
1,079
Change in fair value of earn-out
liability
16,180
18,023
Gain from revaluation of liability related
to tax receivable agreement
—
(3,417
)
Changes in operating assets and
liabilities:
Accounts receivable
(358
)
(20,107
)
Inventories
(4,340
)
41,185
Prepaid expenses and other assets
429
965
Accounts payable
(8,577
)
1,236
Accrued expenses and other liabilities
12,442
(4,789
)
Payments pursuant to tax receivable
agreement
(15,277
)
—
Net cash provided by operating
activities
164,218
168,518
Cash flows from investing
activities
Acquisition of a business, net of cash and
cash equivalents acquired
—
(618,857
)
Capital expenditures and other
(17,371
)
(23,700
)
Proceeds from sales of assets
3,317
3,038
Net cash used in investing activities
(14,054
)
(639,519
)
Cash flows from financing
activities
Proceeds from the issuance of long-term
debt
—
155,000
Repayments of borrowings of long-term
debt
—
(100,000
)
Net proceeds from the issuance of Class A
common stock
—
169,878
Payments of deferred financing costs
—
(6,817
)
Payments on finance leases
(3,954
)
(3,594
)
Dividends paid to Class A common stock
shareholders
(16,135
)
(14,469
)
Distributions to members
(8,617
)
(4,712
)
Repurchases of shares
(8,489
)
(4,599
)
Net cash (used in) provided by financing
activities
(37,195
)
190,687
Effect of exchange rate changes on cash
and cash equivalents
(258
)
(303
)
Net increase (decrease) in cash and cash
equivalents
112,711
(280,617
)
Cash and cash equivalents
Beginning of period
133,792
344,527
End of period
$
246,503
$
63,910
Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted net income, diluted earnings per share, as adjusted and
adjusted net income margin (unaudited)
Adjusted net income, diluted earnings per share, as adjusted and
adjusted net income margin are not measures of net income as
determined by GAAP but they are supplemental non-GAAP financial
measures that are used by management and external users of the
Company’s consolidated financial statements. Cactus defines
adjusted net income as net income assuming Cactus, Inc. held all
units in its operating subsidiary at the beginning of the period,
with the resulting additional income tax expense related to the
incremental income attributable to Cactus, Inc. Adjusted net income
also includes certain other adjustments described below. Cactus
defines diluted earnings per share, as adjusted as Adjusted net
income divided by weighted average shares outstanding, as adjusted.
Cactus defines Adjusted net income margin as Adjusted net income
divided by total revenue. The Company believes this supplemental
information is useful for evaluating performance period over
period.
Three Months Ended
June 30,
March 31,
June 30,
2024
2024
2023
(in thousands, except per
share data)
Net income
$
63,059
$
49,815
$
32,459
Adjustments:
Transaction related expenses(1)
—
—
2,191
Intangible amortization expense(2)
3,997
3,997
8,663
Remeasurement loss on earn-out
liability(3)
2,876
13,304
18,144
Inventory step-up expense(4)
—
—
19,325
Income tax expense differential(5)
(4,740
)
(7,516
)
(13,503
)
Adjusted net income
$
65,192
$
59,600
$
67,279
Diluted earnings per share, as
adjusted
$
0.81
$
0.75
$
0.84
Weighted average shares outstanding, as
adjusted(6)
79,994
79,556
79,866
Revenue
$
290,389
$
274,123
$
305,819
Net income margin
21.7
%
18.2
%
10.6
%
Adjusted net income margin
22.4
%
21.7
%
22.0
%
(1)
Reflects fees and expenses
recorded in connection with the FlexSteel acquisition and related
financing.
(2)
Reflects amortization expense
associated with the step-up in intangible value due to purchase
price accounting.
(3)
Represents non-cash adjustments
for the remeasurement of the earn-out liability associated with the
FlexSteel acquisition.
(4)
Represents amortization of the
FlexSteel inventory step-up adjustment due to purchase price
accounting.
(5)
Represents the increase or
decrease in tax expense as though Cactus, Inc. owned 100% of its
operating subsidiary at the beginning of the period, calculated as
the difference in tax expense recorded during each period and what
would have been recorded, adjusted for pre-tax items listed above,
based on a corporate effective tax rate of 26.0% on income before
income taxes.
(6)
Reflects 66.1, 65.4, and 64.6
million weighted average shares of basic Class A common stock
outstanding and 13.4, 14.0 and 14.9 million additional shares for
the three months ended June 30, 2024, March 31, 2024, and June 30,
2023, respectively, as if the weighted average shares of Class B
common stock were exchanged and cancelled for Class A common stock
at the beginning of the period, plus the effect of dilutive
securities.
Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
(unaudited)
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not
measures of net income as determined by GAAP but are supplemental
non-GAAP financial measures that are used by management and
external users of the Company’s consolidated financial statements,
such as industry analysts, investors, lenders and rating agencies.
Cactus defines EBITDA as net income excluding net interest, income
tax and depreciation and amortization. Cactus defines Adjusted
EBITDA as EBITDA excluding the other items outlined below.
Cactus management believes EBITDA and Adjusted EBITDA are useful
because they allow management to more effectively evaluate the
Company’s operating performance and compare the results of its
operations from period to period without regard to financing
methods or capital structure, or other items that impact
comparability of financial results from period to period. EBITDA
and Adjusted EBITDA should not be considered as alternatives to, or
more meaningful than, net income or any other measure as determined
in accordance with GAAP. The Company’s computations of EBITDA and
Adjusted EBITDA may not be comparable to other similarly titled
measures of other companies. Cactus defines Adjusted EBITDA margin
as Adjusted EBITDA divided by total revenue. Cactus presents this
supplemental information because it believes it provides useful
information regarding the factors and trends affecting the
Company’s business.
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
2024
2024
2023
2024
2023
(in thousands)
Net income
$
63,059
$
49,815
$
32,459
$
112,874
$
84,747
Interest (income) expense, net
(1,405
)
(689
)
5,928
(2,094
)
4,926
Income tax expense
18,165
13,424
10,135
31,589
12,075
Depreciation and amortization
15,001
15,046
21,914
30,047
35,024
EBITDA
94,820
77,596
70,436
172,416
136,772
Revaluation gain on TRA liability(1)
—
—
—
—
(3,417
)
Transaction related expenses(2)
—
—
2,191
—
10,772
Remeasurement loss on earn-out
liability(3)
2,876
13,304
18,144
16,180
18,023
Inventory step-up expense(4)
—
—
19,325
—
23,516
Stock-based compensation
5,941
4,432
5,323
10,373
9,164
Adjusted EBITDA
$
103,637
$
95,332
$
115,419
$
198,969
$
194,830
Revenue
$
290,389
$
274,123
$
305,819
$
564,512
$
534,224
Net income margin
21.7
%
18.2
%
10.6
%
20.0
%
15.9
%
Adjusted EBITDA margin
35.7
%
34.8
%
37.7
%
35.2
%
36.5
%
(1)
Represents non-cash adjustments
for the revaluation of the liability related to the TRA.
(2)
Reflects fees and expenses
recorded in connection with the FlexSteel acquisition and related
financing.
(3)
Represents non-cash adjustments
for the remeasurement of the earn-out liability associated with the
FlexSteel acquisition.
(4)
Represents amortization of the
FlexSteel inventory step-up adjustment due to purchase price
accounting.
Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin
(unaudited)
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are
not measures of net income as determined by GAAP but are
supplemental non-GAAP financial measures that are used by
management and external users of the Company’s consolidated
financial statements, such as industry analysts, investors, lenders
and rating agencies. Cactus defines Adjusted Segment EBITDA as
segment operating income excluding depreciation and amortization
and the other items outlined below, in each case, that are
attributable to the segment.
Cactus management believes Adjusted Segment EBITDA is useful
because it allows management to more effectively evaluate the
Company’s segment operating performance and compare the results of
its segment operations from period to period without regard to
financing methods or capital structure, or other items that impact
comparability of financial results from period to period. Adjusted
Segment EBITDA should not be considered as an alternative to, or
more meaningful than, net income or any other measure as determined
in accordance with GAAP. The Company’s computations of Adjusted
Segment EBITDA may not be comparable to other similarly titled
measures of other companies. Cactus defines Adjusted Segment EBITDA
margin as Adjusted Segment EBITDA divided by total segment revenue.
Cactus presents this supplemental information because it believes
it provides useful information regarding the factors and trends
affecting the Company’s business.
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
2024
2024
2023
2024
2023
(in thousands)
Pressure Control
Revenue
$
187,192
$
175,028
$
199,134
$
362,220
$
393,789
Operating income
55,669
51,675
62,888
107,344
126,059
Depreciation and amortization expense
6,662
6,811
9,127
13,473
17,119
Stock-based compensation
2,978
2,148
2,074
5,126
3,694
Adjusted Segment EBITDA
$
65,309
$
60,634
$
74,089
$
125,943
$
146,872
Operating income margin
29.7
%
29.5
%
31.6
%
29.6
%
32.0
%
Adjusted Segment EBITDA margin
34.9
%
34.6
%
37.2
%
34.8
%
37.3
%
Spoolable Technologies
Revenue
$
103,716
$
99,095
$
106,685
$
202,811
$
140,435
Operating income (loss)
30,041
16,393
(6,018
)
46,434
(5,769
)
Depreciation and amortization expense
8,339
8,235
12,787
16,574
17,905
Stock-based compensation
1,200
874
1,237
2,074
1,987
Remeasurement loss on earn-out
liability(1)
2,876
13,304
18,144
16,180
18,144
Inventory step-up expense(2)
—
—
19,325
—
23,516
Adjusted Segment EBITDA
$
42,456
$
38,806
$
45,475
$
81,262
$
55,783
Operating income (loss) margin
29.0
%
16.5
%
(5.6
)%
22.9
%
(4.1
)%
Adjusted Segment EBITDA margin
40.9
%
39.2
%
42.6
%
40.1
%
39.7
%
Corporate and Other
Revenue(3)
$
(519
)
$
—
$
—
$
(519
)
$
—
Corporate and other expenses
(5,891
)
(5,518
)
(8,348
)
(11,409
)
(22,080
)
Stock-based compensation
1,763
1,410
2,012
3,173
3,483
Transaction related expenses(4)
—
—
2,191
—
10,772
Adjusted Corporate EBITDA
$
(4,128
)
$
(4,108
)
$
(4,145
)
$
(8,236
)
$
(7,825
)
Total revenue
$
290,389
$
274,123
$
305,819
$
564,512
$
534,224
Total operating income
$
79,819
$
62,550
$
48,522
$
142,369
$
98,210
Total operating income margin
27.5
%
22.8
%
15.9
%
25.2
%
18.4
%
Total Adjusted EBITDA
$
103,637
$
95,332
$
115,419
$
198,969
$
194,830
Total Adjusted EBITDA margin
35.7
%
34.8
%
37.7
%
35.2
%
36.5
%
(1)
Represents non-cash adjustments for the
remeasurement of the earn-out liability associated with the
FlexSteel acquisition.
(2)
Represents amortization of the FlexSteel
inventory step-up adjustment due to purchase price accounting.
(3)
Represents the elimination of
inter-segment revenue for sales from our Pressure Control segment
to our Spoolable Technologies segment.
(4)
Reflects fees and expenses recorded in
connection with the FlexSteel acquisition and related
financing.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730109624/en/
Cactus, Inc. Alan Boyd, 713-904-4669 Director of
Corporate Development and Investor Relations IR@CactusWHD.com
Grafico Azioni Cactus (NYSE:WHD)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Cactus (NYSE:WHD)
Storico
Da Nov 2023 a Nov 2024
