Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today
announced financial and operating results for the fourth quarter
and full year of 2023.
Fourth Quarter Highlights
- Revenue of $274.9 million and operating income of $78.6
million;
- Net income of $62.1 million and diluted earnings per Class A
share of $0.74;
- Adjusted net income(1) of $65.1 million and diluted earnings
per share, as adjusted(1) of $0.81;
- Net income margin of 22.6% and adjusted net income margin(1) of
23.7%;
- Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $100.1
million and 36.4%, respectively;
- Cash flow from operations of $91.7 million;
- Cash and cash equivalents balance of $133.8 million with no
bank debt outstanding as of December 31, 2023; and
- In January 2024, the Board of Directors declared a quarterly
cash dividend of $0.12 per Class A share.
Financial Summary
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2023
2023
2022
2023
2022
(in thousands)
(in thousands)
Revenues
$
274,866
$
287,870
$
187,774
$
1,096,960
$
688,369
Operating income(3)
$
78,553
$
87,603
$
48,221
$
264,366
$
174,748
Operating income margin
28.6
%
30.4
%
25.7
%
24.1
%
25.4
%
Net income
$
62,074
$
68,019
$
40,739
$
214,840
$
145,122
Net income margin
22.6
%
23.6
%
21.7
%
19.6
%
21.1
%
Adjusted net income(1)
$
65,059
$
63,804
$
43,525
$
253,144
$
140,163
Adjusted net income margin(1)
23.7
%
22.2
%
23.2
%
23.1
%
20.4
%
Adjusted EBITDA(2)
$
100,121
$
103,114
$
66,393
$
398,065
$
227,925
Adjusted EBITDA margin(2)
36.4
%
35.8
%
35.4
%
36.3
%
33.1
%
(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 includes a $1.8 million loss and a $5.1 million
gain during the fourth quarter of 2023 and third quarter of 2023,
respectively, related to the remeasurement of the earn-out
liability associated with the FlexSteel acquisition. Both
quarters also include $4.0 million of intangible amortization
expense related to purchase price accounting.
Scott Bender, CEO and Chairman of the Board of Cactus,
commented, “I am proud of our company's continued focus on
execution as well as its integration of FlexSteel. In the fourth
quarter, Adjusted EBITDA margins in both segments exceeded
expectations, and we generated substantial free cash flow.”
“In the first quarter of 2024, we anticipate that U.S. land
activity levels will be approximately flat from the fourth quarter
of 2023. In Pressure Control, we expect a slight decline in
revenues relative to the fourth quarter, as sales in that period
were augmented by higher production equipment sales relative to the
rig count. In Spoolable Technologies, we anticipate revenues to
increase modestly on increased customer demand.”
Mr. Bender concluded, “Our continuous focus on customer service,
margins and returns led us to achieve several financial milestones
in 2023. Both businesses set records for annual revenues and
Adjusted EBITDA. We have made substantial progress in integrating
FlexSteel, our first acquisition as a public company, which has
enhanced margins and diversified our revenue further downstream of
the wellhead, providing growth opportunities both inside and
outside of upstream oil and gas. Although current industry
expectations for 2024 U.S. land drilling and completion activity
are modest, we have several initiatives underway to further enhance
margins and remain focused on diversifying our international
revenue streams through growth in both of our segments.”
Segment Performance
Upon completion of the FlexSteel acquisition, we re-evaluated
our reportable segments and now report two business segments,
Pressure Control (legacy Cactus) and Spoolable Technologies
(FlexSteel). Starting with Q4 2023, corporate and other expenses
not directly attributable to either segment are presented
separately as Corporate and Other Expenses below. These expenses
were previously included within the Pressure Control segment. Prior
periods presented have been recast to conform to the new
presentation. Historical results reconciling the prior and new
presentation from 2021 through 2023 are available on the Company's
website at the following link: click here.
Pressure Control
Fourth quarter 2023 Pressure Control revenue decreased $2.0
million, or 1.1%, sequentially, as sales of wellhead and production
related equipment declined primarily due to lower customer
activity. Operating income increased $1.2 million, or 2.2%,
sequentially, with margins increasing 100 basis points due to lower
equipment repair costs and efforts to reduce our branch expenses in
response to reduced domestic activity levels. Adjusted Segment
EBITDA increased $1.5 million, or 2.3%, sequentially, with Adjusted
Segment EBITDA margins increasing 120 basis points.
Spoolable Technologies
Fourth quarter 2023 Spoolable Technologies revenues decreased
$11.0 million, or 10.4%, sequentially, due to reduced customer
activity levels. Operating income decreased $11.6 million, or
29.2%, sequentially, with operating income margins decreasing 790
basis points due primarily to the quarter over quarter change in
the remeasurement of the earn-out liability associated with the
FlexSteel acquisition. Adjusted Segment EBITDA decreased $4.5
million, or 10.2%, sequentially, with Adjusted Segment EBITDA
margins increasing 10 basis points due to more favorable input
costs.
Corporate and Other Expenses
Fourth quarter 2023 Corporate and Other expenses decreased $1.3
million, or 18.9%, sequentially, due to lower transaction expenses
related to the FlexSteel acquisition and lower stock-based
compensation expenses.
Liquidity, Capital Expenditures and Other
As of December 31, 2023, the Company had $133.8 million of cash
and cash equivalents, no bank debt outstanding, and $216.0 million
of availability on our revolving credit facility. Operating cash
flow was $91.7 million for the fourth quarter of 2023. During the
fourth quarter, the Company made dividend payments and associated
distributions of $9.5 million.
Net capital expenditures were $9.6 million during the fourth
quarter of 2023. Net capital expenditures for the full year of 2023
were $38.6 million. For the full year 2024, the Company expects net
capital expenditures to be in the range of $45 million to $55
million, inclusive of capital directed towards supply chain
diversification efforts and organic international expansion.
As of December 31, 2023, Cactus had 65,409,329 shares of Class A
common stock outstanding (representing 82.3% of the total voting
power) and 14,033,979 shares of Class B common stock outstanding
(representing 17.7% of the total voting power).
Quarterly Dividend
In January 2024, the Board approved a quarterly cash dividend of
$0.12 per share of Class A common stock with payment to occur on
March 14, 2024 to holders of record of Class A common stock at the
close of business on February 26, 2024. A corresponding
distribution of up to $0.12 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 February 29, 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” 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 December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
(in thousands, except per
share data)
Revenues
Pressure Control
$
180,454
$
187,774
$
756,727
$
688,369
Spoolable Technologies
94,412
—
340,233
—
Total revenues
274,866
187,774
1,096,960
688,369
Operating income
Pressure Control
56,053
60,479
236,934
202,650
Spoolable Technologies
28,168
—
62,172
—
Total segment operating income
84,221
60,479
299,106
202,650
Corporate and other expenses
(5,668
)
(12,258
)
(34,740
)
(27,902
)
Total operating income
78,553
48,221
264,366
174,748
Interest income (expense), net
(182
)
2,370
(6,480
)
3,714
Other income (expense), net
686
(1,920
)
4,490
(1,910
)
Income before income taxes
79,057
48,671
262,376
176,552
Income tax expense
16,983
7,932
47,536
31,430
Net income
$
62,074
$
40,739
$
214,840
$
145,122
Less: net income attributable to
non-controlling interest
13,127
9,750
45,669
34,948
Net income attributable to Cactus,
Inc.
$
48,947
$
30,989
$
169,171
$
110,174
Earnings per Class A share - basic
$
0.75
$
0.51
$
2.62
$
1.83
Earnings per Class A share -
diluted(1)
$
0.74
$
0.50
$
2.57
$
1.80
Weighted average shares outstanding -
basic
65,360
60,797
64,641
60,323
Weighted average shares outstanding -
diluted(1)
79,860
76,410
79,460
76,337
(1)
Dilution for the three months ended
December 31, 2023 and December 31, 2022 includes an additional
$13.8 million and $10.1 million of pre-tax income attributable to
non-controlling interest adjusted for a corporate effective tax
rate of 26.0% and 25.0% and 14.1 million and 15.1 million weighted
average shares of Class B common stock, respectively, plus the
effect of dilutive securities. Dilution for the twelve months ended
December 31, 2023 and December 31, 2022 includes an additional
$47.4 million and $36.3 million of pre-tax income attributable to
non-controlling interest adjusted for a corporate effective tax
rate of 26.0% and 25.0% and 14.6 million and 15.5 million weighted
average shares of Class B common stock, respectively, plus the
effect of dilutive securities.
Cactus, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
December 31,
2023
2022
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
133,792
$
344,527
Accounts receivable, net
205,381
138,268
Inventories
205,625
161,283
Prepaid expenses and other current
assets
11,380
10,564
Total current assets
556,178
654,642
Property and equipment, net
345,502
129,998
Operating lease right-of-use assets,
net
23,496
23,183
Intangible assets, net
179,978
—
Goodwill
203,028
7,824
Deferred tax asset, net
204,852
301,644
Other noncurrent assets
9,527
1,605
Total assets
$
1,522,561
$
1,118,896
Liabilities and Equity
Current liabilities
Accounts payable
$
71,841
$
47,776
Accrued expenses and other current
liabilities
50,654
30,619
Earn-out liability
20,810
—
Current portion of liability related to
tax receivable agreement
20,855
27,544
Finance lease obligations, current
portion
7,280
5,933
Operating lease liabilities, current
portion
4,220
4,777
Total current liabilities
175,660
116,649
Deferred tax liability, net
3,589
1,966
Liability related to tax receivable
agreement, net of current portion
250,069
265,025
Finance lease obligations, net of current
portion
9,352
6,436
Operating lease liabilities, net of
current portion
19,121
18,375
Total liabilities
457,791
408,451
Equity
1,064,770
710,445
Total liabilities and equity
$
1,522,561
$
1,118,896
Cactus, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Twelve Months Ended December
31,
2023
2022
(in thousands)
Cash flows from operating
activities
Net income
$
214,840
$
145,122
Reconciliation of net income to net cash
provided by operating activities
Depreciation and amortization
65,045
34,124
Deferred financing cost amortization
4,514
165
Stock-based compensation
18,105
10,631
Provision for expected credit losses
2,622
406
Inventory obsolescence
5,337
2,739
Gain on disposal of assets
(3,156
)
(1,391
)
Deferred income taxes
17,343
25,299
Change in fair value of earn-out
liability
14,850
—
(Gain) loss from revaluation of liability
related to tax receivable agreement
(4,490
)
1,910
Changes in operating assets and
liabilities:
Accounts receivable
(11,858
)
(49,349
)
Inventories
41,922
(44,891
)
Prepaid expenses and other assets
753
(3,108
)
Accounts payable
8,710
5,803
Accrued expenses and other liabilities
(7,367
)
2,090
Payments pursuant to tax receivable
agreement
(26,890
)
(11,666
)
Net cash provided by operating
activities
340,280
117,884
Cash flows from investing
activities
Acquisition of a business, net of cash and
cash equivalents acquired
(616,189
)
—
Capital expenditures and other
(43,977
)
(28,291
)
Proceeds from sales of assets
5,373
2,755
Net cash used in investing activities
(654,793
)
(25,536
)
Cash flows from financing
activities
Proceeds from the issuance of long-term
debt
155,000
—
Repayments of borrowings of long-term
debt
(155,000
)
—
Net proceeds from the issuance of Class A
common stock
169,878
—
Payments of deferred financing costs
(6,934
)
(353
)
Payments on finance leases
(7,652
)
(6,055
)
Dividends paid to Class A common stock
shareholders
(30,124
)
(26,719
)
Distributions to members
(16,644
)
(9,692
)
Repurchases of shares
(5,249
)
(4,563
)
Net cash provided by (used in) financing
activities
103,275
(47,382
)
Effect of exchange rate changes on cash
and cash equivalents
503
(2,108
)
Net increase (decrease) in cash and cash
equivalents
(210,735
)
42,858
Cash and cash equivalents
Beginning of period
344,527
301,669
End of period
$
133,792
$
344,527
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
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2023
2023
2022
2023
2022
(in thousands, except per
share data)
Net income
$
62,074
$
68,019
$
40,739
$
214,840
$
145,122
Adjustments:
Revaluation (gain) loss on TRA
liability(1)
(807
)
(266
)
1,920
(4,490
)
1,910
Transaction related expenses,
pre-tax(2)
327
1,084
7,442
12,183
8,422
Intangible amortization expense(3)
3,997
3,997
—
20,323
—
Remeasurement (gain) loss on earn-out
liability(4)
1,918
(5,091
)
—
14,850
—
Inventory step-up expense(5)
—
—
—
23,516
—
Income tax expense differential(6)
(2,450
)
(3,939
)
(6,576
)
(28,078
)
(15,291
)
Adjusted net income
$
65,059
$
63,804
$
43,525
$
253,144
$
140,163
Diluted earnings per share, as
adjusted
$
0.81
$
0.80
$
0.57
$
3.19
$
1.84
Weighted average shares outstanding, as
adjusted(7)
79,860
80,037
76,410
79,460
76,337
Revenue
$
274,866
$
287,870
$
187,774
$
1,096,960
$
688,369
Net income margin
22.6
%
23.6
%
21.7
%
19.6
%
21.1
%
Adjusted net income margin
23.7
%
22.2
%
23.2
%
23.1
%
20.4
%
(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)
Reflects amortization expense associated
with the step-up in intangible value due to purchase price
accounting.
(4)
Represents non-cash adjustments for the
remeasurement of the earn-out liability associated with the
FlexSteel acquisition.
(5)
Represents amortization of the FlexSteel
inventory step-up adjustment due to purchase price accounting.
(6)
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 23.0% on income before
income taxes for the three and twelve months ended December 31,
2023, 26.0% for the three months ended September 30, 2023, and
25.0% for the three and twelve months ended December 31, 2022.
(7)
Reflects 65.4, 64.9, and 60.8 million
weighted average shares of basic Class A common stock outstanding
and 14.1, 14.6 and 15.1 million of additional shares for the three
months ended December 31, 2023, September 30, 2023 and December 31,
2022, respectively, and 64.6 and 60.3 million weighted average
shares of Class A common stock and 14.6 and 15.5 million of
additional shares for the twelve months ended December 31, 2023 and
December 31, 2022, 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
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2023
2023
2022
2023
2022
(in thousands)
Net income
$
62,074
$
68,019
$
40,739
$
214,840
$
145,122
Interest (income) expense, net
182
1,372
(2,370
)
6,480
(3,714
)
Income tax expense
16,983
18,478
7,932
47,536
31,430
Depreciation and amortization
14,865
15,156
8,133
65,045
34,124
EBITDA
94,104
103,025
54,434
333,901
206,962
Revaluation (gain) loss on TRA
liability(1)
(807
)
(266
)
1,920
(4,490
)
1,910
Transaction related expenses(2)
327
1,084
7,442
12,183
8,422
Remeasurement (gain) loss on earn-out
liability(3)
1,918
(5,091
)
—
14,850
—
Inventory step-up expense(4)
—
—
—
23,516
—
Stock-based compensation
4,579
4,362
2,597
18,105
10,631
Adjusted EBITDA
$
100,121
$
103,114
$
66,393
$
398,065
$
227,925
Revenue
$
274,866
$
287,870
$
187,774
$
1,096,960
$
688,369
Net income margin
22.6
%
23.6
%
21.7
%
19.6
%
21.1
%
Adjusted EBITDA margin
36.4
%
35.8
%
35.4
%
36.3
%
33.1
%
(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
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2023
2023
2022
2023
2022
(in thousands)
Pressure Control
Revenue
$
180,454
$
182,484
$
187,774
$
756,727
$
688,369
Operating income
56,053
54,822
60,479
236,934
202,650
Depreciation and amortization expense
6,911
6,868
8,133
30,898
34,124
Stock-based compensation
1,701
1,491
1,387
6,886
5,815
Adjusted Segment EBITDA
$
64,665
$
63,181
$
69,999
$
274,718
$
242,589
Operating income margin
31.1
%
30.0
%
32.2
%
31.3
%
29.4
%
Adjusted Segment EBITDA margin
35.8
%
34.6
%
37.3
%
36.3
%
35.2
%
Spoolable Technologies
Revenue
$
94,412
$
105,386
$
—
$
340,233
$
—
Operating income
28,168
39,773
—
62,172
—
Depreciation and amortization expense
7,954
8,288
—
34,147
—
Stock-based compensation
1,313
716
—
4,016
—
Remeasurement loss (gain) on earn-out
liability(1)
1,797
(5,091
)
—
14,850
—
Inventory step-up expense(2)
—
—
—
23,516
—
Adjusted Segment EBITDA
$
39,232
$
43,686
$
—
$
138,701
$
—
Operating income margin
29.8
%
37.7
%
n/a
18.3
%
n/a
Adjusted Segment EBITDA margin
41.6
%
41.5
%
n/a
40.8
%
n/a
Corporate and Other
Corporate and other expenses
$
(5,668
)
$
(6,992
)
$
(12,258
)
$
(34,740
)
$
(27,902
)
Stock-based compensation
1,565
2,155
1,210
7,203
4,816
Transaction related expenses(3)
327
1,084
7,442
12,183
8,422
Adjusted Corporate EBITDA
$
(3,776
)
$
(3,753
)
$
(3,606
)
$
(15,354
)
$
(14,664
)
Total revenue
$
274,866
$
287,870
$
187,774
$
1,096,960
$
688,369
Total operating income
$
78,553
$
87,603
$
48,221
$
264,366
$
174,748
Total operating income margin
28.6
%
30.4
%
25.7
%
24.1
%
25.4
%
Total Adjusted EBITDA
$
100,121
$
103,114
$
66,393
$
398,065
$
227,925
Total Adjusted EBITDA margin
36.4
%
35.8
%
35.4
%
36.3
%
33.1
%
(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)
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/20240228912813/en/
Cactus, Inc. Alan Boyd, 713-904-4669 Director of
Corporate Development and Investor Relations IR@CactusWHD.com
Cactus (NYSE:WHD)
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