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Cactus Announces Second Quarter 2022 Results

Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the second quarter of 2022.

Second Quarter Highlights

  • Revenue of $170.2 million and income from operations of $44.2 million;
  • Net income of $35.8 million(1) and diluted earnings per Class A share of $0.44(1);
  • Adjusted net income(2) of $33.4 million and diluted earnings per share, as adjusted(2) of $0.44;
  • Net income margin of 21.0% and adjusted net income margin(2) of 19.6%;
  • Adjusted EBITDA(3) and Adjusted EBITDA margin(3) of $55.5 million and 32.6%, respectively;
  • Cash flow from operations of $31.0 million; and
  • Cash balance of $311.7 million and no bank debt outstanding as of June 30, 2022.

Financial Summary

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

 

(in thousands)

Revenues

$

170,215

 

 

$

145,899

 

 

$

108,893

 

Income from operations

$

44,241

 

 

$

30,990

 

 

$

17,314

 

Net income(1)

$

35,780

 

 

$

27,083

 

 

$

14,774

 

Net income margin

 

21.0

%

 

 

18.6

%

 

 

13.6

%

Adjusted net income(2)

$

33,409

 

 

$

22,859

 

 

$

12,336

 

Adjusted net income margin(2)

 

19.6

%

 

 

15.7

%

 

 

11.3

%

Adjusted EBITDA(3)

$

55,506

 

 

$

42,333

 

 

$

28,908

 

Adjusted EBITDA margin(3)

 

32.6

%

 

 

29.0

%

 

 

26.5

%

(1)

Net income during the first quarter of 2022 is inclusive of $1.1 million in other expense related to the revaluation of the tax receivable agreement (“TRA”) liability, a $1.0 million tax benefit related to the revaluation of our deferred tax asset and a $1.7 million tax benefit related to equity compensation. Net income during the second quarter of 2021 is inclusive of a $3.0 million income tax benefit associated with a partial release of a valuation allowance in connection with the redemption of units in Cactus Wellhead, LLC (“Cactus LLC”) by Cadent and other members during the period, $0.6 million of income tax expense related to changes in our foreign tax credit position and $1.0 million in other expense related to the revaluation of the TRA liability.

(2)

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 Cactus LLC, 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.

(3)

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.

Scott Bender, President and CEO of Cactus, commented, “We were pleased with our strong performance during the second quarter. Revenue growth during the period outpaced the change in the domestic rig count while margin improvement was robust across all business lines. Product revenue generated per U.S. land rig followed(1) was up over ten percent sequentially. In our Rental business line, revenue and margins continued their upward trajectory. In Field Service, steps taken during the second quarter to offset inflationary pressures impacting labor and transportation contributed to significant margin improvement.

“For the third quarter, we anticipate further revenue growth across our various business lines. Of note, the Company’s first Product sales into South America and the Middle East are expected to be recognized in the third quarter. We remain well positioned in our Rental business, as customers continue to recognize the value of our products and execution.”

Mr. Bender concluded, “Second quarter results demonstrated the emphasis we place on margins and returns. Management will continue to run the business with these values in mind. Additionally, we continue to focus on increasing the quality of our customer base in an industry where availability of resources, particularly labor, is tight. Looking forward, a continued focus on our supply chain leaves us well positioned to support additional activity gains. Finally, we are witnessing encouraging signs that the overall rate of cost inflation may be moderating.”

(1)

Additional information regarding market share and rigs followed is located in the Supplemental Information tables.

Revenue Categories

Product

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

 

(in thousands)

Product revenue

$

112,232

 

 

$

94,040

 

 

$

70,345

 

Gross profit

$

43,060

 

 

$

33,120

 

 

$

22,245

 

Gross margin

 

38.4

%

 

 

35.2

%

 

 

31.6

%

Second quarter 2022 product revenue increased $18.2 million, or 19.3%, sequentially, as sales of wellhead and production related equipment increased due to higher drilling activity and cost recovery efforts. Gross profit increased $9.9 million, or 30.0%, sequentially, with margins increasing 320 basis points due to operating leverage and cost recovery.

Rental

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

 

(in thousands)

Rental revenue

$

23,695

 

 

$

22,343

 

 

$

14,644

 

Gross profit

$

8,367

 

 

$

7,254

 

 

$

241

 

Gross margin

 

35.3

%

 

 

32.5

%

 

1.6

%

Second quarter 2022 rental revenue increased $1.4 million, or 6.1%, sequentially, due to higher customer activity. Gross profit increased $1.1 million sequentially and margins increased 280 basis points due to depreciation expense representing a lower percentage of revenue and lower equipment repair costs during the period.

Field Service and Other

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

 

(in thousands)

Field service and other revenue

$

34,288

 

 

$

29,516

 

 

$

23,904

 

Gross profit

$

7,554

 

 

$

4,710

 

 

$

6,212

 

Gross margin

 

22.0

%

 

 

16.0

%

 

26.0

%

Second quarter 2022 field service and other revenue increased $4.8 million, or 16.2%, sequentially, as higher customer activity drove an increase in associated billable hours. The Company also took measures to address inflation in fuel and labor costs experienced this year. Gross profit increased $2.8 million, or 60.4%, sequentially, with margins increasing by 600 basis points sequentially.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expense for the second quarter of 2022 was $14.7 million (8.7% of revenues), compared to $14.1 million (9.7% of revenues) for the first quarter of 2022 and $11.4 million (10.5% of revenues) for the second quarter of 2021. The sequential increase was primarily due to increased bonus accruals due to stronger than expected financial performance.

Liquidity, Capital Expenditures and Other

As of June 30, 2022, the Company had $311.7 million of cash and no bank debt outstanding. Operating cash flow was $31.0 million for the second quarter of 2022. During the second quarter, the Company made dividend payments and associated distributions of $8.3 million.

Net cash used in investing activities was $5.6 million during the second quarter of 2022, driven largely by additions to the Company’s fleet of rental equipment. For the full year 2022, the Company expects net capital expenditures to be in the range of $20 million to $30 million.

As of June 30, 2022, Cactus had 60,612,784 shares of Class A common stock outstanding (representing 79.9% of the total voting power) and 15,262,826 shares of Class B common stock outstanding (representing 20.1% of the total voting power).

Quarterly Dividend

The Board of Directors has approved a quarterly cash dividend of $0.11 per share of Class A common stock with payment to occur on September 15, 2022 to holders of record of Class A common stock at the close of business on August 29, 2022. A corresponding distribution of up to $0.11 per CW Unit has also been approved for holders of CW Units of Cactus Wellhead, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results on August 4, 2022 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 and rents a range of highly engineered wellhead and pressure control equipment. 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 all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia. Cactus also conducts rental and service operations in the Kingdom of Saudi Arabia.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press 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,” “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 known 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, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

 

(in thousands, except per share data)

Revenues

 

 

 

 

 

 

 

Product revenue

$

112,232

 

$

70,345

 

 

$

206,272

 

 

$

122,301

 

Rental revenue

 

23,695

 

 

14,644

 

 

 

46,038

 

 

 

27,133

 

Field service and other revenue

 

34,288

 

 

23,904

 

 

 

63,804

 

 

 

43,876

 

Total revenues

 

170,215

 

 

108,893

 

 

 

316,114

 

 

 

193,310

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of product revenue

 

69,172

 

 

48,100

 

 

 

130,092

 

 

 

84,621

 

Cost of rental revenue

 

15,328

 

 

14,403

 

 

 

30,417

 

 

 

26,574

 

Cost of field service and other revenue

 

26,734

 

 

17,692

 

 

 

51,540

 

 

 

32,155

 

Selling, general and administrative expenses

 

14,740

 

 

11,384

 

 

 

28,834

 

 

 

21,011

 

Total costs and expenses

 

125,974

 

 

91,579

 

 

 

240,883

 

 

 

164,361

 

Income from operations

 

44,241

 

 

17,314

 

 

 

75,231

 

 

 

28,949

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

304

 

 

(181

)

 

 

204

 

 

 

(333

)

Other expense, net

 

 

 

(1,004

)

 

 

(1,115

)

 

 

(1,410

)

Income before income taxes

 

44,545

 

 

16,129

 

 

 

74,320

 

 

 

27,206

 

Income tax expense (benefit)

 

8,765

 

 

1,355

 

 

 

11,457

 

 

 

(2,704

)

Net income

$

35,780

 

$

14,774

 

 

$

62,863

 

 

$

29,910

 

Less: net income attributable to non-controlling interest

 

8,636

 

 

4,381

 

 

 

15,103

 

 

 

7,958

 

Net income attributable to Cactus, Inc.

$

27,144

 

$

10,393

 

 

$

47,760

 

 

$

21,952

 

 

 

 

 

Earnings per Class A share - basic

$

0.45

 

$

0.19

 

 

$

0.80

 

 

$

0.42

 

Earnings per Class A share - diluted (a)

$

0.44

 

$

0.18

 

 

$

0.78

 

 

$

0.37

 

 

 

 

 

Weighted average shares outstanding - basic

 

60,523

 

 

55,048

 

 

 

59,909

 

 

 

52,124

 

Weighted average shares outstanding - diluted (a)

 

76,322

 

 

75,997

 

 

 

76,262

 

 

 

75,955

 

(a)

Dilution for the three and six months ended June 30, 2022 includes $9.0 million and $15.7 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 25.0% and 15.4 million and 15.9 million weighted average shares of Class B common stock outstanding, plus the effect of dilutive securities. Dilution for the three and six months ended June 30, 2021 includes $4.6 million and $8.5 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 28% and 20.7 and 23.5 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,

 

2022

 

2021

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

311,684

 

$

301,669

Accounts receivable, net

��

125,821

 

 

89,205

Inventories

 

149,037

 

 

119,817

Prepaid expenses and other current assets

 

7,985

 

 

7,794

Total current assets

 

594,527

 

 

518,485

 

 

 

 

Property and equipment, net

 

130,376

 

 

129,117

Operating lease right-of-use assets, net

 

20,910

 

 

22,538

Goodwill

 

7,824

 

 

7,824

Deferred tax asset, net

 

315,495

 

 

303,074

Other noncurrent assets

 

992

 

 

1,040

Total assets

$

1,070,124

 

$

982,078

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

57,366

 

$

42,818

Accrued expenses and other current liabilities

 

33,620

 

 

28,240

Current portion of liability related to tax receivable agreement

 

11,769

 

 

11,769

Finance lease obligations, current portion

 

5,630

 

 

4,867

Operating lease liabilities, current portion

 

5,253

 

 

4,880

Total current liabilities

 

113,638

 

 

92,574

 

 

 

 

Deferred tax liability, net

 

1,247

 

 

1,172

Liability related to tax receivable agreement, net of current portion

 

288,659

 

 

269,838

Finance lease obligations, net of current portion

 

6,912

 

 

5,811

Operating lease liabilities, net of current portion

 

15,860

 

 

17,650

Total liabilities

 

426,316

 

 

387,045

 

 

 

 

Equity

 

643,808

 

 

595,033

Total liabilities and equity

$

1,070,124

 

$

982,078

Cactus, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Six Months Ended

June 30,

 

2022

 

2021

 

(in thousands)

Cash flows from operating activities

 

 

 

Net income

$

62,863

 

 

$

29,910

 

Reconciliation of net income to net cash provided by operating activities

 

 

 

Depreciation and amortization

 

17,592

 

 

 

18,352

 

Deferred financing cost amortization

 

84

 

 

 

84

 

Stock-based compensation

 

5,016

 

 

 

4,438

 

Provision for expected credit losses

 

240

 

 

 

149

 

Inventory obsolescence

 

959

 

 

 

1,566

 

Gain on disposal of assets

 

(518

)

 

 

(613

)

Deferred income taxes

 

8,504

 

 

 

(4,506

)

Loss from revaluation of liability related to tax receivable agreement

 

1,115

 

 

 

1,004

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(36,484

)

 

 

(27,858

)

Inventories

 

(30,670

)

 

 

(2,569

)

Prepaid expenses and other assets

 

(210

)

 

 

499

 

Accounts payable

 

14,238

 

 

 

12,774

 

Accrued expenses and other liabilities

 

5,494

 

 

 

9,999

 

Net cash provided by operating activities

 

48,223

 

 

 

43,229

 

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures and other

 

(13,752

)

 

 

(5,461

)

Proceeds from sale of assets

 

876

 

 

 

1,108

 

Net cash used in investing activities

 

(12,876

)

 

 

(4,353

)

 

 

 

 

Cash flows from financing activities

 

 

 

Payments on finance leases

 

(2,987

)

 

 

(2,479

)

Dividends paid to Class A common stock shareholders

 

(13,335

)

 

 

(9,426

)

Distributions to members

 

(3,348

)

 

 

(3,560

)

Repurchase of shares

 

(4,495

)

 

 

(3,174

)

Net cash used in financing activities

 

(24,165

)

 

 

(18,639

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(1,167

)

 

 

186

 

 

 

 

 

Net increase in cash and cash equivalents

 

10,015

 

 

 

20,423

 

 

 

 

 

Cash and cash equivalents

 

 

 

Beginning of period

 

301,669

 

 

 

288,659

 

End of period

$

311,684

 

 

$

309,082

 

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 Cactus LLC, 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,

 

2022

 

2022

 

2021

 

(in thousands, except per share data)

Net income

$

35,780

 

 

$

27,083

 

 

$

14,774

 

Adjustments:

 

 

 

 

 

Other non-operating expense, pre-tax(1)

 

 

 

 

1,115

 

 

 

1,004

 

Income tax expense differential(2)

 

(2,371

)

 

 

(5,339

)

 

 

(3,442

)

Adjusted net income

$

33,409

 

 

$

22,859

 

 

$

12,336

 

 

 

 

 

 

 

Diluted earnings per share, as adjusted

$

0.44

 

 

$

0.30

 

 

$

0.16

 

 

 

 

 

 

 

Weighted average shares outstanding, as adjusted(3)

 

76,322

 

 

 

76,162

 

 

 

75,997

 

 

 

 

 

 

 

Revenue

$

170,215

 

 

$

145,899

 

 

$

108,893

 

Net income margin(4)

 

21.0

%

 

 

18.6

%

 

 

13.6

%

Adjusted net income margin

 

19.6

%

 

 

15.7

%

 

 

11.3

%

(1)

Represents non-cash adjustments for the revaluation of the liability related to the TRA.

(2)

Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of Cactus LLC 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 25% on income before income taxes for the three months ended June 30, 2022, 26% for the three months ended March 31, 2022, and 28% for the three months ended June 30, 2021.

(3)

Reflects 60.5, 59.3, and 55.0 million weighted average shares of basic Class A common stock outstanding and 15.4, 16.5 and 20.7 million of additional shares for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, 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.

(4)

Net income margin represents net income divided by total revenue.

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,

 

2022

 

2022

 

2021

 

2022

 

2021

 

(in thousands)

 

(in thousands)

Net income

$

35,780

 

 

$

27,083

 

 

$

14,774

 

 

$

62,863

 

 

$

29,910

 

Interest (income) expense, net

 

(304

)

 

 

100

 

 

 

181

 

 

 

(204

)

 

 

333

 

Income tax expense (benefit)

 

8,765

 

 

 

2,692

 

 

 

1,355

 

 

 

11,457

 

 

 

(2,704

)

Depreciation and amortization

 

8,915

 

 

 

8,677

 

 

 

9,159

 

 

 

17,592

 

 

 

18,352

 

EBITDA

 

53,156

 

 

 

38,552

 

 

 

25,469

 

 

 

91,708

 

 

 

45,891

 

Other non-operating expense(1)

 

 

 

 

1,115

 

 

 

1,004

 

 

 

1,115

 

 

 

1,004

 

Secondary offering related expenses(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

Stock-based compensation

 

2,350

 

 

 

2,666

 

 

 

2,435

 

 

 

5,016

 

 

 

4,438

 

Adjusted EBITDA

$

55,506

 

 

$

42,333

 

 

$

28,908

 

 

$

97,839

 

 

$

51,739

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

170,215

 

 

$

145,899

 

 

$

108,893

 

 

$

316,114

 

 

$

193,310

 

Net income margin(3)

 

21.0

%

 

 

18.6

%

 

 

13.6

%

 

 

19.9

%

 

 

15.5

%

Adjusted EBITDA margin

 

32.6

%

 

 

29.0

%

 

 

26.5

%

 

 

31.0

%

 

 

26.8

%

(1)

Represents non-cash adjustments for the revaluation of the liability related to the TRA.

(2)

Reflects fees and expenses recorded in the first quarter of 2021 in connection with the offering of Class A common stock by certain selling stockholders, excluding underwriting discounts and selling commissions incurred by the selling stockholders.

(3)

Net income margin represents net income divided by total revenue.

Cactus, Inc. – Supplemental Information

Depreciation and Amortization by Category

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

2022

 

2022

 

2021

 

2022

 

2021

 

(in thousands)

 

(in thousands)

Cost of product revenue

$

751

 

$

748

 

$

814

 

$

1,499

 

$

1,620

Cost of rental revenue

 

6,252

 

 

6,167

 

 

6,491

 

 

12,419

 

 

13,116

Cost of field service and other revenue

 

1,802

 

 

1,673

 

 

1,753

 

 

3,475

 

 

3,408

Selling, general and administrative expenses

 

110

 

 

89

 

 

101

 

 

199

 

 

208

Total depreciation and amortization

$

8,915

 

$

8,677

 

$

9,159

 

$

17,592

 

$

18,352

Cactus, Inc. – Supplemental Information

Estimated Market Share

(unaudited)

 

Market share represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each of the three months in the applicable quarter divided by the Baker Hughes U.S. onshore rig count quarterly average. Cactus believes that comparing the total number of active U.S. onshore rigs to which it was providing its products and services at a given time to the number of active U.S. onshore rigs during the same period provides Cactus with a reasonable approximation of its market share with respect to wellhead products sold and the corresponding services it provides.

 

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

Cactus U.S. onshore rigs followed

275

 

 

254

 

 

182

 

Baker Hughes U.S. onshore rig count quarterly average

697

 

 

616

 

 

436

 

Market share

39.5

%

 

41.2

%

 

41.7

%

 

Contacts

Cactus, Inc.

John Fitzgerald, 713-904-4655

Director of Corporate Development and Investor Relations

IR@CactusWHD.com

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