Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today
announced financial and operating results for the third quarter of
2024.
Third Quarter Highlights
- Revenue of $293.2 million and operating income of $76.8
million;
- Net income of $62.4 million and diluted earnings per Class A
share of $0.74;
- Adjusted net income(1) of $63.5 million and diluted earnings
per share, as adjusted(1) of $0.79;
- Net income margin of 21.3% and adjusted net income margin(1) of
21.7%;
- Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $100.4
million and 34.2%, respectively;
- Cash flow from operations of $85.3 million;
- Cash and cash equivalents of $303.4 million, with no bank debt
outstanding as of September 30, 2024; and
- In October 2024, the Board of Directors declared a quarterly
cash dividend of $0.13 per Class A share.
Financial Summary
Three Months Ended
September 30,
June 30,
September 30,
2024
2024
2023
(in thousands)
Revenues
$
293,181
$
290,389
$
287,870
Operating income(3)
$
76,792
$
79,819
$
87,603
Operating income margin
26.2
%
27.5
%
30.4
%
Net income
$
62,437
$
63,059
$
68,019
Net income margin
21.3
%
21.7
%
23.6
%
Adjusted net income(1)
$
63,479
$
65,192
$
63,804
Adjusted net income margin(1)
21.7
%
22.4
%
22.2
%
Adjusted EBITDA(2)
$
100,370
$
103,637
$
103,114
Adjusted EBITDA margin(2)
34.2
%
35.7
%
35.8
%
(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, “Revenues in both segments surpassed our expectations
for the third quarter. I am particularly proud of our Spoolable
Technologies associates who have driven continued segment revenue
outperformance against softer year-to-date U.S. land activity
trends. In addition, we generated substantial free cash flow in the
third quarter with improved working capital performance, and
increased our cash balance by $57 million despite making the final
earn-out payment of $37 million to the sellers of FlexSteel.”
“In the fourth quarter of 2024, we anticipate that the U.S. land
rig count will remain stable from today's levels, with some
potential for reductions in customer activity late in the quarter
due to the holidays, weather, consolidations and the possibility of
some customer budget exhaustion. In Pressure Control, we achieved
high levels of sales per rig followed in the second and third
quarters and anticipate modest reversion in the fourth quarter. In
Spoolable Technologies, we expect a typical seasonal contraction in
the fourth quarter, partially offset by sustained international
activity.”
Mr. Bender concluded, “Although the outlook for U.S. land
drilling activity remains subdued, our business continues to
outperform, generating industry-leading returns and substantial
free cash flow. In the third quarter, we pursued a growth
opportunity and incurred non-routine Corporate expenses as a result
of this effort. We are no longer pursuing this specific
opportunity. Our leadership team remains substantial equity owners,
we will continue to be highly disciplined stewards of our capital
and resources, and we will continue to pursue opportunities that
enhance the Cactus value proposition and build long-term value for
our 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
Third quarter 2024 Pressure Control revenue decreased $2.1
million, or 1.1%, sequentially, primarily due to decreased sales of
wellhead and production related equipment resulting from lower
drilling and completions activity. Operating income decreased $3.1
million, or 5.6%, sequentially, on the lower volume, with margins
decreasing 130 basis points due to miscellaneous charges incurred
in the quarter, including reserves taken in connection with
customer bankruptcies and other litigation claims. Adjusted Segment
EBITDA decreased $3.3 million, or 5.1%, sequentially, with Adjusted
Segment EBITDA margins decreasing 140 basis points.
Spoolable Technologies
Third quarter 2024 Spoolable Technologies revenues increased
$4.4 million, or 4.3%, sequentially, due to increased customer
activity levels. Operating income increased $2.9 million, or 9.5%,
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 $0.1 million in the third quarter
compared to $2.9 million in the second quarter. Adjusted Segment
EBITDA increased $0.1 million, or 0.2%, sequentially, with Adjusted
Segment EBITDA margins decreasing 160 basis points due to higher
input costs.
Corporate and Other Expenses
Third quarter 2024 Corporate and Other expenses increased $2.8
million, or 46.9%, sequentially, primarily due to professional fees
associated with growth initiatives.
Liquidity, Capital Expenditures and Other
As of September 30, 2024, the Company had $303.4 million of cash
and cash equivalents, no bank debt outstanding, and $220.7 million
of availability on our revolving credit facility. Operating cash
flow was $85.3 million for the third quarter of 2024. During the
third quarter, the Company made dividend payments and associated
distributions of $10.4 million, and also settled the FlexSteel
earnout of $37.1 million.
Net capital expenditures were $10.0 million during the third
quarter of 2024. For the full year 2024, the Company has reduced
its expected net capital expenditures to a range of $32 million to
$37 million due to timing of planned investments.
As of September 30, 2024, Cactus had 66,655,755 shares of Class
A common stock outstanding (representing 83.8% of the total voting
power) and 12,927,927 shares of Class B common stock outstanding
(representing 16.2% 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
December 19, 2024 to holders of record of Class A common stock at
the close of business on December 2, 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, October 31, 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.
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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
(in thousands, except per
share data)
Revenues
Pressure Control
$
185,099
$
182,484
$
547,319
$
576,273
Spoolable Technologies
108,155
105,386
310,966
245,821
Corporate and other(1)
(73
)
—
(592
)
—
Total revenues
293,181
287,870
857,693
822,094
Operating income (loss)
Pressure Control
52,537
54,822
159,881
180,881
Spoolable Technologies
32,907
39,773
79,341
34,004
Total segment operating income
85,444
94,595
239,222
214,885
Corporate and other expenses
(8,652
)
(6,992
)
(20,061
)
(29,072
)
Total operating income
76,792
87,603
219,161
185,813
Interest income (expense), net
2,062
(1,372
)
4,156
(6,298
)
Other income, net
—
266
—
3,804
Income before income taxes
78,854
86,497
223,317
183,319
Income tax expense
16,417
18,478
48,006
30,553
Net income
$
62,437
$
68,019
$
175,311
$
152,766
Less: net income attributable to
non-controlling interest
12,510
15,439
36,591
32,542
Net income attributable to Cactus,
Inc.
$
49,927
$
52,580
$
138,720
$
120,224
Earnings per Class A share - basic
$
0.75
$
0.81
$
2.10
$
1.87
Earnings per Class A share -
diluted(2)
$
0.74
$
0.80
$
2.09
$
1.82
Weighted average shares outstanding -
basic
66,563
64,879
66,030
64,399
Weighted average shares outstanding -
diluted(2)
80,190
65,486
79,777
79,632
(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 and nine months
ended September 30, 2024 and for the nine months ended September
30, 2023 includes an additional $12.9 million, $37.8 million and
$33.6 million, respectively, of pre-tax income attributable to
non-controlling interest adjusted for a corporate effective tax
rate of 26.0% and 13.0 million, 13.5 million and 14.8 million
weighted average shares of Class B common stock outstanding,
respectively, plus the effect of dilutive securities. Dilution for
the three months ended September 30, 2023 excludes 14.6 million
shares of Class B common stock as the effect would be
antidilutive.
Cactus, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
September 30,
December 31,
2024
2023
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
303,376
$
133,792
Accounts receivable, net
196,874
205,381
Inventories
219,799
205,625
Prepaid expenses and other current
assets
10,152
11,380
Total current assets
730,201
556,178
Property and equipment, net
344,183
345,502
Operating lease right-of-use assets,
net
23,589
23,496
Intangible assets, net
167,988
179,978
Goodwill
203,028
203,028
Deferred tax asset, net
203,778
204,852
Other noncurrent assets
8,956
9,527
Total assets
$
1,681,723
$
1,522,561
Liabilities and Equity
Current liabilities
Accounts payable
$
74,897
$
71,841
Accrued expenses and other current
liabilities
79,347
50,654
Earn-out liability
—
20,810
Current portion of liability related to
tax receivable agreement
25,485
20,855
Finance lease obligations, current
portion
7,121
7,280
Operating lease liabilities, current
portion
4,451
4,220
Total current liabilities
191,301
175,660
Deferred tax liability, net
3,160
3,589
Liability related to tax receivable
agreement, net of current portion
241,542
250,069
Finance lease obligations, net of current
portion
10,620
9,352
Operating lease liabilities, net of
current portion
19,414
19,121
Other noncurrent liabilities
3,406
—
Total liabilities
469,443
457,791
Equity
1,212,280
1,064,770
Total liabilities and equity
$
1,681,723
$
1,522,561
Cactus, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Nine Months Ended September
30,
2024
2023
(in thousands)
Cash flows from operating
activities
Net income
$
175,311
$
152,766
Reconciliation of net income to net cash
provided by operating activities
Depreciation and amortization
45,124
50,180
Deferred financing cost amortization
840
4,187
Stock-based compensation
15,943
13,526
Provision for expected credit losses
378
2,153
Inventory obsolescence
2,738
3,569
Gain on disposal of assets
(824
)
(1,999
)
Deferred income taxes
12,606
10,723
Change in fair value of earn-out
liability
16,318
12,932
Gain from revaluation of liability related
to tax receivable agreement
—
(3,683
)
Changes in operating assets and
liabilities:
Accounts receivable
8,324
(12,637
)
Inventories
(16,781
)
45,377
Prepaid expenses and other assets
1,065
(7,321
)
Accounts payable
2,871
2,733
Accrued expenses and other liabilities
32,050
2,986
Payments pursuant to tax receivable
agreement
(15,277
)
(26,890
)
Payment of earn-out liability
(31,168
)
—
Net cash provided by operating
activities
249,518
248,602
Cash flows from investing
activities
Acquisition of a business, net of cash and
cash equivalents acquired
—
(616,189
)
Capital expenditures and other
(27,042
)
(33,400
)
Proceeds from sales of assets
2,991
4,347
Net cash used in investing activities
(24,051
)
(645,242
)
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
—
(6,857
)
Payment of contingent consideration
(5,960
)
—
Payments on finance leases
(5,881
)
(5,579
)
Dividends paid to Class A common stock
shareholders
(24,821
)
(22,266
)
Distributions to members
(10,444
)
(13,926
)
Repurchases of shares
(9,321
)
(4,599
)
Net cash (used in) provided by financing
activities
(56,427
)
116,651
Effect of exchange rate changes on cash
and cash equivalents
544
(800
)
Net increase (decrease) in cash and cash
equivalents
169,584
(280,789
)
Cash and cash equivalents
Beginning of period
133,792
344,527
End of period
$
303,376
$
63,738
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
September 30,
June 30,
September 30,
2024
2024
2023
(in thousands, except per
share data)
Net income
$
62,437
$
63,059
$
68,019
Adjustments:
Revaluation gain on TRA liability(1)
—
—
(266
)
Transaction related expenses(2)
2,793
—
1,084
Intangible amortization expense(3)
3,997
3,997
3,997
Remeasurement (gain) loss on earn-out
liability(4)
138
2,876
(5,091
)
Income tax expense differential(5)
(5,886
)
(4,740
)
(3,939
)
Adjusted net income
$
63,479
$
65,192
$
63,804
Diluted earnings per share, as
adjusted
$
0.79
$
0.81
$
0.80
Weighted average shares outstanding, as
adjusted(6)
80,190
79,994
80,037
Revenue
$
293,181
$
290,389
$
287,870
Net income margin
21.3
%
21.7
%
23.6
%
Adjusted net income margin
21.7
%
22.4
%
22.2
%
(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
during 2023 and growth initiatives during 2024.
(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 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 66.6, 66.1, and 64.9 million
weighted average shares of basic Class A common stock outstanding
and 13.0, 13.4 and 14.6 million additional shares for the three
months ended September 30, 2024, June 30, 2024, and September 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
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
(in thousands)
Net income
$
62,437
$
63,059
$
68,019
$
175,311
$
152,766
Interest (income) expense, net
(2,062
)
(1,405
)
1,372
(4,156
)
6,298
Income tax expense
16,417
18,165
18,478
48,006
30,553
Depreciation and amortization
15,077
15,001
15,156
45,124
50,180
EBITDA
91,869
94,820
103,025
264,285
239,797
Revaluation gain on TRA liability(1)
—
—
(266
)
—
(3,683
)
Transaction related expenses(2)
2,793
—
1,084
2,793
11,856
Remeasurement (gain) loss on earn-out
liability(3)
138
2,876
(5,091
)
16,318
12,932
Inventory step-up expense(4)
—
—
—
—
23,516
Stock-based compensation
5,570
5,941
4,362
15,943
13,526
Adjusted EBITDA
$
100,370
$
103,637
$
103,114
$
299,339
$
297,944
Revenue
$
293,181
$
290,389
$
287,870
$
857,693
$
822,094
Net income margin
21.3
%
21.7
%
23.6
%
20.4
%
18.6
%
Adjusted EBITDA margin
34.2
%
35.7
%
35.8
%
34.9
%
36.2
%
(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
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
(in thousands)
Pressure Control
Revenue
$
185,099
$
187,192
$
182,484
$
547,319
$
576,273
Operating income
52,537
55,669
54,822
159,881
180,881
Depreciation and amortization expense
6,592
6,662
6,868
20,065
23,987
Stock-based compensation
2,837
2,978
1,491
7,963
5,185
Adjusted Segment EBITDA
$
61,966
$
65,309
$
63,181
$
187,909
$
210,053
Operating income margin
28.4
%
29.7
%
30.0
%
29.2
%
31.4
%
Adjusted Segment EBITDA margin
33.5
%
34.9
%
34.6
%
34.3
%
36.5
%
Spoolable Technologies
Revenue
$
108,155
$
103,716
$
105,386
$
310,966
$
245,821
Operating income
32,907
30,041
39,773
79,341
34,004
Other non-operating income
—
—
—
—
121
Depreciation and amortization expense
8,485
8,339
8,288
25,059
26,193
Stock-based compensation
1,015
1,200
716
3,089
2,703
Remeasurement (gain) loss on earn-out
liability(1)
138
2,876
(5,091
)
16,318
12,932
Inventory step-up expense(2)
—
—
—
—
23,516
Adjusted Segment EBITDA
$
42,545
$
42,456
$
43,686
$
123,807
$
99,469
Operating income margin
30.4
%
29.0
%
37.7
%
25.5
%
13.8
%
Adjusted Segment EBITDA margin
39.3
%
40.9
%
41.5
%
39.8
%
40.5
%
Corporate and Other
Revenue(3)
$
(73
)
$
(519
)
$
—
$
(592
)
$
—
Corporate and other expenses
(8,652
)
(5,891
)
(6,992
)
(20,061
)
(29,072
)
Stock-based compensation
1,718
1,763
2,155
4,891
5,638
Transaction related expenses(4)
2,793
—
1,084
2,793
11,856
Adjusted Corporate EBITDA
$
(4,141
)
$
(4,128
)
$
(3,753
)
$
(12,377
)
$
(11,578
)
Total revenue
$
293,181
$
290,389
$
287,870
$
857,693
$
822,094
Total operating income
$
76,792
$
79,819
$
87,603
$
219,161
$
185,813
Total operating income margin
26.2
%
27.5
%
30.4
%
25.6
%
22.6
%
Total Adjusted EBITDA
$
100,370
$
103,637
$
103,114
$
299,339
$
297,944
Total Adjusted EBITDA margin
34.2
%
35.7
%
35.8
%
34.9
%
36.2
%
(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 and
growth initiatives during 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030945388/en/
Cactus, Inc. Alan Boyd, 713-904-4669 Director of
Corporate Development and Investor Relations IR@CactusWHD.com
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