10-Q Filing

CACTUS, INC. CIK: 1699136 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-004848`
Period End Date	20200331
Filing Date	20200501
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	whd-20200430x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 22 Cash Flow Statement 58 Stockholders Equity 23 Comprehensive Income 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.43M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$837.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$230.20M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$202.60M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net of allowance of $1,430 and $837, respectively	`AccountsReceivableNetCurrent`	$95.24M	USD	Point-in-time
Accounts receivable, net of allowance of $1,430 and $837, respectively	`AccountsReceivableNetCurrent`	$87.86M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryGross`	$100.30M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryGross`	$113.37M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.54M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$435.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$414.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$161.75M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$162.87M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$26.56M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$24.87M	USD	Point-in-time
Goodwill	`Goodwill`	$7.82M	USD	Point-in-time
Goodwill	`Goodwill`	$7.82M	USD	Point-in-time
Deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$217.92M	USD	Point-in-time
Deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$222.54M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.34M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.40M	USD	Point-in-time
Total assets	`Assets`	$850.10M	USD	Point-in-time
Total assets	`Assets`	$834.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.96M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$22.07M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$19.27M	USD	Point-in-time
Current portion of liability related to tax receivable agreement	`TaxReceivableAgreementLiabilityCurrent`	$14.63M	USD	Point-in-time
Current portion of liability related to tax receivable agreement	`TaxReceivableAgreementLiabilityCurrent`	$14.63M	USD	Point-in-time
Finance lease obligations, current portion	`FinanceLeaseLiabilityCurrent`	$6.74M	USD	Point-in-time
Finance lease obligations, current portion	`FinanceLeaseLiabilityCurrent`	$6.50M	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$6.54M	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$6.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$81.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$91.13M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$1.35M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$1.51M	USD	Point-in-time
Liability related to tax receivable agreement, net of current portion	`TaxReceivableAgreementLiabilityNonCurrent`	$201.90M	USD	Point-in-time
Liability related to tax receivable agreement, net of current portion	`TaxReceivableAgreementLiabilityNonCurrent`	$201.90M	USD	Point-in-time
Finance lease obligations, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$4.03M	USD	Point-in-time
Finance lease obligations, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$3.91M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$18.81M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$20.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$307.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$318.57M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$194.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$195.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$132.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$147.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.07M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-452.00K	USD	Point-in-time
Total stockholders' equity attributable to Cactus Inc.	`StockholdersEquity`	$327.47M	USD	Point-in-time
Total stockholders' equity attributable to Cactus Inc.	`StockholdersEquity`	$342.46M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$188.93M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$199.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$516.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$416.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$362.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$542.43M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$834.96M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$850.10M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$158.88M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$154.14M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.67M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.66M	USD	1 Quarter
Severance expenses	`SeveranceCosts1`	$1.01M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$110.38M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$113.95M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$48.49M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$40.19M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$410.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$23.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.04M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$47.47M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.59M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-973.00K	USD	1 Quarter
Net income	`ProfitLoss`	$48.45M	USD	1 Quarter
Net income	`ProfitLoss`	$33.10M	USD	1 Quarter
Less: net income attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$21.64M	USD	1 Quarter
Less: net income attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$14.12M	USD	1 Quarter
Net income attributable to Cactus Inc.	`NetIncomeLoss`	$18.98M	USD	1 Quarter
Net income attributable to Cactus Inc.	`NetIncomeLoss`	$26.81M	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$48.45M	USD	1 Quarter
Net income	`ProfitLoss`	$33.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.88M	USD	1 Quarter
Debt discount and deferred financing cost amortization	`AmortizationOfFinancingCostsAndDiscounts`	$42.00K	USD	1 Quarter
Debt discount and deferred financing cost amortization	`AmortizationOfFinancingCostsAndDiscounts`	$42.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.97M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.68M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$625.00K	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$224.00K	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$1.35M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-961.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-863.00K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-4.85M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$2.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.24M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.31M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.88M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.16M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-8.14M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$192.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-973.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-2.14M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.24M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.16M	USD	1 Quarter
Capital expenditures and other	`PaymentsForCapitalExpenditures`	$14.65M	USD	1 Quarter
Capital expenditures and other	`PaymentsForCapitalExpenditures`	$9.44M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$1.10M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$808.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.34M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.85M	USD	1 Quarter
Payments on finance leases	`FinanceLeasePrincipalPayments`	$1.76M	USD	1 Quarter
Payments on finance leases	`FinanceLeasePrincipalPayments`	$1.85M	USD	1 Quarter
Dividends paid to Class A common stock shareholders	`PaymentsOfDividendsCommonStock`	$4.28M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$2.20M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$235.00K	USD	1 Quarter
Repurchase of shares	`PaymentsForRepurchaseOfCommonStock`	$1.36M	USD	1 Quarter
Repurchase of shares	`PaymentsForRepurchaseOfCommonStock`	$1.47M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.56M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.60M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$438.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$380.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$27.60M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.27M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.12M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.84M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$202.60M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$230.20M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.12M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.84M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$202.60M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$230.20M	USD	Point-in-time
Property and equipment acquired under finance leases	`PropertyAndEquipmentAcquiredUnderFinanceLeases`	$216.00K	USD	1 Quarter
Property and equipment acquired under finance leases	`PropertyAndEquipmentAcquiredUnderFinanceLeases`	$1.90M	USD	1 Quarter
Property and equipment in payables	`FairValueOfAssetsAcquired`	$3.64M	USD	1 Quarter
Property and equipment in payables	`FairValueOfAssetsAcquired`	$3.77M	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Cash dividend declared	`CommonStockDividendsPerShareDeclared`	$0.09	USD	1 Quarter
Balance at the beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$516.39M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$416.36M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$362.33M	USD	Point-in-time
Balance at the beginning of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$542.43M	USD	Point-in-time
Member distribution	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$235.00K	USD	1 Quarter
Member distribution	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$2.20M	USD	1 Quarter
Adjustment to deferred tax asset from CW Unit redemptions	`AdjustmentToAdditionalPaidInCapitalDeferredTaxAsset`	$-8.23M	USD	1 Quarter
Additional paid-in capital related to tax receivable agreement	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$-94.00K	USD	1 Quarter
Additional paid-in capital related to tax receivable agreement	`AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement`	$13.58M	USD	1 Quarter
Equity award vestings	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.47M	USD	1 Quarter
Equity award vestings	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.36M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeOtherNetOfTax`	$270.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.08M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$1.68M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$1.97M	USD	1 Quarter
Cash dividends declared	`DividendsCash`	$4.30M	USD	1 Quarter
Net income	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$48.45M	USD	1 Quarter
Net income	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$33.10M	USD	1 Quarter
Balance at the end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$362.33M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$516.39M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$416.36M	USD	Point-in-time
Balance at the end of the period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$542.43M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$48.45M	USD	1 Quarter
Net income	`ProfitLoss`	$33.10M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.08M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$270.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$48.72M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$32.02M	USD	1 Quarter
Less: comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$21.79M	USD	1 Quarter
Less: comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$13.65M	USD	1 Quarter
Comprehensive income attributable to Cactus Inc.	`ComprehensiveIncomeNetOfTax`	$26.93M	USD	1 Quarter
Comprehensive income attributable to Cactus Inc.	`ComprehensiveIncomeNetOfTax`	$18.37M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.