Company Quick10K Filing
Cactus
Price1.00 EPS-141,953,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-168 EBIT164
TEV-168 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-02
S-1 2018-07-09 Public Filing
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-11
S-1 2018-01-12 Public Filing
10-K 2017-12-31 Filed 2018-03-19
8-K 2020-09-08 Amend Bylaw, Regulation FD, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-05-11
8-K 2020-04-29
8-K 2020-04-22
8-K 2020-03-30
8-K 2020-03-11
8-K 2020-02-26
8-K 2020-01-28
8-K 2019-12-09
8-K 2019-11-25
8-K 2019-11-12
8-K 2019-10-30
8-K 2019-09-11
8-K 2019-08-12
8-K 2019-07-31
8-K 2019-06-17
8-K 2019-05-22
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-03-19
8-K 2019-03-19
8-K 2019-03-18
8-K 2019-03-06
8-K 2019-02-15
8-K 2019-02-11
8-K 2018-12-10
8-K 2018-11-14
8-K 2018-10-31
8-K 2018-09-04
8-K 2018-08-21
8-K 2018-08-01
8-K 2018-07-11
8-K 2018-07-09
8-K 2018-06-21
8-K 2018-06-18
8-K 2018-05-09
8-K 2018-03-27
8-K 2018-03-08
8-K 2018-02-12

WHD 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 whd-20200630xex311.htm
EX-31.2 whd-20200630xex312.htm
EX-32.1 whd-20200630xex321.htm
EX-32.2 whd-20200630xex322.htm

Cactus Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02016201720182020
Assets, Equity
0.20.20.10.10.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12016201720182020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 10-Q
______________________________________________________________________________
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38390
______________________________________________________________________________
Cactus, Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________
Delaware35-2586106
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
920 Memorial City Way, Suite 30077024
Houston,Texas(Zip Code)
(Address of principal executive offices)
(713626-8800
(Registrant’s telephone number, including area code)
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01WHDNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer​Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of July 28, 2020, the registrant had 47,478,234 shares of Class A common stock, $0.01 par value per share, and 27,883,286 shares of Class B common stock, $0.01 par value per share, outstanding.



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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). When used in this Quarterly Report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
Forward-looking statements may include statements about:
demand for our products and services, which is affected by, among other things, changes in the price of crude oil and natural gas in domestic and international markets;
the level of growth or decline in number of rigs, pad sizes, well spacings and associated well count, availability of takeaway capacity and availability of storage capacity;
availability of capital and the associated capital spending discipline exercised by customers;
the financial health of our customers and our credit risk of customer non-payment;
changes in the number of drilled but uncompleted wells and the level of completion activity;
the size and timing of orders;
availability of raw materials and imported items;
transportation differentials associated with reduced capacity in and out of the storage hub in Cushing, Oklahoma;
expectations regarding raw materials, overhead and operating costs and margins;
availability of skilled and qualified workers;
potential liabilities such as warranty and product liability claims arising out of the installation, use or misuse of our products;
the possibility of cancellation of orders;
our business strategy;
our financial strategy, operating cash flows, liquidity and capital required for our business;
our future revenue, income and operating performance;
our ability to pay dividends and the amounts of any such dividends;
the termination of relationships with major customers or suppliers;
laws and regulations, including environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
disruptions in the political, regulatory, economic and social conditions domestically or internationally;
the ultimate severity and duration of the ongoing outbreak of coronavirus (“COVID-19”) and the extent of its impact on our business;
outbreaks of other pandemic or contagious diseases that may disrupt our operations, suppliers or customers or impact demand for oil and gas;
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the impact of actions taken by the Organization of Petroleum Exporting Countries (“OPEC”) and other oil and gas producing countries affecting the supply of oil and natural gas;
increases in import tariffs assessed on products from China and imported raw materials used in the manufacture of our goods in the United States which could negatively impact margins and our working capital;
the significance of future liabilities under the Tax Receivable Agreement (the “TRA”) we entered into with certain current or past direct and indirect owners of Cactus LLC (the “TRA Holders”) in connection with our initial public offering;
a failure of our information technology infrastructure or any significant breach of security;
potential uninsured claims and litigation against us;
competition within the oilfield services industry;
our dependence on the continuing services of certain of our key managers and employees;
currency exchange rate fluctuations associated with our international operations; and
plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors, including the factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 (our “2019 Annual Report”), this Quarterly Report and in our other filings with the SEC, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.
Should one or more of the risks or uncertainties described in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty 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 Quarterly Report.
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PART I - FINANCIAL INFORMATION
Item 1.   Financial Statements.
CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30,
2020
December 31,
2019
(in thousands, except per share data)
Assets
Current assets
Cash and cash equivalents
$270,673  $202,603  
Accounts receivable, net of allowance of $1,270 and $837, respectively
46,824  87,865  
Inventories
90,719  113,371  
Prepaid expenses and other current assets
8,450  11,044  
Total current assets
416,666  414,883  
Property and equipment, net
157,145  161,748  
Operating lease right-of-use assets, net
22,500  26,561  
Goodwill
7,824  7,824  
Deferred tax asset, net
216,732  222,545  
Other noncurrent assets
1,285  1,403  
Total assets
$822,152  $834,964  
Liabilities and Equity
Current liabilities
Accounts payable
$13,288  $40,957  
Accrued expenses and other current liabilities
13,925  22,067  
Current portion of liability related to tax receivable agreement
21,402  14,630  
Finance lease obligations, current portion
5,398  6,735  
Operating lease liabilities, current portion
4,765  6,737  
Total current liabilities
58,778  91,126  
Deferred tax liability, net
718  1,348  
Liability related to tax receivable agreement, net of current portion
194,101  201,902  
Finance lease obligations, net of current portion
2,977  3,910  
Operating lease liabilities, net of current portion
17,671  20,283  
Total liabilities
274,245  318,569  
Commitments and contingencies


Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued and outstanding
    
Class A common stock, $0.01 par value, 300,000 shares authorized, 47,478 and 47,159 shares issued and outstanding
475  472  
Class B common stock, $0.01 par value, 215,000 shares authorized, 27,884 and 27,958 shares issued and outstanding
    
Additional paid-in capital
197,484  194,456  
Retained earnings
149,356  132,990  
Accumulated other comprehensive loss
(569) (452) 
Total stockholders’ equity attributable to Cactus Inc.346,746  327,466  
Non-controlling interest
201,161  188,929  
Total stockholders’ equity547,907  516,395  
Total liabilities and equity
$822,152  $834,964  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(in thousands, except per share data)
Revenues
Product revenue
$40,893  $94,494  $127,924  $181,134  
Rental revenue
11,535  39,576  47,698  78,073  
Field service and other revenue
14,120  34,423  45,065  68,161  
Total revenues
66,548  168,493  220,687  327,368  
Costs and expenses
Cost of product revenue
25,962  57,517  82,097  110,535  
Cost of rental revenue
10,675  19,450  30,014  37,241  
Cost of field service and other revenue
11,486  26,824  35,297  53,730  
Selling, general and administrative expenses
8,693  13,252  22,355  25,920  
Severance expenses
857    1,864    
Total costs and expenses
57,673  117,043  171,627  227,426  
Income from operations
8,875  51,450  49,060  99,942  
Interest income, net
223  93  633  116  
Other income (expense), net1,310    1,310  (1,042) 
Income before income taxes
10,408  51,543  51,003  99,016  
Income tax expense1,313  10,793  8,810  9,820  
Net income
$9,095  $40,750  $42,193  $89,196  
Less: net income attributable to non-controlling interest
3,067  19,342  17,182  40,981  
Net income attributable to Cactus Inc.
$6,028  $21,408  $25,011  $48,215  
Earnings per Class A share - basic
$0.13  $0.46  $0.53  $1.13  
Earnings per Class A share - diluted
$0.11  $0.45  $0.51  $1.07  
Weighted average Class A shares outstanding - basic
47,436  46,881  47,353  42,819  
Weighted average Class A shares outstanding - diluted
75,367  47,145  75,347  75,326  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(in thousands)
Net income
$9,095  $40,750  $42,193  $89,196  
Foreign currency translation adjustments
879  (371) (204) (101) 
Comprehensive income
$9,974  $40,379  $41,989  $89,095  
Less: comprehensive income attributable to non-controlling interest
3,448  19,203  17,095  40,989  
Comprehensive income attributable to Cactus Inc.
$6,526  $21,176  $24,894  $48,106  
​The accompanying notes are an integral part of these condensed consolidated financial statements.
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CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)

Class AClass BAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling
Interest
Total
Equity
(Deficit)
Common StockCommon Stock
(in thousands)SharesAmountSharesAmount
Balance at March 31, 202047,398  $474  27,958  $  $195,381  $147,670  $(1,067) $199,968  $542,426  
Member distributions—  —  —  —  —  —  —  (2,509) (2,509) 
Effect of CW Unit redemptions74  1  (74) —  539  —  —  (540) —  
Tax impact of equity transactions—  —  —  —  156  —  —  —  156  
Equity award vestings6  —  —  —  3  —  —  (32) (29) 
Other comprehensive income—  —  —  —  —  —  498  381  879  
Stock-based compensation—  —  —  —  1,405  —  —  826  2,231  
Cash dividends declared on Class A common stock ($0.09 per share)
—  —  —  —  —  (4,342) —  —  (4,342) 
Net income—  —  —  —  —  6,028  —  3,067  9,095  
Balance at June 30, 202047,478  $475  27,884  $  $197,484  $149,356  $(569) $201,161  $547,907  
Balance at March 31, 201946,391  $464  28,718  $  $189,902  $78,490  $(259) $147,764  $416,361  
Member distributions—  —  —  —  —  —  —  (3,613) (3,613) 
Effect of CW Unit redemptions698  7  (698) —  4,406  —  (7) (4,406) —  
Adjustment to deferred tax asset from CW Unit redemptions—  —  —  —  (1,519) —  —  —  (1,519) 
Tax impact of equity transactions—  —  —  —  1,072  —  —  —  1,072  
Equity award vestings4  —  —  —  (2,593) —  —  2,551  (42) 
Other comprehensive loss—  —  —  —  —  —  (232) (139) (371) 
Stock-based compensation—  —  —  —  1,892  —  —  —  1,892  
Net income—  —  —  —  —  21,408  —  19,342  40,750  
Balance at June 30, 201947,093  $471  28,020  $  $193,160  $99,898  $(498) $161,499  $454,530  

The accompanying notes are an integral part of these condensed consolidated financial statements.​






















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Table of Contents

CACTUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(unaudited)

Class AClass BAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling
Interest
Total
Equity
(Deficit)
Common StockCommon Stock
(in thousands)SharesAmountSharesAmount
Balance at December 31, 201947,159  $472  27,958  $  $194,456  $132,990  $(452) $188,929  $516,395  
Member distributions—  —  —  —  —  —  —  (4,712) (4,712) 
Effect of CW Unit redemptions74  1  (74) —  539  —    (540) —  
Tax impact of equity transactions—  —  —  —  62  —  —  —  62  
Equity award vestings245  2  —  —  (218) —  —  (1,170) (1,386) 
Other comprehensive loss—  —  —  —  —  —  (117) (87) (204) 
Stock-based compensation—  —  —  —  2,645  —  —  1,559  4,204  
Cash dividends declared on Class A common stock ($0.18 per share)
—  —  —  —  —  (8,645) —  —  (8,645) 
Net income—  —  —  —  —  25,011  —  17,182  42,193  
Balance at June 30, 202047,478  $475  27,884  $  $197,484  $149,356  $(569) $201,161  $547,907  
Balance at December 31, 201837,654  $377  37,236  $  $126,418  $51,683  $(820) $184,670  $362,328  
Adjustment to prior periods—  —  —  —  14,035  —  488  (14,523) —  
Member distributions—  —  —  —  —  —  —  (3,848) (3,848) 
Effect of CW Unit redemptions9,216  92  (9,216) —  48,305  —  (57) (48,340) —  
Adjustment to deferred tax asset from CW Unit redemptions—  —  —  —  (9,751) —  —  —  (9,751) 
Tax impact of equity transactions—  —  —  —  14,652  —  —  —  14,652  
Equity award vestings223  2  —  —  (4,067) —  —  2,551  (1,514) 
Other comprehensive income (loss)—  —  —  —  —  —  (109) 8  (