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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Total revenues $ 305,819 $ 170,215 $ 534,224 $ 316,114
Costs and expenses        
Selling, general and administrative expenses 38,069 14,740 67,970 28,834
Change in fair value of earn-out liability 18,144 0 18,144 0
Total costs and expenses 257,297 125,974 436,014 240,883
Operating income 48,522 44,241 98,210 75,231
Interest income (expense), net (5,928) 304 (4,926) 204
Other income (expense), net 0 0 3,538 (1,115)
Income before income taxes 42,594 44,545 96,822 74,320
Income tax expense 10,135 8,765 12,075 11,457
Net income 32,459 35,780 84,747 62,863
Less: net income attributable to non-controlling interest 7,709 8,636 17,103 15,103
Net income attributable to Cactus Inc. $ 24,750 $ 27,144 $ 67,644 $ 47,760
Class A Common Stock        
Earnings per share and weighted average shares outstanding        
Earnings per Class A share - basic (in dollars per share) $ 0.38 $ 0.45 $ 1.05 $ 0.80
Earnings per Class A share - diluted (in dollars per share) $ 0.38 $ 0.44 $ 1.02 $ 0.78
Weighted average Class A shares outstanding - basic (in shares) 64,566 60,523 64,155 59,909
Weighted average Class A shares outstanding - diluted (in shares) 65,003 76,322 79,512 76,262
Product revenue        
Revenues        
Total revenues $ 231,893 $ 112,232 $ 391,403 $ 206,272
Costs and expenses        
Cost of revenue 149,217 69,172 250,032 130,092
Rental revenue        
Revenues        
Total revenues 28,220 23,695 56,037 46,038
Costs and expenses        
Cost of revenue 16,896 15,328 32,980 30,417
Field service and other revenue        
Revenues        
Total revenues 45,706 34,288 86,784 63,804
Costs and expenses        
Cost of revenue $ 34,971 $ 26,734 $ 66,888 $ 51,540