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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Total revenues $ 287,870 $ 184,481 $ 822,094 $ 500,595
Costs and expenses        
Selling, general and administrative expenses 29,549 15,970 97,519 44,804
Change in fair value of earn-out liability (5,091) 0 13,053 0
Total costs and expenses 200,267 133,185 636,281 374,068
Operating income 87,603 51,296 185,813 126,527
Interest income (expense), net (1,372) 1,140 (6,298) 1,344
Other income, net 266 1,125 3,804 10
Income before income taxes 86,497 53,561 183,319 127,881
Income tax expense 18,478 12,041 30,553 23,498
Net income 68,019 41,520 152,766 104,383
Less: net income attributable to non-controlling interest 15,439 10,095 32,542 25,198
Net income attributable to Cactus Inc. $ 52,580 $ 31,425 $ 120,224 $ 79,185
Class A Common Stock        
Earnings per share and weighted average shares outstanding        
Earnings per Class A share - basic (in dollars per share) $ 0.81 $ 0.52 $ 1.87 $ 1.32
Earnings per Class A share - diluted (in dollars per share) $ 0.80 $ 0.51 $ 1.82 $ 1.30
Weighted average Class A shares outstanding - basic (in shares) 64,879 60,665 64,399 60,164
Weighted average Class A shares outstanding - diluted (in shares) 65,486 61,106 79,632 76,296
Product revenue        
Revenues        
Total revenues $ 214,295 $ 121,782 $ 605,698 $ 328,054
Costs and expenses        
Cost of revenue 123,278 73,747 373,310 203,839
Rental revenue        
Revenues        
Total revenues 28,879 27,105 84,916 73,143
Costs and expenses        
Cost of revenue 15,558 16,323 48,538 46,740
Field service and other revenue        
Revenues        
Total revenues 44,696 35,594 131,480 99,398
Costs and expenses        
Cost of revenue $ 36,973 $ 27,145 $ 103,861 $ 78,685