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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Total revenues $ 290,389 $ 305,819 $ 564,512 $ 534,224
Costs and expenses        
Selling, general and administrative expenses 31,227 38,069 60,649 67,970
Change in fair value of earn-out liability 2,876 18,144 16,180 18,144
Total costs and expenses 210,570 257,297 422,143 436,014
Operating income 79,819 48,522 142,369 98,210
Interest income (expense), net 1,405 (5,928) 2,094 (4,926)
Other income, net 0 0 0 3,538
Income before income taxes 81,224 42,594 144,463 96,822
Income tax expense 18,165 10,135 31,589 12,075
Net income 63,059 32,459 112,874 84,747
Less: net income attributable to non-controlling interest 13,231 7,709 24,081 17,103
Net income attributable to Cactus Inc. $ 49,828 $ 24,750 $ 88,793 $ 67,644
Class A Common Stock        
Earnings per share and weighted average shares outstanding        
Earnings per Class A share - basic (in dollars per share) $ 0.75 $ 0.38 $ 1.35 $ 1.05
Earnings per Class A share - diluted (in dollars per share) $ 0.75 $ 0.38 $ 1.35 $ 1.02
Weighted average Class A shares outstanding - basic (in shares) 66,142 64,566 65,760 64,155
Weighted average Class A shares outstanding - diluted (in shares) 66,579 65,003 79,686 79,512
Product revenue        
Revenues        
Total revenues $ 220,901 $ 231,893 $ 428,412 $ 391,403
Costs and expenses        
Cost of revenue 128,167 149,217 248,833 250,032
Rental revenue        
Revenues        
Total revenues 25,207 28,220 49,150 56,037
Costs and expenses        
Cost of revenue 13,694 16,896 26,640 32,980
Field service and other revenue        
Revenues        
Total revenues 44,281 45,706 86,950 86,784
Costs and expenses        
Cost of revenue $ 34,606 $ 34,971 $ 69,841 $ 66,888