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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Total revenues $ 293,181 $ 287,870 $ 857,693 $ 822,094
Costs and expenses        
Selling, general and administrative expenses 37,372 29,549 98,021 97,519
Change in fair value of earn-out liability 138 (5,091) 16,318 13,053
Total costs and expenses 216,389 200,267 638,532 636,281
Operating income 76,792 87,603 219,161 185,813
Interest income (expense), net 2,062 (1,372) 4,156 (6,298)
Other income, net 0 266 0 3,804
Income before income taxes 78,854 86,497 223,317 183,319
Income tax expense 16,417 18,478 48,006 30,553
Net income 62,437 68,019 175,311 152,766
Less: net income attributable to non-controlling interest 12,510 15,439 36,591 32,542
Net income attributable to Cactus Inc. $ 49,927 $ 52,580 $ 138,720 $ 120,224
Class A Common Stock        
Earnings per share and weighted average shares outstanding        
Earnings per Class A share - basic (in dollars per share) $ 0.75 $ 0.81 $ 2.10 $ 1.87
Earnings per Class A share - diluted (in dollars per share) $ 0.74 $ 0.80 $ 2.09 $ 1.82
Weighted average Class A shares outstanding - basic (in shares) 66,563 64,879 66,030 64,399
Weighted average Class A shares outstanding - diluted (in shares) 80,190 65,486 79,777 79,632
Product revenue        
Revenues        
Total revenues $ 221,406 $ 214,295 $ 649,818 $ 605,698
Costs and expenses        
Cost of revenue 128,758 123,278 377,591 373,310
Rental revenue        
Revenues        
Total revenues 26,979 28,879 76,129 84,916
Costs and expenses        
Cost of revenue 14,346 15,558 40,986 48,538
Field service and other revenue        
Revenues        
Total revenues 44,796 44,696 131,746 131,480
Costs and expenses        
Cost of revenue $ 35,775 $ 36,973 $ 105,616 $ 103,861