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Represents non-cash adjustments for the revaluation of the liability related to the TRA.

FlexSteel revenue exceeded expectations due to increased shipments of its equipment. Additionally, we are pleased to include one month of FlexSteel results in our first quarter following the close of the acquisition on February 28, 2023. land rig count declining by approximately 2%. Cactus’ rigs followed increased by approximately 6% despite the average U.S. The strength of our customer base and our continued focus on execution allowed us to achieve record Cactus Product market share (1) of over 43% during the period. Scott Bender, President and CEO of Cactus, commented, "I am very pleased with our performance in the first quarter. See definition of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables. Additional information regarding non-GAAP measures and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.Īdjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. held all units in its operating subsidiary at the beginning of the period. Subsequent to the end of the first quarter, the Company paid down the Term Loan debt balance by $60 million.įirst quarter 2023 results throughout include one month of FlexSteel operating results.Īdjusted net income, Adjusted net income margin and diluted earnings per share, as adjusted are non-GAAP financial measures. In January 2023, Cactus closed an underwritten offering of Class A common stock for net proceeds of $165.6 million and Net income margin of 22.9% and adjusted net income margin (2) of 22.2% Īdjusted EBITDA (3) and Adjusted EBITDA margin (3) of $79.4 million and 34.8%, respectively Ĭash flow from operations of $60.5 million Net income of $52.3 million and diluted earnings per Class A share of $0.63 Īdjusted net income (2) of $50.7 million and diluted earnings per share, as adjusted (2) of $0.64 Revenue of $228.4 million and operating income of $49.7 million (NYSE: WHD) ("Cactus" or the "Company") today announced financial and operating results for the first quarter of 2023.Ĭlosed the acquisition of HighRidge Resources, Inc. HOUSTON, May 09, 2023-( BUSINESS WIRE)-Cactus, Inc.