$WHD
Cactus, Inc.

2021 Q1 Form 10-Q Financial Statement

#000169913621000112 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $84.42M $68.10M $154.1M
YoY Change -45.23% -51.43% -2.98%
Cost Of Revenue $63.20M $50.70M $99.30M
YoY Change -36.35% -44.77% 1.64%
Gross Profit $21.30M $17.40M $54.90M
YoY Change -61.2% -64.12% -10.29%
Gross Profit Margin 25.23% 25.55% 35.62%
Selling, General & Admin $9.627M $9.000M $13.66M
YoY Change -29.53% -27.42% 7.85%
% of Gross Profit 45.2% 51.72% 24.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.193M $9.200M $10.98M
YoY Change -16.28% -13.21% 23.63%
% of Gross Profit 43.16% 52.87% 20.0%
Operating Expenses $72.78M $9.000M $114.0M
YoY Change -36.13% -27.42% 3.24%
Operating Profit $11.64M $8.400M $40.19M
YoY Change -71.05% -76.73% -17.13%
Interest Expense -$152.0K -$200.0K $410.0K
YoY Change -137.07% -150.0% 1682.61%
% of Operating Profit -1.31% -2.38% 1.02%
Other Income/Expense, Net -$406.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $11.08M $8.300M $40.60M
YoY Change -72.71% -79.9% -14.49%
Income Tax -$4.059M $2.100M $7.497M
% Of Pretax Income -36.64% 25.3% 18.47%
Net Earnings $11.56M $3.200M $18.98M
YoY Change -39.11% -82.32% -29.19%
Net Earnings / Revenue 13.69% 4.7% 12.32%
Basic Earnings Per Share $0.24 $0.40
Diluted Earnings Per Share $0.19 $42.38K $0.40
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 75.77M shares 75.40M shares

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $292.0M $288.7M $230.2M
YoY Change 26.85% 42.5% 161.29%
Cash & Equivalents $292.0M $288.7M $230.2M
Short-Term Investments
Other Short-Term Assets $4.900M $4.900M $9.500M
YoY Change -48.42% -55.45% -13.64%
Inventory $84.90M $87.50M $100.3M
Prepaid Expenses
Receivables $57.63M $44.07M $95.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $439.4M $425.1M $435.3M
YoY Change 0.95% 2.47% 38.09%
LONG-TERM ASSETS
Property, Plant & Equipment $139.5M $142.8M $162.9M
YoY Change -14.35% -11.7% -6.4%
Goodwill $7.824M $7.824M $7.824M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.196M $1.206M $1.338M
YoY Change -10.61% -14.04% -99.46%
Total Long-Term Assets $438.5M $390.5M $414.8M
YoY Change 5.7% -7.05% -2.94%
TOTAL ASSETS
Total Short-Term Assets $439.4M $425.1M $435.3M
Total Long-Term Assets $438.5M $390.5M $414.8M
Total Assets $877.9M $815.6M $850.1M
YoY Change 3.27% -2.32% 14.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.05M $20.16M $34.48M
YoY Change -38.93% -50.77% -23.04%
Accrued Expenses $15.79M $11.39M $19.28M
YoY Change -18.06% -48.38% -8.65%
Deferred Revenue $900.0K $1.100M $1.500M
YoY Change -40.0% -21.43%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.300M $3.800M $6.500M
YoY Change -33.85% -43.28% -7.14%
Total Short-Term Liabilities $55.06M $48.92M $81.41M
YoY Change -32.38% -46.32% -3.19%
LONG-TERM LIABILITIES
Long-Term Debt $4.200M $2.200M $4.000M
YoY Change 5.0% -43.59% -44.44%
Other Long-Term Liabilities $258.7M $212.9M $220.7M
YoY Change 17.22% -4.19% -5.56%
Total Long-Term Liabilities $262.9M $215.1M $224.7M
YoY Change 17.0% -4.87% -6.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.06M $48.92M $81.41M
Total Long-Term Liabilities $262.9M $215.1M $224.7M
Total Liabilities $318.8M $264.8M $307.7M
YoY Change 3.62% -16.87% -35.09%
SHAREHOLDERS EQUITY
Retained Earnings $157.3M $150.1M $147.7M
YoY Change 6.51% 12.86%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $406.0M $353.0M $342.5M
YoY Change
Total Liabilities & Shareholders Equity $877.9M $815.6M $850.1M
YoY Change 3.27% -2.32% 14.48%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $11.56M $3.200M $18.98M
YoY Change -39.11% -82.32% -29.19%
Depreciation, Depletion And Amortization $9.193M $9.200M $10.98M
YoY Change -16.28% -13.21% 23.63%
Cash From Operating Activities $15.75M $21.90M $45.16M
YoY Change -65.13% -64.33% 31.9%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$2.600M -$9.400M
YoY Change -74.47% -86.46% -36.05%
Acquisitions
YoY Change
Other Investing Activities $400.0K $900.0K $1.100M
YoY Change -63.64% -10.0% 37.5%
Cash From Investing Activities -$2.028M -$1.600M -$8.338M
YoY Change -75.68% -91.21% -39.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.138M $1.356M
YoY Change 131.42% -8.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.48M -6.100M -$9.604M
YoY Change 9.15% -29.89% 170.15%
NET CHANGE
Cash From Operating Activities $15.75M 21.90M $45.16M
Cash From Investing Activities -$2.028M -1.600M -$8.338M
Cash From Financing Activities -$10.48M -6.100M -$9.604M
Net Change In Cash $3.311M 14.20M $27.60M
YoY Change -88.0% -58.84% 59.76%
FREE CASH FLOW
Cash From Operating Activities $15.75M $21.90M $45.16M
Capital Expenditures -$2.400M -$2.600M -$9.400M
Free Cash Flow $18.15M $24.50M $54.56M
YoY Change -66.74% -69.6% 11.49%

Facts In Submission

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CY2020Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-4848000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13575000 USD
CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
17000 USD
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1497000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
791000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-8142000 USD
CY2021Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
4475000 USD
CY2020Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-2136000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15747000 USD
CY2021Q1 whd Payments For Capital Expenditures
PaymentsForCapitalExpenditures
2428000 USD
CY2020Q1 whd Payments For Capital Expenditures
PaymentsForCapitalExpenditures
9441000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
400000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1103000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2028000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8338000 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1174000 USD
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1764000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4497000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4281000 USD
CY2021Q1 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid
1674000 USD
CY2020Q1 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid
2203000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3138000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1356000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10483000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9604000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
75000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3311000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
27599000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
288659000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
202603000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
291970000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
230202000 USD
CY2021Q1 whd Property And Equipment Acquired Under Finance Leases
PropertyAndEquipmentAcquiredUnderFinanceLeases
3671000 USD
CY2020Q1 whd Property And Equipment Acquired Under Finance Leases
PropertyAndEquipmentAcquiredUnderFinanceLeases
1896000 USD
CY2021Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
362000 USD
CY2020Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
3767000 USD
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
66000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing our consolidated financial statements in conformity with GAAP, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision from available data or is not otherwise capable of being readily calculated based on accepted methodologies. In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statements.</span></div>
CY2020 whd Covid19 Decrease In Revenues Percentage
COVID19DecreaseInRevenuesPercentage
0.45
CY2021Q1 whd Restructuring And Related Cost Covid19 Number Of Positions Hired
RestructuringAndRelatedCostCOVID19NumberOfPositionsHired
100 hired
CY2021Q1 whd Restructuring And Related Cost Covid19 Salary Reinstatement Period Percent
RestructuringAndRelatedCostCOVID19SalaryReinstatementPeriodPercent
0.50
CY2021Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
10900000 USD
CY2020Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8700000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
598000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
34000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
630000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
837000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
625000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
32000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1430000 USD
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1729000 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2003000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
4139000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3598000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
78989000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
81879000 USD
CY2021Q1 us-gaap Inventory Gross
InventoryGross
84857000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
87480000 USD
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
281576000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
274557000 USD
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
156014000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
147221000 USD
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
125562000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
127336000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139497000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
142825000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
0 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
0 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84417000 USD
CY2021Q1 whd Revenue As Percentage
RevenueAsPercentage
1
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154139000 USD
CY2020Q1 whd Revenue As Percentage
RevenueAsPercentage
1
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
900000 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1100000 USD
CY2018Q1 whd Tax Savings Payable To Tra Holders As Percent
TaxSavingsPayableToTraHoldersAsPercent
0.85
CY2018Q1 whd Tax Savings Benefit Retained As Percent
TaxSavingsBenefitRetainedAsPercent
0.15
CY2021Q1 us-gaap Other Commitment
OtherCommitment
251100000 USD
CY2021Q1 whd Tax Receivable Agreement Liability Current
TaxReceivableAgreementLiabilityCurrent
9300000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
11559000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
18983000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
2874000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
11166000 USD
CY2021Q1 whd Net Income Loss Including Portion Attributable To Redeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToRedeemableNoncontrollingInterest
14433000 USD
CY2020Q1 whd Net Income Loss Including Portion Attributable To Redeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToRedeemableNoncontrollingInterest
30149000 USD
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
26608000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
28125000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75774000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75395000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2021Q1 whd Effective Income Tax Rate Used For Noncontrolling Interest Income
EffectiveIncomeTaxRateUsedForNoncontrollingInterestIncome
0.25
CY2020Q1 whd Effective Income Tax Rate Used For Noncontrolling Interest Income
EffectiveIncomeTaxRateUsedForNoncontrollingInterestIncome
0.26

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