Financial Data and Key Metrics Changes - Total Q1 revenues were $228 million, which includes one month of FlexSteel results, representing a 20% increase from $66 million in the previous quarter [22][28] - Adjusted EBITDA for the quarter was $79 million, up from $66 million in Q4 2022, with adjusted EBITDA margins at nearly 35% [22][28] - GAAP net income increased to $52 million in Q1 2023 from $41 million in Q4 2022, driven by lower income tax expense and higher other income [28] Business Line Data and Key Metrics Changes - Pressure Control product revenues were $130 million, up 4% sequentially, with U.S. wellhead market share increasing to 43.3% [14][15] - Pressure Control rental revenues were $27 million, down 2% sequentially, primarily due to lower revenue from Australian operations [16] - Pressure Control field service revenues were approximately $38 million, up 6% sequentially, representing about 24% of combined Pressure Control revenues [17] Market Data and Key Metrics Changes - The U.S. land rig count is expected to decline by 3% to 5% sequentially in Q2, with an anticipated drop in rig count from Q1 exit to Q2 exit of 8% to 10% [33] - Customer balance sheets are reported to be in better shape than in previous years, which may support Cactus's performance despite the pullback in commodity prices [42] Company Strategy and Development Direction - The company plans to report legacy Cactus as the Pressure Control segment and FlexSteel as the Spoolable Technologies segment moving forward [12] - Cactus aims to leverage FlexSteel's technology to expand its customer base and enhance product offerings, particularly in international markets [40][61] - The company is focused on maintaining strong free cash flow and aims to return to a net cash position this year, allowing for further evaluation of return of capital strategies [41] Management's Comments on Operating Environment and Future Outlook - Management anticipates that the rig count could bottom out towards the end of Q2, estimating a range of 650 to 675 rigs [49] - The company expects adjusted EBITDA margins in the Pressure Control segment to be between 33% and 35% for Q2, excluding certain expenses [35] - Management remains optimistic about the combined business's growth potential, particularly in international markets, despite challenges in indigenous manufacturing requirements [61] Other Important Information - The company paid a quarterly dividend of $0.11 per share, resulting in a cash outflow of approximately $9 million [30] - Net CapEx was approximately $14 million during Q1 2023, with a revised full-year capital expenditure budget of $45 million to $55 million due to the FlexSteel acquisition [31] Q&A Session Summary Question: Can you expand on the rig count weakness extending beyond the gas basin? - Management indicated that lower gas prices lead to reduced cash flow for customers, affecting both private and public operators, with expectations of a rig count bottoming out between 650 to 675 rigs [49][50] Question: What is the overlap between Cactus's wellhead business and FlexSteel? - Management noted that all customers purchasing Cactus production trees ultimately need to buy a FlexSteel product, indicating significant overlap and opportunities for cross-selling [52] Question: What are the hurdles to expanding the international business? - Major roadblocks include countries requiring indigenous manufacturing, but management believes there is no structural reason why international business cannot return to previous levels [61][63]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission Fi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Cactus, Inc. (Mark One) (Exact name of registrant as specified in its charter) Delaware 35-2586106 (State or other jurisdiction of incorporation or organization) 920 Memorial City Way, Suite 300 ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

Cactus, Inc. (NYSE:WHD) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET Company Participants John Fitzgerald - Director, Corporate Development and IR Scott Bender - CEO Steve Tadlock - CFO Joel Bender - SVP and COO Steven Bender – VP, Operations Conference Call Participants David Anderson - Barclays Steve Gengaro - Stifel David Smith - Pickering Energy Partners Operator Good day and thank you for standing by. Welcome to the Cactus Q4 2022 Earnings Conference Call. [Operator Instructions] Plea ...

FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the t ...

Cactus, Inc. (NYSE:WHD) Q3 2022 Earnings Conference Call November 7, 2022 10:00 AM ET Corporate Participants John Fitzgerald - Investor Relations Scott Bender - Chief Executive Officer Stephen Tadlock - Chief Financial Officer Conference Call Participants Stephen Gengaro - Stifel Connor Lynagh - Morgan Stanley David Smith - Pickering Energy Operator Good day and thank you for standing by and welcome to Cactus Third Quarter 2022 Earnings Call. [Operator Instructions] Please be advised that today's conference ...

Cactus, Inc. (NYSE:WHD) Q2 2022 Results Conference Call August 4, 2022 10:00 AM ET Company Participants John Fitzgerald - IR Scott Bender - CEO Stephen Tadlock - CFO Conference Call Participants Cameron Lochridge - Stephens Connor Lynagh - Morgan Stanley David Smith - Pickering Energy Partners David Anderson - Barclays Scott Gruber - Citigroup Stephen Gengaro - Stephens Operator Good morning, and thank you for standing by. Welcome to the Cactus Second Quarter 2022 Earnings Call. [Operator Instructions] Ple ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...

Financial Data and Key Metrics Changes - Cactus reported Q1 2022 revenues of $146 million, a 12% increase sequentially [10] - Adjusted EBITDA for Q1 2022 was approximately $42 million, up 16% from $37 million in Q4 2021, with adjusted EBITDA margins at 29%, an increase of 80 basis points [8][14] - GAAP net income was $27 million in Q1 2022, compared to $20 million in Q4 2021, driven by higher operating income and lower income tax expense [18] - The company ended the quarter with $298 million in cash and no debt, with operating cash flow of approximately $17 million [8][20] Business Line Data and Key Metrics Changes - Product revenues were $94 million, up 12% sequentially, with product gross margins at 35%, an increase of 60 basis points [10] - Rental revenue was $22 million, up 16% versus Q4 2021, with gross margins increasing by 820 basis points [11] - Field service and other revenues were approximately $30 million, up 10% versus Q4 2021, representing 25% of combined product and rental-related revenues [11] Market Data and Key Metrics Changes - U.S. product market share remained strong at 41%, with rigs followed increasing by over 11% [24] - Despite lower rig efficiencies, product revenue per U.S. land rig followed increased due to cost recovery efforts [24] Company Strategy and Development Direction - Cactus aims to maintain a focus on margin expansion and market share gains, with expectations for product revenue to increase by 10% in Q2 2022 [26] - The company is exploring M&A opportunities to expand geographically and enhance competitive positioning, while also committing to sustaining dividends [33][75] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about ancillary supply issues, including availability of pipe, rigs, and other materials, which could limit growth [38] - The company anticipates continued cost recovery efforts to mitigate inflationary pressures from labor and fuel costs [12][27] - Management remains optimistic about increasing rig counts and market share, particularly with private operators becoming more sophisticated [48][30] Other Important Information - Cactus has elevated inventory levels to address supply chain uncertainties and ensure timely delivery to customers [21][29] - The company announced the retirement of David Isaac, Chief Administrative Officer and General Counsel, and the appointment of Will Marsh as his successor [34] Q&A Session Summary Question: What are the main risks over the next 12 months? - Management highlighted ancillary supply issues as a primary concern, including availability of rigs and materials [38] Question: How does the current cycle compare to previous cycles? - Management indicated potential for meaningful margin expansion, with volume expansion constrained [42] Question: Can you discuss market share dynamics with private operators? - Management noted increased traction with private operators, which could lead to higher market share [46] Question: What are the biggest supply chain bottlenecks? - Management identified vessel loadings and sailings from China as significant challenges, but expects improvements [56] Question: How are competitors handling cost recovery? - Management observed that larger competitors are being more responsible in cost recovery, while smaller players may struggle [60] Question: What is the outlook for rig counts? - Management expects the U.S. rig count to approach 800 by year-end, with potential challenges in efficiency for new rigs [66][70]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the trans ...