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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/12/23 Cactus, Inc. 424B5 2:1M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 424B5 Prospectus - Primary Offering or Shelf Securities HTML 715K - New Facts or Events 2: EX-FILING FEES Filing Fees HTML 42K
tm232263-2_424b5 - none - 10.6876219s |
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Per Share
|
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Total(2)
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Price to the public
|
| | | $ | 53.50 | | | | | $ | 150,000,036 | | |
Underwriting discount and commissions(1)
|
| | | $ | 2.14 | | | | | $ | 6,000,001 | | |
Proceeds, before expenses, to us
|
| | | $ | 51.36 | | | | | $ | 144,000,035 | | |
|
BofA Securities
|
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Piper
Sandler |
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TPH&Co.
|
| |
Barclays
|
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Citigroup
|
|
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Johnson Rice & Company L.L.C.
|
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Pickering Energy Partners
|
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Stifel
|
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Page
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| | | | S-ii | | | |
| | | | S-iv | | | |
SUMMARY | | | | | S-1 | | |
| | | | S-8 | | | |
| | | | S-10 | | | |
| | | | S-13 | | | |
CAPITALIZATION | | | | | S-14 | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
UNDERWRITING | | | | | S-20 | | |
| | | | S-26 | | | |
EXPERTS | | | | | S-26 | | |
| | | | S-26 | | | |
| | | | S-26 | | |
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Pro Forma
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Historical
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Year Ended December 31,
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(in thousands)
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2021
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2020
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2019
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Consolidated Statement of Income
Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 766,045 | | | | | $ | 674,168 | | | | | $ | 500,595 | | | | | $ | 308,673 | | | | | $ | 438,589 | | | | | $ | 348,566 | | | | | $ | 628,414 | | |
Income from operations
|
| | | | 163,402 | | | | | | 43,650 | | | | | | 126,527 | | | | | | 49,715 | | | | | | 75,427 | | | | | | 70,039 | | | | | | 183,150 | | |
Net income
|
| | | | 122,705 | | | | | | 24,638 | | | | | | 104,383 | | | | | | 47,087 | | | | | | 67,470 | | | | | | 59,215 | | | | | | 156,303 | | |
Consolidated Statement of Cash Flows Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities
|
| | | | — | | | | | | — | | | | | | (19,496) | | | | | | (8,417) | | | | | | (11,633) | | | | | | (18,147) | | | | | | (55,948) | | |
Consolidated Balance Sheet Data (at period end):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 77,375 | | | | | | — | | | | | | 320,623 | | | | | | 301,974 | | | | | | 301,669 | | | | | | 288,659 | | | | | | 202,603 | | |
Long-term debt, net
|
| | | | 254,420 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA (unaudited)(1)
|
| | | | 217,797 | | | | | | 117,207 | | | | | | 152,528 | | | | | | 75,785 | | | | | | 112,227 | | | | | | 110,004 | | | | | | 226,298 | | |
Adjusted EBITDA (unaudited)(1)
|
| | | | 239,705 | | | | | | 178,360 | | | | | | 160,552 | | | | | | 83,741 | | | | | | 120,355 | | | | | | 121,022 | | | | | | 228,999 | | |
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Pro Forma
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Historical
|
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Year Ended December 31,
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(in thousands)
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2021
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2020
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2019
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Net income
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| | | $ | 122,705 | | | | | $ | 24,638 | | | | | $ | 104,383 | | | | | $ | 47,087 | | | | | $ | 67,470 | | | | | $ | 59,215 | | | | | $ | 156,303 | | |
Interest (income) expense, net
|
| | | | 13,372 | | | | | | 19,918 | | | | | | (1,344) | | | | | | 632 | | | | | | 774 | | | | | | (701) | | | | | | (879) | | |
Income tax expense (benefit)
|
| | | | 28,211 | | | | | | (349) | | | | | | 23,498 | | | | | | 586 | | | | | | 7,675 | | | | | | 10,970 | | | | | | 32,020 | | |
Depreciation and amortization
|
| | | | 53,509 | | | | | | 73,000 | | | | | | 25,991 | | | | | | 27,480 | | | | | | 36,308 | | | | | | 40,520 | | | | | | 38,854 | | |
EBITDA (unaudited)
|
| | | | 217,797 | | | | | | 117,207 | | | | | | 152,528 | | | | | | 75,785 | | | | | | 112,227 | | | | | | 110,004 | | | | | | 226,298 | | |
Severance expenses(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,864 | | | | | | — | | |
Other non-operating (income) expense(2)
|
| | | | (10) | | | | | | (898) | | | | | | (10) | | | | | | 1,004 | | | | | | (898) | | | | | | 555 | | | | | | (5,336) | | |
Secondary offering related expenses
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| | | | — | | | | | | 406 | | | | | | — | | | | | | 406 | | | | | | 406 | | | | | | — | | | | | | 1,042 | | |
FlexSteel management long-term incentive plan expense
|
| | | | 12,536 | | | | | | 8,365 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transaction-related stock-based
compensation |
| | | | 1,348 | | | | | | 3,430 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transaction-related inventory step-up expense (3)
|
| | | | — | | | | | | 23,689 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other transaction-related expenses (4)
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| | | | — | | | | | | 17,541 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | 8,034 | | | | | | 8,620 | | | | | | 8,034 | | | | | | 6,546 | | | | | | 8,620 | | | | | | 8,599 | | | | | | 6,995 | | |
Adjusted EBITDA (unaudited)
|
| | | $ | 239,705 | | | | | $ | 178,360 | | | | | $ | 160,552 | | | | | $ | 83,741 | | | | | $ | 120,355 | | | | | $ | 121,022 | | | | | $ | 228,999 | | |
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As of
September 30, 2022 |
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(in thousands, except per share data)
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Actual
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As Adjusted
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Pro Forma
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(unaudited)
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Cash and cash equivalents
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| | | $ | 320,623 | | | | | $ | 464,623 | | | | | $ | 101,375(2) | | |
Long-term debt(1)
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| | | $ | — | | | | | $ | — | | | | | $ | 254,420 | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Preferred stock, $0.01 par value; 10,000 shares authorized, no shares issued or outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Class A common stock, $0.01 par value; 300,000 shares authorized, 60,719 shares issued and outstanding, actual; 63,523 shares issued and outstanding, as adjusted; and 63,649 shares issued and outstanding, pro forma
|
| | | | 607 | | | | | | 635 | | | | | | 636 | | |
Class B common stock, $0.01 par value; 215,000 shares
authorized, 15,159 shares issued and outstanding, actual; 15,159 shares issued and outstanding, as adjusted; and 15,159 shares issued and outstanding, pro forma |
| | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
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| | | | 307,698 | | | | | | 432,914 | | | | | | 417,800 | | |
Retained earnings
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| | | | 237,551 | | | | | | 237,551 | | | | | | 221,947 | | |
Accumulated other comprehensive income
|
| | | | (1,617) | | | | | | (1,617) | | | | | | (1,617) | | |
Total stockholders’ equity attributable to Cactus, Inc.
|
| | | | 544,239 | | | | | | 669,483 | | | | | | 638,766 | | |
Non-controlling interest
|
| | | | 131,411 | | | | | | 154,375 | | | | | | 175,017 | | |
Total stockholders’ equity
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| | | $ | 675,650 | | | | | $ | 823,858 | | | | | $ | 813,783 | | |
Total capitalization
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| | | $ | 675,650 | | | | | $ | 823,858 | | | | | $ | 1,068,203 | | |
Underwriters:
|
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Number of
Underwritten Securities to be Purchased |
| |||
J.P. Morgan Securities LLC
|
| | | | 1,121,496 | | |
BofA Securities, Inc.
|
| | | | 420,561 | | |
Piper Sandler & Co.
|
| | | | 280,374 | | |
Tudor, Pickering, Holt & Co. Securities, LLC
|
| | | | 280,374 | | |
Barclays Capital Inc.
|
| | | | 210,280 | | |
Citigroup Global Markets Inc.
|
| | | | 210,280 | | |
Johnson Rice & Company L.L.C.
|
| | | | 93,458 | | |
PEP Advisory LLC
|
| | | | 93,458 | | |
Stifel, Nicolaus & Company, Incorporated
|
| | | | 93,458 | | |
Total
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| | | | 2,803,739 | | |
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Paid by Cactus
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No Exercise
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Full Exercise
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Per Share
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| | | $ | 2.14 | | | | | $ | 2.14 | | |
Total
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| | | $ | 6,000,001 | | | | | $ | 6,900,002 | | |
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Shares Beneficially Owned
Before the Offering |
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Shares of
Class A Common Stock that May Be Sold(3) |
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Shares Beneficially Owned
After the Offering |
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Class A
Common Stock |
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Class B
Common Stock(1) |
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Combined
Voting Power(2) |
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Class A
Common Stock |
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Class B
Common Stock(1) |
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Combined
Voting Power(2) |
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Number
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%
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Number
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Number
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%
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Number
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%
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Number
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Number
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Selling Stockholder
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cactus WH Enterprises,
LLC(4) |
| | | | — | | | | | | — | | | | | | 15,014,963 | | | | | | 90.0 | | | | | | 15,014,963 | | | | | | 19.8 | | | | | | 15,014,963 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lee Boquet(5)
|
| | | | — | | | | | | — | | | | | | 1,395,601 | | | | | | 8.4 | | | | | | 1,395,601 | | | | | | 1.8 | | | | | | 1,395,601 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Scott Bender(4)(6)(7)
|
| | | | 109,931 | | | | | | * | | | | | | 15,014,963 | | | | | | 90.0 | | | | | | 15,124,894 | | | | | | 20.0 | | | | | | 15,124,894 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joel Bender(4)(7)(8)
|
| | | | 108,071 | | | | | | * | | | | | | 15,014,963 | | | | | | 90.0 | | | | | | 15,123,034 | | | | | | 20.0 | | | | | | 15,123,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,628,566 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
BofA Securities
|
| |
Piper
Sandler |
| |
TPH&Co.
|
| |
Barclays
|
| |
Citigroup
|
|
|
Johnson Rice & Company L.L.C.
|
| |
Pickering Energy Partners
|
| |
Stifel
|
|
This ‘424B5’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/30/23 | ||||
1/13/23 | ||||
Filed on: | 1/12/23 | |||
1/10/23 | 424B5, 8-K | |||
1/1/23 | ||||
12/30/22 | ||||
9/30/22 | 10-Q | |||
6/30/22 | 10-Q | |||
3/31/22 | 10-Q | |||
2/28/22 | 10-K, 8-K, S-3ASR | |||
2/24/22 | ||||
12/31/21 | 10-K | |||
9/30/21 | 10-Q | |||
1/1/21 | ||||
12/31/20 | 10-K, 5 | |||
12/31/19 | 10-K | |||
1/1/19 | ||||
2/12/18 | 3, 4, 8-K | |||
2/17/17 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/10/23 Cactus, Inc. 8-K:7,9 1/10/23 15:1.3M Toppan Merrill/FA 1/03/23 Cactus, Inc. 8-K:1,7,9 12/29/22 14:5.3M 11/07/22 Cactus, Inc. 10-Q 9/30/22 52:7.1M 8/04/22 Cactus, Inc. 10-Q 6/30/22 51:4.2M 7/29/22 Cactus, Inc. 8-K:1,2,9 7/25/22 10:161K 5/18/22 Cactus, Inc. 8-K:5,9 5/17/22 10:173K 5/05/22 Cactus, Inc. 10-Q 3/31/22 51:3.7M 5/04/22 Cactus, Inc. 8-K:2,5,9 4/28/22 11:449K 4/12/22 Cactus, Inc. DEF 14A 5/17/22 1:2.8M 3/23/22 Cactus, Inc. 8-K:5,9 3/17/22 10:159K 2/28/22 Cactus, Inc. 10-K 12/31/21 92:11M 2/06/18 Cactus, Inc. 8-A12B 1:21K Toppan Merrill/FA |