Cactus Inc (NYSE:WHD) Q1 2024 Results Conference Call May 2, 2024 10:00 AM ET

Company Participants

Alan Boyd - Director of Corporate Development & Investor Relations
Alan Keifer - Interim CFO, Principal Financial Officer & Principal Accounting Officer
Scott Bender - CEO & Chairman of the Board

Conference Call Participants

Stephen Gengaro - Stifel

Operator

Good day, and thank you for standing by. Welcome to the Cactus Q1 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Alan Boyd, Director of Corporate Development and Investor Relations.

Alan Boyd

Thank you, and good morning. We appreciate you joining us on today's call. Our speakers will be Scott Bender, our Chairman and Chief Executive Officer; and Al Keifer, our Interim Chief Financial Officer. Also joining us today are Joel Bender, President; Steven Bender, Chief Operating Officer; Steve Tadlock, CEO of FlexSteel; and Will Marsh, our General Counsel.

Please note that any comments we make on today's call regarding projections or expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to publicly update or review any forward-looking statements. In addition, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release.

With that, I'll turn the call over to Scott.

Scott Bender

Thanks, Alan, and good morning to everyone. We began 2024 with solid execution as revenues in both segments exceeded our expectations. I'm particularly pleased with Spoolable Technologies' sales in the first quarter, which increased from the fourth quarter, largely due to strong sales to our large integrated customers. During this period, we also saw renewed international activity in the segment. This strength, which provides usual seasonal softness in the first quarter, further demonstrates the differentiation inherent in our spoolable products as well as the benefits of expanding the product line of our overall Cactus portfolio. Some first quarter total company highlights include revenue of $274 million, adjusted EBITDA of $95 million, adjusted EBITDA margins of 34.8%. We paid a quarterly dividend of $0.12 per share, and we increased our cash balance to a $194 million. I'll now turn the call over to Al Keifer, our CFO, who will review our financial results.