Cactus Inc (NYSE:WHD) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET

Company Participants

Alan Boyd - Director of Corporate Development & Investor Relations
Scott Bender - Chief Executive Officer & Chairman of the Board
Jay Nutt - Executive Vice President, Chief Financial Officer and Treasurer
Stephen Tadlock - EVP and Chief Executive Officer of Spoolable Pipe

Conference Call Participants

Luke Lemoine - Pipe Sandler
David Anderson - Barclays
Jeff Lee blank - TPH
Amer Jayaram - JP Morgan Securities
Scott Gruber - Citigroup

Operator

Good day, and thank you for standing by. Welcome to the Cactus Quarter 2 2024 Earnings Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

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

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 Jay Nutt, our Chief Financial Officer. Also joining us today are Joel Bender, President; Steven Bender, Chief Operating Officer; Stephen Tadlock, CEO of Flex Steel; 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. I'm pleased to report that revenues and margins in both of our segments improved despite year-to-date declines in our industry's North American land activity. I'm very proud of our associates' continued commitment to customer execution that's led to this consistent record of outperformance.

Some second quarter total company highlights include revenue of $290 million adjusted EBITDA of $104 million, adjusted EBITDA margin of 35.7%. We increased our cash balance to $247 million. And yesterday, we announced that our Board approved an 8% increase in the quarterly dividend to $0.13 per share.