Investor Presentaiton
Cactus was Well Positioned for the Downturn...
Well Prepared for a Downturn
2014-2019 Trough Annual Adjusted EBITDA Margin (2)(3)(4)
Management team has operated through several
industry cycles
22%
21%
◉
No bank debt and over $270 million in cash (1)
■
Variable cost structure & low capex requirements
14%
6% 6%
5%
4%
◉
One of the few oilfield service companies to maintain
dividend level
Playbook includes:
◉ Partner with customers to become more efficient
Reduce organizational costs
◉
■
$85 million in payroll cost reductions implemented
Cost to achieve savings limited to < $2 million
Significant reduction in capital expenditures
Retention of key talent in R&D, Engineering & Sales
(2%)
(9%)
Peer A WHD Peer B Peer C Peer D Peer E Peer F Peer G Peer H
Net Cash / (Net Debt) Position ($mm)(5)
$346
$262
$45
$5
($8)
($220) ($267)
($582)
Focus on safety, returns, margins and market share
expansion
($961)
Peer E WHD Peer H Peer C Peer G Peer D Peer A Peer F Peer B
As of June 30, 2020.
Source: Factset, Company filings.
1)
2)
3)
Peer data represents Adjusted EBITDA where available per company filings and presentations. Peers include: ChampionX, Dril-Quip, Core Labratories, DMC Global, Hunting, National Oilwell Varco, Oil States International, Schoeller-Bleckmann. Cactus' computation of
Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
Cactus data represents Adjusted EBITDA. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Adjusted EBITDA Margin is
defined as Adjusted EBITDA expressed as a percentage of Revenue.
Trough margin represents lowest annual Adjusted EBITDA margin during the period of 2014 - 2019.
4)
5)
Net debt calculated as principal value of debt and capital leases less cash & cash equivalents. Represents latest publicly available data.
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