4 unchanged sentences
As of December 31, 2023, there were two holders of record of our Class A common stock.
−Removed: This number excludes owners for whom Class A common stock may be held in “street name.” As of December 31, 2022, there were six holders of record of our Class B common stock.
+Added: This number excludes owners for whom Class A
+Added: common stock may be held in “street name.” As of December 31, 2023, there were five holders of record of our Class B common stock.
We have paid a regular quarterly cash dividend on our Class A common stock as approved by our board of directors since December 2019.
−Removed: Dividends are not paid to our Class B common stock holders;
−Removed: however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to our CW Unit Holders (or, for any dividends declared after the completion of the CC Reorganization, to the CC Unit holders) for any dividends declared on our Class A common stock.
−Removed: We have paid quarterly dividends uninterrupted since initiation of the cash dividend program and the approved dividend per share amount has increased from the initial amount of $0.09 per share to $0.10 per share in September 2021 to the current amount of $0.11 per share of Class A common stock.
+Added: Dividends are not paid to our Class B common stockholders;
+Added: however, a corresponding distribution up to the same amount per share as our Class A common stockholders is paid to our CC Unit Holders for any dividends declared on our Class A common stock.
+Added: We have paid quarterly dividends uninterrupted since initiation of the cash dividend program and the approved dividend per share amount has increased from the initial amount of $0.09 per share to the current amount of $0.12 per share of Class A common stock.
In fiscal year 2023, the annual dividend rate for our Class A common stock was $0.46 per share compared to $0.44 per share in fiscal year 2022 and $0.38 per share in fiscal year 2021.
−Removed: We currently intend to continue paying the quarterly dividend at the current levels while retaining the balance of future earnings, if any, to finance the growth of our business.
+Added: We currently intend to continue paying the quarterly dividend at the current levels while retaining the balance of future earnings, if any, to finance the growth of our business or repurchase shares of our Class A common stock.
We would seek to increase the dividend in the future if our financial condition and results of operations permit.
Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory and contractual restrictions on our ability to pay dividends and other factors our board of directors may deem relevant.
+Added: Share Repurchase Program
+Added: In June 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million.
+Added: Under our share repurchase program, shares may be repurchased from time to time in open market transactions or block trades, in privately negotiated transactions or any other method permitted under U.S.
+Added: securities laws, rules and regulations.
+Added: The repurchase program does not obligate the Company to purchase any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
+Added: The Inflation Reduction Act of 2022 provides for, among other things, the imposition of a 1% U.S.
+Added: Federal excise tax on certain repurchases of stock by publicly traded U.S.
+Added: corporations after December 31, 2022.
+Added: Accordingly, this new excise tax applies to our share repurchase program.
+Added: In 2023, issuances of shares exceeded share repurchases and, as such, there was no excise tax.
+Added: In future years, the Company could be subject to the excise tax depending on the total shares repurchased in comparison to shares issued.
Performance Graph
−Removed: The graph below compares the cumulative total shareholder return on our common stock to the S&P 500 Index, the S&P Oil & Gas Equipment & Services Index and the PHLX Oil Service Index from the date our common stock began trading through December 31, 2022.
−Removed: The total shareholder return assumes $100 invested on February 7, 2018 in Cactus Inc., the S&P 500 Index, the S&P Oil & Gas Equipment & Services Index and the PHLX Oil Service Index.
+Added: The graph below compares the cumulative total shareholder return on our common stock to the S&P 500 Index, the S&P Oil & Gas Equipment & Services Index and the PHLX Oil Service Index.
+Added: The total shareholder return assumes $100 was invested on December 31, 2018 in Cactus Inc., the S&P 500 Index, the S&P Oil and Gas Equipment Select Industry Index and the PHLX Oil Service Index.
It also assumes reinvestment of all dividends.
3 unchanged sentences
The following sets forth information with respect to our repurchase of Class A common stock during the three months ended December 31, 2023 (in whole shares).
−Removed: Period Total number of shares purchased (1)
−Removed: Average price paid per share (2)
+Added: Included below are 4,225 shares purchased in the open market pursuant to a share repurchase program and 11,638 shares repurchased from employees to satisfy tax withholding obligations related to restricted stock units that vested during the period.
+Added: Period Total number of shares purchased Weighted-average price paid per share (1)
+Added: Total number of shares purchased as part of publicly announced plans or programs (2)
+Added: Maximum dollar value of shares that may yet be purchased under the plans or programs (2)
October 1-31, 2023 — $ — — $ —
2 unchanged sentences
Total 15,863 $ 40.92 4,225 $ 149,672,535
−Removed: (1) Consists of shares of Class A common stock repurchased from employees to satisfy tax withholding obligations related to restricted stock units that vested during the period.
−Removed: (2) Average price paid for Class A common stock purchased from employees to satisfy tax withholding obligations related to restricted stock units that vested during the period.
+Added: (1) The average price paid per share of $40.92 was calculated excluding commissions.
+Added: (2) In June 2023, our board of directors authorized the Company to repurchase shares of its Class A common stock for an aggregate purchase price of up to $150 million.
+Added: Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.