$VTS
Vitesse Energy, Inc.

2023 Q3 Form 10-Q Financial Statement

#000194455823000054 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $55.05M $51.59M $140.5M
YoY Change -34.57% -63.29% 86.12%
Cost Of Revenue $15.14M $14.24M $32.97M
YoY Change -24.47% -56.82% 20.09%
Gross Profit $39.92M $37.35M $107.6M
YoY Change -37.73% -65.28% 123.84%
Gross Profit Margin 72.51% 72.41% 76.54%
Selling, General & Admin $4.966M $5.889M $31.39M
YoY Change -140.18% -81.24% 426.57%
% of Gross Profit 12.44% 15.77% 29.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.01M $18.75M $29.26M
YoY Change 11.53% -35.93% -4.17%
% of Gross Profit 47.63% 50.19% 27.2%
Operating Expenses $39.12M $38.87M $60.66M
YoY Change 734.21% -35.91% 66.19%
Operating Profit $15.94M $12.72M $46.92M
YoY Change -73.18% -72.9% 305.79%
Interest Expense $1.166M $1.115M -$70.53M
YoY Change -94.08% -101.58% 141.33%
% of Operating Profit 7.32% 8.77% -150.32%
Other Income/Expense, Net -$18.20M $3.716M $7.000K
YoY Change -606766.67% 52985.71% -12.5%
Pretax Income -$2.262M $16.43M -$23.60M
YoY Change -102.86% -169.62% 33.69%
Income Tax -$800.0K $6.800M $0.00
% Of Pretax Income 41.38%
Net Earnings -$1.466M $9.620M -$23.60M
YoY Change -101.85% -140.76% 33.69%
Net Earnings / Revenue -2.66% 18.65% -16.79%
Basic Earnings Per Share -$0.05 $0.29 $0.04
Diluted Earnings Per Share -$0.05 $0.29 -$0.89
COMMON SHARES
Basic Shares Outstanding 28.79M shares 28.79M shares 438.6M shares
Diluted Shares Outstanding 29.66M shares 33.08M shares 438.6M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.747M $3.360M $1.753M
YoY Change -78.39% 91.67%
Cash & Equivalents $1.747M $3.360M $7.283M
Short-Term Investments
Other Short-Term Assets $1.550M $10.05M $228.0K
YoY Change 1039.71% 4305.7%
Inventory
Prepaid Expenses
Receivables $38.20M $26.40M $51.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.50M $39.81M $53.16M
YoY Change -21.65% -25.13%
LONG-TERM ASSETS
Property, Plant & Equipment $166.0K $84.00K $591.6M
YoY Change -99.97% -99.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.170M $4.313M $2.414M
YoY Change -3.04% 78.67%
Total Long-Term Assets $699.5M $661.9M $594.0M
YoY Change 17.4% 11.42%
TOTAL ASSETS
Total Short-Term Assets $41.50M $39.81M $53.16M
Total Long-Term Assets $699.5M $661.9M $594.0M
Total Assets $741.0M $701.7M $647.2M
YoY Change 14.22% 8.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.47M $13.17M $8.988M
YoY Change 188.72% 46.52%
Accrued Expenses $52.66M $30.10M $24.18M
YoY Change 119.55% 24.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.42M $43.38M $75.03M
YoY Change 76.28% -42.19%
LONG-TERM LIABILITIES
Long-Term Debt $56.00M $41.00M $84.00M
YoY Change -15.15% -51.19%
Other Long-Term Liabilities $4.252M $2.975M $48.55M
YoY Change -81.26% -93.87%
Total Long-Term Liabilities $4.252M $2.975M $132.6M
YoY Change -95.21% -97.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.42M $43.38M $75.03M
Total Long-Term Liabilities $4.252M $2.975M $132.6M
Total Liabilities $199.8M $144.0M $207.6M
YoY Change 46.87% -30.65%
SHAREHOLDERS EQUITY
Retained Earnings -$41.49M -$40.03M
YoY Change
Common Stock $328.0K $328.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $541.2M $557.8M $439.6M
YoY Change
Total Liabilities & Shareholders Equity $741.0M $701.7M $647.2M
YoY Change 14.22% 8.42%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$1.466M $9.620M -$23.60M
YoY Change -101.85% -140.76% 33.69%
Depreciation, Depletion And Amortization $19.01M $18.75M $29.26M
YoY Change 11.53% -35.93% -4.17%
Cash From Operating Activities $32.06M $39.03M $58.75M
YoY Change -35.46% -33.56% 72.26%
INVESTING ACTIVITIES
Capital Expenditures $34.17M $20.55M $38.01M
YoY Change 77.01% -45.93% 169.05%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$34.17M -$20.55M -$38.01M
YoY Change 77.01% -45.93% 169.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K -18.49M -21.78M
YoY Change -102.08% -15.1% 31.88%
NET CHANGE
Cash From Operating Activities 32.06M 39.03M 58.75M
Cash From Investing Activities -34.17M -20.55M -38.01M
Cash From Financing Activities 500.0K -18.49M -21.78M
Net Change In Cash -1.613M -15.00K -1.047M
YoY Change -125.48% -98.57% -130.26%
FREE CASH FLOW
Cash From Operating Activities $32.06M $39.03M $58.75M
Capital Expenditures $34.17M $20.55M $38.01M
Free Cash Flow -$2.113M $18.48M $20.74M
YoY Change -106.96% -10.88% 3.8%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
16.45
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
564423000 usd
vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Diluted
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityDiluted
0
vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Basic
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityBasic
0
CY2023Q1 vitesse Stock Issued During Period Value New Issues Non Founder Issuance
StockIssuedDuringPeriodValueNewIssuesNonFounderIssuance
4559000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
30628000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
27972000 usd
CY2023Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
16405000 usd
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
248000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
563114000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
9620000 usd
CY2021Q4 us-gaap Members Equity
MembersEquity
480074000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-7157000 usd
CY2022Q1 vitesse Distribution To Common Unit Holders
DistributionToCommonUnitHolders
18000000 usd
CY2022Q1 vitesse Members Equity Liability Based Award Fair Value Adjustment
MembersEquityLiabilityBasedAwardFairValueAdjustment
-2169000 usd
CY2022Q1 us-gaap Members Equity
MembersEquity
452748000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
16752000 usd
CY2022Q2 vitesse Distribution To Common Unit Holders
DistributionToCommonUnitHolders
18000000 usd
CY2022Q2 vitesse Members Equity Liability Based Award Fair Value Adjustment
MembersEquityLiabilityBasedAwardFairValueAdjustment
-4827000 usd
CY2022Q2 us-gaap Members Equity
MembersEquity
446673000 usd
us-gaap Net Income Loss
NetIncomeLoss
-38195000 usd
us-gaap Net Income Loss
NetIncomeLoss
9595000 usd
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
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37220000 usd
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
29176000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
9860000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-18222000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
29400000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
22240000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
47183000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
322000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
211000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-17706000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
24634000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2059000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
101000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2204000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-414000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5703000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3248000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-25000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
17000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
78243000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
57526000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
4230000 usd
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
18432000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
39034000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
21388000 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
20000 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
6000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43284000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39826000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
12000000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
16000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
19000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 usd
vitesse Repayments Of Long Term Lines Of Credit Affiliated Entity
RepaymentsOfLongTermLinesOfCreditAffiliatedEntity
5000000 usd
vitesse Repayments Of Long Term Lines Of Credit Affiliated Entity
RepaymentsOfLongTermLinesOfCreditAffiliatedEntity
0 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
28989000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
30000000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
248000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
369000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1773000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-41606000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15773000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6647000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1927000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10007000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5356000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3360000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
2132000 usd
us-gaap Interest Paid Net
InterestPaidNet
1621000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
1292000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
392000 usd
us-gaap Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
0 usd
us-gaap Stock Issued1
StockIssued1
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us-gaap Stock Issued1
StockIssued1
0 usd
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2023Q1 vitesse Income Tax Expense Benefit Spin Off
IncomeTaxExpenseBenefitSpinOff
44100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">Depletion, depreciation, and amortization (“DD&amp;A”) and the evaluation of proved oil and gas properties for impairment are determined using estimates of oil and gas reserves. There are numerous uncertainties in estimating the quantity of reserves and in projecting the future rates of production and timing of development expenditures, which includes lack of control over future development plans as a non-operator. Oil and gas reserve engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. In addition, significant estimates include, but are not limited to, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of assets acquired and liabilities assumed in business combinations, valuation of Predecessor equity-based compensation, and valuation of commodity derivative instruments. Further, these estimates and other factors, including those outside of the Company’s control, such as the impact of lower commodity prices, may have a significant adverse impact to the Company’s business, financial condition, results of operations and cash flows.</span></div>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
18600000 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
36900000 usd
CY2023Q2 vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
17.98
vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
17.82
CY2022Q2 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
14900000 usd
us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
29000000 usd
CY2022Q2 vitesse Oil And Gas Properties Successful Effort Method Depletion Rate Per Barrel Of Oil Equivalent
OilAndGasPropertiesSuccessfulEffortMethodDepletionRatePerBarrelOfOilEquivalent
16.65
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2022Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">For the three and six months ended June 30, 2023, three and four operators accounted for 50 percent and 57 percent, respectively, of oil and natural gas revenue.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">For the three and six months ended June 30, 2022, three operators accounted for 36 percent and 37 percent, respectively, of oil and natural gas revenue, respectively.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">As of June 30, 2023 and December 31, 2022, two and four operators accounted for 43 percent and 65 percent, respectively, of oil and natural gas revenue receivable. </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:125%">The Company’s oil and natural gas revenue receivable is generated from the sale of oil and natural gas by operators on its behalf. The Company monitors the financial condition of its operators.</span></div>
CY2023Q2 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
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us-gaap Payments To Acquire Oil And Gas Property
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CY2022Q2 us-gaap Payments To Acquire Oil And Gas Property
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us-gaap Payments To Acquire Oil And Gas Property
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CY2023Q2 vitesse Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
23900000 usd
CY2022Q4 vitesse Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
15500000 usd
CY2023Q2 vitesse Accrued Lease Operating Expenses Net Current
AccruedLeaseOperatingExpensesNetCurrent
2746000 usd
CY2022Q4 vitesse Accrued Lease Operating Expenses Net Current
AccruedLeaseOperatingExpensesNetCurrent
2740000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1785000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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1664000 usd
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1257000 usd
CY2023Q2 vitesse Accrued Spin Related Expenditures Current
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2828000 usd
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2022 us-gaap Payments Of Distributions To Affiliates
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CY2023Q2 us-gaap Common Stock Shares Authorized
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CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
vitesse Distribution Of Predecessor Equity Interests Shares
DistributionOfPredecessorEquityInterestsShares
25628162 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
14600 shares
us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
32800000 usd
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1108367 shares
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16292000 usd
CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
200000 usd
CY2023Q2 vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
9620000 usd
vitesse Net Income Loss Attributable To Parent Excluding Predecessor
NetIncomeLossAttributableToParentExcludingPredecessor
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CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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932000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8688000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9620000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-40027000 usd
CY2023Q2 vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
28787389 shares
vitesse Weighted Average Common Shares Outstanding Basic Numerator
WeightedAverageCommonSharesOutstandingBasicNumerator
28691356 shares
CY2023Q2 vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
872382 shares
vitesse Weighted Average Transitional Share Rs Us Outstanding With No Future Service Required
WeightedAverageTransitionalShareRSUsOutstandingWithNoFutureServiceRequired
970200 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29659771 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29661556 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33077824 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29661556 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.35
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.35
CY2022Q4 us-gaap Common Unit Authorized
CommonUnitAuthorized
450000000 shares
CY2022Q4 us-gaap Common Unit Issued
CommonUnitIssued
450000000 shares
CY2022Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
450000000 shares
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
1000000 shares
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
1000000 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
953750 shares
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
953750 shares
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
953750 shares
CY2022Q4 vitesse Common Units Issuance Value Per Share
CommonUnitsIssuanceValuePerShare
1
CY2022Q4 us-gaap Common Unit Issuance Value
CommonUnitIssuanceValue
450000000 usd
CY2022 vitesse Board Of Managers Number Of Managers
BoardOfManagersNumberOfManagers
5 manager
CY2022 vitesse Number Of Votes Each Manager Is Entitled To
NumberOfVotesEachManagerIsEntitledTo
1 vote
CY2022Q2 vitesse Members Equity Liability Based Award Fair Value Adjustment
MembersEquityLiabilityBasedAwardFairValueAdjustment
-4800000 usd
vitesse Members Equity Liability Based Award Fair Value Adjustment
MembersEquityLiabilityBasedAwardFairValueAdjustment
-7000000.0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22240000 usd
CY2022Q2 vitesse Distribution To Common Unit Holders
DistributionToCommonUnitHolders
18000000 usd
vitesse Distribution To Common Unit Holders
DistributionToCommonUnitHolders
36000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
16752000 usd
us-gaap Net Income Loss
NetIncomeLoss
9595000 usd
CY2022Q2 vitesse In Substance Options On Common Units Common Unit Option Grant
InSubstanceOptionsOnCommonUnitsCommonUnitOptionGrant
423000 usd
vitesse In Substance Options On Common Units Common Unit Option Grant
InSubstanceOptionsOnCommonUnitsCommonUnitOptionGrant
243000 usd
CY2022Q2 vitesse In Substance Options On Founder Management Incentive Units Founder Management Incentive Unit Option Grant
InSubstanceOptionsOnFounderManagementIncentiveUnitsFounderManagementIncentiveUnitOptionGrant
0 usd
vitesse In Substance Options On Founder Management Incentive Units Founder Management Incentive Unit Option Grant
InSubstanceOptionsOnFounderManagementIncentiveUnitsFounderManagementIncentiveUnitOptionGrant
0 usd
CY2022Q2 vitesse Non Founder Management Incentive Units Classified As Temporary Equity
NonFounderManagementIncentiveUnitsClassifiedAsTemporaryEquity
0 usd
vitesse Non Founder Management Incentive Units Classified As Temporary Equity
NonFounderManagementIncentiveUnitsClassifiedAsTemporaryEquity
0 usd
CY2022Q2 vitesse Non Founder Management Incentive Units Classified As Liabilities
NonFounderManagementIncentiveUnitsClassifiedAsLiabilities
0 usd
vitesse Non Founder Management Incentive Units Classified As Liabilities
NonFounderManagementIncentiveUnitsClassifiedAsLiabilities
0 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16329000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9352000 usd
CY2022Q2 vitesse Weighted Average Number Of Shares Outstanding Predecessor
WeightedAverageNumberOfSharesOutstandingPredecessor
450000000 shares
vitesse Weighted Average Number Of Shares Outstanding Predecessor
WeightedAverageNumberOfSharesOutstandingPredecessor
450000000 shares
CY2022Q2 vitesse Weighted Average Number Of Shares Common Units Accounted For As In Substance Options
WeightedAverageNumberOfSharesCommonUnitsAccountedForAsInSubstanceOptions
11375000 shares
vitesse Weighted Average Number Of Shares Common Units Accounted For As In Substance Options
WeightedAverageNumberOfSharesCommonUnitsAccountedForAsInSubstanceOptions
11375000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
438625000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
438625000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
438625000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
438625000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2022Q2 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
0 usd
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
0 usd
CY2022Q2 vitesse Management Incentive Units Classified In Temporary Equity
ManagementIncentiveUnitsClassifiedInTemporaryEquity
233750 shares
vitesse Management Incentive Units Classified In Temporary Equity
ManagementIncentiveUnitsClassifiedInTemporaryEquity
233750 shares
CY2022Q2 vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Basic
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityBasic
0
CY2022Q2 vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Diluted
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityDiluted
0
vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Basic
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityBasic
0
vitesse Earnings Per Non Founder Management Incentive Unit Temporary Equity Diluted
EarningsPerNonFounderManagementIncentiveUnitTemporaryEquityDiluted
0
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 vitesse Deferred Tax Expense Benefit Spin Off
DeferredTaxExpenseBenefitSpinOff
44100000 usd
CY2023Q1 vitesse Deferred Tax Liability Spin Off
DeferredTaxLiabilitySpinOff
44100000 usd
CY2023Q1 vitesse Deferred Tax Liability Acquisition
DeferredTaxLiabilityAcquisition
2400000 usd

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