Quarterly Real Estate Revenues Reach
All-Time High
Strong Earnings Momentum Continues in Both
Tobacco and Real Estate Segments
First Quarter 2021 Highlights:
- Consolidated revenues of $543.8 million, up 19.6% or $89.3
million compared to the prior year period
- Real Estate revenues of $275.3 million, up 64.4% or $107.9
million compared to the prior year period
- Douglas Elliman’s closed sales volume of $10.1 billion, up 71%
or $4.2 billion compared to the prior year period
- Reported net income of $32.0 million or $0.20 per diluted
share; adjusted net income of $45.3 million or $0.29 per diluted
share
- Reported operating income of $90.2 million, up $95.1 million
compared to the prior year period
- Tobacco Segment operating income of $81.6 million, up 18% or
$12.4 million compared to the prior year period
- Real Estate Segment operating income of $15.3 million, up $82.7
million compared to the prior year period
- Adjusted EBITDA of $94.3 million, up 57% or $34.1 million
compared to the prior year period
- Tobacco Segment Adjusted EBITDA of $80.6 million, up 13% or
$9.4 million compared to the prior year period
- Real Estate Segment Adjusted EBITDA of $17.5 million, up $24.4
million compared to the prior year period
- Strong liquidity with cash and cash equivalents of $382
million and investment securities and long-term investments of $206
million at March 31, 2021
- Cash dividends of $32 million returned to stockholders at a
rate of $0.20 per common share
Vector Group Ltd. (NYSE:VGR) today announced financial results
for the three months ended March 31, 2021.
“Vector achieved strong earnings performance in the first
quarter in our tobacco and real estate businesses, a testament to
our team’s hard work and our commitment to creating long-term
stockholder value,” said Howard M. Lorber, President and Chief
Executive Officer of Vector Group Ltd.
“Our Liggett subsidiary continues to successfully execute its
market strategy and our Douglas Elliman real estate business saw
continued and robust closed sales activity. We are encouraged by
Douglas Elliman’s $107.2 million increase in revenues across major
markets like New York City, the Hamptons, Palm Beach, Miami, Los
Angeles, and Aspen. We are optimistic that this strong momentum
will continue.”
GAAP Financial Results
First quarter 2021 revenues were $543.8 million, compared to
revenues of $454.5 million for the first quarter of 2020. The
Company recorded operating income of $90.2 million for the first
quarter of 2021, compared to an operating loss of $4.9 million for
the first quarter of 2020. Net income attributed to Vector Group
Ltd. for the first quarter of 2021 was $32.0 million, or $0.20 per
diluted common share, compared to a net loss of $3.2 million, or
$0.03 per diluted common share, for the first quarter of 2020.
Non-GAAP Financial Measures
Non-GAAP financial measures include adjustments for change in
fair value of derivatives embedded within convertible debt, loss on
extinguishment of debt, litigation settlements and judgment
expense, impact of Master Settlement Agreement settlements,
restructuring charges, net gains on sales of assets (for purposes
of Adjusted EBITDA and Adjusted Operating Income only), and
impairments of goodwill and other intangible assets. For purposes
of Adjusted EBITDA only, adjustments include equity in earnings
from investments, equity in (earnings) losses from real estate
ventures, stock-based compensation expense, and other, net. For
purposes of Adjusted Net Income only, adjustments include non-cash
amortization of debt discount on convertible debt, net interest
expense capitalized to real estate ventures, and the derivative
associated with the 2018 acquisition of 29.41% of Douglas Elliman.
Reconciliations of non-GAAP financial measures to the comparable
GAAP financial results for the last twelve months ended March 31,
2021 and the three months ended March 31, 2021 and 2020 are
included in Tables 2 through 7.
Three months ended March 31, 2021 compared to the three months
ended March 31, 2020
Adjusted EBITDA attributed to Vector (as described in Table 2
attached hereto) were $94.3 million for the first quarter of 2021,
compared to $60.2 million for the first quarter of 2020.
Adjusted Net Income (as described in Table 3 attached hereto)
was $45.3 million, or $0.29 per diluted share, for the first
quarter of 2021, and $39.9 million, or $0.27 per diluted share, for
the first quarter of 2020.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $87.5 million for the first quarter of 2021, compared
to $53.3 million for the first quarter of 2020.
Consolidated Balance Sheet
Vector maintained significant liquidity at March 31, 2021 with
cash and cash equivalents of $382 million, including $83 million of
cash at Liggett. Vector also held investment securities of $149
million and long-term investments of $57 million.
Vector continued its longstanding history of paying a quarterly
cash dividend in the first quarter of 2021. Vector returned $32
million to stockholders at a rate of $0.20 per common share.
Tobacco Segment Financial Results
For the first quarter of 2021, the Tobacco segment had revenues
of $268.5 million, compared to $287.1 million for the first quarter
of 2020.
Operating Income from the Tobacco segment was $81.6 million for
the three months ended March 31, 2021 compared to $69.2 million for
the three months ended March 31, 2020.
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (as described in Table 5
attached hereto) for the first quarter of 2021 was $78.9 million,
compared to $69.2 million for the first quarter of 2020.
For the three months ended March 31, 2021, the Tobacco segment
had conventional cigarette (wholesale) shipments of approximately
1.94 billion units, compared to 2.25 billion units for the first
quarter of 2020.
Liggett’s retail market share declined to 4.18% for the three
months ended March 31, 2021, compared to 4.28% for the three months
ended March 31, 2020. Compared to the three months ended March 31,
2020, Liggett’s retail shipments declined by 5.3% while the overall
industry’s retail shipments declined by 2.9%, according to data
from Management Science Associates, Inc. Overall industry wholesale
shipments for the first quarter decreased by 8.8%, while Liggett’s
wholesale shipments decreased by 13.9% versus the prior year
quarter, according to Management Science Associates.
Real Estate Segment Financial Results
For the first quarter of 2021, the Real Estate segment had
revenues of $275.3 million, compared to $167.4 million for the
first quarter of 2020. For the first quarter of 2021, the Real
Estate segment reported net income of $12.1 million, compared to a
net loss of $54.4 million for the first quarter of 2020.
Douglas Elliman’s results are included in Vector’s Real Estate
segment. For the first quarter of 2021, Douglas Elliman had
revenues of $272.8 million, compared to $165.6 million for the
first quarter of 2020. For the first quarter of 2021, Douglas
Elliman reported net income of $13.9 million, compared to a net
loss of $69.0 million for the first quarter of 2020.
Results for the first quarter of 2020 for the Real Estate
segment and Douglas Elliman included non-cash impairment charges of
$58.3 million.
Non-GAAP Financial Measures
For the first quarter of 2021, Real Estate Adjusted EBITDA
attributed to Vector (as described in Table 6 attached hereto) were
$17.5 million, compared to a loss of $6.9 million for the first
quarter of 2020.
For the first quarter of 2021, Douglas Elliman’s Adjusted EBITDA
(as described in Table 7 attached hereto) were $16.4 million,
compared to a loss of $7.7 million for the first quarter of
2020.
For the three months ended March 31, 2021, Douglas Elliman
achieved closed sales of approximately $10.1 billion compared to
$5.9 billion for the three months ended March 31, 2020.
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted Net Income, Adjusted Operating Income,
Tobacco Adjusted Operating Income, Tobacco Adjusted EBITDA, New
Valley Adjusted EBITDA and Douglas Elliman Adjusted EBITDA (“the
Non-GAAP Financial Measures”) are financial measures not prepared
in accordance with generally accepted accounting principles
(“GAAP”). The Company believes that the Non-GAAP Financial Measures
are important measures that supplement discussions and analysis of
its results of operations and enhances an understanding of its
operating performance. The Company believes the Non-GAAP Financial
Measures provide investors and analysts with a useful measure of
operating results unaffected by differences in capital structures
and ages of related assets among otherwise comparable
companies.
Management uses the Non-GAAP Financial Measures as measures to
review and assess operating performance of the Company’s business,
and management and investors should review both the overall
performance (GAAP net income) and the operating performance (the
Non-GAAP Financial Measures) of the Company’s business. While
management considers the Non-GAAP Financial Measures to be
important, they should be considered in addition to, but not as
substitutes for or superior to, other measures of financial
performance prepared in accordance with GAAP, such as operating
income, net income and cash flows from operations. In addition, the
Non-GAAP Financial Measures are susceptible to varying calculations
and the Company’s measurement of the Non-GAAP Financial Measures
may not be comparable to those of other companies. Attached hereto
as Tables 2 through 7 is information relating to the Company’s
Non-GAAP Financial Measures for the three months ended March 31,
2021 and 2020.
Conference Call to Discuss First Quarter 2021 Results
As previously announced, Vector will host a conference call and
webcast on Thursday, May 6, 2021 at 8:30AM (ET) to discuss its
first quarter 2021 results. Investors can access the call by
dialing 877-271-1828 and entering 67447259 as the conference ID
number. The call will also be available via live webcast at
https://www.webcaster4.com/Webcast/Page/2271/40796. Webcast
participants should allot extra time to register before the webcast
begins.
A replay of the call will be available shortly after the call
ends on May 6, 2021 through May 20, 2021. To access the replay,
dial 877-656-8905 and enter 67447259 as the conference ID number.
The archived webcast will also be available at
https://www.webcaster4.com/Webcast/Page/2271/40796 for one
year.
About Vector Group Ltd.
Vector Group Ltd. is a holding company for Liggett Group LLC,
Vector Tobacco Inc., New Valley LLC, and Douglas Elliman Realty,
LLC. Additional information concerning the company is available on
the Company’s website at www.VectorGroupLtd.com.
Investors and others should note that we may post information
about the Company or its subsidiaries on our website at
www.VectorGroupLtd.com and/or at the websites of those subsidiaries
or, if applicable, on their accounts on Facebook, Instagram,
LinkedIn, TikTok, Twitter, YouTube or other social media platforms.
It is possible that the postings or releases could include
information deemed to be material information. Therefore, we
encourage investors, the media and others interested in our company
to review the information we post on our website at
www.VectorGroupLtd.com, on the websites of our subsidiaries and on
their social media accounts.
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within
the meaning of the federal securities law. All statements other
than statements of historical or current facts, including
statements regarding the current or anticipated impact of the
COVID-19 pandemic on our business, made in this document are
forward-looking. We identify forward-looking statements in this
document by using words or phrases such as “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may be,” “objective,” “plan,”
“seek,” “predict,” “project” and “will be” and similar words or
phrases or their negatives. Forward-looking statements reflect our
current expectations and are inherently uncertain. Actual results
could differ materially for a variety of reasons. In particular,
the extent, duration and severity of the spread of the COVID-19
pandemic and economic consequences stemming from the COVID-19
crisis (including a potential significant economic contraction) as
well as related risks and the impact of any of the foregoing on our
business, results of operations and liquidity could affect our
future results and cause actual results to differ materially from
those expressed in forward-looking statements.
Risks and uncertainties that could cause our actual results to
differ significantly from our current expectations are described in
our 2020 Annual Report on Form 10-K and in our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2021. We undertake no
responsibility to publicly update or revise any forward-looking
statement except as required by applicable law.
TABLE 1
VECTOR GROUP LTD. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
2021
2020
(Unaudited)
Revenues:
Tobacco*
$
268,463
$
287,069
Real estate
275,301
167,419
Total revenues
543,764
454,488
Expenses:
Cost of sales:
Tobacco*
164,031
197,290
Real estate
199,511
113,333
Total cost of sales
363,542
310,623
Operating, selling, administrative and
general expenses
90,014
90,517
Litigation settlement and judgment
expense
5
—
Impairments of goodwill and other
intangible assets
—
58,252
Operating income (loss)
90,203
(4,904
)
Other income (expenses):
Interest expense
(28,751
)
(35,627
)
Loss on extinguishment of debt
(21,362
)
—
Change in fair value of derivatives
embedded within convertible debt
—
3,330
Equity in earnings from investments
577
50,152
Equity in earnings (losses) from real
estate ventures
1,589
(6,505
)
Other, net
2,754
(10,655
)
Income (loss) before provision for income
taxes
45,010
(4,209
)
Income tax expense (benefit)
13,053
(978
)
Net income (loss)
31,957
(3,231
)
Net loss (income) attributed to
non-controlling interest
—
—
Net income (loss) attributed to Vector
Group Ltd.
$
31,957
$
(3,231
)
Per basic common share:
Net income (loss) applicable to common
share attributed to Vector Group Ltd.
$
0.20
$
(0.03
)
Per diluted common share:
Net income (loss) applicable to common
share attributed to Vector Group Ltd.
$
0.20
$
(0.03
)
* Revenues and cost of sales include federal
excise taxes of $97,714 and $113,139 for the three months ended
March 31, 2021 and 2020, respectively.
TABLE 2
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA
(Unaudited)
(Dollars
in Thousands)
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Net income (loss) attributed to Vector
Group Ltd.
$
128,126
$
31,957
$
(3,231
)
Interest expense
114,665
28,751
35,627
Income tax expense (benefit)
55,808
13,053
(978
)
Depreciation and amortization
17,233
4,179
4,575
EBITDA
$
315,832
$
77,940
$
35,993
Change in fair value of derivatives
embedded within convertible debt (a)
(1,669
)
—
(3,330
)
Equity in earnings from investments
(b)
(6,693
)
(577
)
(50,152
)
Equity in losses (earnings) from real
estate ventures (c)
36,604
(1,589
)
6,505
Loss on extinguishment of debt
21,362
21,362
—
Stock-based compensation expense (d)
9,885
2,660
2,258
Litigation settlement and judgment expense
(e)
342
5
—
Impact of MSA settlement (f)
(2,423
)
(2,722
)
—
Restructuring charges (g)
3,382
—
—
Net gains on sales of assets
(1,114
)
—
—
Impairments of goodwill and other
intangible assets (h)
—
—
58,252
Other, net
(7,953
)
(2,754
)
10,655
Adjusted EBITDA attributed to Vector Group
Ltd.
$
367,555
$
94,325
$
60,181
Adjusted EBITDA Attributed to Vector
Group Ltd. by Segment
Tobacco
$
337,466
$
80,645
$
71,228
Real Estate (i)
46,174
17,482
(6,910
)
Corporate and Other
(16,085
)
(3,802
)
(4,137
)
Total
$
367,555
$
94,325
$
60,181
____________________
a.
Represents income recognized from changes
in the fair value of the derivatives embedded in the Company’s
convertible debt.
b.
Represents equity in earnings recognized
from investments that the Company accounts for under the equity
method. Included in the amount are equity in earnings of $372 from
Ladenburg Thalmann Financial Services for the twelve months ended
March 31, 2021, and Ladenburg Thalmann Financial Services of
$53,052 for the three months March 31, 2020.
c.
Represents equity in losses (earnings)
recognized from the Company’s investment in certain real estate
businesses that are accounted for under the equity method and are
not consolidated in the Company’s financial results.
d.
Represents amortization of stock-based
compensation.
e.
Represents accruals for product liability
litigation in the Company’s tobacco segment.
f.
Represents the Company’s tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
g.
Represents restructuring charges related
to Douglas Elliman Realty, LLC’s realignment of administrative
support functions, office locations and business model.
h.
Represents non-cash intangible asset
impairment charges in the Company’s Real Estate segment related to
the goodwill and trademark of the Douglas Elliman Realty, LLC
reporting unit.
i.
Includes Adjusted EBITDA for Douglas
Elliman Realty, LLC of $46,109 for the last twelve months ended
March 31, 2021, $16,351 and loss of $7,704 for the three months
ended March 31, 2021 and 2020, respectively.
TABLE 3
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET
INCOME
(Unaudited)
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
March 31,
2021
2020
Net income (loss) attributed to Vector
Group Ltd.
$
31,957
$
(3,231
)
Change in fair value of derivatives
embedded within convertible debt
—
(3,330
)
Non-cash amortization of debt discount on
convertible debt
—
4,517
Loss on extinguishment of debt
21,362
—
Litigation settlement and judgment expense
(a)
5
—
Impact of MSA settlement (b)
(2,722
)
—
Impact of net interest expense capitalized
to real estate ventures
(310
)
1,519
Adjustment for derivative associated with
acquisition of 29.41% of Douglas Elliman Realty, LLC
(72
)
(2,065
)
Impairments of goodwill and other
intangible assets (c)
—
58,252
Total adjustments
18,263
58,893
Tax expense related to adjustments
(4,949
)
(15,713
)
Adjusted Net Income attributed to Vector
Group Ltd.
$
45,271
$
39,949
Per diluted common share:
Adjusted Net Income applicable to common
shares attributed to Vector Group Ltd.
$
0.29
$
0.27
____________________
a.
Represents accruals for product liability
litigation in the Company’s tobacco segment.
b.
Represents the Company’s tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
c.
Represents non-cash intangible asset
impairment charges in the Company’s Real Estate segment related to
the goodwill and trademark of the Douglas Elliman Realty, LLC
reporting unit.
TABLE 4
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
OPERATING INCOME
(Unaudited)
(Dollars
in Thousands)
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Operating income (loss)
$
340,250
$
90,203
$
(4,904
)
Litigation settlement and judgment expense
(a)
342
5
—
Restructuring charges (b)
3,382
—
—
Impact of MSA settlement (c)
(2,423
)
(2,722
)
—
Net gains on sales of assets
(1,114
)
—
—
Impairments of goodwill and other
intangible assets (d)
—
—
58,252
Total adjustments
187
(2,717
)
58,252
Adjusted Operating Income
$
340,437
$
87,486
$
53,348
____________________
a.
Represents accruals for product liability
litigation in the Company’s tobacco segment.
b.
Represents restructuring charges related
to Douglas Elliman Realty, LLC’s realignment of administrative
support functions, office locations and business model.
c.
Represents the Company’s tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
d.
Represents non-cash intangible asset
impairment charges in the Company’s real estate segment related to
the goodwill and trademark of the Douglas Elliman Realty, LLC
reporting unit.
TABLE 5
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF TOBACCO
ADJUSTED OPERATING INCOME
AND TOBACCO ADJUSTED
EBITDA
(Unaudited)
(Dollars
in Thousands)
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Tobacco Adjusted Operating
Income:
Operating income from tobacco segment
$
331,949
$
81,599
$
69,186
Litigation settlement and judgment expense
(a)
342
5
—
Impact of MSA settlement (b)
(2,423
)
(2,722
)
—
Total adjustments
(2,081
)
(2,717
)
—
Tobacco Adjusted Operating Income
$
329,868
$
78,882
$
69,186
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Tobacco Adjusted EBITDA:
Operating income from tobacco segment
$
331,949
$
81,599
$
69,186
Litigation settlement and judgment expense
(a)
342
5
—
Impact of MSA settlement (b)
(2,423
)
(2,722
)
—
Total adjustments
(2,081
)
(2,717
)
—
Tobacco Adjusted Operating Income
329,868
78,882
69,186
Depreciation and amortization
7,595
1,760
2,042
Stock-based compensation expense
3
3
—
Total adjustments
7,598
1,763
2,042
Tobacco Adjusted EBITDA
$
337,466
$
80,645
$
71,228
____________________
a.
Represents accruals for product liability
litigation in the Company’s tobacco segment.
b.
Represents the Company’s tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
TABLE 6
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF REAL ESTATE
SEGMENT (NEW VALLEY LLC) ADJUSTED EBITDA
(Unaudited)
(Dollars
in Thousands)
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Net (loss) income attributed to Vector
Group Ltd. from subsidiary non-guarantors (a)
$
(9,412
)
$
12,066
$
(54,432
)
Interest expense (a)
183
31
116
Income tax (benefit) expense (a)
(3,158
)
4,707
(19,809
)
Depreciation and amortization
8,963
2,402
2,313
EBITDA
$
(3,424
)
$
19,206
$
(71,812
)
(Income) loss from non-guarantors other
than New Valley LLC
(143
)
(159
)
29
Equity in losses (earnings) from real
estate ventures (b)
36,604
(1,589
)
6,505
Restructuring charges (c)
3,382
—
—
Loss on sale of asset
1,169
—
—
Impairments of goodwill and other
intangible assets (d)
—
—
58,252
Other, net
8,536
4
43
Adjusted EBITDA attributed to New Valley
LLC
$
46,124
$
17,462
$
(6,983
)
Adjusted EBITDA Attributed to New Valley
LLC by Segment
Real Estate (e)
$
46,174
$
17,482
$
(6,910
)
Corporate and Other
(50
)
(20
)
(73
)
Total (f)
$
46,124
$
17,462
$
(6,983
)
____________________
a.
Amounts are derived from Vector Group
Ltd.’s Condensed Consolidated Financial Statements. See Exhibit
99.2 “Condensed Consolidating Financial Information” contained in
Vector Group Ltd.’s Form 10-Q for the period ended March 31, 2021
and Note 16 contained in Vector Group Ltd.’s Form 10-Q for the
period ended March 31, 2020.
b.
Represents equity in losses (earnings)
recognized from the Company’s investment in certain real estate
businesses that are accounted for under the equity method and are
not consolidated in the Company’s financial results.
c.
Represents restructuring charges related
to Douglas Elliman Realty, LLC’s realignment of administrative
support functions, office locations and business model.
d.
Represents non-cash intangible asset
impairment charges in the Company’s real estate segment related to
the goodwill and trademark of the Douglas Elliman Realty, LLC
reporting unit.
e.
Includes Adjusted EBITDA for Douglas
Elliman Realty, LLC of $46,109 for the last twelve months ended
March 31, 2021, $16,351 and loss of $7,704 for the three months
ended March 31, 2021 and 2020, respectively.
f.
New Valley’s Adjusted EBITDA does not
include an allocation of Vector Group Ltd.’s “Corporate and Other”
segment expenses (for purposes of computing Adjusted EBITDA
contained in Table 2 of this press release) of $16,085 for the last
twelve months ended March 31, 2021, $3,802 and $4,137 for the three
months ended March 31, 2021 and 2020, respectively.
TABLE 7
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF DOUGLAS
ELLIMAN REALTY, LLC ADJUSTED EBITDA
ATTRIBUTED TO REAL ESTATE
SEGMENT
(Unaudited)
(Dollars
in Thousands)
LTM
Three Months Ended
March 31,
March 31,
2021
2021
2020
Net income (loss) attributed to Douglas
Elliman Realty, LLC
$
34,754
$
13,924
$
(69,040
)
Interest expense
2
2
1
Income tax expense
238
243
—
Depreciation and amortization
8,437
2,123
2,223
Douglas Elliman Realty, LLC EBITDA
$
43,431
$
16,292
$
(66,816
)
Equity in earnings from real estate
ventures (a)
(7
)
—
(23
)
Restructuring charges (b)
3,382
—
—
Loss on sale of asset
1,169
—
—
Impairments of goodwill and other
intangible assets (c)
—
—
58,252
Other, net
(1,866
)
59
883
Douglas Elliman Realty, LLC Adjusted
EBITDA attributed to Real Estate Segment
$
46,109
$
16,351
$
(7,704
)
____________________
a.
Represents equity in earnings recognized
from the Company’s investment in certain real estate businesses
that are accounted for under the equity method and are not
consolidated in the Company’s financial results.
b.
Represents restructuring charges related
to Douglas Elliman Realty, LLC’s realignment of administrative
support functions, office locations and business model.
c.
Represents non-cash intangible asset
impairment charges related to the goodwill and trademark of Douglas
Elliman Realty, LLC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505006120/en/
Emily Claffey/Benjamin Spicehandler/Columbia Clancy Sard
Verbinnen & Co 212-687-8080
Eve Young Sard Verbinnen & Co - Europe +44 (0)20 3178
8914
J. Bryant Kirkland III, Vector Group Ltd. 305-579-8000
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