Record Annual Liggett Revenues and Tobacco
Operating Income
Increased Douglas Elliman Real Estate
Operating Income Driven by Higher Revenues and Continued Benefits
of Cost Reductions
Vector Group Ltd. (NYSE:VGR) today announced financial results
for the three months and year ended December 31, 2020.
“Vector Group’s strong fourth quarter results reflect our
ongoing commitment to creating long-term stockholder value,” said
Howard M. Lorber, President and Chief Executive Officer of Vector
Group Ltd. “We are pleased that both our tobacco and real estate
segments reported significant increases in operating income this
quarter including record operating income at Liggett, which is well
into the income growth phase of its Eagle 20’s brand strategy.”
Mr. Lorber continued, “In real estate, our Douglas Elliman
subsidiary realized significant benefits from increased sales in
markets complementary to New York City, including the Hamptons, as
well as in Palm Beach, Miami, Aspen and Los Angeles, and from the
steps we took in 2020 to reduce expenses. Our New York City
business began to stabilize in the fourth quarter and we are well
positioned in New York City.”
GAAP Financial Results
Fourth quarter 2020 revenues were $554.6 million, compared to
revenues of $439.6 million in the fourth quarter of 2019. The
Company recorded operating income of $87.3 million in the fourth
quarter of 2020, compared to operating income of $45.6 million in
the fourth quarter of 2019. Net income attributed to Vector Group
Ltd. for the fourth quarter of 2020 was $32.3 million, or $0.21 per
diluted common share, compared to net income of $10.7 million, or
$0.06 per diluted common share, in the fourth quarter of 2019.
For the year ended December 31, 2020, revenues were $2.003
billion, compared to revenues of $1.904 billion for the year ended
December 31, 2019. The Company recorded operating income of $245.1
million for the year ended December 31, 2020, compared to operating
income of $231.1 million for the year ended December 31, 2019. Net
income attributed to Vector Group Ltd. for the year ended December
31, 2020 was $92.9 million, or $0.60 per diluted common share,
compared to net income of $101.0 million, or $0.63 per diluted
common share, for the year ended December 31, 2019. Operating
income and net income for the year ended December 31, 2020 included
pre-tax and non-cash impairment charges of $58.3 million and
pre-tax restructuring charges of $3.4 million in the Company’s Real
Estate segment.
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 intangible assets. For purposes of
Adjusted EBITDA only, adjustments include equity in earnings from
investments, equity in 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 Realty, LLC.
Reconciliations of non-GAAP financial measures to the comparable
GAAP financial results for the fourth quarter and full year ended
December 31, 2020 and 2019 are included in Tables 2 through 7.
Three months ended December 31, 2020 compared to the Three
months ended December 31, 2019
Fourth quarter of 2020 Adjusted EBITDA attributed to Vector
Group (as described in Table 2 attached hereto) were $93.4 million,
compared to $52.5 million for the fourth quarter of 2019.
Adjusted Net Income (as described in Table 3 attached hereto)
was $32.6 million, or $0.21 per diluted share, for the fourth
quarter of 2020, and $17.8 million or $0.11 per diluted share, for
the fourth quarter of 2019.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $86.6 million for the fourth quarter of 2020, compared
to $45.7 million for the fourth quarter of 2019.
Year ended December 31, 2020 compared to the year ended December
31, 2019
Adjusted EBITDA attributed to Vector Group Ltd. (as described in
Table 2 attached hereto) were $333.4 million for the year ended
December 31, 2020, compared to $259.4 million for the year ended
December 31, 2019.
Adjusted Net Income (as described in Table 3 attached hereto)
was $139.5 million, or $0.91 per diluted share, for the year ended
December 31, 2020, compared to $110.1 million, or $0.70 per diluted
share, for the year ended December 31, 2019.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $306.3 million for the year ended December 31, 2020,
compared to $232.1 million for the year ended December 31,
2019.
Tobacco Segment Financial Results
For the fourth quarter of 2020, the Tobacco segment had revenues
of $286.1 million, compared to $260.3 million for the fourth
quarter of 2019. For the year ended December 31, 2020, the
Tobacco segment had revenues of $1.205 billion, compared to $1.115
billion for the year ended December 31, 2019.
Operating Income from the Tobacco segment was $79.7 million and
$319.5 million for the three months and year ended December 31,
2020, respectively, compared to $60.0 million and $261.6 million
for the three months and year ended December 31, 2019,
respectively.
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (as described in Table 5
attached hereto) for the fourth quarter of 2020 and 2019 was $80.0
million and $60.1 million, respectively. Tobacco Adjusted Operating
Income for the year ended December 31, 2020 was $320.2 million,
compared to $262.6 million for the year ended December 31,
2019.
For the fourth quarter of 2020, the Tobacco segment had
conventional cigarette (wholesale) shipments of approximately 2.12
billion units, compared to 2.07 billion units for the fourth
quarter of 2019. For the year ended December 31, 2020, the Tobacco
segment had conventional cigarette (wholesale) shipments of
approximately 9.16 billion units, compared to 8.97 billion units
for the year ended December 31, 2019.
According to data from Management Science Associates, for the
fourth quarter of 2020, Liggett’s retail market share declined to
4.21% compared to 4.25% for the fourth quarter of 2019. For the
year ended December 31, 2020, Liggett’s retail market share was
approximately 4.2%, equal to its market share for the year ended
December 31, 2019. Compared to the fourth quarter of 2019,
Liggett’s retail shipments in the fourth quarter of 2020 declined
by 0.3% while the overall industry’s retail shipments increased by
0.6%. Compared to the year ended December 31, 2019, Liggett’s
retail shipments for year ended December 31, 2020 increased by 0.3%
while the overall industry’s retail shipments remained flat.
Real Estate Segment Financial Results
For the fourth quarter of 2020, the Real Estate segment had
revenues of $268.5 million compared to $179.2 million for the
fourth quarter of 2019. For the year ended December 31, 2020, the
Real Estate segment had revenues of $798.2 million, compared to
$788.9 million for the year ended December 31, 2019. For the fourth
quarter of 2020, the Real Estate segment reported a net loss of
$5.0 million, compared to net loss of $24.9 million for the fourth
quarter of 2019. For the year ended December 31, 2020, the Real
Estate segment reported a net loss of $75.9 million, compared to
net loss of $11.4 million for the year ended December 31, 2019.
Douglas Elliman’s results are included in the Company’s Real
Estate segment. For the fourth quarter of 2020, Douglas Elliman had
revenues of $267.5 million, compared to $178.1 million for the
fourth quarter of 2019. For the year ended December 31, 2020,
Douglas Elliman had revenues of $774.0 million, compared to $784.1
million for the year ended December 31, 2019. For the fourth
quarter of 2020, Douglas Elliman reported net income of $14.0
million, compared to net loss of $0.4 million for the fourth
quarter of 2019. For the year ended December 31, 2020, Douglas
Elliman reported a net loss of $48.2 million, compared to net
income of $6.2 million for the year ended December 31, 2019.
The Real Estate segment’s and Douglas Elliman’s net loss for the
year ended December 31, 2020 included pre-tax and non-cash
impairment charges of $58.3 million and pre-tax restructuring
charges of $3.4 million.
Non-GAAP Financial Measures
For the fourth quarter of 2020, Real Estate Adjusted EBITDA
attributed to the Company (as described in Table 6 attached hereto)
were income of $17.1 million compared to negative $5.3 million for
the fourth quarter of 2019.
For the year ended December 31, 2020, Real Estate Adjusted
EBITDA attributed to the Company were income of $21.8 million,
compared to $6.1 million for the year ended December 31, 2019.
Douglas Elliman’s results are included in the Company’s Real
Estate segment. For the fourth quarter of 2020, Douglas Elliman’s
Adjusted EBITDA (as described in Table 7 attached hereto) were
income of $16.7 million, compared to negative $5.7 million for the
fourth quarter of 2019.
For the year ended December 31, 2020, Douglas Elliman’s Adjusted
EBITDA were income of $22.1 million, compared to $5.3 million for
the year ended December 31, 2019.
For the three months and year ended December 31, 2020, Douglas
Elliman achieved closed sales of approximately of $10.5 billion and
$29.1 billion, respectively, compared to $6.6 billion and $28.8
billion for the three months and year ended December 31, 2019,
respectively.
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted Net Income, Adjusted Operating Income,
Tobacco Adjusted Operating Income, Tobacco Adjusted EBITDA, New
Valley LLC Adjusted EBITDA and Douglas Elliman Realty, LLC 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 fourth quarter and full year
ended December 31, 2020 and 2019.
Conference Call to Discuss Fourth Quarter and Full-Year 2020
Results
As previously announced, the Company will host a conference call
and webcast on Thursday, February 25, 2021 at 8:30 AM (ET) to
discuss its fourth quarter 2020 results. Investors can access the
call by dialing 877-271-1828 and entering 32496685 as the
conference ID number. The call will also be available via live
webcast at https://www.webcaster4.com/Webcast/Page/2271/39987.
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 February 25, 2021 through March 11, 2021. To access the
replay, dial 877-656-8905 and enter 32496685 as the conference ID
number. The archived webcast will also be available at
https://www.webcaster4.com/Webcast/Page/2271/39987 for one
year.
About Vector Group Ltd.
Vector Group 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, www.VectorGroupLtd.com.
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 Annual Report on Form 10-K for the years ended December 31,
2020 and December 31, 2019. We undertake no responsibility to
publicly update or revise any forward-looking statement except as
required by applicable law.
[Financial Tables Follow]
TABLE 1
VECTOR GROUP LTD. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Revenues:
Tobacco*
$
286,072
$
260,323
$
1,204,501
$
1,114,840
Real estate
268,518
179,242
798,168
788,871
Total revenues
554,590
439,565
2,002,669
1,903,711
Expenses:
Cost of sales:
Tobacco*
180,446
180,174
795,904
771,130
Real estate
196,616
121,755
571,241
530,449
Total cost of sales
377,062
301,929
1,367,145
1,301,579
Operating, selling, administrative and
general expenses
90,924
91,960
329,524
370,007
Litigation settlement and judgment
expense
284
95
337
990
Net gains on sales of assets
(1,114
)
—
(1,114
)
—
Impairments of goodwill and intangible
assets
—
—
58,252
—
Restructuring charges
101
—
3,382
—
Operating income
87,333
45,581
245,143
231,135
Other income (expenses):
Interest expense
(28,393
)
(35,212
)
(121,541
)
(138,448
)
Loss on extinguishment of debt
—
(4,301
)
—
(4,301
)
Change in fair value of derivatives
embedded within convertible debt
—
6,106
4,999
26,425
Equity in earnings from investments
2,069
17,791
56,268
17,000
Equity in losses from real estate
ventures
(17,397
)
(31,290
)
(44,698
)
(19,288
)
Other, net
2,660
6,861
(5,456
)
21,305
Income before provision for income
taxes
46,272
5,536
134,715
133,828
Income tax expense (benefit)
14,016
(5,131
)
41,777
32,813
Net income
32,256
10,667
92,938
101,015
Net loss (income) attributed to
non-controlling interest
—
39
—
(41
)
Net income attributed to Vector Group
Ltd.
$
32,256
$
10,706
$
92,938
$
100,974
Per basic common share:
Net income applicable to common share
attributed to Vector Group Ltd.
$
0.21
$
0.06
$
0.60
$
0.64
Per diluted common share:
Net income applicable to common share
attributed to Vector Group Ltd.
$
0.21
$
0.06
$
0.60
$
0.63
* Revenues and cost of sales
include federal excise taxes of $106,903, $103,729, $461,532 and
$451,256, respectively.
TABLE 2
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA
(Unaudited)
(Dollars
in Thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net income attributed to Vector Group
Ltd.
$
32,256
$
10,706
$
92,938
$
100,974
Interest expense
28,393
35,212
121,541
138,448
Income tax expense (benefit)
14,016
(5,131
)
41,777
32,813
Net (loss) income attributed to
non-controlling interest
—
(39
)
—
41
Depreciation and amortization
4,296
4,489
17,629
17,851
EBITDA
$
78,961
$
45,237
$
273,885
$
290,127
Change in fair value of derivatives
embedded within convertible debt (a)
—
(6,106
)
(4,999
)
(26,425
)
Equity in earnings from investments
(b)
(2,069
)
(17,791
)
(56,268
)
(17,000
)
Equity in losses from real estate ventures
(c)
17,397
31,290
44,698
19,288
Loss on extinguishment of debt
—
4,301
—
4,301
Stock-based compensation expense (d)
2,471
2,347
9,483
9,469
Litigation settlement and judgment expense
(e)
284
95
337
990
Impact of MSA settlement (f)
13
—
299
—
Restructuring charges (g)
101
—
3,382
—
Net gains on sales of assets
(1,114
)
—
(1,114
)
—
Impairments of goodwill and intangible
assets (h)
—
—
58,252
—
Other, net
(2,660
)
(6,861
)
5,456
(21,305
)
Adjusted EBITDA attributed to Vector Group
Ltd.
$
93,384
$
52,512
$
333,411
$
259,445
Adjusted EBITDA Attributed to Vector
Group Ltd. by Segment
Tobacco
$
81,889
$
62,107
$
328,049
$
270,465
Real Estate (i)
17,071
(5,334
)
21,782
6,103
Corporate and Other
(5,576
)
(4,261
)
(16,420
)
(17,123
)
Total
$
93,384
$
52,512
$
333,411
$
259,445
____________________
- Represents income recognized
from changes in the fair value of the derivatives embedded in the
Company’s convertible debt.
- Represents equity in earnings
recognized from investments that the Company accounts for under the
equity method. Included in the amount are equity in earnings
(losses) of $0, $436, $53,424 and ($410) from Ladenburg Thalmann
Financial Services for the three months and years ended December
31, 2020 and 2019 respectively; and, $16,377 and $16,452 from
Castle Brands for the three months and year ended December 31,
2019.
- Represents equity in losses
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.
- Represents amortization of
stock-based compensation.
- Represents accruals for product
liability litigation in the Company’s tobacco segment.
- Represents the Company’s tobacco
segment’s settlement of long-standing disputes related to the
Master Settlement Agreement.
- Represents restructuring charges
related to Douglas Elliman Realty, LLC’s realignment of
administrative support functions, office locations and business
model.
- 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.
- Includes Adjusted EBITDA for
Douglas Elliman Realty, LLC of $16,723, negative $5,693, $22,054
and $5,333 for the fourth quarter and full year ended December 31,
2020 and 2019, respectively.
TABLE 3
VECTOR GROUP LTD. AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED NET
INCOME
(Unaudited)
(Dollars
in Thousands, Except Per Share Amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net income attributed to Vector Group
Ltd.
$
32,256
$
10,706
$
92,938
$
100,974
Change in fair value of derivatives
embedded within convertible debt
—
(6,106
)
(4,999
)
(26,425
)
Non-cash amortization of debt discount on
convertible debt
—
5,095
5,276
24,813
Loss on extinguishment of debt
—
4,301
—
4,301
Litigation settlement and judgment expense
(a)
284
95
337
990
Impact of MSA settlement (b)
13
—
299
—
Impact of net interest expense capitalized
to real estate ventures
102
10,701
3,117
13,189
Adjustment for derivative associated with
acquisition of 29.41% of Douglas Elliman Realty, LLC
(66
)
(3,157
)
(2,149
)
(3,157
)
Restructuring charges (c)
101
—
3,382
—
Impairments of goodwill and intangible
assets (d)
—
—
58,252
—
Total adjustments
434
10,929
63,515
13,711
Tax expense related to adjustments
(135
)
(3,789
)
(16,983
)
(4,553
)
Adjusted Net Income attributed to Vector
Group Ltd.
$
32,555
$
17,846
$
139,470
$
110,132
Per diluted common share:
Adjusted Net Income applicable to common
shares attributed to Vector Group Ltd.
$
0.21
$
0.11
$
0.91
$
0.70
____________________
- Represents accruals for product
liability litigation in the Company’s tobacco segment.
- Represents the Company’s tobacco
segment’s settlement of long-standing disputes related to the
Master Settlement Agreement.
- Represents restructuring charges
related to Douglas Elliman Realty, LLC’s realignment of
administrative support functions, office locations and business
model.
- 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)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Operating income
$
87,333
$
45,581
$
245,143
$
231,135
Litigation settlement and judgment expense
(a)
284
95
337
990
Restructuring charges (b)
101
—
3,382
—
Impact of MSA settlement (c)
13
—
299
—
Net gains on sales of assets
(1,114
)
—
(1,114
)
—
Impairments of goodwill and intangible
assets (d)
—
—
58,252
—
Total adjustments
(716
)
95
61,156
990
Adjusted Operating Income
$
86,617
$
45,676
$
306,299
$
232,125
____________________
- Represents accruals for product
liability litigation in the Company’s tobacco segment.
- Represents restructuring charges
related to Douglas Elliman Realty, LLC’s realignment of
administrative support functions, office locations and business
model.
- Represents the Company’s tobacco
segment’s settlement of long-standing disputes related to the
Master Settlement Agreement.
- Represents non-cash intangible
asset impairment charges in the 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)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Tobacco Adjusted Operating
Income:
Operating income from tobacco segment
$
79,722
$
60,036
$
319,536
$
261,630
Litigation settlement and judgment expense
(a)
284
95
337
990
Impact of MSA settlement (b)
13
—
299
—
Total adjustments
297
95
636
990
Tobacco Adjusted Operating Income
$
80,019
$
60,131
$
320,172
$
262,620
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Tobacco Adjusted EBITDA:
Operating income from tobacco segment
$
79,722
$
60,036
$
319,536
$
261,630
Litigation settlement and judgment expense
(a)
284
95
337
990
Impact of MSA settlement (b)
13
—
299
—
Total adjustments
297
95
636
990
Tobacco Adjusted Operating Income
80,019
60,131
320,172
262,620
Depreciation and amortization
1,870
1,976
7,877
7,824
Stock-based compensation expense
—
—
—
21
Total adjustments
1,870
1,976
7,877
7,845
Tobacco Adjusted EBITDA
$
81,889
$
62,107
$
328,049
$
270,465
____________________
- Represents accruals for product
liability litigation in the Company’s tobacco segment.
- 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)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net loss attributed to Vector Group Ltd.
from subsidiary non-guarantors (a)
$
(5,008
)
$
(24,908
)
$
(75,910
)
$
(11,440
)
Interest expense (a)
29
228
268
913
Income tax benefit (a)
(1,702
)
(11,397
)
(27,674
)
(5,884
)
Net (loss) income attributed to
non-controlling interest (a)
—
(39
)
—
41
Depreciation and amortization
2,196
2,268
8,874
9,033
EBITDA
$
(4,485
)
$
(33,848
)
$
(94,442
)
$
(7,337
)
(Income) loss from non-guarantors other
than New Valley LLC
(16
)
(6
)
45
51
Equity in losses from real estate ventures
(b)
17,397
31,290
44,698
19,288
Restructuring charges (c)
101
—
3,382
—
Loss on sale of asset
1,169
—
1,169
—
Impairments of goodwill and intangible
assets (d)
—
—
58,252
—
Other, net
2,890
(2,785
)
8,575
(5,929
)
Adjusted EBITDA attributed to New Valley
LLC
$
17,056
$
(5,349
)
$
21,679
$
6,073
Adjusted EBITDA Attributed to New Valley
LLC by Segment
Real Estate (e)
$
17,071
$
(5,334
)
$
21,782
$
6,103
Corporate and Other
(15
)
(15
)
(103
)
(30
)
Total (f)
$
17,056
$
(5,349
)
$
21,679
$
6,073
____________________
- 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-K for the year ended
December 31, 2020 and Note 14 contained in Vector Group Ltd.’s Form
10-K for the period ended December 31, 2019.
- Represents equity in losses
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.
- Represents restructuring charges
related to Douglas Elliman Realty, LLC’s realignment of
administrative support functions, office locations and business
model.
- Represents non-cash intangible
asset impairment charges in the Real Estate segment related to the
goodwill and trademark of the Douglas Elliman Realty, LLC reporting
unit.
- Includes Adjusted EBITDA for
Douglas Elliman Realty, LLC of $16,723, negative $5,693, $22,054
and $5,333 for the three months and year ended December 31, 2020
and 2019, respectively.
- 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 $5,576,
$4,261, $16,420 and $17,123 for the three months and year ended
December 31, 2020 and 2019, 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)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net income (loss) attributed to Douglas
Elliman Realty, LLC
$
14,034
$
(432
)
$
(48,210
)
$
6,185
Interest expense
—
2
1
8
Income tax expense (benefit)
172
2
(5
)
368
Depreciation and amortization
2,132
2,181
8,537
8,638
Douglas Elliman Realty, LLC EBITDA
$
16,338
$
1,753
$
(39,677
)
$
15,199
Equity in earnings from real estate
ventures (a)
(4
)
(7,080
)
(30
)
(8,472
)
Restructuring charges (b)
101
—
3,382
—
Loss on sale of asset
1,169
—
1,169
—
Impairments of goodwill and intangible
assets (c)
—
—
58,252
—
Other, net
(881
)
(366
)
(1,042
)
(1,394
)
Douglas Elliman Realty, LLC Adjusted
EBITDA attributed to Real Estate Segment
$
16,723
$
(5,693
)
$
22,054
$
5,333
____________________
- 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.
- Represents restructuring charges
related to Douglas Elliman Realty, LLC’s realignment of
administrative support functions, office locations and business
model.
- 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/20210225005584/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
Vector (NYSE:VGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vector (NYSE:VGR)
Historical Stock Chart
From Apr 2023 to Apr 2024