Achieved Approximate 15% Increase in
Revenues Fueled by Continued Strong Volume and Market Share
Growth
Second Quarter 2022 Highlights:
- Consolidated revenues of $387.2 million, increased by 14.7%
or $49.6 million compared to the prior year period
- Tobacco Segment revenues of $374.3 million, increased by 13.6%
compared to the prior year period.
- Tobacco Segment unit volume increase of 16.2% compared to the
prior year period.
- Liggett’s wholesale and retail market share increases to 5.3%
and 5.5% from 4.2% and 4.1%, respectively, in the prior year
period.
- Reported net income of $39.2 million or $0.25 per diluted
common share, compared to $93.3 million or $0.60 per diluted common
share in the prior year period; Adjusted Net Income from Continuing
Operations of $40.2 million or $0.25 per diluted common share,
compared to $64.6 million or $0.41 per diluted common share in the
prior year period
- Reported operating income of $90.7 million, declined by $3.2
million compared to the prior year period
- Tobacco Segment operating income of $88.3 million, declined by
14.4% or $14.8 million compared to the prior year period, primarily
attributable to the investment in Montego’s significant volume and
market share growth.
- Adjusted EBITDA from Continuing Operations of $95.1 million,
declined by 3.9% or $3.8 million compared to the prior year
period
- Tobacco Segment Adjusted EBITDA from Continuing Operations of
$89.9 million, declined by 14.3% or $15.0 million compared to the
prior year period, primarily attributable to the investment in
Montego’s significant volume and market share growth.
First Half 2022 Highlights:
- Consolidated revenues of $699.2 million, increased by 14.9%
or $90.7 million compared to the prior year period
- Tobacco Segment revenues of $683.4 million, increased by 14.3%
compared to the prior year period.
- Tobacco Segment unit volume increase of 17.3% compared to the
prior year period.
- Liggett’s wholesale and retail market share increases to 5.3%
and 5.3% from 4.1% and 4.1%, respectively, in the prior year
period.
- Reported net income of $71.7 million or $0.45 per diluted
common share, compared to $125.3 million or $0.80 per diluted
common share in the prior year period; Adjusted Net Income from
Continuing Operations of $66.8 million or $0.42 per diluted common
share, compared to $99.5 million or $0.64 per diluted common share
in the prior year period
- Reported operating income of $165.8 million, declined by
$4.0 million compared to the prior year period
- Tobacco Segment operating income of $166.0 million, declined by
10.2% or $18.8 million compared to the prior year period, primarily
attributable to the investment in Montego’s significant volume and
market share growth.
- Adjusted EBITDA from Continuing Operations of $172.2
million, declined by 2.7% or $4.7 million compared to the prior
year period
- Tobacco Segment Adjusted EBITDA from Continuing Operations of
$167.0 million, declined by 10.0% or $18.6 million compared to the
prior year period, primarily attributable to the investment in
Montego’s significant volume and market share growth.
- Strong liquidity with cash and cash equivalents of $323.9
million and investment securities and long-term investments of
$167.9 million at June 30, 2022
- Cash dividends of $64 million returned to stockholders at a
rate of $0.40 per common share
Last Twelve Months ended June 30, 2022
Highlights:
- Consolidated revenues of $1.3 billion
- Tobacco Segment revenues of $1.3 billion
- Net income of $165.9 million
- Operating income of $316.4 million
- Tobacco Segment operating income of $341.5 million
- Adjusted EBITDA from Continuing Operations of $345.2
million
- Tobacco Segment Adjusted EBITDA from Continuing Operations of
$345.8 million
Vector Group Ltd. (NYSE:VGR) today announced financial results
for the three and six months ended June 30, 2022.
“Vector Group delivered strong tobacco revenue performance in
the second quarter as we capitalized on favorable market
opportunities to substantially increase value and market share,”
said Howard M. Lorber, President and Chief Executive Officer of
Vector Group Ltd. “Our price-fighting Montego brand is now our
largest brand and the third largest discount brand in the United
States. This strong performance demonstrates our commitment to
optimizing long-term profit through the effective management of
volume, pricing, and market share growth.”
GAAP Financial Results
Three months ended June 30, 2022 and 2021. Second quarter 2022
revenues were $387.2 million, compared to revenues of $337.6
million in the second quarter of 2021. The Company recorded
operating income of $90.7 million in the second quarter of 2022,
compared to operating income of $93.9 million in the second quarter
of 2021. Net income for the second quarter of 2022 was $39.2
million, or $0.25 per diluted common share, compared to net income
of $93.3 million, or $0.60 per diluted common share, in the second
quarter of 2021.
Six months ended June 30, 2022 and 2020. For the six months
ended June 30, 2022, revenues were $699.2 million, compared to
revenues of $608.5 million for the six months ended June 30, 2021.
The Company recorded operating income of $165.8 million for the six
months ended June 30, 2022, compared to operating income of $169.9
million for the six months ended June 30, 2021. Net income
attributed to Vector Group Ltd. for the six months ended June 30,
2022 was $71.7 million, or $0.45 per diluted common share, compared
to net income of $125.3 million, or $0.80 per diluted common share,
for the six months ended June 30, 2021.
Non-GAAP Financial Measures
Non-GAAP financial results include adjustments for litigation
settlements and judgment expense, impact of Master Settlement
Agreement settlements, transaction expenses, acceleration of stock
compensation expense (for purposes of Adjusted Net Income from
Continuing Operations and Adjusted Operating Income only), net
gains on sales of assets (for purposes of Adjusted EBITDA from
Continuing Operations and Adjusted Operating Income only), and loss
on extinguishment of debt (for purposes of Adjusted EBITDA from
Continuing Operations and Adjusted Net Income from Continuing
Operations). For purposes of Adjusted EBITDA from Continuing
Operations only, adjustments include equity in earnings from
investments, equity in (earnings) losses from real estate ventures,
stock-based compensation expense, litigation settlements and
judgment expense, impact of Master Settlement Agreement
settlements, transaction expenses, and other, net. For purposes of
Adjusted Net Income from Continuing Operations only, adjustments
include net interest expense capitalized to real estate ventures
and adjustments for a derivative associated with a guarantee.
Reconciliations of non-GAAP financial measures to the comparable
GAAP financial results for the last twelve months ended June 30,
2022 and the three and six months ended June 30, 2022 and 2021 are
included in Tables 2 through 6.
Three months ended June 30, 2022 compared to the three months
ended June 30, 2021
Adjusted EBITDA from Continuing Operations (as described in
Table 2 attached hereto) were $95.1 million for the second quarter
of 2022, compared to $99.0 million for the second quarter of
2021.
Adjusted Net Income from Continuing Operations (as described in
Table 3 attached hereto) was $40.2 million, or $0.25 per diluted
share, for the second quarter of 2022, and $64.6 million or $0.41
per diluted share, for the second quarter of 2021.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $90.8 million for the second quarter of 2022, compared
to $93.9 million for the second quarter of 2021.
Six months ended June 30, 2022 compared to the six months ended
June 30, 2021
Adjusted EBITDA from Continuing Operations (as described in
Table 2 attached hereto) were $172.2 million for the six months
ended June 30, 2022, compared to $176.9 million for the six months
ended June 30, 2021.
Adjusted Net Income from Continuing Operations (as described in
Table 3 attached hereto) was $66.8 million, or $0.42 per diluted
share, for the six months ended June 30, 2022, compared to $99.5
million, or $0.64 per diluted share, for the six months ended June
30, 2021.
Adjusted Operating Income (as described in Table 4 attached
hereto) was $163.8 million for the six months ended June 30, 2022,
compared to $167.2 million for the six months ended June 30,
2021.
Last twelve months ended June 30, 2022
For the last twelve months ended June 30, 2022, revenues were
$1.3 billion. The Company recorded operating income of $316.4
million for the last twelve months ended June 30, 2022. Net income
for the last twelve months ended June 30, 2022 was $165.9
million.
For the last twelve months ended June 30, 2022, Adjusted EBITDA
(as described in Table 2 attached hereto) were $345.2 million.
Adjusted Operating Income (as described in Table 4 attached hereto)
was $328.5 million for the last twelve months ended June 30,
2022.
Consolidated Balance Sheet
Vector maintained significant liquidity at June 30, 2022 with
cash and cash equivalents of $323.9 million, including $105.2
million of cash at Liggett, and investment securities of $122.4
million and long-term investments of $45.5 million.
Vector continued its longstanding history of paying a quarterly
cash dividend in the second quarter of 2022. For the six months
ended June 30, 2022, Vector returned a total of $64 million to
stockholders at a quarterly rate of $0.20 per common share.
Tobacco Segment Financial Results
For the second quarter of 2022, the Tobacco segment had revenues
of $374.3 million, compared to $329.5 million for the second
quarter of 2021. For the six months ended June 30, 2022, the
Tobacco segment had revenues of $683.4 million, compared to $598.0
million for the six months ended June 30, 2021. For the last twelve
months ended June 30, 2022, the Tobacco segment had revenues of
$1.3 billion.
Operating Income from the Tobacco segment was $88.3 million and
$166.0 million for the three and six months ended June 30, 2022,
respectively, compared to $103.2 million and $184.8 million for the
three and six months ended June 30, 2021, respectively. Operating
Income from the Tobacco segment was $341.5 million for the last
twelve months ended June 30, 2022.
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (as described in Table 5
attached hereto) for the second quarter of 2022 and 2021 was $88.4
million and $103.2 million, respectively. Tobacco Adjusted
Operating Income for the six months ended June 30, 2022 was $164.0
million, compared to $182.1 million for the six months ended June
30, 2021.
For the second quarter of 2022, the Tobacco segment had
conventional cigarette (wholesale) shipments of approximately 2.74
billion units, compared to 2.36 billion units for the second
quarter of 2021. For the six months ended June 30, 2022, the
Tobacco segment had conventional cigarette (wholesale) shipments of
approximately 5.04 billion units, compared to 4.30 billion units
for the six months ended June 30, 2021.
According to data from Management Science Associates, for the
second quarter of 2022, Liggett’s retail market share increased to
5.5% compared to 4.1% for the second quarter of 2021. For the six
months ended June 30, 2022, Liggett’s retail market share increased
to 5.3%, compared to 4.1% for the six months ended June 30, 2021.
Compared to the second quarter of 2021, Liggett’s retail shipments
in the second quarter of 2022 increased by 21.1% while the overall
industry’s retail shipments declined by 9.4%. Compared to the six
months ended June 30, 2021, Liggett’s retail shipments for six
months ended June 30, 2022 increased by 18.2% while the overall
industry’s retail shipments declined by 8.5%.
Non-GAAP Financial Measures
Adjusted EBITDA from Continuing Operations, Adjusted Net Income
from Continuing Operations, Adjusted Operating Income, Tobacco
Adjusted Operating Income, Tobacco Adjusted EBITDA, and financial
measures for the last twelve months (“LTM”) ended June 30, 2022
(“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 6 is information relating to the Company’s
Non-GAAP Financial Measures for the last twelve months ended June
30, 2022 and the three and six months ended June 30, 2022 and
2021.
Conference Call to Discuss Second Quarter 2022
Results
As previously announced, the Company will host a conference call
and webcast on Friday, August 5, 2022 at 8:30 AM (ET) to discuss
its second quarter 2022 results. Investors can access the call by
dialing 800-420-1271 and entering 63108 as the conference ID
number. The call will also be available via live webcast at
https://www.webcaster4.com/Webcast/Page/2271/46299. 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 August 5, 2022 through August 19, 2022. To access the
replay, dial 800-925-9627 and enter 63108 as the conference ID
number. The archived webcast will also be available at
https://www.webcaster4.com/Webcast/Page/2271/46299 for one
year.
About Vector Group Ltd.
Vector Group is a holding company for Liggett Group LLC, Vector
Tobacco Inc., and New Valley LLC. Additional information concerning
the Company is available on the Company’s website,
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 LinkedIn, TikTok, Twitter
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 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,”
“continue’” “could,” “potential,” “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.
Risks and uncertainties that could cause our actual results to
differ significantly from our current expectations are described in
our 2021 Annual Report on Form 10-K and in our Quarterly Report on
Form 10-Q for the quarter ended June 30, 2022. 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)
On December 29, 2021, Vector Group Ltd. completed the
distribution of its real estate brokerage, services and PropTech
investment business into a new stand-alone public company, Douglas
Elliman Inc. (NYSE:DOUG) through a distribution of Douglas
Elliman’s common stock to Vector Group Ltd. stockholders. The
historical results of the real estate brokerage, services and
PropTech investment business owned by Douglas Elliman Inc. are
excluded from revenues and expenses below and reflected as income
from discontinued operations, net of income taxes, in Vector Group
Ltd.’s Consolidated Statements of Operations below.
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Revenues:
Tobacco*
$
374,312
$
329,496
$
683,360
$
597,959
Real estate
12,890
8,058
15,884
10,583
Total revenues
387,202
337,554
699,244
608,542
Expenses:
Cost of sales:
Tobacco*
265,189
206,145
476,726
370,176
Real estate
6,049
7,746
7,327
8,622
Total cost of sales
271,238
213,891
484,053
378,798
Operating, selling, administrative and
general expenses
25,196
29,770
49,225
59,871
Litigation settlement and judgment
expense
57
—
129
5
Operating income
90,711
93,893
165,837
169,868
Other income (expenses):
Interest expense
(30,724
)
(28,072
)
(55,822
)
(56,793
)
Loss on extinguishment of debt
—
—
—
(21,362
)
Equity in (losses) earnings from
investments
(2,311
)
941
(4,553
)
1,518
Equity in (losses) earnings from real
estate ventures
(460
)
16,610
(2,337
)
18,199
Other, net
(3,094
)
8,613
(4,239
)
11,319
Income before provision for income
taxes
54,122
91,985
98,886
122,749
Income tax expense
14,969
27,004
27,191
36,218
Income from continuing operations
39,153
64,981
71,695
86,531
Income from discontinued operations, net
of income taxes
—
28,324
—
38,731
Net income
$
39,153
$
93,305
$
71,695
$
125,262
Per basic common share:
Net income from continuing operations
applicable to common shares
$
0.25
$
0.41
$
0.46
$
0.55
Net income from discontinued operations
applicable to common shares
—
0.19
—
0.25
Net income applicable to common shares
$
0.25
$
0.60
$
0.46
$
0.80
Per diluted common share:
Net income from continuing operations
applicable to common shares
$
0.25
$
0.41
$
0.45
$
0.55
Net income from discontinued operations
applicable to common shares
—
0.19
—
0.25
Net income applicable to common shares
$
0.25
$
0.60
$
0.45
$
0.80
* Revenues and cost of sales include
federal excise taxes of $137,884, $118,735, $253,963 and $216,449
for the three and six months ended June 30, 2022 and 2021,
respectively.
TABLE 2 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA FROM
CONTINUING OPERATIONS (Unaudited) (Dollars in Thousands)
Table 2 reflects a reconciliation of GAAP to non-GAAP financial
information on a continuing operations basis. Because Douglas
Elliman Inc.’s results are reflected within discontinued
operations, they are excluded from the financial information
provided below.
LTM
Year Ended
Three Months Ended
Six Months Ended
June 30,
December 31,
June 30,
June 30,
2022
2021
2022
2021
2022
2021
Net income
$
165,896
$
219,463
$
39,153
$
93,305
$
71,695
$
125,262
Net income from discontinued
operations
(33,578
)
(72,309
)
—
(28,324
)
—
(38,731
)
Interest expense
111,757
112,728
30,724
28,072
55,822
56,793
Income tax expense
53,780
62,807
14,969
27,004
27,191
36,218
Net loss attributed to non-controlling
interest
(190
)
(190
)
—
—
—
—
Depreciation and amortization
7,411
7,816
1,793
1,992
3,643
4,048
EBITDA
$
305,076
$
330,315
$
86,639
$
122,049
$
158,351
$
183,590
Equity in losses (earnings) from
investments (a)
3,396
(2,675
)
2,311
(941
)
4,553
(1,518
)
Equity in losses (earnings) from real
estate ventures (b)
10,286
(10,250
)
460
(16,610
)
2,337
(18,199
)
Loss on extinguishment of debt
—
21,362
—
—
—
21,362
Stock-based compensation expense (c)
13,776
14,799
2,570
3,080
4,717
5,740
Litigation settlement and judgment expense
(d)
335
211
57
—
129
5
Impact of MSA settlement (e)
(2,123
)
(2,722
)
—
—
(2,123
)
(2,722
)
Transaction expenses (f)
10,468
10,468
—
—
—
—
Net gains on sales of assets
(910
)
(910
)
—
—
—
—
Other, net
4,871
(10,687
)
3,094
(8,613
)
4,239
(11,319
)
Adjusted EBITDA from continuing
operations
$
345,175
$
349,911
$
95,131
$
98,965
$
172,203
$
176,939
Adjusted EBITDA from Continuing
Operations by Segment
Tobacco
$
345,828
$
364,399
$
89,883
$
104,885
$
166,959
$
185,530
Real Estate
11,696
4,125
6,873
(760
)
7,908
337
Corporate and Other
(12,349
)
(18,613
)
(1,625
)
(5,160
)
(2,664
)
(8,928
)
Total
$
345,175
$
349,911
$
95,131
$
98,965
$
172,203
$
176,939
___________
a.
Represents equity in earnings recognized
from investments that the Company accounts for under the equity
method.
b.
Represents equity in earnings recognized
from the Company’s investment in certain real estate ventures that
are accounted for under the equity method and are not consolidated
in the Company’s financial results.
c.
Represents amortization of stock-based
compensation. Included in the year ended December 31, 2021 are
expenses associated with the acceleration of stock compensation in
connection with the Company’s spin-off of Douglas Elliman Inc. into
a standalone public company.
d.
Represents accruals for product liability
litigation in the Tobacco segment.
e.
Represents the Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
f.
Represents expenses incurred in connection
with the Company’s spin-off of Douglas Elliman Inc. into a
standalone public company.
TABLE 3 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED NET INCOME FROM
CONTINUING OPERATIONS (Unaudited) (Dollars in Thousands, Except Per Share
Amounts)
Table 3 reflects a reconciliation of GAAP to non-GAAP financial
information on a continuing operations basis. Because Douglas
Elliman Inc.’s results are reflected within discontinued
operations, they are excluded from the financial information
provided below.
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income
$
39,153
$
93,305
$
71,695
$
125,262
Net income from discontinued
operations
—
(28,324
)
—
(38,731
)
Loss on extinguishment of debt
—
—
—
21,362
Litigation settlement and judgment expense
(a)
57
—
129
5
Impact of MSA settlement (b)
—
—
(2,123
)
(2,722
)
Impact of net interest expense capitalized
to real estate ventures
1,685
(559
)
(2,011
)
(869
)
Expense related to Tax Disaffiliation
indemnification (c)
553
—
553
—
Adjustment for derivative associated with
guarantee
(783
)
—
(2,464
)
—
Total adjustments
1,512
(28,883
)
(5,916
)
(20,955
)
Tax benefit (expense) related to
adjustments
(449
)
151
1,034
(4,798
)
Adjusted Net Income from continuing
operations
$
40,216
$
64,573
$
66,813
$
99,509
Per diluted common share:
Adjusted Net Income from continuing
operations applicable to common shares
$
0.25
$
0.41
$
0.42
$
0.64
___________
a.
Represents accruals for product liability
litigation in the Tobacco segment.
b.
Represents the Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
c.
Represents amounts accrued under the
Company’s Tax Disaffiliation Agreement related to certain tax
liabilities of Douglas Elliman Inc. prior to its distribution on
December 29, 2021.
TABLE 4 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED OPERATING INCOME
(Unaudited) (Dollars in
Thousands)
Table 4 reflects a reconciliation of GAAP to non-GAAP financial
information on a continuing operations basis. Because Douglas
Elliman Inc.’s results are reflected within discontinued
operations, they are excluded from the financial information
provided below.
LTM
Year Ended
Three Months Ended
Six Months Ended
June 30,
December 31,
June 30,
June 30,
2022
2021
2022
2021
2022
2021
Operating income
$
316,408
$
320,439
$
90,711
$
93,893
$
165,837
$
169,868
Litigation settlement and judgment expense
(a)
335
211
57
—
129
5
Transaction expenses (b)
10,468
10,468
—
—
—
—
Acceleration of stock compensation expense
(c)
4,317
4,317
—
—
—
—
Impact of MSA settlement (d)
(2,123
)
(2,722
)
—
—
(2,123
)
(2,722
)
Net gains on sales of assets
(910
)
(910
)
—
—
—
—
Total adjustments
12,087
11,364
57
—
(1,994
)
(2,717
)
Adjusted Operating Income
$
328,495
$
331,803
$
90,768
$
93,893
$
163,843
$
167,151
___________
a.
Represents accruals for product liability
litigation in the Tobacco segment.
b.
Represents expenses incurred in connection
with the Company’s spin-off of Douglas Elliman Inc. into a
standalone public company.
c.
Represents expense related to the
acceleration of stock compensation in connection with the Company’s
spin-off of Douglas Elliman Inc. into a standalone public
company.
d.
Represents the Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
TABLE 5 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF TOBACCO ADJUSTED OPERATING
INCOME AND TOBACCO ADJUSTED EBITDA (Unaudited)
(Dollars in Thousands)
LTM
Year Ended
Three Months Ended
Six Months Ended
June 30,
December 31,
June 30,
June 30,
2022
2021
2022
2021
2022
2021
Tobacco Adjusted Operating
Income:
Operating income from Tobacco segment
$
341,510
$
360,317
$
88,332
$
103,179
$
165,971
$
184,778
Litigation settlement and judgment expense
(a)
335
211
57
—
129
5
Impact of MSA settlement (b)
(2,123
)
(2,722
)
—
—
(2,123
)
(2,722
)
Total adjustments
(1,788
)
(2,511
)
57
—
(1,994
)
(2,717
)
Tobacco Adjusted Operating Income
$
339,722
$
357,806
$
88,389
$
103,179
$
163,977
$
182,061
LTM
Year Ended
Three Months Ended
Six Months Ended
June 30,
December 31,
June 30,
June 30,
2022
2021
2022
2021
2022
2021
Tobacco Adjusted EBITDA:
Operating income from Tobacco segment
$
341,510
$
360,317
$
88,332
$
103,179
$
165,971
$
184,778
Litigation settlement and judgment expense
(a)
335
211
57
—
129
5
Impact of MSA settlement (b)
(2,123
)
(2,722
)
—
—
(2,123
)
(2,722
)
Total adjustments
(1,788
)
(2,511
)
57
—
(1,994
)
(2,717
)
Tobacco Adjusted Operating Income
339,722
357,806
88,389
103,179
163,977
182,061
Depreciation and amortization
6,020
6,525
1,475
1,697
2,952
3,457
Stock-based compensation expense
86
68
19
9
30
12
Total adjustments
6,106
6,593
1,494
1,706
2,982
3,469
Tobacco Adjusted EBITDA
$
345,828
$
364,399
$
89,883
$
104,885
$
166,959
$
185,530
___________
a.
Represents accruals for product liability
litigation in the Tobacco segment.
b.
Represents the Tobacco segment’s
settlement of long-standing disputes related to the Master
Settlement Agreement.
TABLE 6 VECTOR GROUP LTD. AND
SUBSIDIARIES RECONCILIATION OF REVENUES
(Unaudited) (Dollars in
Thousands)
LTM
Year Ended
Six Months Ended
June 30,
December 31,
June 30,
2022
2021
2022
2021
Revenues:
Tobacco (a)
$
1,287,898
$
1,202,497
$
683,360
$
597,959
Real estate
23,504
18,203
15,884
10,583
Total revenues
$
1,311,402
$
1,220,700
$
699,244
$
608,542
___________
a.
Tobacco segment revenues include federal
excise taxes of $472,209 for the last twelve months ended June 30,
2022, $434,695 for the year ended December 31, 2021, $253,963 and
$216,449 for the six months ended June 30, 2022 and 2021,
respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005991/en/
Emily Claffey/Benjamin Spicehandler FGS Global 212-687-8080
Abi Genis FGS Global - Europe +44 (0)20 3178 8914
J. Bryant Kirkland III, Vector Group Ltd. 305-579-8000
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