Vector Group Reports Third Quarter 2016 Financial Results
GAAP Financial Results
Third quarter 2016 revenues were
For the nine months ended
Non-GAAP Financial Measures
Non-GAAP financial measures also include adjustments for purchase
accounting associated with the Company's acquisition of its additional
20.59% interest in
Three months ended
Third quarter 2016 Adjusted Revenues (as described in Table 2 attached
hereto) were
Adjusted EBITDA attributed to
Adjusted Net Income (as described below and in Table 4 attached hereto)
was
Adjusted Operating Income (as described below and in Table 5 attached
hereto) was
Nine months ended
For the nine months ended
Adjusted EBITDA attributed to
Adjusted Net Income (as described below and in Table 4 attached hereto)
was
Adjusted Operating Income (as described below and in Table 5 attached
hereto) was
Tobacco Segment Financial Results
For the third quarter 2016, the Tobacco segment had revenues of
For the nine months ended
Operating Income from the Tobacco segment was
Non-GAAP Financial Measures
Tobacco Adjusted Operating Income (described below and included in Table
6 attached hereto) for the third quarter 2016 and 2015 was
For the three months ended
Liggett's retail market share increased to approximately 3.5% during the
nine months ended
Real Estate Segment Financial Results
For the third quarter 2016, the Real Estate segment had revenues of
Non-GAAP Financial Measures
For the third quarter 2016, the Real Estate segment had Adjusted
Revenues of
For the nine months ended
For the third quarter 2016,
For the nine months ended
For the nine months ended
For the three and nine months ended
E-cigarettes Segment Financial Results
For the third quarter, the E-cigarette segment had a loss of Adjusted
EBITDA of
For the nine months ended
Retrospective Adjustment to Previously Reported Results
Amounts previously reported for the three and nine months ended
Non-GAAP Financial Measures
Adjusted Revenues, New Valley LLC Adjusted Revenues and
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 10 is information relating to the Company's
the Non-GAAP Financial Measures for the three and nine months ended
Conference Call to Discuss Third quarter 2016 Results
As previously announced, the Company will host a conference call and
webcast on Thursday, November 3, 2016 at
A replay of the call will be available shortly after the call ends
on November 3, 2016 through
Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and Zoom E-Cigs LLC and directly owns New Valley LLC, which owns a controlling interest in Douglas Elliman Realty, LLC. Additional information concerning the company is available on the Company's website, www.VectorGroupLtd.com.
[Financial Tables Follow]
TABLE 1 | |||||||||||||||||
|
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
|
|
||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Revenues | |||||||||||||||||
Tobacco* | $ | 274,164 | $ | 264,170 | $ | 750,677 | $ | 747,145 | |||||||||
Real estate | 184,936 | 185,563 | 527,448 | 478,841 | |||||||||||||
E-Cigarettes | 4 | 201 | 52 | 881 | |||||||||||||
Total revenues | 459,104 | 449,934 | 1,278,177 | 1,226,867 | |||||||||||||
Expenses: | |||||||||||||||||
Cost of sales: | |||||||||||||||||
Tobacco* | 186,343 | 174,418 | 491,688 | 506,315 | |||||||||||||
Real estate | 117,089 | 121,078 | 331,784 | 309,306 | |||||||||||||
E-Cigarettes | 10 | 421 | 23 | 1,518 | |||||||||||||
Total cost of sales | 303,442 | 295,917 | 823,495 | 817,139 | |||||||||||||
Operating, selling, administrative and general expenses | 86,298 | 79,352 | 250,048 | 233,449 | |||||||||||||
Litigation, settlement and judgment expense | — | 3,750 | 2,350 | 5,843 | |||||||||||||
Restructuring charges | — | 1,548 | 41 | 1,548 | |||||||||||||
Operating income | 69,364 | 69,367 | 202,243 | 168,888 | |||||||||||||
Other income (expenses): | |||||||||||||||||
Interest expense | (37,365 | ) | (32,898 | ) | (104,454 | ) | (96,405 | ) | |||||||||
Change in fair value of derivatives embedded within convertible debt | 6,112 | 7,044 | 23,222 | 18,760 | |||||||||||||
Equity in earnings (losses) from real estate ventures | 1,022 | (916 | ) | 3,328 | 1,278 | ||||||||||||
Equity in losses from investments | (1,526 | ) | (1,103 | ) | (2,108 | ) | (2,654 | ) | |||||||||
Gain (loss) on sale of investment securities available for sale | 142 | (821 | ) | 848 | 12,018 | ||||||||||||
Impairment of investment securities available for sale | (54 | ) | (12,211 | ) | (4,916 | ) | (12,211 | ) | |||||||||
Other, net | 1,328 | 1,342 | 2,956 | 5,100 | |||||||||||||
Income before provision for income taxes | 39,023 | 29,804 | 121,119 | 94,774 | |||||||||||||
Income tax expense | 13,316 | 13,694 | 46,682 | 37,739 | |||||||||||||
Net income | 25,707 | 16,110 | 74,437 | 57,035 | |||||||||||||
Net income attributed to non-controlling interest | (2,532 | ) | (3,644 | ) | (7,909 | ) | (5,741 | ) | |||||||||
Net income attributed to |
$ | 23,175 | $ | 12,466 | $ | 66,528 | $ | 51,294 | |||||||||
Per basic common share: | |||||||||||||||||
Net income applicable to common shares attributed to |
$ | 0.18 | $ | 0.10 | $ | 0.52 | $ | 0.40 | |||||||||
Per diluted common share: | |||||||||||||||||
Net income applicable to common shares attributed to |
$ | 0.18 | $ | 0.10 | $ | 0.52 | $ | 0.40 | |||||||||
Cash distributions declared per share | $ | 0.38 | $ | 0.36 | $ | 1.14 | $ | 1.09 |
* Revenues and cost of sales include federal excise taxes of
TABLE 2 | ||||||||||||||||||||
|
||||||||||||||||||||
REVENUES AND RECONCILIATION OF ADJUSTED REVENUES | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in Thousands) |
||||||||||||||||||||
|
||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
|
||||||||||||||||||
2016 | 2016 |
|
2015 | 2016 | 2015 | |||||||||||||||
Revenues | $ | 1,708,507 | $ | 459,104 | $ | 449,934 | $ | 1,278,177 | $ | 1,226,867 | ||||||||||
Purchase accounting adjustments (a) | 481 | — | 481 | — | 1,444 | |||||||||||||||
Total adjustments | 481 | — | 481 | — | 1,444 | |||||||||||||||
Adjusted Revenues (b) | $ | 1,708,988 | $ | 459,104 | $ | 450,415 | $ | 1,278,177 | $ | 1,228,311 | ||||||||||
Revenues by Segment | ||||||||||||||||||||
Tobacco (b) | $ | 1,021,293 | $ | 274,164 | $ | 264,170 | $ | 750,677 | $ | 747,145 | ||||||||||
E-cigarettes | (2,799 | ) | 4 | 201 | 52 | 881 | ||||||||||||||
Real Estate (c) | 690,013 | 184,936 | 185,563 | 527,448 | 478,841 | |||||||||||||||
Corporate and Other | — | — | — | — | — | |||||||||||||||
Total (b) | $ | 1,708,507 | $ | 459,104 | $ | 449,934 | $ | 1,278,177 | $ | 1,226,867 | ||||||||||
Adjusted Revenues by Segment | ||||||||||||||||||||
Tobacco (b) | $ | 1,021,293 | $ | 274,164 | $ | 264,170 | $ | 750,677 | $ | 747,145 | ||||||||||
E-cigarettes | (2,799 | ) | 4 | 201 | 52 | 881 | ||||||||||||||
Real Estate (c) | 690,494 | 184,936 | 186,044 | 527,448 | 480,285 | |||||||||||||||
Corporate and Other | — | — | — | — | — | |||||||||||||||
Total (b) | $ | 1,708,988 | $ | 459,104 | $ | 450,415 | $ | 1,278,177 | $ | 1,228,311 | ||||||||||
a. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
|||
b. |
Includes excise taxes of |
|||
c. |
Includes Adjusted Revenues from |
|||
TABLE 3 | |||||||||||||||||||||
|
|||||||||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Net income attributed to |
$ | 74,432 | $ | 23,175 | $ | 12,466 | $ | 66,528 | $ | 51,294 | |||||||||||
Interest expense | 128,740 | 37,365 | 32,898 | 104,454 | 96,405 | ||||||||||||||||
Income tax expense | 50,176 | 13,316 | 13,694 | 46,682 | 37,739 | ||||||||||||||||
Net income attributed to non-controlling interest | 9,442 | 2,532 | 3,644 | 7,909 | 5,741 | ||||||||||||||||
Depreciation and amortization | 23,125 | 5,833 | 6,673 | 16,867 | 19,396 | ||||||||||||||||
EBITDA | $ | 285,915 | $ | 82,221 | $ | 69,375 | $ | 242,440 | $ | 210,575 | |||||||||||
Change in fair value of derivatives embedded within convertible debt (a) | (28,917 | ) | (6,112 | ) | (7,044 | ) | (23,222 | ) | (18,760 | ) | |||||||||||
Equity in losses from investments (b) | 2,135 | 1,526 | 1,103 | 2,108 | 2,654 | ||||||||||||||||
Loss (gain) on sale of investment securities available for sale | 32 | (142 | ) | 821 | (848 | ) | (12,018 | ) | |||||||||||||
Impairment of investment securities available for sale | 5,551 | 54 | 12,211 | 4,916 | 12,211 | ||||||||||||||||
Equity in (earnings) losses from real estate ventures (c) | (4,051 | ) | (1,022 | ) | 916 | (3,328 | ) | (1,278 | ) | ||||||||||||
Pension settlement charge | — | — | — | — | 1,607 | ||||||||||||||||
Stock-based compensation expense (d) | 9,249 | 2,438 | 1,248 | 7,277 | 3,648 | ||||||||||||||||
Litigation settlement and judgment expense (e) | 16,579 | — | 3,750 | 2,350 | 5,843 | ||||||||||||||||
Impact of MSA settlement (f) | 981 | (370 | ) | (5,715 | ) | (370 | ) | (5,715 | ) | ||||||||||||
Restructuring charges | 5,750 | — | 1,548 | 41 | 1,548 | ||||||||||||||||
Purchase accounting adjustments (g) | 2,580 | 1,653 | 366 | 2,201 | 1,056 | ||||||||||||||||
Other, net | (4,265 | ) | (1,328 | ) | (1,342 | ) | (2,956 | ) | (5,100 | ) | |||||||||||
Adjusted EBITDA | $ | 291,539 | $ | 78,918 | $ | 77,237 | $ | 230,609 | $ | 196,271 | |||||||||||
Adjusted EBITDA attributed to non-controlling interest | (13,384 | ) | (3,852 | ) | (4,735 | ) | (10,849 | ) | (8,732 | ) | |||||||||||
Adjusted EBITDA attributed to |
$ | 278,155 | $ | 75,066 | $ | 72,502 | $ | 219,760 | $ | 187,539 | |||||||||||
Adjusted EBITDA by Segment | |||||||||||||||||||||
Tobacco | $ | 268,086 | $ | 69,421 | $ | 66,084 | $ | 204,292 | $ | 181,580 | |||||||||||
E-cigarettes | (5,776 | ) | (165 | ) | (2,146 | ) | (449 | ) | (7,710 | ) | |||||||||||
Real Estate (h) | 44,710 | 13,144 | 15,981 | 38,297 | 31,698 | ||||||||||||||||
Corporate and Other | (15,481 | ) | (3,482 | ) | (2,682 | ) | (11,531 | ) | (9,297 | ) | |||||||||||
Total | $ | 291,539 | $ | 78,918 | $ | 77,237 | $ | 230,609 | $ | 196,271 | |||||||||||
Adjusted EBITDA Attributed to |
|||||||||||||||||||||
Tobacco | $ | 268,086 | $ | 69,421 | $ | 66,084 | $ | 204,292 | $ | 181,580 | |||||||||||
E-cigarettes | (5,776 | ) | (165 | ) | (2,146 | ) | (449 | ) | (7,710 | ) | |||||||||||
Real Estate (i) | 31,326 | 9,292 | 11,246 | 27,448 | 22,966 | ||||||||||||||||
Corporate and Other | (15,481 | ) | (3,482 | ) | (2,682 | ) | (11,531 | ) | (9,297 | ) | |||||||||||
Total | $ | 278,155 | $ | 75,066 | $ | 72,502 | $ | 219,760 | $ | 187,539 |
a. | Represents income or losses recognized from changes in the fair value of the derivatives embedded in the Company's convertible debt. | |||
b. | Represents equity in losses recognized from investments that the Company accounts for under the equity method. | |||
c. | Represents equity in (earnings) losses recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. | |||
d. | Represents amortization of stock-based compensation. | |||
e. | Represents accruals for settlements of judgment expenses in the Engle progeny tobacco litigation. | |||
f. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. | |||
g. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
|||
h. |
Includes Adjusted EBITDA for |
|||
i. |
Includes Adjusted EBITDA for |
TABLE 4 | |||||||||||||||||
|
|||||||||||||||||
RECONCILIATION OF ADJUSTED NET INCOME | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
|
|
||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net income attributed to |
$ | 23,175 | $ | 12,466 | $ | 66,528 | $ | 51,294 | |||||||||
Change in fair value of derivatives embedded within convertible debt | (6,112 | ) | (7,044 | ) | (23,222 | ) | (18,760 | ) | |||||||||
Non-cash amortization of debt discount on convertible debt | 10,167 | 7,187 | 27,623 | 19,646 | |||||||||||||
Litigation settlement and judgment expense (a) | — | 3,750 | 2,350 | 5,843 | |||||||||||||
Pension settlement charge | — | — | — | 1,607 | |||||||||||||
Impact of interest expense capitalized to real estate ventures, net | (3,276 | ) | — | (8,111 | ) | — | |||||||||||
Impact of MSA settlement (b) | (370 | ) | (5,715 | ) | (370 | ) | (5,715 | ) | |||||||||
Restructuring charges | — | 1,548 | 41 | 1,548 | |||||||||||||
|
1,511 | 1,351 | 2,568 | 3,945 | |||||||||||||
Total adjustments | 1,920 | 1,077 | 879 | 8,114 | |||||||||||||
Tax expense related to adjustments | (780 | ) | (448 | ) | (357 | ) | (3,358 | ) | |||||||||
Adjusted Net Income attributed to |
$ | 24,315 | $ | 13,095 | $ | 67,050 | $ | 56,050 | |||||||||
Per diluted common share: | |||||||||||||||||
Adjusted Net Income applicable to common shares attributed to |
$ | 0.19 | $ | 0.10 | $ | 0.52 | $ | 0.44 | |||||||||
a. | Represents accruals for settlements of judgment expenses in the Engle progeny tobacco litigation. | |||
b. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. | |||
c. |
Represents 70.59% of purchase accounting adjustments in the periods
presented for assets acquired in connection with the increase of the
Company's ownership of |
|||
TABLE 5 | |||||||||||||||||||||
|
|||||||||||||||||||||
RECONCILIATION OF ADJUSTED OPERATING INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Operating income | $ | 233,275 | $ | 69,364 | $ | 69,367 | $ | 202,243 | $ | 168,888 | |||||||||||
Litigation settlement and judgment expense (a) | 16,579 | — | 3,750 | 2,350 | 5,843 | ||||||||||||||||
Pension settlement charge | — | — | — | — | 1,607 | ||||||||||||||||
Restructuring expense | 5,750 | — | 1,548 | 41 | 1,548 | ||||||||||||||||
Impact of MSA settlement (b) | 981 | (370 | ) | (5,715 | ) | (370 | ) | (5,715 | ) | ||||||||||||
|
5,563 | 2,141 | 1,913 | 3,638 | 5,588 | ||||||||||||||||
Total adjustments | 28,873 | 1,771 | 1,496 | 5,659 | 8,871 | ||||||||||||||||
Adjusted Operating Income (d) | $ | 262,148 | $ | 71,135 | $ | 70,863 | $ | 207,902 | $ | 177,759 | |||||||||||
a. | Represents accruals for settlements of judgment expenses in the Engle progeny tobacco litigation. | |||
b. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. | |||
c. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
|||
d. |
Does not include a reduction for 29.41% non-controlling interest in
|
|||
TABLE 6 | |||||||||||||||||||||
|
|||||||||||||||||||||
RECONCILIATION OF TOBACCO ADJUSTED OPERATING INCOME | |||||||||||||||||||||
AND TOBACCO ADJUSTED EBITDA | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||
|
LTM | Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Tobacco Adjusted Operating Income: | |||||||||||||||||||||
Operating income from tobacco segment | $ | 234,351 | $ | 66,974 | $ | 63,630 | $ | 194,473 | $ | 169,515 | |||||||||||
Litigation settlement and judgment expense (a) | 16,579 | — | 3,750 | 2,350 | 5,843 | ||||||||||||||||
Pension settlement charge | — | — | — | — | 1,607 | ||||||||||||||||
Restructuring expense | 5,750 | — | 1,548 | 41 | 1,548 | ||||||||||||||||
Impact of MSA settlement (b) | 981 | (370 | ) | (5,715 | ) | (370 | ) | (5,715 | ) | ||||||||||||
Total adjustments | 23,310 | (370 | ) | (417 | ) | 2,021 | 3,283 | ||||||||||||||
Tobacco Adjusted Operating Income | $ | 257,661 | $ | 66,604 | $ | 63,213 | $ | 196,494 | $ | 172,798 | |||||||||||
LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Tobacco Adjusted EBITDA: | |||||||||||||||||||||
Operating income from tobacco segment | $ | 234,351 | $ | 66,974 | $ | 63,630 | $ | 194,473 | $ | 169,515 | |||||||||||
Litigation settlement and judgment expense (a) | 16,579 | — | 3,750 | 2,350 | 5,843 | ||||||||||||||||
Pension settlement charge | — | — | — | — | 1,607 | ||||||||||||||||
Restructuring expense | 5,750 | — | 1,548 | 41 | 1,548 | ||||||||||||||||
Impact of MSA settlement (b) | 981 | (370 | ) | (5,715 | ) | (370 | ) | (5,715 | ) | ||||||||||||
Total adjustments | 23,310 | (370 | ) | (417 | ) | 2,021 | 3,283 | ||||||||||||||
Tobacco Adjusted Operating Income | 257,661 | 66,604 | 63,213 | 196,494 | 172,798 | ||||||||||||||||
Depreciation and amortization | 10,341 | 2,796 | 2,871 | 7,735 | 8,717 | ||||||||||||||||
Stock-based compensation expense | 84 | 21 | — | 63 | 65 | ||||||||||||||||
Total adjustments | 10,425 | 2,817 | 2,871 | 7,798 | 8,782 | ||||||||||||||||
Tobacco Adjusted EBITDA | $ | 268,086 | $ | 69,421 | $ | 66,084 | $ | 204,292 | $ | 181,580 | |||||||||||
a. | Represents accruals for settlements of judgment expenses in the Engle progeny tobacco litigation. | |||
b. | Represents the Company's tobacco segment's settlement of a long-standing dispute related to the Master Settlement Agreement. | |||
TABLE 7 | ||||||||||||||||||||
|
||||||||||||||||||||
RECONCILIATION OF REAL ESTATE SEGMENT ( |
||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in Thousands) |
||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
|
||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Real Estate Segment ( |
$ | 690,013 | $ | 184,936 | $ | 185,563 | $ | 527,448 | $ | 478,841 | ||||||||||
Purchase accounting adjustments (a) | 481 | — | 481 | — | 1,444 | |||||||||||||||
Total adjustments | 481 | — | 481 | — | 1,444 | |||||||||||||||
Real Estate Segment ( |
$ | 690,494 | $ | 184,936 | $ | 186,044 | $ | 527,448 | $ | 480,285 | ||||||||||
a. |
Amounts represent purchase accounting adjustments recorded in
connection with the increase of the Company's ownership of |
|||
b. |
Includes Adjusted Revenues from |
|||
TABLE 8 | |||||||||||||||||||||
|
|||||||||||||||||||||
RECONCILIATION OF REAL SEGMENT ( |
|||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||
|
|||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Net income attributed to |
$ | 15,744 | $ | 4,721 | $ | 4,695 | $ | 14,291 | $ | 10,215 | |||||||||||
Interest expense (a) | 17 | 7 | 1 | 14 | 4 | ||||||||||||||||
Income tax expense (a) | 10,877 | 2,430 | 3,395 | 9,891 | 7,904 | ||||||||||||||||
Net income attributed to non-controlling interest (a) | 9,442 | 2,532 | 3,644 | 7,909 | 5,741 | ||||||||||||||||
Depreciation and amortization | 11,089 | 2,647 | 3,388 | 7,872 | 9,372 | ||||||||||||||||
EBITDA | $ | 47,169 | $ | 12,337 | $ | 15,123 | $ | 39,977 | $ | 33,236 | |||||||||||
Loss (income) from non-guarantors other than |
109 | 8 | (1 | ) | 84 | 66 | |||||||||||||||
Equity in (earnings) losses from real estate ventures (b) | (4,051 | ) | (1,022 | ) | 916 | (3,328 | ) | (1,278 | ) | ||||||||||||
Purchase accounting adjustments (c) | 2,580 | 1,653 | 366 | 2,201 | 1,056 | ||||||||||||||||
Other, net | (1,172 | ) | 136 | (305 | ) | (704 | ) | (1,286 | ) | ||||||||||||
Adjusted EBITDA | $ | 44,635 | $ | 13,112 | $ | 16,099 | $ | 38,230 | $ | 31,794 | |||||||||||
Adjusted EBITDA attributed to non-controlling interest | (13,384 | ) | (3,852 | ) | (4,735 | ) | (10,849 | ) | (8,732 | ) | |||||||||||
Adjusted EBITDA attributed to |
$ | 31,251 | $ | 9,260 | $ | 11,364 | $ | 27,381 | $ | 23,062 | |||||||||||
Adjusted EBITDA by Segment | |||||||||||||||||||||
Real Estate (d) | $ | 44,710 | $ | 13,144 | $ | 15,981 | $ | 38,297 | $ | 31,698 | |||||||||||
Corporate and Other | (75 | ) | (32 | ) | 118 | (67 | ) | 96 | |||||||||||||
Total (f) | $ | 44,635 | $ | 13,112 | $ | 16,099 | $ | 38,230 | $ | 31,794 | |||||||||||
Adjusted EBITDA Attributed to |
|||||||||||||||||||||
Real Estate (e) | $ | 31,326 | $ | 9,292 | $ | 11,246 | $ | 27,448 | $ | 22,966 | |||||||||||
Corporate and Other | (75 | ) | (32 | ) | 118 | (67 | ) | 96 | |||||||||||||
Total (f) | $ | 31,251 | $ | 9,260 | $ | 11,364 | $ | 27,381 | $ | 23,062 | |||||||||||
a. |
Amounts are derived from |
|||
b. | Represents equity in (earnings) losses recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. | |||
c. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
|||
d. |
Includes Adjusted EBITDA for |
|||
e. |
Includes Adjusted EBITDA for |
|||
f. |
New Valley's Adjusted EBITDA does not include an allocation of
|
|||
TABLE 9 | ||||||||||||||||||||
|
||||||||||||||||||||
RECONCILIATION OF DOUGLAS ELLIMAN REALTY, LLC ADJUSTED REVENUES | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in Thousands) |
||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
|
||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
|
$ | 684,479 | $ | 184,453 | $ | 185,000 | $ | 523,767 | $ | 474,363 | ||||||||||
Purchase accounting adjustments (a) | 481 | — | 481 | — | 1,444 | |||||||||||||||
Total adjustments | 481 | — | 481 | — | 1,444 | |||||||||||||||
|
$ | 684,960 | $ | 184,453 | $ | 185,481 | $ | 523,767 | $ | 475,807 | ||||||||||
a. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
|||
TABLE 10 | |||||||||||||||||||||
|
|||||||||||||||||||||
RECONCILIATION OF DOUGLAS ELLIMAN REALTY, LLC ADJUSTED EBITDA | |||||||||||||||||||||
AND |
|||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||
LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
|
|
|||||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Net income attributed to |
$ | 29,631 | $ | 8,684 | $ | 12,437 | $ | 27,181 | $ | 19,713 | |||||||||||
Interest expense | 1 | — | — | — | 3 | ||||||||||||||||
Income tax expense | 904 | 311 | 349 | 949 | 876 | ||||||||||||||||
Depreciation and amortization | 10,756 | 2,549 | 3,329 | 7,608 | 9,195 | ||||||||||||||||
|
$ | 41,292 | $ | 11,544 | $ | 16,115 | $ | 35,738 | $ | 29,787 | |||||||||||
Equity income from real estate ventures (a) | (1,029 | ) | (235 | ) | (211 | ) | (992 | ) | (908 | ) | |||||||||||
Purchase accounting adjustments (b) | 2,580 | 1,653 | 366 | 2,201 | 1,056 | ||||||||||||||||
Other, net | 191 | 335 | 24 | 232 | (50 | ) | |||||||||||||||
|
$ | 43,034 | $ | 13,297 | $ | 16,294 | $ | 37,179 | $ | 29,885 | |||||||||||
|
(12,656 | ) | (3,911 | ) | (4,792 | ) | (10,934 | ) | (8,789 | ) | |||||||||||
|
30,378 | 9,386 | 11,502 | 26,245 | 21,096 | ||||||||||||||||
a. | Represents equity income recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. | |||
b. |
Amounts represent purchase accounting adjustments recorded in the
periods presented in connection with the increase of the Company's
ownership of |
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103005550/en/
212-687-8080
or
+44
(0)20 3178 8914
or
Source:
News Provided by Acquire Media