Vector Group Reports Third Quarter 2018 Financial Results
GAAP Financial Results
Third quarter 2018 revenues were
For the nine months ended
Adoption of accounting standards. Effective
Segment changes. As a result of a significant reduction in the Company’s E-Cigarette business, results from the E-Cigarette segment are now included in the Corporate and Other segment and 2017 information has been recast to conform to the 2018 presentation.
Non-GAAP Financial Measures
Non-GAAP financial measures also include adjustments for purchase
accounting associated with the Company’s 2013 acquisition of an
additional 20.59% interest in
Three months ended
Third quarter of 2018 Adjusted EBITDA attributed to
Adjusted Net Income (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Nine months ended
Adjusted EBITDA attributed to
Adjusted Net Income (as described in Table 3 attached hereto) was
Adjusted Operating Income (as described in Table 4 attached hereto) was
Tobacco Segment Financial Results
For the third quarter of 2018, 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 (as described in Table 5 attached
hereto) for the third quarter of 2018 and 2017 was
For the third quarter of 2018, the Tobacco segment had conventional
cigarette (wholesale) shipments of approximately 2.59 billion units
compared to 2.52 billion units for the third quarter of 2017. For the
nine months ended
Liggett’s retail market share increased to 4.2% for the third quarter of
2018 and 4.1% for the nine months ended
Real Estate Segment Financial Results
For the third quarter of 2018, the Real Estate segment had revenues of
Douglas Elliman’s results are included in Vector Group Ltd.’s Real
Estate segment. For the third quarter of 2018, Douglas Elliman had
revenues of
Non-GAAP Financial Measures
For the third quarter of 2018, Real Estate Adjusted EBITDA attributed to
the Company (as described in Table 6 attached hereto) were
For the nine months ended
Douglas Elliman’s results are included in Vector Group Ltd.’s Real
Estate segment. For the third quarter of 2018, Douglas Elliman’s
Adjusted EBITDA (as described in Table 7 attached hereto) were
For the nine months ended
For the three and nine months ended
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 three and nine months ended
Conference Call to Discuss Third Quarter 2018 Results
As previously announced, the Company will host a conference call and
webcast on
A replay of the call will be available shortly after the call ends
on
Vector Group is a holding company that indirectly owns
[Financial Tables Follow]
|
TABLE 1 VECTOR GROUP LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Thousands, Except Per Share Amounts) |
||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||
| Revenues: | ||||||||||||||||||
| Tobacco* | $ | 302,009 | $ | 294,245 | $ | 843,958 | $ | 823,876 | ||||||||||
| Real estate | 211,860 | 190,860 | 580,365 | 548,426 | ||||||||||||||
| Corporate and Other | — |
(480) |
) |
|
— |
(480) |
|
|||||||||||
| Total revenues | 513,869 | 484,625 | 1,424,323 | 1,371,822 | ||||||||||||||
| Expenses: | ||||||||||||||||||
| Cost of sales: | ||||||||||||||||||
| Tobacco* | 219,769 | 207,800 | 597,492 | 570,461 | ||||||||||||||
| Real estate | 140,533 | 130,316 | 389,851 | 358,472 | ||||||||||||||
| Total cost of sales | 360,302 | 338,116 | 987,343 | 928,933 | ||||||||||||||
| Operating, selling, administrative and general expenses | 87,549 | 82,682 | 262,961 | 249,654 | ||||||||||||||
| Litigation settlement and judgment expense (income) | — | 4,104 | (1,944 | ) | 5,791 | |||||||||||||
| Operating income | 66,018 | 59,723 | 175,963 | 187,444 | ||||||||||||||
| Other income (expenses): | ||||||||||||||||||
| Interest expense |
(51,084) |
|
(43,234) |
|
(145,452) |
|
(136,146) |
|
||||||||||
| Loss on extinguishment of debt | — | — | — |
(34,110) |
|
|||||||||||||
| Change in fair value of derivatives embedded within convertible debt | 10,005 | 9,437 | 31,289 | 26,142 | ||||||||||||||
| Equity in earnings (losses) from real estate ventures | 294 |
(47) |
|
(8,378) |
|
26,357 | ||||||||||||
| Equity in earnings (losses) from investments | 3,230 |
(303) |
|
9,205 |
(2,823) |
|
||||||||||||
| Net loss recognized on equity securities |
(797) |
|
— |
(306) |
|
|
— | |||||||||||
| Other, net | 2,048 | 1,374 | 4,761 | 3,452 | ||||||||||||||
| Income before provision for income taxes | 29,714 | 26,950 | 67,082 | 70,316 | ||||||||||||||
| Income tax expense | 14,686 | 6,472 | 29,394 | 22,517 | ||||||||||||||
| Net income | 15,028 | 20,478 | 37,688 | 47,799 | ||||||||||||||
| Net income attributed to non-controlling interest |
(3,026) |
|
(1,214) |
|
(657) |
|
(5,951) |
|
||||||||||
| Net income attributed to Vector Group Ltd. | $ | 12,002 | $ | 19,264 | $ | 37,031 | $ | 41,848 | ||||||||||
| Per basic common share: | ||||||||||||||||||
| Net income applicable to common share attributed to Vector Group Ltd. | $ | 0.07 | $ | 0.13 | $ | 0.23 | $ | 0.27 | ||||||||||
| Per diluted common share: | ||||||||||||||||||
| Net income applicable to common share attributed to Vector Group Ltd. | $ | 0.07 | $ | 0.13 | $ | 0.23 | $ | 0.27 | ||||||||||
| Dividends declared per share | $ | 0.38 | $ | 0.36 | $ | 1.14 | $ | 1.09 | ||||||||||
* Revenues and cost of sales include federal excise taxes of
|
TABLE 2 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||||||
| LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| Net income attributed to Vector Group Ltd. |
$ |
79,755 | $ | 12,002 | $ | 19,264 | $ | 37,031 | $ | 41,848 | |||||||||||||
| Interest expense | 182,991 | 51,084 | 43,234 | 145,452 | 136,146 | ||||||||||||||||||
| Income tax expense | 5,295 | 14,686 | 6,472 | 29,394 | 22,517 | ||||||||||||||||||
| Net income attributed to non-controlling interest | 884 | 3,026 | 1,214 | 657 | 5,951 | ||||||||||||||||||
| Depreciation and amortization | 18,629 | 4,707 | 4,386 | 14,043 | 14,028 | ||||||||||||||||||
| EBITDA | $ | 287,554 | $ | 85,505 | $ | 74,570 | $ | 226,577 | $ | 220,490 | |||||||||||||
| Change in fair value of derivatives embedded within convertible debt (a) |
(41,066) |
|
(10,005) |
|
(9,437) |
|
(31,289) |
|
(26,142) |
|
|||||||||||||
| Equity in (earnings) losses from investments (b) |
(11,263) |
|
(3,230) |
|
303 |
(9,205) |
|
2,823 | |||||||||||||||
| Net loss recognized on equity securities | 306 | 797 | — | 306 | — | ||||||||||||||||||
| Equity in losses (earnings) from real estate ventures (c) | 13,340 |
(294) |
|
47 | 8,378 |
(26,357) |
|
||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | 34,110 | ||||||||||||||||||
| Stock-based compensation expense (d) | 9,855 | 2,584 | 2,430 | 7,424 | 8,456 | ||||||||||||||||||
| Litigation settlement and judgment (income) expense (e) |
(1,144) |
|
— | 4,104 | (1,944 |
|
5,791 | ||||||||||||||||
| Impact of MSA settlement (f) |
(6,298) |
|
— |
(1,826) |
|
(6,298) |
|
(2,721) |
|
||||||||||||||
| Purchase accounting adjustments (g) | 531 | 184 |
(2,345) |
|
545 |
(2,088) |
|
||||||||||||||||
| Other, net |
(6,075) |
|
(2,048) |
|
(1,374) |
|
(4,761) |
|
(3,452) |
|
|||||||||||||
| Adjusted EBITDA | $ | 245,740 | $ | 73,493 | $ | 66,472 | $ | 189,733 | $ | 210,910 | |||||||||||||
| Adjusted EBITDA attributed to non-controlling interest |
(2,501) |
|
(3,638) |
|
(1,091) |
|
(1,848) |
|
(6,923) |
|
|||||||||||||
| Adjusted EBITDA attributed to Vector Group Ltd. | $ | 243,239 | $ | 69,855 | $ | 65,381 | $ | 187,885 | $ | 203,987 | |||||||||||||
| Adjusted EBITDA by Segment | |||||||||||||||||||||||
| Tobacco | $ | 247,365 | $ | 65,339 | $ | 65,950 | $ | 189,646 | $ | 195,462 | |||||||||||||
| Real Estate (h) | 13,934 | 11,697 | 3,719 | 11,403 | 25,317 | ||||||||||||||||||
| Corporate and Other |
(15,559) |
|
(3,543) |
|
(3,197) |
|
(11,316) |
|
(9,869) |
|
|||||||||||||
| Total | $ | 245,740 | $ | 73,493 | $ | 66,472 | $ | 189,733 | $ | 210,910 | |||||||||||||
| Adjusted EBITDA Attributed to Vector Group Ltd. by Segment | |||||||||||||||||||||||
| Tobacco | $ | 247,365 | $ | 65,339 | $ | 65,950 | $ | 189,646 | $ | 195,462 | |||||||||||||
| Real Estate (i) | 11,433 | 8,059 | 2,628 | 9,555 | 18,394 | ||||||||||||||||||
| Corporate and Other |
(15,559) |
|
(3,543) |
|
(3,197) |
|
(11,316) |
|
(9,869) |
|
|||||||||||||
| Total | $ | 243,239 | $ | 69,855 | $ | 65,381 | $ | 187,885 | $ | 203,987 | |||||||||||||
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) losses recognized from investments that the Company accounts for under the equity method.
c. Represents equity in losses (earnings) 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 and proceeds received from a litigation award
at
f. Represents the Company’s tobacco segment’s settlement of a long-standing dispute related to the Master Settlement Agreement.
g. Represents 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 3 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED NET INCOME (Unaudited) (Dollars in Thousands, Except Per Share Amounts) |
||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| Net income attributed to Vector Group Ltd. | $ | 12,002 | $ | 19,264 | $ | 37,031 | $ | 41,848 | ||||||||||
| Change in fair value of derivatives embedded within convertible debt |
(10,005) |
|
(9,437) |
|
(31,289) |
|
(26,142) |
|
||||||||||
| Non-cash amortization of debt discount on convertible debt | 22,871 | 14,978 | 61,450 | 40,457 | ||||||||||||||
| Loss on extinguishment of debt | — | — | — | 34,110 | ||||||||||||||
| Litigation settlement and judgment expense (income) (a) | — | 4,104 |
(1,218) |
|
5,791 | |||||||||||||
| Impact of MSA settlement (b) | — |
(1,826) |
|
(6,298) |
|
|
(2,721) |
|
||||||||||
| Impact of net interest expense capitalized to real estate ventures |
(596) |
|
(1,108) |
|
1,775 | 2,659 | ||||||||||||
| Douglas Elliman Realty, LLC purchase accounting adjustments (c) | 272 |
(1,508) |
|
805 |
(936) |
|
||||||||||||
| Total adjustments | 12,542 | 5,203 | 25,225 | 53,218 | ||||||||||||||
| Tax expense related to adjustments |
(3,588) |
|
(2,357) |
|
(6,927) |
|
(21,793) |
|
||||||||||
| Adjusted Net Income attributed to Vector Group Ltd. | $ | 20,956 | $ | 22,110 | $ | 55,329 | $ | 73,273 | ||||||||||
| Per diluted common share: | ||||||||||||||||||
| Adjusted Net Income applicable to common shares attributed to Vector Group Ltd. | $ | 0.14 | $ | 0.15 | $ | 0.36 | $ | 0.49 | ||||||||||
a. Represents accruals for settlements of judgment expenses in the Engle
progeny tobacco litigation and proceeds received from a litigation award
at
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 4 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED OPERATING INCOME (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||||
| LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Operating income | $ | 224,167 | $ | 66,018 | $ | 59,723 | $ | 175,963 | $ | 187,444 | |||||||||||
| Litigation settlement and judgment expense (income) (a) |
(1,144) |
|
— | 4,104 |
(1,944) |
|
5,791 | ||||||||||||||
| Impact of MSA settlement (b) |
(6,298) |
|
— |
(1,826) |
|
(6,298) |
|
(2,721) |
|
||||||||||||
| Douglas Elliman Realty, LLC purchase accounting adjustments (c) | 1,334 | 386 |
(2,136) |
|
1,141 |
(1,326) |
|
||||||||||||||
| Total adjustments |
(6,108) |
|
386 | 142 |
(7,101) |
|
1,744 | ||||||||||||||
| Adjusted Operating Income (d) | $ | 218,059 | $ | 66,404 | $ | 59,865 | $ | 168,862 | $ | 189,188 | |||||||||||
a. Represents accruals for settlements of judgment expenses in the Engle
progeny tobacco litigation and proceeds received from a litigation award
at
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 5 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF TOBACCO ADJUSTED OPERATING INCOME AND TOBACCO ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||||
|
LTM September 30, 2018 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
| Tobacco Adjusted Operating Income: | |||||||||||||||||||||
| Operating income from tobacco segment | $ | 244,059 | $ | 63,259 | $ | 61,601 | $ | 189,185 | $ | 185,526 | |||||||||||
| Litigation settlement and judgment expense (a) | 1,325 | — | 4,104 | 525 | 5,791 | ||||||||||||||||
| Impact of MSA settlement (b) |
(6,298) |
|
— |
(1,826) |
|
|
(6,298) |
|
(2,721) |
|
|||||||||||
| Total adjustments |
(4,973) |
|
— | 2,278 |
(5,773) |
|
3,070 | ||||||||||||||
| Tobacco Adjusted Operating Income | $ | 239,086 | $ | 63,259 | $ | 63,879 | $ | 183,412 | $ | 188,596 | |||||||||||
| LTM | Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Tobacco Adjusted EBITDA: | |||||||||||||||||||||
| Operating income from tobacco segment | $ | 244,059 | $ | 63,259 | $ | 61,601 | $ | 189,185 | $ | 185,526 | |||||||||||
| Litigation settlement and judgment expense (a) | 1,325 | — | 4,104 | 525 | 5,791 | ||||||||||||||||
| Impact of MSA settlement (b) |
(6,298) |
|
— |
(1,826) |
|
(6,298) |
|
(2,721) |
|
||||||||||||
| Total adjustments |
(4,973) |
|
— | 2,278 |
(5,773) |
|
3,070 | ||||||||||||||
| Tobacco Adjusted Operating Income | 239,086 | 63,259 | 63,879 | 183,412 | 188,596 | ||||||||||||||||
| Depreciation and amortization | 8,194 | 2,059 | 2,050 | 6,171 | 6,803 | ||||||||||||||||
| Stock-based compensation expense | 85 | 21 | 21 | 63 | 63 | ||||||||||||||||
| Total adjustments | 8,279 | 2,080 | 2,071 | 6,234 | 6,866 | ||||||||||||||||
| Tobacco Adjusted EBITDA | $ | 247,365 | $ | 65,339 | $ | 65,950 | $ | 189,646 | $ | 195,462 | |||||||||||
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 6 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF REAL ESTATE SEGMENT (NEW VALLEY LLC) ADJUSTED EBITDA (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||
| LTM September 30, 2018 | Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| Net income (loss) attributed to Vector Group Ltd. from subsidiary non-guarantors (a) | $ | 11,958 | $ | 4,703 | $ | 1,602 | $ |
(915) |
|
$ | 24,737 | ||||||||
| Interest expense (a) | 76 | 7 | 10 | 63 | 22 | ||||||||||||||
| Income tax (benefit) expense (a) |
(19,317) |
|
1,971 | 1,381 |
(1,826) |
|
17,701 | ||||||||||||
| Net income attributed to non-controlling interest (a) | 884 | 3,026 | 1,214 | 657 | 5,951 | ||||||||||||||
| Depreciation and amortization | 9,406 | 2,398 | 2,075 | 7,105 | 6,210 | ||||||||||||||
| EBITDA | $ | 3,007 | $ | 12,105 | $ | 6,282 | $ | 5,084 | $ | 54,621 | |||||||||
| Loss from non-guarantors other than New Valley LLC | 55 | 18 | 36 | 71 | 119 | ||||||||||||||
| Equity in losses (earnings) from real estate ventures (b) | 13,340 |
(294) |
|
47 | 8,378 |
(26,357) |
|
||||||||||||
| Purchase accounting adjustments (c) | 531 | 184 |
(2,345) |
|
545 |
(2,088) |
|
||||||||||||
| Litigation settlement and judgment income (d) |
(2,469) |
|
— | — |
(2,469) |
|
— | ||||||||||||
| Other, net |
(1,346) |
|
(342) |
|
(317) |
|
(1,020) |
|
(998) |
|
|||||||||
| Adjusted EBITDA | $ | 13,118 | $ | 11,671 | $ | 3,703 | $ | 10,589 | $ | 25,297 | |||||||||
| Adjusted EBITDA attributed to non-controlling interest |
(2,501) |
|
(3,638) |
|
(1,090) |
|
(1,848) |
|
(6,923) |
|
|||||||||
| Adjusted EBITDA attributed to New Valley LLC | $ | 10,617 | $ | 8,033 | $ | 2,613 | $ | 8,741 | $ | 18,374 | |||||||||
| Adjusted EBITDA by Segment | |||||||||||||||||||
| Real Estate (e) | $ | 13,934 | $ | 11,697 | $ | 3,719 | $ | 11,403 | $ | 25,317 | |||||||||
| Corporate and Other |
(816) |
|
(26) |
|
(16) |
|
(814) |
|
(20) |
|
|||||||||
| Total (g) | $ | 13,118 | $ | 11,671 | $ | 3,703 | $ | 10,589 | $ | 25,297 | |||||||||
| Adjusted EBITDA Attributed to New Valley LLC by Segment | |||||||||||||||||||
| Real Estate (f) | $ | 11,433 | $ | 8,059 | $ | 2,629 | $ | 9,555 | $ | 18,394 | |||||||||
| Corporate and Other |
(816) |
|
(26) |
|
(16) |
|
(814) |
|
(20) |
|
|||||||||
| Total (g) | $ | 10,617 | $ | 8,033 | $ | 2,613 | $ | 8,741 | $ | 18,374 | |||||||||
a. Amounts are derived from Vector Group Ltd.’s Condensed Consolidated
Financial Statements. See Note entitled “Condensed Consolidating
Financial Information” contained in Vector Group Ltd.’s Form 10-Q for
the three and nine months ended
b. Represents equity in losses (earnings) recognized from the Company’s investment in certain real estate businesses that are not consolidated in its financial results.
c. Represents purchase accounting adjustments recorded in the periods
presented in connection with the increase of the Company’s ownership of
d. Represents proceeds received from a litigation award at
e. Includes Adjusted EBITDA for
f. Includes Adjusted EBITDA for
g. 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
|
TABLE 7 VECTOR GROUP LTD. AND SUBSIDIARIES RECONCILIATION OF DOUGLAS ELLIMAN REALTY, LLC ADJUSTED EBITDA AND DOUGLAS ELLIMAN REALTY, LLC ADJUSTED EBITDA ATTRIBUTED TO REAL ESTATE SEGMENT (Unaudited) (Dollars in Thousands) |
|||||||||||||||||||
| LTM September 30, 2018 | Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| Net income attributed to Douglas Elliman Realty, LLC | $ | 8,680 | $ | 9,965 | $ | 4,197 | $ | 7,773 | $ | 20,451 | |||||||||
| Interest expense | 59 | 3 | 5 | 51 | 5 | ||||||||||||||
| Income tax (benefit) expense |
(294) |
|
(85) |
|
248 | 401 | 648 | ||||||||||||
| Depreciation and amortization | 8,998 | 2,295 | 1,974 | 6,797 | 5,907 | ||||||||||||||
| Douglas Elliman Realty, LLC EBITDA | $ | 17,443 | $ | 12,178 | $ | 6,424 | $ | 15,022 | $ | 27,011 | |||||||||
| Equity in earnings from real estate ventures (a) |
(1,173) |
|
(274) |
|
(271) |
|
(1,151) |
|
(1,116) |
|
|||||||||
| Purchase accounting adjustments (b) | 531 | 184 |
(2,345) |
|
545 |
(2,088) |
|
||||||||||||
| Litigation settlement and judgment income (c) |
(2,469) |
|
— | — |
(2,469) |
|
— |
||||||||||||
| Other, net |
(151) |
|
(40) |
|
(36) |
|
(123) |
|
(54) |
|
|||||||||
| Douglas Elliman Realty, LLC Adjusted EBITDA | $ | 14,181 | $ | 12,048 | $ | 3,772 | $ | 11,824 | $ | 23,753 | |||||||||
| Douglas Elliman Realty, LLC Adjusted EBITDA attributed to non-controlling interest |
(4,170) |
|
(3,543) |
|
(1,109) |
|
(3,477) |
|
(6,986) |
|
|||||||||
| Douglas Elliman Realty, LLC Adjusted EBITDA attributed to Real Estate Segment | $ | 10,011 | $ | 8,505 | $ | 2,663 | $ | 8,347 | $ | 16,767 | |||||||||
a. Represents equity in earnings recognized from the Company’s investment in certain real estate businesses that are not consolidated in its financial results.
b. Represents purchase accounting adjustments recorded in the periods
presented in connection with the increase of the Company’s ownership of
c. Represents proceeds received from a litigation award at
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005312/en/
Source:
Emily Claffey/Benjamin Spicehandler
/Columbia Clancy
Sard
Verbinnen & Co
212-687-8080
or
Conrad Harrington
Sard
Verbinnen & Co - Europe
+44 (0)20 3178 8914
or
J.
Bryant Kirkland III, Vector Group Ltd.
305-579-8000