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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended September 30, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)
Delaware1-575965-0949535
(State or other jurisdiction of incorporationCommission File Number(I.R.S. Employer Identification No.)
incorporation or organization)
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:TradingName of each exchange
Symbol(s)on which registered:
Common stock, par value $0.10 per shareVGRNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging Growth Company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No
    At November 3, 2021, Vector Group Ltd. had 153,959,427 shares of common stock outstanding.



VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Stockholders' Deficiency for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020
Notes to Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURE

1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
September 30,
2021
December 31,
2020
ASSETS:
Current assets:
Cash and cash equivalents$523,731 $352,842 
Investment securities at fair value155,095 135,585 
Accounts receivable - trade, net46,426 40,711 
Inventories89,774 97,545 
Other current assets42,976 37,220 
Total current assets858,002 663,903 
Property, plant and equipment, net77,812 77,988 
Investments in real estate, net9,551 15,631 
Long-term investments (includes $38,539 and $34,218 at fair value)
58,411 52,528 
Investments in real estate ventures74,199 85,400 
Operating lease right-of-use assets136,515 145,356 
Goodwill and other intangible assets, net214,701 207,577 
Other assets106,767 95,026 
Total assets$1,535,958 $1,343,409 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$12,583 $12,557 
 Current payments due under the Master Settlement Agreement
131,831 38,767 
Income taxes payable, net10,291 5,847 
Current operating lease liability26,305 27,207 
Other current liabilities206,706 198,937 
Total current liabilities387,716 283,315 
Notes payable, long-term debt and other obligations, less current portion1,400,880 1,393,729 
Non-current employee benefits66,937 66,616 
Deferred income taxes, net37,263 32,456 
Non-current operating lease liability141,671 154,199 
Payments due under the Master Settlement Agreement13,224 17,933 
Other liabilities61,399 54,848 
Total liabilities2,109,090 2,003,096 
Commitments and contingencies (Note 9)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized
  
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 153,959,427 and 153,324,629 shares issued and outstanding
15,396 15,332 
Additional paid-in capital4,488  
Accumulated deficit(574,594)(653,945)
Accumulated other comprehensive loss(20,302)(21,074)
Total Vector Group Ltd. stockholders' deficiency(575,012)(659,687)
Non-controlling interest1,880  
Total stockholders' deficiency(573,132)(659,687)
Total liabilities and stockholders' deficiency$1,535,958 $1,343,409 

The accompanying notes are an integral part of the condensed consolidated financial statements.
2


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Revenues:
   Tobacco*$297,942 $318,850 $895,901 $918,429 
   Real estate354,704 228,981 1,030,038 529,650 
       Total revenues652,646 547,831 1,925,939 1,448,079 
Expenses:
 Cost of sales:
   Tobacco*186,398 204,101 556,574 615,458 
   Real estate260,692 170,474 754,468 374,625 
       Total cost of sales447,090 374,575 1,311,042 990,083 
Operating, selling, administrative and general expenses98,925 77,019 280,982 238,600 
Litigation settlement and judgment expense12  17 53 
Net gains on sales of assets(910) (910) 
Impairments of goodwill and other intangible assets   58,252 
Restructuring charges 320  3,281 
Operating income107,529 95,917 334,808 157,810 
Other income (expenses):
Interest expense(28,287)(28,163)(85,153)(93,148)
Loss on extinguishment of debt  (21,362) 
Change in fair value of derivatives embedded within convertible debt   4,999 
Equity in earnings from investments44 1,840 1,562 54,199 
Equity in (losses) earnings from real estate ventures(5,869)(8,536)12,405 (27,301)
Other, net(969)(5,096)7,363 (8,116)
Income before provision for income taxes72,448 55,962 249,623 88,443 
Income tax expense23,679 17,823 75,592 27,761 
Net income48,769 38,139 174,031 60,682 
Net loss attributed to non-controlling interest120  120  
Net income attributed to Vector Group Ltd.$48,889 $38,139 $174,151 $60,682 
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.32 $0.25 $1.13 $0.39 
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.32 $0.25 $1.13 $0.39 
                                      

* Revenues and cost of sales include federal excise taxes of $106,408, $120,320, $322,857, and $354,629 for the three and nine months ended September 30, 2021 and 2020, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.
3


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
Unaudited
 Three Months Ended Nine Months Ended
September 30,September 30,
 2021202020212020
 
Net income$48,769 $38,139 $174,031 $60,682 
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized losses(111)(242)(415)(262)
Net unrealized losses reclassified into net income36 1 29 434 
Net unrealized (losses) gains on investment securities available for sale(75)(241)(386)172 
Net change in pension-related amounts:
Amortization of loss481 463 1,444 1,390 
Other comprehensive income406 222 1,058 1,562 
Income tax effect on:
Change in net unrealized losses on investment securities30 65 112 71 
Net unrealized losses reclassified into net income on investment securities(10) (8)(117)
Pension-related amounts(130)(125)(390)(375)
Income tax provision on other comprehensive income(110)(60)(286)(421)
Other comprehensive income, net of tax296 162 772 1,141 
Comprehensive income49,065 38,301 174,803 61,823 
Comprehensive loss attributed to non-controlling interest120  120  
Comprehensive income attributed to Vector Group Ltd.$49,185 $38,301 $174,923 $61,823 

The accompanying notes are an integral part of the condensed consolidated financial statements.
4


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of July 1, 2021154,156,100 $15,416 $5,048 $(591,911)$(20,598)$ $(592,045)
Net income (loss)— — — 48,889 — (120)48,769 
Total other comprehensive income— — — — 296 — 296 
Dividends on common stock ($0.20 per share)
— — — (31,572)— — (31,572)
Surrender of shares in connection with restricted stock vesting(196,673)(20)(2,935)— — — (2,955)
Stock-based compensation— — 2,375 — — — 2,375 
Acquisition of subsidiary— — — — — 500 500 
Contributions from non-controlling interest— — — — — 1,500 1,500 
Balance as of September 30, 2021153,959,427 $15,396 $4,488 $(574,594)$(20,302)$1,880 $(573,132)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of July 1, 2020153,484,477 $15,348 $ $(663,723)$(20,829)$ $(669,204)
Net income— — — 38,139 — — 38,139 
Total other comprehensive income— — — — 162 — 162 
Distributions and dividends on common stock ($0.20 per share)
— — (366)(31,197)— — (31,563)
Restricted stock grant20,000 2 (2)— — —  
Surrender of shares in connection with restricted stock vesting(211,119)(21)(2,103)— — — (2,124)
Stock-based compensation— — 2,471 — — — 2,471 
Balance as of September 30, 2020153,293,358 $15,329 $ $(656,781)$(20,667)$ $(662,119)

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of January 1, 2021153,324,629 $15,332 $ $(653,945)$(21,074)$ $(659,687)
Impact of adoption of new accounting standards— — —  — —  
Net income (loss)— — — 174,151 — (120)174,031 
Total other comprehensive income— — — — 772 — 772 
Dividends on common stock ($0.60 per share)
— — — (94,800)— — (94,800)
Restricted stock grants873,500 88 (88)— — —  
Surrender of shares in connection with restricted stock vesting(238,702)(24)(3,539)— — — (3,563)
Stock-based compensation— — 8,115 — — — 8,115 
Acquisition of subsidiary— — — — — 500 500 
Contributions from non-controlling interest— — — — — 1,500 1,500 
Balance as of September 30, 2021153,959,427 $15,396 $4,488 $(574,594)$(20,302)$1,880 $(573,132)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of January 1, 2020148,084,900 $14,808 $ $(678,464)$(21,808)$448 $(685,016)
Impact of adoption of new accounting standards— — — (2,263)— — (2,263)
Net income— — — 60,682 — — 60,682 
Total other comprehensive income— — — — 1,141