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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 June 30, 2022

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 August 4, 2022, Vector Group Ltd. had 154,795,902 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 June 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Statements of Stockholders' Deficiency for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021
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
June 30,
2022
December 31,
2021
ASSETS:
Current assets:
Cash and cash equivalents$323,885 $193,411 
Investment securities at fair value122,394 146,687 
Accounts receivable - trade, net29,728 16,067 
Inventories93,419 94,615 
Income taxes receivable, net4,279 10,948 
Other current assets7,938 10,075 
Total current assets581,643 471,803 
Property, plant and equipment, net36,030 36,883 
Investments in real estate, net 9,098 
Long-term investments (includes $29,090 and $32,089 at fair value)
45,522 53,073 
Investments in real estate ventures108,864 105,062 
Operating lease right-of-use assets9,272 10,972 
Intangible assets107,511 107,511 
Other assets105,762 76,685 
Total assets$994,604 $871,087 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$51 $79 
 Current payments due under the Master Settlement Agreement
136,245 11,886 
Current operating lease liability3,795 3,838 
Other current liabilities144,659 149,487 
Total current liabilities284,750 165,290 
Notes payable, long-term debt and other obligations, less current portion1,400,701 1,398,591 
Non-current employee benefits69,357 68,970 
Deferred income taxes, net33,518 34,768 
Non-current operating lease liability6,981 8,853 
Payments due under the Master Settlement Agreement11,116 13,224 
Other liabilities19,093 22,944 
Total liabilities1,825,516 1,712,640 
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, 154,896,129 and 153,959,427 shares issued and outstanding
15,490 15,396 
Additional paid-in capital3,066 11,172 
Accumulated deficit(834,297)(852,398)
Accumulated other comprehensive loss(15,171)(15,723)
Total Vector Group Ltd. stockholders' deficiency(830,912)(841,553)
Total liabilities and stockholders' deficiency$994,604 $871,087 

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 EndedSix Months Ended
June 30,June 30,
2022202120222021
Revenues:
   Tobacco*$374,312 $329,496 $683,360 $597,959 
   Real estate12,890 8,058 15,884 10,583 
       Total revenues387,202 337,554 699,244 608,542 
Expenses:
 Cost of sales:
   Tobacco*265,189 206,145 476,726 370,176 
   Real estate6,049 7,746 7,327 8,622 
       Total cost of sales271,238 213,891 484,053 378,798 
Operating, selling, administrative and general expenses25,196 29,770 49,225 59,871 
Litigation settlement and judgment expense57  129 5 
Operating income90,711 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 taxes54,122 91,985 98,886 122,749 
Income tax expense14,969 27,004 27,191 36,218 
Income from continuing operations39,153 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.


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 Six Months Ended
June 30,June 30,
 2022202120222021
 
Net income$39,153 $93,305 $71,695 $125,262 
Net unrealized losses on investment securities available for sale:
Change in net unrealized losses(671)(122)(1,893)(304)
Net unrealized losses (gains) reclassified into net income665 34 1,830 (7)
Net unrealized losses on investment securities available for sale(6)(88)(63)(311)
Net change in pension-related amounts:
Amortization of loss404 481 808 963 
Net change in pension-related amounts404 481 808 963 
Other comprehensive income398 393 745 652 
Income tax effect on:
Change in net unrealized losses on investment securities172 33 488 82 
Net unrealized losses (gains) reclassified into net income on investment securities(171)(9)(472)2 
Pension-related amounts(104)(130)(209)(260)
Income tax provision on other comprehensive income(103)(106)(193)(176)
Other comprehensive income, net of tax295 287 552 476 
Comprehensive income$39,448 $93,592 $72,247 $125,738 

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 April 1, 2022154,938,177 $15,494 $12,183 $(852,863)$(15,466)$ $(840,652)
Net income— — — 39,153 — — 39,153 
Total other comprehensive income— — — — 295 — 295 
Dividends on common stock ($0.20 per share)
— — — (31,759)— — (31,759)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(42,048)(4)(515)— — — (519)
Stock-based compensation— — 2,570 — — — 2,570 
Reallocation of distribution of Douglas Elliman— — (11,172)11,172 — —  
Balance as of June 30, 2022154,896,129 $15,490 $3,066 $(834,297)$(15,171)$ $(830,912)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of April 1, 2021154,194,629 $15,419 $2,573 $(653,606)$(20,885)$ $(656,499)
Net income— — — 93,305 — — 93,305 
Total other comprehensive income— — — — 287 — 287 
Distributions and dividends on common stock ($0.20 per share)
— — — (31,610)— — (31,610)
Restricted stock grant3,500 1 (1)— — —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(42,029)(4)(604)— — — (608)
Stock-based compensation— — 3,080 — — — 3,080 
Balance as of June 30, 2021154,156,100 $15,416 $5,048 $(591,911)$(20,598)$ $(592,045)

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


Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Common StockAccumulated
SharesAmountCapitalDeficitLossTotal
Balance as of January 1, 2022153,959,427 $15,396 $11,172 $(852,398)$(15,723)$(841,553)
Net income— — — 71,695 — 71,695 
Total other comprehensive income— — — — 552 552 
Dividends on common stock ($0.40 per share)
— — — (63,526)— (63,526)
Restricted stock grants1,070,000 107 (107)— —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(133,298)(13)(1,544)— — (1,557)
Stock-based compensation— — 4,717 — — 4,717 
Reallocation of distribution of Douglas Elliman— — (11,172)11,172 —  
Other — — — (1,240)— (1,240)
Balance as of June 30, 2022154,896,129 $15,490 $3,066 $(834,297)$(15,171)$(830,912)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Common StockAccumulated
SharesAmountCapitalDeficitLossTotal
Balance as of January 1, 2021153,324,629 $15,332 $ $(653,945)$(21,074)$(659,687)
Net income— — — 125,262 — 125,262 
Total other comprehensive income— — — — 476 476 
Dividends on common stock ($0.40 per share)
— — — (63,228)— (63,228)
Restricted stock grant873,500 88 (88)— —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(42,029)(4)(604)— — (608)
Stock-based compensation— — 5,740 — — 5,740 
Balance as of June 30, 2021154,156,100 $15,416 $5,048 $(591,911)$(20,598)$(592,045)

The accompanying notes are an integral part of the condensed consolidated financial statements.
6


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
Six Months Ended
June 30,
20222021
Net cash provided by operating activities$211,211 $221,300 
Cash flows from investing activities:
Sale of investment securities21,011 23,477 
Maturities of investment securities36,357 36,461 
Purchase of investment securities(39,000)(74,805)
Proceeds from sale or liquidation of long-term investments1,101 8,009 
Purchase of long-term investments(1,000)(6,963)
Investments in real estate ventures(10,456)(9,902)
Distributions from investments in real estate ventures3,641 11,163 
Increase in cash surrender value of life insurance policies(1,282)(1,348)
Increase in restricted assets (5)
Issuance of notes receivable(10) 
Capital expenditures(2,911)(3,055)
Paydowns of investment securities114 302 
Net cash provided by (used in) investing activities7,565 (16,666)
Cash flows from financing activities:
Proceeds from issuance of debt 875,000 
Deferred financing costs (20,109)
Repayments of debt(17)(856,316)
Borrowings under revolving credit facility67,373 7,699 
Repayments on revolving credit facility(67,375)(7,699)
Dividends on common stock(63,327)(63,738)
Other(938)(51)
Net cash used in financing activities(64,284)(65,214)
Net increase in cash, cash equivalents and restricted cash154,492 139,420 
Cash, cash equivalents and restricted cash, beginning of period194,849 365,677 
Cash, cash equivalents and restricted cash, end of period$349,341 $505,097 

The accompanying notes are an integral part of the condensed consolidated financial statements.
7

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:
The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco LLC (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated.
Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
(b)Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statements of stockholders’ deficiency to the extent of retained earnings and net income for the respective fiscal year. Any amounts exceeding retained earnings and net income are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit.

(c)Earnings Per Share (“EPS”):

Net income for purposes of determining basic and diluted EPS for discontinued operations and net income available to common stockholders was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net income from continuing operations$39,153 $64,981 $71,695 $86,531 
Net income from discontinued operations 28,324  38,731 
Net income