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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, 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 November 1, 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 September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Stockholders' Deficiency for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows for the nine months ended September 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
September 30,
2022
December 31,
2021
ASSETS:
Current assets:
Cash and cash equivalents$384,963 $193,411 
Investment securities at fair value115,824 146,687 
Accounts receivable - trade, net27,141 16,067 
Inventories86,101 94,615 
Income taxes receivable, net2,776 10,948 
Other current assets9,079 10,075 
Total current assets625,884 471,803 
Property, plant and equipment, net40,145 36,883 
Investments in real estate, net 9,098 
Long-term investments (includes $28,582 and $32,089 at fair value)
44,394 53,073 
Investments in real estate ventures116,840 105,062 
Operating lease right-of-use assets8,477 10,972 
Intangible assets107,511 107,511 
Other assets106,032 76,685 
Total assets$1,049,283 $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
214,260 11,886 
Current operating lease liability3,689 3,838 
Other current liabilities126,332 149,487 
Total current liabilities344,332 165,290 
Notes payable, long-term debt and other obligations, less current portion1,389,155 1,398,591 
Non-current employee benefits69,550 68,970 
Deferred income taxes, net32,411 34,768 
Non-current operating lease liability6,176 8,853 
Payments due under the Master Settlement Agreement11,116 13,224 
Other liabilities19,853 22,944 
Total liabilities1,872,593 1,712,640 
Commitments and contingencies (Note 8)
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, 154,795,902 and 153,959,427 shares issued and outstanding
15,480 15,396 
Additional paid-in capital3,523 11,172 
Accumulated deficit(827,445)(852,398)
Accumulated other comprehensive loss(14,868)(15,723)
Total Vector Group Ltd. stockholders' deficiency(823,310)(841,553)
Non-controlling interest  
Total stockholders' deficiency(823,310)(841,553)
Total liabilities and stockholders' deficiency$1,049,283 $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 EndedNine Months Ended
September 30,September 30,
2022202120222021
Revenues:
   Tobacco*$377,995 $297,942 $1,061,355 $895,901 
   Real estate 543 15,884 11,126 
       Total revenues377,995 298,485 1,077,239 907,027 
Expenses:
 Cost of sales:
   Tobacco*267,023 186,398 743,749 556,574 
   Real estate 1,046 7,327 9,668 
       Total cost of sales267,023 187,444 751,076 566,242 
Operating, selling, administrative and general expenses27,040 29,924 76,265 89,795 
Litigation settlement and judgment expense31 12 160 17 
Net gains on sales of assets (910) (910)
Operating income83,901 82,015 249,738 251,883 
Other income (expenses):
Interest expense(27,598)(28,226)(83,420)(85,019)
Gain (loss) on extinguishment of debt412  412 (21,362)
Equity in (losses) earnings from investments(619)44 (5,172)1,562 
Equity in (losses) earnings from real estate ventures(1,903)(5,694)(4,240)12,505 
Other, net(804)(1,451)(5,043)9,868 
Income before provision for income taxes53,389 46,688 152,275 169,437 
Income tax expense14,533 16,776 41,724 52,994 
Income from continuing operations38,856 29,912 110,551 116,443 
Income from discontinued operations, net of income taxes 18,857  57,588 
Net income$38,856 $48,769 $110,551 $174,031 
Net loss from continuing operations attributed to non-controlling interest    
Net loss from discontinued operations attributed to non-controlling interest 120  120 
Net loss attributed to non-controlling interest 120  120 
Net income attributed to Vector Group Ltd. from continuing operations38,856 29,912 110,551 116,443 
Net income attributed to Vector Group Ltd. from discontinued operations 18,977  57,708 
Net income attributed to Vector Group Ltd.$38,856 $48,889 $110,551 $174,151 
Per basic common share:
Net income from continuing operations applicable to common shares $0.25 $0.19 $0.70 $0.74 
Net income from discontinued operations applicable to common shares  0.12  0.37 
Net income applicable to common shares$0.25 $0.31 $0.70 $1.11 
Per diluted common share:
Net income from continuing operations applicable to common shares$0.25 $0.19 $0.70 $0.74 
Net income from discontinued operations applicable to common shares  0.12  0.37 
Net income applicable to common shares$0.25 $0.31 $0.70 $1.11 
                                      
* Revenues and cost of sales include federal excise taxes of $138,041, $106,408, $392,004, and $322,857 for the three and nine months ended September 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 Nine Months Ended
September 30,September 30,
 2022202120222021
 
Net income$38,856 $48,769 $110,551 $174,031 
Net unrealized gains (losses) on investment securities available for sale:
Change in net unrealized losses(948)(111)(2,841)(415)
Net unrealized losses reclassified into net income953 36 2,783 29 
Net unrealized gains (losses) on investment securities available for sale5 (75)(58)(386)
Net change in pension-related amounts:
Amortization of loss403 481 1,211 1,444 
Net change in pension-related amounts403 481 1,211 1,444 
Other comprehensive income408 406 1,153 1,058 
Income tax effect on:
Change in net unrealized losses on investment securities245 30 733 112 
Net unrealized losses reclassified into net income on investment securities(246)(10)(718)(8)
Pension-related amounts(104)(130)(313)(390)
Income tax provision on other comprehensive income(105)(110)(298)(286)
Other comprehensive income, net of tax303 296 855 772 
Comprehensive income39,159 49,065 111,406 174,803 
Comprehensive loss attributed to non-controlling interest 120  120 
Comprehensive income attributed to Vector Group Ltd.$39,159 $49,185 $111,406 $174,923 

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, 2022154,896,129 $15,490 $3,066 $(834,297)$(15,171)$ $(830,912)
Net income— — — 38,856 — — 38,856 
Total other comprehensive income— — — — 303 — 303 
Dividends on common stock ($0.20 per share)
— — — (31,739)— — (31,739)
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(100,227)(10)(1,101)— — — (1,111)
Stock-based compensation— — 1,558 — — — 1,558 
Other— — — (265)— — (265)
Balance as of September 30, 2022154,795,902 $15,480 $3,523 $(827,445)$(14,868)$ $(823,310)
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— — — 48,889 — (120)48,769 
Total other comprehensive income— — — — 296 — 296 
Distributions and dividends on common stock ($0.20 per share)
— — — (31,572)— — (31,572)
Restricted stock grant   — — —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(196,673)(20)(2,935)— — — (2,955)
Stock-based compensation— — 2,375 — — — 2,375 
Acquisition of Douglas Elliman Realty, LLC— — — — — 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)

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, 2022153,959,427 $15,396 $11,172 $(852,398)$(15,723)$ $(841,553)
Net income— — — 110,551 — — 110,551 
Total other comprehensive income— — — — 855 — 855 
Dividends on common stock ($0.60 per share)
— — — (95,265)— — (95,265)
Restricted stock grants1,070,000 107 (107)— — —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(233,525)(23)(2,645)— — — (2,668)
Stock-based compensation— — 6,275 — — — 6,275 
Reallocation of distribution of Douglas Elliman— — (11,172)11,172 — —  
Other — — — (1,505)— — (1,505)
Balance as of September 30, 2022154,795,902 $15,480 $3,523 $(827,445)$(14,868)$ $(823,310)
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)
Net income— — — 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 grant873,500 88 (88)— — —  
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting(238,702)(24)(3,539)— — — (3,563)
Stock-based compensation— — 8,115 — — — 8,115 
Acquisition of Douglas Elliman Realty, LLC— — — — — 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)

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
Nine Months Ended
September 30,
20222021
Net cash provided by operating activities$329,017 $311,337 
Cash flows from investing activities:
Sale of investment securities21,152 33,517 
Maturities of investment securities49,789 50,731 
Purchase of investment securities(48,828)(99,287)