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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, 2020

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 2, 2020, Vector Group Ltd. had 153,293,358 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, 2020 and December 31, 2019
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019
Condensed Consolidated Statements of Stockholders' Deficiency for the three and nine months ended September 30, 2020 and 2019
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019
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,
2020
December 31,
2019
ASSETS:
Current assets:
Cash and cash equivalents$451,071 $371,341 
Investment securities at fair value124,092 129,641 
Accounts receivable - trade, net43,999 36,959 
Inventories94,548 98,762 
Other current assets38,713 44,911 
Total current assets752,423 681,614 
Property, plant and equipment, net76,067 82,160 
Investments in real estate, net9,786 28,317 
Long-term investment securities at fair value31,619 45,781 
Investments in real estate ventures102,458 131,556 
Operating lease right-of-use assets147,959 149,578 
Goodwill and other intangible assets, net207,618 265,993 
Other assets115,048 120,090 
Total assets$1,442,978 $1,505,089 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$10,684 $209,269 
   Current portion of fair value of derivatives embedded within convertible debt 4,999 
 Current payments due under the Master Settlement Agreement
145,472 34,116 
Income taxes payable, net19,113 5,138 
Current operating lease liability22,485 18,294 
Other current liabilities194,028 189,317 
Total current liabilities391,782 461,133 
Notes payable, long-term debt and other obligations, less current portion1,395,964 1,397,216 
Non-current employee benefits61,341 67,853 
Deferred income taxes, net28,509 33,695 
Non-current operating lease liability159,200 156,963 
Payments due under the Master Settlement Agreement18,130 17,275 
Other liabilities50,171 55,970 
Total liabilities2,105,097 2,190,105 
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, 153,293,358 and 148,084,900 shares issued and outstanding
15,329 14,808 
Accumulated deficit(656,781)(678,464)
Accumulated other comprehensive loss(20,667)(21,808)
Total Vector Group Ltd. stockholders' deficiency(662,119)(685,464)
Non-controlling interest 448 
Total stockholders' deficiency(662,119)(685,016)
Total liabilities and stockholders' deficiency$1,442,978 $1,505,089 

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,
2020201920202019
Revenues:
   Tobacco*$318,850 $303,260 $918,429 $854,517 
   Real estate228,981 201,530 529,650 609,629 
       Total revenues547,831 504,790 1,448,079 1,464,146 
Expenses:
 Cost of sales:
   Tobacco*204,101 209,192 615,458 590,956 
   Real estate170,474 136,264 374,625 408,694 
       Total cost of sales374,575 345,456 990,083 999,650 
Operating, selling, administrative and general expenses77,019 92,374 238,600 278,047 
Litigation settlement and judgment expense 240 53 895 
Impairments of goodwill and intangible assets  58,252  
Restructuring charges320  3,281  
Operating income95,917 66,720 157,810 185,554 
Other income (expenses):
Interest expense(28,163)(32,963)(93,148)(103,236)
Change in fair value of derivatives embedded within convertible debt 6,182 4,999 20,319 
Equity in earnings (losses) from investments1,840 (468)54,199 (791)
Equity in (losses) earnings from real estate ventures(8,536)8,050 (27,301)12,002 
Other, net(5,096)2,223 (8,116)14,444 
Income before provision for income taxes55,962 49,744 88,443 128,292 
Income tax expense17,823 13,736 27,761 37,944 
Net income38,139 36,008 60,682 90,348 
Net income attributed to non-controlling interest   (80)
Net income attributed to Vector Group Ltd.$38,139 $36,008 $60,682 $90,268 
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.25 $0.23 $0.39 $0.57 
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.25 $0.23 $0.39 $0.56 
                                      

* Revenues and cost of sales include federal excise taxes of $120,320, $122,951, $354,629, and $347,527, 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,
 2020201920202019
 
Net income$38,139 $36,008 $60,682 $90,348 
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized (losses) gains(242)2 (262)725 
Net unrealized losses (gains) reclassified into net income1 (19)434 (56)
Net unrealized (losses) gains on investment securities available for sale(241)(17)172 669 
Net change in pension-related amounts
Amortization of loss463 491 1,390 1,439 
Net change in pension-related amounts463 491 1,390 1,439 
Other comprehensive income222 474 1,562 2,108 
Income tax effect on:
Change in net unrealized (losses) gains on investment securities65 (1)71 (199)
Net unrealized losses (gains) reclassified into net income on investment securities 5 (117)15 
Pension-related amounts(125)(134)(375)(394)
Income tax provision on other comprehensive income(60)(130)(421)(578)
Other comprehensive income, net of tax162 344 1,141 1,530 
Comprehensive income38,301 36,352 61,823 91,878 
Comprehensive income attributed to non-controlling interest   (80)
Comprehensive income attributed to Vector Group Ltd.$38,301 $36,352 $61,823 $91,798 

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, 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)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of July 1, 2019140,953,900 $14,095 $ $(597,786)$(23,493)$488 $(606,696)
Net income— — — 36,008 — — 36,008 
Total other comprehensive income— — — — 344 — 344 
Distributions and dividends on common stock ($0.38 per share)
— — (414)(58,310)— — (58,724)
Restricted stock grant— — — — — —  
Surrender of shares in connection with restricted stock vesting(200,926)(19)(1,934)— — — (1,953)
Effect of 2019 stock dividend*7,037,649 704 — (704)— —  
Stock-based compensation— — 2,348 — — — 2,348 
Balance as of September 30, 2019147,790,623 $14,780 $ $(620,792)$(23,149)$488 $(628,673)
*    Represents the effect of the September 27, 2019 stock dividend on the third quarter 2019 common-stock activity.
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, 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 — 1,141 
Distributions and dividends on common stock ($0.60 per share)
— — (56,868)(36,816)— — (93,684)
Restricted stock grant425,000 43 (43)— — —  
Surrender of shares in connection with restricted stock vesting(216,542)(22)(2,164)— — — (2,186)
Issuance of common stock, net of offering costs5,000,000 500 52,063 — — — 52,563 
Stock-based compensation— — 7,012 — — — 7,012 
Distributions to non-controlling interest— — — — — (448)(448)
Other — — — 80 — — 80 
Balance as of September 30, 2020153,293,358 $15,329 $ $(656,781)$(20,667)$ $(662,119)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of January 1, 2019140,914,642 $14,092 $ $(542,169)$(19,982)$693 $(547,366)
Impact of adoption of new accounting standards— — — 3,147 (4,697)— (1,550)
Net income— — — 90,268 — 80 90,348 
Total other comprehensive income— — — — 1,530 — 1,530 
Distributions and dividends on common stock ($1.14 per share)
— — (4,964)(171,334)— — (176,298)
Restricted stock grant60,000 6 (6)— — —  
Surrender of shares in connection with restricted stock vesting(221,668)(22)(2,152)— — — (2,174)
Effect of 2019 stock dividend*7,037,649 704 — (704)— —  
Stock-based compensation— —