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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, 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 August 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 June 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020
Condensed Consolidated Statements of Stockholders' Deficiency for the three and six months ended June 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the six months ended June 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
June 30,
2021
December 31,
2020
ASSETS:
Current assets:
Cash and cash equivalents$490,390 $352,842 
Investment securities at fair value157,001 135,585 
Accounts receivable - trade, net51,463 40,711 
Inventories93,161 97,545 
Other current assets46,171 37,220 
Total current assets838,186 663,903 
Property, plant and equipment, net72,804 77,988 
Investments in real estate, net9,608 15,631 
Long-term investments (includes $35,534 and $34,218 at fair value)
55,362 52,528 
Investments in real estate ventures76,192 85,400 
Operating lease right-of-use assets138,057 145,356 
Goodwill and other intangible assets, net207,497 207,577 
Other assets98,671 95,026 
Total assets$1,496,377 $1,343,409 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$12,558 $12,557 
 Current payments due under the Master Settlement Agreement
89,488 38,767 
Income taxes payable, net13,834 5,847 
Current operating lease liability26,625 27,207 
Other current liabilities223,498 198,937 
Total current liabilities366,003 283,315 
Notes payable, long-term debt and other obligations, less current portion1,402,827 1,393,729 
Non-current employee benefits66,829 66,616 
Deferred income taxes, net36,602 32,456 
Non-current operating lease liability144,487 154,199 
Payments due under the Master Settlement Agreement13,224 17,933 
Other liabilities58,450 54,848 
Total liabilities2,088,422 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, 154,156,100 and 153,324,629 shares issued and outstanding
15,416 15,332 
Additional paid-in capital5,048  
Accumulated deficit(591,911)(653,945)
Accumulated other comprehensive loss(20,598)(21,074)
Total Vector Group Ltd. stockholders' deficiency(592,045)(659,687)
Non-controlling interest  
Total stockholders' deficiency(592,045)(659,687)
Total liabilities and stockholders' deficiency$1,496,377 $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 EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenues:
   Tobacco*$329,496 $312,510 $597,959 $599,579 
   Real estate400,033 133,250 675,334 300,669 
       Total revenues729,529 445,760 1,273,293 900,248 
Expenses:
 Cost of sales:
   Tobacco*206,145 214,067 370,176 411,357 
   Real estate294,265 90,818 493,776 204,151 
       Total cost of sales500,410 304,885 863,952 615,508 
Operating, selling, administrative and general expenses92,043 71,064 182,057 161,581 
Litigation settlement and judgment expense 53 5 53 
Impairments of goodwill and other intangible assets   58,252 
Restructuring charges 2,961  2,961 
Operating income137,076 66,797 227,279 61,893 
Other income (expenses):
Interest expense(28,115)(29,358)(56,866)(64,985)
Loss on extinguishment of debt  (21,362) 
Change in fair value of derivatives embedded within convertible debt 1,669  4,999 
Equity in earnings from investments941 2,207 1,518 52,359 
Equity in earnings (losses) from real estate ventures16,685 (12,260)18,274 (18,765)
Other, net5,578 7,635 8,332 (3,020)
Income before provision for income taxes132,165 36,690 177,175 32,481 
Income tax expense38,860 10,916 51,913 9,938 
Net income93,305 25,774 125,262 22,543 
Net income attributed to non-controlling interest    
Net income attributed to Vector Group Ltd.$93,305 $25,774 $125,262 $22,543 
Per basic common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.61 $0.17 $0.81 $0.14 
Per diluted common share:
Net income applicable to common shares attributed to Vector Group Ltd.$0.61 $0.16 $0.81 $0.14 
                                      

* Revenues and cost of sales include federal excise taxes of $118,735, $121,170, $216,449, and $234,309 for the three and six months ended June 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 Six Months Ended
June 30,June 30,
 2021202020212020
 
Net income$93,305 $25,774 $125,262 $22,543 
Net unrealized (losses) gains on investment securities available for sale:
Change in net unrealized (losses) gains(122)644 (304)(20)
Net unrealized losses (gains) reclassified into net income34 (70)(7)433 
Net unrealized (losses) gains on investment securities available for sale(88)574 (311)413 
Net change in pension-related amounts:
Amortization of loss481 463 963 927 
Other comprehensive income393 1,037 652 1,340 
Income tax effect on:
Change in net unrealized (losses) gains on investment securities33 (174)82 6 
Net unrealized losses (gains) reclassified into net income on investment securities(9)19 2 (117)
Pension-related amounts(130)(125)(260)(250)
Income tax provision on other comprehensive income(106)(280)(176)(361)
Other comprehensive income, net of tax287 757 476 979 
Comprehensive income93,592 26,531 125,738 23,522 
Comprehensive income attributed to non-controlling interest    
Comprehensive income attributed to Vector Group Ltd.$93,592 $26,531 $125,738 $23,522 

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, 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 
Dividends on common stock ($0.20 per share)
— — — (31,610)— — (31,610)
Restricted stock grant3,500 1 (1)— — —  
Surrender of shares 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)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of April 1, 2020148,084,900 $14,808 $ $(712,221)$(21,586)$ $(718,999)
Net income— — — 25,774 — — 25,774 
Total other comprehensive income— — — — 757 — 757 
Distributions and dividends on common stock ($0.20 per share)
— — (54,244)22,644 — — (31,600)
Restricted stock grant405,000 41 (41)— — —  
Surrender of shares in connection with restricted stock vesting(5,423)(1)(61)— — — (62)
Issuance of common stock5,000,000 500 52,063 — — — 52,563 
Stock-based compensation— — 2,283 — — — 2,283 
Other— — — 80 — — 80 
Balance as of June 30, 2020153,484,477 $15,348 $ $(663,723)$(20,829)$ $(669,204)

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)
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 grants873,500 88 (88)— — —  
Surrender of shares 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)
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— — — 22,543 — — 22,543 
Total other comprehensive income— — — — 979 — 979 
Distributions and dividends on common stock ($0.40 per share)
— — (56,502)(5,619)— — (62,121)
Restricted stock grant405,000 41 (41)— — —  
Surrender of shares in connection with restricted stock vesting(5,423)(1)(61)— — — (62)
Issuance of common stock5,000,000 500 52,063 — — —