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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)
| | | | | | | | |
Delaware | 1-5759 | 65-0949535 |
(State or other jurisdiction of incorporation | Commission 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: | Trading | Name of each exchange |
| Symbol(s) | on which registered: |
Common stock, par value $0.10 per share | VGR | New 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 filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging 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 | |
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 value | 115,824 | | | 146,687 | |
| | | |
Accounts receivable - trade, net | 27,141 | | | 16,067 | |
Inventories | 86,101 | | | 94,615 | |
Income taxes receivable, net | 2,776 | | | 10,948 | |
| | | |
Other current assets | 9,079 | | | 10,075 | |
Total current assets | 625,884 | | | 471,803 | |
Property, plant and equipment, net | 40,145 | | | 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 ventures | 116,840 | | | 105,062 | |
| | | |
Operating lease right-of-use assets | 8,477 | | | 10,972 | |
Intangible assets | 107,511 | | | 107,511 | |
Other assets | 106,032 | | | 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 liability | 3,689 | | | 3,838 | |
Other current liabilities | 126,332 | | | 149,487 | |
Total current liabilities | 344,332 | | | 165,290 | |
Notes payable, long-term debt and other obligations, less current portion | 1,389,155 | | | 1,398,591 | |
| | | |
Non-current employee benefits | 69,550 | | | 68,970 | |
Deferred income taxes, net | 32,411 | | | 34,768 | |
Non-current operating lease liability | 6,176 | | | 8,853 | |
Payments due under the Master Settlement Agreement | 11,116 | | | 13,224 | |
| | | |
Other liabilities | 19,853 | | | 22,944 | |
Total liabilities | 1,872,593 | | | 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 capital | 3,523 | | | 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.
VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Revenues: | | | | | | | |
Tobacco* | $ | 377,995 | | | $ | 297,942 | | | $ | 1,061,355 | | | $ | 895,901 | |
Real estate | — | | | 543 | | | 15,884 | | | 11,126 | |
| | | | | | | |
Total revenues | 377,995 | | | 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 sales | 267,023 | | | 187,444 | | | 751,076 | | | 566,242 | |
| | | | | | | |
Operating, selling, administrative and general expenses | 27,040 | | | 29,924 | | | 76,265 | | | 89,795 | |
Litigation settlement and judgment expense | 31 | | | 12 | | | 160 | | | 17 | |
Net gains on sales of assets | — | | | (910) | | | — | | | (910) | |
| | | | | | | |
| | | | | | | |
Operating income | 83,901 | | | 82,015 | | | 249,738 | | | 251,883 | |
| | | | | | | |
Other income (expenses): | | | | | | | |
Interest expense | (27,598) | | | (28,226) | | | (83,420) | | | (85,019) | |
Gain (loss) on extinguishment of debt | 412 | | | — | | | 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 taxes | 53,389 | | | 46,688 | | | 152,275 | | | 169,437 | |
Income tax expense | 14,533 | | | 16,776 | | | 41,724 | | | 52,994 | |
Income from continuing operations | 38,856 | | | 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 operations | 38,856 | | | 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.
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
| | | |
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 income | 953 | | | 36 | | | 2,783 | | | 29 | |
Net unrealized gains (losses) on investment securities available for sale | 5 | | | (75) | | | (58) | | | (386) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net change in pension-related amounts: | | | | | | | |
| | | | | | | |
| | | | | | | |
Amortization of loss | 403 | | | 481 | | | 1,211 | | | 1,444 | |
Net change in pension-related amounts | 403 | | | 481 | | | 1,211 | | | 1,444 | |
| | | | | | | |
Other comprehensive income | 408 | | | 406 | | | 1,153 | | | 1,058 | |
| | | | | | | |
Income tax effect on: | | | | | | | |
Change in net unrealized losses on investment securities | 245 | | | 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 tax | 303 | | | 296 | | | 855 | | | 772 | |
| | | | | | | |
Comprehensive income | 39,159 | | | 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.
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-In | | | | Accumulated Other Comprehensive | | | | Non-controlling | | |
| Common Stock | | | Accumulated | | | | | | |
| Shares | | Amount | | Capital | | Deficit | | Loss | | | | Interest | | Total |
Balance as of July 1, 2022 | 154,896,129 | | | $ | 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, 2022 | 154,795,902 | | | $ | 15,480 | | | $ | 3,523 | | | $ | (827,445) | | | $ | (14,868) | | | | | $ | — | | | $ | (823,310) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Vector Group Ltd. Stockholders' Deficiency | | |
| | | Additional Paid-In | | | | Accumulated Other Comprehensive | | | | Non-controlling | | |
| Common Stock | | | Accumulated | | | | | | |
| Shares | | Amount | | Capital | | Deficit | | Loss | | | | Interest | | Total |
Balance as of July 1, 2021 | 154,156,100 | | | $ | 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, 2021 | 153,959,427 | | | $ | 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Vector Group Ltd. Stockholders' Deficiency | | |
| | | Additional Paid-In | | | | Accumulated Other Comprehensive | | | | Non-controlling | | |
| Common Stock | | | Accumulated | | | | | | |
| Shares | | Amount | | Capital | | Deficit | | Loss | | | | Interest | | Total |
Balance as of January 1, 2022 | 153,959,427 | | | $ | 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 grants | 1,070,000 | | | 107 | | | (107) | | | — | | | — | | | | | — | | | — | |
| | | | | | | | | | | | | | | |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | (233,525) | | | (23) | | | (2,645) | | | — | | | — | | | | | — | | | (2,668) | |
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| | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
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, 2022 | 154,795,902 | | | $ | 15,480 | | | $ | 3,523 | | | $ | (827,445) | | | $ | (14,868) | | | | | $ | — | | | $ | (823,310) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Vector Group Ltd. Stockholders' Deficiency | | |
| | | Additional Paid-In | | | | Accumulated Other Comprehensive | | | | Non-controlling | | |
| Common Stock | | | Accumulated | | | | | | |
| Shares | | Amount | | Capital | | Deficit | | Loss | | | | Interest | | Total |
Balance as of January 1, 2021 | 153,324,629 | | | $ | 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 grant | 873,500 | | | 88 | | | (88) | | | — | | | — | | | | | — | | | — | |
| | | | | | | | | | | | | | | |
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting | (238,702) | | | (24) | | | (3,539) | | | — | | | — | | | | | — | | | (3,563) | |
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| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
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, 2021 | 153,959,427 | | | $ | 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.
VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2022 | | 2021 |
Net cash provided by operating activities | $ | 329,017 | | | $ | 311,337 | |
Cash flows from investing activities: | | | |
Sale of investment securities | 21,152 | | | 33,517 | |
Maturities of investment securities | 49,789 | | | 50,731 | |
Purchase of investment securities | (48,828) | | | (99,287) | |
Proceeds from sale or liquidation of long-term investments | 4,413 | | | 8,509 | |
| | | |
| | | |
| | | |
Purchase of long-term investments | (4,312) | | | (13,053) | |
Investments in real estate ventures | (19,644) | | | (15,912) | |
Distributions from investments in real estate ventures | 3,791 | | | 11,879 | |
Increase in cash surrender value of life insurance policies | (1,268) | | | (1,253) | |
Decrease (increase) in restricted assets | 5 | | | (5) | |
| | | |
Proceeds from sale of fixed assets | — |