Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VECTOR GROUP LTD | a80515_8kxfactsheet.htm |
| EX-99.4 - EXHIBIT 99.4 - VECTOR GROUP LTD | nvfactsheet815.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTOR GROUP LTD | vectorgroupfactsheet815.htm |
| EX-99.2 - EXHIBIT 99.2 - VECTOR GROUP LTD | vgrinvestorpresentationa.htm |
TABLE 3
VECTOR GROUP LTD. AND SUBSIDIARIES
COMPUTATION OF PRO-FORMA ADJUSTED EBITDA
(Unaudited)
(Dollars in Thousands)
LTM | Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net income attributed to Vector Group Ltd. | $ | 65,297 | $ | 17,868 | $ | 7,925 | $ | 38,824 | $ | 10,505 | |||||||||
Interest expense | 144,862 | 31,761 | 44,183 | 63,507 | 79,636 | ||||||||||||||
Income tax expense | 48,251 | 11,364 | 6,101 | 24,043 | 9,043 | ||||||||||||||
Net income attributed to non-controlling interest | 8,300 | 1,837 | 5,106 | 2,097 | 6,055 | ||||||||||||||
Depreciation and amortization | 24,668 | 6,442 | 5,462 | 12,723 | 12,554 | ||||||||||||||
EBITDA | $ | 291,378 | $ | 69,272 | $ | 68,777 | $ | 141,194 | $ | 117,793 | |||||||||
Change in fair value of derivatives embedded within convertible debt (a) | (30,805 | ) | (5,256 | ) | (1,970 | ) | (11,716 | ) | (320 | ) | |||||||||
Equity (gain) loss on long-term investments (b) | 1,085 | 1,657 | 273 | 1,694 | (633 | ) | |||||||||||||
(Gain) loss on sale of investment securities available for sale | (12,899 | ) | 190 | 18 | (12,839 | ) | 71 | ||||||||||||
Equity income (loss) from real estate ventures (c) | (6,553 | ) | (1,856 | ) | 1,808 | (2,194 | ) | 256 | |||||||||||
Pension settlement charge | 1,607 | 1,607 | — | 1,607 | — | ||||||||||||||
Acceleration of interest expense related to debt conversion | 1,087 | — | 439 | — | 4,118 | ||||||||||||||
Stock-based compensation expense (d) | 4,664 | 1,236 | 464 | 2,400 | 987 | ||||||||||||||
Litigation settlement and judgment expense (e) | 3,068 | 1,250 | — | 2,093 | 1,500 | ||||||||||||||
Impact of MSA settlement (f) | — | — | (1,419 | ) | — | (1,419 | ) | ||||||||||||
Purchase accounting adjustments (g) | 1,562 | 358 | 367 | 690 | 606 | ||||||||||||||
Other, net | (8,272 | ) | (1,525 | ) | (3,575 | ) | (3,421 | ) | (5,701 | ) | |||||||||
Pro-forma Adjusted EBITDA | $ | 245,922 | $ | 66,933 | $ | 65,182 | $ | 119,508 | $ | 117,258 | |||||||||
Pro-forma Adjusted EBITDA attributed to non-controlling interest | (11,901 | ) | (2,913 | ) | (5,712 | ) | (3,997 | ) | (7,954 | ) | |||||||||
Pro-forma Adjusted EBITDA attributed to Vector Group Ltd. | $ | 234,021 | $ | 64,020 | $ | 59,470 | $ | 115,511 | $ | 109,304 | |||||||||
Pro-forma Adjusted EBITDA by Segment | |||||||||||||||||||
Tobacco | $ | 226,476 | $ | 62,024 | $ | 53,273 | $ | 115,496 | $ | 100,188 | |||||||||
E-cigarettes | (14,498 | ) | (2,400 | ) | (3,765 | ) | (5,564 | ) | (4,190 | ) | |||||||||
Real Estate (h) | 43,533 | 10,326 | 18,890 | 15,717 | 28,220 | ||||||||||||||
Corporate and Other | (9,589 | ) | (3,017 | ) | (3,216 | ) | (6,141 | ) | (6,960 | ) | |||||||||
Total | $ | 245,922 | $ | 66,933 | $ | 65,182 | $ | 119,508 | $ | 117,258 | |||||||||
Pro-forma Adjusted EBITDA Attributed to Vector Group by Segment | |||||||||||||||||||
Tobacco | $ | 226,476 | $ | 62,024 | $ | 53,273 | $ | 115,496 | $ | 100,188 | |||||||||
E-cigarettes | (14,498 | ) | (2,400 | ) | (3,765 | ) | (5,564 | ) | (4,190 | ) | |||||||||
Real Estate (i) | 31,632 | 7,413 | 13,178 | 11,720 | 20,266 | ||||||||||||||
Corporate and Other | (9,589 | ) | (3,017 | ) | (3,216 | ) | (6,141 | ) | (6,960 | ) | |||||||||
Total | $ | 234,021 | $ | 64,020 | $ | 59,470 | $ | 115,511 | $ | 109,304 | |||||||||
a. | Represents income or losses recognized from changes in the fair value of the derivatives embedded in the Company's convertible debt. |
b. | Represents income or losses recognized on long-term investments that the Company accounts for under the equity method. |
c. | Represents equity income recognized from the Company's investment in certain real estate businesses that are not consolidated in its financial results. |
d. | Represents amortization of stock-based compensation. |
e. | Represents accruals for settlements of judgments in the Engle progeny tobacco litigation. |
f. | Represents the Company's tobacco business's settlement of a long-standing dispute related to the Master Settlement Agreement. |
g. | Amounts represent purchase accounting adjustments recorded in the periods presented in connection with the increase of the Company's ownership of Douglas Elliman Realty, LLC, which occurred in 2013. |
h. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC of $41,071 for the last twelve months ended June 30, 2015 and $9,906, $15,791, $13,591,and $23,175 for the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote reflect 100% of Douglas Elliman Realty, LLC's entire Pro-forma Adjusted EBITDA. |
i. | Includes Pro-forma Adjusted EBITDA for Douglas Elliman Realty, LLC less non-controlling interest of $28,992 for the last twelve months ended June 30, 2015 and $6,993, $11,147, $9,594, and $16,359 the three and six months ended June 30, 2015 and 2014, respectively. Amounts reported in this footnote have adjusted Douglas Elliman Realty, LLC's Pro-forma Adjusted EBITDA for non-controlling interest. |