Vector group reports third quarter 2021 financial results
Miami--(business wire)--vector group ltd. (nyse:vgr) today announced third quarter 2021 financial results. “vector had another outstanding quarter, achieving all-time high quarterly revenues and significantly increased operating income,” said howard m. lorber, president and chief executive officer of vector group. “we are excited by the continued strong performance of our tobacco business which validates our market strategy and reflects the competitive advantages we have in the deep discount segment. our douglas elliman subsidiary also delivered record revenues up 70% during the quarter compared to the year ago period, and closed sales volume was up 62% over the same time frame. combined with expense reductions, douglas elliman achieved record quarterly adjusted ebitda during the third quarter.” in a separate press release issued today, vector group announced that douglas elliman plans to file a form 10 registration statement with the securities and exchange commission in connection with its intended spin-off into a standalone, publicly traded company. gaap financial results three months ended september 30, 2021 and 2020. third quarter 2021 revenues were $652.6 million, compared to revenues of $547.8 million in the third quarter of 2020. the company recorded operating income of $107.5 million in the third quarter of 2021, compared to operating income of $95.9 million in the third quarter of 2020. net income attributed to vector group ltd. for the third quarter of 2021 was $48.9 million, or $0.32 per diluted common share, compared to net income of $38.1 million, or $0.25 per diluted common share, in the third quarter of 2020. operating income and net income for the third quarter of 2020 included pre-tax restructuring charges of $0.3 million in the company’s real estate segment. nine months ended september 30, 2021 and 2020. for the nine months ended september 30, 2021, revenues were $1.93 billion, compared to revenues of $1.45 billion for the nine months ended september 30, 2020. the company recorded operating income of $334.8 million for the nine months ended september 30, 2021, compared to operating income of $157.8 million for the nine months ended september 30, 2020. net income attributed to vector group ltd. for the nine months ended september 30, 2021 was $174.2 million, or $1.13 per diluted common share, compared to net income of $60.7 million, or $0.39 per diluted common share, for the nine months ended september 30, 2020. operating income and net income for the nine months ended september 30, 2020 included pre-tax and non-cash impairment charges of $58.3 million and pre-tax restructuring charges of $3.3 million in the company’s real estate segment. non-gaap financial measures non-gaap financial measures include adjustments for change in fair value of derivatives embedded within convertible debt, loss on extinguishment of debt, litigation settlements and judgment expense, impact of master settlement agreement settlements, restructuring charges, net gains on sales of assets (for purposes of adjusted ebitda and adjusted operating income only), and impairments of goodwill and other intangible assets. for purposes of adjusted ebitda only, adjustments include equity in earnings from investments, equity in (earnings) losses from real estate ventures, stock-based compensation expense, and other, net. for purposes of adjusted net income only, adjustments include non-cash amortization of debt discount on convertible debt, net interest expense capitalized to real estate ventures, and the derivative associated with the 2018 acquisition of 29.41% of douglas elliman. reconciliations of non-gaap financial measures to the comparable gaap financial results for the last twelve months ended september 30, 2021 and the three and nine months ended september 30, 2021 and 2020 are included in tables 2 through 8. three months ended september 30, 2021 compared to the three months ended september 30, 2020 adjusted ebitda attributed to vector (as described in table 2 attached hereto) were $116.5 million for the third quarter of 2021, compared to $103.3 million for the third quarter of 2020. adjusted net income (as described in table 3 attached hereto) was $52.6 million, or $0.34 per diluted share, for the third quarter of 2021, and $38.3 million or $0.25 per diluted share, for the third quarter of 2020. adjusted operating income (as described in table 4 attached hereto) was $110.1 million for the third quarter of 2021, compared to $96.5 million for the third quarter of 2020. nine months ended september 30, 2021 compared to the nine months ended september 30, 2020 adjusted ebitda attributed to vector (as described in table 2 attached hereto) were $355.1 million for the nine months ended september 30, 2021, compared to $240.0 million for the nine months ended september 30, 2020. adjusted net income (as described in table 3 attached hereto) was $194.3 million, or $1.26 per diluted share, for the nine months ended september 30, 2021, compared to $106.9 million, or $0.70 per diluted share, for the nine months ended september 30, 2020. adjusted operating income (as described in table 4 attached hereto) was $334.6 million for the nine months ended september 30, 2021, compared to $219.7 million for the nine months ended september 30, 2020. last twelve months ended september 30, 2021 for the last twelve months ended september 30, 2021, revenues were $2.5 billion. the company recorded operating income of $422.1 million for the last twelve months ended september 30, 2021. net income attributed to vector group ltd. for the last twelve months ended september 30, 2021 was $206.4 million. for the last twelve months ended september 30, 2021, adjusted ebitda attributed to vector (as described in table 2 attached hereto) were $448.4 million. adjusted operating income (as described in table 4 attached hereto) was $421.2 million for the last twelve months ended september 30, 2021. consolidated balance sheet vector maintained significant liquidity at september 30, 2021 with cash and cash equivalents of $524 million, including $133 million of cash at liggett and $159 million of cash at douglas elliman. vector also held investment securities of $155 million and long-term investments of $58 million. vector continued its longstanding history of paying a quarterly cash dividend in the third quarter of 2021. for the nine months ended september 30, 2021, vector returned a total of $95 million to stockholders at a quarterly rate of $0.20 per common share. tobacco segment financial results for the third quarter of 2021, the tobacco segment had revenues of $297.9 million, compared to $318.9 million for the third quarter of 2020. for the nine months ended september 30, 2021, the tobacco segment had revenues of $895.9 million, compared to $918.4 million for the nine months ended september 30, 2020. for the last twelve months ended september 30, 2021, the tobacco segment had revenues of $1.2 billion. operating income from the tobacco segment was $91.8 million and $276.6 million for the three and nine months ended september 30, 2021, respectively, compared to $91.3 million and $239.8 million for the three and nine months ended september 30, 2020, respectively. operating income from the tobacco segment was $356.3 million for the last twelve months ended september 30, 2021. non-gaap financial measures tobacco adjusted operating income (as described in table 5 attached hereto) for the third quarter of 2021 and 2020 was $91.8 million and $91.6 million, respectively. tobacco adjusted operating income for the nine months ended september 30, 2021 was $273.9 million, compared to $240.2 million for the nine months ended september 30, 2020. tobacco adjusted operating income for the last twelve months ended september 30, 2021 was $353.9 million. for the third quarter of 2021, the tobacco segment had conventional cigarette (wholesale) shipments of approximately 2.11 billion units, compared to 2.39 billion units for the third quarter of 2020. for the nine months ended september 30, 2021, the tobacco segment had conventional cigarette (wholesale) shipments of approximately 6.41 billion units, compared to 7.04 billion units for the nine months ended september 30, 2020. according to data from management science associates, for the third quarter of 2021, liggett’s retail market share increased to 4.22% compared to 4.18% for the third quarter of 2020. for the nine months ended september 30, 2021, liggett’s retail market share declined to 4.16%, compared to 4.25% for the nine months ended september 30, 2020. compared to the third quarter of 2020, liggett’s retail shipments in the third quarter of 2021 declined by 6.1% while the overall industry’s retail shipments declined by 7.0%. compared to the nine months ended september 30, 2020, liggett’s retail shipments for nine months ended september 30, 2021 declined by 6.3% while the overall industry’s retail shipments declined by 4.2%. real estate segment financial results for the third quarter of 2021, the real estate segment had revenues of $354.7 million compared to $229.0 million for the third quarter of 2020. for the nine months ended september 30, 2021, the real estate segment had revenues of $1.0 billion, compared to $529.7 million for the nine months ended september 30, 2020. for the last twelve months ended september 30, 2021, the real estate segment had revenues of $1.3 billion. for the third quarter of 2021, the real estate segment reported net income of $15.5 million, compared to a net loss of $4.1 million for the third quarter of 2020. for the nine months ended september 30, 2021, the real estate segment reported net income of $67.0 million, compared to a net loss of $70.9 million for the nine months ended september 30, 2020. douglas elliman’s results are included in the company’s real estate segment. for the third quarter of 2021, douglas elliman had revenues of $354.2 million, compared to $208.0 million for the third quarter of 2020. for the nine months ended september 30, 2021, douglas elliman had revenues of $1.0 billion, compared to $506.5 million for the nine months ended september 30, 2020. for the last twelve months ended september 30, 2021, douglas elliman had revenues of $1.3 billion. for the third quarter of 2021, douglas elliman reported net income of $25.1 million, compared to $11.8 million for the third quarter of 2020. for the nine months ended september 30, 2021, douglas elliman reported net income of $82.2 million, compared to a net loss of $62.2 million for the nine months ended september 30, 2020. results for the third quarter of 2020 for the real estate segment and douglas elliman included pre-tax restructuring charges of $0.3 million and the real estate segment’s and douglas elliman’s net loss for the nine months ended september 30, 2020 included pre-tax and non-cash impairment charges of $58.3 million and pre-tax restructuring charges of $3.3 million. non-gaap financial measures for the third quarter of 2021, real estate adjusted ebitda attributed to vector (as described in table 6 attached hereto) were $27.1 million, compared to $13.3 million for the third quarter of 2020. for the nine months ended september 30, 2021, real estate adjusted ebitda attributed to vector were $89.2 million, compared to $4.7 million for the nine months ended september 30, 2020. for the last twelve months ended september 30, 2021, real estate net income was $61.9 million and real estate adjusted ebitda were $106.2 million. for the third quarter of 2021, douglas elliman’s adjusted ebitda (as described in table 7 attached hereto) were $27.8 million, compared to $14.1 million for the third quarter of 2020. for the nine months ended september 30, 2021, douglas elliman’s adjusted ebitda were $89.5 million, compared to $5.3 million for the nine months ended september 30, 2020. for the last twelve months ended september 30, 2021, douglas elliman’s net income was $96.2 million and douglas elliman’s adjusted ebitda were $106.2 million. for the three and nine months ended september 30, 2021, douglas elliman achieved closed sales of approximately $12.6 billion and $37.2 billion, respectively, compared to $7.8 billion and $18.6 billion for the three and nine months ended september 30, 2020, respectively. for the last twelve months ended september 30, 2021 and the year ended december 31, 2020, douglas elliman achieved closed sales of approximately $47.7 billion and $29.1 billion, respectively. non-gaap financial measures adjusted ebitda, adjusted net income, adjusted operating income, tobacco adjusted operating income, tobacco adjusted ebitda, real estate segment (new valley llc) adjusted ebitda, douglas elliman adjusted ebitda and financial measures for the last twelve months (“ltm”) ended september 30, 2021 (“the non-gaap financial measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“gaap”). the company believes that the non-gaap financial measures are important measures that supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance. the company believes the non-gaap financial measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies. management uses the non-gaap financial measures as measures to review and assess operating performance of the company’s business, and management and investors should review both the overall performance (gaap net income) and the operating performance (the non-gaap financial measures) of the company’s business. while management considers the non-gaap financial measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with gaap, such as operating income, net income and cash flows from operations. in addition, the non-gaap financial measures are susceptible to varying calculations and the company’s measurement of the non-gaap financial measures may not be comparable to those of other companies. attached hereto as tables 2 through 8 is information relating to the company’s non-gaap financial measures for the last twelve months ended september 30, 2021 and the three and nine months ended september 30, 2021 and 2020. conference call to discuss third quarter 2021 results as previously announced, the company will host a conference call and webcast on monday, november 8, 2021 at 5:00 pm (et) to discuss its third quarter 2021 results. investors can access the call by dialing 877-271-1828 and entering 43234619 as the conference id number. the call will also be available via live webcast at https://www.webcaster4.com/webcast/page/2271/43402. webcast participants should allot extra time to register before the webcast begins. a replay of the call will be available shortly after the call ends on november 8, 2021 through november 22, 2021. to access the replay, dial 877-656-8905 and enter 43234619 as the conference id number. the archived webcast will also be available at https://www.webcaster4.com/webcast/page/2271/43402 for one year. about vector group ltd. vector group is a holding company for liggett group llc, vector tobacco inc., new valley llc, and douglas elliman realty, llc. additional information concerning the company is available on the company’s website, www.vectorgroupltd.com. investors and others should note that we may post information about the company or its subsidiaries on our website at www.vectorgroupltd.com and/or at the websites of those subsidiaries or, if applicable, on their accounts on facebook, instagram, linkedin, tiktok, twitter, youtube or other social media platforms. it is possible that the postings or releases could include information deemed to be material information. therefore, we encourage investors, the media and others interested in the company to review the information we post on our website at www.vectorgroupltd.com, on the websites of our subsidiaries and on their social media accounts. forward-looking and cautionary statements this press release includes forward-looking statements within the meaning of the federal securities law. all statements other than statements of historical or current facts, including statements regarding the current or anticipated impact of the covid-19 pandemic on our business, made in this document are forward-looking. we identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue’” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. forward-looking statements reflect our current expectations and are inherently uncertain. actual results could differ materially for a variety of reasons. in particular, the extent, duration and severity of the spread of the covid-19 pandemic and economic consequences stemming from the covid-19 crisis (including a potential significant economic contraction) as well as related risks and the impact of any of the foregoing on our business, results of operations and liquidity could affect our future results and cause actual results to differ materially from those expressed in forward-looking statements. risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our 2020 annual report on form 10-k and in our quarterly report on form 10-q for the quarter ended september 30, 2021. we undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. [financial tables follow] table 1 vector group ltd. and subsidiaries consolidated statements of operations (dollars in thousands, except per share amounts) three months ended nine months ended september 30, september 30, 2021 2020 2021 2020 (unaudited) (unaudited) revenues: tobacco* $ 297,942 $ 318,850 $ 895,901 $ 918,429 real estate 354,704 228,981 1,030,038 529,650 total revenues 652,646 547,831 1,925,939 1,448,079 expenses: cost of sales: tobacco* 186,398 204,101 556,574 615,458 real estate 260,692 170,474 754,468 374,625 total cost of sales 447,090 374,575 1,311,042 990,083 operating, selling, administrative and general expenses 98,925 77,019 280,982 238,600 litigation settlement and judgment expense 12 — 17 53 net gains on sales of assets (910 ) — (910 ) — impairments of goodwill and other intangible assets — — — 58,252 restructuring charges — 320 — 3,281 operating income 107,529 95,917 334,808 157,810 other income (expenses): interest expense (28,287 ) (28,163 ) (85,153 ) (93,148 ) loss on extinguishment of debt — — (21,362 ) — change in fair value of derivatives embedded within convertible debt — — — 4,999 equity in earnings from investments 44 1,840 1,562 54,199 equity in (losses) earnings from real estate ventures (5,869 ) (8,536 ) 12,405 (27,301 ) other, net (969 ) (5,096 ) 7,363 (8,116 ) income before provision for income taxes 72,448 55,962 249,623 88,443 income tax expense 23,679 17,823 75,592 27,761 net income 48,769 38,139 174,031 60,682 net loss attributed to non-controlling interest 120 — 120 — net income attributed to vector group ltd. $ 48,889 $ 38,139 $ 174,151 $ 60,682 per basic common share: net income applicable to common share attributed to vector group ltd. $ 0.32 $ 0.25 $ 1.13 $ 0.39 per diluted common share: net income applicable to common share attributed to vector group ltd. $ 0.32 $ 0.25 $ 1.13 $ 0.39 * revenues and cost of sales include federal excise taxes of $106,408, $120,320, $322,857 and $354,629 for the three and nine months ended september 30, 2021 and 2020, respectively. vector group ltd. and subsidiaries reconciliation of adjusted ebitda (unaudited) (dollars in thousands) ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 net income attributed to vector group ltd. $ 206,407 $ 92,938 $ 48,889 $ 38,139 $ 174,151 $ 60,682 interest expense 113,546 121,541 28,287 28,163 85,153 93,148 income tax expense 89,608 41,777 23,679 17,823 75,592 27,761 net loss attributed to non-controlling interest (120 ) — (120 ) — (120 ) — depreciation and amortization 16,626 17,629 4,062 4,346 12,330 13,333 ebitda $ 426,067 $ 273,885 $ 104,797 $ 88,471 $ 347,106 $ 194,924 change in fair value of derivatives embedded within convertible debt (a) — (4,999 ) — — — (4,999 ) equity in earnings from investments (b) (3,631 ) (56,268 ) (44 ) (1,840 ) (1,562 ) (54,199 ) equity in losses (earnings) from real estate ventures (c) 4,992 44,698 5,869 8,536 (12,405 ) 27,301 loss on extinguishment of debt 21,362 — — — 21,362 — stock-based compensation expense (d) 10,586 9,483 2,375 2,471 8,115 7,012 litigation settlement and judgment expense (e) 301 337 12 — 17 53 impact of msa settlement (f) (2,709 ) 299 — 286 (2,722 ) 286 restructuring charges (g) 101 3,382 — 320 — 3,281 transaction expenses (h) 3,426 — 3,426 — 3,426 — net gains on sales of assets (2,024 ) (1,114 ) (910 ) — (910 ) — impairments of goodwill and other intangible assets (i) — 58,252 — — — 58,252 other, net (10,023 ) 5,456 969 5,096 (7,363 ) 8,116 adjusted ebitda attributed to vector group ltd. $ 448,448 $ 333,411 $ 116,494 $ 103,340 $ 355,064 $ 240,027 adjusted ebitda attributed to vector group ltd. by segment tobacco $ 360,769 $ 328,049 $ 93,350 $ 93,570 $ 278,880 $ 246,160 real estate (j) 106,239 21,782 27,098 13,337 89,168 4,711 corporate and other (18,560 ) (16,420 ) (3,954 ) (3,567 ) (12,984 ) (10,844 ) total $ 448,448 $ 333,411 $ 116,494 $ 103,340 $ 355,064 $ 240,027 table 3 vector group ltd. and subsidiaries reconciliation of adjusted net income (unaudited) (dollars in thousands, except per share amounts) three months ended nine months ended september 30, september 30, 2021 2020 2021 2020 net income attributed to vector group ltd. $ 48,889 $ 38,139 $ 174,151 $ 60,682 change in fair value of derivatives embedded within convertible debt — — — (4,999 ) non-cash amortization of debt discount on convertible debt — — — 5,276 loss on extinguishment of debt — — 21,362 — litigation settlement and judgment expense (a) 12 — 17 53 impact of msa settlement (b) — 286 (2,722 ) 286 impact of net interest expense capitalized to real estate ventures 702 (35 ) (167 ) 3,015 adjustment for derivative associated with acquisition of 29.41% of douglas elliman realty, llc (271 ) (252 ) 3,252 (2,083 ) restructuring charges (c) — 320 — 3,281 transaction expenses (d) 3,426 — 3,426 — impairments of goodwill and other intangible assets (e) — — — 58,252 total adjustments 3,869 319 25,168 63,081 tax benefit (expense) related to adjustments (192 ) (154 ) (4,990 ) (16,848 ) adjusted net income attributed to vector group ltd. $ 52,566 $ 38,304 $ 194,329 $ 106,915 per diluted common share: adjusted net income applicable to common shares attributed to vector group ltd. $ 0.34 $ 0.25 $ 1.26 $ 0.70 table 4 vector group ltd. and subsidiaries reconciliation of adjusted operating income (unaudited) (dollars in thousands) ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 operating income $ 422,141 $ 245,143 $ 107,529 $ 95,917 $ 334,808 $ 157,810 litigation settlement and judgment expense (a) 301 337 12 — 17 53 restructuring charges (b) 101 3,382 — 320 — 3,281 transaction expenses (c) 3,426 — 3,426 — 3,426 — impact of msa settlement (d) (2,709 ) 299 — 286 (2,722 ) 286 net gains on sales of assets (2,024 ) (1,114 ) (910 ) — (910 ) — impairments of goodwill and other intangible assets (e) — 58,252 — — — 58,252 total adjustments (905 ) 61,156 2,528 606 (189 ) 61,872 adjusted operating income $ 421,236 $ 306,299 $ 110,057 $ 96,523 $ 334,619 $ 219,682 table 5 vector group ltd. and subsidiaries reconciliation of tobacco adjusted operating income and tobacco adjusted ebitda (unaudited) (dollars in thousands) ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 tobacco adjusted operating income: operating income from tobacco segment $ 356,279 $ 319,536 $ 91,779 $ 91,319 $ 276,557 $ 239,814 litigation settlement and judgment expense (a) 301 337 12 — 17 53 impact of msa settlement (b) (2,709 ) 299 — 286 (2,722 ) 286 total adjustments (2,408 ) 636 12 286 (2,705 ) 339 tobacco adjusted operating income $ 353,871 $ 320,172 $ 91,791 $ 91,605 $ 273,852 $ 240,153 ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 tobacco adjusted ebitda: operating income from tobacco segment $ 356,279 $ 319,536 $ 91,779 $ 91,319 $ 276,557 $ 239,814 litigation settlement and judgment expense (a) 301 337 12 — 17 53 impact of msa settlement (b) (2,709 ) 299 — 286 (2,722 ) 286 total adjustments (2,408 ) 636 12 286 (2,705 ) 339 tobacco adjusted operating income 353,871 320,172 91,791 91,605 273,852 240,153 depreciation and amortization 6,877 7,877 1,550 1,965 5,007 6,007 stock-based compensation expense 21 — 9 — 21 — total adjustments 6,898 7,877 1,559 1,965 5,028 6,007 tobacco adjusted ebitda $ 360,769 $ 328,049 $ 93,350 $ 93,570 $ 278,880 $ 246,160 table 6 vector group ltd. and subsidiaries reconciliation of real estate segment (new valley llc) adjusted ebitda (unaudited) (dollars in thousands) ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 net income (loss) attributed to vector group ltd. from subsidiary non-guarantors (a) $ 61,942 $ (75,910 ) $ 15,486 $ (4,053 ) $ 66,950 $ (70,902 ) interest expense (a) 165 268 61 17 136 239 income tax expense (benefit) (a) 23,313 (27,674 ) 3,800 (1,634 ) 25,015 (25,972 ) net loss attributed to non-controlling interest (a) (120 ) — (120 ) — (120 ) — depreciation and amortization 9,465 8,874 2,493 2,167 7,269 6,678 ebitda $ 94,765 $ (94,442 ) $ 21,720 $ (3,503 ) $ 99,250 $ (89,957 ) (income) loss from non-guarantors other than new valley llc (549 ) 45 (200 ) 17 (533 ) 61 equity in losses (earnings) from real estate ventures (b) 4,992 44,698 5,869 8,536 (12,405 ) 27,301 restructuring charges (c) 101 3,382 — 320 — 3,281 loss on sale of asset 1,169 1,169 — — — — impairments of goodwill and other intangible assets (d) — 58,252 — — — 58,252 other, net 5,701 8,575 (314 ) 7,967 2,811 5,685 adjusted ebitda attributed to new valley llc $ 106,179 $ 21,679 $ 27,075 $ 13,337 $ 89,123 $ 4,623 adjusted ebitda attributed to new valley llc by segment real estate (e) $ 106,239 $ 21,782 $ 27,098 $ 13,337 $ 89,168 $ 4,711 corporate and other (60 ) (103 ) (23 ) — (45 ) (88 ) total (f) $ 106,179 $ 21,679 $ 27,075 $ 13,337 $ 89,123 $ 4,623 table 7 vector group ltd. and subsidiaries reconciliation of douglas elliman realty, llc adjusted ebitda attributed to real estate segment (unaudited) (dollars in thousands) ltm year ended three months ended nine months ended september 30, december 31, september 30, september 30, 2021 2020 2021 2020 2021 2020 net income (loss) attributed to douglas elliman realty, llc $ 96,196 $ (48,210 ) $ 25,078 $ 11,838 $ 82,162 $ (62,244 ) interest expense 25 1 22 — 25 1 income tax expense (benefit) 1,602 (5 ) 597 (179 ) 1,430 (177 ) depreciation and amortization 8,541 8,537 2,189 2,093 6,409 6,405 douglas elliman realty, llc ebitda $ 106,364 $ (39,677 ) $ 27,886 $ 13,752 $ 90,026 $ (56,015 ) equity in earnings from real estate ventures (a) (79 ) (30 ) — (3 ) (75 ) (26 ) restructuring charges (b) 101 3,382 — 320 — 3,281 loss on sale of asset 1,169 1,169 — — — — impairments of goodwill and other intangible assets (c) — 58,252 — — — 58,252 other, net (1,377 ) (1,042 ) (62 ) 20 (496 ) (161 ) douglas elliman realty, llc adjusted ebitda attributed to real estate segment $ 106,178 $ 22,054 $ 27,824 $ 14,089 $ 89,455 $ 5,331 table 8 vector group ltd. and subsidiaries reconciliation of revenues (unaudited) (dollars in thousands) ltm year ended nine months ended september 30, december 31, september 30, 2021 2020 2021 2020 revenues: tobacco (a) $ 1,181,973 $ 1,204,501 $ 895,901 $ 918,429 real estate (b) 1,298,556 798,168 1,030,038 529,650 total revenues $ 2,480,529 $ 2,002,669 $ 1,925,939 $ 1,448,079
