Vector Group Ltd. (NYSE:VGR) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET

Company Participants

Howard Lorber - President and CEO

Richard Lampen - COO

Nick Anson - President and COO, Liggett Vector Brands

Bryant Kirkland - CFO

Ron Bernstein - Senior Advisor, Liggett Vector Brands

Conference Call Participants

Ian Zaffino - Oppenheimer & Co.

Karru Martinson - Jefferies

Operator

Welcome to Vector Group Ltd's Second Quarter 2022 Earnings Conference Call. During this call, the terms adjusted operating income, adjusted net income, adjusted EBITDA and tobacco adjusted operating income will be used. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for, other measures of financial performance prepared in the accordance with GAAP.

Reconciliations to adjusted operating income, adjusted net income, adjusted EBITDA from continuing operations and tobacco adjusted operating income are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website located at www.vectorgroupltd.com.

Before the call begins, I would like to read a Safe Harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the forward-looking statements. These risks are described in more detail on the company's Securities and Exchange Commission filings.

Now, I'd like to turn the call over to the President and Chief Executive Officer of Vector Group, Howard M. Lorber.

Howard Lorber

Thank you. Good morning, and thank you for joining us for Vector Group's second quarter 2022 earnings conference call. With me today are Richard Lampen, our Chief Operating Officer; Bryant Kirkland, our Chief Financial Officer; and Nick Anson, President and Chief Operating Officer of Liggett Vector Brands. Ron Bernstein, Senior Adviser to Liggett Vector Brands, will also join us during the Q&A.

During this call, I will review Vector Group's consolidated financial results for the second quarter of 2022. Nick will then summarize the performance of our Tobacco business. I will then provide closing comments and open the call for questions.

Before reviewing Vector Group's consolidated financial results, please note that because of the spin-off of Douglas Elliman in the fourth quarter of 2021, Douglas Elliman's financial results are presented as discontinued operations in Vector Group's consolidated financial statements for the 2021 period, and are excluded from our adjusted results.