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Vector Group Ltd. (VGR) CEO Howard Lorber on Q1 2020 Results - Earnings Call Transcript

May 08, 2020 2:23 PM ETVector Group Ltd. (VGR)
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Vector Group Ltd. (NYSE:VGR) Q1 2020 Earnings Conference Call May 8, 2020 8:30 AM ET

Company Participants

Howard Lorber - President & CEO

Nick Anson - President & COO, Liggett Vector Brands

Ron Bernstein - President & CEO, Liggett Vector Brands

Conference Call Participants

Jacqueline Crawford - Jefferies

Edward Brucker - Barclays

Robert Sullivan - MidOcean Partners


Welcome to Vector Group Limited's First Quarter 2020 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 others should be considered in addition to, but not as a substitute for other measures of financial performance for prepared in accordance with GAAP. Reconciliations to adjusted operating income, adjusted net income, adjusted EBITDA 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'd 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 for those set forth in or implied by forward-looking statements. 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. These risks are described in more detail in the company's Securities and Exchange Commission filings.

Now, I'd like to turn the call over

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