Discontinued Operations

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

On December 29, 2021, the Company completed the distribution to its stockholders (including Vector common stock underlying outstanding stock options awards and restricted stock awards) of the common stock of Douglas Elliman Inc. (the “Distribution”).

There were no assets or liabilities of discontinued operations of Douglas Elliman as of March 31, 2022 or December 31, 2021.

The financial results of Douglas Elliman through the completion of the Distribution are presented as income from discontinued operations, net of income taxes on the Company’s condensed consolidated statements of operations. The following table presents financial results of Douglas Elliman for the periods prior to the completion of the Distribution:

	Three Months Ended March 31,
	2022		2021
	(Dollars in thousands)
Revenues:
Real estate	$	—	$	272,776
Expenses:
Cost of sales	—		198,635
Operating, selling, administrative and general expenses	—		59,913
Operating income	—		14,228
Other income (expenses):
Interest expense	—		(30)
Other, net	—		48
Pretax income from discontinued operations	—		14,246
Income tax expense	—		3,839
Income from discontinued operations	$	—	$	10,407

The following table presents the information regarding certain components of cash flows from discontinued operations:

	Three Months Ended March 31,
	2022		2021
	(Dollars in thousands)
Depreciation and amortization	$	—	$	2,123
Non-cash lease expense	—		4,487
Capital expenditures	—		(597)