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Las Vegas Sands Corp. (NYSE:LVS)

This company has been moved to the archive! The financial data has not been updated since October 20, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Las Vegas Sands Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 25.19 25.90 28.76 28.64 27.18 29.25 28.90 9.24 8.26 10.09 10.10 10.19 11.35 13.90 12.29 18.22 17.02 17.78 18.53 20.61 20.45 19.03 12.22
Restricted cash and cash equivalents 0.00 0.00 0.00 0.00 0.00 0.07 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.07 0.08 0.07 0.07 0.06 0.06 0.06 0.06 0.05 0.06
Accounts receivable, net of provision for credit losses 1.76 1.51 1.44 1.21 0.98 0.72 0.66 1.01 0.84 0.79 1.00 1.62 1.82 2.61 3.08 3.64 3.38 3.39 3.30 3.22 2.79 2.43 2.73
Inventories 0.16 0.14 0.12 0.13 0.11 0.11 0.10 0.11 0.11 0.11 0.11 0.15 0.16 0.17 0.17 0.16 0.15 0.15 0.16 0.16 0.18 0.19 0.21
Prepaid expenses and other 0.78 0.69 0.56 0.63 0.64 0.54 0.49 0.56 0.62 0.53 0.58 0.66 0.69 0.63 0.88 0.78 0.83 0.56 0.61 0.64 0.59 0.50 0.56
Current assets of discontinued operations held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.47 16.36 15.77 15.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 27.90% 28.24% 30.88% 30.60% 28.91% 30.69% 30.23% 27.47% 26.28% 27.37% 27.41% 12.71% 14.10% 17.39% 16.50% 22.87% 21.44% 21.94% 22.65% 24.69% 24.05% 22.21% 15.78%
Loan receivable 5.36 5.29 5.16 5.29 5.63 5.44 5.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property and equipment, net 52.38 52.05 49.89 51.96 52.56 52.12 52.63 59.08 59.98 59.02 59.03 72.61 71.45 68.73 69.48 63.99 65.06 64.58 67.67 67.21 65.07 66.58 72.01
Restricted cash 0.56 0.56 0.55 0.57 1.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred income taxes, net 0.57 0.61 0.59 0.59 0.77 0.86 0.84 1.48 1.63 1.66 1.59 1.53 1.56 1.42 1.32 1.22 1.28 1.33 1.61 1.63 4.80 4.94 5.32
Leasehold interests in land, net 9.28 9.32 9.39 9.66 9.47 9.47 9.67 10.80 10.90 10.81 10.76 10.84 10.53 10.10 10.25 9.79 9.98 10.13 5.97 5.31 5.17 5.31 5.83
Goodwill and intangible assets, net 2.75 2.83 2.40 0.29 0.29 0.30 0.09 0.09 0.08 0.07 0.10 0.12 0.13 0.15 0.17 0.18 0.20 0.23 0.31 0.32 0.33 0.35 0.40
Other assets, net 1.19 1.10 1.14 1.05 1.02 1.11 1.15 1.08 1.12 1.07 1.11 2.19 2.23 2.21 2.29 1.96 2.04 1.80 1.78 0.84 0.58 0.61 0.67
Noncurrent assets 72.10% 71.76% 69.12% 69.40% 71.09% 69.31% 69.77% 72.53% 73.72% 72.63% 72.59% 87.29% 85.90% 82.61% 83.50% 77.13% 78.56% 78.06% 77.35% 75.31% 75.95% 77.79% 84.22%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition of the organization has undergone a significant structural transformation between March 2018 and September 2023, characterized by a pivot from a heavily fixed-asset-dominant balance sheet toward a more liquid posture.

Liquidity and Current Asset Trends
A substantial increase in liquidity is observed, particularly starting in early 2022. Cash and cash equivalents, which fluctuated between 8% and 20% from 2018 through 2021, surged to approximately 28.9% in March 2022 and remained elevated, ending at 25.19% in September 2023. This shift is reflected in the total current assets, which rose from a low of 12.71% in December 2020 to a range of 27% to 30% throughout 2022 and 2023. Accounts receivable showed a general long-term decline, dropping from peaks of 3.64% in 2019 to below 1% in 2021 and 2022, before a slight recovery to 1.76% by late 2023.
Fixed and Non-Current Asset Reallocation
Property and equipment, net, previously the most dominant asset class, exhibited a marked downward trend in its relative weight. From a peak of 72.61% in December 2020, this component declined to 52.38% by September 2023. Concurrently, leasehold interests in land saw an increase from approximately 5% in 2018 to a stable range of 9% to 10% from 2019 onwards. Non-current assets as a whole decreased from a high of 87.29% in December 2020 to 72.10% by the end of the period.
Emergent Asset Categories and Strategic Shifts
Several structural anomalies and new asset classes appear in the latter half of the period. Current assets of discontinued operations held for sale appeared in 2021, contributing roughly 15% to 16% of total assets before being removed in 2022. Additionally, loan receivables emerged as a new component in March 2022, maintaining a consistent weight of approximately 5.2% to 5.6% of total assets. Goodwill and intangible assets remained negligible until March 2023, when they spiked to approximately 2.4% to 2.8% of the total asset base.

Overall, the data indicates a strategic movement away from capital-intensive fixed asset concentration toward a balance sheet with significantly higher cash reserves and the introduction of diversified financial assets, such as loans and intangibles.

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