Common-Size Balance Sheet: Assets
Quarterly Data
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Las Vegas Sands Corp. pages available for free this week:
- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Las Vegas Sands Corp., common-size consolidated balance sheet: assets (quarterly data)
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).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets showed moderate fluctuations, initially rising from around 12% in early 2018 to a peak above 20% by the end of 2018. It then declined steadily through 2020, hitting a low near 8% by late 2021. From early 2022, this ratio surged sharply, reaching nearly 29% in early 2023, followed by a slight decrease towards mid-2023.
- Restricted cash and cash equivalents
- This component consistently remained minimal, under 0.1% of total assets throughout the periods reported, exhibiting stability without notable change.
- Accounts receivable, net of provision for credit losses
- Accounts receivable as a percentage of total assets experienced a peak near 3.64% at the end of 2018, then declined steadily through 2021 reaching just below 1%. A gradual recovery trend emerged starting in early 2022, rising to approximately 1.76% by late 2023.
- Inventories
- This category maintained a relatively low and stable share of total assets, fluctuating gently between 0.1% and 0.21% across the entire timeframe without any pronounced trends.
- Prepaid expenses and other current assets
- Prepaid expenses and related assets as a percentage of total assets generally remained under 1%, showing minor oscillations but no clear upward or downward trend.
- Current assets of discontinued operations held for sale
- This line appeared only in 2020 and early 2021 data, accounting for roughly 15-16% of total assets before disappearing in later periods, indicating a temporary disposition of certain asset classes or business lines during that timeframe.
- Current assets
- Current assets as a whole fluctuated notably, initially rising to nearly 25% by late 2018, falling sharply to around 12-14% through 2020, then increasing again sharply to approximately 30% by early 2023, followed by a slight decline. The pattern reflects significant shifts in working capital components or liquidity management.
- Loan receivable
- Recorded exclusively from early 2022 onwards, loan receivables consistently represented around 5-5.6% of total assets, indicating the emergence of a new asset category contributing steadily to the asset base in recent periods.
- Property and equipment, net
- Property and equipment composed the largest proportion of total assets throughout, generally ranging between 50% and 72%. After a decline from over 72% in early 2018 to around 59% by late 2020, the percentage stabilized in the low 50s starting in 2022, indicating possible asset revaluation, disposals, or changes in capital investment trends.
- Restricted cash
- Reduced restricted cash values appeared starting in mid-2022, maintaining a low share of total assets near 0.5% to 1.35%, suggesting minor allocation shifts within cash categories during recent periods.
- Deferred income taxes, net
- Deferred income taxes steadily decreased as a percentage of total assets from over 5% in early 2018 to below 1% by 2023, implying changes in tax positions or asset amortization schedules impacting deferred tax balances.
- Leasehold interests in land, net
- Leasehold interests fluctuated modestly, generally holding between 5% and 10% of total assets. A notable increase occurred around 2019-2021, reaching above 10%, followed by moderate declines afterward, indicating possible leasehold asset revaluation or changes in lease agreements.
- Goodwill and intangible assets, net
- Goodwill and intangible assets remained very low, under 0.5% of total assets until early 2022, when a sharp increase occurred, rising to over 2.7% by late 2023. This suggests recent acquisitions or reevaluations enhancing intangible asset recognition.
- Other assets, net
- Other assets consistently represented a minor portion, approximately 1% of total assets, showing no significant trend but minor variations over time.
- Noncurrent assets
- Noncurrent assets comprised the majority of total assets. The ratio declined from around 84% in early 2018 to approximately 72% by late 2023, reflecting a gradual rebalancing of asset composition favoring current or other asset classes.
- Total assets
- Total assets consistently represent 100% by definition, serving as the basis for proportional analyses of other items.