Common-Size Income Statement
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Las Vegas Sands Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Revenue Composition Trends
- The casino segment consistently remains the dominant contributor to net revenues, although its share declined from about 71.5% in 2018-2019 to around 63.9% in 2022, exhibiting notable fluctuations during this period. In contrast, the mall segment experienced a significant increase in its revenue contribution, rising from roughly 5% in 2018-2019 to above 14% in 2022, peaking at over 15% in 2021. Rooms revenue percentage fluctuated moderately but dropped notably in 2021 before partially recovering in 2022. Food and beverage experienced a similar pattern with a decline in 2021 but rebounded by 2022. The "Convention, retail and other" segment saw a reduced contribution in 2021 with some recovery in 2022.
- Cost of Revenues and Gross Profit
- The cost of revenues as a percentage of net revenues increased significantly in 2020, reaching over 72%, which corresponds to the period when gross profit margins drastically declined to 27.8%, a sharp contrast to around 50% in previous years. Subsequent years show a gradual improvement in gross profit margins, reaching approximately 40% by 2022, with cost of revenues decreasing to just under 60%, indicating improved operational efficiency or recovery in business operations after a challenging period.
- Operating Expenses and Provisions
- General and administrative expenses surged in 2020 to over 30% of net revenues, then declined but remained substantially higher than pre-2020 levels, pointing to increased overhead burdens or restructuring costs during the challenging period. Provisions for credit losses spiked in 2020, consistent with the difficult market conditions, then returned close to prior levels. Development expenses increased notably in 2021 and 2022, indicating heightened investment or expansion activities during recovery phases. Depreciation and amortization expenses followed a similar pattern of sharp increase in 2020 with a partial reduction thereafter, remaining elevated relative to pre-2020 levels.
- Operating Income and Profitability
- Operating income trends align with the fluctuations in revenue and costs. There was a positive operating margin around 27% in 2018-2019, which turned negative in 2020 (-46.7%) and partially improved but remained negative in the following years (-16.3% in 2021 and -19.3% in 2022). This reflects the profound impact of the 2020 downturn and a gradual recovery that had not fully restored profitability by 2022.
- Financial and Other Income/Expenses
- Interest expense increased sharply in 2020 and further in subsequent years, reaching over 17% of net revenues by 2022, which negatively impacted net income. Interest income remained minimal with a notable increase in 2022, possibly indicating improved investment returns or financial asset performance. Other income (expense) remained relatively insignificant, though a negative trend appeared in 2021. Significant one-time items include a gain on sale of Sands Bethlehem in 2019 (4.05%) and a substantial gain on disposal of discontinued operations in 2022 (69.61%), which markedly influenced net income trends.
- Net Income and Discontinued Operations
- Net income from continuing operations turned deeply negative in 2020 and remained negative through 2022, reflecting continued operational challenges despite partial recovery. Enhancements in overall net income in 2022 are driven predominantly by income from discontinued operations and a large gain on disposal of discontinued operations, which together contributed over 70% of net revenues, enabling total net income to turn strongly positive in 2022. Net income attributable to the company exhibited a similar trend, moving from positive results in 2018-2019 to significant losses in 2020-2021 before a strong positive swing in 2022.
- Noncontrolling Interests
- Net income loss attributable to noncontrolling interests shifted from a negative contribution in 2018-2019 to positive values in 2020-2022, indicating changes in ownership structure impacts or improved performance from entities not wholly owned by the company.