Las Vegas Sands Corp. (NYSE:LVS)

Liabilities

Over the observed period, total liabilities as a percentage of total liabilities and equity showed a general increasing trend from 70.08% in 2018 to a peak of 88.79% in 2021, before declining somewhat to 83.41% in 2022. This indicates an overall rise in leverage, peaking in 2021.

Long-term liabilities followed a similar pattern, rising from 56.08% in 2018 to 76.01% in 2021, then decreasing to 65.71% in 2022. Within long-term liabilities, long-term debt (excluding current maturities) increased significantly from 52.66% to 73.39% in 2021, before retreating to 63.28% in 2022, highlighting a substantial increase in debt financing, especially pronounced by 2021.

Current liabilities presented variability; initially decreasing from 14% in 2018 to 11.1% in 2020, then rising to 17.7% in 2022, with a notable jump in current maturities of long-term debt from 0.37% in 2021 to 9.22% in 2022, suggesting a shift of some long-term debt into the current portion and indicating increased short-term debt obligations in the latest year.

Specific current liability components, such as accounts payable, showed a steady decline from 0.79% to 0.4%, whereas construction payables oscillated, peaking at 1.64% in 2020 before declining to 0.86% in 2022. Customer deposits and outstanding chip liabilities also decreased over time, indicating lower obligations in these areas relative to total liabilities and equity.

Other accrued liabilities decreased markedly from 10.8% in 2018 to 6.62% in 2022, reinforcing the trend of reduced accrual-based current liabilities.

Equity

Stockholders’ equity as a percentage of total liabilities and equity declined sharply from 25.21% in 2018 to 9.95% in 2021, with a partial recovery to 17.61% in 2022. This reflects a reduction in equity base relative to liabilities during the middle of the period, followed by some improvement.

Treasury stock increased in magnitude (as a negative percentage) from -16.53% to -22.34% in 2021, before slightly reversing to -20.33% in 2022, indicating increasing share repurchases or treasury holdings up to 2021 and some partial reduction thereafter.

Capital in excess of par value grew from 29.63% in 2018 to a peak of 33.13% in 2021 before declining to 30.33% in 2022, suggesting some fluctuation in contributed capital during the timeframe.

Retained earnings showed volatility, rising from 12.29% in 2018 to 13.37% in 2019, then dropping sharply to -0.74% in 2021 before recovering to 7.64% in 2022. This indicates considerable earnings variability, with a loss or reduction in accumulated earnings occurring around 2021.

Noncontrolling interests, reflecting minority interests, declined steadily from 4.71% in 2018 to -1.02% in 2022, suggesting a reduction or write-down of attributable interests beyond the parent company.

Other Observations

Accrued interest payable increased modestly over the period, reaching 0.86% by 2022, consistent with the higher debt levels observed.

Taxes and licenses as well as income taxes payable both declined over the period with income taxes payable showing a particularly low level in 2021 before increasing somewhat in 2022, reflecting tax expense variability.

Current liabilities related to discontinued operations appeared only in 2021 at 4.09%, indicating a temporary impact from divested or held-for-sale operations during that year.

In summary, the data indicate that the company increased its reliance on long-term debt financing through 2021, with a corresponding decline in equity proportions and accumulated earnings during that time. The rise in current maturities of long-term debt in 2022 suggests a shift in debt structure towards shorter maturities. Overall, the financial structure showed increased leverage peaking in 2021 with partial deleveraging and equity restoration evident by 2022.