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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: Liabilities and Stockholders’ Equity

Las Vegas Sands Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 0.40 0.38 0.47 0.64 0.79
Construction payables 0.86 1.13 1.64 1.44 0.84
Customer deposits 2.14 2.34 2.95 2.51 3.00
Payroll and related 1.43 1.26 0.99 1.63 1.59
Accrued interest payable 0.86 0.78 0.86 0.71 0.51
Taxes and licenses 0.61 0.71 0.74 1.68 1.79
Outstanding chip liability 0.37 0.37 1.01 2.33 2.44
Other accruals 1.21 1.18 1.64 1.47 1.47
Other accrued liabilities 6.62% 6.65% 8.20% 10.33% 10.80%
Income taxes payable 0.61 0.16 0.42 1.19 1.08
Current maturities of long-term debt 9.22 0.37 0.37 0.30 0.49
Current liabilities of discontinued operations held for sale 0.00 4.09 0.00 0.00 0.00
Current liabilities 17.70% 12.79% 11.10% 13.90% 14.00%
Other long-term liabilities 1.73 1.75 2.39 2.21 0.79
Deferred income taxes 0.69 0.86 0.90 0.79 0.85
Deferred amounts related to mall sale transactions 0.00 0.00 1.65 1.51 1.78
Long-term debt, excluding current maturities 63.28 73.39 66.95 53.55 52.66
Long-term liabilities 65.71% 76.01% 71.90% 58.05% 56.08%
Total liabilities 83.41% 88.79% 83.00% 71.95% 70.08%
Preferred stock, $0.001 par value, zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00
Treasury stock, at cost -20.33 -22.34 -21.54 -19.32 -16.53
Capital in excess of par value 30.33 33.13 31.77 28.32 29.63
Accumulated other comprehensive income (loss) -0.03 -0.11 0.14 -0.01 -0.18
Retained earnings (loss) 7.64 -0.74 3.91 13.37 12.29
Total Las Vegas Sands Corp. stockholders’ equity 17.61% 9.95% 14.29% 22.36% 25.21%
Noncontrolling interests -1.02 1.26 2.72 5.69 4.71
Total equity 16.59% 11.21% 17.00% 28.05% 29.92%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure of the organization exhibits a significant shift toward higher leverage between 2018 and 2021, followed by a partial correction in 2022. Total liabilities increased steadily from 70.08% of total liabilities and equity in 2018 to a peak of 88.79% in 2021, before decreasing to 83.41% in 2022. This expansion in liabilities is primarily driven by long-term debt, which rose from 52.66% in 2018 to 73.39% in 2021, indicating a heightened reliance on borrowed capital during this period.

Debt Obligations and Maturity Profile
A substantial increase in long-term debt is observed through 2021, though this trend reversed in 2022 as long-term debt fell to 63.28%. Concurrently, there is a notable shift in the debt maturity profile in 2022, where current maturities of long-term debt spiked to 9.22% from a consistent range of 0.30% to 0.49% in previous years. This suggests a significant concentration of debt repayment obligations falling due within the short term.
Equity Trends and Retained Earnings
Total equity experienced a steady decline from 29.92% in 2018 to a low of 11.21% in 2021, with a subsequent recovery to 16.59% in 2022. Retained earnings showed extreme volatility, dropping from 12.29% in 2018 to a negative 0.74% in 2021, before rebounding to 7.64% in 2022. The persistent negative impact of treasury stock, which peaked at -22.34% in 2021, suggests an aggressive share repurchase strategy that reduced the overall equity base.
Operational Liabilities and Working Capital
Current liabilities remained relatively stable between 11.10% and 14.00% from 2018 to 2021, but rose to 17.70% in 2022, primarily due to the aforementioned debt maturities. Operational indicators show a marked decline in outstanding chip liabilities, which fell from 2.44% in 2018 to 0.37% by 2021 and 2022, reflecting a reduction in gaming-related liabilities. Other accrued liabilities also trended downward, moving from 10.80% in 2018 to 6.62% in 2022.

Overall, the financial position is characterized by a period of aggressive deleveraging in 2022 following a peak in debt-to-equity ratios. The recovery in retained earnings and total equity in the final year indicates a return to profitability or a shift in capital allocation, although the sudden increase in current maturities introduces a new short-term liquidity pressure.

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