Stock Analysis on Net
Stock Analysis on Net

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

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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).

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.

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