Stock Analysis on Net
Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

$22.49

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
Quarterly Data

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

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Accounts payable
Construction payables
Other accrued liabilities
Income taxes payable
Current maturities of long-term debt
Current liabilities of discontinued operations held for sale
Current liabilities
Other long-term liabilities
Deferred income taxes
Deferred amounts related to mall sale transactions
Long-term debt, excluding current maturities
Long-term liabilities
Total liabilities
Preferred stock, $0.001 par value, zero shares issued and outstanding
Common stock, $0.001 par value
Treasury stock, at cost
Capital in excess of par value
Accumulated other comprehensive income (loss)
Retained earnings (loss)
Total Las Vegas Sands Corp. stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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).

Overall Liabilities and Equity Composition Trends
The proportion of total liabilities relative to total liabilities and equity increased steadily from 61.14% in March 2018 to peak levels above 83% in late 2022, indicating a rising leverage trend over this period. Conversely, total equity correspondingly declined from 38.86% to a trough below 16.6% in late 2022, before showing signs of recovery in 2023. This shift reflects increasing reliance on liabilities to finance the company's operations during these years.
Long-term Debt and Liabilities
Long-term debt excluding current maturities demonstrated a notable upward trend, starting at 44.22% in early 2018 and increasing to a peak of nearly 73.4% by the end of 2021. Though it declined somewhat after that peak, it remained elevated near 56.8% in late 2023 compared to 2018 figures. This, coupled with total long-term liabilities which rose from approximately 47.8% to over 76% by the end of 2021, signals a sustained increase in long-term borrowing and obligations that form the bulk of the company's financial structure.
Current Liabilities
Current liabilities as a percentage of total liabilities and equity fluctuated moderately, generally around 12-14% until early 2020, dipping below 10% in early 2022, then rising sharply to over 18% in late 2023. This increase towards the end of the dataset suggests a build-up in short-term obligations, possibly reflecting more immediate liquidity demands or shifts in working capital management.
Accounts Payable and Construction Payables
Accounts payable remained relatively low and stable, typically below 1%, with a slight upward movement toward 0.68% in late 2023. Construction payables showed more volatility, increasing from about 0.54% in early 2018 to peaks above 1.6% during 2020, followed by a gradual decline to 0.69% in late 2023. This pattern suggests varying levels of ongoing construction activity or project liabilities with a reduction in recent periods.
Other Accrued Liabilities and Income Taxes Payable
Other accrued liabilities consistently represented a significant portion, generally near 10% initially, declining steadily to around 6-8% in the years following 2019, before a modest increase to 7.99% in late 2023. Income taxes payable were relatively low, fluctuating mostly between 0.1% and 1.5%, with some spikes observed in early 2022. This stability in income taxes payable indicates relatively steady tax liabilities despite fluctuations in operating results.
Current Maturities of Long-term Debt
This category remained mostly stable under 0.5% until early 2022, when brief significant spikes occurred in the first quarters of 2022 and 2023, reaching up to 9.22%. These spikes suggest periods where substantial portions of long-term debt approached maturity, potentially requiring refinancing or repayment.
Stockholders’ Equity Components
Retained earnings declined sharply from 16.61% in early 2018 to negative values by late 2021, indicating cumulative operational losses or dividend distributions exceeding profits during this period. A recovery commenced in 2022 and continued through 2023. Treasury stock consistently represented a sizable negative component, deepening from around -13.5% to approximately -22.5% by 2021, then moderating somewhat. Capital in excess of par value remained stable around 30%, showing no material fluctuations. Noncontrolling interests decreased from positive levels to negative values by 2022, indicating changes in ownership interests and possibly impairment or reorganization effects.
Other Equity Items
Accumulated other comprehensive income/loss fluctuated close to zero with mild negative tendencies, reflecting relatively small unrealized gains or losses over the period. Common stock represented a negligible portion, essentially zero throughout.
Summary
The data reveals a progressive increase in leverage, with long-term debt and total liabilities growing as a proportion of total capitalization from 2018 to 2022. Equity was concurrently compressed, particularly through reductions in retained earnings and noncontrolling interests. Recent quarters in 2023 indicate some stabilization or slight reversal in these trends, with equity levels improving and short-term liabilities increasing. The temporary spikes in current maturities of long-term debt highlight refinancing or repayment challenges faced periodically. Overall, the financial structure shifted toward greater debt financing, with operational profitability pressures reflected in retained earnings declines during the analyzed timeframe.