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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
Quarterly Data

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 0.68 0.61 0.48 0.40 0.42 0.34 0.31 0.38 0.37 0.34 0.34 0.47 0.33 0.29 0.39 0.64 0.76 0.61 0.68 0.79 0.66 0.67 0.74
Construction payables 0.69 0.80 0.80 0.86 0.83 0.91 1.10 1.13 1.17 0.99 1.06 1.64 1.40 1.50 1.43 1.44 1.40 1.06 0.85 0.84 0.89 0.84 0.54
Other accrued liabilities 7.99 7.72 6.34 6.62 5.99 5.59 4.90 6.65 6.36 6.60 6.36 8.20 8.03 7.76 8.00 10.33 9.92 10.08 9.81 10.80 9.41 9.63 9.99
Income taxes payable 0.96 0.77 0.75 0.61 1.50 1.99 2.98 0.16 0.08 0.13 0.14 0.42 0.65 1.06 1.29 1.19 1.02 1.15 1.23 1.08 1.02 1.15 1.42
Current maturities of long-term debt 8.22 0.32 8.88 9.22 7.05 0.33 0.32 0.37 0.37 0.37 0.35 0.37 0.34 0.33 0.33 0.30 0.29 0.51 0.50 0.49 0.48 0.81 0.67
Current liabilities of discontinued operations held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.09 4.16 4.05 3.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 18.54% 10.22% 17.25% 17.70% 15.79% 9.17% 9.61% 12.79% 12.50% 12.47% 12.00% 11.10% 10.75% 10.95% 11.43% 13.90% 13.39% 13.42% 13.07% 14.00% 12.45% 13.09% 13.36%
Other long-term liabilities 3.81 3.78 3.74 1.73 1.71 1.62 1.63 1.75 1.71 1.65 1.68 2.39 2.47 2.36 2.46 2.21 2.21 2.19 2.17 0.79 0.75 0.72 0.72
Deferred income taxes 0.68 0.65 0.64 0.69 0.70 0.71 0.74 0.86 0.87 0.88 0.87 0.90 0.88 0.78 0.80 0.79 0.82 0.80 0.82 0.85 0.81 0.84 0.95
Deferred amounts related to mall sale transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.65 1.64 1.59 1.64 1.51 1.57 1.76 1.79 1.78 1.72 1.77 1.88
Long-term debt, excluding current maturities 56.84 66.68 61.51 63.28 64.18 69.39 67.00 73.39 72.70 70.54 69.98 66.95 65.96 63.46 57.89 53.55 52.96 52.71 53.28 52.66 50.85 48.74 44.22
Long-term liabilities 61.34% 71.11% 65.89% 65.71% 66.59% 71.72% 69.36% 76.01% 75.29% 73.07% 72.53% 71.90% 70.95% 68.20% 62.79% 58.05% 57.56% 57.45% 58.06% 56.08% 54.14% 52.07% 47.77%
Total liabilities 79.88% 81.32% 83.14% 83.41% 82.39% 80.89% 78.98% 88.79% 87.79% 85.54% 84.53% 83.00% 81.70% 79.14% 74.22% 71.95% 70.95% 70.87% 71.14% 70.08% 66.59% 65.16% 61.14%
Preferred stock, $0.001 par value, zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Treasury stock, at cost -20.25 -20.12 -19.73 -20.33 -20.87 -20.31 -20.14 -22.34 -22.53 -21.99 -21.81 -21.54 -21.36 -20.65 -21.17 -19.32 -18.64 -18.06 -17.48 -16.53 -14.13 -13.11 -13.45
Capital in excess of par value 30.37 30.12 29.47 30.33 31.09 30.21 29.92 33.13 33.38 32.55 32.27 31.77 31.48 30.41 31.14 28.32 29.22 28.95 30.03 29.63 28.59 29.14 30.86
Accumulated other comprehensive income (loss) -0.26 -0.18 0.05 -0.03 -0.69 -0.39 -0.13 -0.11 -0.16 -0.03 -0.05 0.14 -0.18 -0.34 -0.56 -0.01 -0.33 -0.08 -0.14 -0.18 -0.15 -0.19 0.22
Retained earnings (loss) 10.71 9.62 8.06 7.64 8.63 9.48 10.71 -0.74 -0.13 1.68 2.60 3.91 5.30 7.73 11.80 13.37 13.64 13.80 12.36 12.29 15.09 15.48 16.61
Total Las Vegas Sands Corp. stockholders’ equity 20.58% 19.44% 17.86% 17.61% 18.17% 19.00% 20.36% 9.95% 10.57% 12.22% 13.01% 14.29% 15.25% 17.15% 21.21% 22.36% 23.90% 24.61% 24.76% 25.21% 29.40% 31.32% 34.24%
Noncontrolling interests -0.46 -0.77 -1.00 -1.02 -0.55 0.11 0.67 1.26 1.64 2.23 2.45 2.72 3.05 3.71 4.57 5.69 5.15 4.52 4.10 4.71 4.01 3.52 4.62
Total equity 20.12% 18.68% 16.86% 16.59% 17.61% 19.11% 21.02% 11.21% 12.21% 14.46% 15.47% 17.00% 18.30% 20.86% 25.78% 28.05% 29.05% 29.13% 28.86% 29.92% 33.41% 34.84% 38.86%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure exhibits a significant shift toward increased leverage between 2018 and 2021, followed by a period of moderate deleveraging and equity recovery starting in 2022. Total liabilities rose from 61.14% of total liabilities and equity in March 2018 to a peak of 88.79% in December 2021, before declining to 79.88% by September 2023.

Long-Term Debt Obligations
Long-term debt, excluding current maturities, served as the primary driver of liability growth. This component increased steadily from 44.22% in March 2018 to a high of 73.39% in December 2021. A notable reversal began in 2022, with the ratio falling to 56.84% by September 2023, indicating a strategic reduction in long-term borrowing or an increase in the overall asset base.
Equity Erosion and Recovery
Total equity experienced a prolonged contraction, falling from 38.86% in March 2018 to a low of 11.21% in December 2021. This decline was primarily driven by a sharp reduction in retained earnings, which dropped from 16.61% to a deficit of -0.74% over the same period. However, a recovery phase is evident from March 2022 onward, with total equity rising to 20.12% and retained earnings rebounding to 10.71% by September 2023.
Current Liability Dynamics
Current liabilities remained relatively stable between 9% and 14% for much of the analysis period but spiked to a peak of 18.54% in September 2023. This increase is closely linked to current maturities of long-term debt, which surged from negligible levels to a peak of 9.22% in June 2022, signaling a concentration of debt repayments due in the short term.
Treasury Stock and Noncontrolling Interests
Treasury stock as a percentage of total liabilities and equity expanded from -13.45% in March 2018 to -22.53% in September 2021, suggesting aggressive share repurchase activity. Concurrently, noncontrolling interests showed a consistent downward trend, moving from 4.62% in March 2018 to -0.46% by September 2023.
Other Accrued Liabilities
Other accrued liabilities showed a general downward trajectory, starting at 9.99% in March 2018 and reaching a low of 4.90% in March 2022, before recovering to 7.99% by September 2023. This volatility reflects fluctuations in short-term operational obligations relative to the total balance sheet size.

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