Las Vegas Sands Corp. (NYSE:LVS)

The analysis of the financial data over the five-year period reveals distinct trends in the current assets and adjusted current assets of the company.

Current Assets

The current assets experienced a declining trend from 2018 to 2020, dropping from 5,566 million US dollars in 2018 to 2,644 million US dollars in 2020. This represented a significant reduction over this period. However, from 2020 onwards, the current assets demonstrated strong recovery and growth, increasing to 5,510 million US dollars in 2021 and further to 6,744 million US dollars in 2022. Overall, the value in 2022 exceeded the initial 2018 figure, indicating a positive reversal after the notable decline.

Adjusted Current Assets

The adjusted current assets showed a similar pattern to that of the current assets, starting at 5,890 million US dollars in 2018 and decreasing steadily to 2,958 million US dollars by 2020. Following 2020, the adjusted figures rebounded, increasing to 5,742 million US dollars in 2021 and to 6,961 million US dollars in 2022, ultimately surpassing the 2018 levels. This recovery suggests adjustments made to current assets tracked closely with the underlying asset values and reflected a strong resurgence in the more recent years.

In summary, both current assets and adjusted current assets experienced a sharp decline through 2020, likely reflecting adverse conditions during this period. The following two years saw significant improvements and growth beyond the initial levels, indicating recovery and possible strengthening of the company’s short-term financial position and liquidity.

The analysis of the annual financial data reveals the following trends related to the company's asset base over the five-year period ending December 31, 2022.

Total Assets

Total assets experienced a gradual increase from US$ 22,547 million in 2018 to a peak of US$ 23,199 million in 2019. Subsequently, there was a decline for the following two years, reaching a low of US$ 20,059 million by 2021. In 2022, total assets showed a recovery, increasing to US$ 22,039 million. This pattern indicates a period of contraction during 2020 and 2021, followed by a partial rebound in asset size in 2022.

Adjusted Total Assets

Adjusted total assets closely tracked the movements of total assets over the years. The figure rose from US$ 23,817 million in 2018 to US$ 23,199 million in 2019, then declined sharply to US$ 20,803 million in 2020 and further dipped slightly to US$ 19,994 million in 2021. Similar to total assets, there was a noticeable increase in adjusted total assets in 2022, reaching US$ 22,125 million. The adjusted metric suggests adjustments made to the asset base did not significantly alter the overall trend, confirming the contraction and subsequent recovery pattern observed in total assets.

Overall, the asset levels reflect a significant impact beginning in 2020, with the lowest point occurring in 2021, which could be associated with broader market or operational challenges during that period. The partial recovery in 2022 suggests an improvement in asset position, though the total and adjusted assets have not yet returned to their 2019 peak levels.

Total liabilities

The total liabilities of the company exhibited a consistent upward trend from 2018 through 2022. Starting at 15,802 million US dollars in 2018, the liabilities increased steadily each year, reaching 18,383 million US dollars by 2022. This reflects a gradual expansion in obligations over the five-year period, indicative of either increased borrowing, accrued obligations, or both.

Adjusted total liabilities

The adjusted total liabilities showed a slightly more variable pattern compared to total liabilities. Beginning at 16,925 million US dollars in 2018, the figure decreased somewhat to 16,509 million US dollars in 2019. Subsequently, it rose again in 2020 to 17,081 million US dollars and continued to increase through 2021 and 2022, reaching 18,231 million US dollars by the end of 2022. Although the overall trend is upward, the initial dip suggests adjustments that temporarily reduced liabilities, possibly due to reclassifications or accounting changes.

Overall insights

Both total liabilities and adjusted total liabilities display an increasing trend over the observed period, indicating a rise in financial obligations. The growth in total liabilities is steady, while the adjusted figures exhibit slight fluctuations in the early part of the period before aligning with the upward movement. This pattern may reflect underlying changes in the company’s capital structure or operational financing needs, requiring monitoring to assess sustainability and impact on financial stability.

The financial data reveals notable trends in the equity position of the company over the examined five-year period.

Total Las Vegas Sands Corp. stockholders’ equity

This metric demonstrates a declining trend from 2018 through 2021, decreasing from 5,684 million USD in 2018 to 1,996 million USD in 2021. However, in 2022, there is a significant rebound to 3,881 million USD, suggesting a recovery or capital injection after four years of reduction.

Adjusted total equity

The adjusted total equity follows a similar downward trend, falling steadily from 6,892 million USD in 2018 to 2,356 million USD in 2021. This indicates a consistent decrease in adjusted equity over these years, likely reflecting business difficulties or adjustments for other comprehensive losses. The adjusted total equity then shows a pronounced increase to 3,894 million USD in 2022, aligning closely with the trend in total stockholders' equity and reinforcing the evidence of fiscal recovery or restructuring.

Overall, the data indicates a period of financial contraction from 2018 through 2021, followed by a notable recovery in 2022. The nearly parallel movement of both equity measures suggests these changes stem from fundamental shifts in the company's financial condition rather than accounting adjustments alone. The significant drop across these years would warrant further investigation into the causes, such as operational losses or asset write-downs, and the recovery signals potentially improved performance, capital increases, or asset revaluations.

The financial data reveals several important trends in the company's capital structure and financial position over the five-year period ending December 31, 2022.

Total Reported Debt

The reported debt steadily increased each year, rising from $11,985 million in 2018 to $15,978 million in 2022. This represents a significant upward trend of approximately 33% over the period, indicating a growing reliance on debt financing.

Total Reported Stockholders’ Equity

Stockholders’ equity shows a declining trend from $5,684 million in 2018 to $1,996 million in 2021, followed by a recovery to $3,881 million in 2022. The sharp drop through 2021 suggests reduced equity capital or accumulated losses, whereas the 2022 increase may indicate some financial stabilization or capital injection.

Total Reported Capital

Total capital demonstrated relative stability across the five years, fluctuating slightly but ending higher at $19,859 million in 2022 compared to $17,669 million in 2018. The capital remained in a narrow range, reflecting a consistent total funding base despite changes in the composition of debt and equity.

Adjusted Total Debt

Adjusted total debt follows a similar increasing pattern to reported debt, moving from $13,299 million in 2018 to $16,148 million in 2022. This consistent increase corroborates the trend toward higher leverage under the adjusted basis.

Adjusted Total Equity

Adjusted total equity shows a downward trajectory from $6,892 million in 2018 to $2,356 million in 2021, before rising to $3,894 million in 2022. This mirrors the behavior seen in reported equity, with a significant decline followed by partial recovery, possibly indicating operational challenges and subsequent capital restructuring or improved profitability.

Adjusted Total Capital

The adjusted total capital decreased from $20,191 million in 2018 to $17,319 million in 2021, then increased to $20,042 million in 2022. This pattern implies some contraction in capital during the middle years, followed by a return to near 2018 levels, indicating efforts to strengthen the financial base.

Overall, the data suggests that the company increased its leverage consistently over the period, as debt levels rose while equity decreased until 2021. The partial recovery in equity and capital in 2022 may point to improved financial conditions or strategic capital management. The relative stability in total capital, despite fluctuations in equity and debt, indicates a balancing effort to maintain funding adequacy amid changing market or operational circumstances.

Net Income (Loss) Attributable to Las Vegas Sands Corp.

The net income showed a positive trend initially, increasing from $2,413 million in 2018 to $2,698 million in 2019. However, there was a significant reversal in 2020, with a substantial loss of $1,685 million, likely indicating a major impact from adverse conditions that year. This loss continued into 2021, albeit reduced to $961 million, suggesting some recovery but still a negative result. By 2022, net income returned to positive territory at $1,832 million, indicating a recovery phase, though still below the pre-2020 peak levels.

Adjusted Net Income (Loss)

The adjusted net income followed a similar trend to the reported net income but showed slightly higher absolute values throughout the period. It increased from $2,884 million in 2018 to $3,466 million in 2019, reflecting strong operational performance before the downturn. In 2020, the adjusted net income sharply deteriorated to a loss of $2,101 million, with the negative trend persisting in 2021 and 2022, with losses of $1,596 million and $1,551 million respectively. Despite the reduction in losses after 2020, the adjusted net income has not yet recovered to positive figures by the end of 2022, signaling ongoing operational challenges not fully captured in the reported net income.

General Observations

The data indicate that the company experienced a significant financial disruption starting in 2020, with sharp declines in both net income and adjusted net income. While the reported net income shows a return to profitability by 2022, the persistent negative adjusted net income suggests that some extraordinary or non-recurring factors might have influenced this recovery. The divergence between adjusted and reported figures highlights the importance of considering adjustments to understand the underlying operational performance. The period from 2020 to 2022 reflects a phase of financial strain and gradual recovery, with the overall profitability recovering but still under pressure compared to the pre-2020 levels.