Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Las Vegas Sands Corp. pages available for free this week:
- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Las Vegas Sands Corp., consolidated balance sheet: assets
US$ in millions
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 financial data demonstrates various trends in asset composition and valuation over the five-year period analyzed.
- Liquidity Position
- Cash and cash equivalents experienced a notable decline from 2018 through 2021, dropping from 4,648 million USD to 1,854 million USD, before rebounding sharply to 6,311 million USD in 2022. Restricted cash and equivalents remained relatively stable at a low level when reported, with a slight increment observed in the final year. This sudden increase in cash reserves could indicate improved cash flow generation or financing activities in 2022.
- Receivables and Working Capital
- Accounts receivable decreased significantly by 2021, from 726 million USD in 2018 to 202 million USD, then slightly increased in 2022. Inventories showed a gradual decline between 2018 and 2021, with a minor rise in 2022. Prepaid expenses and other current assets fluctuated slightly but ended modestly higher in 2022 compared to 2018. The current assets total displayed a marked dip in 2020, possibly due to pandemic-related impacts, before rising sharply in 2021 and again in 2022, aided substantially by current assets of discontinued operations held for sale, which appeared only in 2021 at 3,303 million USD. Furthermore, new line items such as loan receivable and restricted cash emerged in 2022, indicating changes in asset structure and possibly strategic asset reallocation.
- Long-term Assets
- Property and equipment values remained relatively stable from 2018 to 2020 but experienced a significant decrease in 2021 and 2022, falling from 15,109 million USD to 11,451 million USD. Leasehold interests in land peaked in 2019 and then slowly declined over the subsequent years. Intangible assets decreased steadily from 2018 to 2021 but saw a rebound in 2022. Other noncurrent assets displayed a volatile pattern with a peak in 2019 and 2020 followed by a decrease in 2021, ending slightly up in 2022.
- Deferred Income Taxes and Overall Asset Base
- Deferred income taxes showed a decreasing trend across the period, dropping from 368 million USD in 2018 to 131 million USD in 2022. Total noncurrent assets declined notably between 2020 and 2021 but showed some recovery in 2022. The total assets figure rose slightly in 2019, declined in 2020 and 2021, and rebounded in 2022. This overall pattern suggests the influence of underlying operational or strategic changes, including asset disposals and restructurings.