Name: Las Vegas Sands Corp. (NYSE:LVS) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Las Vegas Sands Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Casino	2,627)	2,892)	2,268)	9,828)	9,819)
Rooms	469)	415)	498)	1,752)	1,733)
Food and beverage	301)	199)	283)	897)	865)
Mall	580)	649)	381)	716)	690)
Convention, retail and other	133)	79)	182)	546)	622)
Net revenues	4,110)	4,234)	3,612)	13,739)	13,729)
Casino	(1,792)	(2,068)	(1,758)	(5,304)	(5,448)
Rooms	(173)	(164)	(271)	(444)	(438)
Food and beverage	(319)	(244)	(371)	(702)	(673)
Mall	(73)	(65)	(59)	(78)	(79)
Convention, retail and other	(103)	(85)	(149)	(304)	(336)
Cost of revenues	(2,460)	(2,626)	(2,608)	(6,832)	(6,974)
Gross profit	1,650)	1,608)	1,004)	6,907)	6,755)
Provision for credit losses	(15)	(3)	(99)	(30)	(5)
General and administrative	(936)	(831)	(1,093)	(1,502)	(1,483)
Corporate	(235)	(211)	(168)	(313)	(202)
Pre-opening	(13)	(19)	(19)	(34)	(6)
Development	(143)	(109)	(18)	(24)	(12)
Depreciation and amortization	(1,036)	(1,041)	(1,160)	(1,165)	(1,111)
Amortization of leasehold interests in land	(55)	(56)	(55)	(51)	(35)
Loss on disposal or impairment of assets	(9)	(27)	(80)	(90)	(150)
Operating income (loss)	(792)	(689)	(1,688)	3,698)	3,751)
Interest income	116)	4)	21)	74)	59)
Interest expense, net of amounts capitalized	(702)	(621)	(536)	(555)	(446)
Other income (expense)	(9)	(31)	22)	23)	26)
Gain on sale of Sands Bethlehem	—)	—)	—)	556)	—)
Loss on modification or early retirement of debt	—)	(137)	—)	(24)	(64)
Income (loss) from continuing operations before income taxes	(1,387)	(1,474)	(2,181)	3,772)	3,326)
Income tax (expense) benefit	(154)	5)	38)	(468)	(375)
Net income (loss) from continuing operations	(1,541)	(1,469)	(2,143)	3,304)	2,951)
Income from operations of discontinued operations, net of tax	46)	193)	—)	—)	—)
Gain on disposal of discontinued operations, net of tax	2,861)	—)	—)	—)	—)
Adjustment to gain on disposal of discontinued operations, net of tax	(9)	—)	—)	—)	—)
Income from discontinued operations, net of tax	2,898)	193)	—)	—)	—)
Net income (loss)	1,357)	(1,276)	(2,143)	3,304)	2,951)
Net (income) loss attributable to noncontrolling interests from continuing operations	475)	315)	458)	(606)	(538)
Net income (loss) attributable to Las Vegas Sands Corp.	1,832)	(961)	(1,685)	2,698)	2,413)

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).

A significant contraction in financial performance is observed starting in 2020, with revenues and profitability failing to return to pre-2020 levels by the end of the 2022 fiscal year. While the organization maintained stability between 2018 and 2019, the subsequent period is characterized by a sharp decline in core operational income and a heavy reliance on non-operating gains to achieve positive net income.

Revenue Stream Analysis: Net revenues experienced a precipitous decline from approximately US$ 13.7 billion in 2019 to US$ 3.6 billion in 2020. A marginal recovery occurred in 2021, peaking at US$ 4.2 billion, before slightly retreating to US$ 4.1 billion in 2022. The casino segment remains the primary revenue driver, though it fell from a high of US$ 9.8 billion in 2019 to US$ 2.6 billion in 2022. The rooms and food and beverage segments showed similar volatility, with 2022 figures remaining significantly below 30% of their 2019 levels.
Gross Profit and Margin Compression: Gross profit margins underwent severe compression. In 2019, gross profit stood at US$ 6.9 billion; by 2022, this figure had fallen to US$ 1.65 billion. Although gross profit showed a gradual upward trend from 2020 to 2022, the recovery in gross profit was not sufficient to offset the fixed cost base of the organization.
Operating Expense Trends: Operating expenses exhibited relative rigidity despite the collapse in revenue. General and administrative expenses decreased from US$ 1.5 billion in 2019 to US$ 936 million in 2022, but the reduction was not proportional to the revenue loss. Depreciation and amortization remained remarkably stable, hovering around US$ 1.1 billion annually from 2018 through 2022, which exerted significant downward pressure on operating income during low-revenue years.
Operating Income and Loss: The transition from operating profitability to persistent operating losses is evident. The company moved from an operating income of US$ 3.7 billion in 2018 to operating losses of US$ 1.69 billion in 2020, US$ 689 million in 2021, and US$ 792 million in 2022. This indicates a structural inability to reach an operating break-even point with the current revenue trajectory.
Financial Obligations and Interest: A steady increase in net interest expense is observed, rising from US$ 446 million in 2018 to US$ 702 million in 2022. This upward trend in interest costs, coinciding with operating losses, suggests an increasing debt burden or rising borrowing costs that further erode the bottom line.
Net Income and Discontinued Operations: A stark divergence is noted between net income from continuing operations and total net income. Continuing operations reported consistent losses from 2020 to 2022, reaching US$ 1.39 billion in 2022. However, total net income returned to a positive US$ 1.36 billion in 2022, exclusively due to a substantial gain on the disposal of discontinued operations totaling US$ 2.86 billion. This indicates that the reported profitability in 2022 was driven by asset divestiture rather than operational performance.

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