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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Las Vegas Sands Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss) from continuing operations	(1,541)	(1,469)	(2,143)	3,304)	2,951)
Depreciation and amortization	1,036)	1,041)	1,160)	1,165)	1,111)
Amortization of leasehold interests in land	55)	56)	55)	51)	35)
Amortization of deferred financing costs and original issue discount	57)	52)	43)	33)	35)
Amortization of deferred gain on mall sale transactions	—)	—)	(5)	(5)	(5)
Change in fair value of derivative asset/liability	1)	(1)	—)	—)	—)
Paid-in-kind interest income	(15)	—)	—)	—)	—)
Loss on modification or early retirement of debt	—)	137)	—)	24)	64)
Loss on disposal or impairment of assets	7)	16)	46)	82)	149)
Gain on sale of Sands Bethlehem	—)	—)	—)	(556)	—)
Stock-based compensation expense	39)	22)	22)	35)	30)
Provision for credit losses	15)	3)	99)	30)	5)
Foreign exchange (gain) loss	(10)	34)	(20)	(21)	(26)
Deferred income taxes	(2)	(45)	(33)	157)	113)
Income tax impact related to gain on sale of Las Vegas Operations	(750)	—)	—)	—)	—)
Accounts receivable	(78)	43)	402)	(150)	(119)
Other assets	2)	(5)	(6)	(63)	(25)
Leasehold interests in land	—)	—)	—)	(969)	(15)
Accounts payable	11)	(11)	(51)	(26)	8)
Other liabilities	229)	(116)	(881)	(53)	390)
Changes in operating assets and liabilities	164)	(89)	(536)	(1,261)	239)
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities	597)	1,226)	831)	(266)	1,750)
Net cash generated from (used in) operating activities	(944)	(243)	(1,312)	3,038)	4,701)
Net proceeds from sale of Sands Bethlehem	—)	—)	—)	1,161)	—)
Capital expenditures	(651)	(828)	(1,330)	(1,216)	(949)
Proceeds from disposal of property and equipment	9)	7)	1)	5)	19)
Acquisition of intangible assets and other	(129)	(11)	—)	(53)	—)
Proceeds from loan receivable	50)	—)	—)	—)	—)
Net cash used in investing activities	(721)	(832)	(1,329)	(103)	(930)
Proceeds from exercise of stock options	—)	19)	24)	54)	79)
Repurchase of common stock	—)	—)	—)	(754)	(905)
Tax withholding on vesting of equity awards	(1)	—)	—)	—)	—)
Dividends paid and noncontrolling interest payments	—)	—)	(911)	(3,000)	(2,979)
Proceeds from long-term debt	1,200)	2,702)	1,945)	4,000)	7,593)
Repayments of long-term debt	(66)	(1,867)	(467)	(3,536)	(5,178)
Payments of financing costs	(11)	(38)	(31)	(132)	(132)
Make-whole premium on early extinguishment of debt	—)	(131)	—)	—)	—)
Transactions with discontinued operations	5,032)	178)	—)	—)	—)
Net cash generated from (used in) financing activities	6,154)	863)	560)	(3,368)	(1,522)
Net cash generated from operating activities	149)	258)	—)	—)	—)
Net cash (used in) generated from investing activities	4,883)	(63)	—)	—)	—)
Net cash provided (to) by continuing operations and (used in) financing activities	(5,032)	(179)	—)	—)	—)
Net cash generated from discontinued operations	—)	16)	—)	—)	—)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents	22)	(16)	(24)	14)	(18)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	4,511)	(212)	(2,105)	(419)	2,231)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year	1,925)	2,137)	4,242)	4,661)	2,430)
Cash, cash equivalents and restricted cash and cash equivalents at end of year	6,436)	1,925)	2,137)	4,242)	4,661)

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 trajectory from 2018 to 2022 is characterized by a severe contraction in operational profitability and a strategic shift in liquidity management. A transition from strong positive cash generation to consistent operational deficits is evident starting in 2020, coinciding with a pivot from shareholder distributions to debt-funded liquidity preservation and strategic asset divestitures.

Operating Performance and Cash Flow: Net income experienced a precipitous decline, moving from a peak of US$ 3,304 million in 2019 to substantial losses between 2020 and 2022, with the most recent annual loss totaling US$ 1,541 million. Consequently, net cash generated from operating activities shifted from a high of US$ 4,701 million in 2018 to negative values from 2020 onward, reaching US$ -944 million by 2022. Non-cash adjustments, particularly depreciation and amortization, remained relatively stable at approximately US$ 1 billion annually, failing to offset the decline in net income.
Investment Activities and Capital Expenditure: Capital expenditures remained significant throughout the period, peaking at US$ 1,330 million in 2020 before trending downward to US$ 651 million in 2022. Investing activities were primarily outflows until 2022, when a substantial cash influx occurred. This was driven by transactions with discontinued operations, resulting in a net cash generation from investing activities of US$ 4,883 million in 2022, reflecting a major strategic divestment of assets.
Financing Strategy and Shareholder Returns: A stark reversal in capital allocation is observed. Between 2018 and 2020, the organization prioritized shareholder returns, distributing approximately US$ 6.9 billion in dividends and spending over US$ 1.6 billion on stock repurchases. These activities ceased entirely by 2021. To sustain liquidity during the operational downturn, there was a reliance on long-term debt proceeds, which totaled US$ 7,593 million in 2018 and continued throughout the period, including US$ 1,200 million in 2022.
Liquidity and Cash Position: The cash and restricted cash balance showed high volatility, declining from US$ 4,661 million in 2018 to a low of US$ 1,925 million in 2021. However, the end-of-year cash position surged to US$ 6,436 million in 2022. This recovery was not driven by operational recovery, but rather by financing activities related to discontinued operations, which contributed US$ 5,032 million in 2022.

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