Selected Financial Data
since 2005
Income Statement
Las Vegas Sands Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating income (loss) | Net income (loss) attributable to Las Vegas Sands Corp. |
|---|---|---|---|
| Dec 31, 2022 | 4,110) | (792) | 1,832) |
| Dec 31, 2021 | 4,234) | (689) | (961) |
| Dec 31, 2020 | 3,612) | (1,688) | (1,685) |
| Dec 31, 2019 | 13,739) | 3,698) | 2,698) |
| Dec 31, 2018 | 13,729) | 3,751) | 2,413) |
| Dec 31, 2017 | 12,882) | 3,462) | 2,806) |
| Dec 31, 2016 | 11,410) | 2,493) | 1,670) |
| Dec 31, 2015 | 11,688) | 2,841) | 1,966) |
| Dec 31, 2014 | 14,584) | 4,099) | 2,841) |
| Dec 31, 2013 | 13,770) | 3,408) | 2,306) |
| Dec 31, 2012 | 11,131) | 2,311) | 1,524) |
| Dec 31, 2011 | 9,411) | 2,390) | 1,560) |
| Dec 31, 2010 | 6,853) | 1,181) | 599) |
| Dec 31, 2009 | 4,563) | (29) | (354) |
| Dec 31, 2008 | 4,390) | 164) | (164) |
| Dec 31, 2007 | 2,951) | 330) | 117) |
| Dec 31, 2006 | 2,237) | 574) | 442) |
| Dec 31, 2005 | 1,741) | 489) | 284) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by a prolonged expansion phase, a period of relative stability, and a severe contraction beginning in 2020. Revenue and profitability growth peaked in 2014, followed by a significant downturn and subsequent volatility in the bottom line.
- Revenue Trajectory
- A consistent upward trend in net revenues is observed from 2005 to 2014, with values increasing from 1,741 million to a peak of 14,584 million. Following this peak, revenues remained relatively stable between 2015 and 2019, fluctuating between 11,410 million and 13,739 million. A precipitous decline occurred in 2020, where revenues dropped to 3,612 million, representing a reduction of approximately 73.7% from the 2019 level. A marginal recovery was noted in 2021 and 2022, with revenues stabilizing around 4.1 billion.
- Operating Profitability
- Operating income exhibited higher volatility than net revenues. An initial period of growth was interrupted by a downturn in 2008 and 2009, with the latter year recording an operating loss of 29 million. A strong recovery followed, with operating income peaking at 4,099 million in 2014. From 2015 to 2019, operating income remained robust, generally staying above 2,400 million. However, the period from 2020 to 2022 was marked by consistent operating losses, reaching a low of 1,688 million in 2020 and remaining negative through 2022.
- Net Income and Bottom-Line Volatility
- Net income patterns mirror the operating trends but show more extreme fluctuations. Profitability was interrupted twice: first during the 2008-2009 period, with a peak loss of 354 million in 2009, and again in 2020-2021, with a loss of 1,685 million in 2020. The period between 2010 and 2019 was characterized by strong net profitability, peaking at 2,841 million in 2014.
- Analysis of 2022 Financial Divergence
- A significant divergence is observed in the 2022 fiscal year. While the company reported an operating loss of 792 million, it achieved a positive net income of 1,832 million. This indicates that the net profit for the year was driven by non-operating income, tax adjustments, or one-time gains rather than core operational performance.
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Balance Sheet: Assets
Las Vegas Sands Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 6,744) | 22,039) |
| Dec 31, 2021 | 5,510) | 20,059) |
| Dec 31, 2020 | 2,644) | 20,807) |
| Dec 31, 2019 | 5,305) | 23,199) |
| Dec 31, 2018 | 5,566) | 22,547) |
| Dec 31, 2017 | 3,207) | 20,687) |
| Dec 31, 2016 | 3,098) | 20,469) |
| Dec 31, 2015 | 3,609) | 20,987) |
| Dec 31, 2014 | 5,190) | 22,362) |
| Dec 31, 2013 | 5,516) | 22,724) |
| Dec 31, 2012 | 4,478) | 22,164) |
| Dec 31, 2011 | 5,397) | 22,244) |
| Dec 31, 2010 | 4,059) | 21,044) |
| Dec 31, 2009 | 5,624) | 20,572) |
| Dec 31, 2008 | 3,741) | 17,144) |
| Dec 31, 2007 | 1,379) | 11,467) |
| Dec 31, 2006 | 1,094) | 7,126) |
| Dec 31, 2005 | 645) | 3,880) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the asset base from 2005 to 2022 reveals a trajectory of rapid initial expansion followed by a prolonged period of stabilization and a recent recovery phase. The overall growth pattern indicates a significant scale-up in operations during the first five years of the period, after which the balance sheet maintained a relatively consistent size.
- Total Asset Growth and Stability
- A period of aggressive capital accumulation is evident between 2005 and 2009, during which total assets increased from 3,880 million USD to 20,572 million USD. Following this surge, total assets entered a plateau phase, fluctuating within a narrow range between approximately 20,000 million USD and 23,000 million USD for over a decade. A slight contraction occurred in 2020, with assets dipping to 20,807 million USD, before recovering to 22,039 million USD by the end of 2022.
- Current Asset Volatility
- Current assets exhibited significantly higher volatility compared to total assets. After peaking initially in 2009 at 5,624 million USD, current assets experienced several fluctuations, including a notable decline to 3,098 million USD by 2016. A sharp decrease to 2,644 million USD was observed in 2020, representing the lowest level of liquidity since the initial growth phase. However, a substantial recovery followed, with current assets reaching a period high of 6,744 million USD in 2022.
- Liquidity Composition Trends
- The proportion of current assets relative to total assets shifted markedly over the observed timeframe. In 2005, current assets represented approximately 16.6% of the total asset base. This ratio peaked during the early expansion in 2009 at approximately 27.3% and hit a low point in 2020 at approximately 12.7%. By 2022, the composition shifted toward higher liquidity, with current assets accounting for approximately 30.6% of total assets, suggesting a strategic increase in short-term financial resources relative to the fixed asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
Las Vegas Sands Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Total Las Vegas Sands Corp. stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 3,902) | 18,383) | 15,978) | 3,881) |
| Dec 31, 2021 | 2,565) | 17,811) | 14,795) | 1,996) |
| Dec 31, 2020 | 2,309) | 17,269) | 14,007) | 2,973) |
| Dec 31, 2019 | 3,224) | 16,692) | 12,492) | 5,187) |
| Dec 31, 2018 | 3,157) | 15,802) | 11,985) | 5,684) |
| Dec 31, 2017 | 2,948) | 13,052) | 9,640) | 6,493) |
| Dec 31, 2016 | 2,806) | 12,973) | 9,595) | 6,177) |
| Dec 31, 2015 | 2,464) | 12,569) | 9,468) | 6,817) |
| Dec 31, 2014 | 2,712) | 13,341) | 9,993) | 7,214) |
| Dec 31, 2013 | 3,130) | 13,224) | 9,760) | 7,665) |
| Dec 31, 2012 | 2,623) | 13,505) | 10,230) | 7,062) |
| Dec 31, 2011 | 2,499) | 12,805) | 10,033) | 7,851) |
| Dec 31, 2010 | 2,600) | 12,610) | 10,141) | 7,166) |
| Dec 31, 2009 | 1,839) | 13,221) | 11,025) | 6,917) |
| Dec 31, 2008 | 1,530) | 12,404) | 10,471) | 4,740) |
| Dec 31, 2007 | 1,493) | 9,206) | 7,572) | 2,260) |
| Dec 31, 2006 | 735) | 5,051) | 4,143) | 2,075) |
| Dec 31, 2005 | 460) | 2,270) | 1,633) | 1,610) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the balance sheet data from 2005 to 2022 reveals a significant expansion of the liability base and substantial volatility in stockholders' equity. The financial structure shifted from a relatively low-leverage position in the mid-2000s to a more debt-intensive capital structure by the early 2020s.
- Liability Growth and Composition
- Total liabilities experienced rapid growth between 2005 and 2009, increasing from 2,270 million US$ to 13,221 million US$. Following this period of expansion, total liabilities remained relatively stable between 12,500 million US$ and 13,500 million US$ from 2009 through 2017. However, a new upward trend emerged starting in 2018, with total liabilities climbing to 18,383 million US$ by 2022.
- Long-Term Debt Trajectory
- Long-term debt, including current maturities, serves as the primary driver of total liabilities. This figure rose sharply from 1,633 million US$ in 2005 to 11,025 million US$ in 2009. After a period of consolidation where debt levels fluctuated around 9,500 million US$ to 10,000 million US$ for several years, a significant acceleration in borrowing occurred after 2017. By 2022, long-term debt reached 15,978 million US$, representing the vast majority of the company's total obligations.
- Current Liabilities and Short-Term Obligations
- Current liabilities showed a general upward trend over the seventeen-year period, growing from 460 million US$ in 2005 to 3,902 million US$ in 2022. A notable exception occurred in 2020, where current liabilities dropped to 2,309 million US$ before surging to their peak in 2022.
- Stockholders' Equity Volatility
- Equity experienced two distinct phases. An initial growth phase saw stockholders' equity rise from 1,610 million US$ in 2005 to a peak of 7,851 million US$ in 2011. This was followed by a prolonged period of erosion, with equity declining steadily to a low of 1,996 million US$ in 2021. A sharp recovery was observed in 2022, with equity increasing to 3,881 million US$.
- Capital Structure and Leverage Insights
- The relationship between debt and equity indicates a marked increase in financial leverage over time. While the debt-to-equity ratio was moderate during the 2005-2011 period, the combination of rising long-term debt and declining stockholders' equity between 2012 and 2021 resulted in a significantly more leveraged balance sheet. The recovery in equity in 2022 suggests a recent improvement in the solvency position, although total liabilities remain at historical highs.
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Cash Flow Statement
Las Vegas Sands Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash generated from (used in) operating activities | Net cash used in investing activities | Net cash generated from (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | (944) | (721) | 6,154) |
| Dec 31, 2021 | (243) | (832) | 863) |
| Dec 31, 2020 | (1,312) | (1,329) | 560) |
| Dec 31, 2019 | 3,038) | (103) | (3,368) |
| Dec 31, 2018 | 4,701) | (930) | (1,522) |
| Dec 31, 2017 | 4,543) | (823) | (3,487) |
| Dec 31, 2016 | 4,043) | (1,442) | (2,630) |
| Dec 31, 2015 | 3,450) | (1,528) | (3,206) |
| Dec 31, 2014 | 4,833) | (1,177) | (3,722) |
| Dec 31, 2013 | 4,439) | (912) | (2,432) |
| Dec 31, 2012 | 3,058) | (1,446) | (3,045) |
| Dec 31, 2011 | 2,662) | (698) | (1,093) |
| Dec 31, 2010 | 1,870) | (2,708) | (1,128) |
| Dec 31, 2009 | 639) | (2,010) | 3,306) |
| Dec 31, 2008 | 128) | (3,571) | 5,605) |
| Dec 31, 2007 | 365) | (3,287) | 3,323) |
| Dec 31, 2006 | (197) | (2,236) | 2,443) |
| Dec 31, 2005 | 590) | (1,126) | (303) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 reveals three distinct financial phases: an aggressive capital investment period, a prolonged era of strong operational maturity, and a recent period of severe volatility and liquidity reliance.
- Operating Cash Flow Dynamics
- A period of substantial growth is observed between 2010 and 2018, with net cash from operating activities rising from 1,870 million US$ to a peak of 4,833 million US$ in 2014. This indicates a highly successful scale-up of core operations. However, a sharp reversal occurred starting in 2020, where operating cash flows turned negative, reaching -1,312 million US$ in 2020 and remaining negative through 2022 at -944 million US$, signaling a critical disruption in the ability to generate cash from primary business activities.
- Investing Activity Patterns
- Heavy capital expenditure is evident from 2005 to 2010, with annual outflows peaking at 3,571 million US$ in 2008. Following this expansionary phase, investing outflows moderated significantly, fluctuating between 823 million US$ and 1,528 million US$ for much of the following decade, with a notable low of 103 million US$ in 2019. Despite the operational downturn starting in 2020, the entity continued to incur investing outflows, although at a reduced scale compared to the initial expansion period.
- Financing Strategy Evolution
- The financing strategy shifted in alignment with the operational lifecycle. Between 2006 and 2009, significant cash inflows were generated through financing, peaking at 5,605 million US$ in 2008 to support aggressive investing activities. From 2010 to 2019, the trend inverted to consistent net outflows, indicating a transition toward debt repayment or shareholder returns, with the largest outflow of 3,722 million US$ occurring in 2014. A second pivot is observed in 2020 through 2022, characterized by a return to positive financing cash flows, culminating in a substantial inflow of 6,154 million US$ in 2022 to offset operating losses and maintain liquidity.
The overall trajectory indicates a transition from a capital-intensive growth stage to a cash-cow state, which was subsequently interrupted by a systemic shock. The reliance on financing activities in 2022 suggests a strategic move to shore up the balance sheet in response to the sustained negative operating cash flows observed over the final three years of the period.
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Per Share Data
Las Vegas Sands Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 2.40 | 2.40 | 0.00 |
| Dec 31, 2021 | -1.26 | -1.26 | 0.00 |
| Dec 31, 2020 | -2.21 | -2.21 | 0.79 |
| Dec 31, 2019 | 3.50 | 3.50 | 3.08 |
| Dec 31, 2018 | 3.07 | 3.07 | 3.00 |
| Dec 31, 2017 | 3.54 | 3.54 | 2.92 |
| Dec 31, 2016 | 2.10 | 2.10 | 2.88 |
| Dec 31, 2015 | 2.47 | 2.47 | 2.60 |
| Dec 31, 2014 | 3.52 | 3.52 | 2.00 |
| Dec 31, 2013 | 2.80 | 2.79 | 1.40 |
| Dec 31, 2012 | 1.89 | 1.85 | 3.75 |
| Dec 31, 2011 | 1.74 | 1.56 | 0.00 |
| Dec 31, 2010 | 0.61 | 0.51 | 0.00 |
| Dec 31, 2009 | -0.82 | -0.82 | 0.00 |
| Dec 31, 2008 | -0.48 | -0.48 | 0.00 |
| Dec 31, 2007 | 0.33 | 0.33 | 0.00 |
| Dec 31, 2006 | 1.25 | 1.24 | 0.00 |
| Dec 31, 2005 | 0.80 | 0.80 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial data reveals a cyclical earnings trajectory characterized by periods of sustained growth interrupted by significant downturns and subsequent recoveries. Earnings per share experienced an initial decline and entered negative territory between 2008 and 2009, before embarking on a consistent upward trend that peaked in 2014 and 2017.
- Earnings Per Share Performance
- Basic and diluted earnings per share followed a near-identical path, indicating negligible dilution. After the losses observed in 2008 and 2009, earnings recovered in 2010 and grew steadily to a high of 3.54 USD in 2017. A period of relative stability was maintained through 2019, followed by a sharp contraction in 2020 and 2021, where diluted earnings dropped to -2.21 USD and -1.26 USD, respectively. A return to profitability was achieved in 2022 with earnings rising to 2.40 USD.
- Dividend Distribution Trends
- Dividend payments were absent from 2005 through 2011. Distributions commenced in 2012 at 3.75 USD, followed by a realignment to 1.40 USD in 2013. From 2013 to 2019, a consistent year-over-year increase in dividends was observed, reaching a peak of 3.08 USD. This growth trend was abruptly reversed in 2020, with the dividend reduced to 0.79 USD, and payments were subsequently suspended in 2021 and 2022.
- Correlation Between Earnings and Dividends
- A strong correlation exists between the company's profitability and its dividend policy. The initiation and growth of dividends coincided with the period of sustained EPS growth between 2012 and 2019. Conversely, the severe earnings losses in 2020 and 2021 directly preceded the reduction and ultimate cessation of dividend payments, suggesting a prioritization of capital preservation during periods of negative net income.
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