Las Vegas Sands Corp. (NYSE:LVS)

The financial data exhibits distinct patterns over the five-year period. Key performance indicators reveal significant fluctuations, particularly during the years 2020 to 2022.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios declined markedly from 2018 through 2020, dropping from around 0.60 to approximately 0.17. Minor improvements occurred in 2021 and 2022, but levels remained substantially below those of the pre-2020 years, indicating decreased efficiency in asset utilization during this period.

Current Ratio

The current ratio decreased from about 1.76 in 2018 to 1.15 in 2020, reflecting a reduction in short-term liquidity. However, it improved notably in 2021 to a peak above 2.00 before moderating to around 1.73 in 2022. The adjusted figures mirror this trend, suggesting a cautious recovery in the company's ability to cover short-term liabilities after 2020.

Debt to Equity Ratio

This ratio experienced a sharp increase, more than doubling from roughly 2.1 in 2018 to over 7.4 in 2021 based on reported data, followed by a decline to approximately 4.1 in 2022. The adjusted figures show a similar trajectory but at slightly lower levels, indicating a substantial reliance on debt financing that peaked in 2021 before receding.

Debt to Capital Ratio

The trend here aligns with debt to equity, rising steadily to a high of around 0.88 in 2021 and easing to 0.8 in 2022. The adjusted values corroborate this path, suggesting a heavier capital structure weighting towards debt during the middle years.

Financial Leverage

Financial leverage rose significantly, escalating from under 4.0 in 2018 to above 10.0 in 2021 and then declining to about 5.7 in 2022. Adjusted leverage follows the same pattern but with slightly smaller magnitudes. This confirms an increased use of borrowed funds to finance assets, reaching a peak in 2021.

Net Profit Margin

Profitability margins were comparatively strong in 2018-2019, with reported margins near 18-20%. In contrast, the period from 2020 to 2021 showed severe declines, with large negative margins reflecting operational losses. A remarkable recovery appears in 2022 with a notably high positive margin above 44%, although adjusted margins remain negative, highlighting ongoing challenges in fundamental profitability.

Return on Equity (ROE)

Reported ROE followed a similar pattern to margins, peaking above 50% in 2019, collapsing into deep negative territory in 2020 and 2021, and rebounding close to 47% in 2022. The adjusted ROE figures are consistently lower, staying negative in the later years, which may reflect adjustments for non-recurring items or other anomalies.

Return on Assets (ROA)

ROA trends mirror ROE, with positive returns near 11-15% through 2019, plunging to negative values during 2020-2021, and then improving in 2022, although adjusted ROA remains negative throughout the most recent years. This indicates that asset profitability remained impaired despite some reported gains.

Overall, the data indicates that the company faced significant operational and financial challenges beginning in 2020, likely due to external or industry-wide disruptions. There is evidence of recovery in liquidity and profitability by 2022, though leverage remains elevated and adjusted profitability metrics suggest ongoing underlying difficulties. Asset utilization turned sharply lower during the disruptive period and has yet to return to earlier levels, pointing to a cautious operational environment.

Net Revenues

Net revenues remained relatively stable between 2018 and 2019, showing a slight increase from 13,729 million USD to 13,739 million USD. However, there was a sharp decline in 2020 to 3,612 million USD, followed by a gradual recovery in 2021 and 2022 to 4,234 million USD and 4,110 million USD respectively. Despite the recovery, the revenue figures in 2021 and 2022 remained significantly below pre-2020 levels.

Total Assets

Total assets initially increased from 22,547 million USD in 2018 to 23,199 million USD in 2019. Thereafter, total assets declined over the next two years, reaching 20,059 million USD in 2021. In 2022, total assets experienced a partial increase, rising to 22,039 million USD, though still below the 2018 and 2019 levels.

Reported Total Asset Turnover

The reported total asset turnover ratio showed a downward trend from 0.61 in 2018 to 0.59 in 2019. This ratio then sharply decreased to 0.17 in 2020, reflecting the substantial revenue decline amid asset levels. Although there was modest improvement in 2021 to 0.21, the turnover ratio declined slightly to 0.19 in 2022, indicating continued low efficiency in utilizing assets to generate revenues compared to pre-2020 performance.

Adjusted Total Assets

Adjusted total assets mirrored the trend observed in total assets, increasing slightly from 23,817 million USD in 2018 to 23,199 million USD in 2019, followed by a decline through 2020 and 2021 to 20,803 million USD and 19,994 million USD respectively. Adjusted assets partially recovered in 2022 to 22,125 million USD, remaining below the early period high.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio closely followed the pattern of the reported turnover ratio. It held steady at 0.58-0.59 between 2018 and 2019, before sharply dropping to 0.17 in 2020. A moderate increase to 0.21 occurred in 2021, followed by a slight decline to 0.19 in 2022, consistent with reduced asset utilization efficiency during and after the downturn period.

The analysis of the annual financial data reveals significant variations in liquidity-related metrics over the five-year period under review.

Current Assets

Current assets exhibited a declining trend from 2018 to 2020, decreasing from 5,566 million US dollars in 2018 to 2,644 million in 2020. This represents a substantial contraction during this interval. However, from 2020 onwards, there was a recovery with current assets increasing to 5,510 million in 2021 and further to 6,744 million in 2022, surpassing the initial 2018 level.

Current Liabilities

Current liabilities showed fluctuations but generally remained less volatile compared to current assets. They increased slightly from 3,157 million in 2018 to 3,224 million in 2019, then decreased to 2,309 million in 2020. From 2020 to 2022, liabilities rose steadily to 3,902 million, reflecting a marked increase in the most recent year.

Reported Current Ratio

The reported current ratio, which measures short-term liquidity, declined from 1.76 in 2018 to a low point of 1.15 in 2020, indicating reduced liquidity and possibly increased pressure on meeting short-term obligations during that year. Following the trough in 2020, the ratio improved considerably to 2.15 in 2021, signaling enhanced liquidity, before adjusting to 1.73 in 2022, a level slightly below that observed in 2018.

Adjusted Current Assets and Ratio

Adjusted current assets showed a pattern similar to that of reported current assets but with consistently higher values, suggesting a broader definition or inclusion of additional assets in the adjustment. The adjusted current assets decreased from 5,890 million in 2018 to 2,958 million in 2020, then increased to 6,961 million in 2022. Correspondingly, the adjusted current ratio declined from 1.87 in 2018 to 1.28 in 2020, then rose to 2.24 in 2021 before settling at 1.78 in 2022. The adjusted ratios indicate a somewhat stronger liquidity position than the reported ratios throughout the period.

Overall, the data reflect a period of tightening liquidity around 2020, potentially due to external or company-specific challenges, followed by a recovery in 2021 and stabilization in 2022. The recovery was marked by increases in current assets and improvements in current ratios, albeit with a recent uptick in current liabilities, which may warrant attention to maintain liquidity adequacy going forward.

The financial data for the analyzed periods reveal several notable trends in the company’s leverage and equity structure.

Total Debt

Total debt consistently increased each year, rising from $11.985 billion in 2018 to $15.978 billion in 2022. This upward trend indicates a growing reliance on debt financing over the five-year span.

Total Stockholders’ Equity

Equity experienced a declining trend from 2018 ($5.684 billion) through 2021 ($1.996 billion), reflecting a significant reduction in net assets available to shareholders. However, in 2022, equity rebounded to $3.881 billion, suggesting some recovery or capital infusion during the last period.

Reported Debt to Equity Ratio

The reported debt to equity ratio followed a marked increase from 2.11 in 2018 to a peak of 7.41 in 2021, highlighting escalating financial leverage and increased risk exposure. In 2022, this ratio decreased substantially to 4.12, owing primarily to the partial recovery of equity.

Adjusted Total Debt

Adjusted total debt values align closely with reported debt, showing consistent growth from $13.299 billion in 2018 to $16.148 billion in 2022, indicating that adjustments for certain liabilities or financial measures did not alter the overall upward leverage trend.

Adjusted Total Equity

Adjusted total equity also mirrors the reported equity trend, decreasing sharply from $6.892 billion in 2018 to $2.356 billion in 2021 before rising again in 2022 to $3.894 billion. This suggests that adjustments similarly reflect fluctuations in net asset value or shareholder equity.

Adjusted Debt to Equity Ratio

This ratio increased from 1.93 in 2018 to 6.35 in 2021, demonstrating a substantial rise in leverage measured on an adjusted basis, with a decline to 4.15 in 2022. The pattern parallels the reported ratio, confirming increased financial leverage through 2021 with partial deleveraging in 2022.

Overall, the data indicate that the company significantly increased its debt load while equity eroded until 2021, leading to very high leverage ratios reaching peaks in that year. The equity improvement and corresponding decline in debt-to-equity ratios in 2022 suggest a strategic move towards strengthening the balance sheet or improved financial results during that period. Despite this partial recovery, the company remains moderately highly leveraged relative to the start of the analyzed timeframe.

Total Debt

Total debt showed a consistent upward trend from 2018 to 2022, increasing from $11,985 million to $15,978 million. This indicates a steady rise in the company’s borrowing or liabilities over the five-year period.

Total Capital

Total capital remained relatively stable between 2018 and 2021, fluctuating slightly around $17,000 million, before increasing significantly to $19,859 million in 2022. This suggests an infusion of capital or growth in equity or long-term funds in the most recent year.

Reported Debt to Capital Ratio

The reported debt to capital ratio increased from 0.68 in 2018 to a peak of 0.88 in 2021, reflecting a growing proportion of debt financing relative to total capital. However, this ratio declined to 0.80 in 2022, indicating some reduction in leverage or improved capital structure.

Adjusted Total Debt

Adjusted total debt mirrored the trend seen in total debt, rising from $13,299 million in 2018 to $16,148 million in 2022, though with a slight dip in 2019. This adjusted figure likely accounts for additional liabilities or off-balance-sheet items.

Adjusted Total Capital

Adjusted total capital peaked in 2018 at $20,191 million and then steadily declined through 2021 to $17,319 million, followed by a recovery to $20,042 million in 2022. This trend suggests deterioration in capital base from 2018 to 2021 with a recent improvement.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio was steady at 0.66 in 2018 and 2019, increased sharply to 0.79 in 2020, then continued to rise to 0.86 in 2021, before decreasing to 0.81 in 2022. This pattern reflects increasing leverage and credit risk during the middle years, with some deleveraging or capital adjustment in 2022.

Overall Analysis

The data reveals a general increase in indebtedness and leverage from 2018 through 2021, with slightly improved capital levels and modest deleveraging in 2022. The rise in both total debt and adjusted total debt alongside fluctuating capital suggests active capital management and possible strategic adjustments in financing structure. The reduction in leverage ratios in 2022 may indicate efforts to strengthen the balance sheet following a period of elevated debt levels.

Total Assets

Total assets showed a slight increase from 22,547 million USD in 2018 to 23,199 million USD in 2019, followed by a decline to 20,807 million USD in 2020 and further decreases in 2021 to 20,059 million USD. There was a recovery in 2022 to 22,039 million USD, approaching the levels observed in 2018 and 2019.

Total Stockholders’ Equity

Stockholders’ equity declined steadily from 5,684 million USD in 2018 to 5,187 million USD in 2019, with a more pronounced drop to 2,973 million USD in 2020 and further contraction to 1,996 million USD in 2021. A significant rebound occurred in 2022, increasing to 3,881 million USD, though still below 2018 and 2019 levels.

Reported Financial Leverage

The reported financial leverage ratio increased consistently over the period, rising from 3.97 in 2018 to 4.47 in 2019, followed by a sharp spike to 7.00 in 2020 and peaking at 10.05 in 2021. In 2022, this ratio decreased substantially to 5.68, indicating a reduction in leverage from the previous peak but remaining above the earlier periods.

Adjusted Total Assets

The adjusted total assets mirrored the pattern of reported total assets with a peak in 2018 at 23,817 million USD, stability in 2019 at 23,199 million USD, followed by declines in 2020 and 2021 to 20,803 million USD and 19,994 million USD respectively. There was a recovery in 2022 to 22,125 million USD.

Adjusted Total Equity

Adjusted total equity showed a gradual decrease from 6,892 million USD in 2018 to 6,690 million USD in 2019, followed by a sharp decline to 3,722 million USD in 2020 and further decrease to 2,356 million USD in 2021. By 2022, adjusted equity rebounded to 3,894 million USD, reflecting partial recovery but remaining well below initial levels.

Adjusted Financial Leverage

The adjusted financial leverage ratio increased moderately from 3.46 in 2018 to 3.47 in 2019, then escalated significantly to 5.59 in 2020 and further to 8.49 in 2021. The ratio decreased to 5.68 in 2022, indicating a reduction in leverage from the peak but still elevated compared to 2018 and 2019.

Overall Analysis

The data indicates a period of asset decline and equity erosion from 2019 through 2021, concurrent with a substantial increase in financial leverage ratios, suggesting increased reliance on debt financing or obligations relative to equity. The severity peaked in 2021, with partial recovery observed in 2022 across all measures including assets, equity, and leverage ratios. Both reported and adjusted figures follow similar trends, confirming consistency in financial structure adjustments. The elevated leverage ratios in 2020 and 2021 may reflect increased financial risk, although 2022 shows a notable deleveraging trend. This pattern suggests that while the company experienced significant financial stress and contraction during the period, efforts to stabilize and improve the capital structure are evident in the most recent year.

The financial data reveals distinct trends in profitability and revenue generation over the five-year period ending in 2022. The net income attributable to the corporation experienced growth from 2018 to 2019, increasing from $2,413 million to $2,698 million, before suffering significant losses in 2020 and 2021. Specifically, net income turned negative in 2020 (-$1,685 million) and remained in a loss position in 2021 (-$961 million), followed by a recovery to positive territory with $1,832 million in 2022.

Net revenues remained relatively stable between 2018 and 2019, with figures approximately $13.7 billion for both years, but then drastically declined in 2020 to $3.6 billion. Although there was some improvement in revenues in 2021 ($4.2 billion) and 2022 ($4.1 billion), they have not returned to the pre-2020 levels. This sharp decline likely exerted pressure on profitability during the pandemic and recovery period.

Profit margins mirrored the income trends, with the reported net profit margin being solid and positive in 2018 (17.58%) and 2019 (19.64%). It dropped sharply to a negative 46.65% in 2020 and remained negative at -22.7% in 2021. However, there was a notable margin improvement in 2022, with the reported net profit margin climbing significantly to 44.57%, which indicates a strong rebound in profitability despite revenues not fully recovering.

Adjusted net income follows a similar pattern to reported net income but reflects consistently larger losses during the downturn period. Adjusted net income was $2,884 million in 2018 and grew to $3,466 million in 2019 before falling into losses in 2020 (-$2,101 million), 2021 (-$1,596 million), and 2022 (-$1,551 million). The adjusted net profit margin was positive and growing in 2018 and 2019 (21.01% and 25.23%, respectively) but saw a steep decline into negative territory from 2020 onwards, remaining persistently negative near -37.7% in 2022.

The divergence between the improving reported net income and profit margin in 2022 and the continued negative adjusted net income and margin suggests the presence of significant adjustments or one-time items influencing net results. This might indicate operational improvements alongside extraordinary factors impacting adjusted earnings negatively.

In summary, the company faced severe financial challenges starting in 2020 with sharp revenue declines and negative profitability likely linked to external adverse conditions, followed by a partial recovery in revenues and strong improvement in reported profitability by 2022, while adjusted results indicate ongoing operational or structural issues yet to be fully resolved.

The financial data reveals significant fluctuations in profitability, equity, and return on equity (ROE) over the five-year period under review. The trends indicate the effects of considerable operational and market challenges, particularly around the years 2020 to 2022.

Net Income (Loss) Attributable to the Company

Net income showed strong positive results in 2018 and 2019, with values of 2,413 million USD and 2,698 million USD, respectively. However, there was a marked reversal starting in 2020, with a substantial loss of 1,685 million USD. The negative trend continued in 2021 with a loss of 961 million USD. By 2022, net income rebounded to a positive figure of 1,832 million USD, signaling a partial recovery.

Total Stockholders’ Equity

Stockholders’ equity began at 5,684 million USD in 2018, decreasing consistently through 2021, reaching a low of 1,996 million USD. In 2022, equity rose again to 3,881 million USD, indicating some restoration of shareholder value following prior declines.

Reported Return on Equity (ROE)

The reported ROE mirrored the net income trends, with high positive returns of 42.45% and 52.01% in 2018 and 2019, respectively. This sharply declined into negative territory during 2020 (-56.68%) and 2021 (-48.15%). A strong recovery occurred in 2022, with ROE returning to 47.2%, highlighting improved profitability relative to equity.

Adjusted Net Income (Loss)

The adjusted net income also followed a similar pattern to the reported net income, with positive values of 2,884 million USD (2018) and 3,466 million USD (2019), followed by steep losses of 2,101 million USD (2020) and 1,596 million USD (2021). Unlike the reported net income, the adjusted net income did not return to positive territory in 2022, remaining negative at 1,551 million USD.

Adjusted Total Equity

Adjusted total equity started at 6,892 million USD in 2018 and showed a decreasing trend, minimizing to 2,356 million USD by 2021. A significant recovery took place in 2022, increasing equity to 3,894 million USD, consistent with the trend in reported equity.

Adjusted Return on Equity (Adjusted ROE)

Adjusted ROE demonstrated strong performance in 2018 (41.85%) and 2019 (51.81%). It then declined severely, turning negative in 2020 (-56.45%) and worsening further in 2021 (-67.74%). In 2022, adjusted ROE remained negative at -39.83%, indicating that on an adjusted basis, the company struggled to generate positive returns on equity despite partial recovery trends evident in other metrics.

In summary, the company experienced robust profitability and equity growth through 2018 and 2019, followed by a severe downturn coinciding with 2020 and 2021, likely due to adverse external factors impacting operations. The 2022 data shows signs of recovery in reported net income and equity figures, but adjusted results suggest that challenges persisted, as indicated by continued negative adjusted net income and adjusted ROE. The contrasting patterns between reported and adjusted figures highlight the importance of considering non-recurring items or other adjustments when assessing financial health and performance. Overall, the financial indicators suggest a company navigating a difficult period with some indicators of recovery as of the latest reporting year.

The financial data reveal significant fluctuations in profitability and asset base over the examined period.

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

The net income increased from 2018 to 2019, rising from 2413 million US$ to 2698 million US$. However, there was a sharp decline in 2020 resulting in a net loss of -1685 million US$, followed by a smaller loss of -961 million US$ in 2021. By 2022, the net income recovered to a positive 1832 million US$, indicating a substantial, though not full, recovery.

Total Assets

Total assets experienced a gradual decline from 22547 million US$ in 2018 to 20059 million US$ in 2021. In 2022, total assets increased slightly to 22039 million US$, showing a partial recovery from previous years' declines.

Reported Return on Assets (ROA)

Reported ROA followed a similar pattern to net income, rising from 10.7% in 2018 to a peak of 11.63% in 2019. This was succeeded by negative returns in 2020 (-8.1%) and 2021 (-4.79%), reflecting unprofitable operations during these years. In 2022, the ROA reverted to positive territory at 8.31%, denoting improving profitability relative to asset base.

Adjusted Net Income (Loss)

Adjusted net income exhibited an upward trend from 2884 million US$ in 2018 to 3466 million US$ in 2019. Subsequently, there was a sharp decline, with losses of -2101 million US$ in 2020 and -1596 million US$ in 2021. Unlike reported net income, 2022 adjusted net income remained negative at -1551 million US$, indicating ongoing challenges after adjustments.

Adjusted Total Assets

Adjusted total assets decreased from 23817 million US$ in 2018 to 19994 million US$ in 2021, similar to the trend in total assets. It then increased to 22125 million US$ in 2022, indicating a partial asset base recovery after contraction.

Adjusted Return on Assets (ROA)

The adjusted ROA increased from 12.11% in 2018 to 14.94% in 2019, illustrating strong returns on adjusted assets. It then fell sharply into negative territory, with -10.1% in 2020, -7.98% in 2021, and -7.01% in 2022, demonstrating adjusted profitability remained below breakeven despite some improvements.

Overall, the data depict a company experiencing strong profitability and asset levels until 2019, followed by significant negative impacts likely due to external disruptions in 2020 and 2021. While reported net income and ROA show signs of recovery in 2022, adjusted profitability metrics indicate ongoing operational challenges. Asset levels peaked in 2018-2019, declined through 2021, and began to rebound in 2022, highlighting some stabilization in the company’s asset base.