Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Las Vegas Sands Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Revenue Composition Trends
- The casino segment consistently represents the largest portion of net revenues, generally ranging between approximately 58% and 73% across quarters, though it experienced a pronounced decline during early 2020 corresponding to upheaval in the industry. After a sharp drop in the March and June 2020 quarters, casino revenues as a percentage of net revenues recovered through 2021 and stabilized in the low 70% range by 2023. Rooms revenue contribution fluctuated moderately between 8% and 15%, generally dipping during 2020 but recovering thereafter. Food and beverage as a revenue source generally hovered around 4.5% to 9%, spiking temporarily in mid-2020. The mall and convention/retail segments demonstrated higher volatility, notably surging sharply in the second quarter of 2020 before settling down to mid-single-digit percentages thereafter.
- Cost and Profitability Margins
- Cost of revenues as a proportion of net revenues averaged around 49%-51% prior to 2020 but showed sharp escalation reaching as high as nearly 380% in Q2 2020, reflecting significant disruptions. Gross profit margins correspondingly declined markedly during 2020, dropping from typical levels around 40-50% before the crisis to negative or very low margins in the same period. Post-2020, gross profit margins steadily improved, returning to approximately 48%-50% by the end of the analyzed period.
- Operating and Non-Operating Expenses
- General and administrative expenses consistently represented about 9.5%-11.5% of net revenues before 2020, surging dramatically during 2020 with a peak around 267%, indicative of fixed costs amid revenue declines. These expenses subsequently normalized to pre-pandemic levels by 2023. Depreciation and amortization expenses followed a similar pattern, usually around 7% to 9%, spiking extraordinarily during 2020, and then contracting back to near prior norms. Interest expense percentages increased substantially during the crisis, reflecting higher leverage or refinancing costs, but have been decreasing steadily through 2023.
- Operating Income and Net Income Performance
- Operating income showed robust positive margins generally in the 20-30% range before the pandemic but plunged sharply to negative extremes during 2020, recovering gradually thereafter with positive trends into 2023. Net income exhibited similar volatility: strong positive results in pre-2020 quarters, severe negative impacts during 2020 with losses exceeding 1000% at one point, followed by marked recovery and positive growth returning by 2023. Notably, discontinued operations and asset disposals contributed significantly to fluctuations in net income in certain quarters, including a substantial gain recognized in early 2021.
- Income Taxes and Interest Income
- Income tax expense as a percentage of revenues displayed varied patterns, including periods of benefit and expense aligned with profitability fluctuations. Interest income fluctuated modestly but showed an increasing trend particularly post-pandemic, rising to above 3% of net revenues by early 2023, highlighting possibly increased returns on cash or investments amidst recovering operations. Conversely, net interest expense declined significantly from crisis peak levels, improving overall net finance costs.
- Overall Financial Health Insights
- The data indicates that the company experienced significant operational disruption beginning Q1 2020, with drastic declines in casino revenue contribution and profitability. Cost controls faced challenges as fixed expenses remained elevated while revenues dropped sharply. From mid-2020 onwards, there is a clear and sustained recovery trend in revenues, margins, and net income, supported by improved cost management and a gradual return to business norms. The volatility in discontinued operations and asset disposals suggests strategic portfolio adjustments during this period. By mid-2023, financial metrics are approaching or exceeding pre-pandemic levels, reflecting resilience and adaptability in a volatile environment.