Las Vegas Sands (LVS) FY2012 results: revenue $11.1 billion, up 18.3% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $11.1 billion for fiscal 2012, the year ended 31 December 2012, up 18.3% on the year before. Net income was $1.5 billion, down 2.3%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2013.
Revenue
$11.1 billion
+18.3% on the year
FY2008FY2012
Operating margin
20.8%
25.4% a year earlier
FY2008FY2012
Net income
$1.5 billion
-2.3% on the year
FY2008FY2012
Diluted EPS
$1.85
+18.6% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
11,131
9,411
6,853
+18.3%
Research and development
20.0
11.3
1.8
+76.5%
Selling, general and administrative
1,062
837
683
+26.9%
Operating income
2,311
2,390
1,181
-3.3%
Operating margin
20.8%
25.4%
17.2%
Interest expense
259
283
307
-8.6%
Pre-tax income
2,063
2,095
856
-1.5%
Income tax
181
212
74.3
-14.6%
Effective tax rate
8.8%
10.1%
8.7%
Net income
1,524
1,560
599
-2.3%
Net margin
13.7%
16.6%
8.7%
Diluted EPS
$1.85
$1.56
$0.51
+18.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
3,058
2,662
1,870
+14.8%
Capital expenditure
1,449
1,508
2,024
-3.9%
Free cash flow
1,609
1,154
-154
+39.4%
Free cash flow margin
14.5%
12.3%
-2.2%
Cash from investing
-1,446
-698
-2,708
Cash from financing
-3,045
-1,093
-1,128
Depreciation and amortisation
892
794
695
+12.3%
Share-based compensation
65.4
62.7
58.0
+4.3%
Buybacks
0.0
0.0
n/a
Dividend per share
$3.75
n/a
n/a
Diluted shares, weighted
825m
812m
792m
+1.6%
Shares outstanding at period end
824m
733m
708m
+12.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
7,062
7,851
6,663
-10.0%
Non-controlling interest
1,597
1,588
1,268
+0.5%
Redeemable equity
n/a
n/a
503
Debt
10,230
10,033
10,141
+2.0%
Other liabilities
3,275
2,772
2,469
+18.2%
Total liabilities and equity
22,164
22,244
21,044
-0.4%
Fixed assets
15,767
15,031
14,502
+4.9%
Intangible assets
70.6
80.1
89.8
-11.8%
Cash and equivalents
2,513
3,903
3,037
-35.6%
Receivables
1,819
1,337
717
+36.1%
Inventory
43.9
35.0
32.3
+25.4%
Other assets
1,950
1,859
2,666
+4.9%
Total assets
22,164
22,244
21,044
-0.4%
10-K for the year ended 31 December 2012, filed 1 March 2013: the filing.