Las Vegas Sands (LVS) FY2013 results: revenue $13.8 billion, up 23.7% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $13.8 billion for fiscal 2013, the year ended 31 December 2013, up 23.7% on the year before. Net income was $2.3 billion, up 51.3%, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$13.8 billion
+23.7% on the year
FY2008FY2013
Operating margin
24.8%
20.8% a year earlier
FY2008FY2013
Net income
$2.3 billion
+51.3% on the year
FY2008FY2013
Diluted EPS
$2.79
+50.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
13,770
11,131
9,411
+23.7%
Research and development
15.8
20.0
11.3
-20.8%
Selling, general and administrative
1,330
1,062
837
+25.2%
Operating income
3,408
2,311
2,390
+47.5%
Operating margin
24.8%
20.8%
25.4%
Interest expense
271
259
283
+4.9%
Pre-tax income
3,144
2,063
2,095
+52.4%
Income tax
189
181
212
+4.5%
Effective tax rate
6.0%
8.8%
10.1%
Net income
2,306
1,524
1,560
+51.3%
Net margin
16.7%
13.7%
16.6%
Diluted EPS
$2.79
$1.85
$1.56
+50.8%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
4,439
3,058
2,662
+45.2%
Capital expenditure
898
1,449
1,508
-38.0%
Free cash flow
3,541
1,609
1,154
+120.2%
Free cash flow margin
25.7%
14.5%
12.3%
Cash from investing
-912
-1,446
-698
Cash from financing
-2,432
-3,045
-1,093
Depreciation and amortisation
1,007
892
794
+12.9%
Share-based compensation
53.4
65.4
62.7
-18.4%
Buybacks
561
0.0
0.0
Dividend per share
$1.40
$3.75
n/a
-62.7%
Diluted shares, weighted
826m
825m
812m
+0.2%
Shares outstanding at period end
819m
824m
733m
-0.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,665
7,062
7,851
+8.5%
Non-controlling interest
1,835
1,597
1,588
+14.9%
Debt
9,383
10,230
10,033
-8.3%
Other liabilities
3,841
3,275
2,772
+17.3%
Total liabilities and equity
22,724
22,164
22,244
+2.5%
Fixed assets
15,359
15,767
15,031
-2.6%
Intangible assets
102
70.6
80.1
+44.6%
Cash and equivalents
3,600
2,513
3,903
+43.3%
Receivables
1,762
1,819
1,337
-3.1%
Inventory
41.9
43.9
35.0
-4.4%
Other assets
1,859
1,950
1,859
-4.7%
Total assets
22,724
22,164
22,244
+2.5%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.