Las Vegas Sands (LVS) FY2014 results: revenue $14.6 billion, up 5.9% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $14.6 billion for fiscal 2014, the year ended 31 December 2014, up 5.9% on the year before. Net income was $2.8 billion, up 23.2%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$14.6 billion
+5.9% on the year
FY2008FY2014
Operating margin
28.1%
24.8% a year earlier
FY2008FY2014
Net income
$2.8 billion
+23.2% on the year
FY2008FY2014
Diluted EPS
$3.52
+26.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
14,584
13,770
11,131
+5.9%
Research and development
14.0
15.8
20.0
-11.4%
Selling, general and administrative
1,258
1,330
1,062
-5.4%
Operating income
4,099
3,408
2,311
+20.3%
Operating margin
28.1%
24.8%
20.8%
Interest expense
274
271
259
+1.1%
Pre-tax income
3,833
3,144
2,063
+21.9%
Income tax
245
189
181
+29.6%
Effective tax rate
6.4%
6.0%
8.8%
Net income
2,841
2,306
1,524
+23.2%
Net margin
19.5%
16.7%
13.7%
Diluted EPS
$3.52
$2.79
$1.85
+26.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
4,833
4,439
3,058
+8.9%
Capital expenditure
1,179
898
1,449
+31.2%
Free cash flow
3,654
3,541
1,609
+3.2%
Free cash flow margin
25.1%
25.7%
14.5%
Cash from investing
n/a
-912
-1,446
Cash from financing
n/a
-2,432
-3,045
Depreciation and amortisation
1,032
1,007
892
+2.4%
Share-based compensation
48.1
53.4
65.4
-10.0%
Buybacks
1,677
561
0.0
+198.8%
Dividend per share
$2.00
$1.40
$3.75
+42.9%
Diluted shares, weighted
808m
826m
825m
-2.2%
Shares outstanding at period end
798m
819m
824m
-2.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,214
7,665
7,062
-5.9%
Non-controlling interest
1,807
1,835
1,597
-1.5%
Debt
9,893
9,383
10,230
+5.4%
Other liabilities
3,294
3,841
3,275
-14.3%
Total liabilities and equity
22,207
22,724
22,164
-2.3%
Fixed assets
15,372
15,359
15,767
+0.1%
Intangible assets
86.3
102
70.6
-15.5%
Cash and equivalents
3,506
3,600
2,513
-2.6%
Receivables
1,511
1,762
1,819
-14.3%
Inventory
41.7
41.9
43.9
-0.6%
Other assets
1,690
1,859
1,950
-9.1%
Total assets
22,207
22,724
22,164
-2.3%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.