Las Vegas Sands (LVS) FY2015 results: revenue $11.7 billion, down 19.9% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $11.7 billion for fiscal 2015, the year ended 31 December 2015, down 19.9% on the year before. Net income was $2.0 billion, down 30.8%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$11.7 billion
-19.9% on the year
FY2008FY2015
Operating margin
24.3%
28.1% a year earlier
FY2008FY2015
Net income
$2.0 billion
-30.8% on the year
FY2008FY2015
Diluted EPS
$2.47
-29.8% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
11,688
14,584
13,770
-19.9%
Research and development
10.0
14.0
15.8
-28.6%
Selling, general and administrative
1,267
1,258
1,330
+0.7%
Operating income
2,841
4,099
3,408
-30.7%
Operating margin
24.3%
28.1%
24.8%
Interest expense
265
274
271
-3.3%
Pre-tax income
2,622
3,833
3,144
-31.6%
Income tax
236
245
189
-3.5%
Effective tax rate
9.0%
6.4%
6.0%
Net income
1,966
2,841
2,306
-30.8%
Net margin
16.8%
19.5%
16.7%
Diluted EPS
$2.47
$3.52
$2.79
-29.8%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
3,459
4,833
4,439
-28.4%
Capital expenditure
1,529
1,179
898
+29.7%
Free cash flow
1,930
3,654
3,541
-47.2%
Free cash flow margin
16.5%
25.1%
25.7%
Cash from investing
n/a
n/a
-912
Cash from financing
n/a
n/a
-2,432
Depreciation and amortisation
999
1,032
1,007
-3.2%
Share-based compensation
46.0
48.1
53.4
-4.3%
Buybacks
205
1,677
561
-87.8%
Dividends paid
2,707
n/a
n/a
Dividend per share
$2.60
$2.00
$1.40
+30.0%
Diluted shares, weighted
798m
808m
826m
-1.3%
Shares outstanding at period end
795m
798m
819m
-0.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,817
7,214
7,665
-5.5%
Non-controlling interest
1,601
1,807
1,835
-11.4%
Debt
9,344
9,893
9,383
-5.5%
Other liabilities
3,101
3,294
3,841
-5.8%
Total liabilities and equity
20,863
22,207
22,724
-6.1%
Fixed assets
15,732
15,372
15,359
+2.3%
Intangible assets
71.0
86.3
102
-17.7%
Cash and equivalents
2,179
3,506
3,600
-37.8%
Receivables
1,268
1,511
1,762
-16.1%
Inventory
43.0
41.7
41.9
+3.2%
Other assets
1,570
1,690
1,859
-7.1%
Total assets
20,863
22,207
22,724
-6.1%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.