Las Vegas Sands (LVS) FY2016 results: revenue $11.3 billion, down 3.6% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $11.3 billion for fiscal 2016, the year ended 31 December 2016, down 3.6% on the year before. Net income was $1.7 billion, down 14.6%, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$11.3 billion
-3.6% on the year
FY2009FY2016
Operating margin
22.2%
24.3% a year earlier
FY2009FY2016
Net income
$1.7 billion
-14.6% on the year
FY2009FY2016
Diluted EPS
$2.10
-15.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
11,271
11,688
14,584
-3.6%
Research and development
9.0
10.0
14.0
-10.0%
Selling, general and administrative
1,287
1,267
1,258
+1.5%
Operating income
2,502
2,841
4,099
-11.9%
Operating margin
22.2%
24.3%
28.1%
Interest expense
274
265
274
+3.3%
Pre-tax income
2,264
2,622
3,833
-13.6%
Income tax
239
236
245
+1.2%
Effective tax rate
10.6%
9.0%
6.4%
Net income
1,679
1,966
2,841
-14.6%
Net margin
14.9%
16.8%
19.5%
Diluted EPS
$2.10
$2.47
$3.52
-15.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
4,044
3,459
4,833
+16.9%
Capital expenditure
1,398
1,529
1,179
-8.5%
Free cash flow
2,646
1,930
3,654
+37.1%
Free cash flow margin
23.5%
16.5%
25.1%
Cash from investing
-1,440
n/a
n/a
Cash from financing
-2,631
n/a
n/a
Depreciation and amortisation
1,111
999
1,032
+11.2%
Share-based compensation
34.0
46.0
48.1
-26.1%
Buybacks
0.0
205
1,677
Dividends paid
2,924
2,707
n/a
+8.0%
Dividend per share
$2.88
$2.60
$2.00
+10.8%
Diluted shares, weighted
795m
798m
808m
-0.3%
Shares outstanding at period end
795m
795m
798m
+0.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,177
6,817
7,214
-9.4%
Non-controlling interest
1,319
1,601
1,807
-17.6%
Debt
9,595
9,344
9,893
+2.7%
Other liabilities
3,378
3,101
3,294
+8.9%
Total liabilities and equity
20,469
20,863
22,207
-1.9%
Fixed assets
15,903
15,732
15,372
+1.1%
Intangible assets
103
71.0
86.3
+45.1%
Cash and equivalents
2,128
2,179
3,506
-2.4%
Receivables
776
1,268
1,511
-38.8%
Inventory
46.0
43.0
41.7
+7.0%
Other assets
1,513
1,570
1,690
-3.6%
Total assets
20,469
20,863
22,207
-1.9%
10-K for the year ended 31 December 2016, filed 22 February 2019: the filing.