Las Vegas Sands (LVS) FY2017 results: revenue $12.7 billion, up 12.9% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $12.7 billion for fiscal 2017, the year ended 31 December 2017, up 12.9% on the year before. Net income was $2.8 billion, up 67.1%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$12.7 billion
+12.9% on the year
FY2010FY2017
Operating margin
27.2%
22.2% a year earlier
FY2010FY2017
Net income
$2.8 billion
+67.1% on the year
FY2010FY2017
Diluted EPS
$3.54
+68.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,728
11,271
11,688
+12.9%
Research and development
13.0
9.0
10.0
+44.4%
Selling, general and administrative
1,415
1,287
1,267
+9.9%
Operating income
3,462
2,502
2,841
+38.4%
Operating margin
27.2%
22.2%
24.3%
Interest expense
327
274
265
+19.3%
Pre-tax income
3,052
2,264
2,622
+34.8%
Income tax
-209
239
236
Effective tax rate
-6.8%
10.6%
9.0%
Net income
2,806
1,679
1,966
+67.1%
Net margin
22.0%
14.9%
16.8%
Diluted EPS
$3.54
$2.10
$2.47
+68.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
4,543
4,044
3,459
+12.3%
Capital expenditure
837
1,398
1,529
-40.1%
Free cash flow
3,706
2,646
1,930
+40.1%
Free cash flow margin
29.1%
23.5%
16.5%
Cash from investing
-822
-1,440
n/a
Cash from financing
-3,487
-2,631
n/a
Depreciation and amortisation
1,171
1,111
999
+5.4%
Share-based compensation
34.0
34.0
46.0
0.0%
Buybacks
375
0.0
205
Dividends paid
2,943
2,924
2,707
+0.6%
Dividend per share
$2.92
$2.88
$2.60
+1.4%
Diluted shares, weighted
792m
795m
798m
-0.4%
Shares outstanding at period end
789m
795m
795m
-0.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,493
6,177
6,817
+5.1%
Non-controlling interest
1,142
1,319
1,601
-13.4%
Debt
9,640
9,595
9,344
+0.5%
Other liabilities
3,412
3,378
3,101
+1.0%
Total liabilities and equity
20,687
20,469
20,863
+1.1%
Fixed assets
15,516
15,903
15,732
-2.4%
Intangible assets
89.0
103
71.0
-13.6%
Cash and equivalents
2,419
2,128
2,179
+13.7%
Receivables
615
776
1,268
-20.7%
Inventory
37.0
46.0
43.0
-19.6%
Other assets
2,011
1,513
1,570
+32.9%
Total assets
20,687
20,469
20,863
+1.1%
10-K for the year ended 31 December 2017, filed 22 February 2019: the filing.