Las Vegas Sands (LVS) FY2018 results: revenue $13.7 billion, up 7.9% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $13.7 billion for fiscal 2018, the year ended 31 December 2018, up 7.9% on the year before. Net income was $2.4 billion, down 14.0%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$13.7 billion
+7.9% on the year
FY2011FY2018
Operating margin
27.3%
27.2% a year earlier
FY2011FY2018
Net income
$2.4 billion
-14.0% on the year
FY2011FY2018
Diluted EPS
$3.07
-13.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
13,729
12,728
11,271
+7.9%
Research and development
12.0
13.0
9.0
-7.7%
Selling, general and administrative
1,483
1,415
1,287
+4.8%
Operating income
3,751
3,462
2,502
+8.3%
Operating margin
27.3%
27.2%
22.2%
Interest expense
446
327
274
+36.4%
Pre-tax income
3,326
3,052
2,264
+9.0%
Income tax
375
-209
239
Effective tax rate
11.3%
-6.8%
10.6%
Net income
2,413
2,806
1,679
-14.0%
Net margin
17.6%
22.0%
14.9%
Diluted EPS
$3.07
$3.54
$2.10
-13.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,701
4,543
4,044
+3.5%
Capital expenditure
949
837
1,398
+13.4%
Free cash flow
3,752
3,706
2,646
+1.2%
Free cash flow margin
27.3%
29.1%
23.5%
Cash from investing
-930
-822
-1,440
Cash from financing
-1,522
-3,487
-2,631
Depreciation and amortisation
1,111
1,171
1,111
-5.1%
Share-based compensation
30.0
34.0
34.0
-11.8%
Buybacks
905
375
0.0
+141.3%
Dividends paid
2,979
2,943
2,924
+1.2%
Dividend per share
$3.00
$2.92
$2.88
+2.7%
Diluted shares, weighted
786m
792m
795m
-0.8%
Shares outstanding at period end
775m
789m
795m
-1.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,684
6,493
6,177
-12.5%
Non-controlling interest
1,061
1,142
1,319
-7.1%
Debt
12,069
9,640
9,595
+25.2%
Other liabilities
3,733
3,412
3,378
+9.4%
Total liabilities and equity
22,547
20,687
20,469
+9.0%
Fixed assets
15,154
15,516
15,903
-2.3%
Intangible assets
72.0
89.0
103
-19.1%
Cash and equivalents
4,648
2,419
2,128
+92.1%
Receivables
726
615
776
+18.0%
Inventory
35.0
37.0
46.0
-5.4%
Other assets
1,912
2,011
1,513
-4.9%
Total assets
22,547
20,687
20,469
+9.0%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.