Las Vegas Sands (LVS) FY2019 results: revenue $12.1 billion, down 11.7% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $12.1 billion for fiscal 2019, the year ended 31 December 2019, down 11.7% on the year before. Net income was $2.7 billion, up 11.8%, and diluted earnings per share $3.50. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2020.
Revenue
$12.1 billion
-11.7% on the year
FY2012FY2019
Operating margin
27.7%
27.3% a year earlier
FY2012FY2019
Net income
$2.7 billion
+11.8% on the year
FY2012FY2019
Diluted EPS
$3.50
+14.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
12,127
13,729
12,728
-11.7%
Research and development
24.0
12.0
13.0
+100.0%
Selling, general and administrative
1,118
1,483
1,415
-24.6%
Operating income
3,365
3,751
3,462
-10.3%
Operating margin
27.7%
27.3%
27.2%
Interest expense
449
446
327
+0.7%
Pre-tax income
3,600
3,326
3,052
+8.2%
Income tax
432
375
-209
+15.2%
Effective tax rate
12.0%
11.3%
-6.8%
Net income
2,698
2,413
2,806
+11.8%
Net margin
22.2%
17.6%
22.0%
Diluted EPS
$3.50
$3.07
$3.54
+14.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,038
4,701
4,543
-35.4%
Capital expenditure
1,018
949
837
+7.3%
Free cash flow
2,020
3,752
3,706
-46.2%
Free cash flow margin
16.7%
27.3%
29.1%
Cash from investing
-103
-930
-822
Cash from financing
-3,368
-1,522
-3,487
Depreciation and amortisation
1,020
1,111
1,171
-8.2%
Share-based compensation
35.0
30.0
34.0
+16.7%
Buybacks
754
905
375
-16.7%
Dividends paid
3,000
2,979
2,943
+0.7%
Dividend per share
$3.08
$3.00
$2.92
+2.7%
Diluted shares, weighted
771m
786m
792m
-1.9%
Shares outstanding at period end
764m
775m
789m
-1.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,187
5,684
6,493
-8.7%
Non-controlling interest
1,320
1,061
1,142
+24.4%
Debt
12,577
12,069
9,640
+4.2%
Operating lease liabilities
305
n/a
n/a
Finance lease liabilities
9.0
n/a
n/a
Other liabilities
3,801
3,733
3,412
+1.8%
Total liabilities and equity
23,199
22,547
20,687
+2.9%
Fixed assets
14,844
15,154
15,516
-2.0%
Intangible assets
42.0
72.0
89.0
-41.7%
Cash and equivalents
4,226
4,648
2,419
-9.1%
Receivables
844
726
615
+16.3%
Inventory
37.0
35.0
37.0
+5.7%
Other assets
3,206
1,912
2,011
+67.7%
Total assets
23,199
22,547
20,687
+2.9%
10-K for the year ended 31 December 2019, filed 7 February 2020: the filing.