Las Vegas Sands (LVS) FY2020 results: revenue $2.9 billion, down 75.8% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $2.9 billion for fiscal 2020, the year ended 31 December 2020, down 75.8% on the year before. Net income was -$1.7 billion, and diluted earnings per share $-2.21. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$2.9 billion
-75.8% on the year
FY2013FY2020
Operating margin
-47.4%
27.7% a year earlier
FY2013FY2020
Net income
-$1.7 billion
FY2013FY2020
Diluted EPS
-$2.21
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,940
12,127
13,729
-75.8%
Research and development
18.0
24.0
12.0
-25.0%
Selling, general and administrative
798
1,118
1,483
-28.6%
Operating income
-1,393
3,365
3,751
Operating margin
-47.4%
27.7%
27.3%
Interest expense
523
449
446
+16.5%
Pre-tax income
-1,876
3,600
3,326
Income tax
24.0
432
375
-94.4%
Effective tax rate
n/a
12.0%
11.3%
Net income
-1,685
2,698
2,413
Net margin
-57.3%
22.2%
17.6%
Diluted EPS
-$2.21
$3.50
$3.07
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-1,312
3,038
4,701
Capital expenditure
1,227
1,018
949
+20.5%
Free cash flow
-2,539
2,020
3,752
Free cash flow margin
-86.4%
16.7%
27.3%
Cash from investing
-1,329
-103
-930
Cash from financing
560
-3,368
-1,522
Depreciation and amortisation
997
1,020
1,111
-2.3%
Share-based compensation
22.0
35.0
30.0
-37.1%
Buybacks
0.0
754
905
Dividends paid
911
3,000
2,979
-69.6%
Dividend per share
$0.79
$3.08
$3.00
-74.4%
Diluted shares, weighted
764m
771m
786m
-0.9%
Shares outstanding at period end
764m
764m
775m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,973
5,187
5,684
-42.7%
Non-controlling interest
565
1,320
1,061
-57.2%
Debt
14,120
12,577
12,069
+12.3%
Operating lease liabilities
153
305
n/a
-49.8%
Finance lease liabilities
10.0
9.0
n/a
+11.1%
Other liabilities
2,986
3,801
3,733
-21.4%
Total liabilities and equity
20,807
23,199
22,547
-10.3%
Fixed assets
12,280
14,844
15,154
-17.3%
Intangible assets
25.0
42.0
72.0
-40.5%
Cash and equivalents
2,082
4,226
4,648
-50.7%
Receivables
252
844
726
-70.1%
Inventory
22.0
37.0
35.0
-40.5%
Other assets
6,146
3,206
1,912
+91.7%
Total assets
20,807
23,199
22,547
-10.3%
10-K for the year ended 31 December 2020, filed 5 February 2021: the filing.