01—Abstract
Summary
Summary of the 8-K/A filed February 7, 2024. Cited figures are marked; the original filing is the authoritative source.
Las Vegas Sands Corp. filed Amendment No. 1 on Form 8-K/A to furnish a corrected version of its January 24, 2024 fourth-quarter and full-year 2023 results press release (Exhibit 99.1).
The only changes correct the weighted average common share counts, which revised basic and diluted earnings per share. Full-year diluted EPS from continuing operations is now $1.60a (previously $1.62), and adjusted earnings per diluted share from continuing operations is $1.86 (previously $1.89). Weighted average basic and diluted shares for 2023 are now 763 million and 765 million, respectively.
No other changes were made to the original filing. For the fourth quarter of 2023, the company reported net revenues of $2.92 billionb, compared with $1.12 billion in the prior-year quarter, and net income of $469 million. Consolidated adjusted property EBITDA was $1.20 billion, with Macao Operations contributing $654 million and Marina Bay Sands contributing $544 million.
The press release noted that low hold on rolling play in Macao reduced Macao adjusted property EBITDA by $40 millionc, while high hold on rolling play at Marina Bay Sands increased its adjusted property EBITDA by $71 million. For full-year 2023, net revenues were $10.37 billion and net income from continuing operations was $1.43 billion. On capital allocation, the company repurchased $505 million of its common stock in the fourth quarter (approximately 11 million shares at a weighted average price of $45.40) and had $1.50 billion remaining under its repurchase authorization.
It also agreed to buy approximately $250 milliond of Sands China common stock, to be completed in the first half of 2024. At December 31, 2023, unrestricted cash was $5.11 billion and total debt, excluding finance leases and financed purchases, was $14.01 billion. Fourth-quarter capital expenditures totaled $325 million.
02—Key points
Key Highlights
- Amendment No. 1 on Form 8-K/A corrects 2023 weighted average share counts; diluted EPS from continuing operations is revised from $1.62 to $1.60.
- Adjusted earnings per diluted share from continuing operations for 2023 is revised from $1.89 to $1.86; loss on disposal or impairment of assets per diluted share is revised from $0.04 to $0.03.
- Q4 2023 net revenues of $2.92 billion and net income of $469 million; consolidated adjusted property EBITDA of $1.20 billion.
- Macao Operations adjusted property EBITDA of $654 million and Marina Bay Sands adjusted property EBITDA of $544 million for Q4 2023.
- Repurchased $505 million of common stock in Q4 2023 (about 11 million shares at $45.40 weighted average); $1.50 billion remains authorized.
- Agreement to purchase approximately $250 million of Sands China common stock, expected to complete in the first half of 2024.
- Unrestricted cash of $5.11 billion and total debt of $14.01 billion at December 31, 2023; quarterly dividend of $0.20 per share payable February 14, 2024.
03—Questions
Frequently Asked Questions
What changed in this amended filing?
The amendment corrects the number of basic and diluted weighted average common shares outstanding for 2023, which required revising basic and diluted EPS. Diluted EPS from continuing operations is now $1.60 instead of $1.62, and adjusted EPS from continuing operations is $1.86 instead of $1.89. No other changes were made to the original filing or press release.
How did Las Vegas Sands perform in the fourth quarter of 2023?
Net revenues were $2.92 billion, up from $1.12 billion in the prior-year quarter, and operating income was $710 million compared with an operating loss of $166 million a year earlier. Net income was $469 million, and consolidated adjusted property EBITDA was $1.20 billion versus $222 million in the prior-year quarter.
How much did the company return to shareholders and what remains available?
The company repurchased $505 million of its common stock in the fourth quarter, about 11 million shares at a weighted average price of $45.40, and $1.50 billion remains under the repurchase authorization. It also paid a quarterly dividend of $0.20 per share and announced another $0.20 dividend payable February 14, 2024.
What is the company's balance sheet and liquidity position?
At December 31, 2023, unrestricted cash was $5.11 billion and total debt outstanding, excluding finance leases and financed purchases, was $14.01 billion. The company had $4.44 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
What are the company's pending investments?
The company agreed to purchase approximately $250 million of Sands China common stock, expected to be completed in the first half of 2024. Upon settlement, the company expects its ownership interest in Sands China to increase. Fourth-quarter capital expenditures totaled $325 million, including $184 million at Marina Bay Sands and $109 million in Macao.
04—Continue