How did Las Vegas Sands perform in the first quarter of 2024?

Net revenues were $2.96 billion, compared with $2.12 billion in the first quarter of 2023. Operating income rose to $717 million from $378 million, and net income rose to $583 million from $145 million. Consolidated adjusted property EBITDA was $1.21 billion, compared with $792 million.

What drove the results in Macao and Singapore?

Macao Operations generated adjusted property EBITDA of $610 million, and Marina Bay Sands generated $597 million. The filing says low hold on rolling play reduced Macao adjusted property EBITDA by $31 million, while high hold on rolling play increased Marina Bay Sands adjusted property EBITDA by $77 million. Management cited strong growth in both markets and a record performance at Marina Bay Sands.

How much did the company return to stockholders?

The company repurchased $450 million of its common stock, about 9 million shares at a weighted average price of $52.47, and paid a quarterly dividend of $0.20 per share. It also announced a further $0.20 quarterly dividend payable May 15, 2024, to holders of record on May 7, 2024. The remaining repurchase authorization is $1.05 billion.

What is the company's balance sheet and liquidity position?

As of March 31, 2024, unrestricted cash was $4.96 billion and total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion. The company had $4.43 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. Capital expenditures for the quarter were $196 million.

Why did the effective tax rate decline and what non-GAAP measures does the company present?

The effective income tax rate was 2.8% compared with 25.6% a year earlier. Management attributed it primarily to a 17% statutory rate on Singapore operations and the finalization of tax agreements in Macao. The company also presents adjusted net income, adjusted earnings per diluted share ($0.75 vs. $0.28), and consolidated adjusted property EBITDA, each reconciled to the closest GAAP measure in the press release.

LVS 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 17, 2024. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished this Form 8-K under Item 2.02 to disclose its results of operations and financial condition for the first quarter ended March 31, 2024, via a press release attached as Exhibit 99.1.

The company reported net revenues of $2.96 billion^a, up from $2.12 billion in the prior-year quarter, operating income of $717 million (versus $378 million), and net income of $583 million (versus $145 million). Consolidated adjusted property EBITDA was $1.21 billion, compared to $792 million a year earlier. Macao Operations adjusted property EBITDA was $610 million and Marina Bay Sands adjusted property EBITDA was $597 million.

The filing notes that low hold on rolling play in Macao reduced Macao adjusted property EBITDA by $31 million^b, while high hold on rolling play at Marina Bay Sands increased its adjusted property EBITDA by $77 million. On capital allocation, the company repurchased $450 million of common stock (approximately 9 million shares at a weighted average price of $52.47) during the quarter, leaving $1.05 billion remaining under its repurchase authorization. It paid a quarterly dividend of $0.20 per share and announced another $0.20 dividend payable May 15, 2024.

Unrestricted cash was $4.96 billion^c as of March 31, 2024, and total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion. Capital expenditures for the quarter totaled $196 million. The effective tax rate fell to 2.8% from 25.6%, which management attributed primarily to a 17% statutory rate on Singapore operations and the finalization of tax agreements in Macao.

The filing also presents non-GAAP measures, including adjusted net income, adjusted earnings per diluted share, and consolidated adjusted property EBITDA, with reconciliations to GAAP results. Adjusted earnings per diluted share were $0.75, compared to $0.28^d in the prior-year quarter, against GAAP diluted earnings of $0.66 and $0.19.

02—Key points

Key Highlights

Net revenues of $2.96 billion, up from $2.12 billion in Q1 2023; operating income of $717 million vs. $378 million
Net income of $583 million vs. $145 million; net income attributable to Las Vegas Sands Corp. of $494 million vs. $147 million
Consolidated adjusted property EBITDA of $1.21 billion vs. $792 million; Macao Operations $610 million and Marina Bay Sands $597 million
Diluted EPS of $0.66 (GAAP) and adjusted earnings per diluted share of $0.75, vs. $0.19 and $0.28 a year earlier
Repurchased $450 million of common stock in the quarter; $1.05 billion remains under the authorization
Unrestricted cash of $4.96 billion and total debt of $13.94 billion (excluding finance leases and financed purchases) as of March 31, 2024
Effective tax rate of 2.8% vs. 25.6%, driven by a 17% Singapore statutory rate and finalized Macao tax agreements

03—Questions

Frequently Asked Questions

How did Las Vegas Sands perform in the first quarter of 2024?
Net revenues were $2.96 billion, compared with $2.12 billion in the first quarter of 2023. Operating income rose to $717 million from $378 million, and net income rose to $583 million from $145 million. Consolidated adjusted property EBITDA was $1.21 billion, compared with $792 million.
What drove the results in Macao and Singapore?
Macao Operations generated adjusted property EBITDA of $610 million, and Marina Bay Sands generated $597 million. The filing says low hold on rolling play reduced Macao adjusted property EBITDA by $31 million, while high hold on rolling play increased Marina Bay Sands adjusted property EBITDA by $77 million. Management cited strong growth in both markets and a record performance at Marina Bay Sands.
How much did the company return to stockholders?
The company repurchased $450 million of its common stock, about 9 million shares at a weighted average price of $52.47, and paid a quarterly dividend of $0.20 per share. It also announced a further $0.20 quarterly dividend payable May 15, 2024, to holders of record on May 7, 2024. The remaining repurchase authorization is $1.05 billion.
What is the company's balance sheet and liquidity position?
As of March 31, 2024, unrestricted cash was $4.96 billion and total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion. The company had $4.43 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. Capital expenditures for the quarter were $196 million.
Why did the effective tax rate decline and what non-GAAP measures does the company present?
The effective income tax rate was 2.8% compared with 25.6% a year earlier. Management attributed it primarily to a 17% statutory rate on Singapore operations and the finalization of tax agreements in Macao. The company also presents adjusted net income, adjusted earnings per diluted share ($0.75 vs. $0.28), and consolidated adjusted property EBITDA, each reconciled to the closest GAAP measure in the press release.

04—Continue

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