AI English summary of an SEC filing — figures as filed
Las Vegas Sands LVSThe company said net revenue for Q1 2024 (quarter ended March 31) was $2.96 billion, operating income was $717 million and net income was $583 million. Net revenue in the prior-year quarter was $2.12 billion and net income was $145 million.
Key points
AI summaryThe company said net revenue for Q1 2024 (quarter ended March 31) was $2.96 billion, operating income was $717 million and net income was $583 million. Net revenue in the prior-year quarter was $2.12 billion and net income was $145 million.
Las Vegas Sands said consolidated adjusted property EBITDA for Q1 was $1.21 billion, compared with $792 million in the prior-year quarter, with Macao at $610 million and Marina Bay Sands at $597 million. It cited the low hold on rolling play in Macao as reducing adjusted property EBITDA by $31 million, and the high hold on rolling play at Marina Bay Sands as increasing it by $77 million.
The company said interest expense, net of amounts capitalized, was $182 million for Q1, compared with $218 million in the prior-year quarter, and its weighted average borrowing cost was 5.0%, compared with 5.4%. Its effective income tax rate was 2.8%, compared with 25.6% in the prior-year quarter. The company cited the 17% statutory rate on its Singapore operations and the finalization of tax agreements in Macao as the main drivers of the rate.
The company said it repurchased about 9 million shares of common stock for $450 million at a weighted average price of $52.47 during Q1. The remaining amount authorized under its share repurchase program is $1.05 billion. 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.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Q1 2024 Net Revenue, Operating Income and Net Income
The company said net revenue for Q1 2024 (quarter ended March 31) was $2.96 billion, operating income was $717 million and net income was $583 million. Net revenue in the prior-year quarter was $2.12 billion and net income was $145 million.
Source · Based on the filing body and exhibits
Consolidated and Regional Adjusted Property EBITDA and Hold Impact
Las Vegas Sands said consolidated adjusted property EBITDA for Q1 was $1.21 billion, compared with $792 million in the prior-year quarter, with Macao at $610 million and Marina Bay Sands at $597 million. It cited the low hold on rolling play in Macao as reducing adjusted property EBITDA by $31 million, and the high hold on rolling play at Marina Bay Sands as increasing it by $77 million.
Source · Based on the filing body and exhibits
Interest Expense, Borrowing Costs and Effective Tax Rate
The company said interest expense, net of amounts capitalized, was $182 million for Q1, compared with $218 million in the prior-year quarter, and its weighted average borrowing cost was 5.0%, compared with 5.4%. Its effective income tax rate was 2.8%, compared with 25.6% in the prior-year quarter. The company cited the 17% statutory rate on its Singapore operations and the finalization of tax agreements in Macao as the main drivers of the rate.
Source · Based on the filing body and exhibits
Share Repurchases and March 31 Cash and Total Debt
The company said it repurchased about 9 million shares of common stock for $450 million at a weighted average price of $52.47 during Q1. The remaining amount authorized under its share repurchase program is $1.05 billion. 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.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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