The following reflects selected historical financial data that should be read in conjunction with “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The information as of December 31, 2013, 2012 and 2011, have been reclassified to conform to the current presentation. The historical results are not necessarily indicative of the results of operations to be expected in the future.
Year Ended December 31,
2015(1)
2014(2)(3)
2013(4)(5)(6)
2012(7)(8)(9)
2011(10)
(In thousands, except per share data)
STATEMENT OF OPERATIONS DATA
Gross revenues
$
12,414,350
$
15,425,788
$
14,494,436
$
11,684,669
$
9,862,334
Less — promotional allowances
(725,889
)
(841,939
)
(724,551
)
(553,537
)
(451,589
)
Net revenues
11,688,461
14,583,849
13,769,885
11,131,132
9,410,745
Operating expenses
8,846,986
10,484,623
10,361,642
8,819,750
7,020,858
Operating income
2,841,475
4,099,226
3,408,243
2,311,382
2,389,887
Interest, net
(250,135
)
(248,538
)
(254,874
)
(235,312
)
(268,555
)
Other income (expense)
30,542
1,965
4,321
5,740
(3,955
)
Loss on modification or early retirement of debt
—
(19,942
)
(14,178
)
(19,234
)
(22,554
)
Income before income taxes
2,621,882
3,832,711
3,143,512
2,062,576
2,094,823
Income tax expense
(236,185
)
(244,640
)
(188,836
)
(180,763
)
(211,704
)
Net income
2,385,697
3,588,071
2,954,676
1,881,813
1,883,119
Net income attributable to noncontrolling interests
(419,461
)
(747,442
)
(648,679
)
(357,720
)
(322,996
)
Net income attributable to Las Vegas Sands Corp.
1,966,236
2,840,629
2,305,997
1,524,093
1,560,123
Preferred stock dividends
—
—
—
—
(63,924
)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family
—
—
—
—
(80,975
)
Preferred stock inducement, repurchase and redemption premiums
—
—
—
—
(145,716
)
Net income attributable to common stockholders
$
1,966,236
$
2,840,629
$
2,305,997
$
1,524,093
$
1,269,508
Per share data:
Basic earnings per share
$
2.47
$
3.52
$
2.80
$
1.89
$
1.74
Diluted earnings per share
$
2.47
$
3.52
$
2.79
$
1.85
$
1.56
Cash dividends declared per common share
$
2.60
$
2.00
$
1.40
$
3.75
$
—
OTHER DATA
Capital expenditures
$
1,528,642
$
1,178,656
$
898,111
$
1,449,234
$
1,508,493
December 31,
2015(1)
2014(2)
2013(5)
2012(9)
2011(10)
(In thousands)
BALANCE SHEET DATA
Total assets
$
20,987,421
$
22,354,047
$
22,710,912
$
22,163,969
$
22,195,856
Long-term debt
$
9,372,645
$
9,892,913
$
9,382,752
$
10,132,265
$
9,577,131
Total Las Vegas Sands Corp. stockholders’ equity
$
6,816,741
$
7,213,586
$
7,665,494
$
7,061,842
$
7,850,689
(1)
During the year ended December 31, 2015, we paid a quarterly dividend of $0.65 per common share as part of a regular cash dividend program.
(2)
During the year ended December 31, 2014, we paid a quarterly dividend of $0.50 per common share as part of a regular cash dividend program.
(3)
During the year ended December 31, 2014, we received a $90.1 million property tax refund related to a property tax settlement at Marina Bay Sands for the years 2010 through 2014.
(4)
The second Sheraton tower of Sands Cotai Central opened in January 2013.
(5)
During the year ended December 31, 2013, we paid a quarterly dividend of $0.35 per common share as part of a regular cash dividend program.
(6)
During the year ended December 31, 2013, we recorded a legal settlement expense of $47.4 million.
(7)
The Conrad and Holiday Inn tower and the first Sheraton tower of Sands Cotai Central opened in April and September 2012, respectively.
(8)
During the year ended December 31, 2012, we recorded an impairment loss of $143.7 million, consisting primarily of a $100.7 million write-off of capitalized construction costs related to our former Cotai Strip development (referred to as parcels 7 and 8) in Macao and a $42.9 million impairment due to the termination of the ZAiA show at The Venetian Macao.
(9)
During the year ended December 31, 2012, we paid a quarterly dividend of $0.25 per common share as part of a regular cash dividend program. Additionally, on December 18, 2012, we paid a special cash dividend of $2.75 per common share.
(10)
During the year ended December 31, 2011, we repurchased, redeemed or induced holders to redeem all outstanding preferred stock, which resulted in a charge to retained earnings of $145.7 million and is also included in the calculation of net income attributable to common stockholders.
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