Las Vegas Sands Corp (LVS)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	61.32	63.09	65.75	72.36	70.89	83.43	79.50	82.26	85.95	91.09	94.23	93.17	103.27	71.18	68.03	73.36	73.00	81.82	81.67	76.11
Receivables turnover	21.43	21.98	20.19	16.12	15.28	19.05	24.39	27.08	20.75	25.40	23.94	13.26	8.55	14.23	14.53	17.63	16.22	18.10	18.03	18.72
Payables turnover	13.95	14.72	15.59	18.76	22.30	21.09	25.11	27.42	24.56	27.08	30.04	30.61	25.53	34.57	39.33	32.21	18.13	15.88	19.53	17.53
Working capital turnover	7.65	4.14	1.69	1.71	1.45	1.42	0.81	0.87	1.44	1.55	1.26	0.86	1.02	7.73	5.90	10.72	6.60	7.60	7.18	6.45

Las Vegas Sands Corp's activity ratios provide insight into the company's efficiency in managing its inventory, receivables, payables, and working capital throughout the reported quarters.

- Inventory turnover improved steadily from Q1 2022 to Q4 2023, indicating that the company is selling its inventory more frequently. This suggests effective inventory management and the ability to quickly convert inventory into sales.

- Receivables turnover remained relatively stable, with Q1 2022 showing the highest turnover. This indicates that the company is collecting its receivables efficiently on average, turning them into cash within a reasonable timeframe.

- Payables turnover fluctuated slightly but remained within a similar range, averaging around 28 times per year. This implies that Las Vegas Sands Corp is effectively managing its payables and paying its suppliers on time.

- Working capital turnover demonstrated substantial growth from Q1 2022 to Q4 2023, indicating an improved efficiency in the utilization of working capital. The company is generating sales at a faster rate relative to its working capital, which is a positive sign of operational efficiency and financial health.

Overall, Las Vegas Sands Corp's activity ratios suggest strong operational performance, with efficient management of inventory, receivables, payables, and working capital over the reported quarters.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	5.95	5.79	5.55	5.04	5.15	4.37	4.59	4.44	4.25	4.01	3.87	3.92	3.53	5.13	5.37	4.98	5.00	4.46	4.47	4.80
Days of sales outstanding (DSO)	days	17.03	16.60	18.08	22.64	23.89	19.16	14.97	13.48	17.59	14.37	15.25	27.52	42.71	25.66	25.12	20.71	22.50	20.16	20.25	19.50
Number of days of payables	days	26.16	24.80	23.42	19.46	16.37	17.31	14.54	13.31	14.86	13.48	12.15	11.92	14.30	10.56	9.28	11.33	20.14	22.98	18.69	20.83

Days of inventory on hand (DOH) measures how quickly a company is able to turn its inventory into sales. A lower DOH indicates that Las Vegas Sands Corp is managing its inventory efficiently, allowing for quicker turnover.

Days of sales outstanding (DSO) shows how long it takes for the company to collect payments from its customers. A lower DSO suggests that Las Vegas Sands Corp is able to collect payments more quickly, improving cash flow and reducing the risk of bad debts.

Number of days of payables measures how long it takes for Las Vegas Sands Corp to pay its suppliers. A higher number indicates a longer time to pay, which can be beneficial for cash flow management as the company can hold onto cash longer before settling its debts.

Overall, based on the trends in these activity ratios over the quarters, Las Vegas Sands Corp has been effectively managing its inventory, collecting payments promptly, and strategically timing its payments to suppliers for optimal cash flow management.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	0.91	0.74	0.59	0.47	0.36	0.35	0.34	0.34	0.36	0.36	0.32	0.22	0.24	0.36	0.55	0.78	0.93	0.94	0.95	0.91
Total asset turnover	0.48	0.39	0.30	0.23	0.19	0.19	0.17	0.18	0.21	0.21	0.19	0.13	0.14	0.26	0.38	0.54	0.59	0.61	0.61	0.62

Las Vegas Sands Corp's long-term activity ratios provide insight into the efficiency of the company's utilization of its fixed and total assets over time.

The fixed asset turnover ratio indicates that for every dollar invested in fixed assets, Las Vegas Sands generated $0.91 in revenue during Q4 2023. This suggests an improvement from the previous quarter, indicating that the company is becoming more efficient in using its fixed assets to generate sales. The trend of increasing fixed asset turnover ratios over the quarters indicates a positive sign for the company's operational efficiency and potential for higher returns on its fixed asset investments.

On the other hand, the total asset turnover ratio reveals that Las Vegas Sands Corp generated $0.48 for every dollar of total assets during Q4 2023. While this ratio has also improved from the previous quarters, it still indicates that there is room for the company to enhance its overall asset utilization efficiency. The increasing trend in total asset turnover ratios suggests that Las Vegas Sands is gradually improving its ability to generate revenue from its total asset base, which is a positive indication for the company's operational performance.

Overall, the improving trend in both fixed asset turnover and total asset turnover ratios indicates that Las Vegas Sands Corp is moving towards better efficiency in utilizing its assets to drive revenue generation. Continued focus on optimizing asset utilization could potentially lead to improved financial performance and profitability for the company in the long term.