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Las Vegas Sands (LVS) Sheldon Gary Adelson on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 20, 2016 4:30 pm ET


Daniel J. Briggs - Senior Vice President-Investor Relations

Sheldon Gary Adelson - Chairman, Chief Executive Officer & Treasurer

Robert Glen Goldstein - President, Chief Operating Officer & Director

Patrick Dumont - Senior Vice President-Finance & Strategy


Joseph R. Greff - JPMorgan Securities LLC

Thomas G. Allen - Morgan Stanley & Co. LLC

Lawrence J. Haverty - The Gabelli Multimedia Trust, Inc.

Carlo Santarelli - Deutsche Bank Securities, Inc.

Shaun Kelley - Bank of America Merrill Lynch

Felicia Hendrix - Barclays Capital, Inc.

Robin M. Farley - UBS Securities LLC

David Katz - Telsey Advisory Group LLC


Good afternoon. My name is Angel, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Corporation First Quarter 2016 Earnings Conference Call, led by Mr. Daniel Briggs, Senior Vice President of Investor Relations. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Thank you. Mr. Briggs, you may begin your conference.

Daniel J. Briggs - Senior Vice President-Investor Relations

Thank you, Angel. Joining me on the call today are Sheldon Adelson, Rob Goldstein and Patrick Dumont. Before I turn the call over to Mr. Adelson, please let me remind you that today's conference call will contain forward-looking statements that we are making under the Safe Harbor provisions of federal securities laws. The company's actual results could differ materially from the anticipated results in those forward-looking statements. Please see today's press release under the caption Forward-Looking Statements for a discussion of risks that may affect our results.

In addition, we may discuss adjusted net income and hold-normalized adjusted net income, adjusted diluted EPS and hold-normalized adjusted diluted EPS and adjusted property EBITDA and hold-normalized adjusted property EBITDA and constant currency results, all of which are non-GAAP measures. A definition and a reconciliation of each of these measures to the most comparable GAAP financial measures are included in the press release.

Please note that this presentation is being recorded. We also want to inform you that we have posted supplementary earnings slides on our Investor Relations website for your use. We may refer to those slides during the Q&A portion of the call. Finally, for those who would like to participate in the Q&A session, we ask that you please limit yourself to one question and one follow-up, so we might allow everyone with interest to participate.

With that, let me turn the call over to our Chairman, Sheldon Adelson.

Sheldon Gary Adelson - Chairman, Chief Executive Officer & Treasurer

Thank you, Dan. Good afternoon, everyone, and thank you for joining us today. I'm pleased we continued to execute our strategic objectives during the quarter, and despite the continuing challenges in the Macao market, we again delivered a strong set of financial results with company-wide hold-normalized EBITDA reaching $1.031 billion, an improvement over the first quarter of 2015. This resilience and consistency in cash generation reflect both the strength of our business model and the geographic diversity of our cash flows, which in turn, underpins our balance sheet strength. Accordingly, we can and will continue to return excess cash to shareholders while maintaining our ability to invest in new development opportunities.

Our unique mass-based Integrated Resort business model continues to positively differentiate us from our competitors, in terms of both financial performance and economic contribution to our (03:09). In Macao, we gained market share revenue despite the competitive impact of two new properties. And we improved operating margin as we continued to reap significant benefits from our cost control programs.