What changed in this filing

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Item 1. Financial Statements

2024-10-25 compared with 2024-07-26 · 189 added, 117 removed, 735 unchanged (29% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

2024 December 31,

32 unchanged sentences

Capital in excess of par value 6,369 6,481

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income

Retained earnings 3,276 2,600

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

48 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

22 unchanged sentences

(In millions)

Balance at March 31, 2023 $ 1 $ ( 4,481 ) $ 6,694 $ 11 $ 1,831 $ ( 227 ) $ 3,829

Balance at June 30, 2023 $ 1 $ ( 4,481 ) $ 6,708 $ ( 41 ) $ 2,143 $ ( 171 ) $ 4,159

— — — — 380 69 449

6 unchanged sentences

— — 11 — — — 11

Balance at June 30, 2023 $ 1 $ ( 4,481 ) $ 6,708 $ ( 41 ) $ 2,143 $ ( 171 ) $ 4,159

Dividends declared ($ 0.20 per share) (Note 5)

— — — — ( 153 ) — ( 153 )

Balance at September 30, 2023 $ 1 $ ( 4,481 ) $ 6,720 $ ( 57 ) $ 2,370 $ ( 101 ) $ 4,452

Balance at January 1, 2023 $ 1 $ ( 4,481 ) $ 6,684 $ ( 7 ) $ 1,684 $ ( 225 ) $ 3,656

9 unchanged sentences

Tax withholding on vesting of equity awards — — ( 1 ) — — — ( 1 )

Dividends declared ($ 0.20 per share) (Note 5)

— — — — ( 153 ) — ( 153 )

Balance at September 30, 2023 $ 1 $ ( 4,481 ) $ 6,720 $ ( 57 ) $ 2,370 $ ( 101 ) $ 4,452

Balance at June 30, 2024 $ 1 $ ( 5,850 ) $ 6,508 $ ( 53 ) $ 3,148 $ 140 $ 3,894

Balance at March 31, 2024 $ 1 $ ( 5,446 ) $ 6,493 $ ( 38 ) $ 2,943 $ 72 $ 4,025

Net income — — — — 275 78 353

2 unchanged sentences

Cash flow hedge fair value adjustment — — — 2 — 1 3

Stock-based compensation — — 14 — — — 14

Tax withholding on vesting of equity awards — — ( 2 ) — — — ( 2 )

Settlement of forward contract for purchase of noncontrolling interest

Exercise of stock options

— — 1 — — — 1

Stock-based compensation — — 13 — — 1 14

Repurchase of common stock

— ( 454 ) — — — — ( 454 )

Forward contract for purchase of noncontrolling interest

— — ( 103 ) — — — ( 103 )

Capped call option contract — — ( 50 ) — — — ( 50 )

Dividends declared ($ 0.20 per share) (Note 5)

— — — — ( 147 ) — ( 147 )

Balance at June 30, 2024 $ 1 $ ( 5,850 ) $ 6,508 $ ( 53 ) $ 3,148 $ 140 $ 3,894

Balance at September 30, 2024 $ 1 $ ( 6,304 ) $ 6,369 $ 84 $ 3,276 $ 221 $ 3,647

Balance at January 1, 2024 $ 1 $ ( 4,991 ) $ 6,481 $ 27 $ 2,600 $ ( 14 ) $ 4,104

3 unchanged sentences

Cash flow hedge fair value adjustment — — — ( 8 ) — ( 3 ) ( 11 )

Exercise of stock options

— — 1 — — — 1

Stock-based compensation

5 unchanged sentences

— ( 1,313 ) — — — — ( 1,313 )

Forward contract for purchase of noncontrolling interest

— — ( 103 ) — — — ( 103 )

Capped call option contract — — ( 50 ) — — — ( 50 )

Dividends declared ($ 0.60 per share) (Note 5)

— — — — ( 446 ) — ( 446 )

Balance at June 30, 2024 $ 1 $ ( 5,850 ) $ 6,508 $ ( 53 ) $ 3,148 $ 140 $ 3,894

Balance at September 30, 2024 $ 1 $ ( 6,304 ) $ 6,369 $ 84 $ 3,276 $ 221 $ 3,647

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

(In millions)

9 unchanged sentences

Stock-based compensation expense 42 33

Provision for (recovery of) credit losses 15 ( 1 )

Provision for credit losses

Foreign exchange (gain) loss

20 unchanged sentences

Payments of financing costs ( 21 ) ( 32 )

Unsettled forward contract for purchase of noncontrolling interest ( 103 ) —

Capped call option contract

Other ( 28 ) ( 25 )

26 unchanged sentences

Since then, visitation to the Company’s Macao Integrated Resorts and operations has improved.

The Macao government announced total visitation from mainland China to Macao increased approximately 52.9% during the six months ended June 30, 2024, as compared to the same period in 2023.

The Macao government also announced gross gaming revenue increased approximately 41.9% during the six months ended June 30, 2024, as compared to the same period in 2023.

The Macao government announced total visitation from mainland China to Macao increased approximately 36.3% during the nine months ended September 30, 2024, as compared to the same period in 2023.

The Macao government also announced gross gaming revenue increased approximately 31.3% during the nine months ended September 30, 2024, as compared to the same period in 2023.

The Company’s operations in Singapore continued to be positive as travel and tourism spending increased, resulting from the elimination of all remaining COVID-19 border measures in February 2023.

Visitation to Marina Bay Sands continues to improve since the travel restrictions have been lifted.

The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased to approximately 8.2 million for the six months ended June 30, 2024, from approximately 6.3 million for the same period in 2023.

The Singapore Tourism Board (“STB”) announced total visitation to Singapore increased to approximately 12.6 million for the nine months ended September 30, 2024, from approximately 10.1 million for the same period in 2023.

Development Projects

As part of the gaming concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd., a majority-owned subsidiary of the Company) and the Macao government, VML has a financial commitment to spend 35.80 billion patacas (approximately $ 4.45 billion at exchange rates in effect on June 30, 2024) through 2032 on both capital and operating projects, including 33.36 billion patacas (approximately $ 4.15 billion at exchange rates in effect on June 30, 2024) in non-gaming projects that will also appeal to international visitors.

As part of the gaming concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd., a majority-owned subsidiary of the Company) and the Macao government, VML has a financial commitment to spend 35.80 billion patacas (approximately $ 4.47 billion at exchange rates in effect on September 30, 2024) through 2032 on both capital and operating projects, including 33.36 billion patacas (approximately $ 4.17 billion at exchange rates in effect on September 30, 2024) in non-gaming projects that will also appeal to international visitors.

The Company continues work on Phase II of The Londoner Macao, which includes the renovation of the rooms in the Sheraton and Conrad hotel towers, an upgrade of the gaming areas and the addition of new attractions, dining, retail and entertainment offerings.

The Londoner Grand casino opened on September 26, 2024.

The Sheraton Grand Macao is being converted into the Londoner Grand hotel and will become Macao’s first Marriott international luxury collection hotel.

As of September 30, 2024, approximately 300 newly renovated rooms and suites were available for occupancy at the Londoner Grand.

These projects have a total estimated cost of $ 1.2 billion and are expected to be substantially completed in early 2025.

In April 2019, the Company’s wholly owned subsidiary, Marina Bay Sands Pte.

(“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development, which will include a hotel tower with luxury rooms and suites, a rooftop attraction,

(“MBS”) and the STB entered into a development agreement (the “Second Development Agreement”) pursuant to which MBS has agreed to construct a development (the “MBS Expansion Project”) on a land parcel adjacent to Marina Bay Sands.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats (the “MBS Expansion Project”).

The Second Development Agreement provides for a total minimum project cost of approximately 4.5 billion Singapore dollars (“SGD,” approximately $ 3.3 billion at exchange rates in effect on June 30, 2024).

The estimated cost and timing of the total project will be updated as the Company completes design and begins construction.

The Company expects the total project cost will materially exceed the amounts referenced above from April 2019 based on current market conditions due to inflation, higher material and labor costs and other factors.

The Company has incurred approximately $ 1.10 billion as of June 30, 2024, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site.

The MBS Expansion Project will include a hotel tower with luxury rooms and suites, a rooftop attraction, premium gaming areas, convention and meeting facilities and a state-of-the-art live entertainment arena with approximately 15,000 seats.

The Company’s estimated total project cost is approximately $ 8.0 billion, inclusive of financing fees and interest, land premiums and the purchase of an additional 2,000 square meters of gaming area (the “Additional Gaming Area”), increasing Marina Bay Sands’ total approved gaming area to 17,000 square meters across the existing property and the MBS Expansion Project.

The Company has incurred approximately $ 1.3 billion as of September 30, 2024, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS Expansion Project site.

The additional payment due to the Singapore government related to the Additional Gaming Area and changes to the MBS Expansion Project gross floor area allocation is estimated to be approximately $ 1.0 billion and anticipated to be paid in the first quarter of 2025.

On April 3, 2024, MBS and the STB entered into a letter agreement, which further extended the construction commencement deadline to July 8, 2025, and the construction completion deadline to July 8, 2029.

The Company will begin construction as soon as government approvals are received, with an estimated commencement date in June 2025.

While the Company’s current estimate is that construction will be complete in June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 2029 deadline is subject to the approval of the Singapore government.

The renovation of Towers 1 and 2 of Marina Bay Sands is now complete and has introduced world class suites and other luxury amenities at a cost of approximately $ 1.0 billion.

4 unchanged sentences

The Company purchased the Nassau Coliseum with the intent to obtain a casino license from the State of New York to develop and operate an Integrated Resort.

There is no assurance the Company will be able to resolve certain matters associated with the right to lease the underlying land from the County or to obtain such casino license.

There is no assurance the Company will be able to obtain such casino license.

Refer to “Note 7 — Leases” for further details.

1 unchanged sentence

The Company’s management has evaluated the accounting standards that have been recently issued, but not yet effective, or those proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities

1 unchanged sentence

Accounts receivable consists of the following:

September 30,

2024 December 31,

2 unchanged sentences

( 191 ) ( 201 )

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The following table shows the movement in the provision for credit losses recognized for accounts receivable:

1 unchanged sentence

Balance at January 1 $ 201 $ 217

Current period provision for (recovery of) credit losses

Current period provision for credit losses

Write-offs ( 23 ) ( 16 )

1 unchanged sentence

Exchange rate impact

Balance at June 30

Balance at September 30

Customer Contract Related Liabilities

8 unchanged sentences

Balance at January 1 $ 135 $ 81 $ 45 $ 72 $ 690 $ 614

Balance at June 30

Balance at September 30

129 130 39 65 780 711

1 unchanged sentence

____________________

(1) Of this amount, $ 171 million and $ 167 million as of June 30 and January 1, 2024, respectively, and $ 154 million and $ 149 million as of June 30 and January 1, 2023, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.

(1) Of this amount, $ 174 million and $ 167 million as of September 30 and January 1, 2024, respectively, and $ 160 million and $ 149 million as of September 30 and January 1, 2023, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.

LAS VEGAS SANDS CORP.

3 unchanged sentences

Long-term debt consists of the following:

September 30,

2024 December 31,

16 unchanged sentences

4.375% Senior Notes due 2030 (net of unamortized original issue discount and deferred financing costs of $ 6 and $ 7 , respectively)

3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $ 5 )

3.250% Senior Notes due 2031 (net of unamortized original issue discount and deferred financing costs of $ 4 and $ 5 )

Singapore Related (1) :

5 unchanged sentences

____________________

(1) Unamortized deferred financing costs of $ 49 million and $ 59 million as of June 30, 2024 and December 31, 2023, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility, are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

(1) Unamortized deferred financing costs of $ 43 million and $ 59 million as of September 30, 2024 and December 31, 2023, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the Singapore Delayed Draw Term Facility, are included in “Other assets, net,” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(2) Includes finance leases related to Macao of $ 16 million and $ 18 million as of June 30, 2024 and December 31, 2023, respectively.

(2) Includes finance leases related to the U.S.

of $ 115 million and Macao of $ 15 million as of September 30, 2024, and related to Macao of $ 18 million as of December 31, 2023.

LVSC Senior Notes

15 unchanged sentences

LVSC may utilize the proceeds of the loans for general corporate purposes and working capital requirements of LVSC and its subsidiaries and any other purpose not prohibited by the 2024 LVSC Revolving Credit Agreement.

As of June 30, 2024, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

The loans made under the 2024 LVSC Revolving Credit Agreement will bear interest at either, at LVSC’s option, (x) an adjusted SOFR rate, plus an applicable margin ranging from 1.125 % to 1.550 % per annum, or (y) at an alternate base rate, plus an applicable margin ranging from 0.125 % to 0.550 % per annum, in each case, depending on LVSC’s corporate family credit rating.

As of September 30, 2024, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

The loans made under the 2024 LVSC Revolving Credit Agreement will bear interest at either, at LVSC’s option, (x) an adjusted Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 1.125 % to 1.550 % per annum, or (y) at an alternate base rate, plus an applicable margin ranging from 0.125 % to 0.550 % per annum, in each case, depending on LVSC’s corporate family credit rating.

Under the 2024 LVSC Revolving Credit Agreement, LVSC must pay a commitment fee quarterly in arrears on the undrawn portion of the revolving commitments, which commitment fee ranges from 0.125 % to 0.250 % per annum, depending on LVSC’s corporate family credit rating.

The 2024 LVSC Revolving Credit Agreement contains customary affirmative and negative covenants, in each case, subject to customary exceptions and thresholds, including a financial covenant limiting LVSC and its Restricted Subsidiaries (as defined in the agreement) to a maximum consolidated net leverage ratio of 4.0 x as of the last day of each fiscal quarter.

The negative covenants include, among other things, limitations on (i) the incurrence

The negative covenants include, among other things, limitations on (i) the incurrence of liens on the assets of LVSC and its Restricted Subsidiaries, (ii) the incurrence of indebtedness by the Restricted Subsidiaries, (iii) the merger, consolidation or liquidation of LVSC or the sale of all or substantially all of LVSC’s assets and (iv) investments in subsidiaries of LVSC that are not Restricted Subsidiaries.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

of liens on the assets of LVSC and its Restricted Subsidiaries, (ii) the incurrence of indebtedness by the Restricted Subsidiaries, (iii) the merger, consolidation or liquidation of LVSC or the sale of all or substantially all of LVSC’s assets and (iv) investments in subsidiaries of LVSC that are not Restricted Subsidiaries.

The 2024 LVSC Revolving Credit Agreement also contains customary events of default, including payment defaults, cross defaults to material debt, bankruptcy and insolvency, breaches of covenants and inaccuracy of representations and warranties, in each case subject to customary grace periods.

3 unchanged sentences

(“SCL”) repurchased $ 175 million of the outstanding principal amount of $ 1.80 billion of its 5.125 % Senior Notes due August 8, 2025 (“2025 SCL Senior Notes”), resulting in a gain on early retirement of debt of approximately $ 1 million.

As of June 30, 2024, the 2025 SCL Senior Notes had a remaining aggregate principal amount of $ 1.63 billion.

As of September 30, 2024, the 2025 SCL Senior Notes had a remaining aggregate principal amount of $ 1.63 billion.

On February 1, 2024, Fitch upgraded the credit rating for the Company and SCL to BBB-.

1 unchanged sentence

2018 SCL Credit Facility

As of June 30, 2024, SCL had $ 2.50 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of Hong Kong dollar (“HKD”) commitments of HKD 17.63 billion (approximately $ 2.26 billion at exchange rates in effect on June 30, 2024) and U.S.

As of September 30, 2024, SCL had $ 2.51 billion of available borrowing capacity under the 2018 SCL Revolving Facility comprised of Hong Kong dollar (“HKD”) commitments of HKD 17.63 billion (approximately $ 2.27 billion at exchange rates in effect on September 30, 2024) and U.S.

dollar commitments of $ 237 million.

2012 Singapore Credit Facility

As of June 30, 2024, MBS had SGD 589 million (approximately $ 433 million at exchange rates in effect on June 30, 2024) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee for SGD 153 million (approximately $ 113 million at exchange rates in effect on June 30, 2024) pursuant to the Second Development Agreement.

As of June 30, 2024, there was SGD 3.69 billion (approximately $ 2.71 billion at exchange rates in effect on June 30, 2024) left of total borrowing capacity, which is only available to be drawn under the Singapore Delayed Draw Term Facility after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders.

The Company does not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to the lenders.

Debt Covenant Compliance

As of June 30, 2024, management believes the Company was in compliance with all debt covenants.

On October 23, 2024, SCL entered into a new credit facility, as further described below, and upon entering into the new agreement, the then-existing 2018 SCL Credit Facility was terminated.

2024 SCL Credit Facility

On October 23, 2024, SCL entered into a new facility agreement (the “2024 SCL Credit Facility”) with the arrangers and lenders named therein and Bank of China Limited, Macau Branch, as agent for the lenders.

The 2024 SCL Credit Facility provides for a 19.50 billion Hong Kong dollars (“HKD,” approximately $ 2.51 billion at exchange rates in effect on September 30, 2024) unsecured revolving credit facility (the “2024 SCL Revolving Facility”).

SCL may draw revolving loans under the 2024 SCL Revolving Facility from time to time until September 24, 2029 (or if that day is not a business day in Hong Kong or Macao, the next business day), for general corporate and working capital requirements of SCL and its subsidiaries, subject to certain restrictions set forth in the 2024 SCL Credit Facility.

The final maturity date of all loans drawn under the 2024 SCL Revolving Facility is October 23, 2029.

The 2024 SCL Credit Facility also makes available an HKD 12.95 billion (approximately $ 1.67 billion at exchange rates in effect on September 30, 2024) unsecured term loan facility (the “2024 SCL Term Loan Facility”).

SCL may make a drawdown under the 2024 SCL Term Loan Facility at any time until August 31, 2025, for the purpose of repaying amounts outstanding under its unsecured 5.125% Senior Notes due August 2025.

The final maturity date of such loan drawn under the 2024 SCL Term Loan Facility is the date falling on the fifth anniversary of the date on which such loan is drawn.

Loans under the 2024 SCL Credit Facility will bear interest calculated by reference to the Hong Kong interbank offered rate plus a margin that is, in the case of the 2024 SCL Revolving Facility, determined by reference to the consolidated leverage ratio as defined therein.

The initial margin for revolving loans drawn under the 2024 SCL Revolving Facility is 2.50 % per annum.

The margin for the term loan drawn under the 2024 SCL Term Loan Facility is 1.65 % per annum.

SCL is also required to pay a commitment fee of 0.60 % per annum on the undrawn amounts under the 2024 SCL Credit Facility and other customary fees.

The 2024 SCL Credit Facility contains affirmative and negative covenants customary for similar unsecured financings, including, but not limited to, limitations on indebtedness secured by liens on principal properties, sale and leaseback transactions, dividend restrictions and restrictions on the repayment of the LVS term loan unless after such payments, SCL’s cash balance is not less than $ 250 million.

The 2024 SCL Credit Facility also requires SCL to maintain a maximum ratio of total indebtedness to adjusted EBITDA of 4.00 x throughout the life of the facility and a minimum ratio of adjusted EBITDA to net interest expense (including capitalized interest) of 2.50 x throughout the life of the facility.

The 2024 SCL Credit Facility also contains certain events of default (some of which are subject to grace and remedy periods and materiality qualifiers), including, but not limited to, events relating to the gaming operations of SCL and its subsidiaries and the loss or termination of certain land concession contracts.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2012 Singapore Credit Facility

As of September 30, 2024, MBS had SGD 589 million (approximately $ 460 million at exchange rates in effect on September 30, 2024) of available borrowing capacity under the 2012 Singapore Revolving Facility, net of outstanding letters of credit, primarily consisting of a banker’s guarantee for SGD 153 million (approximately $ 120 million at exchange rates in effect on September 30, 2024) pursuant to the Second Development Agreement.

As of September 30, 2024, there was SGD 3.69 billion (approximately $ 2.88 billion at exchange rates in effect on September 30, 2024) of available borrowing capacity under the Singapore Delayed Draw Term Facility, which is only available to be drawn after the construction cost estimate and construction schedule for the MBS Expansion Project are delivered to lenders.

The Company does not anticipate material spend related to the MBS Expansion Project prior to the delivery of these items to the lenders.

Debt Covenant Compliance

As of September 30, 2024, management believes the Company was in compliance with all debt covenants.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt and finance lease obligations are as follows:

Six Months Ended

Nine Months Ended

September 30,

(In millions)

8 unchanged sentences

Note 4 — Derivative Instruments

During the year ended December 31, 2021, the Company entered into a foreign currency swap agreement, which was designated as a hedge of the cash flows related to a portion of the 2025 SCL Senior Notes (the “2025 Swap”).

The 2025 Swap has a total notional value of $ 1.0 billion and expires in August 2025.

During the six months ended June 30, 2024, the Company entered into additional foreign currency swap agreements, which were designated as hedges of the cash flows related to portions of the 2028 SCL Senior Notes (the “2028 Swaps”) and the 2029 SCL Senior Notes (the “2029 Swap”).

The 2028 Swaps have a total notional value of $ 1.42 billion and expire in August 2028.

The 2029 Swap has a total notional value of $ 100 million and expires in March 2029.

During the nine months ended September 30, 2024, the Company entered into additional foreign currency swap agreements, which were designated as hedges of the cash flows related to portions of the 2026, 2027, 2028, 2029, 2030 and 2031 SCL Senior Notes (together with the foreign currency swap agreement entered into in December 2021, the “FX Swaps”).

The FX Swaps have a total notional value of $ 5.01 billion and expire in line with the maturity dates of the underlying SCL Senior Notes.

The objective of these agreements is to manage the risk of changes in cash flows resulting from foreign currency gains/losses realized upon remeasurement of U.S.

1 unchanged sentence

dollars at the contractual spot rate.

As of June 30, 2024, the total fair value of the 2025 Swap, the 2028 Swaps and the 2029 Swap (together, the “FX Swaps”) is recorded as a liability in “Other long-term liabilities.” The fair value of the FX Swaps was estimated using Level 2 inputs from recently reported market transactions of foreign currency exchange rates.

The changes in fair value of the FX Swaps were recognized as other comprehensive income in the accompanying condensed consolidated balance sheets.

Additionally, the foreign currency gains/losses incurred from the remeasurement of the portion of the SCL Senior Notes being hedged were also recognized in “Other comprehensive income.” Refer to “Note 8 — Fair Value Disclosures” for further details.

Note 5 — Equity and Earnings Per Share

On February 14 and May 15, 2024, the Company paid a quarterly dividend of $ 0.20 per common share as part of a regular cash dividend program.

During the six months ended June 30, 2024, the Company recorded $ 299 million as a distribution against retained earnings.

In July 2024, the Company’s Board of Directors declared a quarterly dividend of $ 0.20 per common share (a total estimated to be approximately $ 147 million) to be paid on August 14, 2024, to stockholders of record on August 6, 2024.

As of September 30, 2024, the total fair value of the FX Swaps is recorded as a liability in “Other long-term liabilities,” with the current portion recorded in “Other accrued liabilities,” in the accompanying condensed consolidated balance sheets.

Changes to the fair value of the FX Swaps, including the impact of the remeasurement of the portion of the SCL Senior Notes being hedged, were recognized in “Accumulated other comprehensive income (loss)” in the accompanying condensed consolidated balance sheets and in “Cash flow hedge fair value adjustment” in the accompanying condensed consolidated statements of comprehensive income (loss).

The cash flow impact of the Company’s derivative instruments is included in operating activities in the accompanying condensed consolidated statements of cash flows.

Refer to “Note 8 — Fair Value Disclosures” for further details.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 5 — Equity and Earnings Per Share

On February 14, May 15 and August 14, 2024, the Company paid a quarterly dividend of $ 0.20 per common share as part of a regular cash dividend program.

During the nine months ended September 30, 2024, the Company recorded $ 446 million as a distribution against retained earnings.

In October 2024, the Company’s Board of Directors declared a quarterly dividend of $ 0.20 per common share (a total estimated to be approximately $ 145 million) to be paid on November 13, 2024, to stockholders of record on November 5, 2024.

Share Repurchases

During the six months ended June 30, 2024, the Company repurchased 17,316,119 shares of its common stock for approximately $ 859 million (including commissions and $ 9 million in excise tax) under the Company's current program.

During the six months ended June 30, 2023, no shares of its common stock were repurchased.

During the nine months ended September 30, 2024, the Company repurchased 28,746,681 shares of its common stock for approximately $ 1.31 billion (including commissions and $ 13 million in excise tax) under the Company’s current share repurchase program.

During the nine months ended September 30, 2023, no shares of its common stock were repurchased.

Subsequently, on October 22, 2024, the Company’s Board of Directors authorized increasing the remaining share repurchase amount from $ 195 million to $ 2.0 billion and extending the share repurchase program’s expiration date to November 3, 2026.

As part of the Company’s current share repurchase program, on September 5, 2024, the Company entered into a capped call option contract (“Capped Call”), pursuant to which the Company purchased capped call options on 1,336,210 shares of the Company’s common stock with a $ 0 strike price and a cap price of $ 39.02 .

The Capped Call will expire on October 31, 2024 and can result in the receipt of cash or shares.

Shares acquired through the exercise of the call options will be included in treasury stock.

The Capped Call is not considered a derivative instrument as the contract is indexed to the Company’s common stock and is therefore classified within stockholders’ equity.

As of September 30, 2024, the $ 50 million premium payment was included as a reduction to additional paid-in capital in the accompanying condensed consolidated statement of equity.

All share repurchases of the Company's common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets.

Repurchases of the Company's common stock are made at the Company's discretion in accordance with applicable federal securities laws in the open market or otherwise.

The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

The timing, method and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

Noncontrolling Interests in SCL

3 unchanged sentences

The additional shares delivered resulted in an increase of the Company’s ownership of SCL to approximately 71.02 %.

The following table summarizes the net income attributable to LVSC and transfers from the noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:

Prepayment to Purchase Noncontrolling Interest

On September 9, 2024, VVDI II entered into an additional Master Confirmation and Supplemental Confirmation (collectively, the “Second Forward Purchase Agreement”) with the Dealer relating to the purchase of the common stock of SCL (the “Second Forward Purchase Transaction”).

Pursuant to the terms of the Second Forward Purchase Agreement, VVDI II made an up-front payment of HKD 800 million (approximately $ 103 million at exchange rates as of the date of the transaction) to the Dealer on September 9, 2024 (the “Maximum Notional Amount”), and the Dealer agreed to deliver to VVDI II shares of SCL’s common stock in an amount up to the Maximum Notional Amount upon completion.

The Maximum Notional Amount was subject to reduction to

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

the extent the share price of SCL’s common stock exceeds a cap amount set forth in the Second Forward Purchase Agreement (the “Cap Amount”).

Once the up-front payment was made, VVDI II had no further obligation to provide any additional consideration to the Dealer.

The number of shares actually delivered to the Company by the Dealer was based on the volume-weighted average share price of SCL’s common stock during the term of the Second Forward Purchase Transaction subject to the Cap Amount, less an agreed discount.

All purchases under the Second Forward Purchase Transaction were completed by October 22, 2024, with a settlement date of October 28, 2024, when the Dealer will deliver approximately 23 million shares of SCL common stock to the Company, representing an average price of HKD 14.64 per share.

The additional shares will result in an increase of the Company’s ownership of SCL to approximately 71.31 % .

Due to the Second Forward Purchase Transaction reaching the Cap Amount during the term of the agreement, approximately $ 59 million in unused portions of the Maximum Notional Amount will be returned to VVDI II in the form of cash.

As of September 30, 2024, the Company accounted for the Second Forward Purchase Agreement as a hybrid instrument consisting of a host contract, the prepayment amount of $ 103 million, accounted for as a reduction to equity, and an embedded derivative with nominal fair value.

As the embedded derivative had a nominal fair value, no derivative was recorded.

Transfer from Noncontrolling Interest

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

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Changes from net income attributable to LVSC and transfers from noncontrolling interest $ 275 $ 380 $ 1,125 $ 839

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Earnings Per Share

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

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Antidilutive stock options excluded from the calculation of diluted earnings per share

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 6 — Income Taxes

The Company’s effective income tax rate was 8.1 % for the six months ended June 30, 2024, compared to 16.2 % for the six months ended June 30, 2023.

The effective income tax rate for the six months ended June 30, 2024, reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.

The Company’s effective income tax rate was 9.3 % for the nine months ended September 30, 2024, compared to 18.7 % for the nine months ended September 30, 2023.

The effective income tax rate for the nine months ended September 30, 2024, reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.

On February 5, 2024, the Macao government provided notice that VML and its peers received an exemption from Macao’s corporate income tax on profits generated by the operation of casino games of chance for the period from January 1, 2023 through December 31, 2027.

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The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Nassau Coliseum

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The Company is not a party to these proceedings.

In a decision and order dated November 9, 2023, the Court annulled various votes held by the Nassau County Legislature, annulled the New Lease and remitted the matter to the Planning Commission and the Nassau County Legislature to conduct a proper public hearing in accordance with all relevant statutes and rules, including the Nassau County Administrative Code and the Open Meetings law and for the issuance of a positive declaration pursuant to the New York State Environmental Quality Review Act and for the preparation of an Environmental Impact Statement.

In a decision and order dated November 9, 2023, the New York Supreme Court annulled various votes held by the Nassau County Legislature, annulled the New Lease and remitted the matter to the Planning Commission and the Nassau County Legislature to conduct a proper public hearing in accordance with all relevant statutes and rules, including the Nassau County Administrative Code and the Open Meetings law and for the issuance of a positive declaration pursuant to the New York State Environmental Quality Review Act and for the preparation of an Environmental Impact Statement.

On November 10, 2023, the respondents appealed the decision and order and on November 21, 2023, Hofstra cross-appealed.

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Second Judicial Department denied respondents’ motion to stay enforcement of the decision and order pending the appeal, but granted a calendar preference, indicating that the appeal will be calendared expeditiously after all briefs have been filed.

With the invalidation of the New Lease noted above, the Company believed it had become the lessee in the Original Lease.

With the invalidation of the New Lease noted above, the Company believed it

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

had become the lessee in the Original Lease.

This was accounted for as a lease modification on December 14, 2023.

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On January 29, 2024, Hofstra filed a motion seeking a declaration that the Court’s prior order included the annulment of Nassau County’s consent and the putative assignment to the Company of the Original Lease.

On February 23, 2024, the New York State Supreme Court ruled the Original Lease has been terminated and the Company currently has no leasehold interest in the land upon which the Nassau Coliseum sits.

On February 23, 2024, the New York State Supreme Court ruled the Original Lease had been terminated and the Company currently had no leasehold interest in the land upon which the Nassau Coliseum sits.

On February 27, 2024, the respondents appealed the decision, order and interlocutory judgment.

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Consequently, the Original Lease was deemed to be modified, maintaining the operating lease classification.

The lease liability was reduced to $ 0 and an equivalent adjustment was made to the related right-of-use asset, reducing it to $ 73 million.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

On August 16, 2024, the Company entered into a lease agreement with the County for the use and exclusive right to operate assets on approximately 72 acres of land, including the Nassau Coliseum and other improvements thereon (the “Updated Lease”), which has a 42-year lease term (inclusive of three 5-year extensions).

The Company is required to make annual rent payments in the amounts and at the times specified in the Updated Lease.

As of September 30, 2024, the related right-of-use (“ROU”) asset and finance lease liability were $ 162 million and $ 115 million, respectively.

In the accompanying condensed consolidated balance sheet, the Updated Lease ROU asset is included in “Property and equipment, net” and the noncurrent portion of the related finance lease liability is included in “Long-term debt.”

The future minimum lease payments are $ 1 million for the three-month period ending December 31, 2024, and for each of the years ending December 31, 2025 and 2026, $ 3 million for the year ending December 31, 2027, $ 6 million for the year ending December 31, 2028, and $ 338 million thereafter.

Lease revenue for the Company’s mall operations consists of the following:

Three Months Ended June 30,

Three Months Ended September 30,

(In millions)

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$ 164 $ — $ 176 $ —

Six Months Ended June 30,

Nine Months Ended September 30,

Mall Other Mall Other

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$ 462 $ 1 $ 463 $ 1

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 8 — Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of June 30, 2024 and December 31, 2023, using available market information.

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company as of September 30, 2024 and December 31, 2023, using available market information.

Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies.

The table excludes cash, restricted cash, accounts receivables, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

June 30, 2024

September 30, 2024

Hierarchy Level

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Cross-currency swaps (3)

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December 31, 2023

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On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc.

(“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 373 million at exchange rates in effect on June 30, 2024), which alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S.

(“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 375 million at exchange rates in effect on September 30, 2024), which alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S.

Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001.

On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC’s claim against VML is unfounded and that VML be removed as a party to the proceedings.

On May 8, 2014, AAEC lodged an appeal against that decision and the appeal is currently pending.

On May 8, 2014, AAEC lodged an appeal against that decision.

On June 5, 2015, the U.S.

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Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019.

On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.99 billion at exchange rates in effect on June 30, 2024), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 12.05 billion at exchange rates in effect on September 30, 2024), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request.

Defendants appealed the decision allowing the amended claim on September 17, 2019;

the Macao First Instance Court accepted the appeal on September 26, 2019, and that appeal is currently pending.

the Macao First Instance Court accepted the appeal on September 26, 2019.

On April 16, 2021, the U.S.

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Defendants’ motion on May 28, 2021.

Defendants appealed that ruling on June 16, 2021, and that appeal is currently pending.

Defendants appealed that ruling on June 16, 2021.

The trial began on June 16, 2021.

By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao.

Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order, and that appeal is currently pending.

Defendants appealed certain aspects of the Macao First Instance Court’s June 17, 2021 order.

On July 10, 2021, the U.S.

Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on June 30, 2024) based on Plaintiff’s July 15, 2019 amendment.

Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $ 12 million at exchange rates in effect on September 30, 2024) based on Plaintiff’s July 15, 2019 amendment.

By motion dated July 20, 2021, the U.S.

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The Macao First Instance Court denied that motion by order dated September 11, 2021.

Defendants appealed that order on September 23, 2021, and that appeal is currently pending.

Defendants appealed that order on September 23, 2021.

By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal.

From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $ 7.23 billion and $ 7.78 billion, respectively, at exchange rates in effect on September 30, 2024).

On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S.

The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff’s damages at 57.88 billion patacas and 62.29 billion patacas (approximately $ 7.20 billion and $ 7.74 billion, respectively, at exchange rates in effect on June 30, 2024).

On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S.

The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith.

Plaintiff filed a notice of appeal from the Macao First Instance Court’s judgment on May 13, 2022.

That appeal is fully briefed and remains pending with the Macao Second Instance Court.

On September 19, 2022, the U.S.

Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on June 30, 2024).

Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $ 6 million at exchange rates in effect on September 30, 2024).

By motion dated September 29, 2022, the U.S.

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The Macao First Instance Court denied that motion by order dated October 24, 2022.

Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief, and that appeal remains pending.

Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief.

On October 9, 2023, the U.S.

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This matter is currently pending the Macao Second Instance Court’s decision.

On October 17, 2024, the Macao Second Instance Court rejected Plaintiff's appeal on procedural grounds and found it unnecessary to hear the interlocutory appeals lodged by Plaintiff and by U.S.

The Macao Second Instance Court further decided that Plaintiff had litigated in bad faith.

Plaintiff was notified of these decisions on October 21, 2024, and has until November 5, 2024 to file a notice of appeal from the Macao Second Instance Court’s decisions.

Defendants are currently evaluating the Macao Second Instance Court’s decision.

Management has determined that, based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

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On May 18, 2022, the defendants filed a motion to dismiss the second amended complaint, and briefing was completed on July 8, 2022.

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On August 8, 2023, the U.S.

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If the motion for partial reconsideration is granted, this would result in dismissal of the second amended complaint.

The defendants also moved, in the event the motion for partial reconsideration is not granted, for certification for interlocutory appeal of the U.S.

The defendants also moved, in the event the motion for partial

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reconsideration is not granted, for certification for interlocutory appeal of the U.S.

District Court’s order allowing the challenged statements from 2019 and 2020 to proceed.

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The Company has included Ferry Operations and Other (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to its properties in Macao) and Corporate and Other to reconcile to the condensed consolidated results of operations and financial condition.

The Company’s segment information as of June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 2024 and 2023 is as follows:

The Company’s segment information as of September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 2024 and 2023 is as follows:

Casino Rooms Food and Beverage Mall Convention, Retail and Other Net Revenues

(In millions)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

The Venetian Macao $ 554 $ 54 $ 15 $ 59 $ 10 $ 692

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Total net revenues $ 1,936 $ 314 $ 152 $ 189 $ 91 $ 2,682

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

The Venetian Macao $ 575 $ 55 $ 17 $ 58 $ 18 $ 723

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(In millions)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

The Venetian Macao $ 1,748 $ 156 $ 48 $ 168 $ 29 $ 2,149

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Total net revenues $ 6,199 $ 957 $ 450 $ 537 $ 259 $ 8,402

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

The Venetian Macao $ 1,544 $ 142 $ 47 $ 162 $ 39 $ 1,934

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

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In particular, management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.

Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.

Integrated Resort companies, including LVSC, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.

In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including LVSC, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.

3 unchanged sentences

As a result, consolidated adjusted property EBITDA as presented by the Company may not be directly comparable to similarly titled measures presented by other companies.

(2) During the three months ended June 30, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 14 million and $ 20 million, respectively, of which $ 11 million and $ 12 million, respectively, was included in corporate

(2) During the three months ended September 30, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 24 million and $ 16 million, respectively, of which $ 14 million and $ 10 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the nine months ended September 30, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 58 million and $ 58 million , respectively, of which $ 39 million and $ 33 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

expense in the accompanying condensed consolidated statements of operations.

During the six months ended June 30, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 34 million and $ 42 million , respectively, of which $ 25 million and $ 23 million , respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Six Months Ended

Nine Months Ended

September 30,

(In millions)

9 unchanged sentences

Total capital expenditures $ 1,020 $ 692

September 30,

2024 December 31,

13 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements