ITEM 2.02. Results of Operations and Financial Condition.
The following information is being furnished under Item 2.02 - Results of
Operations and Financial Condition.
On October 21, 2020, Las Vegas Sands Corp. (the "Company") issued a press
release announcing its results of operations for the third quarter ended
September 30, 2020. The press release is attached as Exhibit 99.1 to this report
and is incorporated by reference into this item.
Within the Company's third quarter ended September 30, 2020 press release, the
Company makes reference to certain non-GAAP financial measures that supplement
the Company's consolidated financial information prepared in accordance with
accounting principles generally accepted in the United States of America
("GAAP") including "adjusted net income/loss," "adjusted earnings/loss per
diluted share," and "consolidated adjusted property EBITDA," which have directly
comparable GAAP financial measures along with "adjusted property EBITDA margin,"
"hold-normalized adjusted property EBITDA," "hold-normalized adjusted property
EBITDA margin," "hold-normalized adjusted net income/loss," and "hold-normalized
adjusted earnings/loss per diluted share." The Company believes these measures
represent important internal measures of financial performance. The specific
reasons why the Company's management believes that the presentation of the
non-GAAP financial measures provides useful information to investors regarding
the Company's financial condition, results of operations and cash flows are set
forth in the press release.
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
ITEM 5.03 Year.
On October 20, 2020, the Board of Directors of the Company (the "Board")
approved an amendment (the "By-Laws Amendment") to the Amended and Restated
By-Laws of the Company. The By-Laws Amendment became effective on October 20,
2020. The By-Laws Amendment clarifies how and when stockholders may access the
list of stockholders and reflects other minor updates.
The foregoing description is qualified in its entirety by reference to the copy
of the By-Laws Amendment which is filed as Exhibit 3.1 to this Current Report on
Form 8-K.
ITEM 8.01 Other Events.
In June 2018, the Board authorized the repurchase of $2.50 billion of the
Company's outstanding common stock, which was to expire in November 2020. On
October 20, 2020, the Board authorized extending the expiration date of the
remaining $916 million to November 2, 2022. 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.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
3.1 Second Amended and Restated By-Laws of Las Vegas Sands Corp. , as further
amended effective October 20 , 2020 (marked to show amended text)
99.1 Press Release, dated October 21, 2020
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the
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