Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q3 2025 Earnings Presentation
71 slides from Las Vegas Sands's earnings presentation, Oct 22, 2025
Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation October 22, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future
Slide 3: Investment Case, Strategic Priorities and Market Updates
Investment Case, Strategic Priorities and Market Updates Investment Case: Global leader in Integrated Resort development and operation delivering industry-leading returns Largest scale operator in the most important markets with industry-leading revenues and margins Balance sheet strength enab
Slide 4: Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights Quarter Ended September 30, 2025 vs September 30, 2024 ($ in US millions, except per share information) LVS Consolidated Third Quarter Financial Results 3Q24 3Q25 Change Net Revenue $2,682 $3,331 $649 Net Income 353 491 138 Net Income Attributable to LVS 275 4
Slide 5: Third Quarter 2025 Adjusted Property EBITDA
Third Quarter 2025 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 3Q24 3Q25 Change % Change Macao Operations $585 $601 $16 2.7% Adjusted Property EBITDA Margin 33.0% 31.5% -150 bps Marina Bay Sands $406 $743 $337 83.0% Adjusted Property EBITDA Margin 44.2% 51.7% 750 bps LVS Tot
Slide 6: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 3Q24 4Q24 1Q25 2Q25 3Q25 Net Revenue $1,771 $1,771 $1,709 $1,797 $1,906 Expected hold impact1 4 38 17 (11) (4) Had we held as expected in our rolling play, Net Revenue would have bee
Slide 7: Marina Bay Sands: Refinement of Hold Impact Disclosures
Marina Bay Sands: Refinement of Hold Impact Disclosures Implementation of Smart Table Technology Enables Calculation of Theoretical Hold Rates Marina Bay Sands introduction of smart tables: Marina Bay Sands (MBS) has rolled out smart table technology across its baccarat gaming areas This smart t
Slide 8: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 3Q24 4Q24 1Q25 2Q25 3Q25 Actual Hold % 1.75% 3.34% 3.70% 5.26% 4.84% Expected Hold %1 3.5% 3.7% 3.8% 4.1% 4.2% Net Revenue $919 $1,137 $1,163 $1,388 $1,436 Expected hold i
Slide 9: Operating Update: Macao Property Portfolio
Operating Update: Macao Property Portfolio Quarter Ended September 30, 2025 Macao market overview: Macao portfolio quarterly financial results: The Macao market generated gaming revenue of ~$7.7 billion for Adjusted Property EBITDA was $601 million 3Q25, up 12% from 3Q24 − Assuming expected hold
Slide 10: Operating Update: Marina Bay Sands in Singapore
Operating Update: Marina Bay Sands in Singapore Quarter Ended September 30, 2025 Marina Bay Sands property update: Marina Bay Sands quarterly financial results: Suite renovation and refurbishment program completed in 2Q25 Adjusted Property EBITDA of $743 million The resort now features 1,844 k
Slide 11: LVS Adjusted Property EBITDA
LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in our Rolling Play1 $1,500 -$87 -$45 $1,334 $1,344 +$43 +$16 +$90 $1,200 $1,108 $1,140 $991 $900 $600 $300 $0 3Q24 4Q24 1Q25 2Q25 3Q25 1. These amounts present the illustrati
Slide 12: Sands China
Sands China HESares
Slide 13: Sands China: Positioned for Growth
Sands China Positioned for Growth Capital investment programs to increase suite capacity at the Londoner Adjusted Property EBITDA Macao were completed in 2Q25 ($ in US millions) Assuming Expected Hold Financial results for the quarter ended September 30, 2025: in Our Rolling Play1 $800 Adjusted Pr
Slide 14: Macao Financial Performance
Macao Financial Performance Quarter Ended September 30, 2025 vs September 30, 2024 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 3Q24 3Q25 $ % 3Q24 3Q25 $ % 3Q24 3Q25 bps The Venetian Macao $692 $692 - 0.0% $267 $242 ($25) -9.4% 38.6% 35.0% (360
Slide 15: Sands China Mass Market Table Update
Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $900 Avg. Win per Table per Day: $8,131 $900 Avg. Win per Table per Day: $15,624 $754 $746 $703 $702 $695 $671 $673
Slide 16: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $10,677 Avg. Win per Unit per Day: $374 $1,800 $250 $1,500 $1,500 $200 $1,366 $1,376 $189 $1,33
Slide 17: Sands China Mass Market Revenue Share Update
Sands China Mass Market Revenue Share Update Mass GGR Tables & Slots SCL Mass Gaming Revenue (Tables & Slots) and Mass Market Revenue Share1,2 ($ US in millions) $2,000 40% $1,673 $1,689 $1,596 $1,625 $1,580 $1,583 $1,559 $1,553 $1,531 $1,529 $1,505 $1,500 $1,445 $1,447 35% $1,321 30.8% $1,029 $1,00
Slide 18: Macao Concessionaire Adjusted Property EBITDA Share
Macao Concessionaire Adjusted Property EBITDA Share Sands China Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 30.1% 29.1% 31.1% 29.9% 27.4% 27.8% 80% 35.0% 32.9% 33.5% 34.1% 35.3% 33.7% 35.0% 33.5% 5.8% 6.3% 4.4% 5.5% 7.1% 6.7% 5.6% 5.4% 6.4% 0.4% 3.5% 4.1% 4.6% 60% 5.7% 1
Slide 19: Macao Market: Mass Gaming
Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots)1,2 ($ US in millions) $7,000 $6,656 $6,503 $6,500 $6,292 $6,171 $6,139 $6,141 $6,051 $5,936 $6,000 $5,523 $5,608 $5,440 $5,500 $5,356 $5,350 $5,000 $4,730 $4,500 $4,000 $3,715 $3,500 $3,000 $2,500 $2,
Slide 20: Macao Visitation Overview
Macao Visitation Overview July and August Visitation1 - 2025 vs 2019 (millions) 1 July and August Visitation 2019 2025 Variance % of 2019 China, excluding Guangdong Province 2.79 2.44 (0.35) 87% Guangdong Province 2.42 3.38 0.95 139% Hong Kong 1.30 1.31 0.01 101% All Other Visitation 0.64 0.55 (0.09
Slide 21: Visitation from China to Macao
Visitation from China to Macao1 Exclusive of Guangdong Province, Visitation2 Was 87% of 2019 Level July and Aug. 2025 Visitation - % of July and Aug. 2019 Visitation from China to Macao1,2 July and August Visitation Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate J
Slide 22: Marina Bay Sands
Marina Bay Sands HESares
Slide 23: Marina Bay Sands: Completed Suite Renovation Drives Record Performance
Marina Bay Sands Completed Suite Renovation Program Drives Record Financial Performance Adjusted Property EBITDA MBS Phase II suite renovation and refurbishment program completed in 2Q25 ($ in US millions) Assuming Expected Hold $1,000 in Our Rolling Play1 -$80 -$43 Financial results for the quarter
Slide 24: Marina Bay Sands: Mass Gaming Revenue
Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~122% growth vs 3Q19, ~35% growth vs 3Q24 $1,000 $950 $905 $900 $843 $850 $800 $778 $746 $750 $700 $687 $668 $650 $604 $600 $580 $569 $584 $549 $550 $500 $477 $449 $450 $428 $441 $428 $4
Slide 25: Retail Mall Operations
Retail Mall Operations HESares
Slide 26: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $768 $766 $779 $790 TTM 3Q25 $800 $754 Sales per Sq. Foot1 $700 $256 $269 $275 MBS $262 $265 $600 $2,893 $500 $23 $22 Parisian Macao $29 $25 $27 $455 $72 $82 $86 $89 Londoner Macao $77 $400 $1,454 $178 $159 $
Slide 27: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 3Q25 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft.) Period End TTM 3Q25 TTM 2Q25 TTM 1Q25 TTM 4Q24 TTM 3Q24 The Shoppes at Marina Bay Sands 620,530 95.9% $2,893 $2,837 $2,845 $2,878 $2,919 Shoppes at Venetian
Slide 28: Retail Mall Revenue
Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 3Q25 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 Sands China Mall Revenue $180 $160 $156 $148 $150 $132 $136 $129 47 $130 $124 38 $123 49 $125 $124 $125 $119 $115 $115 $115 $116 22 $120 $113 7 15 29 15 1
Slide 29: Balance Sheet, Liquidity and Return of Capital to Shareholders
B a l a n c e S h e e t , L i q u i d i t y a n d Re t u r n o f C a p i ta l to S h a re h o l d e rs
Slide 30: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity As of September 30, 2025: Trailing Twelve Months Ended September 30, 2025: Cash Balance1 – $3.35 billion Adjusted Property EBITDA – $4.93 billion Liquidity2 – $7.81 billion Cash Flow from Operations4 – $2.73 billion Debt – $15.63 billion Net Debt – $12.
Slide 31: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in US millions) $3,500 $3,007 $3,000 $2,690 $2,552 $2,500 1,000 $2,008 $2,000 $1,907 1,417 $1,557 $1,533 $1,500 1,952 1,000 1,250 750 $1,000 1,900 500 1,533 $500 $500 2 800 700 700 650 600 $27 500 $0 1 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 %
Slide 32: LVS Return of Capital
LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % LVS Share Repurcha s es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Di vi dends Pai d 824 1,153 1,610 2,074
Slide 33: LVS Return of Capital (cont'd)
LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases Repurchases Comprise ~74% of Capital Return Total Capital Returned to LVS Shareholders 3Q23 – 3Q25 (Share amounts and $US in millions) Total 3Q24 - 3Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $ % 1 LVS
Slide 34: Investment and Capital Expenditures
I nve st m e nt a n d C a p i ta l E x p e n d i t u re s
Slide 35: Capital Expenditures Expectations
Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore Investment in high quality assets drives revenue growth Scale and quality of assets create competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $
Slide 36: Sands China: Recent Capital Investment
Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Grand 36
Slide 37: The Londoner Macao Was Completed in 2Q25
The Londoner Macao Was Completed in 2Q25 Phase II ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences Phase I ─ Londoner Court
Slide 38: Long-Term Commitment to Macao
Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032 In conjunction with the award of our concession to operate in Macao through 2032, Sands committed to spend at least $4.5 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects Investm
Slide 39: Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed
Marina Bay Sands: Suite Renovation and Refurbishment Program Now Completed Elevation of hotel towers, premium gaming areas, public spaces, lifestyle experiences Renovation and Refurbishment Program to elevate and enhance room and suite product and conduct refurbishments to increase Singapore’s bus
Slide 40: Marina Bay Sands Recent Capital Investment
Marina Bay Sands Recent Capital Investment Suite Renovation and Refurbishment Program Completed in 2Q25 40
Slide 41: Marina Bay Sands Recent Capital Investment (cont'd)
Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities 41
Slide 42: Marina Bay Sands Expansion Project Development Update
M a r i n a B ay S a n d s E x p a n s i o n P ro j e c t D e ve l o p m e nt U p d ate
Slide 43: Marina Bay Sands Expansion Project
Marina Bay Sands Expansion Project New Offerings and Amenities to Enhance Tourism Appeal of Singapore Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline The Skyloop: Multi-story signature rooftop experi
Slide 44: MBS Expansion Project Development Cost Estimate Summary
MBS Expansion Project Development Cost Estimate Summary ($ in US billions) Original Land Premium (paid 2019) $1.0 Note: Land Premium Additional Land Premium1 1.0 for 47-Year Leasehold Total Land Premiums $2.0 25% Additional Development Costs: Hard Construction Costs $3.5 Soft Construction Costs and
Slide 45: Estimated Development Timeline
Estimated Development Timeline Marina Bay Sands Expansion Project Estimated Date Key Milestone Status October 2024 Submission of development application to the Urban Redevelopment Authority Complete May 2025 Commencement of piling and foundation work Complete May 2025 - 20301 Estimated 55 to 6
Slide 46: Marina Bay Sands Expansion Project Capital Expenditure Expectations
Marina Bay Sands Expansion Project Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS Expansion Project Capital Expenditure Expectations $2,000 $1,850 $1,500 $1,200 $1,150 $1,050 $1,000 $1,000 $850 $500 $500 $450 $400 $150 $350 $100 $200 $200 $0 2024 and Prior 4 2025E 5 2026E 5
Slide 47: Marina Bay Sands: Contributing to Singapore's Economic Growth
Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal Marina Bay Sands Original Integrated Resort Contributed meaningfully to economic growth and to Singapore’s appeal as an exciting global city Delivered iconic architecture to Singapore’s CBD area
Slide 48: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities Balanc
Slide 49: Environmental, Social and Governance (ESG)
E nv i ro n m e nta l , S o c i a l a n d G o ve r n a n c e ( ES G )
Slide 50: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Industry Leading ESG Platform LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, SMEs and community organizations where we operate Minimizing our environmental impact, practicing good governance, operating w
Slide 51: Sustainability Awards and Certifications
Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights: In 2024, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fifth consecutive year and DJSI North America for the seventh consecutive
Slide 52: Sustainability Awards and Certifications (cont'd)
Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability Las Vegas Sands Singapore Macao Dow Jones Sustainability Index, North LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific America Maintena
Slide 53: Appendices
Appendices HESares
Slide 54: Market Leading Hotel Capacity
Market Leading Hotel Capacity Sands China is the Leader in Macao Hotel Room and Suite Inventory Macao Market 4/5 Star Hotel Rooms at September 30, 20251,2 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM 10,540 Rooms and MGM 10,829 Rooms
Slide 55: Sands China: Market Leading Investment in Macao
Sands China Market Leading Investment in Macao Investment Expansion and Reinvestment ~$17 billion 289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product) ~30 million SF of interconnected facilities on Cotai 368 suites in Londoner Court opened
Slide 56: Sands China: Market-Leading Cotai Strip Property Portfolio
Sands China Market-Leading Cotai Strip Property Portfolio The Venetian St. Regis Hotel Macao 400 Suites 2,905 Rooms and Suites Londoner Court 368 Suites C (Opened September 2021) O Grand Suites at Four Seasons T Conrad Macao 289 Suites (Opened A 659 Rooms & Suites October 2020) I Londoner Hotel 594
Slide 57: Market Leading Hotel Capacity at Sands China
Market Leading Hotel Capacity at Sands China Macao Market 4/5 Star Hotel Rooms at September 30, 2025 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 1 10,540 42% 10,829 38% 28% 2 Galaxy Entertainment 4,997 20% 5,497 19% 14%
Slide 58: Macao Airport Passenger Volume
Macao Airport Passenger Volume Macao Airport Monthly Passenger Volume in 3Q25 was ~75% of 3Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023 - 2025 Passenger Volume in % of 2019 3,500 3Q25 ~75% of 3Q19 100% 3,000 81% 80% 80% 77% 79% 74% 75% 80% 2,518 2,337 2,384 2,372 67% 2,500 64% 2,013 6
Slide 59: Supplemental Data
Supplemental Data HESares
Slide 60: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2022 2 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -
Slide 61: Macao Market: VIP Gaming Revenue
Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2019 $3,892 $3,640 $3,173 $3,301 $14,006 Growth ('19 v '18) -12.1% -13.5% -26.0% -25.2% -19.2% 2022 2 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2 2023 $5
Slide 62: Sands China VIP Table Metrics
Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) Avg. Win per Table per $6 $200 Day: $14,759 $5.5 $5.5 $175 $5 $177 $163 $150 $156 $4.5 $4.4 $4.4 $148 $4 $125 $3 $100 $110 $75 $2 $50 $1 $25 $0 $0 3Q
Slide 63: Reconciliation of Non-GAAP Financial Measures and Other Financial Information
Re c o n c i l i at i o n o f N o n - G A A P F i n a n c i a l M e a s u re s a n d O t h e r F i n a n c i a l I n fo r m at i o n
Slide 64: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Net income $353 $392 $408 $519 $491 Add (deduct): Income tax expense 50 69 63 90 91 Loss on modification or early retirement of debt - - 5 - - Other (income) expense (11) 6 1 22 (1
Slide 65: Non-GAAP Measures
Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended September 30, 2025 2024 Net income attributable to LVS $419 $275 Pre-opening expense 7 4 Development expense 72 55 Loss on disposal or impairment of assets 68 11 Other income (11) (11) Income tax impact on net income adjustm
Slide 66: Non-GAAP Measures
Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended September 30, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.61 $0.38 Pre-opening expense 0.01 0.01 Development expense 0.11 0.08 Loss on disposal or impairment of assets
Slide 67: Non-GAAP Reconciliation
Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 3Q24 4Q24 1Q25 2Q25 3Q25 TTM 3Q25 Cash Flows From Operations $761 $915 $526 $178 $1,115 $2,734 Adjust for: Recovery of (provision for) doubtful accounts 5 (9) (5) (16) (18) (48) Foreign exchange gains (losses) 11
Slide 68: Supplemental Information
Supplemental Information 3Q25 and 3Q24 ($ in US millions) Three Months Ended September 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land
Slide 69: Supplemental Information
Supplemental Information YTD 3Q25 and YTD 3Q24 ($ in US millions) Nine Months Ended September 30, 2025 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization
Slide 70: Impact of Hold-Adjustment
Impact of Hold-Adjustment ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Macao Operations1 Net Revenues $551 $374 $258 $444 $1,279 $1,628 $1,789 $1,863 $1,811 $1,754 $1,771 $1,771 $1,709 $1,797 $1,906 Impact of hold-adjustment2 (12) (22) (10) (10) (22)
Slide 71: Sands
n< Sands We S