Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q1 2015 Earnings Presentation

60 slides from Las Vegas Sands's earnings presentation, Apr 22, 2015

  1. Slide 1: 1Q15 Earnings Call Presentation

    The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 1Q15 Earnings Call Presentation April 22, 2015 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements This presentation contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements involve a number of risks, uncertainties or other factors beyond the company’s co

  3. Slide 3: The Investment Case for Las Vegas Sands

    The Investment Case for Las Vegas Sands  The global leader in Integrated Resort development and operation, delivering strong and diversified cash flow and earnings as well as growing recurring dividends  Best positioned operator to deliver growth in Asia, with the pre-eminent destination Integrate

  4. Slide 4: First Quarter 2015 Highlights

    First Quarter 2015 Highlights Despite Current Headwinds in Macao – Increasing Returns of Capital to Shareholders  Net revenue decreased 24.9% to $3.01 billion  Consolidated adjusted property EBITDA decreased 29.0% to $1.05 billion  Macao – Adjusted property EBITDA decreased 43.8% to $527.7 millio

  5. Slide 5: First Quarter 2015 Financial Results

    First Quarter 2015 Financial Results $ in millions, except per share information 1Q14 1Q15 $ Change % Change Net Revenue $ 4,010.4 $ 3,011.6 $ (998.8) -24.9% Adjusted Property EBITDA $ 1,479.7 $ 1,050.5 $ (429.2) -29.0% Adjusted Property EBITDA Margin 36.9% 34.9% -200 bps Adjusted Diluted EPS $ 0.97

  6. Slide 6: Macao – Growth in Retail; Singapore – Growth in Mass Gaming

    Macao – Growth in Retail; Challenging Gaming Environment Singapore – Growth in Mass Gaming and Retail  Macao – Growth in retail mall continues, VIP and premium mass gaming soft — Mass table win decreased 24.2% to $1.01 billion (compared to a 27.1%¹ decrease in the Macao market) — Slot and ETG win d

  7. Slide 7: LVS Increasing Return of Capital to Shareholders

    LVS Increasing Return of Capital to Shareholders Nearly $10.5 Billion of Capital Returned to Shareholders Over Last 13 Quarters LVS Recurring Dividends per Share1  In the fourth quarter of 2014, the LVS Board of Directors increased the LVS recurring dividend by $3.00 30.0% to $2.60 per share for th

  8. Slide 8: SCL Also Increasing Return of Capital to Shareholders

    SCL Also Increasing Return of Capital to Shareholders Over US$6.2 Billion of Capital Returned to Shareholders Over Last 13 Quarters SCL Recurring Dividends per Share (HK$)1  The SCL Board of Directors recommended $3.00 increasing the SCL 2015 dividend to HK$1.99 per $2.50 share, including an interi

  9. Slide 9: LVS Generates Greater Forward Dividend Yield than the S&P500 Index

    LVS Generates Greater Forward Dividend Yield than the S&P500 Index 2015 Forward Dividend Yield of LVS and S&P5001 Sensitivity of LVS Dividend Yield 5.5% 5.5% 5.2% Dividend Yield as of 5.0% 5.0% 4.7% 4.7% 4/21/15² 4.5% 4.5% 4.3% 4.0% 4.0% 3.7% 3.5% 3.5% 3.3% +250 bps 3.0% 2.9% 3.0% 2.5% 2.5% 2.2% 2.0

  10. Slide 10: Strong Cash Flow, Balance Sheet and Liquidity

    Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Increasing Return of Capital At March 31, 2015:  Trailing Twelve Months Adjusted Property EBITDA – $4.99 billion  Trailing Twelve Months LVS Dividends Paid – $1.72 billion  Trailing Twelve Months SCL Div

  11. Slide 11: Macao Operating Performance

    Macao Operating Performance Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold-Normalized ($MM) -43.8% -39.0% $1,000 60% $939.8 $900 $864.8 50% $800 $700 40% $600 $527.7 $527.7 34.9% 33.8% $500 30% 30.2% 30.2% $400 20% $300 $200 10% $100 $0 0% 1Q14 1Q1

  12. Slide 12: Macao: Diversified and Stable Sources of Departmental Profit

    Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China Macao Departmental Profit Contribution by Segment TTM 1Q14 TTM 1Q15 Other 3% VIP 13% VIP 18% Other 1% Mall 10% Mall 8% Mass Tables 53% Mass Tables 52% Hotel 12% Hotel 14% Slots 8% Slots 8% Mass Tables /

  13. Slide 13: Macao: Base Mass Showing Greater Stability Than Premium Mass

    Macao: Base Mass Showing Greater Stability in Softer Market Than Premium Mass LVS Base Mass Table Win by Quarter LVS Premium Mass Table Win by Quarter LVS Departmental Profit Margin: 40% - 50% LVS Departmental Profit Margin: 25% - 40% Avg. Win per Table per Day: $7,705 Avg. Win per Table per Day: $1

  14. Slide 14: Executing Our Mass Strategy in Macao

    Executing Our Mass Strategy in Macao Family-friendly Entertainment World Class Concerts, Sporting Events Portfolio of Nearly and Other Entertainment Offerings 9,300 Suites and Hotel Rooms Over 1.5 million sq. feet of World Class Shopping The Broadest and Deepest Market-Leading Customer Database Mass

  15. Slide 15: Macao Mass Visitation Drivers

    Macao Mass Visitation Drivers Future Growth Drivers As a result, Macao’s Mass visitors will:  More efficient and affordable  Come From Farther transportation infrastructure Away  Additional tourism attractions in  Stay Longer Macao and Hengqin Island  Greater number of hotel rooms in  Spend Mo

  16. Slide 16: Strong Growth in Mainland Chinese Visitation to Macao

    Strong Growth in Mainland Chinese Visitation to Macao Strongest Growth Realized in Provinces Served by High Speed Rail Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao Twelve Months Ended February 28, Population GDP Per Penetration Province 2014 2015 % Change (MM) Capita (US$) R

  17. Slide 17: Expanding Our Critical Mass on the Cotai Strip

    Expanding Our Critical Mass on the Cotai Strip The Parisian Macao Rendering of The Parisian Macao  The Parisian Macao is a $2.7 billion themed, aspirational destination Integrated Resort  Construction continues to progress  Hotel rooms and suites: 3,000+  Gaming capacity: ~450 table games and 2,

  18. Slide 18: Expanding Our Critical Mass on the Cotai Strip

    Expanding Our Critical Mass on the Cotai Strip The St. Regis Tower at Sands Cotai Central Rendering of The St. Regis Tower  St. Regis branded 5-star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip  Construction continues to progress  Hotel rooms and

  19. Slide 19: Macao Market Annual EBITDA Market Share by Operator

    Macao Market Annual EBITDA Market Share by Operator Historical EBITDA Market Share1,2 100% 28% 32% 35% 80% 10% 9% 60% 9% 16% 14% 13% 40% 14% 12% 11% 14% 15% 14% 20% 18% 18% 18% 0% 2012 2013 2014 2 SCL Galaxy MPEL SJM Wynn MGM LVS Had 35% Market Share of Macao EBITDA in 2014, Up 300 bps Y/Y Source: C

  20. Slide 20: LVS Outperforming the Macao Market in EBITDA Generation and Growth

    LVS Outperforming the Macao Market in EBITDA Generation and Growth 2014 Macao Market EBITDA1 2014 Macao Market EBITDA Growth¹ ($MM) ($MM) $3,500 $3,261 $11,000 $3,000 $10,000 $354 -$131 $9,421 $9,199 $2,500 $9,000 $2,000 $8,000 $1,720 $1,500 $1,287 $1,258 $7,000 $1,002 $1,000 $894 $6,000 $5,000 $500

  21. Slide 21: Marina Bay Sands Operations

    Marina Bay Sands Operations Strong Retail and Mass Gaming Performance¹ Adjusted Property EBITDA  Adjusted property EBITDA of $415.3 million, a decrease of 4.6% and Adjusted Property EBITDA Margin (Adjusted Property EBITDA increased 0.2% on a constant-currency Actual Hold-Normalized basis) ($MM) $60

  22. Slide 22: Singapore: Diversified and Stable Sources of Departmental Profit

    Singapore: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands Singapore Hold-Normalized Departmental Profit Contribution by Segment TTM 1Q14¹ TTM 1Q15¹ Other 4% VIP VIP 11% Other 15% 4% Mall 8% Mall Mass Tables Mass Tables 7% 37% 38% Hotel Hotel 18% 18% Slots Slots 19% 21% Mas

  23. Slide 23: Asia Retail Mall Portfolio Continues to Generate Strong Growth

    Asia Retail Mall Portfolio Continues to Generate Strong Growth in Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($MM) TTM 1Q15 Sales per Sq. Foot² $600 $569 $536 $551 $502 $512 $500 MBS: $171 $1,409 $169 $167 $156 $160 $400 SCC: $61 $1,407 $52 $57 $43 $45 $300 Four Seasons:

  24. Slide 24: Strong Growth In Macao Retail Mall Revenue

    Strong Growth In Macao Retail Mall Revenue Macao Quarterly Retail Revenue Composition ($MM) $160 $140 $127.8 $120 $104.7 $46.9 $100 $87.4 $26.8 $78.0 $1.6 $80 $69.9 $8.4 $2.2 $60 $40 $80.9 $85.7 $77.9 $67.7 $69.6 $20 $- 1Q14 2Q14 3Q14 4Q14 1Q15 Base Rent and Other Fees Turnover Rent Strong Retail Re

  25. Slide 25: Disciplined Execution of Our Global Growth Strategy

    Disciplined Execution of Our Global Growth Strategy  As the global leader in Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort developme

  26. Slide 26: Las Vegas Sands Corp.

    Sanes LAS VEGAS SANDS CORP.

  27. Slide 27: Appendix

    Appendix Sanes LAS VEGAS SANDS CORP.

  28. Slide 28: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 $ in millions 1Q14 2Q14 3Q14 4Q14 1Q15 Macao Property Operations Reported $ 939.8 $ 801.3 $ 809.0 $ 711.2 $ 527.7 Hold-Normalized $ 864.8 $ 752.5 $ 772.1 $ 686.2 $ 527.7 Marina Bay Sands Reported $ 435.2 $ 417.8 $ 351.7 $ 518.5 $ 415.3 Hold-Normalized

  29. Slide 29: Strong Historical Revenue and EBITDA Growth Over the Last Five Years

    Strong Historical Revenue and EBITDA Growth Over the Last Five Years LVS Historical Net Revenue LVS Historical Adjusted Property EBITDA ($MM) ($MM) $6,000 $16,000 $5,422 $14,584 $4,993 $13,770 $13,585 $5,000 $4,763 $14,000 $12,000 $11,131 $4,000 $3,791 $3,532 $10,000 $9,411 $3,000 $8,000 $2,229 $6,8

  30. Slide 30: Strong Historical Adjusted Net Income and Adjusted EPS Growth

    Strong Historical Adjusted Net Income and Adjusted EPS Growth Over the Last Five Years LVS Historical Adjusted Net Income LVS Historical Adjusted Diluted Earnings per Share ($MM) $4.50 $3,500 $4.00 $2,894 $3.58 $3,000 $3.50 $3.27 $2,631 $2,399 $3.00 $2.90 $2,500 $2.50 $2,000 $2.14 $1,768 $2.02 $1,64

  31. Slide 31: Capital Expenditures Expectations

    Capital Expenditures Expectations Future Investments Include The Parisian Macao, St. Regis at SCC and Maintenance ($MM) LVS Capex Expectations $3,000 $2,500 $2,025 $2,000 $475 $1,560 $1,449 $100 $1,500 $107 $19 $40 $1,179 $49 $825 $898 $190 $1,000 $960 $830 $700 $210 $390 $60 $100 $192 $75 $125 $200

  32. Slide 32: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year at March 31, 2015 ¹ ($MM) $6,000 $5,115 $5,000 $4,000 2,115 $3,000 $2,118 $2,000 1,808 $1,520 1,105 $1,000 883 $327 218 979 1,192 $73 $97 180 418 $0 2015 2016 2017 2018 2019 2020 SCL MBS USRG LVSC % of Total 1% 1% 4% 16% 23% 55% Long Term and Low Cost Fina

  33. Slide 33: MBS – Credit Collections Remain Healthy

    MBS – Credit Collections Remain Healthy Reserve Balance Of $380 Million Represents 37.6% of Gross A/R Casino Credit Collections Remain Stable ($MM) $450 $418 $408 $403 $378 $368 $361 $375 $345 $342 $326 $314 $311 $317 $281 $272 $291 $300 $250 $271 $225 $203 $146 $150 $75 $40 $0 2Q10 3Q10 4Q10 1Q11 2

  34. Slide 34: Las Vegas Operations

    Las Vegas Operations Adjusted Property EBITDA  Adjusted property EBITDA was $74.1 million, a and Adjusted Property EBITDA Margin decrease of 7.0% Actual Hold-Normalized ($MM) — On a hold-normalized basis, adjusted property EBITDA was $89.2 million, a decrease of 8.4% $120 40% $97.3 $100 $89.2 $79.7

  35. Slide 35: Sands Bethlehem Operations

    Sands Bethlehem Operations Record Quarter for Leading Tri-State Region Property Adjusted Property EBITDA  Adjusted property EBITDA increased 12.8% to a first and Adjusted Property EBITDA Margin quarter record $29.9 million ($MM) $35 40%  Table games drop increased 6.4% to reach $263.4 million, $29

  36. Slide 36: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  37. Slide 37: VIP Gaming Represents 59% of Total Macao GGR

    VIP Gaming Represents 59% of Total Macao GGR… …but Mass Tables and Slots Generate ~74% of Gaming Operating Profit TTM 1Q15 Macao Market Composition of Macao Market Gross Gaming Gross Gaming Revenue Revenue and Est. Gaming Operating Profit2 1Q15 YoY ($MM) Growth $45,000 100% $39,327 -37% $40,000 26%

  38. Slide 38: The Mass Business Remains the Principal Profit Pool

    The Mass Business Remains the Principal Profit Pool and the Primary Driver of Earnings Growth in Macao Macao Market VIP and Mass Gaming Estimated Operating Profit 1,2 ($MM) (XX%) = % of total $12,000 operating profit for period $10,000 $9,621 $9,108 $8,777 $2,661 (28%) $8,000 $7,307 $2,985 (33%) $2,

  39. Slide 39: Macao Base Mass Business Remains More Resilient Than Premium Mass

    Macao Base Mass Business Remains More Resilient Than Premium Mass in the Current Challenging Environment Macao Mass Table and Slot Gross Gaming Revenue ($MM) $20,000 60% $18,000 $17,400 $16,146 50% $16,000 $15,309 39% $14,000 36% 40% 33% 30% $11,674 31% $12,000 30% $10,000 30% $8,949 16% 14% 20% $8,

  40. Slide 40: Five Trends that Should Contribute To Growth in the Macao Market

    Five Trends that Should Contribute To Growth in the Macao Market In The Future 200 million Chinese are expected to travel outside of China by 1 2020, compared to 83 million in 2012 and 97 million in 2013 Infrastructure and transportation connectivity throughout 2 China, especially in the Pearl River

  41. Slide 41: China Is The World's Largest and Fastest Growing Outbound Tourism Market

    1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel from China Outbound Travel Penetration¹ 350 50% Expenditure (US$bn) 44.5% $306 China 300 Chinese outbound 45% tourists (millions) Japan $268 40% Korea CLSA estimates 250 Taiwan $234 35% CAGR 2009-2013 2012-202

  42. Slide 42: Chinese Middle Class Consumption Growth

    1 Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to reach $10.0 trillion Global Middle Class Consumption in 2030 (US$ trillion) (US$ trillion) $15 $12.8 $10.0 $10 $5 $4.0 $2.3 $2.5 $1.1 $1.2 $1.2 $1.3 $1.4 $- France Brazil Mexico Germany Russia Japan In

  43. Slide 43: Strong Growth in Mainland Chinese Visitation to Macao

    Strong Growth in Mainland Chinese Visitation to Macao 1 Strongest Growth Realized in Provinces Served by High Speed Rail Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao Twelve Months Ended February 28, Population GDP Per Penetration Province 2014 2015 % Change (MM) Capita (US$)

  44. Slide 44: Infrastructure: China's High-Speed Rail

    2 Infrastructure: China’s High-Speed Rail Connecting More of Mainland China to Macao Beijing – Guangzhou High-Speed Rail  World’s longest high-speed rail route  Covers 2,298km in ~10 hours (compared to 22 hours previously) at a cost of 862 yuan (~US$140) per one way ticket Guangzhou – Zhuhai Inter

  45. Slide 45: Infrastructure: Meaningful Improvements Throughout the Pearl River Delta Region

    Infrastructure: Meaningful Improvements 2 Throughout the Pearl River Delta Region Guangzhou Wuhan – Guangzhou High-Speed Rail Population: 13M • 3.5 hour train ride GDP Per Capita: US$14,000 • 75-80 trains in each direction per day Guangzhou – Shenzhen – Hong Kong Rail Guangzhou – Zhuhai Intercity Ra

  46. Slide 46: Chinese Day-Trip and Overnight Visitation To Macao Both Continue to Grow

    Chinese Day-Trip and Overnight Visitation To 3 Macao Both Continue to Grow Mainland China Day-Trip Visitors to Macao Mainland China Overnight Visitors to Macao Growth -9% +19% +28% 0% +10% +19% Growth -1% +22% +16% +10% +10% +9% (MM) (MM) 12.0 14.0 12.0 11.5 10.0 9.7 8.9 10.0 9.7 8.1 8.8 8.8 8.0 7.3

  47. Slide 47: Visitation to Macao Can Meaningfully Grow

    3 Visitation to Macao Can Meaningfully Grow 47.2 Million Residents of Mainland China Visited Hong Kong in 2014 Mainland China Visitation to Macao and Hong Kong Macao -5% +20% +22% +5% +10% +14% Hong Kong +6% +26% +24% +24% +17% +16% (MM) 50.0 47.2 45.0 40.7 In 2014 Hong 40.0 Kong Received 34.9 25.9M

  48. Slide 48: Opportunity for Increased Overnight Visitation and Length of Stay In Macao

    Opportunity for Increased Overnight Visitation 3 and Length of Stay In Macao Composition of 2014 Visitation from Mainland China Avg. Length of Stay for Mainland Chinese Total 2014 Mainland Daytrip Visitors Overnight Visitors Overnight Visitors in 2014 Chinese Visitor Nights¹ (MM) (Days) (MM) 4.0 70.

  49. Slide 49: Hengqin Island Expands Critical Mass of Tourism Offerings

    Hengqin Island Expands Critical Mass of 4 Tourism Offerings for Visitors to the Region Map of Hengqin Island New Area Important Facts  Island adjacent to Macao (3X the size of Macao) that has been welcomed by President Xi Jinping as a strategic zone for cooperation among Guangdong Province, Hong Ko

  50. Slide 50: Market Leading Hotel Capacity at SCL

    5 Market Leading Hotel Capacity at SCL Sands China Operates 38% of Macao’s Current 4/5-Star Hotel Inventory Macao Market Gaming Operator Hotel Rooms1 10,000 Hotel % of Gaming % of Total 9,277 Gaming Operator Rooms Operators Market Sands Macao, 289 9,000 Four Seasons Macao, 360 Sands China ` 9,277 56

  51. Slide 51: Market Leading Hotel Capacity at SCL

    5 Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017 Macao Market Gaming Operator Hotel Rooms at December 31, 20171 14,000 Hotel % of Gaming % of Total 12,677 Gaming Operator Rooms Operators Market Sands China ` 12,677 45% 35% 12,000 The Parisian Ga

  52. Slide 52: Supplemental Sands China Information

    Supplemental Sands China Information

  53. Slide 53: SCL's Mass Gaming Segment Impacted by Headwinds

    SCL’s Mass Gaming Segment Impacted by Headwinds… Especially at the High-End of the Mass Market Mass Table, Slot and ETG Win Per Day Cotai Strip Properties Peninsula Total ($MM) $20.0 $16.9 $15.0 $14.4 $12.8 $10.8 $10.0 $7.8 $5.8 $5.3 $5.0 $4.4 $2.5 $2.0 $1.3 $0.7 $0.0 Venetian Sands Cotai Plaza Casi

  54. Slide 54: SCL: Mass Table Segment

    SCL: Mass Table Segment Mass Business in Macao is Facing Headwinds (Particularly at the “High-End” of Mass) Mass Table Win Mass Table Win per Table per Day2 ($MM) $1,600 60% $16,000 55% $1,400 $1,336.7 $14,000 $13,210 $1,248.8 50% $1,218.2 $11,963 $1,200 45% $12,000 $11,518 $1,106.4 $10,469 $1,013.0

  55. Slide 55: SCL: Slot and ETG Segment

    SCL: Slot and ETG Segment Slot business Facing Headwinds…Particularly at “High End” Macao Slot and ETG Win Macao Slot and ETG Win per Unit per Day ($MM) $220 60% $500 $200 $450 $184.3 $424 $177.6 $175.9 50% $401 $180 $400 $388 $362 $160 $156.9 $350 40% $310 $140 $136.4 $300 $120 $250 32.2% 32.5% 32.

  56. Slide 56: SCL: VIP Rolling Segment

    SCL: VIP Rolling Segment VIP Segment in Macao Continues to Decline Rolling Win Rolling Win per Table per Day ($MM) $1,600 30% $45,000 $1,445.3 $40,000 $39,167 $1,400 25% $35,000 $32,568 $1,200 $1,116.9 $1,018.6 $29,893 20% $30,000 $1,000 18.3% $837.7 $24,084 17.9% 14.6% $25,000 $800 16.8% 15% 15.6%

  57. Slide 57: Macao Annual Operating Performance

    Macao Annual Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market SCL Departmental Revenue and Profit Margins – TTM 1Q15 vs TTM 1Q14 Gross Revenue (US$MM) Departmental Profit Department TTM 1Q14 TTM 1Q15 YoY Growth (%) Margin Range Mall $346 $398 15% 85%+ Hotel 584 635

  58. Slide 58: Macao First Quarter Operating Performance

    Macao First Quarter Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market SCL Departmental Revenue and Profit Margins – Quarter Ended 3/31/2015 vs 3/31/2014 Gross Revenue (US$MM) Quarter Ended Quarter Ended Departmental Profit Department 3/31/2014 3/31/2015 YoY Growth (

  59. Slide 59: Macao Annual Non-Gaming Revenue

    Macao Annual Non-Gaming Revenue Most Diversified and Defensive Cash Flows in the Macao Market SCL Gross Non-Gaming Revenue ($MM) $2,000 $1,626 $1,615 $1,500 $1,381 $1,030 $1,000 $817 $688 $576 $593 $500 $198 $40 $49 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TTM 1Q15 Non-Gaming Revenue (US

  60. Slide 60: Las Vegas Sands Corp.

    Sanes LAS VEGAS SANDS CORP.

Las Vegas Sands — Q1 2015 Earnings Presentation on 6ix