When compiling capex data to analyze a company I’ve been researching (Las Vegas Sands), I am subtracting the Sum of 1Q, 2Q, and 3Q capex from the Full Year capex to get 4Q capex. However, the 4Q number is coming out very negative. I’ve checked all the numbers in the financial statements and they check out. There are no notes to indicate any kind of adjustments to the FY capex figures.
1Q capex = 56
2Q capex = 92
3Q capex = 137
FY capex = 196
calculated 4Q capex = -89 <<<< that’s a negative 89
No idea why these are calculating like this. Any thoughts very much welcome and appreciated.
**note that the quarterly and full year figures are the Marina Bay Sands (property specific) capex for 2017.