$TSLA
Tesla Inc

2013 Q4 Form 10-Q Financial Statement

#000119312513435480 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $615.2M $431.3M $50.10M
YoY Change 100.83% 760.9% -13.11%
Cost Of Revenue $459.0M $328.5M $58.87M
YoY Change 62.77% 458.02% 45.55%
Gross Profit $156.6M $102.9M -$8.761M
YoY Change 556.37% -1274.16% -150.87%
Gross Profit Margin 25.45% 23.85% -17.49%
Selling, General & Admin $101.0M $77.07M $37.80M
YoY Change 119.57% 103.9% 36.86%
% of Gross Profit 64.5% 74.92%
Research & Development $68.00M $56.35M $61.90M
YoY Change -1.45% -8.97% 14.46%
% of Gross Profit 43.43% 54.78%
Depreciation & Amortization $38.00M $21.20M $6.800M
YoY Change 192.31% 211.76% 83.78%
% of Gross Profit 24.27% 20.61%
Operating Expenses $170.0M $133.4M $99.70M
YoY Change 47.83% 33.82% 22.03%
Operating Profit -$13.41M -$30.55M -$108.5M
YoY Change -85.29% -71.83% 68.22%
Interest Expense -$6.000M $6.492M $78.00K
YoY Change 8223.08%
% of Operating Profit
Other Income/Expense, Net $5.000M -$740.0K -$2.188M
YoY Change 400.0% -66.18% 268.35%
Pretax Income -$15.00M -$37.72M -$110.7M
YoY Change -83.33% -65.92% 70.31%
Income Tax $1.000M $778.0K $116.0K
% Of Pretax Income
Net Earnings -$16.26M -$38.50M -$110.8M
YoY Change -81.92% -65.26% 70.26%
Net Earnings / Revenue -2.64% -8.92% -221.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.681K -$20.79K -$70.12K
COMMON SHARES
Basic Shares Outstanding 122.6M shares 121.4M shares 105.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $846.0M $795.0M $86.00M
YoY Change 318.81% 824.42% -69.06%
Cash & Equivalents $845.9M $795.1M $85.69M
Short-Term Investments $0.00
Other Short-Term Assets $31.00M $28.00M $31.00M
YoY Change 14.81% -9.68% -53.03%
Inventory $340.4M $347.5M $159.0M
Prepaid Expenses
Receivables $49.11M $47.58M $9.164M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.266B $1.219B $284.5M
YoY Change 141.24% 328.33% -30.94%
LONG-TERM ASSETS
Property, Plant & Equipment $738.5M $654.5M $486.2M
YoY Change 33.73% 34.6% 87.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.64M $16.03M $21.91M
YoY Change 7.62% -26.85% -21.75%
Total Long-Term Assets $1.151B $947.4M $524.6M
YoY Change 95.27% 80.59% 82.17%
TOTAL ASSETS
Total Short-Term Assets $1.266B $1.219B $284.5M
Total Long-Term Assets $1.151B $947.4M $524.6M
Total Assets $2.417B $2.166B $809.2M
YoY Change 116.92% 167.71% 15.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $304.0M $302.4M $162.0M
YoY Change 0.19% 86.66% 200.05%
Accrued Expenses $108.3M $74.53M $28.51M
YoY Change 172.0% 161.42% -70.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $588.0M $50.84M
YoY Change -84.26% 1056.55%
Total Short-Term Liabilities $675.2M $1.169B $385.8M
YoY Change 25.24% 203.12% 150.52%
LONG-TERM LIABILITIES
Long-Term Debt $586.1M $582.5M $414.2M
YoY Change 45.98% 40.63% 83.28%
Other Long-Term Liabilities $58.20M $53.85M $18.55M
YoY Change 131.22% 190.29% -28.65%
Total Long-Term Liabilities $644.3M $636.3M $432.8M
YoY Change 51.01% 47.05% 71.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $675.2M $1.169B $385.8M
Total Long-Term Liabilities $644.3M $636.3M $432.8M
Total Liabilities $1.750B $1.525B $837.1M
YoY Change 76.84% 82.13% 106.17%
SHAREHOLDERS EQUITY
Retained Earnings -$1.140B -$1.123B -$975.7M
YoY Change 6.95% 15.14%
Common Stock $1.807B $123.0K $106.0K
YoY Change 1570978.26% 16.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $667.1M $564.2M -$27.88M
YoY Change
Total Liabilities & Shareholders Equity $2.417B $2.166B $809.2M
YoY Change 116.92% 167.71% 15.6%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$16.26M -$38.50M -$110.8M
YoY Change -81.92% -65.26% 70.26%
Depreciation, Depletion And Amortization $38.00M $21.20M $6.800M
YoY Change 192.31% 211.76% 83.78%
Cash From Operating Activities $134.0M $105.0M -$101.0M
YoY Change -482.86% -203.96% 380.95%
INVESTING ACTIVITIES
Capital Expenditures -$89.00M -$77.00M -$62.00M
YoY Change 39.06% 24.19% -10.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000M -$2.000M
YoY Change -100.0% -50.0% -98.18%
Cash From Investing Activities -$89.00M -$78.00M -$64.00M
YoY Change 45.9% 21.88% -64.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00M 24.00M 40.00M
YoY Change -95.35% -40.0% -56.99%
NET CHANGE
Cash From Operating Activities 134.0M 105.0M -101.0M
Cash From Investing Activities -89.00M -78.00M -64.00M
Cash From Financing Activities 10.00M 24.00M 40.00M
Net Change In Cash 55.00M 51.00M -125.0M
YoY Change -53.78% -140.8% 17.92%
FREE CASH FLOW
Cash From Operating Activities $134.0M $105.0M -$101.0M
Capital Expenditures -$89.00M -$77.00M -$62.00M
Free Cash Flow $223.0M $182.0M -$39.00M
YoY Change 668.97% -566.67% -181.25%

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dei Trading Symbol
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TESLA MOTORS INC
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dei Document Type
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10-Q
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2013-09-30
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Overview of the Company</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Tesla Motors, Inc. (Tesla, we, us or our) was incorporated in the state of Delaware on July&#xA0;1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles and advanced electric vehicle powertrain components. We have wholly-owned subsidiaries in North America, Europe and Asia.&#xA0;The primary purpose of these subsidiaries is to market, sell and/or service our vehicles.</p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Public Offerings and Concurrent Private Placements</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In May 2013, we completed a public offering of common stock and sold a total of 3,902,862 shares of our common stock for total cash proceeds of approximately $355.5 million (which includes 487,857 shares or $45.0 million sold to Elon Musk, our Chief Executive Officer (CEO)), net of underwriting discounts and offering costs. We also sold 596,272 shares of our common stock to our CEO and received total cash proceeds of $55.0 million in a private placement at the public offering price. Concurrent with these equity transactions, we also issued $660.0 million principal amount of 1.50% convertible senior notes due June 2018 (Notes) in a public offering and received total cash proceeds of approximately $648.0 million, net of underwriting discounts and offering costs (see Note 6).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In October 2012, we completed a public offering of common stock and sold a total of 7,964,601 shares of our common stock for total cash proceeds of $222.1 million (which includes 35,398 shares or $1.0 million sold to our CEO), net of underwriting discounts and offering costs.</p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Restatement of Prior Year Amounts</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In conjunction with our Annual Report on Form&#xA0;10-K for the year ended December&#xA0;31, 2012 filed with the Securities and Exchange Commission (SEC) on March&#xA0;7, 2013, we restated the unaudited condensed consolidated statement of cash flows for the nine months ended September&#xA0;30, 2012. Amounts related to purchases of property and equipment during the period that were not paid as of September&#xA0;30, 2012 were erroneously included as cash outflows from investing activities in our previously issued financial statements. This correction resulted in a $22.6 million decrease in purchases of property and equipment included in cash flows used in investing activities and a corresponding increase in the change in accounts payable resulting in an increase in cash flows used in operating activities. We also corrected our supplemental disclosure of noncash acquisition of property and equipment by an increase of $34.4 million for the nine months ended September&#xA0;30, 2012. There was no impact on our previously reported total cash and cash equivalents, condensed consolidated balance sheet or condensed consolidated statement of operations.</p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As detailed in the table below, this restatement impacted the following condensed consolidated cash flow line items (in thousands):</p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="10" align="center"><b>Nine Months Ended</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000"><b>September&#xA0;30, 2012</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"><b>As<br /> Previously<br /> Reported</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"><b>Adjustment</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"><b>As</b><br /> <b>Restated</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style="margin-left:1.00em; 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font-size:10pt"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Net cash used in operating activities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(206,020</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(22,570</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(228,590</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> <b>Cash Flows From Investing Activities</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Purchases of property and equipment, excluding capital leases</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(197,745</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,570</td> <td nowrap="nowrap" valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(175,175</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Net cash used in investing activities</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(168,743</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,570</td> <td nowrap="nowrap" valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(146,173</td> <td nowrap="nowrap" valign="bottom">)&#xA0;</td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; 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CY2012Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2012Q3 us-gaap Depreciation Depletion And Amortization
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CY2012Q3 tsla Weighted Average Number Of Shares Outstanding Basic And Diluted One
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2013Q3 us-gaap Marketable Securities Unrealized Gain Loss
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CY2013Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2013Q3 tsla Changes In Fair Value Of Convertible Common Stock Warrant Liability
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CY2013Q3 tsla Coupon Interest Expense
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2500000
CY2013Q3 tsla Warranty Costs Incurred For Resale Value Guarantee
WarrantyCostsIncurredForResaleValueGuarantee
700000

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