2013 Form 10-K Financial Statement

#000119312514069681 Filed on February 26, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $2.013B $306.3M $50.10M
YoY Change 387.23% 677.99% -13.11%
Cost Of Revenue $1.557B $282.0M $58.87M
YoY Change 306.39% 781.25% 45.55%
Gross Profit $456.3M $23.86M -$8.761M
YoY Change 1417.48% 204.49% -150.87%
Gross Profit Margin 22.66% 7.79% -17.49%
Selling, General & Admin $285.6M $46.00M $37.80M
YoY Change 89.91% 64.29% 36.86%
% of Gross Profit 62.59% 192.82%
Research & Development $232.0M $69.00M $61.90M
YoY Change -15.33% 13.11% 14.46%
% of Gross Profit 50.84% 289.22%
Depreciation & Amortization $83.90M $13.00M $6.800M
YoY Change 231.62% 160.0% 83.78%
% of Gross Profit 18.39% 54.49%
Operating Expenses $517.5M $115.0M $99.70M
YoY Change 21.96% 30.68% 22.03%
Operating Profit -$61.28M -$91.14M -$108.5M
YoY Change -84.46% 13.69% 68.22%
Interest Expense $32.93M $0.00 $78.00K
YoY Change 12866.14%
% of Operating Profit
Other Income/Expense, Net $22.60M $1.000M -$2.188M
YoY Change -1336.43% 268.35%
Pretax Income -$71.43M -$90.00M -$110.7M
YoY Change -81.97% 11.11% 70.31%
Income Tax $2.588M $0.00 $116.0K
% Of Pretax Income
Net Earnings -$74.01M -$89.93M -$110.8M
YoY Change -81.32% 10.36% 70.26%
Net Earnings / Revenue -3.68% -29.36% -221.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$41.32K -$52.72K -$70.12K
COMMON SHARES
Basic Shares Outstanding 113.8M shares 105.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $846.0M $202.0M $86.00M
YoY Change 318.81% -27.86% -69.06%
Cash & Equivalents $846.0M $201.9M $85.69M
Short-Term Investments $0.00
Other Short-Term Assets $31.00M $27.00M $31.00M
YoY Change 14.81% -15.63% -53.03%
Inventory $340.0M $268.5M $159.0M
Prepaid Expenses
Receivables $49.00M $26.84M $9.164M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.266B $524.8M $284.5M
YoY Change 141.14% 40.75% -30.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.121B $552.2M $486.2M
YoY Change 99.47% 85.05% 87.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00M $21.96M $21.91M
YoY Change 11.11% -1.82% -21.75%
Total Long-Term Assets $1.151B $589.4M $524.6M
YoY Change 95.42% 73.05% 82.17%
TOTAL ASSETS
Total Short-Term Assets $1.266B $524.8M $284.5M
Total Long-Term Assets $1.151B $589.4M $524.6M
Total Assets $2.417B $1.114B $809.2M
YoY Change 116.97% 56.17% 15.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $304.0M $303.4M $162.0M
YoY Change 0.33% 440.39% 200.05%
Accrued Expenses $68.00M $39.80M $28.51M
YoY Change 126.67% 23.95% -70.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $50.84M $50.84M
YoY Change -85.45% 542.26%
Total Short-Term Liabilities $675.0M $539.1M $385.8M
YoY Change 25.23% 181.76% 150.52%
LONG-TERM LIABILITIES
Long-Term Debt $599.0M $401.5M $414.2M
YoY Change 45.74% 49.62% 83.28%
Other Long-Term Liabilities $470.0M $25.17M $18.55M
YoY Change 1105.13% 68.76% -28.65%
Total Long-Term Liabilities $1.069B $426.7M $432.8M
YoY Change 137.56% 50.63% 71.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $675.0M $539.1M $385.8M
Total Long-Term Liabilities $1.069B $426.7M $432.8M
Total Liabilities $1.750B $989.5M $837.1M
YoY Change 76.95% 102.18% 106.17%
SHAREHOLDERS EQUITY
Retained Earnings -$1.066B -$975.7M
YoY Change 59.19%
Common Stock $115.0K $106.0K
YoY Change 10.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $667.0M $124.7M -$27.88M
YoY Change
Total Liabilities & Shareholders Equity $2.417B $1.114B $809.2M
YoY Change 116.97% 56.17% 15.6%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$74.01M -$89.93M -$110.8M
YoY Change -81.32% 10.36% 70.26%
Depreciation, Depletion And Amortization $83.90M $13.00M $6.800M
YoY Change 231.62% 160.0% 83.78%
Cash From Operating Activities $258.0M -$35.00M -$101.0M
YoY Change -196.96% -14.63% 380.95%
INVESTING ACTIVITIES
Capital Expenditures $264.2M -$64.00M -$62.00M
YoY Change 10.45% 60.0% -10.14%
Acquisitions
YoY Change
Other Investing Activities $15.00M $3.000M -$2.000M
YoY Change -53.13% -95.71% -98.18%
Cash From Investing Activities -$249.4M -$61.00M -$64.00M
YoY Change 20.53% -310.34% -64.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $360.0M $222.1M
YoY Change
Debt Paid & Issued, Net $452.3M
YoY Change 3458.91%
Cash From Financing Activities 635.4M 215.0M 40.00M
YoY Change 51.42% 298.15% -56.99%
NET CHANGE
Cash From Operating Activities 258.0M -35.00M -101.0M
Cash From Investing Activities -249.4M -61.00M -64.00M
Cash From Financing Activities 635.4M 215.0M 40.00M
Net Change In Cash 644.0M 119.0M -125.0M
YoY Change -1306.53% 183.33% 17.92%
FREE CASH FLOW
Cash From Operating Activities $258.0M -$35.00M -$101.0M
Capital Expenditures $264.2M -$64.00M -$62.00M
Free Cash Flow -$6.230M $29.00M -$39.00M
YoY Change -98.77% -3000.0% -181.25%

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TESLA MOTORS INC
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. Overview of the Company</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">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, manufacture, sell and/or service our vehicles.</font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Correction of Prior Year Amounts</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">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 revised our consolidated statement of cash flows for the year ended December&#xA0;31, 2011 to correct an immaterial error. Amounts related to purchases of property and equipment during 2011 that were not paid as of December&#xA0;31, 2011 were erroneously included as cash outflows from investing activities in our previously issued financial statements. This revision resulted in a $13.7 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 revised our supplemental disclosure of noncash acquisition of property and equipment by an increase of $12.9 million for 2011.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">There was no impact on previously reported total cash and cash equivalents, consolidated balance sheets or consolidated statements of operations.</font></p> </div>
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CY2013 us-gaap Debt Instrument Frequency Of Periodic Payment
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Payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2013
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CY2013 us-gaap Revenues
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CY2013 us-gaap Marketable Securities Unrealized Gain Loss
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and reported amounts of expenses during the reporting period, including revenue recognition, residual value of operating lease vehicles, inventory valuation, warranties, fair value of financial instruments and stock-based compensation. Actual results could differ from those estimates.</font></p> </div>
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CY2013 tsla Increase Decrease In Inventories And Property Subject To Or Available For Operating Lease
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1 Segment
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CY2013 tsla Common Stock Private Placement Price Per Share
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525000
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1560000
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3424000
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2012 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
600000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
35100000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
50145000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28825000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-53376000
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
23000
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12100000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9603000
CY2012 us-gaap Interest Expense
InterestExpense
254000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-12580000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
187821000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-134702000
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
10255000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
383189000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-206930000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
273978000
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-3000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
9897000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25300000
CY2012 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
-2832000
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
188796000
CY2012 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
3900000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
305000
CY2012 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
282000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50145000
CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-169000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
262000
CY2012 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
40000000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
CY2012 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
47056000
CY2012 us-gaap Operating Expenses
OperatingExpenses
424350000
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
150372000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
136000
CY2012 tsla Common Stock Initial Public Offering Issuance Costs
CommonStockInitialPublicOfferingIssuanceCosts
584000
CY2012 tsla Share Based Compensation Arrangement By Share Based Payment Award Shares Available For Grant Cancelled
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantCancelled
1341319 shares
CY2012 tsla Common Stock Offering Price Per Share
CommonStockOfferingPricePerShare
28.25
CY2012 tsla Increase Decrease In Inventories And Property Subject To Or Available For Operating Lease
IncreaseDecreaseInInventoriesAndPropertySubjectToOrAvailableForOperatingLease
194726000
CY2012 tsla Share Based Compensation Arrangement By Share Based Payment Award Shares Available For Grant Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantGranted
11854941 shares
CY2012 tsla Weighted Average Number Of Shares Outstanding Basic And Diluted One
WeightedAverageNumberOfSharesOutstandingBasicAndDilutedOne
107349188 shares
CY2012 tsla Changes In Fair Value Of Convertible Common Stock Warrant Liability
ChangesInFairValueOfConvertibleCommonStockWarrantLiability
1854000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-16264000
CY2012 tsla Proceeds From Issuance Public Offering
ProceedsFromIssuancePublicOffering
221496000
CY2012 tsla Share Based Compensation Arrangement By Share Based Payment Award Shares Available For Grant Additional Options Reserved
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantAdditionalOptionsReserved
1064046 shares
CY2012 tsla Increase Decrease In Restricted Cash And Cash Equivalents
IncreaseDecreaseInRestrictedCashAndCashEquivalents
-8620000
CY2012 tsla Share Based Compensation Arrangement By Share Based Payment Award Shares Available For Grant Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAvailableForGrantExercised
shares
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.10
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.00
CY2013Q1 us-gaap Revenues
Revenues
561792000
CY2013Q1 us-gaap Gross Profit
GrossProfit
96320000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
11248000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.86
CY2012Q1 us-gaap Revenues
Revenues
30167000
CY2012Q1 us-gaap Gross Profit
GrossProfit
10210000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-89873000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
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CY2012Q2 us-gaap Revenues
Revenues
26653000
CY2012Q2 us-gaap Gross Profit
GrossProfit
4762000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-105603000
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.26
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.26
CY2013Q2 us-gaap Revenues
Revenues
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CY2013Q2 us-gaap Gross Profit
GrossProfit
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CY2013Q2 us-gaap Net Income Loss
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CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
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CY2012Q3 us-gaap Revenues
Revenues
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CY2012Q3 us-gaap Gross Profit
GrossProfit
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.32
CY2013Q3 us-gaap Revenues
Revenues
431346000
CY2013Q3 us-gaap Gross Profit
GrossProfit
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CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2012Q4 us-gaap Revenues
Revenues
306332000
CY2012Q4 us-gaap Gross Profit
GrossProfit
23857000
CY2012Q4 us-gaap Net Income Loss
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CY2013Q4 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days
DebtInstrumentConvertibleThresholdConsecutiveTradingDays
P30D
CY2013Q4 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20 D
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.13
CY2013Q4 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30 pure
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.13
CY2013Q4 us-gaap Revenues
Revenues
615219000
CY2013Q4 us-gaap Gross Profit
GrossProfit
156590000

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