$TSLA
Tesla, Inc.

2015 Q1 Form 10-Q Financial Statement

#000156459015003789 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $939.9M $620.5M
YoY Change 51.46% 10.46%
Cost Of Revenue $679.8M $465.4M
YoY Change 46.07% -0.01%
Gross Profit $260.1M $155.1M
YoY Change 67.65% 61.05%
Gross Profit Margin 27.67% 25.0%
Selling, General & Admin $195.4M $117.6M
YoY Change 66.2% 149.87%
% of Gross Profit 75.12% 75.78%
Research & Development $167.2M $81.54M
YoY Change 104.99% 48.64%
% of Gross Profit 64.27% 52.57%
Depreciation & Amortization $52.10M $28.90M
YoY Change 80.28% 66.09%
% of Gross Profit 20.03% 18.63%
Operating Expenses $362.5M $199.1M
YoY Change 82.08% 95.38%
Operating Profit -$102.4M -$43.97M
YoY Change 133.01% 687.37%
Interest Expense $26.57M $11.88M
YoY Change 123.63% 9970.34%
% of Operating Profit
Other Income/Expense, Net -$22.31M $6.718M
YoY Change -432.02% -60.69%
Pretax Income -$151.1M -$48.99M
YoY Change 208.51% -529.78%
Income Tax $3.040M $809.0K
% Of Pretax Income
Net Earnings -$154.2M -$49.80M
YoY Change 209.6% -542.75%
Net Earnings / Revenue -16.4% -8.03%
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$81.52K -$0.40
COMMON SHARES
Basic Shares Outstanding 123.5M shares
Diluted Shares Outstanding 123.5M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.510B $2.583B
YoY Change -41.54% 1107.01%
Cash & Equivalents $1.510B $2.394B
Short-Term Investments $189.0M
Other Short-Term Assets $157.0M $50.00M
YoY Change 214.0% 78.57%
Inventory $1.055B $450.7M
Prepaid Expenses
Receivables $200.0M $72.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.921B $3.156B
YoY Change -7.45% 500.02%
LONG-TERM ASSETS
Property, Plant & Equipment $3.136B $849.4M
YoY Change 269.21% 45.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.00M $36.14M
YoY Change 71.54% 66.68%
Total Long-Term Assets $3.199B $1.344B
YoY Change 137.96% 117.61%
TOTAL ASSETS
Total Short-Term Assets $2.921B $3.156B
Total Long-Term Assets $3.199B $1.344B
Total Assets $6.120B $4.500B
YoY Change 35.99% 293.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $732.0M $375.8M
YoY Change 94.8% 23.53%
Accrued Expenses $270.0M $128.7M
YoY Change 109.83% 216.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $630.0M $598.0M
YoY Change 5.35% 1076.22%
Total Short-Term Liabilities $2.192B $1.413B
YoY Change 55.11% 163.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.954B $1.520B
YoY Change 28.56% 290.95%
Other Long-Term Liabilities $228.4M $70.97M
YoY Change 221.78% 102.75%
Total Long-Term Liabilities $228.4M $1.591B
YoY Change -85.65% 275.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.192B $1.413B
Total Long-Term Liabilities $228.4M $1.591B
Total Liabilities $5.240B $3.518B
YoY Change 48.92% 260.79%
SHAREHOLDERS EQUITY
Retained Earnings -$1.189B
YoY Change 12.81%
Common Stock $124.0K
YoY Change 7.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $826.0M $912.1M
YoY Change
Total Liabilities & Shareholders Equity $6.120B $4.500B
YoY Change 35.99% 293.47%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$154.2M -$49.80M
YoY Change 209.6% -542.75%
Depreciation, Depletion And Amortization $52.10M $28.90M
YoY Change 80.28% 66.09%
Cash From Operating Activities -$132.0M $60.64M
YoY Change -317.68% -5.37%
INVESTING ACTIVITIES
Capital Expenditures $426.1M $141.4M
YoY Change 201.39% 144.88%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$188.0M
YoY Change -96.81% -9500.0%
Cash From Investing Activities -$432.0M -$329.2M
YoY Change 31.24% 495.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 186.0M 1.817B
YoY Change -89.76% 49209.42%
NET CHANGE
Cash From Operating Activities -132.0M 60.64M
Cash From Investing Activities -432.0M -329.2M
Cash From Financing Activities 186.0M 1.817B
Net Change In Cash -378.0M 1.548B
YoY Change -124.42% 12257.46%
FREE CASH FLOW
Cash From Operating Activities -$132.0M $60.64M
Capital Expenditures $426.1M $141.4M
Free Cash Flow -$558.1M -$80.72M
YoY Change 591.32% -1370.84%

Facts In Submission

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CY2015Q1 us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Overview of the Company </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Tesla Motors, Inc. (Tesla, we, us or our) was incorporated in the state of Delaware on July&#160;1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles, advanced electric vehicle powertrain components, and energy storage applications. We have wholly-owned subsidiaries in North America, Europe and Asia.&#160;The primary purpose of these subsidiaries is to market, manufacture, sell and/or service our vehicles. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;">&nbsp;</p></div>
CY2015Q1 us-gaap Use Of Estimates
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CY2015Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:2.27%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, restricted cash and accounts receivable. Our cash equivalents are primarily invested in money market funds with high credit quality financial institutions in the United States. At times, these deposits and securities may be in excess of insured limits. We invest cash not required for use in operations in high credit quality securities based on our investment policy. Our investment policy provides guidelines and limits regarding credit quality, investment concentration, investment type, and maturity that we believe will provide liquidity while reducing risk of loss of capital. Our investments are currently of a short-term nature and include U.S. treasury bills. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of March&#160;31, 2015 and December&#160;31, 2014, our accounts receivable were derived primarily from amounts to be received from financial institutions and leasing companies offering various financing products to our customers, sales of regulatory credits, as well as the development and sales of powertrain components and systems to automotive original equipment manufacturers (OEMs). As of March 31, 2015, we have two customers who individually account for 23% and 10% of our accounts receivable.</p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.27%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Supply Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although there may be multiple suppliers available, many of the components used in our vehicles are purchased by us from a single source. If these single source suppliers fail to satisfy our requirements on a timely basis at competitive prices, we could suffer manufacturing delays, a possible loss of revenues, or incur higher cost of sales, any of which could adversely affect our operating results. </p></div>
CY2015Q1 tsla Adjustment Attributable To Current Rate Translation Of Non Monetary Assets
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WarrantyCostsIncurredForResaleValueGuarantee
1800000
CY2014Q1 tsla Warranty Costs Incurred For Resale Value Guarantee
WarrantyCostsIncurredForResaleValueGuarantee
1200000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
52100000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28900000
CY2015Q1 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
34800000
CY2014Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
33400000
CY2015Q1 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
14700000
CY2014Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
12800000
CY2015Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
83739000
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
71229000
CY2015Q1 tsla Accrued Purchases
AccruedPurchases
146952000
CY2014Q4 tsla Accrued Purchases
AccruedPurchases
68547000
CY2015Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
66544000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
54492000
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
47800000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
41400000
CY2015Q1 tsla Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldNotImpactEffectiveTaxRate
45200000
CY2014Q4 tsla Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldNotImpactEffectiveTaxRate
39100000
CY2015Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
370553000
CY2014Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
392292000
CY2015Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
63058000
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
56114000
CY2015Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
492645000
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
397318000
CY2015Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
128584000
CY2014Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
107951000
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2566577000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2121857000
CY2015Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
342386000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
292590000
CY2015Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
8300000
CY2014Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1200000
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56533000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
74616000
CY2015Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
890987000
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1292019000
CY2015Q1 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
77700000
CY2015Q1 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
The interest rates are fixed at 0.25% and 1.25% per annum and are payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2014.
CY2014Q1 tsla Note Hedges Number Of Shares Contracted To Buy
NoteHedgesNumberOfSharesContractedToBuy
5600000
CY2014Q1 tsla Purchase Price Per Common Stock
PurchasePricePerCommonStock
359.87
CY2014Q1 tsla Note Hedges Transaction Costs
NoteHedgesTransactionCosts
524700000
CY2015Q1 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
CY2015Q1 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20
CY2015Q1 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days
DebtInstrumentConvertibleThresholdConsecutiveTradingDays
P30D
CY2015Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
7307000
CY2014Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3652000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1530000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
736000
CY2015Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
23638000
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
8492000
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
32475000
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
12880000
CY2015Q1 tsla Number Of Vehicle Production
NumberOfVehicleProduction
100000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43026000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37038000

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