$TSLA
Tesla Inc

2016 Q4 Form 10-Q Financial Statement

#000156459016026820 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $2.285B $2.298B $1.270B
YoY Change 88.13% 145.35% 32.99%
Cost Of Revenue $1.849B $1.662B $995.0M
YoY Change 85.64% 135.6% 34.17%
Gross Profit $435.3M $636.7M $274.8M
YoY Change 99.15% 175.05% 28.78%
Gross Profit Margin 19.05% 27.7% 21.64%
Selling, General & Admin $456.0M $336.8M $321.2M
YoY Change 57.79% 42.49% 59.11%
% of Gross Profit 104.76% 52.9% 116.88%
Research & Development $246.0M $214.0M $191.7M
YoY Change 29.47% 19.69% 5.48%
% of Gross Profit 56.52% 33.61% 69.75%
Depreciation & Amortization $327.0M $126.8M $111.9M
YoY Change 127.08% 76.6% 84.05%
% of Gross Profit 75.12% 19.91% 40.72%
Operating Expenses $702.0M $551.1M $512.8M
YoY Change 46.56% 32.75% 33.7%
Operating Profit -$266.7M $85.62M -$238.0M
YoY Change 2.41% -146.62% 39.87%
Interest Expense -$41.00M $46.71M $46.37M
YoY Change 7.89% 59.39% 90.41%
% of Operating Profit 54.56%
Other Income/Expense, Net $99.00M -$11.76M -$7.000M
YoY Change -682.35% -23.82% -152.9%
Pretax Income -$208.0M $30.01M -$289.5M
YoY Change -33.97% -113.16% 59.91%
Income Tax $11.00M $8.133M $4.000M
% Of Pretax Income 27.1%
Net Earnings -$121.3M $21.88M -$293.2M
YoY Change -62.13% -109.52% 59.14%
Net Earnings / Revenue -5.31% 0.95% -23.09%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share -$52.00K $0.14 -$139.5K
COMMON SHARES
Basic Shares Outstanding 149.9M 149.0M
Diluted Shares Outstanding 156.9M

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.393B $3.084B $3.246B
YoY Change 183.46% 116.27% 182.02%
Cash & Equivalents $3.393B $3.084B $3.246B
Short-Term Investments
Other Short-Term Assets $300.0M $157.0M $170.0M
YoY Change 115.83% -1.26% 33.86%
Inventory $2.067B $1.605B $1.610B
Prepaid Expenses
Receivables $499.1M $327.0M $179.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.260B $5.172B $5.204B
YoY Change 125.01% 72.46% 97.95%
LONG-TERM ASSETS
Property, Plant & Equipment $5.983B $7.258B $6.527B
YoY Change 15.17% 62.55% 146.67%
Goodwill
YoY Change
Intangibles $376.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $216.8M $162.0M $138.0M
YoY Change 263.23% 92.86% 157.81%
Total Long-Term Assets $16.40B $7.420B $6.665B
YoY Change 210.34% 63.15% 73.6%
TOTAL ASSETS
Total Short-Term Assets $6.260B $5.172B $5.204B
Total Long-Term Assets $16.40B $7.420B $6.665B
Total Assets $22.66B $12.59B $11.87B
YoY Change 180.92% 66.85% 83.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.860B $1.606B $1.115B
YoY Change 103.06% 94.67% 44.5%
Accrued Expenses $1.210B $566.0M $486.0M
YoY Change 186.2% 82.58% 40.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.150B $261.0M $627.0M
YoY Change 83.12% -59.97% -1.72%
Total Short-Term Liabilities $5.827B $4.082B $3.766B
YoY Change 106.9% 59.83% 57.97%
LONG-TERM LIABILITIES
Long-Term Debt $5.978B $2.455B $2.657B
YoY Change 189.07% 21.06% 29.61%
Other Long-Term Liabilities $4.954B $3.375B $2.925B
YoY Change 1257.35% 104.42% 121.93%
Total Long-Term Liabilities $10.93B $5.830B $5.582B
YoY Change 2895.27% 58.47% 65.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.827B $4.082B $3.766B
Total Long-Term Liabilities $10.93B $5.830B $5.582B
Total Liabilities $17.91B $9.912B $9.349B
YoY Change 158.2% 59.02% 62.53%
SHAREHOLDERS EQUITY
Retained Earnings -$2.997B
YoY Change 29.06%
Common Stock $7.774B
YoY Change 128.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.753B $2.680B $2.520B
YoY Change
Total Liabilities & Shareholders Equity $22.66B $12.59B $11.87B
YoY Change 180.91% 66.85% 83.5%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income -$121.3M $21.88M -$293.2M
YoY Change -62.13% -109.52% 59.14%
Depreciation, Depletion And Amortization $327.0M $126.8M $111.9M
YoY Change 127.08% 76.6% 84.05%
Cash From Operating Activities -$448.0M $423.0M $151.0M
YoY Change 1444.83% -307.35% -194.97%
INVESTING ACTIVITIES
Capital Expenditures -$681.0M -$247.0M -$295.0M
YoY Change 65.69% -37.15% -27.16%
Acquisitions
YoY Change
Other Investing Activities $421.0M -$20.00M -$25.00M
YoY Change -14133.33% 66.67% 38.89%
Cash From Investing Activities -$259.0M -$268.0M -$320.0M
YoY Change -37.59% -33.66% -24.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.700B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.373B -321.0M 1.977B
YoY Change 507.52% -135.95% 802.74%
NET CHANGE
Cash From Operating Activities -448.0M 423.0M 151.0M
Cash From Investing Activities -259.0M -268.0M -320.0M
Cash From Financing Activities 1.373B -321.0M 1.977B
Net Change In Cash 666.0M -166.0M 1.808B
YoY Change -405.5% -158.25% -598.07%
FREE CASH FLOW
Cash From Operating Activities -$448.0M $423.0M $151.0M
Capital Expenditures -$681.0M -$247.0M -$295.0M
Free Cash Flow $233.0M $670.0M $446.0M
YoY Change -39.01% 254.5% 81.3%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 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 and energy products. 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 and energy products.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:1pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates </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%;">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 and accompanying notes.&nbsp;&nbsp;Estimates are used for, but not limited to, <font style="color:#000000;">determining the selling price of products and services in multiple element revenue arrangements and determining the amortization period of these elements</font>, residual value of operating lease vehicles, inventory valuation, warranties, fair value of financial instruments, depreciable lives of property and equipment, inputs used to value stock-based compensation including volatility, expected terms of stock option awards and forfeiture rates, income taxes, and contingencies. Actual results could differ from those estimates. </p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;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-top:12pt;margin-bottom:0pt;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 September 30, 2016 and December&#160;31, 2015, 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).&nbsp;&nbsp;<font style="color:#000000;">As of September 30, 2016, we have two customers who individually account for 17% and 14% of our accounts receivable, respectively.</font>&#160;</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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The majority of our suppliers are currently single source suppliers, despite efforts to qualify and obtain components from multiple sources whenever feasible. <font style="color:#000000;">The loss of any single or limited source supplier or the disruption in the supply of components from these suppliers could lead to vehicle design changes, increased costs and delays in vehicle deliveries to our customers, which could hurt our relationships with our customers and result in negative publicity, damage to our brand and a material and adverse effect on our business, prospects, financial condition and operating results. </font></p></div>
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StandardProductWarrantyAccrual
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CY2014Q4 us-gaap Standard Product Warranty Accrual
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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StandardProductWarrantyAccrualWarrantiesIssued
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us-gaap Standard Product Warranty Accrual Warranties Issued
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us-gaap Standard Product Warranty Accrual Warranties Issued
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StandardProductWarrantyAccrual
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us-gaap Product Warranty Expense
ProductWarrantyExpense
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ProductWarrantyExpense
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us-gaap Product Warranty Expense
ProductWarrantyExpense
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tsla Number Of Major Customers
NumberOfMajorCustomers
2
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2016Q3 tsla Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldNotImpactEffectiveTaxRate
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CY2015Q4 tsla Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2015Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
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CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2016Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
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InventoryWorkInProcess
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CY2016Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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InventoryFinishedGoods
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CY2015Q4 tsla Warranty And Other Liabilities Current
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CustomerAdvancesCurrent
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CY2016Q3 us-gaap Pledged Assets Separately Reported On Statement Of Financial Position At Fair Value
PledgedAssetsSeparatelyReportedOnStatementOfFinancialPositionAtFairValue
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CY2016Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
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CY2015Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
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CY2016Q3 us-gaap Line Of Credit
LineOfCredit
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CY2016Q3 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
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CY2016Q3 tsla Derivative Notional Amount Net
DerivativeNotionalAmountNet
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CY2016Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
40300000
us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
15500000
CY2016Q3 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
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CY2016Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
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InventoryRawMaterials
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CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2016Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
11400000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
30400000
CY2015Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2016Q3 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
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CapitalLeasesBalanceSheetAssetsByMajorClassNet
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CY2016Q3 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
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CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
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TaxesPayableCurrent
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TaxesPayableCurrent
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CY2016Q3 tsla Accrued Purchases
AccruedPurchases
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CY2015Q4 tsla Accrued Purchases
AccruedPurchases
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CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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WarrantyAndOtherLiabilitiesCurrent
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CY2015Q4 us-gaap Pledged Assets Separately Reported On Statement Of Financial Position At Fair Value
PledgedAssetsSeparatelyReportedOnStatementOfFinancialPositionAtFairValue
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InterestExpenseDebtExcludingAmortization
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CY2015Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
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us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
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us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
23410000
CY2016Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4952000
CY2015Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1945000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
8835000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
5202000
CY2016Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
24660000
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InterestExpenseDebt
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CY2015Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
24802000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
75493000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
72653000
CY2015Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
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us-gaap Deferred Compensation Arrangement With Individual Maximum Contractual Term1
DeferredCompensationArrangementWithIndividualMaximumContractualTerm1
P10Y
tsla Number Of Vehicle Production
NumberOfVehicleProduction
300000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
89543000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
56033000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
246512000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
142394000

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