2018 Form 10-K Financial Statement

#000156459019003165 Filed on February 19, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $21.46B $3.288B $2.985B
YoY Change 82.51% 43.93% 29.86%
Cost Of Revenue $17.42B $2.849B $2.536B
YoY Change 82.67% 54.08% 52.61%
Gross Profit $4.042B $438.8M $449.1M
YoY Change 81.83% 0.81% -29.46%
Gross Profit Margin 18.83% 13.34% 15.05%
Selling, General & Admin $2.835B $682.0M $653.0M
YoY Change 14.45% 49.56% 93.88%
% of Gross Profit 70.14% 155.43% 145.39%
Research & Development $1.460B $355.0M $332.0M
YoY Change 5.95% 44.31% 55.14%
% of Gross Profit 36.12% 80.91% 73.92%
Depreciation & Amortization $1.110B $470.0M $197.5M
YoY Change 44.29% 43.73% 55.76%
% of Gross Profit 27.46% 107.11% 43.97%
Operating Expenses $4.430B $1.037B $984.6M
YoY Change 14.92% 47.72% 78.66%
Operating Profit -$388.0M -$598.2M -$535.5M
YoY Change -76.23% 124.28% -725.4%
Interest Expense $663.0M -$52.00M -$118.0M
YoY Change 40.76% 26.83% -352.61%
% of Operating Profit
Other Income/Expense, Net $22.00M -$130.0M -$18.00M
YoY Change -117.6% -231.31% 53.11%
Pretax Income -$1.005B -$780.0M -$671.4M
YoY Change -54.5% 275.0% -2337.34%
Income Tax $58.00M -$732.0M -$285.0K
% Of Pretax Income
Net Earnings -$976.0M -$675.4M -$619.4M
YoY Change -50.24% 456.59% -2931.04%
Net Earnings / Revenue -4.55% -20.54% -20.75%
Basic Earnings Per Share -$5.72 -$3.70
Diluted Earnings Per Share -$5.72 -$267.3K -$3.70
COMMON SHARES
Basic Shares Outstanding 853.0M 167.3M
Diluted Shares Outstanding 853.0M 167.3M

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.686B $3.368B $3.530B
YoY Change 9.44% -0.74% 14.46%
Cash & Equivalents $3.686B $3.368B $3.530B
Short-Term Investments
Other Short-Term Assets $559.0M $423.0M $459.0M
YoY Change 32.15% 41.0% 192.36%
Inventory $3.113B $2.264B $2.471B
Prepaid Expenses
Receivables $949.0M $515.4M $608.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.306B $6.571B $7.069B
YoY Change 26.4% 4.96% 36.68%
LONG-TERM ASSETS
Property, Plant & Equipment $19.69B $10.03B $19.52B
YoY Change -3.91% 67.6% 168.9%
Goodwill $60.24M
YoY Change
Intangibles $361.5M
YoY Change -3.89%
Long-Term Investments
YoY Change
Other Assets $970.0M $273.1M $640.0M
YoY Change 35.66% 26.01% 295.06%
Total Long-Term Assets $21.43B $22.08B $21.04B
YoY Change -2.94% 34.63% 183.53%
TOTAL ASSETS
Total Short-Term Assets $8.306B $6.571B $7.069B
Total Long-Term Assets $21.43B $22.08B $21.04B
Total Assets $29.74B $28.66B $28.11B
YoY Change 3.79% 26.44% 123.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.404B $2.390B $2.386B
YoY Change 42.43% 28.48% 48.55%
Accrued Expenses $1.373B $1.731B $1.478B
YoY Change 3.62% 43.08% 161.13%
Deferred Revenue $1.015B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.568B $897.0M $424.0M
YoY Change 186.29% -22.0% 62.45%
Total Short-Term Liabilities $9.992B $7.675B $6.469B
YoY Change 30.19% 31.71% 58.47%
LONG-TERM LIABILITIES
Long-Term Debt $9.404B $9.418B $9.585B
YoY Change -0.15% 57.54% 290.43%
Other Long-Term Liabilities $4.030B $2.443B $5.876B
YoY Change -32.04% -50.69% 74.1%
Total Long-Term Liabilities $13.43B $2.443B $15.46B
YoY Change -12.47% -77.65% 165.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.992B $7.675B $6.469B
Total Long-Term Liabilities $13.43B $2.443B $15.46B
Total Liabilities $24.82B $23.02B $23.40B
YoY Change 1.63% 28.54% 136.04%
SHAREHOLDERS EQUITY
Retained Earnings -$4.974B
YoY Change 65.96%
Common Stock $9.178B
YoY Change 18.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.923B $4.237B $4.711B
YoY Change
Total Liabilities & Shareholders Equity $29.74B $28.66B $28.11B
YoY Change 3.79% 26.44% 123.21%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$976.0M -$675.4M -$619.4M
YoY Change -50.24% 456.59% -2931.04%
Depreciation, Depletion And Amortization $1.110B $470.0M $197.5M
YoY Change 44.29% 43.73% 55.76%
Cash From Operating Activities $2.098B $510.0M -$301.0M
YoY Change -3539.34% -213.84% -171.16%
INVESTING ACTIVITIES
Capital Expenditures $2.101B -$906.0M -$1.245B
YoY Change -38.48% 33.04% 404.05%
Acquisitions $18.00M
YoY Change -84.35%
Other Investing Activities -$18.00M -$6.000M $0.00
YoY Change -84.35% -101.43% -100.0%
Cash From Investing Activities -$2.337B -$912.0M -$1.244B
YoY Change -44.3% 252.12% 364.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 574.0M 286.0M 2.101B
YoY Change -87.0% -79.17% -754.52%
NET CHANGE
Cash From Operating Activities 2.098B 510.0M -301.0M
Cash From Investing Activities -2.337B -912.0M -1.244B
Cash From Financing Activities 574.0M 286.0M 2.101B
Net Change In Cash 312.0M -116.0M 556.0M
YoY Change 57.58% -117.42% -434.94%
FREE CASH FLOW
Cash From Operating Activities $2.098B $510.0M -$301.0M
Capital Expenditures $2.101B -$906.0M -$1.245B
Free Cash Flow -$3.000M $1.416B $944.0M
YoY Change -99.91% 507.73% 40.9%

Facts In Submission

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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Risk</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;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:4pt;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, accounts receivable, convertible note hedges, and interest rate swaps. Our cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. These deposits are typically in excess of insured limits. As of December&#160;31, 2018 and 2017, no entity represented 10% or more of our total accounts receivable balance. The risk of concentration for our interest rate swaps is mitigated by transacting with several highly-rated multinational banks.</p> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:4.54%;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:4pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are dependent on our suppliers, the majority of which are single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results.</p>
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<p style="margin-bottom:0pt;margin-top:2pt;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 &#8211; Overview</p> <p style="margin-top:4pt;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;">Tesla, Inc. (&#8220;Tesla&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) was incorporated in the State of Delaware on July&#160;1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell solar energy generation and energy storage products. Our Chief Executive Officer, as the chief operating decision maker (&#8220;CODM&#8221;), organizes the Company, manages resource allocations and measures performance among two operating and reportable segments: (i) automotive and (ii) energy generation and storage.</p>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:4pt;margin-bottom:0pt;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;">Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes as a result of the adoption of the Accounting Standards Update (&#8220;ASU&#8221;) 2016-18<font style="font-style:italic;">, Statement of Cash Flows: Restricted Cash</font>.</p>
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<p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures in the accompanying notes. Estimates are used for, but not limited to, determining the transaction price of products and services in arrangements with multiple performance obligations and determining the amortization period of these obligations, significant economic incentive for residual value guarantee arrangements, sales return reserves, the collectability of accounts receivable, inventory valuation, fair value of long-lived assets, goodwill, fair value of financial instruments, residual value of operating lease vehicles, depreciable lives of property and equipment and solar energy systems, fair value and residual value of solar energy systems subject to leases, warranty liabilities, income taxes, contingencies, the accrued liability for solar energy system performance guarantees, determining lease pass-through financing obligations, the discount rates used to determine the fair value of investment tax credits, the valuation of build-to-suit lease assets, fair value of interest rate swaps and inputs used to value stock-based compensation. In addition, estimates and assumptions are used for the accounting for business combinations, including the fair values and useful lives of acquired assets, assumed liabilities and noncontrolling interests. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.</p>
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