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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-34756

Tesla, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

91-2197729

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

3500 Deer Creek Road

Palo Alto, California

 

94304

(Address of principal executive offices)

 

(Zip Code)

(650) 681-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

TSLA

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

As of October 21, 2019, there were 180,244,858 shares of the registrant’s common stock outstanding.

 

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

INDEX

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

4

 

 

Consolidated Balance Sheets

 

4

 

 

Consolidated Statements of Operations

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

6

 

 

Consolidated Statements of Redeemable Noncontrolling Interests and Equity

 

7

 

 

Consolidated Statements of Cash Flows

 

9

 

 

Notes to Consolidated Financial Statements

 

10

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

51

Item 4.

 

Controls and Procedures

 

51

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

Item 1A.

 

Risk Factors

 

54

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

Item 3.

 

Defaults Upon Senior Securities

 

71

Item 4.

 

Mine Safety Disclosures

 

71

Item 5.

 

Other Information

 

71

Item 6.

 

Exhibits

 

71

 

 

 

 

 

SIGNATURES

 

73

 

 

 


 

Forward-Looking Statements

The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, profitability, expected cost reductions, capital adequacy, expectations regarding demand and acceptance for our technologies, growth opportunities and trends in the market in which we operate, prospects and plans and objectives of management. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statements.

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except for par values)

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,338

 

 

$

3,686

 

Restricted cash

 

 

233

 

 

 

193

 

Accounts receivable, net

 

 

1,128

 

 

 

949

 

Inventory

 

 

3,581

 

 

 

3,113

 

Prepaid expenses and other current assets

 

 

660

 

 

 

366

 

Total current assets

 

 

10,940

 

 

 

8,307

 

Operating lease vehicles, net

 

 

2,253

 

 

 

2,090

 

Solar energy systems, net

 

 

6,168

 

 

 

6,271

 

Property, plant and equipment, net

 

 

10,190

 

 

 

11,330

 

Operating lease right-of-use assets

 

 

1,234

 

 

 

 

Intangible assets, net

 

 

351

 

 

 

282

 

Goodwill

 

 

186

 

 

 

68

 

MyPower customer notes receivable, net of current portion

 

 

398

 

 

 

422

 

Restricted cash, net of current portion

 

 

255

 

 

 

398

 

Other assets

 

 

820

 

 

 

572

 

Total assets

 

$

32,795

 

 

$

29,740

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,468

 

 

$

3,405

 

Accrued liabilities and other

 

 

2,497

 

 

 

2,094

 

Deferred revenue

 

 

1,045

 

 

 

630

 

Resale value guarantees

 

 

441

 

 

 

503

 

Customer deposits

 

 

665

 

 

 

793

 

Current portion of long-term debt and finance leases

 

 

2,030

 

 

 

2,568

 

Total current liabilities

 

 

10,146

 

 

 

9,993

 

Long-term debt and finance leases, net of current portion

 

 

11,313

 

 

 

9,404

 

Deferred revenue, net of current portion

 

 

1,140

 

 

 

991

 

Resale value guarantees, net of current portion

 

 

38

 

 

 

329

 

Other long-term liabilities

 

 

2,676

 

 

 

2,710

 

Total liabilities

 

 

25,313

 

 

 

23,427

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

600

 

 

 

556

 

Equity

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock; $0.001 par value; 100 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

 

Common stock; $0.001 par value; 2,000 shares authorized; 180 and

   173 shares issued and outstanding as of September 30, 2019 and December 31,

   2018, respectively

 

 

0

 

 

 

0

 

Additional paid-in capital

 

 

12,348

 

 

 

10,249

 

Accumulated other comprehensive loss

 

 

(120

)

 

 

(8

)

Accumulated deficit

 

 

(6,188

)

 

 

(5,318

)

Total stockholders' equity

 

 

6,040

 

 

 

4,923

 

Noncontrolling interests in subsidiaries

 

 

842

 

 

 

834

 

Total liabilities and equity

 

$

32,795

 

 

$

29,740

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


 

Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

5,132

 

 

$

5,878

 

 

$

13,809

 

 

$

11,558

 

Automotive leasing

 

 

221

 

 

 

221

 

 

 

644

 

 

 

634

 

Total automotive revenues

 

 

5,353

 

 

 

6,099

 

 

 

14,453

 

 

 

12,192

 

Energy generation and storage

 

 

402

 

 

 

399

 

 

 

1,095

 

 

 

1,183

 

Services and other

 

 

548

 

 

 

326

 

 

 

1,646

 

 

 

860

 

Total revenues

 

 

6,303

 

 

 

6,824

 

 

 

17,194

 

 

 

14,235

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

4,014

 

 

 

4,406

 

 

 

11,124

 

 

 

9,027

 

Automotive leasing

 

 

117

 

 

 

119

 

 

 

340

 

 

 

361

 

Total automotive cost of revenues

 

 

4,131

 

 

 

4,525

 

 

 

11,464

 

 

 

9,388

 

Energy generation and storage

 

 

314

 

 

 

330

 

 

 

956

 

 

 

1,036

 

Services and other

 

 

667

 

 

 

445

 

 

 

2,096

 

 

 

1,212

 

Total cost of revenues

 

 

5,112

 

 

 

5,300

 

 

 

14,516

 

 

 

11,636

 

Gross profit

 

 

1,191

 

 

 

1,524

 

 

 

2,678

 

 

 

2,599

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

334

 

 

 

351

 

 

 

998

 

 

 

1,104

 

Selling, general and administrative

 

 

596

 

 

 

730

 

 

 

1,947

 

 

 

2,167

 

Restructuring and other

 

 

 

 

 

27

 

 

 

161

 

 

 

130

 

Total operating expenses

 

 

930

 

 

 

1,108

 

 

 

3,106

 

 

 

3,401

 

Income (loss) from operations

 

 

261

 

 

 

416

 

 

 

(428

)

 

 

(802

)

Interest income

 

 

15

 

 

 

7

 

 

 

34

 

 

 

17

 

Interest expense

 

 

(185

)

 

 

(175

)

 

 

(515

)

 

 

(488

)

Other income, net

 

 

85

 

 

 

23

 

 

 

70

 

 

 

36

 

Income (loss) before income taxes

 

 

176

 

 

 

271

 

 

 

(839

)

 

 

(1,237

)

Provision for income taxes

 

 

26

 

 

 

17

 

 

 

68

 

 

 

36

 

Net income (loss)

 

 

150

 

 

 

254

 

 

 

(907

)

 

 

(1,273

)

Net income (loss) attributable to noncontrolling interests and

   redeemable noncontrolling interests in subsidiaries

 

 

7

 

 

 

(57

)

 

 

60

 

 

 

(157

)

Net income (loss) attributable to common stockholders

 

$

143

 

 

$

311

 

 

$

(967

)

 

$

(1,116

)

Net income (loss) per share of common stock attributable to

   common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.80

 

 

$

1.82

 

 

 

(5.54

)

 

$

(6.56

)

Diluted

 

$

0.78

 

 

$

1.75

 

 

 

(5.54

)

 

$

(6.56

)

Weighted average shares used in computing net income (loss) per

   share of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

179

 

 

 

171

 

 

 

176

 

 

 

170

 

Diluted

 

 

184

 

 

 

178

 

 

 

176

 

 

 

170

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

Tesla, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(in millions)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss)

 

$

150

 

 

$

254

 

 

$

(907

)

 

$

(1,273

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(114

)

 

 

(10

)

 

 

(112

)

 

 

(25

)

Comprehensive income (loss)

 

 

36

 

 

 

244

 

 

 

(1,019

)

 

 

(1,298

)

Less: Comprehensive income (loss) attributable to noncontrolling

   interests and redeemable noncontrolling interests in subsidiaries

 

 

7

 

 

 

(57

)

 

 

60

 

 

 

(157

)

Comprehensive income (loss) attributable to common stockholders

 

$

29

 

 

$

301

 

 

$

(1,079

)

 

$

(1,141

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6


 

Tesla, Inc.

Consolidated Statements of Redeemable Noncontrolling Interests and Equity

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

Three Months Ended September 30, 2018

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of June 30, 2018

 

$

540

 

 

 

 

171

 

 

$

0

 

 

$

9,657

 

 

$

(5,768

)

 

$

18

 

 

$

3,907

 

 

$

821

 

 

$

4,728

 

Exercises of conversion feature of convertible senior notes

 

 

 

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

0

 

Common stock issued

 

 

 

 

 

 

1

 

 

 

0

 

 

 

95

 

 

 

 

 

 

 

 

 

95

 

 

 

 

 

 

95

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

206

 

 

 

 

 

 

 

 

 

206