Quarterly Report (10-q)

Date : 07/29/2019 @ 11:22AM
Source : Edgar (US Regulatory)
Stock : Tesla Inc (TSLA)
Quote : 245.2  -0.67 (-0.27%) @ 4:59AM

Quarterly Report (10-q)

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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 June 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 July 22, 2019, there were 179,127,239 shares of the registrant’s common stock outstanding.

 

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 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 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

 

37

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

50

Item 4.

 

Controls and Procedures

 

50

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

51

Item 1A.

 

Risk Factors

 

52

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

69

Item 3.

 

Defaults Upon Senior Securities

 

69

Item 4.

 

Mine Safety Disclosures

 

69

Item 5.

 

Other Information

 

69

Item 6.

 

Exhibits

 

69

 

 

 

 

 

SIGNATURES

 

71

 

 

 


 

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 thousands, except for par values)

(unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,954,740

 

 

$

3,685,618

 

Restricted cash

 

 

128,006

 

 

 

192,551

 

Accounts receivable, net

 

 

1,147,100

 

 

 

949,022

 

Inventory

 

 

3,382,358

 

 

 

3,113,446

 

Prepaid expenses and other current assets

 

 

569,748

 

 

 

365,671

 

Total current assets

 

 

10,181,952

 

 

 

8,306,308

 

Operating lease vehicles, net

 

 

2,069,540

 

 

 

2,089,758

 

Solar energy systems, net

 

 

6,200,704

 

 

 

6,271,396

 

Property, plant and equipment, net

 

 

10,082,458

 

 

 

11,330,077

 

Operating lease right-of-use assets

 

 

1,248,277

 

 

 

 

Intangible assets, net

 

 

327,358

 

 

 

282,492

 

Goodwill

 

 

153,475

 

 

 

68,159

 

MyPower customer notes receivable, net of current portion

 

 

400,308

 

 

 

421,548

 

Restricted cash, net of current portion

 

 

365,547

 

 

 

398,219

 

Other assets

 

 

842,978

 

 

 

571,657

 

Total assets

 

$

31,872,597

 

 

$

29,739,614

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,133,587

 

 

$

3,404,451

 

Accrued liabilities and other

 

 

2,622,943

 

 

 

2,094,253

 

Deferred revenue

 

 

883,293

 

 

 

630,292

 

Resale value guarantees

 

 

526,758

 

 

 

502,840

 

Customer deposits

 

 

631,107

 

 

 

792,601

 

Current portion of long-term debt and finance leases

 

 

1,791,085

 

 

 

2,567,699

 

Total current liabilities

 

 

9,588,773

 

 

 

9,992,136

 

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

 

 

11,234,401

 

 

 

9,403,672

 

Deferred revenue, net of current portion

 

 

1,182,042

 

 

 

990,873

 

Resale value guarantees, net of current portion

 

 

61,200

 

 

 

328,926

 

Other long-term liabilities

 

 

2,655,720

 

 

 

2,710,403

 

Total liabilities

 

 

24,722,136

 

 

 

23,426,010

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

580,227

 

 

 

555,964

 

Equity

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock; $0.001 par value; 100,000 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

 

Common stock; $0.001 par value; 2,000,000 shares authorized; 179,118 and

   172,603 shares issued and outstanding as of June 30, 2019 and December 31,

   2018, respectively

 

 

179

 

 

 

173

 

Additional paid-in capital

 

 

12,052,458

 

 

 

10,249,120

 

Accumulated other comprehensive loss

 

 

(5,605

)

 

 

(8,218

)

Accumulated deficit

 

 

(6,331,639

)

 

 

(5,317,832

)

Total stockholders' equity

 

 

5,715,393

 

 

 

4,923,243

 

Noncontrolling interests in subsidiaries

 

 

854,841

 

 

 

834,397

 

Total liabilities and equity

 

$

31,872,597

 

 

$

29,739,614

 

 

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

 

 

4


 

Tesla, Inc.

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

5,168,027

 

 

$

3,117,865

 

 

$

8,676,768

 

 

$

5,679,746

 

Automotive leasing

 

 

208,362

 

 

 

239,816

 

 

 

423,482

 

 

 

413,252

 

Total automotive revenues

 

 

5,376,389

 

 

 

3,357,681

 

 

 

9,100,250

 

 

 

6,092,998

 

Energy generation and storage

 

 

368,208

 

 

 

374,408

 

 

 

692,869

 

 

 

784,430

 

Services and other

 

 

605,079

 

 

 

270,142

 

 

 

1,098,021

 

 

 

533,554

 

Total revenues

 

 

6,349,676

 

 

 

4,002,231

 

 

 

10,891,140

 

 

 

7,410,982

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

4,253,763

 

 

 

2,529,739

 

 

 

7,109,972

 

 

 

4,621,136

 

Automotive leasing

 

 

106,322

 

 

 

136,915

 

 

 

223,414

 

 

 

241,411

 

Total automotive cost of revenues

 

 

4,360,085

 

 

 

2,666,654

 

 

 

7,333,386

 

 

 

4,862,547

 

Energy generation and storage

 

 

325,523

 

 

 

330,273

 

 

 

642,410

 

 

 

705,636

 

Services and other

 

 

743,022

 

 

 

386,374

 

 

 

1,428,555

 

 

 

767,343

 

Total cost of revenues

 

 

5,428,630

 

 

 

3,383,301

 

 

 

9,404,351

 

 

 

6,335,526

 

Gross profit

 

 

921,046

 

 

 

618,930

 

 

 

1,486,789

 

 

 

1,075,456

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

323,898

 

 

 

386,129

 

 

 

664,072

 

 

 

753,225

 

Selling, general and administrative

 

 

647,261

 

 

 

750,759

 

 

 

1,351,190

 

 

 

1,437,163

 

Restructuring and other

 

 

117,345

 

 

 

103,434

 

 

 

160,816

 

 

 

103,434

 

Total operating expenses

 

 

1,088,504

 

 

 

1,240,322

 

 

 

2,176,078

 

 

 

2,293,822

 

Loss from operations

 

 

(167,458

)

 

 

(621,392

)

 

 

(689,289

)

 

 

(1,218,366

)

Interest income

 

 

10,362

 

 

 

5,064

 

 

 

19,124

 

 

 

10,278

 

Interest expense

 

 

(171,979

)

 

 

(163,582

)

 

 

(329,432

)

 

 

(313,128

)

Other (expense) income, net

 

 

(40,756

)

 

 

50,911

 

 

 

(15,006

)

 

 

13,195

 

Loss before income taxes

 

 

(369,831

)

 

 

(728,999

)

 

 

(1,014,603

)

 

 

(1,508,021

)

Provision for income taxes

 

 

19,431

 

 

 

13,707

 

 

 

42,304

 

 

 

19,312

 

Net loss

 

 

(389,262

)

 

 

(742,706

)

 

 

(1,056,907

)

 

 

(1,527,333

)

Net income (loss) attributable to noncontrolling interests and

   redeemable noncontrolling interests in subsidiaries

 

 

19,072

 

 

 

(25,167

)

 

 

53,562

 

 

 

(100,243

)

Net loss attributable to common stockholders

 

$

(408,334

)

 

$

(717,539

)

 

$

(1,110,469

)

 

$

(1,427,090

)

Net loss per share of common stock attributable to common

   stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.31

)

 

$

(4.22

)

 

 

(6.40

)

 

$

(8.42

)

Diluted

 

$

(2.31

)

 

$

(4.22

)

 

 

(6.40

)

 

$

(8.42

)

Weighted average shares used in computing net loss per share of

   common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

176,654

 

 

 

169,997

 

 

 

174,831

 

 

 

169,574

 

Diluted

 

 

176,654

 

 

 

169,997

 

 

 

174,831

 

 

 

169,574

 

 

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

 

 

5


 

Tesla, Inc.

Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(389,262

)

 

$

(742,706

)

 

$

(1,056,907

)

 

$

(1,527,333

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

29,414

 

 

 

(64,376

)

 

 

2,613

 

 

 

(14,803

)

Comprehensive loss

 

 

(359,848

)

 

 

(807,082

)

 

 

(1,054,294

)

 

 

(1,542,136

)

Less: Comprehensive income (loss) attributable to noncontrolling

   interests and redeemable noncontrolling interests in subsidiaries

 

 

19,072

 

 

 

(25,167

)

 

 

53,562

 

 

 

(100,243

)

Comprehensive loss attributable to common stockholders

 

$

(378,920

)

 

$

(781,915

)

 

$

(1,107,856

)

 

$

(1,441,893

)

 

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

 

 

6


 

Tesla, Inc.

Consolidated Statements of Redeemable Noncontrolling Interests and Equity

(in thousands, 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 June 30, 2018

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of March 31, 2018

 

$

405,835

 

 

 

 

169,750

 

 

$

170

 

 

$

9,418,896

 

 

$

(5,051,292

)

 

$

82,921

 

 

$

4,450,695

 

 

$

863,876

 

 

$

5,314,571

 

Reclass from mezzanine equity to equity for Convertible Senior Notes due in 2018

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Exercises of conversion feature of convertible senior notes

 

 

 

 

 

0

 

 

0

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Common stock issued

 

 

 

 

 

 

766

 

 

 

1

 

 

 

31,052

 

 

 

 

 

 

 

 

 

31,053

 

 

 

 

 

 

31,053

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

206,586

 

 

 

 

 

 

 

 

 

206,586

 

 

 

 

 

 

206,586

 

Contributions from noncontrolling interests

 

 

134,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,993

 

 

 

44,993

 

Distributions to noncontrolling interests

 

 

(19,537

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,648

)

 

 

(43,648

)

Net income (loss)

 

 

18,898

 

 

 

 

 

 

 

 

 

 

 

 

 

(717,539

)

 

 

 

 

 

(717,539

)

 

 

(44,065

)

 

 

(761,604

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,376

)

 

 

(64,376

)

 

 

 

 

 

(64,376

)

Balance as of June 30, 2018

 

$

539,536

 

 

 

 

170,516

 

 

$

171

 

 

$

9,656,537

 

 

$

(5,768,831

)

 

$

18,545

 

 

$

3,906,422

 

 

$

821,156

 

 

$

4,727,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

Six Months Ended June 30, 2018

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of December 31, 2017

 

$

397,734

 

 

 

 

168,797

 

 

$

169

 

 

$

9,178,024

 

 

$

(4,974,299

)

 

$

33,348

 

 

$

4,237,242

 

 

$

997,346

 

 

$

5,234,588

 

Adjustments for prior periods from adopting ASC 606

 

 

8,101

 

 

 

 

 

 

 

 

 

 

 

 

 

623,172

 

 

 

 

 

 

623,172

 

 

 

(89,084

)

 

 

534,088

 

Adjustments for prior periods from adopting Accounting Standards Update No. 2017-05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,386

 

 

 

 

 

 

9,386

 

 

 

 

 

 

9,386

 

Reclass from mezzanine equity to equity for Convertible Senior Notes due in 2018

 

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

Exercises of conversion feature of convertible senior notes

 

 

 

 

 

0

 

 

0

 

 

 

(37

)

 

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

Common stock issued

 

 

 

 

 

 

1,719

 

 

 

2

 

 

 

125,069

 

 

 

 

 

 

 

 

 

125,071

 

 

 

 

 

 

125,071

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

353,411

 

 

 

 

 

 

 

 

 

353,411

 

 

 

 

 

 

353,411

 

Contributions from noncontrolling interests

 

 

172,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80,571

 

 

 

80,571

 

Distributions to noncontrolling interests

 

 

(30,497

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75,702

)

 

 

(75,702

)

Net loss

 

 

(8,268

)

 

 

 

 

 

 

 

 

 

 

 

 

(1,427,090

)

 

 

 

 

 

(1,427,090

)

 

 

(91,975

)

 

 

(1,519,065

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,803

)

 

 

(14,803

)

 

 

 

 

 

(14,803

)

Balance as of June 30, 2018

 

$

539,536

 

 

 

 

170,516