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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, 2021

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, 2021, there were 990,015,158 shares of the registrant’s common stock outstanding.

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

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

 

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

 

31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

43

Item 4.

 

Controls and Procedures

 

43

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

44

Item 1A.

 

Risk Factors

 

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

58

Item 3.

 

Defaults Upon Senior Securities

 

58

Item 4.

 

Mine Safety Disclosures

 

58

Item 5.

 

Other Information

 

58

Item 6.

 

Exhibits

 

58

 

 

 

Signatures

 

60

 

 

 

i


 

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 any potential future impact of the coronavirus disease (“COVID-19”) pandemic on our business, supply chain constraints, 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 (the "SEC"). 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 per share data)

(unaudited)

 

 

 

June 30,

 

 

 December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,229

 

 

$

19,384

 

Accounts receivable, net

 

 

2,129

 

 

 

1,886

 

Inventory

 

 

4,733

 

 

 

4,101

 

Prepaid expenses and other current assets

 

 

1,602

 

 

 

1,346

 

Total current assets

 

 

24,693

 

 

 

26,717

 

Operating lease vehicles, net

 

 

3,748

 

 

 

3,091

 

Solar energy systems, net

 

 

5,883

 

 

 

5,979

 

Property, plant and equipment, net

 

 

15,665

 

 

 

12,747

 

Operating lease right-of-use assets

 

 

1,734

 

 

 

1,558

 

Digital assets, net

 

 

1,311

 

 

 

 

Intangible assets, net

 

 

283

 

 

 

313

 

Goodwill

 

 

203

 

 

 

207

 

Other non-current assets

 

 

1,626

 

 

 

1,536

 

Total assets

 

$

55,146

 

 

$

52,148

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,558

 

 

$

6,051

 

Accrued liabilities and other

 

 

4,778

 

 

 

3,855

 

Deferred revenue

 

 

1,693

 

 

 

1,458

 

Customer deposits

 

 

812

 

 

 

752

 

Current portion of debt and finance leases

 

 

1,530

 

 

 

2,132

 

Total current liabilities

 

 

16,371

 

 

 

14,248

 

Debt and finance leases, net of current portion

 

 

7,871

 

 

 

9,556

 

Deferred revenue, net of current portion

 

 

1,318

 

 

 

1,284

 

Other long-term liabilities

 

 

3,336

 

 

 

3,330

 

Total liabilities

 

 

28,896

 

 

 

28,418

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

605

 

 

 

604

 

Convertible senior notes (Note 10)

 

 

 

 

 

51

 

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; 984 shares and
   
960 shares issued and outstanding as of June 30, 2021 and December 31,
   2020, respectively

 

1

 

 

 

1

 

Additional paid-in capital

 

 

28,205

 

 

 

27,260

 

Accumulated other comprehensive income

 

 

206

 

 

 

363

 

Accumulated deficit

 

 

(3,608

)

 

 

(5,399

)

Total stockholders' equity

 

 

24,804

 

 

 

22,225

 

Noncontrolling interests in subsidiaries

 

 

841

 

 

 

850

 

Total liabilities and equity

 

$

55,146

 

 

$

52,148

 

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

9,874

 

 

$

4,911

 

 

$

18,579

 

 

$

9,804

 

Automotive leasing

 

 

332

 

 

 

268

 

 

 

629

 

 

 

507

 

Total automotive revenues

 

 

10,206

 

 

 

5,179

 

 

 

19,208

 

 

 

10,311

 

Energy generation and storage

 

 

801

 

 

 

370

 

 

 

1,295

 

 

 

663

 

Services and other

 

 

951

 

 

 

487

 

 

 

1,844

 

 

 

1,047

 

Total revenues

 

 

11,958

 

 

 

6,036

 

 

 

22,347

 

 

 

12,021

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

7,119

 

 

 

3,714

 

 

 

13,576

 

 

 

7,413

 

Automotive leasing

 

 

188

 

 

 

148

 

 

 

348

 

 

 

270

 

Total automotive cost of revenues

 

 

7,307

 

 

 

3,862

 

 

 

13,924

 

 

 

7,683

 

Energy generation and storage

 

 

781

 

 

 

349

 

 

 

1,376

 

 

 

631

 

Services and other

 

 

986

 

 

 

558

 

 

 

1,948

 

 

 

1,206

 

Total cost of revenues

 

 

9,074

 

 

 

4,769

 

 

 

17,248

 

 

 

9,520

 

Gross profit

 

 

2,884

 

 

 

1,267

 

 

 

5,099

 

 

 

2,501

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

576

 

 

 

279

 

 

 

1,242

 

 

 

603

 

Selling, general and administrative

 

 

973

 

 

 

661

 

 

 

2,029

 

 

 

1,288

 

Restructuring and other

 

 

23

 

 

 

 

 

 

(78

)

 

 

 

Total operating expenses

 

 

1,572

 

 

 

940

 

 

 

3,193

 

 

 

1,891

 

Income from operations

 

 

1,312

 

 

 

327

 

 

 

1,906

 

 

 

610

 

Interest income

 

 

11

 

 

 

8

 

 

 

21

 

 

 

18

 

Interest expense

 

 

(75

)

 

 

(170

)

 

 

(174

)

 

 

(339

)

Other income (expense), net

 

 

45

 

 

 

(15

)

 

 

73

 

 

 

(69

)

Income before income taxes

 

 

1,293

 

 

 

150

 

 

 

1,826

 

 

 

220

 

Provision for income taxes

 

 

115

 

 

 

21

 

 

 

184

 

 

 

23

 

Net income

 

 

1,178

 

 

 

129

 

 

 

1,642

 

 

 

197

 

Net income attributable to noncontrolling interests and
   redeemable noncontrolling interests in subsidiaries

 

 

36

 

 

 

25

 

 

 

62

 

 

 

77

 

Net income attributable to common stockholders

 

$

1,142

 

 

$

104

 

 

$

1,580

 

 

$

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock attributable
   to common stockholders (1)

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.18

 

 

$

0.11

 

 

$

1.64

 

 

$

0.13

 

Diluted

 

$

1.02

 

 

$

0.10

 

 

$

1.41

 

 

$

0.12

 

Weighted average shares used in computing net
   income per share of common stock (1)

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

971

 

 

 

928

 

 

 

966

 

 

 

921

 

Diluted

 

 

1,119

 

 

 

1,036

 

 

 

1,126

 

 

 

1,016

 

 

(1)
Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020.

 

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

5


 

Tesla, Inc.

Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

1,178

 

 

$

129

 

 

$

1,642

 

 

$

197

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

63

 

 

 

73

 

 

 

(157

)

 

 

(4

)

Comprehensive income

 

 

1,241

 

 

 

202

 

 

 

1,485

 

 

 

193

 

Less: Comprehensive income attributable to
   noncontrolling interests and redeemable
   noncontrolling interests in subsidiaries

 

 

36

 

 

 

25

 

 

 

62

 

 

 

77

 

Comprehensive income attributable to common stockholders

 

$

1,205

 

 

$

177

 

 

$

1,423

 

 

$

116

 

 

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 June 30, 2020

 

Interests

 

 

 

Shares (1)

 

 

Amount (1)

 

 

Capital (1)

 

 

Deficit

 

 

(Loss) Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of March 31, 2020

 

$

632

 

 

 

 

927

 

 

$

1

 

 

$

15,389

 

 

$

(6,104

)

 

$

(113

)

 

$

9,173

 

 

$

867

 

 

$

10,040

 

Reclassification between equity and
   mezzanine equity for convertible
   senior notes

 

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

1

 

 

 

0

 

 

 

65

 

 

 

 

 

 

 

 

 

65

 

 

 

 

 

 

65

 

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

4

 

 

 

0

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

367

 

 

 

 

 

 

 

 

 

367

 

 

 

 

 

 

367

 

Distributions to noncontrolling
   interests

 

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27

)

 

 

(27

)

Other

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

104

 

 

 

29

 

 

 

133

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

73

 

 

 

 

 

 

73

 

Balance as of June 30, 2020

 

$

613

 

 

 

 

932

 

 

$

1

 

 

$

15,894

 

 

$

(6,000

)

 

$

(40

)

 

$

9,855

 

 

$

869

 

 

$

10,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

Six Months Ended June 30, 2020

 

Interests

 

 

 

Shares (1)

 

 

Amount (1)

 

 

Capital (1)

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of December 31, 2019

 

$

643

 

 

 

 

905

 

 

$

1

 

 

$

12,736

 

 

$

(6,083

)

 

$

(36

)

 

$

6,618

 

 

$

849

 

 

$

7,467

 

Adjustments for prior periods from
   adopting ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

 

 

 

 

 

(37

)

Reclassification between equity and
   mezzanine equity for convertible
   senior notes

 

 

 

 

 

 

 

 

 

 

 

 

(44

)

 

 

 

 

 

 

 

 

(44

)

 

 

 

 

 

(44

)

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

1

 

 

 

0

 

 

 

65

 

 

 

 

 

 

 

 

 

65

 

 

 

 

 

 

65

 

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

11

 

 

 

0

 

 

 

217

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

 

217

 

Issuance of common stock in Feb
   2020 public offering, net of
   issuance costs of $
28

 

 

 

 

 

 

15

 

 

 

0

 

 

 

2,309

 

 

 

 

 

 

 

 

 

2,309

 

 

 

 

 

 

2,309

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

611

 

 

 

 

 

 

 

 

 

611

 

 

 

 

 

 

611

 

Contributions from noncontrolling
   interests

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

17

 

Distributions to noncontrolling
   interests

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

(77

)

Other

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

120

 

 

 

 

 

 

120

 

 

 

80

 

 

 

200

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

 

 

 

 

 

(4

)

Balance as of June 30, 2020

 

$

613

 

 

 

 

932

 

 

$

1

 

 

$

15,894

 

 

$

(6,000

)

 

$

(40

)

 

$

9,855

 

 

$

869

 

 

$

10,724

 

 

7


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

Noncontrolling

 

 

 

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Interests in

 

 

Total

 

Three Months Ended June 30, 2021

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital (1)

 

 

Deficit

 

 

Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of March 31, 2021

 

$

601

 

 

 

 

963

 

 

$

1

 

 

$

27,623

 

 

$

(4,750

)

 

$

143

 

 

$

23,017

 

 

$

847

 

 

$

23,864

 

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

1

 

 

 

0

 

 

 

(6

)

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

&