第一季度特斯拉财报

1、Highlights 03Financial Summary 04Operational Summary 06Vehicle Capacity 07Core Technology 08Other Highlights 09Outlook 10 HYPERLINK l _TOC_250001 Photos 11Key Metrics 21 HYPERLINK l _TOC_250000 Financial Statements 23Additional Information 29H I G H L I G H T SS U M M A R YCashOperating cash flow le

2、ss capex (free cash flow) of $293M in Q1 Debt and finance lease reduction of $1.2B in Q1Net cash outflow of $1.2B related to Bitcoin in Q1In Q1, we achieved our highest ever vehicle production and deliveries. This was in spite of multiple challenges, including seasonality, supply chain instability a

3、nd the transition to the new Model S and Model X. Our GAAP net income reached $438M, and our non- GAAP net income surpassed $1B for the first t ime in our history.In total, $2.2B decrease in our cash and cash equivalents in Q1 to $17.1BProfitability$594 M GAAP operating income; 5.7% operating margin

4、 in Q1$438M GAAP net income; $1.1B non- GAAP net income (ex- SBC 1) in Q1 SBC expense of $614 M in Q1While the ASP 2 of our vehicles declined in Q1, our auto gross margin increased sequentially, as our costs decreased even faster. Reducing the average cost of the vehicles we produce is essential to

5、our mission. In20 17, as we began production of Model 3, our average costper vehicle across the fleet was $84 ,000. Due to the launch of new products andnew factories and the reduced mix of Model S and Model X, our averagecost declined to sub-$38,000 per vehicle in Q1.About three and a half years in

6、to its production, and even without a European factory, Model 3 was the best- selling premium sedan in theworld, 3 outselling long- t ime industry leaders such as the 3 Series and E-Class. This demonstrates that an electric vehicle can be a category leader and outsell its gas- powered counterparts.

7、We believe Model Ycan become not just a category leader, but also the best- selling vehicleof any kind globally.OperationsModel 3 was the best- selling premium sedan in the world3Production ramp of Model Y in Shanghai progressing wellRecord vehicle production and deliveries in Q1First deliveries of

8、the new Model S should start very shortly, Model Y production rate in Shanghai continues to improve quickly and two newfactoriesBerlin and Texasare making progress. There is a lot to beexcited about in 2021.(1) SBC = stock - based compensation(2) ASP = average selling price(3) Based on most recent c

9、omparable publicly available OEM data3(Unaudited)($ in millions, except percentages and per share data)Q1- 2020Q2 - 2020Q3 - 2020Q4 - 2020Q1- 2021YoYAutomotive revenues5,1325,1797,6119,3149,00275%of which regulatory credits35442839740151846%Automotive gross profit1,3111,3172,10 52,2442,38582%Automot

10、ive gross margin25.5%25.4%27.7%24.1%26.5%95 bpTotal revenues5,9856,0368,77110 ,74410 ,38974%Total gross profit1,2341,2672,0632,0662,21579%Total GAAP gross margin20 .6%21.0 %23.5%19.2%21.3%70 bpOperating expenses9519401,2541,4911,62170 %Income from operations283327809575594110 %Operating margin4.7%5.

11、4%9.2%5.4%5.7%99 bpNet income attributable to common stockholders (GAAP)1610 43312704382638%Net income attributable to common stockholders (non- GAAP)2274518749031,0 52363%EPS attributable to common stockholders, diluted (GAAP)(1)0 .020 .100 .270 .240 .391850 %EPS attributable to common stockholders

12、, diluted (non- GAAP) (1)0 .230 .440 .760 .800 .93304%Adjusted EBITDA9511,20 91,80 71,8501,84194%Net cash (used in) provided by operating activities(440 )9642,4003,0 191,641N/ ACapital expenditures(455)(546)(1,0 05)(1,151)(1,348)196%Free cash flow(895)4181,3951,868293N/ ACash and cash equivalents8,0

13、808,61514,53119,38417,141112%(1) Prior period results have been retroactively adjusted to reflect the five- for - one stock split effected in the form of a stock dividend in August 2020.4EPS = Earnings per shareRevenueProfitabilityCashTotal revenue grew 74% YoY in Q1. This was primarily achieved thr

14、ough substantial growth in vehicle deliveries, as well as growt h in other parts of the business. At the same time, vehicle ASP declined by 13% YoY as Model S and Model X deliveries reduced in Q1 dueto theproduct updates and as lower ASP China- made vehicles became a larger percentage of our mix.Our

15、 operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This p rofit level was reached while incurring SBC expense attributable to the 20 18 CEO award of $299M in Q1, driven by an increase in marketcapitalization and a new operational mi

16、lestone becoming probable.Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by furthe rne) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X change

17、over costs negatively impacted both gross profit as well as R&D expenses.Quarter - end cash and cash equivalents decreased to $17.1B in Q1, driven mainly by a net cash outflow of $1.2B in cryptocurrency (Bitcoin) purchases, net debt and finance lease repayments of $1.2B,partially offset by free cash

18、 flow of $293M.(Unaudited)Q1- 2020Q2 - 2020Q3 - 2020Q4 - 2020Q1- 2021YoYModel S/ X production15,3906,32616,99216,0 970- 10 0 %Model 3/ Y production87,28275,946128,0 44163,660180 ,33810 7%Total production102,67282,272145,036179,757180 ,33876%Model S/ X deliveries12,23010 ,61415,27518,9662,030- 83%Mod

19、el 3/ Y deliveries76,26680 ,277124,318161,70 1182,847140 %Total deliveries88,49690 ,891139,593180 ,667184,877109%of which subject tooperating leaseaccounting6,10 44,71610 ,0 1413,63613,60 2123%Total end of quarteroperating leasevehicle count53,15954,51961,63872,08983,03256%Global vehicle inventory (

20、days of supply) (1)251714118- 68%Solar deployed (MW)3527578692163%Storage deployed (MWh)2604197591,58444571%Store and service locations43844646652356128%Mobile service fleet75676978082392322%Supercharger stations1,9172,0352,1812,5642,69941%Supercharger connectors17,0 0718,10 019,43723,27724,51544%(1

21、)ays (aligned with Automotive News definition).ICE vehicles comprised 97% of cars sold globally in 2020 and 98% of Tesla trade- ins.1 As more OEMs join our mission by launching EVs, we believe consumerconfidence in EVs continues to increase and more customers are willing to make theswitch. Our Q1 or

22、der rate2 was the strongest in our history and we are moving asquickly as possible to add more production capacity.US: California and TexasIn Fremont, Model Y production continued to ramp successfully and is approaching full capacity.In Texas, the factory buildout continues to progress quickly, rema

23、ining on track to start production and deliveries late this year. We recently began moving equipment into the building and are in the process of commissioning them in certain areas.China: ShanghaiModel Y ramp in Shanghai is progressing well. We expect that our Shanghai factory will continue to incre

24、ase quarterly production output through the year. We recently improved our domestic supply sourcing ratio to over 90 %. Vehicle exports to Europe and APAC continue to progress as planned.What cars do Tesla buyers t rade in?1EVToyotaOther premium brandsAudiHondaLexusFordBMWOther non - premiumbrandsOu

25、r competitors are98% ICEEurope: Berlin- BrandenburgIn Europe, buildout of Gigafactory Berlin is continuing to move forward, withproduction and deliveries remaining on track for late 2021. Machinery for paint,stamping, castings, etc., continues to be moved into the building. In the meantime, we will

26、continue to increase import volumes to Europe.(1) Trade - ins for Model 3 and Model Y in the US over the past 2 years, excluding Tesla trade- ins7(2) Net orders for vehicles in productionInstalled Annual CapacityCurrentStatusCaliforniaModel S / Model X10 0 ,000ProductionModel 3 / ModelY500 ,000Produ

27、ctionShanghaiModel 3 / ModelY450 ,000ProductionBerlinModel Y-ConstructionTexasModel Y-ConstructionCybertruck-In developmentTBDTesla Semi-In developmentRoadster-In developmentFuture Product-In developmentInstalled capacity Current production rate. Production rate depends on pace of factory ramp,suppl

28、y chain ramp, downtime related to factory upgrades, national holidays and other factors.Autopilot and Full Self Driving( FSD)Our team continues to focus on the V9 version of FSD City Streets beta, which willsoon become more widely available in the United States.We believe that a vision- only system

29、is ultimately all that is needed for full autonomy. Our AI - based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, ourFSD team is fully focused on evolving to a vision- based autonomous system and we

30、 are nearly ready to switch the US market to Tesla Vision.140 ,000120 ,000100 ,00080 ,00060 ,00040 ,00020 ,0000Vehicle SoftwareWhile over - the - air software updates of maps and infotainment systems are becomingmore common, firmware updates remain rare in the automotive industry. In Q1, we450Tesla

31、Model 3BMW 3 SeriesMercedes E-ClassAudi Q5Audi A 6Global premium vehicle sales1were able to navigate through global chip supply shortage issues in part by pivoting 400extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.Battery and P

32、owertrainThe range of our vehicles has increased significantly over the years and will continue to increase thanks to improvements in cell chemistry, cell design, battery pack architecture, powertrain efficiency, new thermal systems and vehicle platform design. Because achieving longer range is esse

33、ntial for converting more ICE vehicle owners to EVs, range improvements remain one of our main priorities.350300250200 150100500Jul-12Jul-13Jul-14Jul-15Jul-16Jul-17Jul-18Jul-19Jul-20Improvements of Model S EPA- estimated range continue to accelerate(1) Reflects currently publicly available data from

34、 OEMsEnergy StorageEnergy storage deployments grew 71% YoY in Q1, mainly driven by the popularity of Powerwall. Demand for Powerwall continues to far exceed our production rate. As a result, we recently shifted Powerwall deliveries to solar customers only. As weincrease our production rate, we may m

35、ake it available once again as a stand- alone product. The recent snowstorm in Texas and other blackout events continue to drive customers toward home energy storage solutions.Energy storage deployments can vary meaningfully quarter to quarter depending on the timing of specific project milestones,

36、which is the driver behind the sequentialdecline in MWh. Production of energy storage products improved furthersequentially as our backlog remains long.Solar Retrofit and Solar RoofSolar deployments reached 92 MW in Q1our strongest quarter in 2.5 years. Solar Roof deployments grew 9x compared to the

37、 same period last year.Service and Other100908070605040302010- Recovery of Tesla Solar deployments in MWOur used Tesla vehicle business continues to grow in total volume and improve financially. The volume in this business is a function of historical new car deliveries, which suggests our used car b

38、usiness has a strong foundation for growth.Additionally, we remain focused on global growth in service capacity, reduced0201820192020Q1-2021annualizedcustomer wait times and improved operational efficiency.Used Tesla vehicle salesVolumeCashProfitProductWe plan to grow our manufacturing capacity as q

39、uickly as possible. Over a multi- year horizon, we expect to achieve 50 % average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in2021. The rate of growth will depend on our equipment capacity, operational efficiency and capacity and stability

40、of the supply chain.We have sufficient liquidity to fund our product roadmap, long- term capacity expansion plans and other expenses.We expect our operating margin will continue to grow over time, continuing to reach industry- leading levels with capacity expansion and localization plans underway.We

41、 are currently building Model Y capacity at Gigafactory Berlin and Gigafactory Texas and remain on track to start production and deliveries from each location in 2021. Gigafactory Shanghai will continue to expand further over time. Tesla Semi deliveries will also begin in 2021.P H O T O S(Unaudited)

42、200,000180 ,000160,0 00140 ,000120,00 010 0,00080 ,00060,00040 ,00020 ,0002Q-20183Q-20184Q-20181Q-20192Q-20193Q-20194Q-20191Q-20202Q-20203Q-20204Q-20201Q-20212Q-20183Q-20184Q-20181Q-20192Q-20193Q-20194Q-20191Q-20202Q-20203Q-20204Q-20201Q-202104.03.02.01.00.0-1.0-2.0-3.0-4.02.01.51.00.50.0-0.5-1.0-1.

43、52Q-20183Q-20184Q-20181Q-20192Q-20193Q-20194Q-20191Q-20202Q-20203Q-20204Q-20201Q-2021-2.0Vehicle Deliveries ( units)Operating Cash Flow ($B) Free Cash Flow ($B)Net income ($B)Adjusted EBITDA ($B)K E YM E T R I C(Unaudited)600,000500,000400,000300 ,000200,00010 0,0000222Q-20183Q-2018ST R AVehicle Del

44、iveries ( units)4Q-20181Q-2019I L I N G2Q-20193Q-20194Q-20191 21Q-2020M O N T H S2Q-20203Q-20204Q-2020( T T M )1Q-20218.06.04.02.00.0-2.0-4.0-6.0-8.02Q-2018Operating Cash Free Cash Flow3Q-20184Q-20181Q-20192Q-2019Flow ($B) ($B)3Q-20194Q-20191Q-20202Q-20203Q-20204Q-20201Q-20218.06.04.02.00.0-2.0-4.0-

45、6.0-8.02Q-20183Q-2018Net income ($B)Adjusted EBITDA ($B)4Q-20181Q-20192Q-20193Q-20194Q-20191Q-20202Q-20203Q-20204Q-20201Q-2021F I N A N C I A LS T A T E M E N T SIn millions of USD or shares as applicable, except per share dataQ1- 2020Q2 - 2020Q3 - 2020Q4 - 2020Q1- 2021REVENUESAutomotive sales4,8934

46、,9117,3469,0348,705Automotive leasing239268265280297Total automotive revenue5,1325,1797,6119,3149,002Energy generation and storage293370579752494Services and other560487581678893Total revenues5,9856,0368,77110 ,74410 ,389COST OF REVENUESAutomotive sales3,6993,7145,3616,9226,457Automotive leasing1221

47、48145148160Total automotive cost of revenues3,8213,8625,5067,0706,617Energy generation and storage282349558787595Services and other648558644821962Total cost of revenues4,7514,7696,7088,6788,174Gross profit1,2341,2672,0632,0662,215OPERATING EXPENSESResearch and development324279366522666Selling, gene

48、ral and administrative6276618889691,0 56Restructuring and other(101)Total operating expenses9519401,2541,4911,621INCOME FROM OPERATIONS283327809575594Interest income1086610Interest expense(169)(170 )(163)(246)(99)Other (expense) income, net(54)(15)(97)4428INCOME BEFORE INCOME TAXES70150555379533Prov

49、ision for income taxes2211868369NET INCOME68129369296464Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries5225382626NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS16104331270438Less: Buy - out of noncontrolling interest31NET INCOME USED IN COMP

50、UTING NET INCOME PER SHARE OF COMMON STOCK16104300270438Net income per share of common stock attributable to common stockholders(1)Basic$0 .02$0 .11$0 .32$0 .28$0 .46Diluted$0 .02$0 .10$0 .27$0 .24$0 .39Weighted average shares used in computing net income per share of common stock(1)Basic91592893795

51、1961Diluted9941,0 361,10 51,1241,133In millions of USD31- Mar - 2030 - Jun - 2030 - Sep - 2031- Dec - 2031- Mar - 21 ASSETSCurrent assetsCash and cash equivalents8,0808,61514,53119,38417,141Accounts receivable, net1,2741,4851,7571,8861,890Inventory4,4944,0 184,2184,1014,132Prepaid expenses and other

52、 current assets1,0 451,2181,2381,3461,542Total current assets14,89315,33621,74426,71724,705Operating lease vehicles, net2,5272,5242,7423,0913,396Solar energy systems, net6,1066,0696,0255,9795,933Property, plant and equipment, net10 ,63811,0 0911,84812,74713,868Operating lease right- of - use assets1

53、,1971,2741,3751,5581,647Digital assets, net1,331Goodwill and intangible assets, net516508521520505Other non - current assets1,3731,4151,4361,5361,587Total assets37,25038,13545,69152,14852,972LIABILITIES AND EQUITYCurrent liabilitiesAccounts payable3,9703,6384,9586,0516,648Accrued liabilities and oth

54、er2,8253,1103,2523,8554,073Deferred revenue1,1861,1301,2581,4581,592Customer deposits788713708752745Current portion of debt and finance leases (1)3,2173,6793,1262,1321,819Total current liabilities11,98612,27013,30214,24814,877Debt and finance leases, net of current portion (1)10 ,66610 ,41610 ,5599,

55、5569,053Deferred revenue, net of current portion1,1991,1981,2331,2841,294Other long - term liabilities2,6672,8703,0493,3303,283Total liabilities26,51826,75428,14328,41828,507Redeemable noncontrolling interests in subsidiaries632613608604601Convertible senior notes60444851Total stockholders equity9,1

56、739,85516,03122,22523,017Noncontrolling interests in subsidiaries867869861850847Total liabilities and equity37,25038,13545,69152,14852,972(1) Breakdown of our debt is as follows:Vehicle and energy product financing (non- recourse)4,0224,0434,1413,9304,323Other non - recourse debt7081,415605630628Rec

57、ourse debt7,6007,1067,4485,6604,483Total debt excluding vehicle and energy product financing8,3088,5218,0536,2905,111Days sales outstanding2021171617Days payable outstanding7573605971In millions of USDQ1- 2020Q2 - 2020Q3 - 2020Q4 - 2020Q1- 2021CASH FLOWS FROM OPERATING ACTIVITIESNet income6812936929

58、6464Adjustments to reconcile net income to net cash (used in) provided by operating activities:Depreciation, amortization and impairment553567584618621Stock - based compensation211347543633614Other175167269230(46)Changes in operating assets and liabilities, net of effect of business combinations(1,4

59、47)(246)6351,242(12)Net cash (used in) provided by operating activities(440 )9642,4003,0191,641CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures(455)(546)(1,0 05)(1,151)(1,348)Purchases of solar energy systems, net of sales(26)(20 )(16)(13)(12)Purchase of intangible assets(5)(5)Receipt of gov

60、ernment grants11226Purchases of digital assets (1,500 )Proceeds from sales of digital assets 272Business combinations, net of cash acquired(13)Net cash used in investing activities(480 )(566)(1,039)(1,047)(2,582)CASH FLOWS FROM FINANCING ACTIVITIESNet cash flows from other debt activities544164(630