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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, 2020

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 20, 2020, there were 947,900,733 shares of the registrant’s common stock outstanding.

 

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020

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 Flow

 

9

 

 

Notes to Consolidated Financial Statements

 

10

Item 2.

 

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

 

34

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

48

Item 4

 

Control and Procedures

 

48

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

49

Item 1A.

 

Risk Factors

 

50

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 3

 

Defaults Upon Senior Securities

 

63

Item 4.

 

Mine Safety Disclosures

 

63

Item 5.

 

Other Information

 

63

Item 6.

 

Exhibits

 

64

 

 

 

SIGNATURES

 

66

 

 

 

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, 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 per share data)

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,531

 

 

$

6,268

 

Accounts receivable, net

 

 

1,757

 

 

 

1,324

 

Inventory

 

 

4,218

 

 

 

3,552

 

Prepaid expenses and other current assets

 

 

1,238

 

 

 

959

 

Total current assets

 

 

21,744

 

 

 

12,103

 

Operating lease vehicles, net

 

 

2,742

 

 

 

2,447

 

Solar energy systems, net

 

 

6,025

 

 

 

6,138

 

Property, plant and equipment, net

 

 

11,848

 

 

 

10,396

 

Operating lease right-of-use assets

 

 

1,375

 

 

 

1,218

 

Intangible assets, net

 

 

318

 

 

 

339

 

Goodwill

 

 

203

 

 

 

198

 

Other non-current assets

 

 

1,436

 

 

 

1,470

 

Total assets

 

$

45,691

 

 

$

34,309

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,958

 

 

$

3,771

 

Accrued liabilities and other

 

 

3,252

 

 

 

3,222

 

Deferred revenue

 

 

1,258

 

 

 

1,163

 

Customer deposits

 

 

708

 

 

 

726

 

Current portion of debt and finance leases

 

 

3,126

 

 

 

1,785

 

Total current liabilities

 

 

13,302

 

 

 

10,667

 

Debt and finance leases, net of current portion

 

 

10,559

 

 

 

11,634

 

Deferred revenue, net of current portion

 

 

1,233

 

 

 

1,207

 

Other long-term liabilities

 

 

3,049

 

 

 

2,691

 

Total liabilities

 

 

28,143

 

 

 

26,199

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

608

 

 

 

643

 

Convertible senior notes (Note 10)

 

 

48

 

 

 

 

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; 948 and

   905 shares issued and outstanding as of September 30, 2020 and December 31,

   2019, respectively (1)

 

 

1

 

 

 

1

 

Additional paid-in capital (1)

 

 

21,574

 

 

 

12,736

 

Accumulated other comprehensive income (loss)

 

 

125

 

 

 

(36

)

Accumulated deficit

 

 

(5,669

)

 

 

(6,083

)

Total stockholders' equity

 

 

16,031

 

 

 

6,618

 

Noncontrolling interests in subsidiaries

 

 

861

 

 

 

849

 

Total liabilities and equity

 

$

45,691

 

 

$

34,309

 

 

(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. See Note 1, Overview for details.

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

7,346

 

 

$

5,132

 

 

$

17,150

 

 

$

13,809

 

Automotive leasing

 

 

265

 

 

 

221

 

 

 

772

 

 

 

644

 

Total automotive revenues

 

 

7,611

 

 

 

5,353

 

 

 

17,922

 

 

 

14,453

 

Energy generation and storage

 

 

579

 

 

 

402

 

 

 

1,242

 

 

 

1,095

 

Services and other

 

 

581

 

 

 

548

 

 

 

1,628

 

 

 

1,646

 

Total revenues

 

 

8,771

 

 

 

6,303

 

 

 

20,792

 

 

 

17,194

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

5,361

 

 

 

4,014

 

 

 

12,774

 

 

 

11,124

 

Automotive leasing

 

 

145

 

 

 

117

 

 

 

415

 

 

 

340

 

Total automotive cost of revenues

 

 

5,506

 

 

 

4,131

 

 

 

13,189

 

 

 

11,464

 

Energy generation and storage

 

 

558

 

 

 

314

 

 

 

1,189

 

 

 

956

 

Services and other

 

 

644

 

 

 

667

 

 

 

1,850

 

 

 

2,096

 

Total cost of revenues

 

 

6,708

 

 

 

5,112

 

 

 

16,228

 

 

 

14,516

 

Gross profit

 

 

2,063

 

 

 

1,191

 

 

 

4,564

 

 

 

2,678

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

366

 

 

 

334

 

 

 

969

 

 

 

998

 

Selling, general and administrative

 

 

888

 

 

 

596

 

 

 

2,176

 

 

 

1,947

 

Restructuring and other

 

 

 

 

 

 

 

 

 

 

 

161

 

Total operating expenses

 

 

1,254

 

 

 

930

 

 

 

3,145

 

 

 

3,106

 

Income (loss) from operations

 

 

809

 

 

 

261

 

 

 

1,419

 

 

 

(428

)

Interest income

 

 

6

 

 

 

15

 

 

 

24

 

 

 

34

 

Interest expense

 

 

(163

)

 

 

(185

)

 

 

(502

)

 

 

(515

)

Other (expense) income, net

 

 

(97

)

 

 

85

 

 

 

(166

)

 

 

70

 

Income (loss) before income taxes

 

 

555

 

 

 

176

 

 

 

775

 

 

 

(839

)

Provision for income taxes

 

 

186

 

 

 

26

 

 

 

209

 

 

 

68

 

Net income (loss)

 

 

369

 

 

 

150

 

 

 

566

 

 

 

(907

)

Net income attributable to noncontrolling interests and

   redeemable noncontrolling interests in subsidiaries

 

 

38

 

 

 

7

 

 

 

115

 

 

 

60

 

Net income (loss) attributable to common stockholders

 

$

331

 

 

$

143

 

 

$

451

 

 

$

(967

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Buy-out of noncontrolling interest

 

 

31

 

 

 

-

 

 

 

31

 

 

 

8

 

Net income (loss) used in computing net

   income (loss) per share of common stock

 

$

300

 

 

$

143

 

 

$

420

 

 

$

(975

)

Net income (loss) per share of common stock attributable

   to common stockholders (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.16

 

 

$

0.45

 

 

$

(1.11

)

Diluted

 

$

0.27

 

 

$

0.16

 

 

$

0.40

 

 

$

(1.11

)

Weighted average shares used in computing net

   income (loss) per share of common stock (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

937

 

 

 

897

 

 

 

927

 

 

 

882

 

Diluted

 

 

1,105

 

 

 

922

 

 

 

1,059

 

 

 

882

 

 

(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. See Note 1, Overview for details.

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

369

 

 

$

150

 

 

$

566

 

 

$

(907

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

165

 

 

 

(114

)

 

 

161

 

 

 

(112

)

Comprehensive income (loss)

 

 

534

 

 

 

36

 

 

 

727

 

 

 

(1,019

)

Less: Comprehensive income attributable to

   noncontrolling interests and redeemable

   noncontrolling interests in subsidiaries

 

 

38

 

 

 

7

 

 

 

115

 

 

 

60

 

Comprehensive income (loss) attributable to common stockholders

 

$

496

 

 

$

29

 

 

$

612

 

 

$

(1,079

)

 

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, 2019

 

Interests

 

 

 

Shares (1)

 

 

Amount (1)

 

 

Capital (1)

 

 

Deficit

 

 

Loss

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of June 30, 2019

 

$

580

 

 

 

 

896

 

 

$

1

 

 

$

12,051

 

 

$

(6,331

)

 

$

(6

)

 

$

5,715

 

 

$

854

 

 

$

6,569

 

Issuance of common stock for equity incentive awards and acquisitions,

   net of transaction costs

 

 

 

 

 

 

5

 

 

 

0

 

 

 

79

 

 

 

 

 

 

 

 

 

79

 

 

 

 

 

 

79

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

 

217

 

Contributions from noncontrolling interests