TESLA MOTORS 27
TeslaMotors
TeslaMotors Inc.
FinancialStatements
TeslaMotors, Inc.
ConsolidatedBalance Sheets
(inthousands)
 
|
  |
  |
December 31, |
  |
  |
December 31, |
  |
||
|
  |
  |
2015 |
  |
  |
2014 |
  |
||
|
Assets |
  |
  |
  |
  |
  |
  |
  |
  |
|
Current assets |
  |
  |
  |
  |
  |
  |
  |
  |
|
Cash and cash equivalents |
  |
$ |
1,196,908 |
  |
  |
$ |
1,905,713 |
  |
|
Restricted cash and marketable securities |
  |
  |
22,628 |
  |
  |
  |
17,947 |
  |
|
Accounts receivable |
  |
  |
168,965 |
  |
  |
  |
226,604 |
  |
|
Inventory |
  |
  |
1,277,838 |
  |
  |
  |
953,675 |
  |
|
Prepaid expenses and other current assets |
  |
  |
125,229 |
  |
  |
  |
76,134 |
  |
|
Total current assets |
  |
  |
2,791,568 |
  |
  |
  |
3,180,073 |
  |
|
Operating lease vehicles, net |
  |
  |
1,791,403 |
  |
  |
  |
766,744 |
  |
|
Property, plant and equipment, net |
  |
  |
3,403,334 |
  |
  |
  |
1,829,267 |
  |
|
Restricted cash |
  |
  |
31,522 |
  |
  |
  |
11,374 |
  |
|
Other assets |
  |
  |
74,633 |
  |
  |
  |
43,209 |
  |
|
Total assets |
  |
$ |
8,092,460 |
  |
  |
$ |
5,830,667 |
  |
|
Liabilities and Stockholders` Equity |
  |
  |
  |
  |
  |
  |
  |
  |
|
Current liabilities |
  |
  |
  |
  |
  |
  |
  |
  |
|
Accounts payable |
  |
$ |
916,148 |
  |
  |
$ |
777,946 |
  |
|
Accrued liabilities |
  |
  |
422,798 |
  |
  |
  |
268,883 |
  |
|
Deferred revenue |
  |
  |
423,961 |
  |
  |
  |
191,651 |
  |
|
Resale value guarantees |
  |
  |
136,831 |
  |
  |
  |
— |
  |
|
Customer deposits |
  |
  |
283,370 |
  |
  |
  |
257,587 |
  |
|
Long-term debt and capital leases |
  |
  |
633,166 |
  |
  |
  |
611,099 |
  |
|
Total current liabilities |
  |
  |
2,816,274 |
  |
  |
  |
2,107,166 |
  |
|
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
Deferred revenue |
  |
  |
446,105 |
  |
  |
  |
292,271 |
  |
|
Long-term debt and capital leases |
  |
  |
2,040,375 |
  |
  |
  |
1,818,785 |
  |
|
Resale value guarantee |
  |
  |
1,293,741 |
  |
  |
  |
487,879 |
  |
|
Other long-term liabilities |
  |
  |
364,976 |
  |
  |
  |
154,660 |
  |
|
Total liabilities |
  |
  |
6,961,471 |
  |
  |
  |
4,860,761 |
  |
|
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
Convertible senior notes (Notes 8) |
  |
  |
42,045 |
  |
  |
  |
58,196 |
  |
|
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 as of    December 31, 2015 and 2014, respectively  131,425 and 125,688    shares issued and outstanding as of December 31, 2015 and 2014, respectively |
  |
  |
131 |
  |
  |
  |
126 |
  |
|
Additional paid-in capital |
  |
  |
3,414,692 |
  |
  |
  |
2,345,266 |
  |
|
Accumulated other comprehensive loss |
  |
  |
(3,556 |
) |
  |
  |
(22 |
) |
|
Accumulated deficit |
  |
  |
(2,322,323 |
) |
  |
  |
(1,433,660 |
) |
|
Total stockholders` equity |
  |
  |
1,088,944 |
  |
  |
  |
911,710 |
  |
|
Total liabilities and stockholders` equity |
  |
$ |
8,092,460 |
  |
  |
$ |
5,830,667 |
  |
TeslaMotors, Inc. 
ConsolidatedStatements of Operations
(inthousands, except per share data)
 
|
  |
  |
Year Ended December 31, |
  |
||||||||||
|
  |
  |
2015 |
  |
  |
2014 |
  |
  |
2013 |
  |
||||
|
Revenues |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
|
Automotive |
  |
$ |
3,740,973 |
  |
  |
$ |
3,007,012 |
  |
  |
$ |
1,921,877 |
  |
|
|
Services and other |
  |
  |
305,052 |
  |
  |
  |
191,344 |
  |
  |
  |
91,619 |
  |
|
|
Total revenues |
  |
  |
4,046,025 |
  |
  |
  |
3,198,356 |
  |
  |
  |
2,013,496 |
  |
|
|
Cost of revenues |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
|
Automotive |
  |
  |
2,823,302 |
  |
  |
  |
2,145,749 |
  |
  |
  |
1,483,321 |
  |
|
|
Services and other |
  |
  |
299,220 |
  |
  |
  |
170,936 |
  |
  |
  |
73,913 |
  |
|
|
Total cost of revenues |
  |
  |
3,122,522 |
  |
  |
  |
2,316,685 |
  |
  |
  |
1,557,234 |
  |
|
|
Gross profit |
  |
  |
923,503 |
  |
  |
  |
881,671 |
  |
  |
  |
456,262 |
  |
|
|
Operating expenses |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
|
Research and development |
  |
  |
717,900 |
  |
  |
  |
464,700 |
  |
  |
  |
231,976 |
  |
|
|
Selling, general and administrative |
  |
  |
922,232 |
  |
  |
  |
603,660 |
  |
  |
  |
285,569 |
  |
|
|
Total operating expenses |
  |
  |
1,640,132 |
  |
  |
  |
1,068,360 |
  |
  |
  |
517,545 |
  |
|
|
Loss from operations |
  |
  |
(716,629 |
) |
  |
  |
(186,689 |
) |
  |
  |
(61,283 |
) |
|
|
Interest income |
  |
  |
1,508 |
  |
  |
  |
1,126 |
  |
  |
  |
189 |
  |
|
|
Interest expense |
  |
  |
(118,851 |
) |
  |
  |
(100,886 |
) |
  |
  |
(32,934 |
) |
|
|
Other income (expense), net |
  |
  |
(41,652 |
) |
  |
  |
1,813 |
  |
  |
  |
22,602 |
  |
|
|
Loss before income taxes |
  |
  |
(875,624 |
) |
  |
  |
(284,636 |
) |
  |
  |
(71,426 |
) |
|
|
Provision for income taxes |
  |
  |
13,039 |
  |
  |
  |
9,404 |
  |
  |
  |
2,588 |
  |
|
|
Net loss |
  |
$ |
(888,663 |
) |
  |
$ |
(294,040 |
) |
  |
$ |
(74,014 |
) |
|
|
Net loss per share of common stock, basic and diluted |
  |
$ |
(6.93 |
) |
  |
$ |
(2.36 |
) |
  |
$ |
(0.62 |
) |
|
|
Weighted average shares used in computing net loss per share of    common stock, basic and diluted |
  |
  |
128,202 |
  |
  |
  |
124,539 |
  |
  |
  |
119,421 |
  |
|
TeslaMotors, Inc.
ConsolidatedStatements of Comprehensive Loss
(inthousands) 
|
  |
  |
Year Ended December 31, |
  |
||||||||||
|
  |
  |
2015 |
  |
  |
2014 |
  |
  |
2013 |
  |
||||
|
Net loss |
  |
$ |
(888,663 |
) |
  |
$ |
(294,040 |
) |
  |
$ |
(74,014 |
) |
|
|
Other comprehensive income (loss), net of tax: |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|
|
Unrealized gain (loss) on derivatives and short-term marketable securities |
  |
  |
7,465 |
  |
  |
  |
(22 |
) |
  |
  |
— |
  |
|
|
Foreign currency translation adjustment |
  |
  |
(10,999 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
|
|
Other comprehensive income (loss) |
  |
  |
(3,534 |
) |
  |
  |
(22 |
) |
  |
  |
— |
  |
|
|
Comprehensive loss |
  |
$ |
(892,197 |
) |
  |
$ |
(294,062 |
) |
  |
$ |
(74,014 |
) |
|
TeslaMotors, Inc.
ConsolidatedStatements of Stockholders’ Equity
(inthousands, except per share data) 
|
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
Accumulated |
  |
  |
  |
  |
  |
|||||||||||||||
|
  |
  |
Common Stock |
  |
  |
Additional |
  |
  |
  |
  |
  |
  |
Other |
  |
  |
Total |
  |
||||||||||||||||||||||
|
  |
  |
  |
  |
  |
Paid-In |
  |
  |
Accumulated |
  |
  |
Comprehensive |
  |
  |
Stockholders` |
  |
|||||||||||||||||||||||
|
  |
  |
Shares |
  |
  |
Amount |
  |
  |
Capital |
  |
  |
Deficit |
  |
  |
Loss |
  |
  |
Equity |
  |
||||||||||||||||||||
|
Balance as of December 31, 2012 |
  |
  |
114,214 |
  |
  |
$ |
115 |
  |
  |
$ |
1,190,191 |
  |
  |
$ |
(1,065,606 |
) |
  |
  |
— |
  |
  |
$ |
124,700 |
  |
||||||||||||||
|
Issuance of common stock in May 2013 public offering at    $92.20 per share, net of issuance costs of $6,367 |
  |
  |
3,903 |
  |
  |
  |
3 |
  |
  |
  |
353,629 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
353,632 |
  |
||||||||||||||
|
Issuance of common stock in May 2013 concurrent private    placements at $92.20 per share |
  |
  |
596 |
  |
  |
  |
1 |
  |
  |
  |
55,000 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
55,001 |
  |
||||||||||||||
|
Conversion feature of convertible senior notes due 2018 |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
82,842 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
82,842 |
  |
||||||||||||||
|
Purchase of bond hedges |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(177,540 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(177,540 |
) |
||||||||||||||
|
Sales of warrant |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
120,318 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
120,318 |
  |
||||||||||||||
|
Issuance of common stock upon exercise of stock options |
  |
  |
3,853 |
  |
  |
  |
3 |
  |
  |
  |
82,570 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
82,573 |
  |
||||||||||||||
|
Issuance of common stock upon release of restricted stock    units, net of shares withheld for employee taxes |
  |
  |
6 |
  |
  |
  |
— |
  |
  |
  |
(1,116 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(1,116 |
) |
||||||||||||||
|
Issuance of common stock under employee stock purchase    plan |
  |
  |
519 |
  |
  |
  |
1 |
  |
  |
  |
13,848 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
13,849 |
  |
||||||||||||||
|
Stock-based compensation |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
86,875 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
86,875 |
  |
||||||||||||||
|
Net loss |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(74,014 |
) |
  |
  |
— |
  |
  |
  |
(74,014 |
) |
||||||||||||||
|
Balance as of December 31, 2013 |
  |
  |
123,091 |
  |
  |
  |
123 |
  |
  |
  |
1,806,617 |
  |
  |
  |
(1,139,620 |
) |
  |
  |
— |
  |
  |
  |
667,120 |
  |
||||||||||||||
|
Conversion feature of convertible senior notes due    2019 and 2021 |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
548,603 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
548,603 |
  |
||||||||||||||
|
Purchase of bond hedges |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(603,428 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(603,428 |
) |
||||||||||||||
|
Sales of warrant |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
389,160 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
389,160 |
  |
||||||||||||||
|
Reclass from equity to mezzanine equity |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(58,199 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(58,199 |
) |
||||||||||||||
|
Issuance of common stock upon exercise of stock options |
  |
  |
2,267 |
  |
  |
  |
2 |
  |
  |
  |
72,053 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
72,055 |
  |
||||||||||||||
|
Issuance of common stock upon release of restricted stock    units, net of shares withheld for employee taxes |
  |
  |
166 |
  |
  |
  |
1 |
  |
  |
  |
(190 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(189 |
) |
||||||||||||||
|
Issuance of common stock under employee stock purchase    plan |
  |
  |
164 |
  |
  |
  |
— |
  |
  |
  |
28,571 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
28,571 |
  |
||||||||||||||
|
Stock-based compensation |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
162,079 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
162,079 |
  |
||||||||||||||
|
Comprehensive loss: |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
||||||||||||||
|
Net loss |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
(294,040 |
) |
  |
  |
  |
  |
  |
  |
(294,040 |
) |
||||||||||||||
|
Other comprehensive loss |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(22 |
) |
  |
  |
(22 |
) |
||||||||||||||
|
Balance as of December 31, 2014 |
  |
  |
125,688 |
  |
  |
$ |
126 |
  |
  |
$ |
2,345,266 |
  |
  |
$ |
(1,433,660 |
) |
  |
$ |
(22 |
) |
  |
$ |
911,710 |
  |
||||||||||||||
|
Conversion feature of convertible senior notes due    2018 |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
16,150 |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
16,150 |
  |
||||||||||||||
|
Conversion feature of convertible senior notes due    2019 and 2021 |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
||||||||||||||
|
Issuance of common stock in August 2015 secondary    public offering at $242 per share, net of issuance costs of    $11,122 |
  |
  |
3,099 |
  |
  |
  |
3 |
  |
  |
  |
738,405 |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
738,408 |
  |
||||||||||||||
|
Issuance of common stock upon exercise of stock options |
  |
  |
2,012 |
  |
  |
  |
2 |
  |
  |
  |
68,999 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
69,001 |
  |
||||||||||||||
|
Issuance of common stock upon release of restricted stock    units, net of shares withheld for employee taxes |
  |
  |
405 |
  |
  |
  |
— |
  |
  |
  |
(4 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(4 |
) |
||||||||||||||
|
Issuance of common stock under employee stock purchase    plan |
  |
  |
221 |
  |
  |
  |
— |
  |
  |
  |
37,538 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
37,538 |
  |
||||||||||||||
|
Stock-based compensation |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
208,338 |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
208,338 |
  |
||||||||||||||
|
Comprehensive loss: |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
||||||||||||||
|
Net loss |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
(888,663 |
) |
  |
  |
  |
  |
  |
  |
(888,663 |
) |
||||||||||||||
|
Other comprehensive loss |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(3,534 |
) |
  |
  |
(3,534 |
) |
||||||||||||||
|
Balance as of December 31, 2015 |
  |
  |
131,425 |
  |
  |
$ |
131 |
  |
  |
$ |
3,414,692 |
  |
  |
$ |
(2,322,323 |
) |
  |
$ |
(3,556 |
) |
  |
$ |
1,088,944 |
  |
||||||||||||||
TeslaMotors, Inc. 
ConsolidatedStatements of Cash Flows
(inthousands)
|
  |
  |
Year Ended December 31, |
  |
||||||||||||||||
|
  |
  |
2015 |
  |
  |
2014 |
  |
  |
2013 |
  |
||||||||||
|
Cash Flows From Operating Activities |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Net loss |
  |
$ |
(888,663 |
) |
  |
$ |
(294,040 |
) |
  |
$ |
(74,014 |
) |
|||||||
|
Adjustments to reconcile net loss to net cash provided by (used in)    operating activities: |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Depreciation and amortization |
  |
  |
422,590 |
  |
  |
  |
231,931 |
  |
  |
  |
106,083 |
  |
|||||||
|
Stock-based compensation |
  |
  |
197,999 |
  |
  |
  |
156,496 |
  |
  |
  |
80,737 |
  |
|||||||
|
Amortization of discount on convertible debt |
  |
  |
72,063 |
  |
  |
  |
69,734 |
  |
  |
  |
9,143 |
  |
|||||||
|
Inventory write-downs |
  |
  |
44,940 |
  |
  |
  |
15,609 |
  |
  |
  |
8,918 |
  |
|||||||
|
Amortization of Department of Energy (DOE) loan origination costs |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
5,558 |
  |
|||||||
|
Change in fair value of DOE warrant liability |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(10,692 |
) |
|||||||
|
Fixed asset disposal |
  |
  |
37,723 |
  |
  |
  |
14,178 |
  |
  |
  |
1,796 |
  |
|||||||
|
Other non-cash operating activities |
  |
  |
26,373 |
  |
  |
  |
7,471 |
  |
  |
  |
1,815 |
  |
|||||||
|
Foreign currency transaction (gain) loss |
  |
  |
55,765 |
  |
  |
  |
(1,891 |
) |
  |
  |
(13,498 |
) |
|||||||
|
Changes in operating assets and liabilities |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Accounts receivable |
  |
  |
46,267 |
  |
  |
  |
(183,658 |
) |
  |
  |
(21,705 |
) |
|||||||
|
Inventories and operating lease vehicles |
  |
  |
(1,573,860 |
) |
  |
  |
(1,050,264 |
) |
  |
  |
(460,561 |
) |
|||||||
|
Prepaid expenses and other current assets |
  |
  |
(29,595 |
) |
  |
  |
(60,637 |
) |
  |
  |
(17,533 |
) |
|||||||
|
Other assets |
  |
  |
(24,362 |
) |
  |
  |
(4,493 |
) |
  |
  |
(434 |
) |
|||||||
|
Accounts payable and accrued liabilities |
  |
  |
263,345 |
  |
  |
  |
414,856 |
  |
  |
  |
87,413 |
  |
|||||||
|
Deferred revenue |
  |
  |
322,203 |
  |
  |
  |
209,681 |
  |
  |
  |
268,098 |
  |
|||||||
|
Customer deposits |
  |
  |
36,721 |
  |
  |
  |
106,230 |
  |
  |
  |
24,354 |
  |
|||||||
|
Resale value guarantee |
  |
  |
442,295 |
  |
  |
  |
249,492 |
  |
  |
  |
236,299 |
  |
|||||||
|
Other long-term liabilities |
  |
  |
23,697 |
  |
  |
  |
61,968 |
  |
  |
  |
33,027 |
  |
|||||||
|
Net cash provided by (used in) operating activities |
  |
  |
(524,499 |
) |
  |
  |
(57,337 |
) |
  |
  |
264,804 |
  |
|||||||
|
Cash Flows From Investing Activities |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Purchases of property and equipment excluding capital leases |
  |
  |
(1,634,850 |
) |
  |
  |
(969,885 |
) |
  |
  |
(264,224 |
) |
|||||||
|
Withdrawals out of our dedicated DOE account, net |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
14,752 |
  |
|||||||
|
(Increase) decrease in other restricted cash |
  |
  |
(26,441 |
) |
  |
  |
(3,849 |
) |
  |
  |
55 |
  |
|||||||
|
Purchases of short-term marketable securities |
  |
  |
— |
  |
  |
  |
(205,841 |
) |
  |
  |
— |
  |
|||||||
|
Maturities of short-term marketable securities |
  |
  |
— |
  |
  |
  |
189,131 |
  |
  |
  |
— |
  |
|||||||
|
Business acquisition |
  |
  |
(12,260 |
) |
  |
  |
— |
  |
  |
  |
— |
  |
|||||||
|
Net cash used in investing activities |
  |
  |
(1,673,551 |
) |
  |
  |
(990,444 |
) |
  |
  |
(249,417 |
) |
|||||||
|
Cash Flows From Financing Activities |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Proceeds from issuance of convertible and other debt |
  |
  |
318,972 |
  |
  |
  |
2,300,000 |
  |
  |
  |
660,000 |
  |
|||||||
|
Proceeds from issuance of common stock in public offering |
  |
  |
730,000 |
  |
  |
  |
— |
  |
  |
  |
360,000 |
  |
|||||||
|
Proceeds from issuance of warrants |
  |
  |
— |
  |
  |
  |
389,160 |
  |
  |
  |
120,318 |
  |
|||||||
|
Proceeds from exercise of stock options and other stock issuances |
  |
  |
106,611 |
  |
  |
  |
100,455 |
  |
  |
  |
95,307 |
  |
|||||||
|
Proceeds from issuance of common stock in private placement |
  |
  |
20,000 |
  |
  |
  |
— |
  |
  |
  |
55,000 |
  |
|||||||
|
Principal payments on DOE loans |
  |
  |
— |
  |
  |
  |
— |
  |
  |
  |
(452,337 |
) |
|||||||
|
Purchase of convertible note hedges |
  |
  |
— |
  |
  |
  |
(603,428 |
) |
  |
  |
(177,540 |
) |
|||||||
|
Common stock and convertible debt issuance costs |
  |
  |
(17,025 |
) |
  |
  |
(35,149 |
) |
  |
  |
(16,901 |
) |
|||||||
|
Principal payments on capital leases and other debt |
  |
  |
(203,780 |
) |
  |
  |
(11,179 |
) |
  |
  |
(8,425 |
) |
|||||||
|
Collateralized lease borrowing |
  |
  |
568,745 |
  |
  |
  |
3,271 |
  |
  |
  |
— |
  |
|||||||
|
Net cash provided by financing activities |
  |
  |
1,523,523 |
  |
  |
  |
2,143,130 |
  |
  |
  |
635,422 |
  |
|||||||
|
Effect of exchange rate changes on cash and cash equivalents |
  |
  |
(34,278 |
) |
  |
  |
(35,525 |
) |
  |
  |
(6,810 |
) |
|||||||
|
Net increase (decrease) in cash and cash equivalents |
  |
  |
(708,805 |
) |
  |
  |
1,059,824 |
  |
  |
  |
643,999 |
  |
|||||||
|
Cash and cash equivalents at beginning of period |
  |
  |
1,905,713 |
  |
  |
  |
845,889 |
  |
  |
  |
201,890 |
  |
|||||||
|
Cash and cash equivalents at end of period |
  |
$ |
1,196,908 |
  |
  |
$ |
1,905,713 |
  |
  |
$ |
845,889 |
  |
|||||||
|
Supplemental Disclosures |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Interest paid |
  |
$ |
32,060 |
  |
  |
$ |
20,539 |
  |
  |
$ |
9,041 |
  |
|||||||
|
Income taxes paid |
  |
  |
9,461 |
  |
  |
  |
3,120 |
  |
  |
  |
257 |
  |
|||||||
|
Supplemental noncash investing activities |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
  |
|||||||
|
Acquisition of property and equipment included in accounts payable    and accrued liabilities |
  |
  |
267,334 |
  |
  |
  |
254,393 |
  |
  |
  |
38,789 |
  |
|||||||
|
Estimated fair market value of facilities under build-to-suit lease |
  |
  |
174,749 |
  |
  |
  |
50,076 |
  |
  |
  |
— |
  |
|||||||
Category:Revenue and Net Income
What was the corporation`s net sales, cost of goods sold, and gross profit?
Fromthe above financial statements, the corporation’s net sales for thefinancial year ending 31stDecember 2015 stood at USD 4,045,845,000. This is the total ofautomotive sales and services and other products, i.e. USD3,740,973,000 + USD 305,052,000
Costof goods sold (COGS) will be arrived at by summing the cost of goodssold per every revenue line automotive, and services and other.
Thus,COGS= USD 2,823,302,000 + USD 299,220,000
=USD 3,122,522,000
Thegross profit stood at USD 923,503,000
Category:Comprehensive Income
What is the account and amount of the top line item on the Statement (or Consolidated Statement) of Comprehensive Income?
Thetop line item is automotive. The revenue line fetched USD3,740,973,000 in revenues for the financial year ending (FYE) 31stDecember 2015.
Category: Analysis
1. Calculate the following ratios for the most recent year and commenton the results of your ratio analysis.
a.Gross profit margin
GrossProfit Margin = Gross profit ÷ Revenues
=923,503,000÷ 4,045,845,000
=0.2283
Grossprofit margin stands at 22.83%. This means that 22.83% of revenues isleft over after accounting for the cost of goods sold. This being avehicle manufacturer, the ratio depicts the company is financiallyhealthy.
b.Net profit margin
NetProfit Margin = Net Profit ÷ Total Revenues
=(886,663,000) ÷ 4,045,845,000
=-0.2192
Netprofit margin for the corporation for FYE 2015 is -21.92%. Thisimplies that no percentage of revenues made it all the way to thebottom line the company made a loss instead, hence the negative netprofit margin.
c.Times interest earned
TimesInterest Earned (TIE) = EBITDA ÷ Interest Expense
Fromthe consolidated statement of operations above, TIE = (715,121,000) ÷118,851,000
=-6.017
Thismeans that the corporation is incapable of covering its interestcharges from their earnings before tax and unusual items. This can beattributed to the operating loss the company made.
Respondto one or more question(s) from each of the three categories below.
Category:Stock Market
1. What was the closing price of your corporation`s stock on the firstday of class and the day before you are posting this response?
Closingstock price on day before submission of paper: $ 196.51
Category:Assets and Liabilities
1. What were total current assets?
Totalcurrent assets for the year ending December 31st2015 was USD 2,791,568,000
Category:Analysis
1. Calculate the following ratios for the most recent year and commenton the results of your ratio analysis.
a.Current ratio
Currentratio =
=2,791,568,0002,816,274,000
=0.99
Thecurrent ratio of 0.99 implies the company is able to meet 99% oftheir current obligations. This is a healthy position to be in. Theyhave managed to keep their current obligations in check.
b.Quick ratio
Quickratio is calculated by dividing current assets (less stock) bycurrent liabilities.
QuickRatio = (Current assets-stock) Current liabilities
=(2,791,568,000– 1,277,838,000) ÷ 2,816,274,000
=0.54
Thisimplies that Inc. can meet up to 54% of their short termobligations in case their stock is not sold on time (Needles &Powers, 2013). This quick ratio is not that appealing however,considering the line of business of the company, where stock formsabout 46% of their current assets, they are not badly off.
c.Debt to assets
DebtRatio = Total Debt ÷ Total Assets
=6,961,471,000÷ 8,092,460,000
=0.86
Thisimplies that 86% of the company’s assets are financed by debt. Thisratio is too high it signals a financial risk to the company sinceall debts have to be settled at their due time.
Category:Capital stock
Describe the composition of your corporation`s contributed capital [Hint: contributed capital includes common and preferred stock plus any paid in capital in excess of par (or stated value)].
Thecompany has a common stock of 2,000,000,000 authorized shares at parvalue of USD 0.001. However, as of 31stDecember 2015 issued common stock is 131,425,000 shares at par valueof USD 0.001, translating to USD 131,000. Additional paid in capitalwas USD 3,414,692,000. After discounting the accumulated othercomprehensive loss and accumulated deficit, total contributed capitalstands at USD 1,088,944,000
3. Discuss Treasury Stock transactions during the current year, if any.
Thecompany used the treasury stock method to calculate any potentialdilutive effect of the conversion spread on diluted net income pershare. This was to settle the principal amount of ’outstanding convertible senior notes in cash.
Category:Operating Activities
1. Describe where Net Income is shown on the Statement of Cash Flowsand state the amount. Refer back to the Income Statement to verifythe amounts reported for Net Income are equal.
Thenet loss is at the beginning of the cash flow statement. It is USD888,663,000. The figure corresponds to the one on the statement ofoperations.
What amount(s) is reported for depreciation and or amortization?
Theamount is USD 422,590,000
Are any gains or losses reported on the Statement of Cash Flows? If so, provide a summary of transaction(s) that resulted in the gains and or losses. [Hint: you may need to review the Notes to Financial Statements to learn which transactions resulted in gains/losses].
Thereis a foreign exchange loss of USD 55,765,000 reported.
Category:Investing and Financing Activities
1.Discuss any investment(s) (type and amount) purchased, sold, orretired during the current period?
Purchasesof property and equipment excluding capital leases USD 1,634,850,000
Purchasesof short-term marketable securities USD 26,441,000
Businessacquisition USD 12,260,000
Describe financing activities used by your corporation to increase cash (or other assets).
Thecorporation issued convertible and other debts issued common stockin public offering issued common stock in private placement andexercised stock options.
Discuss financing activities that reduced cash.
Issuanceof common stock and convertible debt led to costs and paymentprincipal on capital leases and other debt.
Category: Analysis
1. Calculate the following ratio for the most current year and commenton the results of your ratio analysis.
a.Free cash flow
Basedon the data we have in the cash flow statement,
FreeCash Flow = Operating Cash Flow – Investment Expenditures
=(524,499,000) – 1,673,551,000
=USD-2,198,050,000
Thenegative free cash flow indicates that the company does not have cashto expand,buy back stock or pay its debts. It is not a healthyposition to be in.
References
Needles,Belverd E. Powers, Marian (2013).Principles of Financial Accounting.Financial Accounting Series (12 ed.). Cengage Learning.
Roca,L. C., & Searcy, C. (2012). An analysis of indicators disclosedin corporate sustainability reports. Journal of Cleaner Production,20(1), 103-118.
TeslaMotors Incorporation 2015 Annual Report. Retrieved on 15.10.2016 from http://ir.tesla.com/secfiling.cfm?filingID=1564590-16-13195&CIK=1318605#TSLA- 10K_20151231_HTM_ITEM_8