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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, 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 October 21, 2021, there were 1,004,264,852 shares of the registrant’s common stock outstanding.

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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

 

30

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

Item 4.

 

Controls and Procedures

 

42

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

43

Item 1A.

 

Risk Factors

 

44

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

57

Item 3.

 

Defaults Upon Senior Securities

 

57

Item 4.

 

Mine Safety Disclosures

 

57

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, competition, future operations and production capacity, 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)

 

 

 

September 30,

 

 

 December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,065

 

 

$

19,384

 

Short-term marketable securities

 

 

30

 

 

 

 

Accounts receivable, net

 

 

1,962

 

 

 

1,886

 

Inventory

 

 

5,199

 

 

 

4,101

 

Prepaid expenses and other current assets

 

 

1,746

 

 

 

1,346

 

Total current assets

 

 

25,002

 

 

 

26,717

 

Operating lease vehicles, net

 

 

4,167

 

 

 

3,091

 

Solar energy systems, net

 

 

5,821

 

 

 

5,979

 

Property, plant and equipment, net

 

 

17,298

 

 

 

12,747

 

Operating lease right-of-use assets

 

 

1,962

 

 

 

1,558

 

Digital assets, net

 

 

1,260

 

 

 

 

Intangible assets, net

 

 

269

 

 

 

313

 

Goodwill

 

 

201

 

 

 

207

 

Other non-current assets

 

 

1,854

 

 

 

1,536

 

Total assets

 

$

57,834

 

 

$

52,148

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

8,260

 

 

$

6,051

 

Accrued liabilities and other

 

 

5,443

 

 

 

3,855

 

Deferred revenue

 

 

1,801

 

 

 

1,458

 

Customer deposits

 

 

831

 

 

 

752

 

Current portion of debt and finance leases

 

 

1,716

 

 

 

2,132

 

Total current liabilities

 

 

18,051

 

 

 

14,248

 

Debt and finance leases, net of current portion

 

 

6,438

 

 

 

9,556

 

Deferred revenue, net of current portion

 

 

1,365

 

 

 

1,284

 

Other long-term liabilities

 

 

3,486

 

 

 

3,330

 

Total liabilities

 

 

29,340

 

 

 

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; 1,004 shares and
    
960 shares issued and outstanding as of September 30, 2021 and December 31,
    2020, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

28,922

 

 

 

27,260

 

Accumulated other comprehensive income

 

 

120

 

 

 

363

 

Accumulated deficit

 

 

(1,990

)

 

 

(5,399

)

Total stockholders' equity

 

 

27,053

 

 

 

22,225

 

Noncontrolling interests in subsidiaries

 

 

836

 

 

 

850

 

Total liabilities and equity

 

$

57,834

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

11,672

 

 

$

7,346

 

 

$

30,251

 

 

$

17,150

 

Automotive leasing

 

 

385

 

 

 

265

 

 

 

1,014

 

 

 

772

 

Total automotive revenues

 

 

12,057

 

 

 

7,611

 

 

 

31,265

 

 

 

17,922

 

Energy generation and storage

 

 

806

 

 

 

579

 

 

 

2,101

 

 

 

1,242

 

Services and other

 

 

894

 

 

 

581

 

 

 

2,738

 

 

 

1,628

 

Total revenues

 

 

13,757

 

 

 

8,771

 

 

 

36,104

 

 

 

20,792

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

8,150

 

 

 

5,361

 

 

 

21,726

 

 

 

12,774

 

Automotive leasing

 

 

234

 

 

 

145

 

 

 

582

 

 

 

415

 

Total automotive cost of revenues

 

 

8,384

 

 

 

5,506

 

 

 

22,308

 

 

 

13,189

 

Energy generation and storage

 

 

803

 

 

 

558

 

 

 

2,179

 

 

 

1,189

 

Services and other

 

 

910

 

 

 

644

 

 

 

2,858

 

 

 

1,850

 

Total cost of revenues

 

 

10,097

 

 

 

6,708

 

 

 

27,345

 

 

 

16,228

 

Gross profit

 

 

3,660

 

 

 

2,063

 

 

 

8,759

 

 

 

4,564

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

611

 

 

 

366

 

 

 

1,853

 

 

 

969

 

Selling, general and administrative

 

 

994

 

 

 

888

 

 

 

3,023

 

 

 

2,176

 

Restructuring and other

 

 

51

 

 

 

 

 

 

(27

)

 

 

 

Total operating expenses

 

 

1,656

 

 

 

1,254

 

 

 

4,849

 

 

 

3,145

 

Income from operations

 

 

2,004

 

 

 

809

 

 

 

3,910

 

 

 

1,419

 

Interest income

 

 

10

 

 

 

6

 

 

 

31

 

 

 

24

 

Interest expense

 

 

(126

)

 

 

(163

)

 

 

(300

)

 

 

(502

)

Other (expense) income, net

 

 

(6

)

 

 

(97

)

 

 

67

 

 

 

(166

)

Income before income taxes

 

 

1,882

 

 

 

555

 

 

 

3,708

 

 

 

775

 

Provision for income taxes

 

 

223

 

 

 

186

 

 

 

407

 

 

 

209

 

Net income

 

 

1,659

 

 

 

369

 

 

 

3,301

 

 

 

566

 

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

 

 

41

 

 

 

38

 

 

 

103

 

 

 

115

 

Net income attributable to common stockholders

 

$

1,618

 

 

$

331

 

 

$

3,198

 

 

$

451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Buy-out of noncontrolling interest

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Net income used in computing net income per share of
   common stock

 

$

1,618

 

 

$

300

 

 

$

3,198

 

 

$

420

 

Net income per share of common stock attributable to
   common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.62

 

 

$

0.32

 

 

$

3.27

 

 

$

0.45

 

Diluted

 

$

1.44

 

 

$

0.27

 

 

$

2.84

 

 

$

0.40

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

998

 

 

 

937

 

 

 

977

 

 

 

927

 

Diluted

 

 

1,123

 

 

 

1,105

 

 

 

1,130

 

 

 

1,059

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

1,659

 

 

$

369

 

 

$

3,301

 

 

$

566

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(86

)

 

 

165

 

 

 

(243

)

 

 

161

 

Comprehensive income

 

 

1,573

 

 

 

534

 

 

 

3,058

 

 

 

727

 

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

 

 

41

 

 

 

38

 

 

 

103

 

 

 

115

 

Comprehensive income attributable to common stockholders

 

$

1,532

 

 

$

496

 

 

$

2,955

 

 

$

612

 

 

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, 2020

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Loss) Income

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of June 30, 2020

 

$

613

 

 

 

 

932

 

 

$

1

 

 

$

15,894

 

 

$

(6,000

)

 

$

(40

)

 

$

9,855

 

 

$

869

 

 

$

10,724

 

Reclassification between equity and
   mezzanine equity for convertible senior
   notes

 

 

 

 

 

 

 

 

 

0

 

 

 

(4

)

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

1

 

 

 

0

 

 

 

32

 

 

 

 

 

 

 

 

 

32

 

 

 

 

 

 

32

 

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

4

 

 

 

0

 

 

 

144

 

 

 

 

 

 

 

 

 

144

 

 

 

 

 

 

144

 

Issuance of common stock through
   at-the-market offering program,
   net of issuance cost of $
26

 

 

 

 

 

 

11

 

 

 

0

 

 

 

4,973

 

 

 

 

 

 

 

 

 

4,973

 

 

 

 

 

 

4,973

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

0

 

 

 

566

 

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

566

 

Contributions from noncontrolling interests

 

 

4

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

(25

)

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

(30

)

Buy-out of noncontrolling interests

 

 

 

 

 

 

 

 

 

0

 

 

 

(31

)