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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, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

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.)

 

1 Tesla Road

Austin, Texas

 

 

78725

(Address of principal executive offices)

 

(Zip Code)

(512) 516-8177

(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 19, 2022, there were 1,044,490,015 shares of the registrant’s common stock outstanding.

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

INDEX

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

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

 

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

 

 


 

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)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,324

 

 

$

17,576

 

Short-term marketable securities

 

 

591

 

 

 

131

 

Accounts receivable, net

 

 

2,081

 

 

 

1,913

 

Inventory

 

 

8,108

 

 

 

5,757

 

Prepaid expenses and other current assets

 

 

2,118

 

 

 

1,723

 

Total current assets

 

 

31,222

 

 

 

27,100

 

Operating lease vehicles, net

 

 

4,782

 

 

 

4,511

 

Solar energy systems, net

 

 

5,624

 

 

 

5,765

 

Property, plant and equipment, net

 

 

21,093

 

 

 

18,884

 

Operating lease right-of-use assets

 

 

2,185

 

 

 

2,016

 

Digital assets, net

 

 

218

 

 

 

1,260

 

Intangible assets, net

 

 

241

 

 

 

257

 

Goodwill

 

 

196

 

 

 

200

 

Other non-current assets

 

 

2,952

 

 

 

2,138

 

Total assets

 

$

68,513

 

 

$

62,131

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

11,212

 

 

$

10,025

 

Accrued liabilities and other

 

 

6,037

 

 

 

5,719

 

Deferred revenue

 

 

1,858

 

 

 

1,447

 

Customer deposits

 

 

1,182

 

 

 

925

 

Current portion of debt and finance leases

 

 

1,532

 

 

 

1,589

 

Total current liabilities

 

 

21,821

 

 

 

19,705

 

Debt and finance leases, net of current portion

 

 

2,898

 

 

 

5,245

 

Deferred revenue, net of current portion

 

 

2,210

 

 

 

2,052

 

Other long-term liabilities

 

 

3,926

 

 

 

3,546

 

Total liabilities

 

 

30,855

 

 

 

30,548

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Redeemable noncontrolling interests in subsidiaries

 

 

421

 

 

 

568

 

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;
    
1,041 and 1,033 shares issued and outstanding as of
    June 30, 2022 and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

30,944

 

 

 

29,803

 

Accumulated other comprehensive (loss) income

 

 

(477

)

 

 

54

 

Retained earnings

 

 

5,908

 

 

 

331

 

Total stockholders’ equity

 

 

36,376

 

 

 

30,189

 

Noncontrolling interests in subsidiaries

 

 

861

 

 

 

826

 

Total liabilities and equity

 

$

68,513

 

 

$

62,131

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

13,670

 

 

$

9,520

 

 

$

29,184

 

 

$

17,707

 

Automotive regulatory credits

 

 

344

 

 

 

354

 

 

 

1,023

 

 

 

872

 

Automotive leasing

 

 

588

 

 

 

332

 

 

 

1,256

 

 

 

629

 

Total automotive revenues

 

 

14,602

 

 

 

10,206

 

 

 

31,463

 

 

 

19,208

 

Energy generation and storage

 

 

866

 

 

 

801

 

 

 

1,482

 

 

 

1,295

 

Services and other

 

 

1,466

 

 

 

951

 

 

 

2,745

 

 

 

1,844

 

Total revenues

 

 

16,934

 

 

 

11,958

 

 

 

35,690

 

 

 

22,347

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

10,153

 

 

 

7,119

 

 

 

21,067

 

 

 

13,576

 

Automotive leasing

 

 

368

 

 

 

188

 

 

 

776

 

 

 

348

 

Total automotive cost of revenues

 

 

10,521

 

 

 

7,307

 

 

 

21,843

 

 

 

13,924

 

Energy generation and storage

 

 

769

 

 

 

781

 

 

 

1,457

 

 

 

1,376

 

Services and other

 

 

1,410

 

 

 

986

 

 

 

2,696

 

 

 

1,948

 

Total cost of revenues

 

 

12,700

 

 

 

9,074

 

 

 

25,996

 

 

 

17,248

 

Gross profit

 

 

4,234

 

 

 

2,884

 

 

 

9,694

 

 

 

5,099

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

667

 

 

 

576

 

 

 

1,532

 

 

 

1,242

 

Selling, general and administrative

 

 

961

 

 

 

973

 

 

 

1,953

 

 

 

2,029

 

Restructuring and other

 

 

142

 

 

 

23

 

 

 

142

 

 

 

(78

)

Total operating expenses

 

 

1,770

 

 

 

1,572

 

 

 

3,627

 

 

 

3,193

 

Income from operations

 

 

2,464

 

 

 

1,312

 

 

 

6,067

 

 

 

1,906

 

Interest income

 

 

26

 

 

 

11

 

 

 

54

 

 

 

21

 

Interest expense

 

 

(44

)

 

 

(75

)

 

 

(105

)

 

 

(174

)

Other income, net

 

 

28

 

 

 

45

 

 

 

84

 

 

 

73

 

Income before income taxes

 

 

2,474

 

 

 

1,293

 

 

 

6,100

 

 

 

1,826

 

Provision for income taxes

 

 

205

 

 

 

115

 

 

 

551

 

 

 

184

 

Net income

 

 

2,269

 

 

 

1,178

 

 

 

5,549

 

 

 

1,642

 

Net income (loss) attributable to noncontrolling
   interests and redeemable noncontrolling interests
   in subsidiaries

 

 

10

 

 

 

36

 

 

 

(28

)

 

 

62

 

Net income attributable to common stockholders

 

$

2,259

 

 

$

1,142

 

 

$

5,577

 

 

$

1,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock
   attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.18

 

 

$

1.18

 

 

$

5.38

 

 

$

1.64

 

Diluted

 

$

1.95

 

 

$

1.02

 

 

$

4.82

 

 

$

1.41

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

1,037

 

 

 

971

 

 

 

1,036

 

 

 

966

 

Diluted

 

 

1,155

 

 

 

1,119

 

 

 

1,156

 

 

 

1,126

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

2,269

 

 

$

1,178

 

 

$

5,549

 

 

$

1,642

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(421

)

 

 

63

 

 

 

(517

)

 

 

(157

)

Unrealized net loss on marketable securities

 

 

(6

)

 

 

 

 

 

(14

)

 

 

 

Comprehensive income

 

 

1,842

 

 

 

1,241

 

 

 

5,018

 

 

 

1,485

 

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

 

 

10

 

 

 

36

 

 

 

(28

)

 

 

62

 

Comprehensive income attributable to
   common stockholders

 

$

1,832

 

 

$

1,205

 

 

$

5,046

 

 

$

1,423

 

 

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

 

 

Comprehensive

 

 

Retained

 

 

Stockholders’

 

 

Interests in

 

 

Total

 

Three Months Ended June 30, 2022

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of March 31, 2022

 

$

459

 

 

 

 

1,036

 

 

$

1

 

 

$

30,485

 

 

$

(50

)

 

$

3,649

 

 

$

34,085

 

 

$

862

 

 

$

34,947

 

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Settlements of warrants

 

 

 

 

 

 

3

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

0

 

Issuance of common stock for equity
   incentive awards

 

 

 

 

 

 

2

 

 

 

0

 

 

 

43

 

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

43

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

419

 

 

 

 

 

 

 

 

 

419

 

 

 

 

 

 

419

 

Distributions to noncontrolling interests

 

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

(26

)

Buy-out of noncontrolling interests

 

 

(10

)

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

(3

)