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I

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, 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 October 18, 2022, there were 3,157,752,449 shares of the registrant’s common stock outstanding.

 

 

 


 

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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

 

43

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

 

57

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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,532

 

 

$

17,576

 

Short-term marketable securities

 

 

1,575

 

 

 

131

 

Accounts receivable, net

 

 

2,192

 

 

 

1,913

 

Inventory

 

 

10,327

 

 

 

5,757

 

Prepaid expenses and other current assets

 

 

2,364

 

 

 

1,723

 

Total current assets

 

 

35,990

 

 

 

27,100

 

Operating lease vehicles, net

 

 

4,824

 

 

 

4,511

 

Solar energy systems, net

 

 

5,562

 

 

 

5,765

 

Property, plant and equipment, net

 

 

21,926

 

 

 

18,884

 

Operating lease right-of-use assets

 

 

2,251

 

 

 

2,016

 

Digital assets, net

 

 

218

 

 

 

1,260

 

Intangible assets, net

 

 

228

 

 

 

257

 

Goodwill

 

 

191

 

 

 

200

 

Other non-current assets

 

 

3,236

 

 

 

2,138

 

Total assets

 

$

74,426

 

 

$

62,131

 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

13,897

 

 

$

10,025

 

Accrued liabilities and other

 

 

6,246

 

 

 

5,719

 

Deferred revenue

 

 

1,928

 

 

 

1,447

 

Customer deposits

 

 

1,083

 

 

 

925

 

Current portion of debt and finance leases

 

 

1,457

 

 

 

1,589

 

Total current liabilities

 

 

24,611

 

 

 

19,705

 

Debt and finance leases, net of current portion

 

 

2,096

 

 

 

5,245

 

Deferred revenue, net of current portion

 

 

2,265

 

 

 

2,052

 

Other long-term liabilities

 

 

4,330

 

 

 

3,546

 

Total liabilities

 

 

33,302

 

 

 

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; 6,000 shares authorized;
    
3,158 and 3,100 shares issued and outstanding as of
    September 30, 2022 and December 31, 2021, respectively (1)

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

31,592

 

 

 

29,803

 

Accumulated other comprehensive (loss) income

 

 

(942

)

 

 

54

 

Retained earnings (1)

 

 

9,198

 

 

 

329

 

Total stockholders’ equity

 

 

39,851

 

 

 

30,189

 

Noncontrolling interests in subsidiaries

 

 

852

 

 

 

826

 

Total liabilities and equity

 

$

74,426

 

 

$

62,131

 

 

(1)
Prior period results have been adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022. 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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

$

17,785

 

 

$

11,393

 

 

$

46,969

 

 

$

29,100

 

Automotive regulatory credits

 

 

286

 

 

 

279

 

 

 

1,309

 

 

 

1,151

 

Automotive leasing

 

 

621

 

 

 

385

 

 

 

1,877

 

 

 

1,014

 

Total automotive revenues

 

 

18,692

 

 

 

12,057

 

 

 

50,155

 

 

 

31,265

 

Energy generation and storage

 

 

1,117

 

 

 

806

 

 

 

2,599

 

 

 

2,101

 

Services and other

 

 

1,645

 

 

 

894

 

 

 

4,390

 

 

 

2,738

 

Total revenues

 

 

21,454

 

 

 

13,757

 

 

 

57,144

 

 

 

36,104

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

Automotive sales

 

 

13,099

 

 

 

8,150

 

 

 

34,166

 

 

 

21,726

 

Automotive leasing

 

 

381

 

 

 

234

 

 

 

1,157

 

 

 

582

 

Total automotive cost of revenues

 

 

13,480

 

 

 

8,384

 

 

 

35,323

 

 

 

22,308

 

Energy generation and storage

 

 

1,013

 

 

 

803

 

 

 

2,470

 

 

 

2,179

 

Services and other

 

 

1,579

 

 

 

910

 

 

 

4,275

 

 

 

2,858

 

Total cost of revenues

 

 

16,072

 

 

 

10,097

 

 

 

42,068

 

 

 

27,345

 

Gross profit

 

 

5,382

 

 

 

3,660

 

 

 

15,076

 

 

 

8,759

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

733

 

 

 

611

 

 

 

2,265

 

 

 

1,853

 

Selling, general and administrative

 

 

961

 

 

 

994

 

 

 

2,914

 

 

 

3,023

 

Restructuring and other

 

 

 

 

 

51

 

 

 

142

 

 

 

(27

)

Total operating expenses

 

 

1,694

 

 

 

1,656

 

 

 

5,321

 

 

 

4,849

 

Income from operations

 

 

3,688

 

 

 

2,004

 

 

 

9,755

 

 

 

3,910

 

Interest income

 

 

86

 

 

 

10

 

 

 

140

 

 

 

31

 

Interest expense

 

 

(53

)

 

 

(126

)

 

 

(158

)

 

 

(300

)

Other (expense) income, net

 

 

(85

)

 

 

(6

)

 

 

(1

)

 

 

67

 

Income before income taxes

 

 

3,636

 

 

 

1,882

 

 

 

9,736

 

 

 

3,708

 

Provision for income taxes

 

 

305

 

 

 

223

 

 

 

856

 

 

 

407

 

Net income

 

 

3,331

 

 

 

1,659

 

 

 

8,880

 

 

 

3,301

 

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

 

 

39

 

 

 

41

 

 

 

11

 

 

 

103

 

Net income attributable to common stockholders

 

$

3,292

 

 

$

1,618

 

 

$

8,869

 

 

$

3,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock
   attributable to common stockholders (1)

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.05

 

 

$

0.54

 

 

$

2.84

 

 

$

1.09

 

Diluted

 

$

0.95

 

 

$

0.48

 

 

$

2.55

 

 

$

0.95

 

Weighted average shares used in computing net
   income per share of common stock (1)

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

3,146

 

 

 

2,993

 

 

 

3,120

 

 

 

2,931

 

Diluted

 

 

3,468

 

 

 

3,369

 

 

 

3,474

 

 

 

3,391

 

 

(1)
Prior period results have been adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022. 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

(in millions)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

3,331

 

 

$

1,659

 

 

$

8,880

 

 

$

3,301

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(460

)

 

 

(86

)

 

 

(977

)

 

 

(243

)

Unrealized net loss on marketable securities

 

 

(5

)

 

 

 

 

 

(19

)

 

 

 

Comprehensive income

 

 

2,866

 

 

 

1,573

 

 

 

7,884

 

 

 

3,058

 

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

 

 

39

 

 

 

41

 

 

 

11

 

 

 

103

 

Comprehensive income attributable to
   common stockholders

 

$

2,827

 

 

$

1,532

 

 

$

7,873

 

 

$

2,955

 

 

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 September 30, 2022

 

Interests

 

 

 

Shares (1)

 

 

Amount (1)

 

 

Capital

 

 

Loss

 

 

Earnings (1)

 

 

Equity

 

 

Subsidiaries

 

 

Equity

 

Balance as of June 30, 2022

 

$

421

 

 

 

 

3,122

 

 

$

3

 

 

$

30,944

 

 

$

(477

)

 

$

5,906

 

 

$

36,376

 

 

$

861

 

 

$

37,237

 

Exercises of conversion feature of
   convertible senior notes

 

 

 

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

0

 

Settlements of warrants

 

 

 

 

 

 

29

 

 

 

0

 

 

 

0