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2021Jan28TSLAANALYSTMODEL.xlsx
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Tesla (TSLA)
Date published: 1/28/21
Mark Delaney, CFA
[email protected]
212-357-0535
Bruno Dossena
[email protected]
801-884-4476
Ryan Heeb
[email protected]
212-357-7956
Eleanor Garland
[email protected]
801-741-5882
mailto:[email protected] mailto:[email protected]

TSLA

Goldman Sachs U.S. Research Key
Mark Delaney Red = linked forecasted item or check
(212) 357-0535 Blue = hard coded forecasting item
Tesla Inc. (TSLA)
Fiscal Year Ends December Mar Q1 Jun Q2 Sep Q3 Dec Q4 2009 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2010 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2011 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2012 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2013 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2014 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2015 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2016 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2017 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2018 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2019 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2020 Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2021E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2022E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2023E
Earnings Model
(Dollars in millions)
Revenue 20.9 26.9 45.5 18.585 112 20.8 28.4 31.2 36.3 117 49.0 58.2 57.666 39.375 204 30.2 26.7 50.1 306.3 413 561.8 405.1 431.3 615.2 2,013 620.5 769.3 851.8 956.7 3,198 939.9 955.0 936.8 1,214.4 4,046 1,147.0 1,270.0 2,298.4 2,284.6 7,000 2,696.3 2,789.6 2,984.7 3,288.2 11,759 3,408.8 4,002.2 6,824.4 7,225.9 21,461 4,541 6,349.7 6,303.0 7,384.0 24,578.1 5,985.0 6,036.0 8,771.0 10,744.0 31,536.0 8,733.4 10,344.7 12,758.2 15,691.9 47,528.2 12,213.1 13,453.2 15,751.6 18,201.0 59,619.0 14,308.4 15,709.7 18,308.2 20,291.6 68,617.8
Sequential change 29.0% 69.0% (59.2%) 12.0% 36.5% 10.0% 16.1% 35.1% 18.6% (0.9%) (31.7%) (23.4%) (11.6%) 88.0% 511.4% 83.4% (27.9%) 6.5% 42.6% 0.9% 24.0% 10.7% 12.3% (1.8%) 1.6% (1.9%) 29.6% (5.5%) 10.7% 81.0% (0.6%) 18.0% 3.5% 7.0% 10.2% 3.7% 17.4% 70.5% 5.9% (37.1%) 39.8% (0.7%) 17.2% (18.9%) 0.9% 45.3% 22.5% (18.7%) 18.5% 23.3% 23.0% (22.2%) 10.2% 17.1% 15.6% (21.4%) 9.8% 16.5% 10.8%
Year-over-year change (0.4%) 5.4% (31.4%) 95.2% 4.3% 135.6% 104.8% 84.6% 8.5% 74.9% (38.5%) (54.2%) (13.1%) 678.0% 102.3% 1762.3% 1420.1% 760.9% 100.8% 387.2% 10.5% 89.9% 97.5% 55.5% 58.8% 51.5% 24.1% 10.0% 26.9% 26.5% 22.0% 33.0% 145.4% 88.1% 73.0% 135.1% 119.6% 29.9% 43.9% 68.0% 26.4% 43.5% 128.6% 119.7% 82.5% 33.2% 58.7% (7.6%) 2.2% 14.5% 31.8% (4.9%) 39.2% 45.5% 28.3% 45.9% 71.4% 45.5% 46.1% 50.7% 39.8% 30.0% 23.5% 16.0% 25.4% 17.2% 16.8% 16.2% 11.5% 15.1%
Cost of sales 23 25 38 17 102 17 22 22 25 86 31 40 40 32 143 20 22 59 282 383 465 285 300 429 1,479 444 538 583 669 2,234 633 680 628 872 2,813 806 951 1,662 1,849 5,268 2,028 2,123 2,536 2,849 9,536 2,952 3,383 5,301 5,783 17,419 3,976 5,428.6 5,112.0 5,993.0 20,509.4 4,751.0 4,769.0 6,708.0 8,678.0 24,906.0 7,094.0 8,429.1 10,073.6 12,289.4 37,886.1 9,683.6 10,556.9 12,242.2 14,202.4 46,685.1 11,543.3 12,528.2 14,392.2 15,919.6 54,383.3
Percent of revenue 109.8% 92.2% 83.1% 90.4% 91.5% 81.5% 78.0% 70.2% 68.8% 73.7% 63.2% 68.2% 70.1% 80.1% 69.8% 66.2% 82.1% 117.5% 92.2% 92.7% 82.9% 70.4% 69.5% 69.7% 73.5% 71.6% 69.9% 68.5% 69.9% 69.9% 67.4% 71.2% 67.1% 71.8% 69.5% 70.3% 74.9% 72.3% 80.9% 75.3% 75.2% 76.1% 85.0% 86.7% 81.1% 86.6% 84.5% 77.7% 80.0% 81.2% 87.5% 85.5% 81.1% 81.2% 83.4% 79.4% 79.0% 76.5% 80.8% 79.0% 81.2% 81.5% 79.0% 78.3% 79.7% 79.3% 78.5% 77.7% 78.0% 78.3% 80.7% 79.7% 78.6% 78.5% 79.3%
Gross profit (2.0) 2.1 7.7 1.8 9.5 3.9 6.3 9.3 11.3 30.7 18.0 18.5 17.2 7.8 61.6 10.2 4.8 (8.8) 23.9 30.1 96.3 119.8 131.6 186.4 534.1 176.5 231.6 268.4 287.8 964.3 306.5 275.3 308.5 342.8 1,233.0 340.9 319.3 636.7 435.3 1,732.3 667.9 666.6 449.1 438.8 2,222.5 456.5 618.9 1,523.7 1,442.9 4,042.0 565.7 921.0 1,191.0 1,391.0 4,068.8 1,234.0 1,267.0 2,063.0 2,066.0 6,630.0 1,639.3 1,915.6 2,684.6 3,402.6 9,642.1 2,529.5 2,896.3 3,509.4 3,998.6 12,933.8 2,765.1 3,181.5 3,916.0 4,372.0 14,234.5
Gross margin (9.8%) 7.8% 16.9% 9.6% 8.5% 18.5% 22.0% 29.8% 31.2% 26.3% 36.8% 31.8% 29.9% 19.9% 30.2% 33.8% 17.9% (17.5%) 7.8% 7.3% 17.1% 29.6% 30.5% 30.3% 26.5% 28.4% 30.1% 31.5% 30.1% 30.1% 32.6% 28.8% 32.9% 28.2% 30.5% 29.7% 25.1% 27.7% 19.1% 24.7% 24.8% 23.9% 15.0% 13.3% 18.9% 13.4% 15.5% 22.3% 20.0% 18.8% 12.5% 14.5% 18.9% 18.8% 16.6% 20.6% 21.0% 23.5% 19.2% 21.0% 18.8% 18.5% 21.0% 21.7% 20.3% 20.7% 21.5% 22.3% 22.0% 21.7% 19.3% 20.3% 21.4% 21.5% 20.7%
Research & Development 7.9 1.9 1.3 8.1 19.3 13.3 15.4 26.7 37.6 93.0 41.2 52.5 54.1 61.2 209.0 68.4 74.9 61.9 68.8 274.0 54.9 52.3 56.4 68.5 232.0 81.5 107.7 135.9 139.6 464.7 167.2 181.7 178.8 190.2 717.9 182.5 191.7 214.3 246.0 834.4 322.0 369.8 331.6 354.6 1,378 367.1 386.1 350.8 356.3 1,460 340.2 323.9 334.0 345.0 1,343.1 324.0 279.0 366.0 522.0 1,491.0 497.8 512.1 523.1 533.5 2,066.5 549.6 558.3 567.1 582.4 2,257.4 572.3 581.3 604.2 608.7 2,366.5
Percent of revenue 38.0% 7.2% 2.8% 43.8% 17.2% 63.7% 54.3% 85.5% 103.7% 79.7% 84.0% 90.3% 93.8% 155.4% 102.3% 226.7% 280.8% 123.5% 22.5% 66.3% 9.8% 12.9% 13.1% 11.1% 11.5% 13.1% 14.0% 16.0% 14.6% 14.5% 17.8% 19.0% 19.1% 15.7% 17.7% 15.9% 15.1% 9.3% 10.8% 11.9% 11.9% 13.3% 11.1% 10.8% 11.7% 10.8% 9.6% 5.1% 4.9% 6.8% 7.5% 5.1% 5.3% 4.7% 5.5% 5.4% 4.6% 4.2% 4.9% 4.7% 5.7% 5.0% 4.1% 3.4% 4.3% 4.5% 4.2% 3.6% 3.2% 3.8% 4.0% 3.7% 3.3% 3.0% 3.4%
SG&A 6.6 8.2 10.7 16.563 42.2 16.6 22.2 20.4 25.3 84.6 24.2 24.7 27.6 27.6 104.1 30.6 36.1 37.8 45.9 150.4 47.0 60.0 77.1 101.5 285.6 117.6 134.0 155.1 197.0 603.7 195.4 201.8 236.4 288.7 922.2 318.2 321.2 336.8 440.2 1,416.4 603.5 537.8 653.0 682.3 2,477 686.4 854.2 756.1 673.1 2,970 747.4 764.6 596.0 687.0 2,795.0 627.0 661.0 888.0 969.0 3,145.0 960.7 982.7 988.8 1,020.0 3,952.1 1,038.1 1,076.3 1,102.6 1,146.7 4,363.6 1,159.0 1,139.0 1,190.0 1,217.5 4,705.5
Percent of revenue 31.6% 30.6% 23.6% 89.1% 37.7% 79.7% 78.2% 65.4% 69.9% 72.4% 49.4% 42.5% 47.9% 70.0% 51.0% 101.4% 135.4% 75.4% 15.0% 36.4% 8.4% 14.8% 17.9% 16.5% 14.2% 18.9% 17.4% 18.2% 20.6% 18.9% 20.8% 21.1% 25.2% 23.8% 22.8% 27.7% 25.3% 14.7% 19.3% 20.2% 22.4% 19.3% 21.9% 20.7% 21.1% 20.1% 21.3% 11.1% 9.3% 13.8% 16.5% 12.0% 9.5% 9.3% 11.4% 10.5% 11.0% 10.1% 9.0% 10.0% 11.0% 9.5% 7.8% 6.5% 8.3% 8.5% 8.0% 7.0% 6.3% 7.3% 8.1% 7.2% 6.5% 6.0% 6.9%
EBITDA (14.6) (9.8) (4.8) (24.0) (53.2) (27.0) (35.6) (31.4) (48.5) (142.5) (45.3) (54.4) (60.7) (76.5) (237.0) (85.6) (101.1) (103.1) (77.3) (367.0) 29.4 (6.1) (7.0) 24.6 40.9 (1.2) 1.6 0.9 (28.1) (26.8) (67.0) (83.5) (110.2) (159.7) (420.4) (110.2) (91.8) 357.2 281.8 437.0 170.9 176.9 (101.9) (68.5) 177.4 (138.2) (55.0) 1,006.2 832.8 1,645.9 (54.2) 361.6 884.9 894.0 2,086.3 740.0 862.0 1,233.0 1,217.0 4,052.0 974.9 1,339.8 2,091.7 2,868.1 7,274.5 2,060.8 2,405.7 3,088.8 3,593.5 11,148.8 2,457.8 2,885.3 3,645.8 4,069.7 13,058.5
EBITDA margin (69.9%) (36.3%) (10.6%) (129.1%) (47.5%) (129.9%) (125.2%) (100.7%) (133.7%) (122.1%) (92.3%) (93.6%) (105.3%) (194.4%) (116.0%) (283.7%) (379.2%) (205.7%) (25.2%) (88.8%) 5.2% (1.5%) (1.6%) 4.0% 2.0% (0.2%) 0.2% 0.1% (2.9%) (0.8%) (7.1%) (8.7%) (11.8%) (13.2%) (10.4%) (9.6%) (7.2%) 15.5% 12.3% 6.2% 6.3% 6.3% (3.4%) (2.1%) 1.5% (4.1%) (1.4%) 14.7% 11.5% 7.7% (1.2%) 5.7% 14.0% 12.1% 8.5% 12.4% 14.3% 14.1% 11.3% 12.8% 11.2% 13.0% 16.4% 18.3% 15.3% 16.9% 17.9% 19.6% 19.7% 18.7% 17.2% 18.4% 19.9% 20.1% 19.0%
D&A - 0 - 0 - 0 - 0 - 0 2.1 2.5 3.1 2.9 10.6 3.5 4.3 4.3 4.8 16.9 4.2 4.3 7.5 12.8 28.8 17.9 22.2 28.5 37.6 106.1 44.3 54.7 65.0 68.0 231.9 77.1 91.4 110.4 143.7 422.6 156.5 183.2 280.5 326.9 947.1 376.6 389.2 400.6 469.6 1,636.0 416.2 485.3 502.8 496.7 1,901.1 467.6 578.6 530.9 577.0 2,154.0 553.0 567.0 584.0 618.0 2,322.0 765.0 915.0 915.0 1,015.0 3,610.0 1,115.0 1,140.0 1,240.0 1,315.0 4,810.0 1,415.0 1,415.0 1,515.0 1,515.0 5,860.0
Percent of revenue 0.0% 0.0% 0.0% 0.0% 0.0% 10.3% 8.7% 10.0% 8.0% 9.1% 7.2% 7.4% 7.4% 12.2% 8.3% 13.8% 16.3% 15.0% 4.2% 7.0% 3.2% 5.5% 6.6% 6.1% 5.3% 7.1% 7.1% 7.6% 7.1% 7.3% 8.2% 9.6% 11.8% 11.8% 10.4% 13.6% 14.4% 12.2% 14.3% 13.5% 14.0% 14.0% 13.4% 14.3% 13.9% 12.2% 12.1% 7.4% 6.9% 8.9% 10.3% 9.1% 8.4% 7.8% 8.8% 9.2% 9.4% 6.7% 5.8% 7.4% 8.8% 8.8% 7.2% 6.5% 7.6% 9.1% 8.5% 7.9% 7.2% 8.1% 9.9% 9.0% 8.3% 7.5% 8.5%
Operating income (loss) (16.6) (8.1) (4.3) (22.9) (51.9) (26.0) (31.4) (37.8) (51.6) (146.8) (47.3) (58.7) (64.5) (80.9) (251.5) (88.8) (106.2) (108.5) (90.9) (394.3) (5.6) 7.6 (1.8) 16.4 16.6 (22.6) (10.1) (22.6) (48.8) (104.1) (56.1) (108.3) (106.6) (136.1) (407.1) (159.8) (193.5) 85.6 (250.9) (518.5) (257.5) (240.9) (535.5) (598.1) (1,632.1) (597.0) (621.4) 416.8 413.5 (388.1) (521.8) (167.5) 261.0 359.0 (69.3) 283.0 327.0 809.0 575.0 1,994.0 180.9 420.8 1,172.7 1,849.1 3,623.5 941.8 1,261.7 1,839.8 2,269.5 6,312.8 1,033.8 1,461.3 2,121.8 2,545.7 7,162.5
EBIT margin (79.5%) (30.0%) (9.4%) (123.4%) (46.4%) (124.9%) (110.4%) (121.1%) (142.3%) (125.8%) (96.6%) (101.0%) (111.8%) (205.5%) (123.1%) (294.2%) (398.4%) (216.5%) (29.7%) (95.4%) (1.0%) 1.9% (0.4%) 2.7% 0.8% (3.6%) (1.3%) (2.6%) (5.1%) (3.3%) (6.0%) (11.3%) (11.4%) (11.2%) (10.1%) (13.9%) (15.2%) 3.7% (11.0%) (7.4%) (9.6%) (8.6%) (17.9%) (18.2%) (13.9%) (17.5%) (15.5%) 6.1% 5.7% (1.8%) (11.5%) (2.6%) 4.1% 4.9% (0.3%) 4.7% 5.4% 9.2% 5.4% 6.3% 2.1% 4.1% 9.2% 11.8% 7.6% 7.7% 9.4% 11.7% 12.5% 10.6% 7.2% 9.3% 11.6% 12.5% 10.4%
Interest & other income (expense) 0.6 (2.7) (0.2) (0.4) (2.7) (1.1) (0.8) (0.1) (0.3) (2.3) (0.0) 0.3 (0.2) 0.2 0.3 (1.2) 0.5 (1.0) 1.8 0.1 6.3 (0.2) (2.9) 2.7 5.9 3.4 (8.4) (9.7) (8.2) (22.9) (29.2) 7.3 (22.6) (28.3) (72.7) (1.3) (19.7) (55.6) (30.4) (107.0) (114.4) (144.9) (136.0) (181.8) (576.9) (182.0) (107.6) (145.4) (181.6) (616.7) (122.9) (202.4) (85.0) (185.0) (595.3) (213.0) (177.0) (254.0) (196.0) (840.0) (121.0) (80.5) (79.3) (78.0) (358.8) (66.8) (65.5) (59.3) (58.0) (249.6) (56.7) (55.2) (53.8) (52.3) (218.0)
Interest income 0.0 0.0 0.1 0.062 0 0.0 0.0 0.1 0.1 0 0.0 0.0 0.1 0.1 0 0.1 0.1 0.0 0.1 0 0.0 0.0 0.1 0.1 0 0.1 0.5 0.3 0.2 1 0.2 0.2 0.3 0.8 2 1.3 2.2 2.9 2.2 9 3.1 4.8 5.5 6.3 20 5.2 5.1 6.9 7.3 25 8.8 10.4 15.0 10.0 44.1 10.0 8.0 6.0 6.0 30.0 10.0 10.0 10.0 10.0 40.0 20.0 20.0 25.0 25.0 90.0 25.0 25.0 25.0 25.0 100.0
Interest expense (1.4) (1.1) (0.0) -0.025 (3) (0.2) (0.5) (0.3) - 0 (1) - 0 - 0 - 0 (0.0) (0) (0.1) (0.1) (0.1) (0.0) (0) (0.1) (1.9) (2.2) (1.9) (6) (3.5) (7.6) (6.9) (7.9) (26) (7.1) (6.2) (7.5) (11.9) (33) (11.7) (14.5) (46.7) (65.1) (138) (99.3) (108.4) (117.1) (146.4) (471) (149.5) (163.6) (175.2) (174.7) (663) (157.5) (172.0) (185.0) (170.0) (684.4) (169.0) (170.0) (163.0) (246.0) (748.0) (175.0) (134.5) (133.3) (132.0) (574.8) (130.8) (129.5) (128.3) (127.0) (515.6) (125.7) (124.2) (122.8) (121.3) (494.0)
Other (expense) income, net 2.0 (1.7) (0.3) (0.4) (0) (0.9) (0.4) 0.1 (0.4) (2) (0.1) 0.3 (0.3) 0.2 0 (1.2) 0.5 (1.0) 1.7 0 6.4 1.7 (0.7) 4.6 12 6.7 (1.2) (3.1) (0.6) 2 (22.3) 13.2 (15.4) (17.1) (42) 9.2 (7.4) (11.8) 32.5 23 (18.1) (41.2) (24.4) (41.7) (125) (37.7) 50.9 22.9 (14.2) 22 25.8 (40.8) 85.0 (25.0) 45.0 (54.0) (15.0) (97.0) 44.0 (122.0) 44.0 44.0 44.0 44.0 176.0 44.0 44.0 44.0 44.0 176.0 44.0 44.0 44.0 44.0 176.0
Profit before income taxes (loss) (16.0) (10.8) (4.5) (23.3) (54.6) (27.1) (32.2) (37.9) (52.0) (149.1) (47.4) (58.4) (64.7) (80.7) (251.2) (90.0) (105.6) (109.5) (89.1) (394.2) 0.7 7.3 (4.7) 19.2 22.5 (19.2) (18.5) (32.3) (57.0) (127.0) (85.2) (101.0) (129.2) (164.4) (479.9) (161.1) (213.2) 30.0 (281.3) (625.5) (371.9) (385.8) (671.4) (779.9) (2,209.0) (779.0) (729.0) 271.3 232.0 (1,004.7) (644.8) (369.8) 176.0 174.0 (664.6) 70.0 150.0 555.0 379.0 1,154.0 59.9 340.3 1,093.5 1,771.0 3,264.7 875.1 1,196.2 1,780.5 2,211.5 6,063.2 977.1 1,406.0 2,068.0 2,493.4 6,944.6
PBT margin (76.4%) (40.2%) (9.9%) (125.3%) (48.8%) (130.1%) (113.2%) (121.4%) (143.3%) (127.7%) (96.6%) (100.4%) (112.1%) (205.0%) (123.0%) (298.2%) (396.4%) (218.5%) (29.1%) (95.4%) 0.1% 1.8% (1.1%) 3.1% 1.1% (3.1%) (2.4%) (3.8%) (6.0%) (4.0%) (9.1%) (10.6%) (13.8%) (13.5%) (11.9%) (14.0%) (16.8%) 1.3% (12.3%) (8.9%) (13.8%) (13.8%) (22.5%) (23.7%) (18.8%) (22.9%) (18.2%) 4.0% 3.2% (4.7%) (14.2%) (5.8%) 2.8% 2.4% (2.7%) 1.2% 2.5% 6.3% 3.5% 3.7% 0.7% 3.3% 8.6% 11.3% 6.9% 7.2% 8.9% 11.3% 12.2% 10.2% 6.8% 9.0% 11.3% 12.3% 10.1%
Provision for income taxes 0.0 0.0 (0.2) 0.2 0 0.1 0.0 0.1 (0.0) 0 0.2 0.1 0.1 0.1 0 0.1 0.1 0.1 (0.1) 0 0.2 0.3 0.8 1.4 3 0.8 1.2 3.7 3.7 9 3.0 3.2 1.8 5.0 13 3.8 3.6 8.1 11.1 27 25.3 15.6 (0.3) (9.1) 32 5.6 13.7 16.6 21.9 58 22.9 19.4 26.0 42.0 110.3 2.0 21.0 186.0 83.0 292.0 10.0 100.0 275.0 300.0 685.0 350.0 350.0 350.0 365.0 1,415.0 350.0 350.0 355.0 385.0 1,440.0
Tax rate (0.1%) (0.1%) 4.8% (1.0%) (0.0%) (0.4%) (0.0%) (0.2%) 0.1% (0.1%) (0.3%) (0.2%) (0.1%) (0.1%) (0.2%) (0.1%) (0.1%) (0.1%) 0.2% (0.0%) 21.4% 4.1% (16.5%) 7.1% 11.5% (4.2%) (6.2%) (11.6%) (6.5%) (7.4%) (3.6%) (3.1%) (1.4%) (3.1%) (2.7%) (2.4%) (1.7%) 27.1% (3.9%) (4.3%) (6.8%) (4.1%) 0.0% 1.2% (1.4%) (0.7%) (1.9%) 6.1% 9.4% (5.8%) (3.5%) (5.3%) 14.8% 24.1% (16.6%) 2.9% 14.0% 33.5% 21.9% 25.3% 16.7% 29.4% 25.1% 16.9% 21.0% 40.0% 29.3% 19.7% 16.5% 23.3% 35.8% 24.9% 17.2% 15.4% 20.7%
Net income (loss) (16.0) (10.8) (4.3) (23.5) (54.6) (27.2) (32.2) (38.0) (51.9) (149.3) (47.5) (58.6) (64.7) (80.8) (251.7) (90.0) (105.8) (109.6) (89.0) (394.4) 0.6 7.0 (5.5) 17.8 19.9 (20.0) (19.7) (36.0) (60.7) (136.4) (88.3) (104.1) (131.0) (169.5) (492.9) (164.9) (216.8) 21.9 (292.4) (652.2) (397.2) (401.4) (671.2) (770.8) (2,240.6) (784.6) (742.7) 254.7 210.1 (1,062.6) (667.6) (389.3) 150.0 132.0 (774.9) 68.0 129.0 369.0 296.0 862.0 49.9 240.3 818.5 1,471.0 2,579.7 525.1 846.2 1,430.5 1,846.5 4,648.2 627.1 1,056.0 1,713.0 2,108.4 5,504.6
Minority interest - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (98.1) (98) (78.5)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: adjusted for losses related to the acquisition of SolarCity		 (65.0) (70.0) (123.4) (337) (75.1) (25.2) (56.8) 70.6 (86) 34.5 19.1 7.0 27.0 87.6 52.0 25.0 69.0 26.0 172.0 25.0 50.0 50.0 50.0 175.0 60.0 60.0 60.0 60.0 240.0 60.0 60.0 60.0 60.0 240.0
Net income (loss) attributable to common stockholders (16.0) (10.8) (4.3) (23.5) (54.6) (27.2) (32.2) (38.0) (51.9) (149.3) (47.5) (58.6) (64.7) (80.8) (251.7) (90.0) (105.8) (109.6) (89.0) (394.4) 0.6 7.0 (5.5) 17.8 19.9 (20.0) (19.7) (35.984) (60.731) (136.4) (88.3) (104.1) (131.0) (169.5) (492.9) (164.9) (216.8) 21.9 (194.3) (554.1) (318.7) (336.4) (601.2) (647.4) (1,903.7) (709.6) (717.5) 311.5 139.5 (976.1) (702.1) (408.3) 143.0 105.0 (862.5) 16.000 104.0 300.0 270.0 690.0 24.9 190.3 768.5 1,421.0 2,404.7 465.1 786.2 1,370.5 1,786.5 4,408.2 567.1 996.0 1,653.0 2,048.4 5,264.6
Basic reported EPS ($0.12) ($0.28) ($0.12) ($0.67) ($1.56) ($0.74) ($0.84) ($0.08) ($0.11) ($0.59) ($0.10) ($0.12) ($0.12) ($0.15) ($0.50) ($0.17) ($0.20) ($0.21) ($0.16) ($0.73) $0.00 $0.01 ($0.01) $0.03 $0.03 ($0.03) ($0.03) ($0.06) ($0.10) ($0.22) ($0.14) ($0.16) ($0.20) ($0.26) ($3.84) ($0.25) ($0.31) $0.03 ($0.25) ($0.77) ($0.39) ($0.41) ($0.72) ($0.77) ($2.30) ($0.84) ($0.84) $0.36 $0.16 ($1.14) ($0.81) ($0.46) $0.16 $0.12 ($0.97) $0.02 $0.11 $0.32 $0.28 $0.74 $0.03 $0.20 $0.79 $1.45 $2.48 $0.47 $0.79 $1.37 $1.77 $4.42 $0.56 $0.98 $1.61 $1.98 $5.14
Diluted operating EPS (Inc. SBC) ($0.71) ($0.31) ($0.12) ($0.67) ($1.56) ($0.74) ($0.84) ($0.08) ($0.11) ($0.59) ($0.10) ($0.12) ($0.12) ($0.15) ($0.50) ($0.17) ($0.20) ($0.21) ($0.16) ($0.73) $0.00 $0.01 ($0.01) $0.03 $0.03 ($0.03) ($0.03) ($0.05) ($0.10) ($0.19) ($0.14) ($0.16) ($0.20) ($0.26) ($3.84) ($0.25) ($0.31) $0.03 ($0.25) ($0.77) ($0.39) ($0.41) ($0.72) ($0.77) ($2.30) ($0.84) ($0.84) $0.35 $0.16 ($1.12) ($0.81) ($0.46) $0.16 $0.11 ($0.96) $0.02 $0.10 $0.27 $0.24 $0.65 $0.02 $0.17 $0.67 $1.23 $2.10 $0.40 $0.67 $1.16 $1.50 $3.75 $0.47 $0.83 $1.36 $1.68 $4.35
Basic Average Shares Outstanding 129.6 38.2 35.1 35.3 35.1 36.5 38.2 461.4 471.2 253.6 475.9 488.8 520.4 522.0 501.9 524.0 526.2 527.8 568.8 536.7 573.6 591.0 608.4 614.0 597.1 617.4 621.3 624.6 627.5 622.9 629.7 633.4 645.0 655.5 128.2 663.4 699.9 745.0 775.1 721.1 810.6 826.1 836.5 841.6 828.8 845.7 850.0 854.5 860.1 852.6 864.9 883.3 895.0 900.0 885.8 915.0 930.0 937.0 951.0 933.3 958.5 965.5 972.5 979.5 969.0 986.5 993.5 1,000.5 1,007.5 997.0 1,014.5 1,021.5 1,028.5 1,035.5 1,025.0
Diluted Shares 22.5 34.8 35.1 35.3 35.1 36.5 38.2 461.4 471.2 253.6 475.9 488.8 520.4 522.0 501.9 524.0 526.2 527.8 568.8 536.7 621.3 591.0 608.4 688.9 667.7 701.1 704.7 713.7 627.5 711.1 629.7 633.4 645.0 655.5 128.2 663.4 699.9 784.7 775.1 721.1 810.6 826.1 836.5 841.6 828.8 845.7 850.0 891.0 895.1 870.5 864.9 883.3 920.0 935.0 900.8 995.0 1,035.0 1,105.0 1,124.0 1,064.8 1,132.5 1,140.5 1,147.5 1,154.5 1,143.8 1,164.0 1,173.5 1,180.5 1,187.5 1,176.4 1,197.0 1,206.5 1,213.5 1,220.5 1,209.4
Stock based compensation
Stock based compensation 0.1 0.2 0.2 1.0 1.4 3.4 6.1 3.8 7.8 21.2 5.9 6.9 7.9 8.7 29.4 10.7 12.5 12.5 14.4 50.1 14.9 19.3 21.4 28.1 83.7 37.0 35.8 39.2 44.5 156.5 43.0 43.3 56.0 55.6 198.0 89.7 67.3 89.5 87.7 334.2 103.7 116.0 112.7 134.3 466.8 141.6 197.3 204.7 205.3 749.0 208.4 209.9 199.0 281.0 898.2 211.0 347.0 543.0 633.0 1,734.0 625.0 625.0 625.0 635.0 2,510.0 630.0 630.0 635.0 635.0 2,530.0 650.0 650.0 650.0 650.0 2,600.0
Cost of goods sold 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.7 0.0 0.1 0.5 1.6 2.2 1.5 1.1 3.0 3.5 9.1 3.1 3.9 5.4 5.1 17.5 4.6 4.8 3.8 6.0 19.2 6.4 6.5 8.9 8.6 30.4 10.0 7.5 10.2 16.2 43.8 15.1 13.2 21.0 22.6 71.8 16.6 16.7 16.6 16.6 66.3 16.7 17.0 30.0 50.0 113.7 50.0 50.0 50.0 50.8 200.8 50.4 50.4 50.8 50.8 202.4 52.0 52.0 52.0 52.0 208.0
Operating expenses 0.1 0.1 0.2 1.0 1.4 3.3 6.1 3.7 7.8 20.9 5.8 6.7 7.7 8.5 28.8 10.7 12.5 12.0 12.8 48.0 13.3 18.2 18.4 24.6 74.6 33.9 31.9 33.8 39.5 139.0 38.4 38.5 52.2 49.6 178.8 83.3 60.8 80.6 79.1 303.8 93.7 108.6 102.5 118.2 422.9 126.6 184.1 183.8 182.7 677.2 191.8 193.2 182.4 264.4 831.9 194.3 330.0 513.0 583.0 1,620.3 575.0 575.0 575.0 584.2 2,309.2 579.6 579.6 584.2 584.2 2,327.6 598.0 598.0 598.0 598.0 2,392.0
YoY Growth 3663.3% 3896.7% 1750.0% 696.2% 1375.3% 75.0% 13.3% 106.9% 10.7% 39.1% 80.7% 81.1% 58.2% 66.0% 70.4% 38.8% 53.5% 71.9% 94.8% 66.8% 149.1% 85.8% 82.6% 58.5% 87.1% 16.2% 21.1% 43.1% 24.9% 26.5% 108.4% 55.3% 59.8% 57.7% 68.8% 15.7% 72.4% 25.8% 53.2% 39.7% 36.6% 70.1% 81.7% 52.8% 60.5% 47.1% 6.3% (2.8%) 36.9% 19.9% 1.3% 65.3% 172.9% 125.3% 93.0% 196.2% 80.1% 15.1% 0.3% 44.8% 0.8% 0.8% 1.6% 0.0% 0.8% 3.2% 3.2% 2.4% 2.4% 2.8%
Impact of SBC $0.00 $0.00 $0.01 $0.03 $0.04 $0.09 $0.16 $0.01 $0.02 $0.08 $0.01 $0.01 $0.02 $0.02 $0.06 $0.02 $0.02 $0.02 $0.03 $0.09 $0.02 $0.03 $0.04 $0.04 $0.13 $0.05 $0.05 $0.05 $0.07 $0.22 $0.07 $0.07 $0.09 $0.08 $1.54 $0.14 $0.10 $0.11 $0.11 $0.46 $0.13 $0.14 $0.13 $0.16 $0.56 $0.17 $0.23 $0.23 $0.23 $0.86 $0.24 $0.24 $0.22 $0.30 $1.00 $0.21 $0.34 $0.49 $0.56 $1.63 $0.55 $0.55 $0.54 $0.55 $2.19 $0.54 $0.54 $0.54 $0.53 $2.15 $0.54 $0.54 $0.54 $0.53 $2.15
Implied opex ex SBC 926.9 1,056.2 923.1 846.6 3,752.9 895.8 899.6 750.9 779.1 3,325.4 756.7 627.7 765.3 921.3 3,071.0 896.0 932.3 949.3 982.0 3,759.6 1,020.7 1,067.6 1,098.2 1,157.6 4,344.0 1,146.3 1,135.2 1,209.2 1,241.2 4,732.0
EBIT ex SBC (455.3) (424.0) 621.5 618.8 361.0 (313.5) 42.4 460.0 640.0 829.0 494.0 674.0 1,352.0 1,208.0 3,728.0 805.9 1,045.8 1,797.7 2,484.1 6,133.5 1,571.8 1,891.7 2,474.8 2,904.5 8,842.8 1,683.8 2,111.3 2,771.8 3,195.7 9,762.5
EBIT margin ex. SBC -13% -11% 9% 9% 2% -7% 1% 7% 9% 3% 8% 11% 15% 11% 12% 9% 10% 14% 16% 12.9% 13% 14% 16% 16% 15% 12% 13% 15% 16% 14%
EBITDA ex SBC (15) (10) (5) (23) (52) (24) (29) (28) (41) (121) (39) (48) (53) (68) (208) (75) (89) (91) (63) (317) 44 13 14 53 125 36 37 40 16 130 (24) (40) (54) (104) (222) (21) (24) 447 369 771 275 293 11 66 644 3 142 1,211 1,038 2,395 154 572 1,084 1,175 2,985 951 1,209 1,776 1,850 5,786 1,600 1,965 2,717 3,503 9,784 2,691 3,036 3,724 4,229 13,679 3,108 3,535 4,296 4,720 15,659
EBITDA margin ex. SBC (69.5%) (35.7%) (10.1%) (123.8%) (46.2%) (113.6%) (103.7%) (88.5%) (112.1%) (104.0%) (80.3%) (81.7%) (91.6%) (172.3%) (101.6%) (248.2%) (332.1%) (180.8%) (20.5%) (76.7%) 7.9% 3.3% 3.3% 8.6% 6.2% 5.8% 4.9% 4.7% 1.7% 4.1% (2.5%) (4.2%) (5.8%) (8.6%) (5.5%) (1.8%) (1.9%) 19.4% 16.2% 11.0% 10.2% 10.5% 0.4% 2.0% 5.5% 0.1% 3.6% 17.7% 14.4% 11.2% 3.4% 9.0% 17.2% 15.9% 12.1% 15.9% 20.0% 20.2% 17.2% 18.3% 18% 19% 21% 22% 20.6% 22% 23% 24% 23% 22.9% 22% 23% 23% 23% 22.8%
Basic operating EPS (ex. SBC) ($0.12) ($0.28) ($0.12) ($0.64) ($1.52) ($0.65) ($0.68) ($0.07) ($0.09) ($0.51) ($0.09) ($0.11) ($0.11) ($0.14) ($0.44) ($0.15) ($0.18) ($0.18) ($0.13) ($0.64) $0.03 $0.04 $0.03 $0.07 $0.17 $0.03 $0.03 $0.01 ($0.03) $0.03 ($0.07) ($0.10) ($0.12) ($0.17) ($2.30) ($0.11) ($0.21) $0.15 ($0.14) ($0.30) ($0.27) ($0.27) ($0.58) ($0.61) ($1.73) ($0.67) ($0.61) $0.60 $0.40 ($0.27) ($0.57) ($0.22) $0.38 $0.43 $0.04 $0.25 $0.48 $0.90 $0.95 $2.60 $0.68 $0.84 $1.43 $2.10 $5.07 $1.11 $1.43 $2.00 $2.40 $6.96 $1.20 $1.61 $2.24 $2.61 $7.67
Diluted operating EPS (ex. SBC) ($3.52) ($0.31) ($0.12) ($0.64) ($1.52)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 5.57 as reported		 ($0.65) ($0.68) ($0.07) ($0.09) ($0.51) ($0.09) ($0.11) ($0.11) ($0.14) ($0.44) ($0.15) ($0.18) ($0.18) ($0.13)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 0.65 reported		 ($0.64)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 3.20 reported		 $0.02 $0.04 $0.03 $0.07 $0.16 $0.02 $0.02 $0.00 ($0.03) $0.03 ($0.07) ($0.10) ($0.12) ($0.17) ($2.30) ($0.11) ($0.21)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 1.06		 $0.14 ($0.14) ($0.30)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported ($2.87) the delta is from non-cash interest expense and lease accounting adjustments which were included in quarterly adjustements but not in annual		 ($0.27) ($0.27) ($0.58) ($0.61)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 3.04 reported		 ($1.73)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 8.66 reported		 ($0.67)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported 3.35		 ($0.61) $0.58 $0.39 ($0.26) ($0.57) ($0.22) $0.37 $0.41 $0.04 $0.23 $0.44 $0.76 $0.80 $2.28 $0.57 $0.71 $1.21 $1.78 $4.30 $0.94 $1.21 $1.70 $2.04 $5.90 $1.02 $1.36 $1.90 $2.21 $6.50
Net income (loss; ex.SBC) (15.9) (10.7) (4.1) (22.5) (53.2) (23.8) (26.1) (34.20) (44.10) (128.2) (41.6) (51.6) (56.9) (72.2) (222.2) (79.3) (93.2) (97.1) (74.6) (344.2)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 		15.424 26.3 15.9 45.9 103.6 17.0 16.13 3.17 (16.21) 20.1 (45.2) (60.8) (75.0) (113.9) (294.9) (75.3) (149.5) 111.4 (106.5) (219.9) (215.0) (220.4) (488.5) (513.1) (1,436.9) (567.9) (520.2) 516.2 344.8 (227.1) (494) (198) 342.0 386.0 35.8 227 451 843.0 903.0 2,424.0 649.9 815.3 1,393.5 2,056.0 4,914.7 1,095.1 1,416.2 2,005.5 2,421.5 6,938.2 1,217.1 1,646.0 2,303.0 2,698.4 7,864.6
GAAP to Non-GAAP reconciliation
GAAP net income (16.016) (10.867) (4.615) (24.242) (55.740) (29.519) (38.517) (34.935) (51.358) (154.329) (48.941) (58.903) (65.078) (81.488) (254.410) (89.873) (105.603) (110.804) (89.932) (396.212)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported 396.213, delta due to rounding		 11.248 (30.502) (38.496) (16.264) (74.014) (49.800) (61.902) (74.708) (107.629) (294.039) (154.181) (184.227) (229.858) (320.397) (888.663) (282.267) (293.188) 21.878 (121.337) (674.914) (330.277) (336.397) (619.376) (675.350) (1,961.4) (709.551) (717.539) 311.516 139.483 (976.1) (702.135) (408.334) 143.000 105.000 (862.5) 16.000 104.000 300.000 270.000 690.0 24.860 190.322 768.450 1,421.042 2,404.7 465.051 786.188 1,370.494 1,786.512 4,408.2 567.072 996.028 1,653.012 2,048.439 5,264.6
Losses (Gains) related to the acquisition of Solarcity - 0 - 0 - 0 - 0 - 0 - 0 - 0 (88.727) (88.727) 11.571 - 0 18.225 27.950 57.7 - 0 - 0 - 0 - 0 - 0 - 0
Non-cash interest expense - 0 - 0 - 0 - 0 18.177 4.260 4.299 26.736 8.393 23.639 22.160 20.826 75.018 19.510 18.171 21.850 26.716 86.247 28.902 31.823 60.725 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Lease accounting adjustments - 0 - 0 - 0 - 0 19.349 28.732 29.796 77.877 21.384 18.607 16.564 26.072 82.627 46.396 61.907 77.022 124.190 309.515 88.458 44.538 132.996 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Acquisition related expenses - 0 - 0 - 0 - 0 - 0 - 0 - 0 15.807 15.807 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other 0.048 0.025 0.306 0.724 1.103 2.332 6.349 (3.071) (0.587) 5.023 1.421 0.340 0.340 0.649 2.750 (0.155) (0.154) 1.205 0.958 1.854 (10.692) (10.692)
Non-GAAP net income (inc. SBC) (15.968) (10.842) (4.309) (23.518) (54.637) (27.187) (32.168) (38.006) (51.945) (149.306) (47.520) (58.563) (64.738) (80.839) (251.660) (90.028) (105.757) (109.599) (88.974) (394.358) 0.556 7.024 (5.504) 17.831 19.907 (20.023) (19.656) (35.984) (60.731) (136.394) (88.275) (104.149) (130.986) (169.491) (492.901) (164.907) (216.827) 21.878 (194.257) (554.113) (318.706) (336.397) (601.151) (647.400) (1,903.7) (709.551) (717.539) 311.516 139.483 (976.1) (702.135) (408.334) 143.000 105.000 (862.5) 16.000 104.000 300.000 270.000 690.0 24.860 190.322 768.450 1,421.042 2,404.7 465.051 786.188 1,370.494 1,786.512 4,408.2 567.072 996.028 1,653.012 2,048.439 5,264.6
Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Gross margin analysis
Cost of revenue (inc. SBC)
Automotive 22.9 24.8 37.8 16.8 102.4 16.9 20.3 19.5 23.4 80.0 27.0 30.5 32.8 25.2 115.5 13.9 20.2 58.9 278.7 371.7 461.8 303.6 324.9 453.6 1,543.9 462.5 554.1 598.5 695.0 2,310.0 631.7 666.4 628.7 896.4 2,823.3 779.3 909.3 1,517.1 1,544.4 4,750.1 1,662.7 1,648.0 1,930.8 2,191.2 7,432.7 2,195.9 2,666.7 4,525.2 4,786.2 14,174.0 2,973.3 4,360.1 4,131.0 4,934.0 16,398.4 3,821.0 3,862.0 5,506.0 7,070.0 20,259.0 5,693.6 6,788.2 8,219.1 10,208.9 30,909.8 7,750.5 8,363.8 9,804.5 11,450.1 37,369.0 8,897.7 9,587.4 11,147.8 12,311.2 41,944.1
Energy generation and storage - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 127.8 127.8 151.8 203.8 237.3 281.7 874.5 375.4 330.3 330.6 328.7 1,364.9 316.9 325.5 314.0 385.0 1,341.4 282.0 349.0 558.0 787.0 1,976.0 489.4 626.3 753.3 815.8 2,684.8 566.6 706.9 806.2 920.5 3,000.1 667.3 806.3 917.3 1,046.3 3,437.1
Serivce and other - 0 - 0 - 0 - 0 - 0 0.1 1.9 2.5 1.6 6.0 4.0 9.1 7.7 6.3 27.2 6.0 1.7 - 0 3.8 11.5 3.7 1.1 3.6 5.1 13.4 2.9 2.3 1.5
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Development services revenue prior to 4Q14		 - 0 6.7 48.1 75.2 76.6 99.4 299.2 115.3 86.0 144.6 177.2 523.0 213.9 271.2 367.4 376.6 1,229.0 381.0 386.4 445.0 668.0 1,880.4 685.5 743.0 667.0 674.0 2,769.6 648.0 558.0 644.0 821.0 2,671.0 911.0 1,014.5 1,101.2 1,264.7 4,291.4 1,366.5 1,486.2 1,631.5 1,831.8 6,316.0 1,978.3 2,134.5 2,327.2 2,562.1 9,002.2
Gross profit lease accounting adjustment - 0 - 0 - 0 - 0 - 0 - 0 (19.3) (28.7) (29.8) (77.9) (21.4) (18.6) (16.6) (26.1) (82.6) (46.4) (61.9) (77.0) (124.2) (309.5) (88.458) (44.5)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Includes delivereis of Model S/X with resale value guarantee or similar buyback terms Under GAAP, w arranty costs are expensed as incurred for Model S and Model X vehicle deliveries w ith the resale value guarantee or similar buy-back terms and subject to lease accounting. For Non-GAAP purposes, an estimated incremental w arranty reserve of $11.3 million, $12.6 million, and $10.2 million is included for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively. For the six months ended June 30, 2016 and 2015, an estimated incremental w arranty reserve of $23.9 million and $17.0 million is included, respectively. Additionally, stock-based compensation of $6.5 million, $6.4 million and $4.8 million is excluded for nonGAAP purposes for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively. For the six months ended June 30, 2016 and 2015, stockbased compensation of $12.9 million and $9.4 million is excluded, respectively.		 (133.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0
Total 22.9 24.8 37.8 16.8 102.4 17.0 22.1 21.9 25.0 86.0 31.0 39.7 40.4 31.5 142.6 20.0 21.9 58.9 282.5 383.2 465.5 285.3 299.7 428.8 1,479.4 444.0 537.7 583.4 668.9 2,234.1 633.4 679.7 628.3 871.6 2,813.0 806.1 950.7 1,661.7 1,849.4 5,267.9 2,028.3 2,122.9 2,535.5 2,849.5 9,536.3 2,952.2 3,383.3 5,300.7 5,783.0 17,419.2 3,975.7 5,428.6 5,112.0 5,993.0 20,509.4 4,751.0 4,769.0 6,708.0 8,678.0 24,906.0 7,094.0 8,429.1 10,073.6 12,289.4 37,886.1 9,683.6 10,556.9 12,242.2 14,202.4 46,685.1 11,543.3 12,528.2 14,392.2 15,919.6 54,383.3
Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Gross margin (inc. SBC) <-ZEV credits not disclosed First quarter they gave auto GM <- Non-GAAP Automotive GM includes SBC 3Q15 to 4Q18 - auto non GAAP GM is ex. SBC and ex ZEV credits auto non-GAAP GM includes SBC but ex all credits as of 1Q19
Automotive GM (21.7%) 0.2% 13.0% (1.6%) 1.3% 3.1% (9.9%) 14.1% 17.8% 8.0% (36.2%) (13.5%) (18.1%) (2.6%) (16.6%) (217.5%) (579.6%) (125.5%) (7.0%) (18.4%) 2.3%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: +9% qoq		 10.0%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Not disclosed, but +8% qoq		 21.1%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: about 21% reported		 26.2% 15.3% 25.4%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: adjusted for powertrain sales to toyota		 26.8%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjusted for $23 mn of powertrain sales to Daimler and Toyota that are included in non-GAAP revenue		 23.0%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjsuted for Daimler powertrain sales		 22.0%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjusted for $42 mn of powertrain sales primarily to Daimler		 21.1% 26.0%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: power train adjustment		 22.9%
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: SBC not stripped out of Auto GM		 22.8% 19.2% 22.2% 19.6% 23.1% 24.5% 21.8% 22.6% 27.4% 24.6% 18.3% 13.2% 20.6% 18.2% 20.6% 25.2% 24.3% 23.0% 15.2% 17.2% 20.8% 20.9% 18.9% 20.0% 18.7% 23.7% 20.7% 21.0% 20.7% 20.7% 23.3% 24.0% 22.5% 23.3% 24.5% 25.0% 25.0% 24.5% 24.0% 25.0% 25.5% 26.0% 25.2%
Energy generation and storage 17.4% 29.1% 28.9% 25.3% 5.5% 21.7% 8.5% 11.8% 17.2% 11.5% 12.2% 2.4% 11.6% 21.9% 11.7% 12.4% 3.8% 5.7% 3.6% (4.7%) 0.9% 1.0% 2.0% 4.0% 4.0% 3.0% 3.0% 4.0% 10.0% 5.0% 5.8% 5.0% 9.0% 15.0% 11.0% 10.6%
Serivce and other 96.2% 79.7% 68.5% 78.0% 77.7% 85.9% 70.1% 73.7% 55.4% 73.5% 50.9% 82.9% 85.5% 80.4% 82.6% 93.7% 61.5% 62.8% 78.0% 83.7% 91.2% 95.6% 0.0% 94.4% (3.2%) 2.2% 9.1% (2.1%) 1.9% 4.7% 2.5% (14.5%) (11.3%) (5.7%) (11.0%) (25.4%) (20.7%) (30.7%) (22.8%) (44.6%) (43.0%) (36.4%) (25.8%) (35.2%) (39.1%) (22.8%) (21.7%) (16.2%) (24.4%) (15.7%) (14.6%) (10.8%) (21.1%) (15.8%) (20.0%) (20.0%) (15.0%) (14.0%) (16.9%) (12.0%) (11.0%) (10.0%) (10.0%) (10.7%) (10.0%) (10.0%) (10.0%) (10.0%) (10.0%)
Total (9.8%) 7.8% 16.9% 9.6% 8.5% 18.5% 22.0% 29.8% 31.2% 26.3% 36.8% 31.8% 29.9% 19.9% 30.2% 33.8% 17.9% (17.5%) 7.8% 7.3% 17.1% 29.6% 30.5% 30.3% 26.5% 28.4% 30.1% 31.5% 30.1% 30.1% 32.6% 28.8% 32.9% 28.2% 30.5% 29.7% 25.1% 27.7% 19.1% 24.7% 24.8% 23.9% 15.0% 13.3% 18.9% 13.4% 15.5% 22.3% 20.0% 18.8% 12.5% 14.5% 18.9% 18.8% 16.6% 20.6% 21.0% 23.5% 19.2% 21.0% 18.8% 18.5% 21.0% 21.7% 20.3% 20.7% 21.5% 22.3% 22.0% 21.7% 19.3% 20.3% 21.4% 21.5% 20.7%
total credits as of 1Q19; just ZEV credits prior to 2019
COGS analysis/modeling items
Auto credit revenue to adjust out of GM 2.1 2.1 2.1 2.1 8.2 0.7 0.7 0.7 0.7 2.8 0.7 0.7 0.7 0.7 2.7 13.5 13.5 13.5 20.0 40.5
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 40.5 full year		 68.0 51.0 10.0 - 0 129.0 - 0
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Zero ZEF credits per PR		 10.0 76.0 66.0 152.0 51.0 14.0 38.6 8.2 111.8 57.0 0.1 138.5 19.8 215.4 - 0 100.0 0.6 179.1 279.7 50.3 - 0 52.3 0.768 103.4 216.0
Delaney, Mark [GIR]: Delaney, Mark [GIR]: total credits
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 0.65 reported		 111.2
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Non-GAAP gross margin now excludes ZEV and non-ZEV credits
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 3.20 reported
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]:
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported 396.213, delta due to rounding
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 1.06
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported ($2.87) the delta is from non-cash interest expense and lease accounting adjustments which were included in quarterly adjustements but not in annual
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 3.04 reported
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 8.66 reported
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: reported 3.35
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: +9% qoq
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Development services revenue prior to 4Q14
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Not disclosed, but +8% qoq
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: about 21% reported
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: adjusted for powertrain sales to toyota
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 40.5 full year
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjusted for $23 mn of powertrain sales to Daimler and Toyota that are included in non-GAAP revenue
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjsuted for Daimler powertrain sales
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Adjusted for $42 mn of powertrain sales primarily to Daimler
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: power train adjustment
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Includes delivereis of Model S/X with resale value guarantee or similar buyback terms Under GAAP, w arranty costs are expensed as incurred for Model S and Model X vehicle deliveries w ith the resale value guarantee or similar buy-back terms and subject to lease accounting. For Non-GAAP purposes, an estimated incremental w arranty reserve of $11.3 million, $12.6 million, and $10.2 million is included for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively. For the six months ended June 30, 2016 and 2015, an estimated incremental w arranty reserve of $23.9 million and $17.0 million is included, respectively. Additionally, stock-based compensation of $6.5 million, $6.4 million and $4.8 million is excluded for nonGAAP purposes for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively. For the six months ended June 30, 2016 and 2015, stockbased compensation of $12.9 million and $9.4 million is excluded, respectively.
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: SBC not stripped out of Auto GM
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Zero ZEF credits per PR
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 5.57 as reported		 134.0 133.0 594.2 354.0 428.0 397.0 397.0 1,576.0 300.0 300.0 300.0 300.0 1,200.0 300.0 300.0 300.0 300.0 1,200.0 100.0 100.0 150.0 150.0 500.0
Auto COGS per car 73,203.8 65,410.5 54,016.1 52,615.8 57,733.8 47,181.0 45,724.3 42,506.1 44,016.2 44,602.5 43,177.1 42,490.5 39,443.2 39,132.8 40,546.6 37,576.3 37,900.8 36,052.3 35,033.0 36,364.0 34,973.7 34,197.6 33,720.0 33,374.7 33,971.1 33,663.3 32,865.0 31,836.2 31,191.8 32,242.6
Incremental margin
Yoy -4% -6% -3% -91% -35% -23% -48% -31% 25% 26% 13% 7% 19% 30% -34% 10% 56% -158% 22% 6% 30% -4% 2% 9% 26% 10% 22% 27% 22% 17% 22% 4% 9% 11% 13%
Store & Service and Supercharger locations
Store and Service locations 300 318 330 330 339 346 351 378 378 377 406 417 433 433 438 446 446 523 523
YoY change 15.3% 10.4% 14.5% 14.5% 11.2% 17.3% 18.8% 14.6% 14.6% 16.2% 9.9% 7.0% 20.8% 20.8%
QoQ change 6.0% 3.8% 2.7% 2.1% 1.4% 7.7% (0.3%) 7.7% 2.7% 3.8% 1.2% 1.8% 0.0% 17.3%
Mobile Service fleet 160 230 230 300 340 373 411 411 550 651 719 743 743 756 769 780 823 823
YoY change 133.1% 78.7% 78.7% 83.3% 91.5% 92.8% 80.8% 80.8% 37.5% 18.1% 8.5% 10.8% 10.8%
QoQ change 43.8% 30.4% 13.3% 9.7% 10.2% 33.8% 18.4% 10.4% 3.3% 1.7% 1.7% 1.4% 5.5%
Supercharger stations 1,000 1,128 1,128 1,205 1,308 1,352 1,421 1,421 1,490 1,587 1,653 1,821 1,821 1,917 2,035 2,181 2,564 2,564
YoY change 35.2% 26.0% 26.0% 23.7% 21.3% 22.3% 28.1% 28.1% 28.7% 28.2% 31.9% 40.8% 40.8%
QoQ change 12.8% 6.8% 8.5% 3.4% 5.1% 4.9% 6.5% 4.2% 10.2% 5.3% 6.2% 7.2% 17.6%
Supercharger stalls 9,300 10,622 11,128 12,002 12,002 12,767 13,881 14,658 16,104 16,104 17,007 18,100 19,437 23,277 23,277
YoY change 37.3% 30.7% 31.7% 34.2% 34.2% 33.2% 30.4% 32.6% 44.5% 44.5%
QoQ change 14.2% 4.8% 7.9% 6.4% 8.7% 5.6% 9.9% 5.6% 6.4% 7.4% 19.8%
Destination charging stations 19,203 20,652 21,541 21,541 22,399 23,160 23,906
YoY change ERROR:#DIV/0! 20.6% 15.8%
QoQ change 7.5% 4.3% 4.0% 3.4% 3.2%
Share count
Share count
Shares repurchased - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Amount spent on share buybacks - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Price per share
Dilution 10.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0
Period End Shares Outstanding 466.0 520.1 521.5 526.1 527.2 568.9 577.8 607.2 613.0 620.5 623.1 626.9 628.8 632.0 635.7 654.8 660.3 669.7 743.5 749.5 821.3 834.4 840.3 849.0 853.0 858.7 863.6 868.6 895.6 901.2 906.7 926.9 931.8 947.9
Basic shares outstanding 129.6 38.2 35.1 35.3 35.1 36.5 38.2 461.4 471.2 253.6 475.9 488.8 520.4 522.0 501.9 524.0 526.2 527.8 568.8 536.7 573.6 591.0 608.4 614.0 597.1 617.4 621.3 624.6 627.5 622.9 629.7 633.4 645.0 655.5 128.2 663.4 699.9 745.0 775.1 721.1 810.6 826.1 836.5 841.6 828.8 845.7 850.0 854.5 860.1 852.6 864.9 883.3 895.0 900.0 885.8 915.0 930.0 937.0 955.0 933.3 962.0 969.0 976.0 983.0 969.0 990.0 997.0 1,004.0 1,011.0 997.0 1,018.0 1,025.0 1,032.0 1,039.0 1,025.0
Additional shares outstanding
Dilutive impact from options outstanding (107.1) (3.4) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 47.8 - 0 - 0 74.9 70.6 83.7 83.5 89.2 - 0 88.2 - 0 - 0 - 0 - 0 - 0 - 0 - 0 39.7 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 36.5 35.0 17.9 - 0 - 0 25.0 35.0 15.0 80.0 105.0 168.0 173.0 131.5 175.0 175.0 175.0 175.0 174.8 180.0 180.0 180.0 180.0 179.4 185.0 185.0 185.0 185.0 184.4
Total diluted shares 22.5 34.8 35.1 35.3 35.1 36.5 38.2 461.4 471.2 253.6 475.9 488.8 520.4 522.0 501.9 524.0 526.2 527.8 568.8 536.7 621.3 591.0 608.4 688.9 667.7 701.1 704.7 713.7 627.5 711.1 629.7 633.4 645.0 655.5 128.2 663.4 699.9 784.7 775.1 721.1 810.6 826.1 836.5 841.6 828.8 845.7 850.0 891.0 895.1 870.5 864.9 883.3 920.0 941.7 900.8 995.0 1,035.0 1,105.0 1,128.0 1,064.8 1,137.0 1,144.0 1,151.0 1,158.0 1,143.8 1,170.0 1,177.0 1,184.0 1,191.0 1,176.4 1,203.0 1,210.0 1,217.0 1,224.0 1,209.4
For Quantum (HIDE FOR CLIENT MODEL)
Sales -% Consumer (C) 100% 100% 100% 100% 100% 100% 100% 100%
Sales -% Industry (I) 0% 0% 0% 0% 0% 0% 0% 0%
Sales -% Government (G) 0% 0% 0% 0% 0% 0% 0% 0%
Sales - % Industry Sub-Segment: Financial Services 0% 0% 0% 0% 0% 0% 0% 0%
Sales (%) SMB 0% 0% 0% 0% 0% 0% 0% 0%
Sales - % Industry Sub-Segment: Oil & Gas 0% 0% 0% 0% 0% 0% 0% 0%
% of total cash balance held overseas (outside the US) 24.4% 15% 20.3% 20% 20% 20% 20% 20%
Sales - % from Captive Financing Business 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Earnings - % from Captive Financing Business 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Oil/Petrol/Fuel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Oil derivatives/NGLs/plastics 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Gold 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Copper 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Silver 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Platinum 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Palladium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Aluminium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Nickel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Zinc 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Paper/pulp 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Glass 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Water 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Other commodity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expense - % Other (Non-Commodity) cost 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Sales - % FX: British Pounds/Pence
Sales - % FX: Euro 4.8% 9.8% 8.3% 11.4% 11.4% 11.4% 11.4% 11.4%
Sales - % FX: New Russian Ruble
Sales - % FX: U.S. Dollar 60.0% 52.9% 69.3% 51.5% 51.5% 51.5% 51.5% 51.5%
Sales - % FX: Brazilian Real
Sales - % FX: Japanese Yen
Sales - % FX: Chinese Renminbi 15.2% 17.2% 8.2% 12.1% 12.1% 12.1% 12.1% 12.1%
Sales - % FX: Indian Rupee
Sales - % FX: Canadian Dollar
Sales - % FX: Mexican Peso
Sales - % FX: Colombian Peso
Sales - % FX: Argentine Peso
Sales - % FX: Chilean Peso
Sales - % FX: Venezuelan bolivar
Sales - % FX: Other Currency 20.0% 20.0% 14.2% 25.0% 25.0% 25.0% 25.0% 25.0%
Sales -% Consumer (C)
Sales -% Industry (I)
Sales -% Government (G)
% Floating debt (local currency debt) 0% 0% 0% 0% 0% 0% 0% 0%
% floating debt hedged (rates) 0% 0% 0% 0% 0% 0% 0% 0%
% of CoGS from U.S. (GS estimate) 60.0% 52.9% 69.3% 51.5% 51.5% 51.5% 51.5% 51.5%
% of CoGS from non-U.S. (GS estimate) 40.0% 47.1% 30.7% 48.5% 48.5% 48.5% 48.5% 48.5%
% of SG&A from U.S. (GS estimate) 60.0% 52.9% 69.3% 51.5% 51.5% 51.5% 51.5% 51.5%
% of SG&A from non-U.S. (GS estimate) 40.0% 47.1% 30.7% 48.5% 48.5% 48.5% 48.5% 48.5%
DPS, dividend per share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
DPS, dividend per share (Pub) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Special dividend per share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Deferred income taxes $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Sales - % Canada
Sales - % United States 60.0% 52.9% 69.3% 51.5% 51.5% 51.5% 51.5% 51.5%
Sales - % Other North Americas
Sales - % Argentina
Sales - % Brazil
Sales - % Chile
Sales - % Colombia
Sales - % Mexico
Sales - % Venezuela
Sales - % Other Latin Americas
Sales - % Austria
Sales - % Belgium
Sales - % France
Sales - % Germany
Sales - % Greece
Sales - % Ireland
Sales - % Italy
Sales - % Netherlands 0.0% 2.8% 4.5% 6.5% 6.5% 6.5% 6.5% 6.5%
Sales - % Norway 4.8% 7.0% 3.8% 4.9% 4.9% 4.9% 4.9% 4.9%
Sales - % Portugal
Sales - % Spain
Sales - % Sweden
Sales - % Switzerland
Sales - % UK
Sales - % Other Western Europe
Sales - % Poland
Sales - % Russia
Sales - % Turkey
Sales - % Other CEE
Sales - % Saudi Arabia
Sales - % United Arab Emirates
Sales - % Other Middle East
Sales - % Nigeria
Sales - % South Africa
Sales - % Other Africa
Sales - % Hong Kong
Sales - % Japan
Sales - % Singapore
Sales - % South Korea
Sales - % Taiwan
Sales - % Other Developed Asia
Sales - % China 15.2% 17.2% 8.2% 12.1% 12.1% 12.1% 12.1% 12.1%
Sales - % India
Sales - % Indonesia
Sales - % Thailand
Sales - % Other Emerging Asia
Sales - % Australia
Sales - % New Zealand
Sales - % Others 20.0% 20.0% 14.2% 25.0% 25.0% 25.0% 25.0% 25.0%
Employees (Thousands) 17.782 37.543 48.817 48 48 48 48 48

BS

Goldman Sachs U.S. Research
Mark Delaney
(212) 357-0535
Tesla Inc. (TSLA)
Fiscal Year Ends December Mar Q1 Jun Q2 Sep Q3 Dec Q4 2009 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2010 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2011 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2012 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2013 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2014 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2015 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2016 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2017 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2018 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2019 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2020 Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2021E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2022E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2023E
ASSETS
Current assets
Cash and cash equivalents 70 70 47 97 100 100 101 319 213 255 255 219 211 86 202 202 214 746 795 846 846 2,394 2,675 2,371 1,906 1,906 1,510 1,151 1,426 1,197 1,197 1,442 3,246 3,084 3,393 3,393 4,007 3,036 3,530 3,368 3,368 2,665.7 2,236 2,968 3,686 3,686 2,198 4,955 5,338 6,268 6,268 8,080 8,615 14,531 19,384 19,384 16,908 15,878 16,896 19,288 19,288 18,848 17,971 21,331 22,143 22,143 22,848 22,525 25,912 25,539 25,539
Restricted cash - 0 - 0 - 0 88 74 74 43 11 55 23 23 39 22 23 19 19 17 1 1 3 3 1 12 17 18 18 21 21 25 23 23 24 25 24 106 106 89 118 138 155 155 120 147 159 193 193 131 128 233 246 246 193 203 174 219 219 219 219 219 219 219 219 219 219 219 219 219 219 219 219 219
Accounts receivable, net 3 3 6 8 7 7 20 23 18 10 10 14 11 9 27 27 46 114 48 49 49 72 97 157 227 227 200 139 120 169 169 318 179 327 499 499 440 454 608 515 515 653 570 1,155 949 949 1,047 1,147 1,128 1,324 1,324 1,274 1,485 1,757 1,886 1,886 1,823 2,160 2,524 2,759 2,759 2,684 2,809 3,116 3,400 3,400 3,145 3,280 3,621 3,791 3,791
DSOs 17 17 21 23 17 17 38 36 29 22 22 41 38 17 8 8 7 26 10 7 7 11 11 17 22 22 19 13 12 13 13 25 13 13 20 20 15 15 19 14 14 17 13 15 12 12 21 16 16 16 16 19 22 18 16 16 19 19 18 16 16 20 19 18 17 17 20 19 18 17 17
Inventory 23 23 30 40 45 45 51 54 49 50 50 55 67 159 269 269 238 255 348 340 340 451 597 752 954 954 1,055 1,212 1,294 1,278 1,278 1,302 1,610 1,605 2,067 2,067 2,220 2,438 2,471 2,264 2,264 2,566 3,325 3,314 3,113 3,113 3,837 3,382 3,581 3,552 3,552 4,494 4,018 4,218 4,101 4,101 6,526 7,389 8,412 8,622 8,622 8,992 9,609 10,040 11,001 11,001 11,006 11,049 11,669 12,487 12,487
Inventory days 126 126 121 164 165 165 149 125 49 144 144 253 277 246 86 86 46 81 106 72 72 92 101 117 130 130 152 162 187 133 133 147 154 88 102 102 100 105 89 72 72 79 89 57 49 49 88 57 64 54 54 86 77 57 43 43 68 65 60 50 50 67 65 58 55 55 70 64 58 56 56
Prepaid expenses and other current assets 4 4 7 9 11 11 12 10 76 34 34 32 7 8 8 8 11 14 27 28 28 238 62 65 76 76 136 106 134 116 116 154 145 133 194 194 272 314 321 268 268 379 422 325 366 366 465 570 660 713 713 852 1,015 1,064 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127 1,127
Total current assets 101 101 90 241 236 236 227 418 412 373 373 359 317 285 525 525 526 1,130 1,219 1,266 1,266 3,156 3,442 3,363 3,180 3,180 2,921.4 2,628.6 2,999 2,782 2,782 3,240 5,204 5,172 6,260 6,260 7,028 6,359 7,069 6,571 6,571 6,384 6,700 7,920 8,306.308 8,306 7,678 10,182 10,940 12,103 12,103 14,893 15,336 21,744 26,717 26,717 26,604 26,773 29,177 32,015 32,015 31,870 31,736 35,832 37,890 37,890 38,345 38,200 42,549 43,163 43,163
Operating lease vehicles, net - 0 - 0 - 0 6 8 8 9 11 12 12 12 12 12 12 10 10 9 131 269 382 382 452 531 618 767 767 912 1,120 1,361 1,791 1,791 2,244 2,534 2,949 3,134 3,134 3,453 3,601 3,834 4,117 4,117 2,315 2,282 2,186 2,090 2,090 1,973 2,070 2,253 2,447 2,447 2,527 2,524 2,742 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091 3,091
Solar energy systems, net - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 5,920 5,920 6,086 6,219 6,288 6,347 6,347 6,346 6,340 6,302 6,271 6,271 6,242 6,201 6,168 6,138 6,138 6,106 6,069 6,025 5,979 5,979 6,004 6,029 6,054 6,079 6,079 6,104 6,129 6,154 6,179 6,179 6,204 6,229 6,254 6,279 6,279
Property, plant and equipment, gross 36 36 50 56 137 137 168 214 277 331 331 364 460 532 610 610 657 691 771 879 879 1,019 1,241 1,648 2,122 2,122 2,567 3,053 3,577 3,974 3,974 4,266 4,777 5,221 6,980 6,980 8,181 9,737 10,930 11,751 11,751 12,512 13,158 13,701 14,029 14,029 12,770 13,331 13,718 14,130 14,130 14,710 15,439 16,662 18,166 18,166 19,416 20,666 21,966 23,266 23,266 24,566 25,866 27,366 28,866 28,866 30,616 32,366 34,366 36,366 36,366
Accumulated depreciation (13) (13) (17) (19) (22) (22) (25) (25) (28) (32) (32) (38) (45) (57) (57) (75) (95) (116) (140) (140) (169) (205) (243) (293) (293) (342) (407) (473) (571) (571) (673) (784) (912) (997) (997) (1,165) (1,337) (1,536) (1,724) (1,724) (1,993) (2,189) (2,454) (2,699) (2,699) (2,919) (3,248) (3,528) (3,734) (3,734) (4,072) (4,430) (4,814) (5,419) (5,419) (6,169) (7,069) (7,969) (8,969) (8,969) (10,069) (11,194) (12,419) (13,719) (13,719) (15,119) (16,519) (18,019) (19,519) (19,519)
Property, plant and equipment, net 24 24 33 37 115 115 143 190 248 298 298 364 422 486 552 552 582 596 654 738 738 849 1,036 1,404 1,829 1,829 2,224 2,646 3,104 3,403 3,403 3,593 3,993 4,309 5,983 5,983 7,017 8,399 9,394 10,028 10,028 10,519 10,969 11,246 11,330 11,330 9,851 10,082 10,190 10,396 10,396 10,638 11,009 11,848 12,747 12,747 13,247 13,597 13,997 14,297 14,297 14,497 14,672 14,947 15,147 15,147 15,497 15,847 16,347 16,847 16,847
Operating lease right-of-use assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 1,253 1,248 1,234 1,218 1,218 1,197 1,274 1,375 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558 1,558
Intangible assets, gross - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 383 383 405 407 408 408 408 409 396 396 395 395 351 415 450 452 452 448 450 469 481 481 481 481 481 481 481 481 481 481 481 481 481 481 481 481 481
Accumulated amortizatoin - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (7) (7) (16) (26) (36) (47) (47) (62) (95) (104) (113) (113) (78) (88) (99) (113) (113) (125) (138) (151) (164) (164) (179) (194) (209) (224) (224) (239) (254) (269) (284) (284) (299) (314) (329) (344) (344)
Intangible assets, net - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 376 376 389 381 372 362 362 346 300 291 282 282 274 327 351 339 339 323 312 318 317 317 302 287 272 257 257 242 227 212 197 197 182 167 152 137 137
Goodwill - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 41 44 45 60 60 61 64 65 68 68 74 153 186 198 198 193 196 203 203 203 203 203 203 203 203 203 203 203 203 203 203 203 203 203 203
MyPower customer notes receivable, net of current portion - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 506 506 486 473 464 457 457 450 435 423 422 422 413 400 398 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393 393
Restricted cash, net of current portion 4 4 5 57 5 5 5 5 6 8 8 4 4 5 5 5 5 7 8 6 6 7 7 9 11 11 14 20 26 32 32 48 72 91 268 268 330 358 409 442 442 434 400 397 398 398 354 366 255 269 269 274 288 298 298 298 298 298 298 298 298 298 298 298 298 298 298 298 298 298 298
Other assets 3 3 19 20 23 23 23 23 23 22 22 22 22 22 22 22 22 24 16 24 24 36 38 43 43 43 49 54 58 60 60 67 67 71 217 217 225 210 232 273 273 415 419 432 572 572 802 843 820 808 808 706 734 745 845 845 845 845 845 845 845 845 845 845 845 845 845 845 845 845 845
Total assets 130 130 148 362 386 386 407 646 700 713 713 761 777 809 1,114 1,114 1,144 1,888 2,166 2,417 2,417 4,500 5,054 5,438 5,831 5,831 6,120 6,468 7,547 8,068 8,068 9,192 11,869 12,592 22,664 22,664 25,054 26,044 28,107 28,655 28,655 27,271 27,910 29,263 29,740 29,740 28,913 31,873 32,795 34,309 34,309 37,250 38,135 45,691 52,148 52,148 52,545 53,074 55,888 59,036 59,036 59,101 59,152 63,533 65,801 65,801 66,616 66,831 71,690 72,814 72,814
LIABILITIES AND EQUITY
Current liabilities
Accounts payable 15 15 26 27 29 29 50 57 54 56 56 64 79 162 303 303 304 262 302 304 304 376 444 649 778 778 732 772 825 916 916 1,013 1,115 1,606 1,860 1,860 2,075 2,359 2,386 2,390 2,390 2,603 3,030 3,597 3,404 3,404 3,249 3,134 3,468 3,771 3,771 3,970 3,638 4,958 6,051 6,051 7,198 7,162 8,833 10,174 10,174 9,395 8,279 10,905 11,001 11,001 10,849 9,668 12,474 11,149 11,149
Payable Days 82 82 105 112 106 106 146 131 121 162 162 293 327 250 98 98 59 84 92 65 65 77 75 101 106 106 105 103 119 96 96 114 107 88 92 92 93 101 86 76 76 80 82 62 54 54 74 53 62 57 57 76 69 67 63 63 75 63 63 59 59 70 56 63 55 55 69 56 62 50 50
Accrued liabilities and other 15 15 8 11 21 21 20 25 33 32 32 34 34 29 44 44 46 61 81 108 108 129 161 195 269 269 354 345 374 423 423 439 558 695 1,210 1,210 1,460 1,511 1,478 1,731 1,731 1,898 1,815 1,990 2,094 2,094 2,277 2,623 2,497 2,905 2,905 2,825 3,110 3,252 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855 3,855
Deferred revenue 1 1 8 3 5 5 4 3 2 2 2 3 3 3 2 2 4 30 64 92 92 113 139 162 192 192 226 289 348 424 424 517 559 626 763 763 841 913 952 1,015 1,015 536 576 571 630 630 763 883 1,045 1,163 1,163 1,186 1,130 1,258 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458 1,458
Resale value guarantees - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 68 86 137 137 192 228 204 180 180 249 343 543 787 787 629 674 605 503 503 480 527 441 317 317 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Customer deposits & other 26 26 27 28 31 31 40 53 66 93 93 115 136 142 139 139 131 134 140 163 163 198 228 227 258 258 249 279 283 283 283 391 680 690 664 664 616 604 686 854 854 985 942 906 793 793 768 631 665 726 726 788 713 708 752 752 752 752 752 752 752 752 752 752 752 752 752 752 752 752 752
Current portion of long-term debt and finance leases - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 8 8 20 36 51 51 51 51 - 0 583 8 8 598 603 607 611 611 630 632 639 628 628 635 627 261 1,150 1,150 1,003 817 424 897 897 1,998 2,103 2,107 2,568 2,568 1,706 1,791 2,030 1,785 1,785 3,217 3,679 3,126 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132 2,132
Total current liabilities 57 57 69 69 86 86 113 139 154 191 191 236 287 386 539 539 536 487 1,169 675 675 1,413 1,576 1,840 2,107 2,107 2,192 2,384 2,554 2,811 2,811 3,188 3,766 4,082 5,827 5,827 6,245 6,546 6,469 7,675 7,675 8,650 9,141 9,775 9,992 9,992 9,243 9,589 10,146 10,667 10,667 11,986 12,270 13,302 14,248 14,248 15,395 15,359 17,030 18,371 18,371 17,592 16,476 19,102 19,198 19,198 19,046 17,865 20,671 19,346 19,346
Long-term debt and finance leases, net of current portion 1 1 46 57 72 72 103 134 226 271 271 344 401 420 411 411 389 588 11 599 599 1,533 1,781 1,799 1,819 1,819 1,889 1,988 1,966 2,021 2,021 2,484 2,620 2,443 5,860 5,860 7,148 7,123 9,582 9,418 9,418 8,761 9,511 9,670 9,404 9,404 9,788 11,234 11,313 11,634 11,634 10,666 10,416 10,559 9,556 9,556 8,156 7,906 7,656 7,406 7,406 7,156 6,906 6,656 6,406 6,406 6,156 5,906 5,656 5,406 5,406
Deferred revenue, net of current portion 1 1 2 3 3 3 3 3 4 3 3 3 3 2 3 3 5 68 131 181 181 211 235 254 292 292 313 335 362 446 446 497 533 581 852 852 955 1,036 1,083 1,178 1,178 818 796 950 991 991 1,157 1,182 1,140 1,207 1,207 1,199 1,198 1,233 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284 1,284
Resale value guarantees, net of current portion - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 159 236 236 291 345 398 488 488 606 725 953 1,294 1,294 1,583 1,780 2,056 2,210 2,210 2,444 2,493 2,410 2,309 2,309 757 585 456 329 329 211 61 38 36 36 36 44 48 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51
Other long-term liabilities 5 5 22 13 18 18 21 22 23 24 24 24 25 28 36 36 45 116 54 58 58 71 99 126 155 155 240 269 352 365 365 427 612 738 2,001 2,001 2,092 2,262 2,385 2,443 2,443 2,565 2,610 2,558 2,710 2,710 2,475 2,656 2,676 2,655 2,655 2,691 2,870 3,049 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330 3,330
Total liabilities 64.7 65 139 142 179 179 240 298 406 489 489 607 715 837 989 989 975 1,258 1,525 1,750 1,750 3,518 4,036 4,417 4,861 4,861 5,240 5,702 6,187 6,937 6,937 8,179 9,312 9,901 16,750 16,750 18,885 19,460 21,929 23,023 23,023 21,551.0 22,642.9 23,409.1 23,426 23,426 22,875 24,722 25,313 26,199 26,199 26,578 26,798 28,191 28,469 28,469 28,216 27,930 29,351 30,442 30,442 29,413 28,047 30,423 30,269 30,269 29,867 28,436 30,992 29,417 29,417
Redeemable noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 367 367 364 367 403 398 398 406 540 551 555.964 556 570 580 600 643 643 632 613 608 604 604 604 604 604 604 604 604 604 604 604 604 604 604 604 604 604
Convertible senior notes 319 319 319 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 77 - 0 - 0 70 66 62 58 58 54 50 46 47 47 43 37 11 9 9 7 2 0 0 0 0
Stockholders' equity
Preferred stock - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Common stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0.2 - 0 - 0 - 0 - 0 - 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Additional paid-in capital 7 7 19 583 622 622 632 871 882 893 893 913 927 948 1,190 1,190 1,223 1,714 1,687 1,807 1,807 2,101 2,204 2,284 2,345 2,345 2,430 2,503 3,340 3,409 3,409 3,561 5,384 5,531 7,774 7,774 8,352 8,774 8,989 9,178 9,178 9,419 9,657 9,958 10,249 10,249 10,564 12,052 12,348 12,737 12,737 15,390 15,895 21,574 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865 26,865
Accumulated other comprehensive loss - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0) (0) (0) (0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0) (0) (16) (15) (24) (4) (4) 14 34 25 (24) (24) (21) 11 21 33 33 83 19 8 (8) (8) (35.0) (5.6) (120) (36) (36) (113) (40) 125 125 125 125 125 125 125 125 125 125 125 125 125 125 125 125 125 125
Accumulated deficit (261) (261) (329) (364) (415) (415) (464) (523) (588) (669) (669) (759) (865) (976) (1,066) (1,066) (1,054) (1,085) (1,123) (1,140) (1,140) (1,189) (1,251) (1,326) (1,434) (1,434) (1,588) (1,772) (2,002) (2,322) (2,322) (2,605) (2,898) (2,876) (2,997) (2,997) (3,343) (3,680) (4,299) (4,974) (4,974) (5,051) (5,769) (5,457) (5,318) (5,318) (5,923) (6,332) (6,188) (6,083) (6,083) (6,104) (6,000) (5,669) (4,766) (4,766) (4,116) (3,301) (1,907) 149 149 1,244 2,660 4,665 7,087 7,087 8,304 9,950 12,253 14,951 14,951
Total stockholders' equity (253.523) (254) (310) 220 207 207 168 348 294 224 224 154 62 (28) 125 125 169 629 564 667 667 912 952 958 912 912 826 716 1,315 1,084 1,084 970 2,520 2,680 4,753 4,753 4,988 5,106 4,711 4,237 4,237 4,451 3,906 4,509 4,923 4,923 4,606 5,715 6,040 6,618 6,618 9,173 9,855 16,031 22,225 22,225 22,875 23,690 25,084 27,140 27,140 28,235 29,651 31,656 34,078 34,078 35,295 36,941 39,244 41,942 41,942
Noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 785 785 809 1,109 1,063 997 997 864 821 793 834 834 862 855 842 849 849 867 869 861 850 850 850 850 850 850 850 850 850 850 850 850 850 850 850 850 850
Total liabilities and equity 130 130 148 362 386 386 407 646 700 713 713 761 777 809 1,114 1,114 1,144 1,888 2,166 2,417 2,417 4,500 5,054 5,438 5,831 5,831 6,120 6,468 7,547 8,068 8,068 9,192 11,869 12,592 22,664 22,664 25,054 26,044 28,107 28,655 28,655 27,271 27,910 29,263 29,740 29,740 28,913 31,873 32,795 34,309 34,309 37,250 38,135 45,691 52,148 52,148 52,545 53,074 55,888 59,036 59,036 59,101 59,152 63,533 65,801 65,801 66,616 66,831 71,690 72,814 72,814
Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Balance sheet metrics
Total cash 173 144 331 269 279 279 258 233 109 221 221 231 747 796 849 849 2,395 2,687 2,388 1,924 1,924 1,531 1,171 1,451 1,220 1,220 1,466 3,271 3,108 3,499 3,499 4,096 3,154 3,668 3,523 3,523 2,786 2,383 3,126 3,878 3,878 2,329 5,083 5,571 6,514 6,514 8,273 8,818 14,705 19,603 19,603 17,127 16,097 17,115 19,507 19,507 19,067 18,190 21,550 22,362 22,362 23,067 22,744 26,131 25,758 25,758
Total debt 72 103 134 226 279 279 364 437 471 462 462 440 588 593 607 607 2,131 2,385 2,407 2,430 2,430 2,519 2,620 2,605 2,649 2,649 3,120 3,247 2,704 7,010 7,010 8,152 7,939 10,006 10,315 10,315 10,759 11,614 11,776 11,971 11,971 11,494 13,025 13,343 13,419 13,419 13,883 14,095 13,685 11,688 11,688 10,288 10,038 9,788 9,538 9,538 9,288 9,038 8,788 8,538 8,538 8,288 8,038 7,788 7,538 7,538
Net debt (cash) (101) (41) (196) (43) 0 0 106 204 363 241 241 208 (159) (203) (242) (242) (264) (302) 19 506 506 988 1,449 1,154 1,429 1,429 1,654 (24) (404) 3,511 3,511 4,056 4,785 6,338 6,792 6,792 7,973 9,231 8,650 8,093 8,093 9,165 7,943 7,772 6,905 6,905 5,610 5,277 (1,020) (7,915) (7,915) (6,839) (6,059) (7,327) (9,969) (9,969) (9,779) (9,152) (12,762) (13,824) (13,824) (14,779) (14,706) (18,343) (18,220) (18,220)
Tangible book value 207 168 348 294 224 224 154 62 (28) 125 125 169 629 564 667 667 912 952 958 912 912 826 716 1,315 1,084 1,084 970 2,520 2,680 4,377 4,377 4,558 4,681 4,294 3,816 3,816 4,043 3,542 4,152 4,573 4,573 4,258 5,235 5,503 6,081 6,081 8,657 9,347 15,510 21,705 21,705 22,370 23,200 24,609 26,680 26,680 27,790 29,221 31,241 33,678 33,678 34,910 36,571 38,889 41,602 41,602
TBV/share $0.8 $0.4 $0.7 $0.6 $0.4 $0.4 $0.3 $0.1 ($0.1) $0.2 $0.2 $0.3 $1.1 $0.9 $1.0 $1.0 $1.3 $1.4 $1.3 $1.5 $1.3 $1.3 $1.1 $2.0 $1.7 $8.5 $1.5 $3.6 $3.4 $5.6 $6.1 $5.6 $5.7 $5.1 $4.5 $4.6 $4.8 $4.2 $4.7 $5.1 $5.3 $4.9 $5.9 $6.0 $6.5 $6.8 $8.7 $9.0 $14.0 $19.3 $20.4 $19.8 $20.3 $21.4 $23.1 $23.3 $23.9 $24.9 $26.5 $28.4 $28.6 $29.2 $30.3 $32.0 $34.1 $34.4
Days Sales Outstanding 17 38 36 29 22 22 41 38 17 8 8 7 26 10 7 7 11 11 17 22 22 19 13 12 13 13 25 13 13 20 20 15 15 19 14 14 17 13 15 12 12 21 16 16 16 16 19 22 18 16 16 19 19 18 16 16 20 19 18 17 17 20 19 18 17 17
Days Total Inventory 165 149 125 49 144 144 253 277 246 86 86 46 81 106 72 72 92 101 117 130 130 152 162 187 133 133 147 154 88 102 102 100 105 89 72 72 79 89 57 49 49 88 57 64 54 54 86 77 57 43 43 68 65 60 50 50 67 65 58 55 55 70 64 58 56 56
Inventory Turnover 2.22 2.45 2.93 7.42 2.53 2.53 1.44 1.32 1.48 4.22 4.22 7.86 4.49 3.46 5.05 5.05 3.95 3.61 3.11 2.81 2.81 2.41 2.25 1.95 2.74 2.74 2.48 2.37 4.15 3.59 3.59 3.66 3.49 4.12 5.05 5.05 4.62 4.08 6.42 7.45 7.45 4.16 6.44 5.73 6.77 6.77 4.24 4.76 6.38 8.49 8.49 5.37 5.62 6.08 7.30 7.30 5.45 5.62 6.29 6.64 6.64 5.21 5.70 6.29 6.52 6.52
Days Payable 106 146 131 121 162 162 293 327 250 98 98 59 84 92 65 65 77 75 101 106 106 105 103 119 96 96 114 107 88 92 92 93 101 86 76 76 80 82 62 54 54 74 53 62 57 57 76 69 67 63 63 75 63 63 59 59 70 56 63 55 55 69 56 62 50 50
Cash Conversion Cycle 76 41 30 (43) 5 5 0 (12) 12 (3) (3) (6) 23 24 15 15 26 37 33 45 45 66 72 80 50 50 58 60 13 30 30 21 18 22 10 10 16 21 11 7 7 34 21 18 13 13 29 30 8 (4) (4) 12 21 15 7 7 17 28 13 17 17 21 27 14 23 23
Total Invested Capital 301 294 507 546 522 522 525 490 423 575 575 608 1,401 997 1,742 1,742 3,087 3,479 3,598 3,724 3,724 3,928 4,084 4,994 5,257 5,257 6,004 8,103 8,510 16,837 16,837 18,808 19,497 21,638 20,981 20,981 18,621 18,769 19,487 19,747 19,747 19,670 22,284 22,649 23,642 23,642 25,264 25,865 32,389 37,900 37,900 37,150 37,715 38,859 40,665 40,665 41,510 42,676 44,431 46,603 46,603 47,570 48,966 51,019 53,467 53,467
Average Invested Capital 301 297 401 527 534 411 524 508 457 499 549 592 1,005 1,199 1,369 1,158 2,414 3,283 3,538 3,661 2,733 3,826 4,006 4,539 5,125 4,490 5,630 7,053 8,306 12,674 11,047 17,823 19,153 20,568 21,309 18,909 19,801 18,695 19,128 19,617 20,364 19,709 20,977 22,466 23,146 21,695 24,453 25,565 29,127 35,145 30,771 37,525 37,433 38,287 39,762 39,282 41,087 42,093 43,554 45,517 43,634 47,086 48,268 49,993 52,243 50,035
Debt Metrics
Total Debt 72 103 134 226 279 279 364 437 471 462 462 440 588 593 607 607 2,131 2,385 2,407 2,430 2,430 2,519 2,620 2,605 2,649 2,649 3,120 3,247 2,704 7,010 7,010 8,152 7,939 10,006 10,315 10,315 10,759 11,614 11,776 11,971 11,971 11,494 13,025 13,343 13,419 13,419 13,883 14,095 13,685 11,688 11,688 10,288 10,038 9,788 9,538 9,538 9,288 9,038 8,788 8,538 8,538 8,288 8,038 7,788 7,538 7,538
Debt to Capital 0.29X 0.30X 0.31X 0.36X 0.36X 0.36X 0.37X 0.38X 0.36X 0.32X 0.32X 0.31X 0.32X 0.28X 0.26X 0.26X 0.38X 0.37X 0.35X 0.33X 0.33X 0.32X 0.31X 0.30X 0.28X 0.28X 0.28X 0.26X 0.21X 0.30X 0.30X 0.30X 0.29X 0.31X 0.31X 0.31X 0.33X 0.34X 0.33X 0.34X 0.34X 0.33X 0.35X 0.35X 0.34X 0.34X 0.34X 0.34X 0.33X 0.29X 0.29X 0.27X 0.26X 0.25X 0.24X 0.24X 0.24X 0.24X 0.22X 0.22X 0.22X 0.22X 0.22X 0.20X 0.20X 0.20X
Net Debt (101) (41) (196) (43) 0 0 106 204 363 241 241 208 (159) (203) (242) (242) (264) (302) 19 506 506 988 1,449 1,154 1,429 1,429 1,654 (24) (404) 3,511 3,511 4,056 4,785 6,338 6,792 6,792 7,973 9,231 8,650 8,093 8,093 9,165 7,943 7,772 6,905 6,905 5,610 5,277 (1,020) (7,915) (7,915) (6,839) (6,059) (7,327) (9,969) (9,969) (9,779) (9,152) (12,762) (13,824) (13,824) (14,779) (14,706) (18,343) (18,220) (18,220)
Net Debt / LTM EBITDA 0.71X 0.90X 1.97X 0.27X -0.00X -0.00X -0.38X -0.63X -0.99X -0.66X -0.66X -0.83X 1.02X 3.33X -5.92X -5.92X -25.71X -16.87X 0.72X -18.86X -18.86X -10.68X -8.16X -4.00X -3.40X -3.40X -3.57X 0.05X 89.08X 8.04X 8.04X 5.65X 4.85X 12.01X 38.28X 38.28X -60.54X -25.39X 11.62X 4.92X 4.92X 5.30X 3.70X 3.84X 3.31X 3.31X 1.95X 1.56X -0.27X -1.95X -1.95X -1.60X -1.27X -1.30X -1.37X -1.37X -1.17X -0.97X -1.22X -1.24X -1.24X -1.28X -1.22X -1.46X -1.40X -1.40X
EBITDA / Net Interest Expense -194.20X 1131.85X 1183.61X 758.89X 1663.67X 1117.74X 3423.44X -10106.20X -2577.20X 1332.07X 11121.09X 271.92X -3.19X -3.25X 13.39X 6.80X -0.37X 0.22X 0.14X -3.66X -1.08X -9.73X -14.07X -15.46X -14.32X -13.52X -10.53X -7.46X 8.14X 4.48X 3.37X 1.78X 1.71X -0.91X -0.49X 0.39X -0.96X -0.35X 5.98X 4.98X 2.58X -0.36X 2.24X 5.21X 5.59X 3.26X 4.65X 5.32X 7.85X 5.07X 5.64X 5.91X 10.76X 16.97X 23.51X 13.60X 18.61X 21.97X 29.91X 35.23X 26.20X 24.41X 29.07X 37.29X 42.27X 33.15X
EBITDA (143) (45) (54) (61) (77) (237) (86) (101) (103) (77) (367) 29 (6) (7) 25 41 (1) 2 1 (28) (27) (67) (83) (110) (160) (420) (110) (92) 357 282 437 171 177 (102) (68) 177 (138) (55) 1,006 833 1,646 (54) 362 885 894 2,086 740 862 1,233 1,217 4,052 975 1,340 2,092 2,868 7,274 2,061 2,406 3,089 3,594 11,149 2,458 2,885 3,646 4,070 13,059
LTM EBITDA (143) (45) (100) (160) (237) (237) (277) (324) (366) (367) (367) (252) (157) (61) 41 41 10 18 26 (27) (27) (93) (178) (289) (420) (420) (464) (472) (5) 437 437 718 987 528 177 177 (132) (364) 745 1,646 1,646 1,730 2,146 2,025 2,086 2,086 2,880 3,381 3,729 4,052 4,052 4,287 4,765 5,623 7,274 7,274 8,360 9,426 10,423 11,149 11,149 11,546 12,025 12,582 13,059 13,059
EBIT (147) (47) (59) (64) (81) (251) (89) (106) (108) (91) (394) (6) 8 (2) 16 17 (23) (10) (23) (49) (104) (56) (108) (107) (136) (407) (160) (194) 86 (251) (519) (258) (241) (535) (598) (1,632) (597) (621) 417 414 (388) (522) (167) 261 359 (69) 283 327 809 575 1,994 181 421 1,173 1,849 3,623 942 1,262 1,840 2,270 6,313 1,034 1,461 2,122 2,546 7,163
Tax rate (0.1%) (0.3%) (0.2%) (0.1%) (0.1%) (0.2%) (0.1%) (0.1%) (0.1%) 0.2% (0.0%) 21.4% 4.1% (16.5%) 7.1% 11.5% (4.2%) (6.2%) (11.6%) (6.5%) (7.4%) (3.6%) (3.1%) (1.4%) (3.1%) (2.7%) (2.4%) (1.7%) 27.1% (3.9%) (4.3%) (6.8%) (4.1%) 0.0% 1.2% (1.4%) (0.7%) (1.9%) 6.1% 9.4% (5.8%) (3.5%) (5.3%) 14.8% 24.1% (16.6%) 2.9% 14.0% 33.5% 21.9% 25.3% 16.7% 29.4% 25.1% 16.9% 21.0% 40.0% 29.3% 19.7% 16.5% 23.3% 35.8% 24.9% 17.2% 15.4% 20.7%
Financial Ratios
ROAE 642.5% (101.4%) (90.8%) (80.6%) (124.8%) (116.8%) (190.6%) (391.5%) (2553.3%) (735.1%) (226.2%) 1.5% 7.0% (3.7%) 11.6% 5.0% (10.1%) (8.4%) (15.1%) (26.0%) (17.3%) (40.6%) (54.0%) (51.6%) (56.5%) (49.4%) (64.2%) (49.7%) 3.4% (20.9%) (19.0%) (26.2%) (26.7%) (49.0%) (57.9%) (42.3%) (65.3%) (68.7%) 29.6% 11.8% (21.3%) (58.9%) (31.7%) 9.7% 6.6% (14.9%) 0.8% 4.4% 9.3% 5.6% 4.8% 0.4% 3.3% 12.6% 21.8% 9.7% 6.7% 10.9% 17.9% 21.7% 14.4% 6.5% 11.0% 17.4% 20.2% 13.9%
ROAA (57.8%) (47.9%) (44.5%) (38.5%) (45.7%) (45.8%) (48.8%) (55.0%) (55.3%) (37.0%) (43.2%) 0.2% 1.9% (1.1%) 3.1% 1.1% (2.3%) (1.6%) (2.7%) (4.3%) (3.3%) (5.9%) (6.6%) (7.5%) (8.7%) (7.1%) (7.6%) (8.2%) 0.7% (4.4%) (3.6%) (5.3%) (5.3%) (8.9%) (9.1%) (7.4%) (10.1%) (10.4%) 4.4% 1.9% (3.3%) (9.6%) (5.4%) 1.8% 1.3% (2.7%) 0.2% 1.1% 2.9% 2.2% 1.6% 0.2% 1.4% 5.6% 9.9% 4.3% 3.1% 5.3% 8.9% 11.1% 7.1% 3.4% 6.0% 9.5% 11.3% 7.6%
ROCE ERROR:#DIV/0! (162.9%) (168.8%) (128.1%) (136.3%) (146.4%) (146.6%) (161.5%) (144.5%) (103.6%) (135.8%) (4.7%) 6.8% (2.0%) 15.5% 3.7% (17.5%) (6.6%) (12.4%) (17.4%) (13.6%) (14.4%) (22.5%) (18.7%) (22.5%) (20.1%) (25.5%) (30.7%) 10.5% (12.3%) (12.2%) (9.1%) (7.8%) (17.8%) (16.9%) (13.4%) (17.9%) (19.0%) 13.6% 9.3% (2.6%) (17.2%) (5.7%) 6.3% 7.2% (1.2%) 6.3% 6.9% 12.4% 11.5% 9.1% 3.3% 5.9% 18.7% 34.0% 16.2% 11.3% 17.1% 28.8% 37.5% 24.1% 11.8% 19.4% 31.5% 37.5% 25.3%
ROWC (374.1%) (309.0%) (316.8%) (356.0%) (510.1%) (451.9%) (552.4%) (579.6%) (353.2%) (156.6%) (222.2%) (6.1%) 8.9% (2.2%) 15.6% 4.3% (20.6%) (7.1%) (12.6%) (19.9%) (14.2%) (19.1%) (34.3%) (31.3%) (39.2%) (31.8%) (42.7%) (46.2%) 13.4% (46.4%) (26.9%) (42.1%) (36.1%) (71.7%) (80.7%) (61.9%) (80.2%) (71.2%) 37.4% 35.1% (12.0%) (48.3%) (15.0%) 19.3% 22.7% (1.8%) 20.7% 20.0% 37.5% 30.0% 27.4% 8.4% 13.3% 34.3% 55.1% 33.0% 19.6% 29.6% 46.2% 55.0% 37.5% 18.6% 30.8% 47.5% 54.6% 37.0%
EBIT*(1-tax rate) (696.1) (193.6) (244.8) (294.0) (493.8) (1,388.0) (579.1) (721.5) (491.6) (233.2) (1,270.5) (5.9) 6.9 (1.9) 13.9 15.9 (27.2) (10.9) (25.4) (58.5) (118.9) (66.7) (145.4) (140.0) (189.6) (536.7) (227.9) (282.9) 74.1 (367.2) (658.2) (366.0) (327.9) (919.5) (1,081.0) (2,642.9) (1,075.8) (1,063.8) 260.8 268.3 (434.6) (774.0) (192.5) 210.7 277.4 (70.5) 224.5 261.7 505.7 402.3 1,447.2 165.7 364.9 770.7 831.0 2,428.8 757.2 887.8 989.1 1,021.0 3,942.8 841.6 1,010.8 1,114.6 1,157.0 4,511.6
Invested capital 329 329 344 565 600 578 578 590 569 585 878 878 912 1,664 1,299 2,046 2,046 3,463 3,922 4,247 4,501 4,501 4,660 4,855 5,819 6,173 6,173 7,017 9,217 10,116 18,697 18,697 20,884 21,857 24,024 23,371 23,371 21,225 21,799 23,084 23,152 23,152 22,919 25,417 26,117 27,413 27,413 29,234 29,503 37,347 43,951 43,951 44,348 44,877 47,691 50,839 50,839 50,904 50,955 55,336 57,604 57,604 58,419 58,634 63,493 64,617
ROIC (211.3%) (235.1%) (290.8%) (258.9%) (339.3%) (305.8%) (400.6%) (494.2%) (339.4%) (161.6%) (174.4%) (2.7%) 3.1% (0.6%) 3.7% 1.1% (5.3%) (1.6%) (2.8%) (5.7%) (3.6%) (5.9%) (12.7%) (11.8%) (14.2%) (10.1%) (14.8%) (17.2%) 3.7% (15.2%) (5.3%) (7.8%) (6.6%) (17.2%) (18.8%) (12.6%) (18.4%) (19.1%) 4.8% 4.8% (1.9%) (13.4%) (3.3%) 3.5% 4.3% (0.3%) 3.3% 3.7% 6.9% 4.8% 4.1% 1.5% 3.3% 6.9% 7.2% 5.1% 6.0% 7.0% 7.8% 7.7% 7.3% 5.8% 7.0% 7.6% 7.6% 7.4%
DACF (127) (43) (22) (21) (41) (128) (63) (64) (101) (37) (266) 64 (36) 105 138 270 62 6 (20) (78) (30) (124) (153) (196) (18) (491) (238) 165 458 (381) 20 36 (87) (184) 655 417 (248) 37 1,556 1,393 2,799 (477) 1,045 914 1,554 3,203 (276) 1,110 2,508 3,211 6,502 345 590 2,692 4,077 7,708 1,214 790 5,238 2,693 9,950 2,811 1,795 5,764 2,004 12,388
GCI 187 181 174 321 265 265 289 316 395 444 444 484 587 608 631 631 966 1,035 1,407 1,900 1,900 2,416 2,779 3,234 3,376 3,376 3,511 3,595 3,488 5,553 5,553 6,366 7,737 8,832 8,584 8,584 9,987 10,979 11,380 11,621 11,621 11,063 11,176 11,654 11,535 11,535 13,202 14,019 14,168 13,864 13,864 16,330 18,815 19,831 20,235 20,235 22,610 25,767 25,378 28,028 28,028 29,680 32,789 32,945 37,257 37,257
CROCI (67.7%) (93.9%) (50.6%) (34.7%) (55.6%) (56.6%) (91.4%) (84.9%) (113.5%) (35.7%) (75.0%) 55.3% (27.1%) 70.3% 89.3% 50.3% 31.2% 2.6% (6.6%) (18.9%) (2.3%) (23.1%) (23.6%) (26.0%) (2.1%) (18.6%) (27.6%) 18.6% 51.7% (33.7%) 0.5% 2.4% (5.0%) (8.9%) 30.1% 5.9% (10.7%) 1.4% 55.7% 48.4% 27.7% (16.8%) 37.6% 32.0% 53.6% 27.7% (8.9%) 32.6% 71.2% 91.6% 51.2% 9.1% 13.4% 55.7% 81.4% 45.2% 22.7% 13.1% 81.9% 40.3% 41.2% 39.0% 23.0% 70.2% 22.8% 37.9%

Revenue & Deliveries

Goldman Sachs U.S. Research
Mark Delaney
(212) 357-0535
Tesla Inc. (TSLA)
Fiscal Year Ends December 2008 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2009 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2010 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2011 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2012 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2013 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2014 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2015 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2016 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2017 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2018 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2019 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2020 Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2021E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2022E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2023E
Revenue Model ($ mns)
Vehicle sales revenue
Deliveries whole units
Roadster 182 240 283 125 830 126 141 151 149 567 145 190 184 150 669 99 89 68 21 277 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 100 100 200 250 300 400 1,150 400 400 450 450 1,700
Total Model S/X - 0 - 0 10 253 2,400 2,663 4,900 5,150 5,500 6,892 22,442 6,457 7,579 7,785 9,834 31,655 10,045 11,532 11,580 17,400 50,557 14,810 14,402 24,821 22,252
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: +52 units split between X/S		 76,285 25,051 22,026 25,915 28,425 101,417 21,815 22,319 27,710 27,607 99,451 12,091 17,722 17,483 19,475 66,771 12,230 10,614 15,275 18,966 57,085 6,115 12,312 14,511 17,838 50,777 13,447 13,481 14,511 17,838 59,277 13,447 13,481 14,511 17,838 59,277
Model S - 0 - 0 - 0 10 253 2,400 2,663 4,900 5,150 5,500 6,892 22,442 6,457 7,579 7,785 9,834 31,655 10,045 11,532 11,574 17,192 50,343 12,415 9,764 16,047 12,726 50,952 13,551 10,001 11,850 15,200 50,602 11,730 10,930 14,470 13,500 50,630 5,913 8,666 8,500 9,450 32,529 6,000 5,200 9,850 9,735 30,785 3,000 6,032 9,358 9,346 27,735 6,750 6,635 9,358 9,346 32,088 6,750 6,635 9,358 9,346 32,088
% of total S/X 99.58% 83.8% 67.8% 64.7% 57.2% 66.79% 54.1% 45.4% 45.7% 53.5% 49.89% 53.8% 49.0% 52.2% 48.9% 50.91% 48.9% 48.9% 48.6% 48.5% 48.72% 49.1% 49.0% 64.5% 51.3% 53.93% 49.1% 49.0% 64.5% 52.4% 54.62% 50.2% 49.2% 64.5% 52.4% 54.13% 50.2% 49.2% 64.5% 52.4% 54.13%
Model X 6 208 214 2,395 4,638 8,774 9,526 25,333 11,500 12,025 14,065 13,225 50,815 10,085 11,389 13,240 14,107 48,821 6,178 9,056 8,983 10,025 34,242 6,230 5,414 5,425 9,231 26,300 3,115 6,280 5,154 8,493 23,042 6,697 6,845 5,154 8,493 27,189 6,697 6,845 5,154 8,493 27,189
% of total S/X 0.42% 16.2% 32.2% 35.3% 42.8% 33.21% 45.9% 54.6% 54.3% 46.5% 50.11% 46.2% 51.0% 47.8% 51.1% 49.09% 51.1% 51.1% 51.4% 51.5% 51.28% 50.9% 51.0% 35.5% 48.7% 46.1% 50.9% 51.0% 35.5% 47.6% 45.4% 49.8% 50.8% 35.5% 47.6% 45.9% 49.8% 50.8% 35.5% 47.6% 45.9%
Model 3 - 0 - 0 222 1,542 1,764 8,182 18,449 56,065 63,359 146,055 50,928 77,634 79,703 92,620 300,885 74,266 72,277 94,318 111,701 352,562 85,406 91,792 108,466 128,456 414,120 97,363 104,643 123,651 146,440 472,096 111,967 120,339 142,199 168,406 542,911
Model Y - 0 - 0 - 0 2,000 8,000 30,000 50,000 90,000 60,000 75,000 105,000 145,000 385,000 110,000 125,000 150,000 175,000 560,000 135,000 150,000 185,000 200,000 670,000
Semi truck - 0 - 0 - 0 - 0 - 0 - 0 15 15 100 200 300 400 1,000 500 500 500 500 2,000
Cybertruck - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 500 1,000 2,000 3,000 6,500 3,000 7,000 7,500 7,500 25,000
Total 107 182 240 283 125 830 126 141 151 149 567 145 190 184 150 669 99 99 321 2,421 2,940 4,900 5,150 5,500 6,892 22,442 6,457 7,579 7,785 9,834 31,655 10,045 11,532 11,580 17,400 50,557 14,810 14,402 24,821 22,252 76,285 25,051 22,026 26,137 29,967 103,181 29,997 40,768 83,775 90,966 245,506 63,019 95,356 97,186 112,095 367,656 88,496 90,891 139,593 180,667 499,647 151,521 179,104 227,977 291,409 850,011 221,610 244,573 290,762 343,078 1,100,024 264,314 291,720 350,160 394,694 1,300,888
Leased model S/X - 0 - 0 - 0 - 0 1,363 1,820 2,588 2,807 8,578 1,940 1,509 3,305 4,500 11,254 917 1,970 2,322 2,854 8,063 2,152 2,157 2,322 2,854 9,484 2,152 2,157 2,322 2,854 9,484
% of deliveries 11.3% 10.3% 14.8% 14.4% 12.8% 15.9% 14.2% 21.6% 23.7% 19.7% 15% 16% 16% 16% 15.9% 16% 16% 16% 16% 16.0% 16% 16% 16% 16% 16.0%
Leased model 3/Y - 0 - 0 - 0 - 0 - 0 4,322 6,498 6,041 16,861 4,164 3,207 6,709 9,136 23,216 7270 8340 10673 13673 39,956 12442 13779 16419 19286 61,926 14818 16220 19632 22104 72,775
% of deliveries 5.6% 8.2% 6.5% 5.6% 5.5% 4.0% 5.4% 5.7% 5.2% 5.0% 5.0% 5.0% 5.0% 5.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
Total leased Units 1,363 6,142 9,086 8,848 25,439 6,104 4,716 10,014 13,636 34,470 8,188 10,310 12,995 16,527 48,019 14,593 15,935 18,741 22,140 71,410 16,970 18,377 21,954 24,958 82,259
% of deliveries 2.2% 6.4% 9.3% 7.9% 6.9% 6.9% 5.2% 7.2% 7.5% 6.9% 5.4% 5.8% 5.7% 5.7% 5.6% 6.6% 6.5% 6.4% 6.5% 6.5% 6.4% 6.3% 6.3% 6.3% 6.3%
Non-Leased S/X 10,728 15,902 14,895 16,668 58,193 10,290 9,105 11,970 14,466 45,831 5,198 10,342 12,189 14,984 42,714 11,296 11,324 12,189 14,984 49,793 11,296 11,324 12,189 14,984 49,793
Non-Leased 3/Y 50,928 73,312 73,205 86,579 284,024 72,102 77,070 117,609 152,565 419,346 138,136 158,452 202,792 259,783 759,164 194,921 215,864 257,232 302,154 970,170 232,149 254,119 307,567 346,302 1,140,136
Total non-leased units (3, Y, S, X) 61,656 89,214 88,100 103,247 342,217 82,392 86,175 129,579 167,031 465,177 143,333 168,794 214,982 274,767 801,877 206,217 227,188 269,421 317,138 1,019,963 243,445 265,442 319,756 361,286 1,189,929
YoY change in deliveries
Roadster (30.8%) (41.3%) (46.6%) 19.2% (31.7%) 15.1% 34.8% 21.9% 0.7% 18.0% (31.7%) (53.2%) (63.0%) (86.0%) (58.6%)
Total Model S/X 742.7% 31.8% 47.2% 41.5% 42.7% 41.1% 55.6% 52.2% 48.7% 76.9% 59.7% 47.4% 24.9% 114.3% 27.9% 50.9% 69.1% 52.9% 4.4% 27.7% 32.9% (12.9%) 1.3% 6.9% (2.9%) (1.9%) (44.6%) (20.6%) (36.9%) (29.5%) (32.9%) 1.1% (40.1%) (12.6%) (2.6%) (14.5%) (50.0%) 16.0% (5.0%) (5.9%) (11.1%) 119.9% 9.5% 0.0% 0.0% 16.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Model S 742.7% 31.8% 47.2% 41.5% 42.7% 41.1% 55.6% 52.2% 48.7% 74.8% 59.0% 23.6% (15.3%) 38.6% (26.0%) 1.2% 9.2% 2.4% (26.2%) 19.4% (0.7%) (13.4%) 9.3% 22.1% (11.2%) 0.1% (49.6%) (20.7%) (41.3%) (30.0%) (35.8%) 1.5% (40.0%) 15.9% 3.0% (5.4%) (50.0%) 16.0% (5.0%) (4.0%) (9.9%) 125.0% 10.0% 0.0% 0.0% 15.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Model X 380.2% 159.3% 60.3% 38.8% 100.6% (12.3%) (5.3%) (5.9%) 6.7% (3.9%) (38.7%) (20.5%) (32.2%) (28.9%) (29.9%) 0.8% (40.2%) (39.6%) (7.9%) (23.2%) (50.0%) 16.0% (5.0%) (8.0%) (12.4%) 115.0% 9.0% 0.0% 0.0% 18.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Model 3 25154.5% 4008.9% 8179.8% 522.4% 320.8% 42.2% 46.2% 106.0% 45.8% (6.9%) 18.3% 20.6% 17.2% 15.0% 27.0% 15.0% 15.0% 17.5% 14.0% 14.0% 14.0% 14.0% 14.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Model Y 837.5% 250.0% 190.0% 327.8% 83.3% 66.7% 42.9% 20.7% 45.5% 22.7% 20.0% 23.3% 14.3% 19.6%
Semi truck 2566.7% 6566.7% 400.0% 150.0% 66.7% 25.0% 100.0%
Cybertruck 150.0% 284.6%
Total 69.1% 52.9% 5.3% 34.7% 35.3% 19.7% 85.1% 220.5% 203.6% 137.9% 110.1% 133.9% 16.0% 23.2% 49.8% 40.4% (4.7%) 43.6% 61.2% 35.9% 71.2% 97.1% 63.3% 61.3% 70.1% 46.3% 36.6% 27.5% 17.7% 29.4% 19.3% 19.3% 20.4% 15.0% 18.3%
ASPs excluding incentives (thousand $)
Roadster $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Total Model S/X $72 $92 $97 $106
Delaney, Mark [GIR]: Delaney, Mark [GIR]: longer range versions added in 2Q which helped asp 		$94 $106 $100 $100 $98 $101 $98 $98 $97 $97 $97 $95 $94 $94 $94 $94 $95 $94 $94 $94 $94
Model S $110 $75 $77 $87 $87 $93 $98 $105 $93 $97 $89 $76 $74 $63 $74 $61 $69 $75 $67 $68 $67 $84 $56 $68 $68 $83 $82 $83 $89 $84
Model X $125 $125 $125 $110 $110 $108
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down 2% sequentially per company		 $120 $113 $120 $120 $120 $120 $120 $130
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Improved mix 		$130 $120 $121 $125
Model 3 $49 $49 $49 $55 $53 $59 $54 $56 $50
Delaney, Mark [GIR]: Delaney, Mark [GIR]: stabizing just under $50K		 $49 $49 $49
Delaney, Mark [GIR]: Delaney, Mark [GIR]: up slightly qoq		 $49 $48 $45 $46 $43 $45 $42 $42 $42 $41 $42 $40 $40 $40 $40 $40 $39 $39 $39 $38 $39
Model Y $58 $56.5 $56.5 $54 $55 $52 $50 $49 $48 $49 $48 $47 $47 $46 $47 $45 $44 $43 $43 $44
Semi truck $200 $200 $200 $190 $180 $180 $184 $170 $170 $168 $165 $168
Cybertruck $70 $70 $70 $70 $70 $70 $68 $65 $63 $60 $63
Blended ASP $114.8 $112.3 $160.9 $148.7 $134.9 $143.6 $135.7 $154.6 $195.8 $158.3 $141.2 $145.1 $154.4 $168.4 $152.0 $180.7 $166.3 $123.4 $115.8 $120.5 $110.4 $75.4 $76.7 $87.3 $87.0 $93.3 $98.1 $105.1 $93.0 $97.3 $88.9 $76.1 $73.6 $64.2 $74.0 $69.3 $82.1 $86.6 $89.6 $83.3 $91.4 $103.8 $90.4 $90.2 $93.4 $91.2 $82.4 $72.8 $69.5 $75.4 $53.4 $56.7 $56.7 $58.2 $56.6 $55.1 $52.0
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down qoq		 $53.6
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down yoy		 $51.7
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down 11% yoy		 $52.9 $48.0 $48.8 $48.4 $47.7 $48.2 $47.3 $47.1 $47.1 $46.9 $47.1 $46.3 $46.4 $45.4 $44.7 $45.6
ex. lease revenue as of 1Q19
Revenue per model ($ US mn)
Roadster - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 25.0 25.0 50.0 62.5 75.0 100.0 287.5 100.0 100.0 112.5 112.5 425.0
Total S/X 771.8 1,464.5 1,447.6 1,767.6 5,451.5 1,094.3 909.2 1,200.9 1,417.7 4,622.0 509.4 1,013.5 1,182.4 1,453.5 4,158.7 1,073.1 1,064.4 1,145.8 1,408.5 4,691.8 1,073.1 1,064.4 1,145.8 1,408.5 4,691.8
Model S 540.8 388.3 422.0 601.6 1,952.7 602.5 743.9 818.1 914.9 3,079.4 893.3 878.1 851.8 1,091.0 3,714.2 762.6 671.7 1,202.9 851.0 3,488.2 909.6 843.6 664.2 1,039.6 3,457.1 974.3 899.3 1,202.1 1,194.9 4,270.6
Model X 0.8 26.0 26.8 263.5 510.2 945.8 1,143.1 2,862.6 1,380.0 1,443.0 1,687.8 1,587.0 6,097.8 1,311.1 1,480.6 1,588.8 1,706.9 6,087.4
Model 3 10.9 75.6 86.4 450.0 977.8 3,307.8 3,421.4 8,157.0
Model Y
Total Model 3/Y 2,520.9 3,592.3 3,550.4 4,242.4 13,906.0 3,444.7 3,573.8 5,748.1 7,055.6 19,822.3 6,371.7 7,225.0 9,215.5 11,615.4 34,427.6 8,572.3 9,457.1 11,276.3 13,073.1 42,378.8 9,815.2 10,615.6 12,690.7 14,099.5 47,221.0
Semi truck - 0 - 0 - 0 - 0 - 0 - 0 3.0 3.0 20.0 38.0 54.0 72.0 184.0 85.0 85.0 84.0 82.5 336.5
Cybertruck - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 35.0 70.0 140.0 210.0 455.0 204.0 455.0 472.5 450.0 1,581.5
Automotive regulatory credits 1.3
bhaaru: bhaaru: Pg. 10 of 10Q -2Q,2010		 4.3
bhaaru: bhaaru: Pg. 10 of 10Q -2Q,2010		 2.0
bhaaru: bhaaru: 10Q_3Q10 Pg. 13 of Pdf
Delaney, Mark [GIR]: Delaney, Mark [GIR]: up slightly qoq		 0.5 8.1 0.5
bhaaru: bhaaru: Pg. 10 of 10Q -2Q,2010		 0.6
bhaaru: bhaaru: Pg. 10 of 10Q -2Q,2010		 0.9
bhaaru: bhaaru: 10Q_3Q10 Pg. 13 of Pdf
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down qoq
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down yoy
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down 11% yoy		 0.8 2.8 0.6 0.8 0.8 0.6 2.7 - 0 - 0 7.0 33.5 40.5 85.0
bhaaru: bhaaru: Pg. 23of 10Q_1Q13		 69.4
bhaaru: bhaaru: ZEV Credit - $51.5mn GHG credit - $17.9mn Pg. 25 of 10Q_2Q13		 25.2
bhaaru: bhaaru: Pg. 27 of 10Q_3Q13		 14.8 194.4 11.6 25.8 92.8 86.1 216.3 66.0 27.0 38.6 37.1 168.7 57.0 0.1 138.5 19.8 215.4 - 0 100.0 0.6 179.1 279.7 80.3 54.0 189.5 94.8 418.6 216.0 111.2 134.0 133.0 594.2 354.0 428.0 397.0 401.0 1,580.0 300.0 300.0 300.0 300.0 1,200.0 300.0 300.0 300.0 300.0 1,200.0 100.0 100.0 150.0 150.0 500.0
Lease revenue 215.1 208.4 221.0 225.0 869.5 239.0 268.0 265.0 280.0 1,052.0 298.8 321.6 318.0 336.0 1,274.4 358.5 385.9 381.6 403.2 1,529.2 430.2 463.1 457.9 483.8 1,835.1
Total automotive revenue 20.9 26.9 45.5 18.6 111.9 18.1 19.1 23.4 29.2 89.8 20.5
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Stripping out powertrain and component related sales		 27.6 28.4 25.3 101.7 17.888 16.5 39.6 280.4 354.3 540.8 388.3 422.0 601.6 1,952.7 602.5 743.9 818.1 914.9 3,079.4 893.3 878.1 852.6 1,117.0 3,741.0 1,026.1 1,181.9 2,148.7 1,994.1 6,350.8 2,289.6 2,286.6 2,362.9 2,702.2 9,641.3 2,735.3 3,357.7 6,098.8 6,323.2 18,515.0 3,723.9 5,376.4 5,353.0 6,368.0 20,821.3 5,132.0 5,179.0 7,611.0 9,314.0 27,236.0 7,479.8 8,860.1 11,015.9 13,732.8 41,088.7 10,408.9 11,377.9 13,372.7 15,566.8 50,726.4 11,807.5 12,883.2 15,113.4 16,786.8 56,590.9
lease revenue modeled separately as of 1Q19
Telsa Energy
Volume
Storage Deployed (MWh) 58 98 -- 60 97 109 143 409 373
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 129 from South Austrailia project		 203 239 225 1,040 229 415 477 530 1,651 260 419 759 1,584 3,022 780 1,048 1,328 1,663 4,819 975 1,309 1,660 2,079 6,024 1,219 1,637 2,075 2,599 7,530
YoY 88% 46% 522% 109% 119% 57% 154% -39% 104% 100% 136% 59% 14% 1% 59% 199% 83% 200.0% 150.0% 75.0% 5.0% 59% 25.0% 25.0% 25.0% 25.0% 25% 25.0% 25.0% 25.0% 25.0% 25%
ASP per kWh 402 400 400 400 400 400 375 375 375 375 375 365 360 355 362 355 355 340 305 325 325 325 325 325 325 315 300 295 295 299 315 300 295 295 299
Revenue 23 39 24 39 44 57 164 140 76 90 84 390 86 151 172 188 597 92 149 258 483 982 254 340 432 541 1,566 307 393 490 613 1,803 384 491 612 767 2,254
YoY 87% 46% 483% 96% 106% 48% 138% -39% 99% 92% 123% 53% 7% -2% 50% 157% 64% 175% 129% 67% 12% 59% 21% 15% 13% 13% 15% 25% 25% 25% 25% 25%
Solar Deployed (MW) 201 -- 150 176 110 87 523 76 84 93 73 326 47 29 43 54 173 35 27 57 86 205
YoY -57% -49% -52% -15% -16% -38% -38% -65% -54% -26% -47% -26% -7% 33% 59% 18%
Revenue 92 190 248 274 241 953 270 298 310 287 1165 239 217 230 248 934 201 221 321 269 1012 241 299 353 309 1202 277 343 406 356 1382 319 395 467 409 1589
YoY 161% 42% 20% 13% 19% 22% -12% -27% -26% -14% -20% -16% 2% 39% 8% 8% 20.0% 35.0% 10.0% 15.0% 19% 15.0% 15.0% 15.0% 15.0% 15% 15.0% 15.0% 15.0% 15.0% 15%
Total energy generation and storage revenue 23.3 131.4 154.7 213.9 286.8 317.5 298.0 1,116.3 410.0 374.4 399.3 371.5 1,555.2 324.7 368.2 402.0 436.0 1,530.9 293.0 370.00 579.0 752.0 1,994.0 494.3 639.1 784.7 849.8 2,767.9 584.1 736.3 895.8 968.9 3,185.1 702.4 886.0 1,079.1 1,175.6 3,843.1
Service & Other revenue
Revenue - 0 - 0 - 0 - 0 - 0 2.7 9.3 7.9 7.1 27.0 28.6 30.6 29.3 14.1 102.5 12.3 10.2 10.5 25.9 58.9 21.0 16.9 9.3 13.6 60.8 18.0 25.5 33.7 41.7 118.9 46.6
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Powertrain component no longer reported		 76.9 84.2 97.4 305.1 121.0 88.2 126.4 159.1 494.6 192.7 216.2 304.3 288.0 1,001.2 263.4 270.1 326.3 531.2 1,391.0 492.9 605.1 548.0 580.0 2,226.0 560.0 487.0 581.0 678.0 2,306.0 759.2 845.4 957.6 1,109.4 3,671.5 1,220.1 1,338.9 1,483.2 1,665.3 5,707.5 1,798.5 1,940.5 2,115.6 2,329.2 8,183.8
YoY growth 59% 145% 141% 81% 102% 37% 25% 7% 84% 39% 87% 124% 68% 9% 60% 14% -20% 6% 17% 4% 36% 74% 65% 64% 59% 61% 58% 55% 50% 55% 47% 45% 43% 40% 43%
Estimated vehicles on road 10,013 15,113 20,537 27,327 18,247 33,647 41,058 48,638 58,228 45,393 67,982 79,174 90,358 107,307 86,205 121,580 135,374 159,518 180,973 149,361 205,119 226,119 251,126 279,837 240,550 308,435 347,661 429,697 518,515 401,077 578,941 671,403 765,232 873,500 722,269 957,629 1,038,944 1,168,147 1,337,133 1,125,463 1,475,282 1,639,634 1,851,214 2,124,111 1,772,560 2,324,480 2,545,809 2,811,113 3,126,080 2,701,870 3,359,133 3,617,262 3,931,249 4,286,630 3,798,569
YoY growth 236.0% 171.7% 136.8% 113.1% 148.8% 102.0% 92.8% 85.8% 84.3% 89.9% 78.8% 71.0% 76.5% 68.7% 73.3% 68.7% 67.0% 57.4% 54.6% 61.1% 50.4% 53.8% 71.1% 85.3% 66.7% 87.7% 93.1% 78.1% 68.5% 80.1% 65.4% 54.7% 52.7% 53.1% 55.8% 54.1% 57.8% 58.5% 58.9% 57.5% 57.6% 55.3% 51.9% 47.2% 52.4% 44.5% 42.1% 39.8% 37.1% 40.6%
Revenue per vehicle 2,098 1,116 455 497 3,333 536 621 693 717 2,620 685 971 932 907 3,539 995 651 792 879 3,312 940 956 1,212 1,029 4,162 854 777 759 1,024 3,468 851 901 716 664 3,082 585 469 497 507 2,049 515 516 517 522 2,071 525 526 528 533 2,112 535 536 538 543 2,154
YoY growth (74.5%) (44.4%) 52.3% 44.1% (21.4%) 27.9% 56.4% 34.6% 26.6% 35.0% 45.3% (32.9%) (15.0%) (3.1%) (6.4%) (5.6%) 46.8% 52.9% 17.1% 25.7% (9.1%) (18.7%) (37.3%) (0.5%) (16.7%) (0.3%) 16.0% (5.7%) (35.2%) (11.1%) (31.3%) (48.0%) (30.5%) (23.6%) (33.5%) (12.0%) 10.0% 4.0% 3.0% 1.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
- 0
Total company revenue 20.9 26.9 45.5 18.6 111.9 20.8 28.4 31.2 36.3 116.7 49.0 58.2 57.7 39.4 204.2 30.2 26.7 50.1 306.3 413.3 561.8 405.1 431.3 615.2 2,013.5 620.5 769.3 851.8 956.7 3,198.4 939.9 955.0 936.8 1,214.4 4,046.0 1,147.0 1,270.0 2,298.4 2,284.6 7,000.1 2,696.3 2,789.6 2,984.7 3,288.2 11,758.8 3,408.8 4,002.2 6,824.4 7,225.9 21,461.3 4,541.5 6,349.7 6,303.0 7,384.0 24,578.1 5,985.0 6,036.0 8,771.0 10,744.0 31,536.0 8,733.4 10,344.7 12,758.2 15,691.9 47,528.2 12,213.1 13,453.2 15,751.6 18,201.0 59,619.0 14,308.4 15,709.7 18,308.2 20,291.6 68,617.8
Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Leased Vehicles
Model
Model S/X 1,363 1,820 2,588 2,807 8,578 1,940 1,509 3,305 4,500
% of deliveries leased 11% 10% 15% 14% 13% 16% 14% 22% 24%
% of total leased vehilcles 100% 30% 28% 32% 34% 32% 32% 33% 33%
Model 3/Y - 0 4,322 6,498 6,041 16,861 4,164 3,207 6,709 9,136
% of deliveries leased 0% 6% 8% 7% 6% 6% 4% 7% 8%
% of total leased vehilcles 0% 70% 72% 68% 66% 68% 68% 67% 67%
Total quarterly leased vehicles 5,185 7,943 5,563 6,263 4,185 5,489 6,892 22,829 2,400 2,446 2,513 2,729 10,088 1,363 6,142 9,086 8,848 25,439 6,104 4,716 10,014 13636
% of deliveries leased
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: given in PR
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: +52 units split between X/S
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: down 2% sequentially per company
bhaaru: bhaaru: Pg. 23of 10Q_1Q13
bhaaru: bhaaru: ZEV Credit - $51.5mn GHG credit - $17.9mn Pg. 25 of 10Q_2Q13
bhaaru: bhaaru: Pg. 27 of 10Q_3Q13
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: 129 from South Austrailia project
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Powertrain component no longer reported
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: Improved mix 		36% 32% 25% 25% 19% 21% 23% 8% 6% 3% 3% 2% 6% 9% 8% 7% 7% 5% 7% 8%
Leasing revenue 84 103 124 152 231 255 762 255 273 286 293 1,107 173 240 221 250 884 215 208 221 225 869 239 268 265 280 1,052 299 322 318 336 1,274 359 386 382 403 1,529 430 463 458 484 1,835
YoY growth 177% 148% 105% 80% 24% 15% 45% (32%) (12%) (23%) (15%) (20%) 24% (13%) 0% (10%) (2%) 11% 29% 20% 24% 21% 25.0% 20.0% 20.0% 20.0% 21% 20.0% 20.0% 20.0% 20.0% 20% 20.0% 20.0% 20.0% 20.0% 20%
Geographic revenue
Region
United States 1,472 1,957 4,201 6,221 14,872 12,653
China 477 319 1,065 2,027 1,757 2,979
Netherlands 331 965 1,590
Norway 412 356 336 823 813 1,201
Other 837 1,414 1,399 2,357 3,054 6,155
Total 3,198 4,046 7,000 11,759 21,461 24,578
% of total
United States 46.0% 48.4% 60.0% 52.9% 69.3% 51.5%
China 14.9% 7.9% 15.2% 17.2% 8.2% 12.1%
Netherlands 0.0% 0.0% 0.0% 2.8% 4.5% 6.5%
Norway 12.9% 8.8% 4.8% 7.0% 3.8% 4.9%
Other 26.2% 34.9% 20.0% 20.0% 14.2% 25.0%
Total

CF

Goldman Sachs U.S. Research
Mark Delaney
(212) 357-0535
Tesla Inc. (TSLA)
Fiscal Year Ends December Mar Q1 Jun Q2 Sep Q3 Dec Q4 2009 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2010 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2011 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2012 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2013 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2014 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2015 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2016 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2017 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2018 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2019 Mar Q1 Jun Q2 Sep Q3 Dec Q4 2020 Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2021E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2022E Mar Q1E Jun Q2E Sep Q3E Dec Q4E 2023E
Net income (loss) (29.5) (38.5) (34.9) (51.4) (154.3) (48.9) (58.9) (65.1) (81.5) (254.4) (89.9) (105.6) (110.8) (89.9) (396.2) 11.2 (30.5) (38.5) (16.3) (74.0) (49.8) (61.9) (74.7) (107.6) (294.0) (154.2) (184.2) (229.9) (320.4) (888.7) (282.3) (293.2) 21.9 (219.5) (773.0) (397.2) (401.4) (671.2) (770.8) (2,240.6) (784.6) (742.7) 254.7 210.1 (1,062.6) (667.6) (389.3) 149.9 132.0 (775.0) 68.0 129.0 369.0 296.0 862.0 24.9 190.3 768.5 1,421.0 2,404.7 465.1 786.2 1,370.5 1,786.5 4,408.2 567.1 996.0 1,653.0 2,048.4 5,264.6
Depreciation, amortization and impairment 2.1 2.5 3.1 2.9 10.6 3.5 4.3 4.3 4.8 16.9 4.2 4.3 7.5 12.8 28.8 17.9 22.2 28.5 37.6 106.1 44.3 54.7 65.0 68.0 231.9 77.1 91.4 110.4 143.7 422.6 156.5 183.2 280.5 326.9 947.1 376.6 389.2 400.6 469.6 1,636.0 416.2 485.3 502.8 496.7 1,901.1 467.6 578.6 530.9 577.0 2,154.0 553.0 567.0 584.0 618.0 2,322.0 765.0 915.0 915.0 1,015.0 3,610.0 1,115.0 1,140.0 1,240.0 1,315.0 4,810.0 1,415.0 1,415.0 1,515.0 1,515.0 5,860.0
Stock-based compensation 3.4 6.1 3.8 7.8 21.2 5.9 6.9 7.9 8.7 29.4 10.7 12.5 12.5 14.4 50.1 14.9 19.7 21.0 25.2 80.7 37.0 35.8 39.2 44.5 156.5 43.0 43.3 56.0 55.6 198.0 89.7 67.3 89.5 87.7 334.2 103.7 116.0 112.7 134.3 466.8 141.6 197.3 204.7 205.3 749.0 208.4 209.9 198.8 281.0 898.0 211.0 347.0 543.0 633.0 1,734.0 625.0 625.0 625.0 635.0 2,510.0 630.0 630.0 635.0 635.0 2,530.0 650.0 650.0 650.0 650.0 2,600.0
Amortization of debt discounts and issuance costs - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 9.1 9.1 8.5 23.6 23.5 14.1 69.7 17.9 15.8 17.7 20.7 72.1 20.6 21.1 22.2 30.8 94.7 30.3 37.1 (6.8) 30.4 91.0 39.3 35.1 46.5 37.9 158.7 40.1 42.0 55.9 50.0 188.0 46.0 48.0 50.0 - 0 144.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Inventory write-downs 0.1 0.2 0.3 0.3 1.0 0.4 0.3 0.8 0.4 1.8 2.6 1.1 0.4 0.8 4.9 1.5 4.1 1.2 2.1 8.9 1.6 2.3 10.6 1.1 15.6 5.9 10.0 7.4 21.6 44.9 13.0 16.7 20.6 15.2 65.5 26.9 44.3 27.1 33.3 131.7 18.5 27.6 13.9 25.3 85.3 80.8 34.8 51.3 26.0 193.0 45.0 43.0 52.0 - 0 140.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Loss on disposals of fixed assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 1.8 1.8 - 0 6.3 4.7 3.1 14.2 2.8 2.2 3.8 28.9 37.7 26.2 (14.6) 0.6 22.5 34.6 41.1 12.5 6.1 46.1 105.8 52.2 66.6 13.8 28.7 161.4 18.4 29.5 21.1 77.0 146.0 7.0 5.0 55.0 - 0 67.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Foreign currency transaction gains - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (13.5) (13.5) (1.9) 1.7 (2.5) 0.8 (1.9) 28.0 (11.2) 18.8 20.2 55.8 (9.4) 1.3 18.5 (39.6) (29.2) 5.1 35.9 24.8 (13.4) 52.3 47.7 (41.5) (12.8) 5.1 (1.5) (39.1) 28.3 (91.2) 54.0 (48.0) 19.0 19.0 106.0 - 0 144.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Non-cash interest and other operating activities 2.3 6.4 (3.1) (0.7) 5.0 1.4 0.6 0.1 0.9 3.0 0.1 0.7 1.5 1.1 3.4 (10.3) 7.3 5.4 (5.7) (3.3) 2.6 1.1 0.8 3.0 7.5 2.9 3.2 4.9 15.4 26.4 7.1 9.0 5.6 (125.6) (103.9) 6.4 47.4 56.0 83.3 193.0 (4.0) 9.7 16.4 26.4 48.5 116.1 42.6 30.3 (3.0) 186.0 58.0 52.0 6.0 230.0 346.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Operating cash flow related to repayment of discounted convertible notes - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (188.1) - 0 0.1 - 0 (188.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Changes in operating assets and liabilities, net of effect of business combinations:
Accounts receivable (2.4) (0.5) (1.6) 1.4 (3.2) (13.6) (3.0) 5.1 8.7 (2.8) (4.1) 2.6 1.9 (17.7) (17.3) (19.3) (67.4) 66.0 (1.0) (21.7) (23.7) (24.2) (61.2) (74.5) (183.7) 2.2 60.7 15.5 (32.1) 46.3 (159.3) 157.9 (109.1) (106.1) (216.6) 91.5 (14.5) (182.7) 81.0 (24.6) (169.1) 70.6 (587.6) 189.4 (496.7) (99.6) (68.7) 18.3 (217.0) (367.0) (14.0) (222.0) (314.0) (129.0) (679.0) 62.6 (336.4) (363.7) (235.4) (873.0) 74.8 (124.7) (306.8) (284.5) (641.2) 255.5 (135.3) (341.4) (169.3) (390.5)
Inventory - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (393.7) (25.3) 240.1 (178.9) (322.1) (733.5) (55.1) 87.3 (1,023.3) (809.2) 456.7 (132.6) 56.0 (429.0) (981.0) 446.0 (67.0) 117.0 (485.0) (2,425.0) (863.0) (1,022.9) (209.9) (4,520.9) (370.2) (617.3) (430.1) (961.1) (2,378.7) (5.8) (42.1) (620.4) (818.2) (1,486.5)
Operating lease vehicles, (and inventory for select quarters) (5.5) (3.5) (13.8) (5.6) (28.5) (5.5) (7.5) 2.1 (2.8) (13.6) (5.6) (12.8) (85.6) (90.7) (194.7) 18.2 (147.5) (229.2) (102.1) (460.6) (198.6) (259.5) (214.5) (377.6) (1,050.3) (307.2) (399.0) (385.2) (482.5) (1,573.9) (512.7) (705.3) (580.3) (667.5) (2,465.7) (583.5) (144.0) (355.7) (439.4) (1,522.6) (97.2) (89.0) (2.7) (25.8) (214.7) 13.0 (188.9) (291.1) (297.0) (764.0) (197.0) (133.0) (310.0) - 0 (640.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Prepaid expenses and other current assets (0.3) (0.5) (2.3) (1.9) (5.0) (1.4) 1.6 (1.3) 0.9 (0.2) 2.5 0.1 (0.8) (0.6) 1.1 (2.6) (0.9) (5.5) (8.6) (17.5) (11.4) (12.8) (5.3) (31.1) (60.6) (43.5) 40.1 (32.6) 6.4 (29.6) (9.1) 28.6 15.1 22.2 56.8 (75.5) (37.7) (10.6) 51.7 (72.1) (50.0) (45.2) 63.7 (50.6) (82.1) (46.1) (93.0) (96.9) (52.0) (288.0) (154.0) (147.0) 11.0 - 0 (290.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other non-current assets 0.3 (0.8) (0.3) 0.2 (0.6) (1.8) 1.5 0.0 0.0 (0.3) (0.0) (0.1) (0.1) (0.3) (0.5) 0.2 0.1 (0.3) (0.5) (0.4) 0.2 (0.6) (5.2) 1.2 (4.5) (6.1) (2.3) (5.9) (10.1) (24.4) (6.9) (0.6) 4.9 (46.8) (49.4) 8.0 18.3 (8.7) (33.1) (15.5) (57.6) (1.9) (3.0) (145.0) (207.4) 28.1 14.1 3.8 69.0 115.0 40.0 (56.0) (89.0) - 0 (105.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Accounts payable and accrued liabilities (3.5) 5.0 4.4 7.3 13.1 7.7 18.4 11.9 (7.5) 30.5 (6.3) 12.7 65.2 125.9 197.4 26.6 (18.1) 53.0 25.9 87.4 97.5 88.2 68.2 161.0 414.9 47.5 13.8 28.0 174.1 263.3 60.6 152.4 484.6 53.1 750.6 2.5 10.7 157.1 217.9 388.2 318.0 591.7 718.3 94.9 1,722.9 (27.6) 77.5 92.1 540.0 682.0 (265.0) (107.0) 1,137.0 1,093.0 1,858.0 1,146.8 (36.1) 1,670.9 1,341.3 4,122.9 (779.2) (1,115.9) 2,626.1 95.7 826.7 (151.4) (1,181.7) 2,806.2 (1,324.5) 148.6
Deferred revenue 5.5 2.1 (4.2) 1.4 4.8 (0.5) (0.6) (0.5) (0.3) (1.9) 0.2 (0.3) 0.0 (0.4) (0.5) 4.1 89.1 97.0 78.0 268.1 50.4 50.9 41.2 67.2 209.7 50.7 66.1 69.4 135.9 322.2 89.7 75.5 91.0 126.8 383.0 103.9 104.7 120.3 139.9 468.9 45.8 61.7 176.9 122.2 406.7 317.9 158.7 148.4 176.0 801.0 53.0 (73.0) 138.0 - 0 118.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Customer deposits - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 21.6 20.1 4.9 (46.6) - 0 (8.1) 3.0 6.6 22.9 24.4 35.0 30.0 6.2 35.1 106.2 (3.0) 22.6 0.7 16.4 36.7 100.8 297.8 10.6 (20.8) 388.4 (51.0) (20.1) 74.9 166.2 170.0 67.4 (24.4) (33.4) (106.2) (96.7) (25.2) (135.2) 46.4 56.0 (58.0) 88.0 (83.0) (20.0) - 0 (15.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Resale value guarantee - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 159.0 77.3 236.3 54.3 54.9 52.6 87.7 249.5 62.7 80.5 106.3 192.7 442.3 150.6 103.1 68.5 4.7 326.9 184.6 (8.1) (35.5) 67.7 208.7 - 0 (39.6) (18.1) (52.9) (110.6) (47.4) (28.9) (35.7) (38.0) (150.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other long-term liabilities 0.2 1.4 2.7 4.0 8.2 9.5 14.1 13.2 26.9 63.6 0.8 0.4 2.4 53.7 57.3 9.8 80.6 (61.7) 4.3 33.0 12.9 8.0 23.4 17.7 62.0 41.5 (12.4) 11.2 (16.5) 23.7 15.3 50.1 (21.1) 87.7 132.1 56.6 3.1 16.4 5.0 81.1 (60.6) 42.5 92.3 85.7 160.0 20.0 94.9 56.1 (62.0) 109.0 (17.0) 129.0 149.0 161.0 422.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net cash provided by operating activities (27.3) (20.2) (46.0) (34.3) (127.8) (43.3) (22.5) (21.5) (40.8) (128.0) (63.3) (64.3) (101.0) (37.5) (266.1) 64.1 (38.2) 102.3 136.6 264.8 58.7 (1.7) (28.0) (86.4) (57.3) (131.8) (159.5) (203.3) (29.8) (524.5) (249.6) 150.3 423.6 (448.2) (123.8) (69.8) (200.2) (300.6) 509.891 (60.7) (398.4) (129.7) 1,391.3 1,234.561 2,097.8 (639.606) 863.6 756.0 1,425.000 2,405.0 (440.000) 964.0 2,400.0 3,019.0 5,943.0 199.2 494.7 2,592.7 3,967.0 7,253.6 1,135.5 698.3 5,134.7 2,586.6 9,555.1 2,730.3 1,701.8 5,662.5 1,901.4 11,996.1
Purchases of property and equipment excluding finance leases, net of sales (5.5) (9.8) (7.8) (17.1) (40.2) (20.5) (54.3) (68.8) (40.6) (184.2) (54.8) (58.0) (62.4) (64.1) (239.2) (57.7) (40.5) (76.5) (89.4) (264.2) (141.4) (175.7) (284.2) (368.7) (969.9) (426.1) (405.2) (392.4) (411.2) (1,634.9) (216.9) (294.7) (247.6) (521.6) (1,280.8) (552.6) (959.1) (1,116.4) (786.7) (3,414.8) (655.7) (609.8) (510.3) (325.0) (2,100.7) (279.9) (249.7) (385.4) (412.0) (1,327.0) (455.0) (546.0) (1,005.0) (1,151.0) (3,157.0) (1,250.0) (1,250.0) (1,300.0) (1,300.0) (5,100.0) (1,300.0) (1,300.0) (1,500.0) (1,500.0) (5,600.0) (1,750.0) (1,750.0) (2,000.0) (2,000.0) (7,500.0)
Purchases of solar energy systems - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (159.7) (159.7) (219.9) (198.8) (128.3) (119.5) (666.5) (73.0) (67.4) (49.5) (28.9) (218.8) (25.3) (18.2) (24.5) (37.0) (105.0) - 0 (46.0) (16.0) (13.0) (75.0) (25.0) (25.0) (25.0) (25.0) (100.0) (25.0) (25.0) (25.0) (25.0) (100.0) (25.0) (25.0) (25.0) (25.0) (100.0)
Purchase of intangible assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (5.3) 0.3 - 0 (5.0) (26.0) 26.0 (5.0) (5.0) (10.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Business combinations, net of cash acquired, and other (3.9) 2.1 (146.9) 8.6 (140.1) 30.6 31.2 (109.3) 69.5 22.0 (11.5) 42.1 (1.6) 3.3 32.3 2.5 13.3 (1.0) (0.1) 14.8 (187.8) 178.3 (7.5) (3.6) (20.6) (6.3) (17.7) (11.7) (3.1) (38.7) (17.0) (25.1) (20.4) 86.5 24.0 (154.4) (57.3) (70.2) (55.7) (337.6) - 0 (5.6) (1.2) (11.1) (17.9) (0.7) 31.7 (76.0) 46.0 1.0 1.0 - 0 (13.0) 122.0 110.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Cash Flows from investing activities (9.4) (7.7) (154.7) (8.5) (180.3) 10.1 (23.1) (178.2) 28.9 (162.3) (66.2) (15.9) (64.0) (60.8) (206.9) (55.2) (27.2) (77.5) (89.5) (249.4) (329.2) 2.6 (291.6) (372.2) (990.4) (432.3) (422.8) (404.1) (414.3) (1,673.6) (233.8) (319.9) (268.0) (594.8) (1,416.4) (926.9) (1,215.2) (1,314.9) (961.9) (4,419.0) (728.6) (682.8) (561.0) (365.0) (2,337.4) (305.843) (241.5) (485.6) (403.0) (1,436.0) (480.000) (566.0) (1,039.0) (1,047.0) (3,132.0) (1,275.0) (1,275.0) (1,325.0) (1,325.0) (5,200.0) (1,325.0) (1,325.0) (1,525.0) (1,525.0) (5,700.0) (1,775.0) (1,775.0) (2,025.0) (2,025.0) (7,600.0)
Proceeds from issuances of common stock in public offerings - 0 - 0 188.8 - 0 188.8 - 0 172.4 (0.0) - 0 172.4 - 0 - 0 - 0 221.5 221.5 - 0 360.0 - 0 - 0 360.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 750.0 (20.0) 730.0 - 0 1,701.7 - 0 - 0 1,701.7 400.2 - 0 - 0 - 0 400.2 - 0 - 0 - 0 - 0 - 0 - 0 848.2 (0.2) - 0 848.0 2,309.0 - 0 4,973.0 4,987.0 12,269.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from issuances of convertible and other debt 29.9 15.5 11.1 15.3 71.8 30.7 31.7 90.8 51.3 204.4 84.3 71.3 33.3 - 0 188.8 - 0 660.0 - 0 - 0 660.0 2,000.0 300.0 - 0 - 0 2,300.0 77.7 90.6 15.7 135.0 319.0 430.0 678.0 577.3 1,167.7 2,853.0 1,838.2 570.4 2,992.6 1,736.9 7,138.1 1,775.5 1,267.7 903.3 2,229.6 6,176.2 1,494.1 3,513.4 2,111.5 3,550.0 10,669.0 2,802.0 2,144.0 2,880.0 - 0 7,826.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Repayments of convertible and other debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0.4) 0.4 - 0 (15.5) (15.5) (14.2) (438.1) - 0 - 0 (452.3) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (578.7) (1,099.8) (179.1) (1,857.6) (690.9) (721.3) (1,030.7) (1,552.5) (3,995.5) (1,389.4) (879.3) (842.5) (2,135.8) (5,247.1) (1,970.7) (1,729.6) (1,900.7) (3,560.0) (9,161.0) (2,318.0) (1,908.0) (3,311.0) - 0 (7,537.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net debt repayment - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (2,074.0) (2,074.0) (1,400.0) (250.0) (250.0) (250.0) (2,150.0) (250.0) (250.0) (250.0) (250.0) (1,000.0) (250.0) (250.0) (250.0) (250.0) (1,000.0)
Repayments of borrowings issued to related parties - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (90.0) (75.0) - 0 - 0 (165.0) (17.5) - 0 (82.5) - 0 (100.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Collateralized lease repayments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 3.3 3.3 78.0 118.6 163.4 208.8 568.7 241.8 142.8 173.1 212.0 769.7 186.4 149.3 80.8 94.9 511.3 (87.1) (113.4) (142.6) (216.1) (559.2) (133.9) (85.4) (82.7) (87.0) (389.0) (97.0) (71.0) (56.0) (16.0) (240.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from exercises of stock options and other stock issuances 0.4 0.2 46.5 34.3 81.4 3.7 60.3 2.9 2.7 69.6 9.0 1.4 7.7 6.8 24.9 17.9 92.2 27.1 (41.9) 95.3 35.7 17.4 36.8 10.5 100.5 35.2 23.7 35.2 12.6 106.6 52.8 57.6 43.0 10.4 163.8 57.3 101.6 80.4 19.8 259.1 94.0 31.1 94.9 75.8 295.7 78.0 17.6 71.4 96.0 263.0 160.0 57.0 144.0 - 0 361.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Principal payments on finance leases (0.1) (0.1) (0.1) (0.1) (0.3) (0.1) (0.1) (0.1) (0.2) (0.4) - 0 (0.9) (0.8) 1.7 - 0 - 0 (3.6) (2.7) (2.0) (8.4) (2.5) (3.1) (3.1) (2.5) (11.2) (3.7) (10.2) (59.0) (130.9) (203.8) (8.1) (10.1) (12.2) (16.4) (46.9) (18.3) (18.6) (32.6) (33.8) (103.3) (18.8) (29.4) (57.7) (74.9) (180.8) (66.7) (75.9) (80.4) (98.0) (321.0) (100.0) (54.0) (94.0) - 0 (248.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Common stock and debt issuance costs (1.6) (1.9) 3.5 (3.7) (3.7) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (16.2) (0.2) 54.5 38.1 (30.3) (4.8) - 0 0.0 (35.1) (1.0) (4.3) (11.3) 19.5 3.0 (1.0) (14.7) (2.3) (2.0) (20.0) (11.1) (2.6) (36.8) (12.6) (63.1) (2.9) (0.8) (1.5) (9.9) (15.0) (7.8) (22.6) (1.6) (5.0) (37.0) - 0 - 0 (6.0) - 0 (6.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Purchase of convertible note hedges - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (177.5) - 0 - 0 (177.5) - 0 (603.4) - 0 - 0 (603.4) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (204.1) - 0 - 0 - 0 (204.1) - 0 - 0 - 0 - 0 - 0 - 0 (475.8) (0.2) - 0 (476.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds of convertible note hedges - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (524.7) 524.7 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 251.9 17.6 17.8 287.2 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from issuance of warrants - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 120.3 - 0 - 0 120.3 338.4 50.8 - 0 - 0 389.2 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 52.9 - 0 - 0 - 0 52.9 - 0 - 0 - 0 - 0 - 0 - 0 174.4 (0.4) - 0 174.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Payments from settlements of warrants - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (208.2) (11.3) (10.8) (230.4) - 0 - 0 - 0 (0.0) (0.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from investments by noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 201.5 201.5 142.0 441.4 108.5 97.8 789.7 73.7 179.3 113.3 70.8 437.1 46.8 42.0 64.1 126.0 279.0 19.0 - 0 4.0 - 0 23.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Distributions paid to noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (21.3) (21.3) (63.7) (60.2) (66.8) (71.1) (261.8) (52.9) (56.6) (69.0) (48.8) (227.3) (85.3) (63.5) (62.2) (100.0) (311.0) - 0 (110.0) (53.0) - 0 (163.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Payments for buy-outs of noncontrolling interests in subsidiaries, other - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0.4) (0.4) (2.9) - 0 - 0 (3.0) (6.0) (7.6) - 0 (0.4) (1.0) (9.0) (67.0) 65.0 (31.0) (205.0) (238.0) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net cash provided by financing activities 28.6 13.7 249.9 45.8 338.0 34.3 264.3 93.6 53.8 446.0 92.8 72.2 40.2 214.4 419.6 3.7 597.0 24.2 10.5 635.4 1,816.6 281.5 33.8 11.3 2,143.1 186.2 218.4 894.0 225.0 1,523.5 715.4 1,976.6 (320.9) 1,372.8 3,744.0 1,598.7 428.8 2,101.5 285.8 4,414.9 371.7 398.6 (84.2) (112.3) 573.8 (653.0) 2,142.8 118.2 (79.0) 1,529.0 2,708.0 123.0 4,450.0 2,692.0 9,973.0 (1,400.0) (250.0) (250.0) (250.0) (2,150.0) (250.0) (250.0) (250.0) (250.0) (1,000.0) (250.0) (250.0) (250.0) (250.0) (1,000.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (6.8) (6.8) 1.9 (1.4) (18.3) (17.7) (35.5) (17.7) 4.6 (11.2) (10.0) (34.3) 12.9 (2.6) 3.2 (20.9) (7.4) 11.4 16.0 8.1 4.0 39.5 10.1 (22.6) (6.4) (3.8) (22.7) 4.878 0.6 (10.9)
Dossena, Bruno [GIR]: Dossena, Bruno [GIR]: adjustment due to rounding		 14.0 8.6 (24.000) 38.0 86.0 234.0 334.0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Net increase (decrease) in cash and cash equivalents and restricted cash (8.1) (14.2) 49.3 3.0 29.9 1.1 218.7 (106.1) 41.9 155.7 (36.7) (8.0) (124.9) 116.2 (53.4) 12.5 531.6 49.1 50.8 644.0 1,548.0 281.0 (304.2) (465.0) 1,059.8 (395.6) (359.4) 275.4 (229.1) (708.8) 244.9 1,804.5 (162.0) 309.0 2,196.3 613.4 (970.7) 494.1 (162.1) (25.3) (745.3) (436.5) 739.7 753.4 311.4 (1,593.6) 2,765.5 377.7 957.0 2,506.6 1,764.0 559.0 5,897.0 4,898.0 13,118.0 (2,475.8) (1,030.3) 1,017.7 2,392.0 (96.4) (439.5) (876.7) 3,359.7 811.6 2,855.1 705.3 (323.2) 3,387.5 (373.6) 3,396.1
Restricted cash adjustment 597.0 597.0
Cash and cash equivalents and restricted cash, beginning of period 69.6 61.5 47.3 96.6 69.6 99.6 100.7 319.4 213.3 99.6 255.3 218.6 210.6 85.7 255.3 201.9 214.4 746.1 795.1 201.9 845.9 2,393.9 2,674.9 2,370.7 845.9 1,905.7 1,510.1 1,150.7 1,426.0 1,905.7 1,196.9 1,441.8 3,246.3 3,084.3 1,196.9 3,393.2 4,006.6 3,035.9 3,530.0 3,393.2 3,965.0 3,219.7 2,783.2 3,523.0 3,367.9 4,276.4 2,682.8 5,448.3 5,826.0 4,276.4 6,783.0 8,547.0 9,106.0 15,003.0 6,783.0 19,901.0 17,425.2 16,394.9 17,412.6 19,901.0 19,804.6 19,365.2 18,488.5 21,848.2 19,804.6 22,659.7 23,365.1 23,041.9 26,429.4 22,659.7
Cash and cash equivalents and restricted cash, end of period 69.6 61.5 47.3 96.6 99.6 99.6 100.7 319.4 213.3 255.3 255.3 218.6 210.6 85.7 201.9 201.9 214.4 746.1 795.1 845.9 845.9 2,393.9 2,674.9 2,370.7 1,905.7 1,905.7 1,510.1 1,150.7 1,426.0 1,196.9 1,196.9 1,441.8 3,246.3 3,084.3 3,393.2 3,393.2 4,006.6 3,035.9 3,530.0 3,367.9 3,367.9 3,219.7 2,783.2 3,523.0 4,276.4 4,276.4 2,682.798 5,448.3 5,826.0 6,783.0 6,783.0 8,547.0 9,106.0 15,003.0 19,901.0 19,901.0 17,425 16,394.9 17,412.6 19,804.6 19,804.6 19,365.2 18,488.5 21,848.2 22,659.7 22,659.7 23,365.1 23,041.9 26,429.4 26,055.8 26,055.8
Check - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Cash Flow metrics
Depreciation 2.1 2.5 3.1 2.9 10.6 3.5 4.3 4.3 4.8 16.9 4.2 4.3 7.5 12.8 28.8 17.9 22.2 28.5 37.6 106.1 44.3 54.7 65.0 68.0 231.9 77.1 91.4 110.4 143.7 422.6 156.5 183.2 280.5 319.9 940.1 367.3 379.4 391.0 458.7 1,596.4 400.4 452.4 494.1 488.1 1,835.0 502.4 568.4 519.9 563.0 2,153.7 541.0 554.0 571.0 605.0 2,271.0 750.0 900.0 900.0 1,000.0 3,550.0 1,100.0 1,125.0 1,225.0 1,300.0 4,750.0 1,400.0 1,400.0 1,500.0 1,500.0 5,800.0
Amortization - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 7.0 7.0 9.3 9.8 9.7 10.9 39.6 15.8 32.8 8.7 8.7 66.1 (34.9) 10.2 11.0 14.0 0.3 12.0 13.0 13.0 13.0 51.0 15.0 15.0 15.0 15.0 60.0 15.0 15.0 15.0 15.0 60.0 15.0 15.0 15.0 15.0 60.0
FCF (32.8) (30.1) (53.7) (51.4) (168.0) (63.8) (76.8) (90.3) (81.4) (312.3) (118.1) (122.3) (163.4) (101.5) (505.3) 6.4 (78.7) 25.8 47.1 0.6 (82.6) (177.3) (312.2) (455.1) (1,027.2) (557.9) (564.7) (595.7) (441.1) (2,159.3) (466.5) (144.4) 176.0 (969.8) (1,404.6) (622.4) (1,159.2) (1,417.0) (276.8) (3,475.5) (1,054.0) (739.5) 881.0 909.6 (2.9) (919.5) 613.9 370.6 1,013.0 1,078.0 (895.0) 418.0 1,395.0 1,868.0 2,786.0 (1,050.8) (755.3) 1,292.7 2,667.0 2,153.6 (164.5) (601.7) 3,634.7 1,086.6 3,955.1 980.3 (48.2) 3,662.5 (98.6) 4,496.1
FCF as a % of Net income (157.6%) (105.8%) (172.0%) (141.7%) (143.9%) (130.1%) (132.0%) (156.7%) (206.6%) (152.9%) (391.4%) (458.7%) (326.2%) (33.1%) (122.3%) 1.1% (19.4%) 6.0% 7.7% 0.0% (13.3%) (23.1%) (36.6%) (47.6%) (32.1%) (59.4%) (59.1%) (63.6%) (36.3%) (53.4%) (40.7%) (11.4%) 7.7% (42.4%) (20.1%) (23.1%) (41.6%) (47.5%) (8.4%) (29.6%) (30.9%) (18.5%) 12.9% 12.6% (0.0%) (20.2%) 9.7% 5.9% 13.7% 4.4% (15.0%) 6.9% 15.9% 17.4% 8.8% (12.0%) (7.3%) 10.1% 17.0% 4.5% (1.3%) (4.5%) 23.1% 6.0% 6.6% 6.9% (0.3%) 20.0% (0.5%) 6.6%
Worksheet
Cash flows from operating activities:
Net income (loss) (29.519) (68.036) (103) (154) (48.941) (108) (173) (254) (90) (195) (306) (396) 11 (19) (58) (74) (50) (112) (186) (294) (154) (338) (568) (889) (282) (575) (554) (773) (397) (799) (1,470) (2,241) (785) (1,527) (1,273) (1,063) (668) (1,057) (907) (775) 68 197 566
Depreciation, amortization and impairment 2.141 4.624 8 11 3.517 8 12 17 4 9 16 29 18 40 68 106 44 99 164 232 77 169 279 423 156 340 620 947 377 766 1,166 1,636 416 901 1,404 1,901 468 1,046 1,577 2,154 553 1,120 1,704
Stock-based compensation 3.387 9.502 13 21 5.926 13 21 29 11 23 36 50 15 35 56 81 37 73 112 156 43 86 142 198 90 157 247 334 104 220 332 467 142 339 544 749 208 418 617 898 211 558 1,101
Amortization of debt discounts and issuance costs - 0 - 0 - 0 - 0 - 0 - 0 - 0 9 8 32 56 70 18 34 51 72 21 42 64 95 30 67 61 91 39 74 121 159 40 82 138 188 46 94 144
Inventory write-downs 0.141 0.351 1 1 0.383 1 1 2 3 4 4 5 2 6 7 9 2 4 14 16 6 16 23 45 13 30 50 66 27 71 98 132 19 46 60 85 81 116 167 193 45 88 140
Loss on disposals of fixed assets - 0 - 0 - 0 - 0 - 0 - 0 2 - 0 6 11 14 3 5 9 38 26 12 12 35 41 54 60 106 52 119 133 161 18 48 69 146 7 12 67
Foreign currency transaction gains - 0 - 0 - 0 - 0 - 0 - 0 (13) (2) (0) (3) (2) 28 17 36 56 (9) (8) 10 (29) 5 41 66 52 48 6 (7) (2) (39) (11) (102) (48) 19 38 144
Non-cash interest and other operating activities 2.332 8.682 6 5 1.432 2 2 3 0 1 2 3 (10) (3) 2 (3) 3 4 5 7 3 6 11 26 7 16 22 (104) 6 54 110 193 (4) 6 22 49 116 159 189 186 58 110 116
Operating cash flow related to repayment of discounted convertible notes - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (188) (188) (188) (188) - 0 - 0
Changes in operating assets and liabilities, net of effect of business combinations:
Accounts receivable (2.443) (2.978) (5) (3) (13.550) (17) (12) (3) (4) (1) 0 (17) (19) (87) (21) (22) (24) (48) (109) (184) 2 63 78 46 (159) (1) (111) (217) 92 77 (106) (25) (169) (99) (686) (497) (100) (168) (150) (367) (14) (236) (550)
Inventory - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (394) (419) (179) (322) (1,055.55600000000) (1,110.61100000000) (1,023) (809) (352) (485) (429) (981) (535) (602)
Operating lease vehicles, (and inventory for select quarters) (5.507) (9.032) (23) (29) (5.481) (13) (11) (14) (6) (18) (104) (195) 18 (129) (358) (461) (199) (458) (673) (1,050) (307) (706) (1,091) (1,574) (513) (1,218) (1,798) (2,466) (583) (727) (1,083) (1,523) (97) (186) (189) (215) 13 (176) (467) (764) (197) (330) (640)
Prepaid expenses and other current assets (0.316) (0.856) (3) (5) (1.423) 0 (1) (0) 2 3 2 1 (3) (3) (9) (18) (11) (24) (30) (61) (43) (3) (36) (30) (9) 19 35 57 (76) (113) (124) (72) (50) (95) (32) (82) (46) (139) (236) (288) (154) (301) (290)
Other non-current assets 0.253 (0.506) (1) (1) (1.848) (0) (0) (0) (0) (0) (0) (0) 0 0 0 (0) 0 (0) (6) (4) (6) (8) (14) (24) (7) (7) (3) (49) 8 26 18 (15) (58) (59) (62) (207) 28 42 46 115 40 (16) (105)
Accounts payable and accrued liabilities (3.507) 1.484 6 13 7.742 26 38 31 (6) 6 72 197 27 9 62 87 98 186 254 415 47 61 89 263 61 213 698 751 3 13 170 388 318 910 1,628 1,723 (28) 50 142 682 (265) (372) 765
Deferred revenue 5.521 7.599 3 5 (0.509) (1) (2) (2) 0 (0) (0) (1) 4 93 190 268 50 101 142 210 51 117 186 322 90 165 256 383 104 209 329 469 46 107 284 407 318 477 625 801 53 (20) 118
Customer deposits - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 22 42 47 - 0 (8) (5) 1 24 35 65 71 106 (3) 20 20 37 101 399 409 388 (51) (71) 4 170 67 43 9 (97) (25) (160) (114) (58) 88 5 (15)
Resale value guarantee - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 159 236 54 109 162 249 63 143 250 442 151 254 322 327 185 177 141 209 - 0 (40) (58) (111) (47) (76) (112) (150) - 0 - 0
Other long-term liabilities 0.188 1.590 4 8 9.455 24 37 64 1 1 4 57 10 90 29 33 13 21 44 62 41 29 40 24 15 65 44 132 57 60 76 81 (61) (18) 74 160 20 115 171 109 (17) 112 261
Net cash provided by operating activities (27) (48) (94) (128) (43.297) (65.785) (87.276) (128) (63) (128) (229) (266) 64 26 128 265 59 57 29 (57) (132) (291) (495) (524) (250) (99) 324 (124) (70) (270) (570.545) (60.654) (398.376) (528) 863 2,097.802 (640) 224 980 2,405 (440) 524 2,924
Purchases of property and equipment excluding finance leases, net of sales (5.472) (15.287) (23) (40) (20.476) (75) (144) (184) (55) (113) (175) (239) (58) (98) (175) (264) (141) (317) (601) (970) (426) (831) (1,224) (1,635) (217) (512) (759) (1,281) (553) (1,512) (2,628) (3,415) (656) (1,265) (1,776) (2,101) (280) (530) (915) (1,327) (455) (1,001) (2,006)
Purchases of solar energy systems - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (160) (220) (419) (547) (667) (73) (140) (190) (219) (25) (43) (68) (105) (46) (62)
Purchase of intangible assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (5) (5) (5) (26) - 0 (5)
Business combinations, net of cash acquired, and other (3.907) (1.781) (149) (140) 30.587 62 (48) 22 (11) 31 29 32 2 16 15 15 (188) (10) (17) (21) (6) (24) (36) (39) (17) (42) (62) 24 (154) (212) (282) (337.613) - 0 (6) (7) (18) (1) 31 (45) 1 1 1 (12)
Cash Flows from investing activities (9) (17) (172) (180) 10.111 (13) (191) (162) (66) (82) (146) (207) (55) (82) (160) (249) (329) (327) (618) (990) (432) (855) (1,259) (1,674) (234) (554) (822) (1,416) (927) (2,142) (3,457.091) (4,418.967) (728.637) (1,411) (1,972.419) (2,337.428) (306) (547) (1,033) (1,436) (480) (1,046) (2,085)
Proceeds from issuances of common stock in public offerings - 0 - 0 189 189 - 0 172 172 172 - 0 - 0 - 0 221 - 0 360 360 360 - 0 - 0 - 0 - 0 - 0 - 0 750 730 - 0 1,702 1,702 1,702 400 400 400 400 - 0 - 0 - 0 - 0 - 0 848 848 848 2,309 2,309 7,282
Proceeds from issuances of convertible and other debt 29.920 45.419 57 72 30.656 62 153 204 84 156 189 189 - 0 660 660 660 2,000 2,300 2,300 2,300 78 168 184 319 430 1,108 1,685 2,853 1,838 2,409 5,401 7,138 1,775 3,043 3,947 6,176 1,494 5,007 7,119 10,669 2,802 4,946 7,826
Repayments of convertible and other debt - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0) - 0 - 0 (16) (14) (452) (452) (452) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (579) (1,678) (1,858) (691) (1,412) (2,443) (3,995) (1,389) (2,269) (3,111) (5,247) (1,971) (3,700) (5,601) (9,161) (2,318) (4,226) (7,537)
Net debt repayment 30 45 57 72 31 62 153 204 84 156 189 173 (14) 208 208 208 2,000 2,300 2,300 2,300 78 168 184 319 430 529 7 995 1,147 996 2,958 3,143 386 775 835 929 (477) 1,307 1,518 1,508 720 - 0
Repayments of borrowings issued to related parties - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (90) (165) (165) (165) (18) (18) (100) (100) - 0 - 0 - 0 - 0 - 0
Collateralized lease repayments - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 3 78 197 360 569 242 385 558 770 186 336 416 511 (87) (201) (343) (559) (134) (219) (302) (389) (97) (168) (224)
Proceeds from exercises of stock options and other stock issuances 0.358 0.580 47 81 3.706 64 67 70 9 10 18 25 18 110 137 95 36 53 90 100 35 59 94 107 53 110 153 164 57 159 239 259 94 125 220 296 78 96 167 263 160 217 361
Principal payments on finance leases (0.077) (0.155) (0) (0) (0.079) (0) (0) (0) - 0 (1) (2) - 0 - 0 (4) (6) (8) (3) (6) (9) (11) (4) (14) (73) (204) (8) (18) (30) (47) (18) (37) (69) (103) (19) (48) (106) (181) (67) (143) (223) (321) (100) (154) (248)
Common stock and debt issuance costs (1.574) (3.523) - 0 (4) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (16) (16) 38 (30) (35) (35) (35) (1) (5) (17) 3 (1) (16) (18) (20) (11) (14) (51) (63) (3) (4) (5) (15) (8) (30) (32) (37) - 0 (6)
Purchase of convertible note hedges - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (178) (178) (178) - 0 (603) (603) (603) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (204) (204) (204) (204) - 0 - 0 - 0 - 0 - 0 (476) (476) (476) - 0
Proceeds of convertible note hedges - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (525) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 252 269 287 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from issuance of warrants - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 120 120 120 338 389 389 389 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 53 53 53 53 - 0 - 0 - 0 - 0 - 0 174 174 174 - 0
Payments from settlements of warrants - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (208) (220) (230) - 0 - 0 - 0 (0) - 0 - 0 - 0 - 0 - 0
Proceeds from investments by noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 202 142 583 692 790 74 253 366 437 47 89 153 279 19 19 23
Distributions paid to noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (21) (64) (124) (191) (262) (53) (110) (179) (227) (85) (149) (211) (311) (110) (163)
Payments for buy-outs of noncontrolling interests in subsidiaries - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0) (3) (3) (3) (6) (8) (8) (8) (9) (67) (2) (33)
Net cash provided by financing activities 29 42 292 338 34 299 392 446 93 165 205 420 4 601 625 635 1,817 2,098 2,132 2,143 186 405 1,298 1,524 715 2,692 2,371 3,744 1,599 2,028 4,129 4,415 372 770 686 574 (653) 1,490 1,608 1,529 2,708 2,831 7,281
Effect of exchange rate changes on cash and cash equivalents and restricted cash - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (7) 2 0 (18) (36) (18) (13) (24) (34) 13 10 13 (7) 11 27 35.428 39 10.102 (13) (18.879) (22.700) 5 5 (6) 8 (24) 14 100
Net increase (decrease) in cash and cash equivalents and restricted cash (8.081) (22.323) 27 30 1.097 220 114 156 (37) (45) (170) (53) 13 544 593 644 1,548.019 1,829.021 1,524.846 1,060 (395.637) (755) (480) (709) 245 2,049 1,887 2,196 613 (357) 137 (25) (745) (1,182) (442) 311 (1,594) 1,172 1,549 2,506 1,764 2,323 8,220
1,543
Cash and cash equivalents and restricted cash, beginning of period 17.811
Cash and cash equivalents and restricted cash, end of period

Multiples

TSLA Consensus EPS Estimates Consensus P/E Estimates Consensus EBITDA Estimates Consensus EV/EBITDA Estimates Consensus Sales Estimates Consensus EV/Sales Estimates
Stock price EV S&P Close NTM EPS -1 FY EPS +1 FY EPS +2 FY EPS +3 FY EPS NTM P/E -1 FY P/E -1 FY P/E -1 FY P/E -1 FY P/E NTM EBITDA -1 FY EBITDA +1 FY EBITDA +2 FY EBITDA +3 FY EBITDA NTM EV/EBITDA -1 FY EV/EBITDA +1 FY EV/EBITDA +2 FY EV/EBITDA +3 FY EV/EBITDA NTM Sales -1 FY Sales +1 FY Sales +2 FY Sales +3 FY Sales NTM EV/Sales -1 FY EV/Sales +1 FY EV/Sales +2 FY EV/Sales +3 FY EV/Sales
12/31/10 $5.33 $2,400 $1,258 ($0.39) ERROR:#N/A ($0.45) ($0.38) ($0.25) -13.5X ERROR:#N/A -11.9X -13.9X -21.5X ($174) ERROR:#N/A ($125) ($155) ($64) -13.8X ERROR:#N/A -19.2X -15.5X -37.3X $154 ERROR:#N/A $120 $152 $568 15.6X ERROR:#N/A 20.0X 15.8X 4.2X
1/31/11 $4.82 $2,160 $1,286 ($0.39) ERROR:#N/A ($0.45) ($0.38) ($0.25) -12.2X ERROR:#N/A -10.8X -12.5X -19.4X ($174) ERROR:#N/A ($125) ($155) ($64) -12.4X ERROR:#N/A -17.3X -13.9X -33.6X $154 ERROR:#N/A $120 $152 $568 14.1X ERROR:#N/A 18.0X 14.2X 3.8X
2/28/11 $4.78 $2,140 $1,327 ($0.41) ERROR:#N/A ($0.41) ($0.28) $0.43 -11.6X ERROR:#N/A -11.6X -17.2X 11.1X ($171) ($44) ($174) ($87) $274 -12.5X -48.1X -12.3X -24.5X 7.8X $175 $112 $172 $568 $1,928 12.2X 19.1X 12.4X 3.8X 1.1X
3/31/11 $5.55 $2,551 $1,326 ($0.41) ERROR:#N/A ($0.41) ($0.28) $0.43 -13.5X ERROR:#N/A -13.5X -20.0X 12.9X ($171) ($44) ($181) ($120) $210 -14.9X -57.3X -14.1X -21.2X 12.2X $175 $112 $172 $517 $1,781 14.6X 22.8X 14.8X 4.9X 1.4X
4/30/11 $5.52 $2,537 $1,364 ($0.41) ERROR:#N/A ($0.41) ($0.24) $0.41 -13.5X ERROR:#N/A -13.4X -22.7X 13.4X ($171) ($44) ($181) ($120) $210 -14.9X -57.0X -14.0X -21.1X 12.1X $175 $112 $172 $592 $1,781 14.5X 22.7X 14.8X 4.3X 1.4X
5/31/11 $6.03 $2,779 $1,345 ($0.44) ERROR:#N/A ($0.40) ($0.26) $0.39 -13.8X ERROR:#N/A -14.9X -23.0X 15.6X ($176) ($44) ($183) ($103) $225 -15.8X -62.5X -15.2X -26.9X 12.4X $187 $112 $189 $590 $1,795 14.8X 24.8X 14.7X 4.7X 1.5X
6/30/11 $5.83 $2,989 $1,321 ($0.44) ERROR:#N/A ($0.40) ($0.26) $0.39 -13.3X ERROR:#N/A -14.4X -22.2X 15.1X ($176) ($44) ($183) ($103) $225 -17.0X -67.2X -16.3X -29.0X 13.3X $187 $112 $189 $589 $1,795 15.9X 26.7X 15.8X 5.1X 1.7X
7/31/11 $5.63 $2,889 $1,292 ($0.43) ERROR:#N/A ($0.40) ($0.25) $0.39 -13.1X ERROR:#N/A -14.2X -22.3X 14.6X ($176) ($44) ($183) ($103) $225 -16.4X -64.9X -15.8X -28.0X 12.9X $187 $112 $191 $591 $1,795 15.4X 25.8X 15.1X 4.9X 1.6X
8/31/11 $4.95 $2,532 $1,219 ($0.49) ERROR:#N/A ($0.44) ($0.32) $0.35 -10.2X ERROR:#N/A -11.2X -15.7X 14.0X ($199) ($44) ($213) ($139) $206 -12.7X -56.9X -11.9X -18.3X 12.3X $163 $112 $196 $583 $1,880 15.5X 22.6X 12.9X 4.3X 1.3X
9/30/11 $4.88 $2,345 $1,131 ($0.50) ERROR:#N/A ($0.44) ($0.35) $0.29 -9.8X ERROR:#N/A -11.1X -14.0X 17.0X ($218) ($44) ($211) ($151) $209 -10.8X -52.7X -11.1X -15.6X 11.2X $170 $112 $199 $551 $1,836 13.8X 20.9X 11.8X 4.3X 1.3X
10/31/11 $5.87 $2,864 $1,253 ($0.50) ERROR:#N/A ($0.44) ($0.35) $0.29 -11.8X ERROR:#N/A -13.4X -16.9X 20.4X ($217) ($44) ($211) ($151) $209 -13.2X -64.4X -13.6X -19.0X 13.7X $170 $112 $199 $551 $1,836 16.8X 25.6X 14.4X 5.2X 1.6X
11/30/11 $6.55 $3,215 $1,247 ($0.45) ERROR:#N/A ($0.43) ($0.37) $0.18 -14.6X ERROR:#N/A -15.2X -17.7X 36.6X ($216) ($44) ($200) ($163) $190 -14.9X -72.3X -16.1X -19.7X 17.0X $302 $112 $206 $527 $1,645 10.6X 28.7X 15.6X 6.1X 2.0X
12/31/11 $5.71 $2,878 $1,258 ($0.45) ERROR:#N/A ($0.43) ($0.37) $0.18 -12.7X ERROR:#N/A -13.3X -15.4X 31.9X ($216) ($44) ($200) ($166) $186 -13.3X -64.7X -14.4X -17.4X 15.5X $289 $112 $204 $527 $1,645 9.9X 25.7X 14.1X 5.5X 1.7X
1/31/12 $5.81 $2,931 $1,312 ($0.46) ERROR:#N/A ($0.43) ($0.37) $0.18 -12.7X ERROR:#N/A -13.5X -15.8X 32.5X ($223) ($44) ($202) ($168) $168 -13.1X -65.9X -14.5X -17.5X 17.4X $293 $112 $205 $522 $1,613 10.0X 26.2X 14.3X 5.6X 1.8X
2/29/12 $6.68 $3,385 $1,366 ($0.41) ($0.51) ($0.41) $0.16 $0.53 -16.4X -13.2X -16.4X 42.2X 12.6X ($189) ($128) ($194) $169 $376 -17.9X -26.5X -17.5X 20.0X 9.0X $565 $117 $564 $1,646 $2,727 6.0X 29.0X 6.0X 2.1X 1.2X
3/31/12 $7.45 $3,893 $1,408 ($0.41) ($0.51) ($0.40) $0.21 $0.53 -18.4X -14.7X -18.5X 34.9X 14.1X ($196) ($128) ($196) $151 $376 -19.9X -30.5X -19.9X 25.7X 10.3X $571 $117 $568 $1,703 $2,727 6.8X 33.3X 6.9X 2.3X 1.4X
4/30/12 $6.63 $3,460 $1,398 ($0.41) ($0.51) ($0.41) $0.17 $0.55 -16.2X -13.1X -16.2X 38.7X 12.0X ($196) ($128) ($196) $151 $376 -17.7X -27.1X -17.7X 22.9X 9.2X $569 $117 $569 $1,688 $2,753 6.1X 29.6X 6.1X 2.0X 1.3X
5/31/12 $5.90 $3,079 $1,310 ($0.32) ($0.51) ($0.49) $0.13 $0.51 -18.2X -11.7X -12.0X 46.2X 11.5X ($161) ($128) ($229) $124 $366 -19.1X -24.1X -13.5X 24.9X 8.4X $898 $117 $561 $1,658 $2,675 3.4X 26.4X 5.5X 1.9X 1.2X
6/30/12 $6.26 $3,379 $1,362 ($0.34) ($0.51) ($0.50) $0.12 $0.52 -18.6X -12.4X -12.4X 51.1X 12.2X ($161) ($128) ($229) $120 $367 -20.9X -26.5X -14.8X 28.2X 9.2X $895 $117 $562 $1,667 $2,721 3.8X 28.9X 6.0X 2.0X 1.2X
7/31/12 $5.48 $2,971 $1,379 ($0.19) ($0.51) ($0.54) $0.10 $0.49 -29.4X -10.8X -10.1X 56.6X 11.2X ($80) ($128) ($259) $107 $327 -36.9X -23.3X -11.5X 27.7X 9.1X $1,282 $117 $558 $1,679 $2,736 2.3X 25.4X 5.3X 1.8X 1.1X
8/31/12 $5.70 $3,210 $1,407 ($0.21) ($0.51) ($0.55) $0.09 $0.49 -27.8X -11.3X -10.4X 62.0X 11.7X ($76) ($128) ($273) $89 $327 -42.0X -25.1X -11.8X 35.9X 9.8X $1,282 $117 $561 $1,685 $2,736 2.5X 27.5X 5.7X 1.9X 1.2X
9/30/12 $5.86 $3,303 $1,441 ($0.26) ($0.51) ($0.59) $0.06 $0.45 -22.9X -11.6X -9.9X 91.1X 13.0X ($123) ($128) ($301) $72 $293 -26.9X -25.9X -11.0X 46.1X 11.3X $1,163 $117 $430 $1,656 $2,663 2.8X 28.3X 7.7X 2.0X 1.2X
10/31/12 $5.63 $3,182 $1,412 ($0.29) ($0.51) ($0.60) $0.04 $0.42 -19.6X -11.1X -9.4X 127.9X 13.5X ($121) ($128) ($313) $53 $279 -26.4X -24.9X -10.2X 60.1X 11.4X $1,112 $117 $408 $1,629 $2,611 2.9X 27.3X 7.8X 2.0X 1.2X
11/30/12 $6.76 $3,784 $1,416 ($0.13) ($0.51) ($0.64) $0.03 $0.41 -53.6X -13.4X -10.6X 241.6X 16.4X ($46) ($128) ($326) $54 $283 -82.7X -29.6X -11.6X 70.1X 13.4X $1,460 $117 $403 $1,651 $2,644 2.6X 32.4X 9.4X 2.3X 1.4X
12/31/12 $6.77 $4,234 $1,426 ($0.13) ($0.51) ($0.64) $0.01 $0.36 -53.1X -13.4X -10.6X 578.3X 18.6X ($46) ($128) ($330) $41 $248 -92.5X -33.1X -12.8X 102.1X 17.0X $1,460 $117 $402 $1,647 $2,572 2.9X 36.3X 10.5X 2.6X 1.6X
1/31/13 $7.50 $4,650 $1,498 ($0.12) ($0.51) ($0.64) $0.02 $0.38 -62.0X -14.8X -11.7X 317.0X 20.0X ($14) ($128) ($329) $52 $243 -337.4X -36.4X -14.1X 88.8X 19.1X $1,487 $117 $400 $1,673 $2,578 3.1X 39.8X 11.6X 2.8X 1.8X
2/28/13 $6.97 $4,344 $1,515 ($0.00) ($0.44) ($0.00) $0.26 $0.48 -4179.6X -15.8X -20898.0X 26.5X 14.5X $47 ($220) $29 $256 $375 92.7X -19.7X 150.5X 16.9X 11.6X $1,915 $204 $1,880 $2,518 $3,192 2.3X 21.3X 2.3X 1.7X 1.4X
3/31/13 $7.58 $4,609 $1,569 ($0.00) ($0.44) $0.00 $0.26 $0.48 -11631.3X -17.1X 22734.0X 29.0X 15.9X $46 ($220) $31 $244 $351 100.2X -20.9X 147.9X 18.9X 13.1X $1,929 $204 $1,913 $2,499 $3,195 2.4X 22.6X 2.4X 1.8X 1.4X
4/30/13 $10.80 $6,463 $1,598 $0.01 ($0.44) $0.01 $0.25 $0.49 1352.9X -24.4X 1040.0X 44.0X 21.9X $54 ($220) $54 $251 $369 120.1X -29.3X 119.2X 25.8X 17.5X $1,925 $204 $1,924 $2,467 $3,212 3.4X 31.6X 3.4X 2.6X 2.0X
5/31/13 $19.55 $11,483 $1,631 $0.02 ($0.44) $0.01 $0.21 $0.46 952.4X -44.2X 1431.0X 92.6X 42.2X $62 ($220) $57 $252 $446 184.8X -52.1X 200.7X 45.6X 25.7X $1,812 $204 $1,908 $2,330 $3,128 6.3X 56.2X 6.0X 4.9X 3.7X
6/30/13 $21.47 $13,261 $1,606 $0.01 ($0.44) $0.01 $0.21 $0.46 1902.0X -48.6X 2639.4X 103.3X 46.4X $71 ($220) $61 $252 $452 185.7X -60.1X 219.1X 52.7X 29.3X $1,783 $204 $1,884 $2,324 $3,250 7.4X 64.9X 7.0X 5.7X 4.1X
7/31/13 $26.86 $16,530 $1,686 $0.00 ($0.44) ($0.00) $0.21 $0.51 8407.9X -60.8X -8007.2X 127.7X 52.7X $91 ($220) $64 $251 $500 182.5X -75.0X 257.8X 65.8X 33.1X $1,775 $204 $1,847 $2,285 $3,301 9.3X 80.9X 8.9X 7.2X 5.0X
8/31/13 $33.80 $20,368 $1,633 $0.15 ($0.44) $0.07 $0.33 $0.72 218.8X -76.5X 457.3X 102.4X 47.2X $236 ($220) $133 $352 $648 86.4X -92.4X 153.2X 57.9X 31.4X $2,299 $204 $2,233 $2,780 $4,186 8.9X 99.7X 9.1X 7.3X 4.9X
9/30/13 $38.67 $23,547 $1,682 $0.18 ($0.44) $0.09 $0.35 $0.70 220.2X -87.5X 451.0X 110.6X 55.1X $240 ($220) $133 $352 $654 98.0X -106.8X 177.2X 67.0X 36.0X $2,376 $204 $2,229 $2,759 $4,118 9.9X 115.3X 10.6X 8.5X 5.7X
10/31/13 $31.99 $19,449 $1,757 $0.19 ($0.44) $0.11 $0.34 $0.70 166.9X -72.4X 292.8X 94.5X 46.0X $240 ($220) $159 $364 $676 81.0X -88.2X 122.4X 53.4X 28.8X $2,458 $204 $2,239 $3,088 $4,572 7.9X 95.2X 8.7X 6.3X 4.3X
11/30/13 $25.46 $15,446 $1,806 $0.21 ($0.44) $0.11 $0.30 $0.65 118.8X -57.6X 221.8X 83.8X 39.0X $228 ($220) $156 $347 $675 67.8X -70.1X 99.1X 44.6X 22.9X $2,793 $204 $2,343 $3,181 $4,588 5.5X 75.6X 6.6X 4.9X 3.4X
12/31/13 $30.09 $18,397 $1,848 $0.21 ($0.44) $0.11 $0.31 $0.67 140.4X -68.1X 262.1X 98.2X 45.1X $228 ($220) $155 $350 $679 80.7X -83.4X 118.4X 52.6X 27.1X $2,793 $204 $2,343 $3,181 $4,672 6.6X 90.1X 7.9X 5.8X 3.9X
1/31/14 $36.28 $22,210 $1,783 $0.23 ($0.44) $0.12 $0.33 $0.69 160.1X -82.1X 294.2X 110.9X 52.9X $237 ($220) $163 $368 $706 93.6X -100.7X 135.9X 60.3X 31.5X $2,825 $204 $2,368 $3,227 $4,800 7.9X 108.7X 9.4X 6.9X 4.6X
2/28/14 $48.96 $30,014 $1,859 $0.35 ($0.64) $0.35 $0.71 $1.11 139.0X -76.5X 138.7X 69.3X 44.0X $380 ($346) $383 $731 $1,106 79.1X -86.7X 78.3X 41.1X 27.1X $3,534 $413 $3,595 $5,008 $6,370 8.5X 72.6X 8.3X 6.0X 4.7X
3/31/14 $41.69 $25,614 $1,872 $0.35 ($0.64) $0.35 $0.72 $1.12 119.7X -65.1X 119.9X 57.5X 37.4X $373 ($346) $369 $727 $1,165 68.7X -74.0X 69.4X 35.2X 22.0X $3,683 $413 $3,678 $5,307 $6,818 7.0X 62.0X 7.0X 4.8X 3.8X
4/30/14 $41.58 $25,545 $1,884 $0.35 ($0.64) $0.35 $0.71 $1.04 120.1X -65.0X 120.3X 58.3X 40.1X $388 ($346) $378 $724 $1,096 65.9X -73.8X 67.5X 35.3X 23.3X $3,695 $413 $3,638 $5,257 $6,845 6.9X 61.8X 7.0X 4.9X 3.7X
5/31/14 $41.55 $25,530 $1,924 $0.36 ($0.64) $0.26 $0.66 $1.02 116.3X -64.9X 160.9X 63.4X 40.8X $442 ($346) $332 $730 $1,080 57.7X -73.8X 77.0X 35.0X 23.6X $4,236 $413 $3,754 $5,416 $7,232 6.0X 61.8X 6.8X 4.7X 3.5X
6/30/14 $48.01 $29,525 $1,960 $0.33 ($0.64) $0.23 $0.62 $0.98 143.3X -75.0X 207.7X 77.3X 48.9X $442 ($346) $332 $730 $1,080 66.8X -85.3X 89.1X 40.5X 27.3X $4,185 $413 $3,747 $5,373 $7,302 7.1X 71.4X 7.9X 5.5X 4.0X
7/31/14 $44.66 $27,437 $1,931 $0.33 ($0.64) $0.23 $0.62 $0.98 134.9X -69.8X 194.9X 72.2X 45.5X $442 ($346) $332 $730 $1,080 62.0X -79.3X 82.8X 37.6X 25.4X $4,170 $413 $3,741 $5,363 $7,302 6.6X 66.4X 7.3X 5.1X 3.8X
8/31/14 $53.94 $33,218 $2,003 $0.37 ($0.64) $0.21 $0.62 $1.18 147.7X -84.3X 251.4X 86.3X 45.7X $562 ($346) $392 $834 $1,510 59.2X -96.0X 84.6X 39.8X 22.0X $5,004 $413 $3,875 $6,077 $8,913 6.6X 80.4X 8.6X 5.5X 3.7X
9/30/14 $48.54 $30,188 $1,972 $0.37 ($0.64) $0.21 $0.66 $1.26 130.4X -75.8X 234.6X 73.6X 38.4X $573 ($346) $392 $854 $1,520 52.7X -87.2X 76.9X 35.4X 19.9X $4,869 $413 $3,841 $6,147 $9,192 6.2X 73.0X 7.9X 4.9X 3.3X
10/31/14 $48.34 $30,065 $2,018 $0.37 ($0.64) $0.20 $0.66 $1.24 131.2X -75.5X 245.0X 73.4X 38.9X $542 ($346) $346 $833 $1,517 55.4X -86.9X 86.9X 36.1X 19.8X $4,935 $413 $3,846 $6,273 $9,219 6.1X 72.8X 7.8X 4.8X 3.3X
11/30/14 $48.90 $30,419 $2,068 $0.40 ($0.64) $0.12 $0.58 $1.17 122.7X -76.4X 409.7X 84.9X 41.9X $648 ($346) $363 $802 $1,611 46.9X -87.9X 83.9X 37.9X 18.9X $5,437 $413 $3,733 $6,194 $9,130 5.6X 73.6X 8.1X 4.9X 3.3X
12/31/14 $44.48 $28,035 $2,059 $0.38 ($0.64) $0.12 $0.56 $1.13 117.7X -69.5X 372.9X 79.9X 39.4X $648 ($346) $363 $802 $1,611 43.2X -81.0X 77.3X 35.0X 17.4X $5,360 $413 $3,732 $6,123 $8,930 5.2X 67.8X 7.5X 4.6X 3.1X
1/31/15 $40.72 $25,671 $1,995 $0.35 ($0.64) $0.11 $0.52 $1.17 117.3X -63.6X 359.7X 77.8X 34.8X $629 ($346) $360 $794 $1,586 40.8X -74.2X 71.3X 32.3X 16.2X $5,338 $413 $3,715 $6,098 $9,137 4.8X 62.1X 6.9X 4.2X 2.8X
2/28/15 $40.67 $25,638 $2,105 $0.17 $0.16 $0.27 $0.85 $1.22 237.0X 260.7X 152.4X 47.7X 33.3X $554 $186 $540 $1,262 $1,513 46.3X 137.6X 47.5X 20.3X 16.9X $5,725 $2,478 $5,738 $8,777 $10,961 4.5X 10.3X 4.5X 2.9X 2.3X
3/31/15 $37.75 $24,412 $2,068 $0.11 $0.16 $0.20 $0.79 $1.22 329.9X 242.0X 189.6X 47.9X 31.0X $482 $186 $482 $1,126 $1,466 50.7X 131.0X 50.6X 21.7X 16.7X $5,711 $2,478 $5,729 $8,839 $11,311 4.3X 9.9X 4.3X 2.8X 2.2X
4/30/15 $45.21 $29,123 $2,086 $0.11 $0.16 $0.14 $0.72 $1.16 428.2X 289.8X 313.5X 62.8X 39.0X $446 $186 $457 $1,101 $1,530 65.3X 156.3X 63.8X 26.4X 19.0X $5,726 $2,478 $5,716 $8,866 $11,308 5.1X 11.8X 5.1X 3.3X 2.6X
5/31/15 $50.16 $32,250 $2,107 $0.24 $0.16 $0.07 $0.71 $1.16 213.3X 321.5X 761.8X 71.1X 43.1X $635 $186 $390 $1,153 $1,712 50.8X 173.0X 82.7X 28.0X 18.8X $6,855 $2,478 $5,792 $9,144 $11,892 4.7X 13.0X 5.6X 3.5X 2.7X
6/30/15 $53.65 $35,211 $2,063 $0.23 $0.16 $0.05 $0.68 $1.16 228.3X 343.9X 1106.5X 78.9X 46.4X $634 $186 $382 $1,143 $1,757 55.6X 188.9X 92.1X 30.8X 20.0X $6,854 $2,478 $5,793 $9,071 $11,979 5.1X 14.2X 6.1X 3.9X 2.9X
7/31/15 $53.23 $34,943 $2,104 $0.19 $0.16 $0.04 $0.64 $1.08 275.4X 341.2X 1381.1X 83.1X 49.1X $586 $186 $385 $1,094 $1,698 59.6X 187.5X 90.7X 32.0X 20.6X $6,816 $2,478 $5,806 $9,046 $12,076 5.1X 14.1X 6.0X 3.9X 2.9X
8/31/15 $49.81 $32,771 $1,972 $0.16 $0.16 ($0.13) $0.47 $1.00 316.7X 319.3X -372.5X 105.9X 49.9X $643 $186 $298 $960 $1,507 50.9X 175.8X 109.8X 34.1X 21.8X $7,356 $2,478 $5,491 $8,998 $12,336 4.5X 13.2X 6.0X 3.6X 2.7X
9/30/15 $49.68 $34,085 $1,920 $0.16 $0.16 ($0.13) $0.48 $1.01 310.6X 318.5X -391.0X 104.3X 49.3X $643 $186 $298 $960 $1,507 53.0X 182.9X 114.2X 35.5X 22.6X $7,366 $2,478 $5,491 $8,812 $11,923 4.6X 13.8X 6.2X 3.9X 2.9X
10/31/15 $41.39 $28,656 $2,079 $0.12 $0.16 ($0.13) $0.43 $0.91 344.4X 265.3X -314.6X 95.9X 45.4X $619 $186 $293 $931 $1,485 46.3X 153.8X 97.9X 30.8X 19.3X $7,352 $2,478 $5,434 $8,639 $11,427 3.9X 11.6X 5.3X 3.3X 2.5X
11/30/15 $46.05 $31,710 $2,080 $0.23 $0.16 ($0.25) $0.34 $0.75 196.3X 295.2X -187.0X 135.1X 61.2X $722 $186 $287 $852 $1,220 43.9X 170.1X 110.5X 37.2X 26.0X $8,257 $2,478 $5,403 $8,766 $11,359 3.8X 12.8X 5.9X 3.6X 2.8X
12/31/15 $48.00 $32,893 $2,044 $0.23 $0.16 ($0.25) $0.34 $0.76 210.5X 307.7X -194.5X 140.2X 63.1X $722 $186 $287 $852 $1,222 45.6X 176.5X 114.6X 38.6X 26.9X $8,208 $2,478 $5,396 $8,759 $11,354 4.0X 13.3X 6.1X 3.8X 2.9X
1/31/16 $38.24 $26,478 $1,940 $0.24 $0.16 ($0.25) $0.32 $0.72 158.5X 245.1X -152.2X 117.7X 53.1X $708 $186 $294 $836 $1,212 37.4X 142.1X 90.1X 31.7X 21.8X $8,064 $2,478 $5,378 $8,579 $11,085 3.3X 10.7X 4.9X 3.1X 2.4X
2/29/16 $38.39 $26,574 $1,932 $0.24 $0.03 $0.25 $0.61 $0.95 159.1X 1199.6X 153.9X 62.7X 40.3X $704 $280 $740 $1,139 $1,666 37.8X 94.9X 35.9X 23.3X 16.0X $8,513 $3,599 $8,566 $10,860 $13,651 3.1X 7.4X 3.1X 2.4X 1.9X
3/31/16 $45.95 $32,455 $2,060 $0.22 $0.03 $0.23 $0.59 $0.99 212.9X 1436.1X 197.7X 77.6X 46.4X $704 $280 $755 $1,133 $1,666 46.1X 115.9X 43.0X 28.6X 19.5X $8,614 $3,599 $8,616 $11,029 $13,792 3.8X 9.0X 3.8X 2.9X 2.4X
4/30/16 $48.15 $33,926 $2,065 $0.21 $0.03 $0.23 $0.58 $0.99 227.4X 1504.8X 209.1X 82.5X 48.5X $647 $280 $742 $1,095 $1,675 52.5X 121.2X 45.7X 31.0X 20.3X $8,677 $3,599 $8,656 $11,013 $13,933 3.9X 9.4X 3.9X 3.1X 2.4X
5/31/16 $44.65 $31,580 $2,097 $0.33 $0.03 $0.14 $0.52 $1.30 133.5X 1395.2X 325.6X 86.0X 34.3X $881 $280 $720 $1,242 $1,911 35.8X 112.8X 43.9X 25.4X 16.5X $9,573 $3,599 $8,583 $11,752 $17,588 3.3X 8.8X 3.7X 2.7X 1.8X
6/30/16 $42.46 $33,364 $2,099 $0.32 $0.03 $0.11 $0.52 $1.25 133.1X 1326.8X 381.5X 81.1X 33.9X $959 $280 $756 $1,338 $2,203 34.8X 119.2X 44.1X 24.9X 15.1X $9,601 $3,599 $8,623 $11,832 $18,493 3.5X 9.3X 3.9X 2.8X 1.8X
7/31/16 $46.96 $36,696 $2,174 $0.24 $0.03 $0.01 $0.47 $1.22 195.6X 1467.4X 3313.6X 100.9X 38.4X $886 $280 $685 $1,294 $2,250 41.4X 131.1X 53.6X 28.4X 16.3X $9,393 $3,599 $8,392 $11,651 $18,356 3.9X 10.2X 4.4X 3.1X 2.0X
8/31/16 $42.40 $33,324 $2,171 $0.22 $0.03 ($0.20) $0.30 $0.99 189.5X 1325.1X -211.3X 139.9X 42.9X $1,200 $280 $652 $1,273 $2,407 27.8X 119.0X 51.1X 26.2X 13.8X $9,981 $3,599 $8,188 $11,374 $17,528 3.3X 9.3X 4.1X 2.9X 1.9X
9/30/16 $40.81 $30,965 $2,168 $0.23 $0.03 ($0.21) $0.31 $0.86 173.8X 1275.2X -195.1X 133.5X 47.7X $1,164 $280 $645 $1,270 $2,195 26.6X 110.6X 48.0X 24.4X 14.1X $10,046 $3,599 $8,157 $11,427 $16,474 3.1X 8.6X 3.8X 2.7X 1.9X
10/31/16 $39.55 $30,021 $2,126 ($0.04) $0.03 ($0.38) ($0.03) $0.52 -1006.4X 1235.8X -104.2X -1320.7X 75.4X $1,318 $280 $731 $1,278 $2,109 22.8X 107.2X 41.1X 23.5X 14.2X $9,763 $3,599 $7,138 $10,362 $15,832 3.1X 8.3X 4.2X 2.9X 1.9X
11/30/16 $37.88 $28,773 $2,199 ($0.07) $0.03 ($0.40) ($0.12) $0.31 -581.3X 1183.8X -94.2X -323.0X 120.6X $1,340 $280 $682 $1,190 $1,785 21.5X 102.8X 42.2X 24.2X 16.1X $9,897 $3,599 $7,054 $10,379 $15,887 2.9X 8.0X 4.1X 2.8X 1.8X
12/31/16 $42.74 $34,588 $2,239 ($0.23) $0.03 ($0.42) ($0.19) $0.32 -182.5X 1335.6X -101.4X -219.4X 134.3X $1,424 $280 $694 $1,320 $2,025 24.3X 123.5X 49.9X 26.2X 17.1X $10,088 $3,599 $7,050 $10,598 $16,447 3.4X 9.6X 4.9X 3.3X 2.1X
1/31/17 $50.39 $40,766 $2,279 ($0.38) $0.03 ($0.47) ($0.26) $0.25 -132.8X 1574.6X -107.6X -193.2X 203.2X $1,427 $280 $698 $1,374 $1,966 28.6X 145.6X 58.4X 29.7X 20.7X $9,706 $3,599 $6,923 $10,455 $16,519 4.2X 11.3X 5.9X 3.9X 2.5X
2/28/17 $50.00 $40,453 $2,364 ($0.24) ($0.46) ($0.27) $0.29 $1.41 -209.6X -108.7X -188.4X 171.8X 35.4X $1,242 $194 $1,134 $1,988 $3,655 32.6X 208.2X 35.7X 20.4X 11.1X $11,302 $5,292 $11,091 $17,828 $25,191 3.6X 7.6X 3.6X 2.3X 1.6X
3/31/17 $55.66 $51,932 $2,363 ($0.48) ($0.46) ($0.47) $0.25 $1.30 -114.9X -121.0X -119.2X 219.9X 42.9X $1,292 $194 $1,192 $2,305 $3,589 40.2X 267.3X 43.6X 22.5X 14.5X $11,435 $5,292 $11,133 $18,963 $25,288 4.5X 9.8X 4.7X 2.7X 2.1X
4/30/17 $62.81 $57,804 $2,384 ($0.58) ($0.46) ($0.57) $0.19 $1.17 -108.3X -136.6X -111.1X 339.0X 53.6X $1,117 $194 $1,178 $2,110 $3,352 51.8X 297.5X 49.1X 27.4X 17.2X $11,490 $5,292 $11,426 $18,949 $26,045 5.0X 10.9X 5.1X 3.1X 2.2X
5/31/17 $68.20 $62,227 $2,412 ($1.15) ($0.46) ($1.08) ($0.19) $0.93 -59.4X -148.3X -63.0X -367.2X 73.7X $1,050 $194 $1,092 $2,060 $3,609 59.3X 320.3X 57.0X 30.2X 17.2X $12,597 $5,292 $11,519 $19,289 $26,522 4.9X 11.8X 5.4X 3.2X 2.3X
6/30/17 $72.32 $67,074 $2,423 ($1.19) ($0.46) ($1.13) ($0.14) $1.00 -61.0X -157.2X -64.3X -530.7X 72.1X $1,022 $194 $1,061 $2,174 $3,873 65.6X 345.2X 63.2X 30.9X 17.3X $12,603 $5,292 $11,685 $20,021 $27,438 5.3X 12.7X 5.7X 3.4X 2.4X
7/31/17 $64.69 $60,710 $2,470 ($1.31) ($0.46) ($1.22) ($0.18) $1.01 -49.4X -140.6X -52.9X -360.2X 63.8X $948 $194 $936 $2,099 $3,868 64.1X 312.5X 64.9X 28.9X 15.7X $12,418 $5,292 $11,431 $20,233 $28,206 4.9X 11.5X 5.3X 3.0X 2.2X
8/31/17 $71.18 $66,121 $2,472 ($1.12) ($0.46) ($1.27) ($0.15) $1.11 -63.5X -154.7X -56.2X -467.8X 64.1X $1,203 $194 $931 $2,365 $3,999 55.0X 340.3X 71.0X 28.0X 16.5X $15,169 $5,292 $11,901 $20,756 $28,599 4.4X 12.5X 5.6X 3.2X 2.3X
9/30/17 $68.22 $65,190 $2,519 ($1.21) ($0.46) ($1.29) ($0.29) $1.01 -56.2X -148.3X -52.7X -236.4X 67.7X $1,306 $194 $932 $2,380 $4,111 49.9X 335.5X 70.0X 27.4X 15.9X $15,222 $5,292 $11,858 $20,594 $28,787 4.3X 12.3X 5.5X 3.2X 2.3X
10/31/17 $66.31 $63,582 $2,575 ($1.28) ($0.46) ($1.33) ($0.26) $1.08 -51.8X -144.1X -49.8X -259.7X 61.7X $1,366 $194 $918 $2,529 $4,442 46.6X 327.3X 69.2X 25.1X 14.3X $15,119 $5,292 $11,837 $20,766 $28,972 4.2X 12.0X 5.4X 3.1X 2.2X
11/30/17 $61.77 $59,772 $2,648 ($1.44) ($0.46) ($1.76) ($0.74) $0.90 -42.8X -134.3X -35.1X -83.9X 68.7X $1,283 $194 $537 $1,972 $4,104 46.6X 307.6X 111.3X 30.3X 14.6X $16,816 $5,292 $11,764 $19,966 $28,025 3.6X 11.3X 5.1X 3.0X 2.1X
12/31/17 $62.27 $62,073 $2,674 ($1.47) ($0.46) ($1.77) ($0.79) $0.81 -42.5X -135.4X -35.3X -78.6X 77.3X $1,284 $194 $499 $1,944 $3,941 48.3X 319.5X 124.5X 31.9X 15.8X $16,537 $5,292 $11,746 $19,846 $27,689 3.8X 11.7X 5.3X 3.1X 2.2X
1/31/18 $70.86 $69,325 $2,824 ($1.63) ($0.46) ($1.79) ($0.83) $0.83 -43.5X -154.0X -39.7X -85.1X 85.0X $1,215 $194 $495 $2,033 $3,998 57.1X 356.8X 140.1X 34.1X 17.3X $16,294 $5,292 $11,765 $19,486 $27,612 4.3X 13.1X 5.9X 3.6X 2.5X
2/28/18 $68.61 $67,426 $2,714 ($1.33) ($0.57) ($1.24) $0.47 $1.73 -51.5X -119.5X -55.3X 144.7X 39.5X $1,516 $593 $1,556 $3,604 $5,394 44.5X 113.8X 43.3X 18.7X 12.5X $18,485 $7,000 $18,998 $26,594 $34,971 3.6X 9.6X 3.5X 2.5X 1.9X
3/31/18 $53.23 $55,178 $2,641 ($1.37) ($0.57) ($1.25) $0.50 $1.81 -38.7X -92.7X -42.7X 107.0X 29.3X $1,515 $593 $1,607 $3,654 $5,179 36.4X 93.1X 34.3X 15.1X 10.7X $18,238 $7,000 $19,110 $26,930 $34,882 3.0X 7.9X 2.9X 2.0X 1.6X
4/30/18 $58.78 $59,892 $2,648 ($1.43) ($0.57) ($1.35) $0.46 $1.60 -41.1X -102.4X -43.7X 128.9X 36.6X $1,492 $593 $1,646 $3,633 $4,883 40.1X 101.1X 36.4X 16.5X 12.3X $18,378 $7,000 $19,030 $27,108 $33,633 3.3X 8.6X 3.1X 2.2X 1.8X
5/31/18 $56.95 $58,336 $2,705 ($0.77) ($0.57) ($1.37) $0.45 $1.77 -73.6X -99.2X -41.5X 125.4X 32.2X $1,907 $593 $1,517 $3,432 $4,786 30.6X 98.4X 38.5X 17.0X 12.2X $21,725 $7,000 $19,532 $27,688 $33,751 2.7X 8.3X 3.0X 2.1X 1.7X
6/30/18 $68.59 $69,533 $2,718 ($0.74) ($0.57) ($1.36) $0.46 $1.78 -92.6X -119.5X -50.3X 150.5X 38.5X $1,908 $593 $1,466 $3,359 $4,691 36.4X 117.3X 47.4X 20.7X 14.8X $22,185 $7,000 $19,719 $27,971 $33,829 3.1X 9.9X 3.5X 2.5X 2.1X
7/31/18 $59.63 $61,892 $2,816 ($0.69) ($0.57) ($1.35) $0.47 $1.77 -86.2X -103.9X -44.3X 127.6X 33.7X $1,989 $593 $1,429 $3,342 $4,692 31.1X 104.4X 43.3X 18.5X 13.2X $22,534 $7,000 $19,809 $27,874 $33,846 2.7X 8.8X 3.1X 2.2X 1.8X
8/31/18 $60.33 $63,828 $2,902 $0.32 ($0.57) ($1.13) $0.53 $1.67 187.0X -105.1X -53.2X 112.8X 36.2X $3,320 $593 $1,597 $3,374 $5,024 19.2X 107.7X 40.0X 18.9X 12.7X $26,157 $7,000 $20,292 $28,215 $34,431 2.4X 9.1X 3.1X 2.3X 1.9X
9/30/18 $52.95 $57,818 $2,914 $0.36 ($0.57) ($1.15) $0.56 $1.67 146.4X -92.3X -46.2X 95.1X 31.7X $3,320 $593 $1,604 $3,366 $4,995 17.4X 97.6X 36.0X 17.2X 11.6X $25,997 $7,000 $20,201 $28,218 $34,566 2.2X 8.3X 2.9X 2.0X 1.7X
10/31/18 $67.46 $70,266 $2,712 $1.45 ($0.57) ($0.43) $1.19 $2.29 46.5X -117.5X -155.5X 56.6X 29.5X $4,223 $593 $2,113 $3,837 $5,205 16.6X 118.6X 33.3X 18.3X 13.5X $28,289 $7,000 $20,883 $28,996 $35,162 2.5X 10.0X 3.4X 2.4X 2.0X
11/30/18 $70.10 $71,917 $2,760 $1.53 ($0.57) ($0.38) $1.29 $2.39 45.8X -122.1X -184.1X 54.4X 29.3X $4,258 $593 $2,120 $3,915 $5,248 16.9X 121.3X 33.9X 18.4X 13.7X $28,397 $7,000 $20,879 $29,140 $35,212 2.5X 10.3X 3.4X 2.5X 2.0X
12/31/18 $66.56 $69,225 $2,507 $1.54 ($0.57) ($0.33) $1.29 $2.32 43.3X -116.0X -202.2X 51.4X 28.7X $4,257 $593 $2,151 $3,879 $5,257 16.3X 116.8X 32.2X 17.8X 13.2X $29,416 $7,000 $21,376 $29,907 $36,754 2.4X 9.9X 3.2X 2.3X 1.9X
1/31/19 $61.40 $64,775 $2,704 $1.14 ($1.73) $1.19 $2.18 $3.25 53.7X -35.5X 51.7X 28.2X 18.9X $3,768 $471 $3,674 $4,975 $7,321 17.2X 137.6X 17.6X 13.0X 8.8X $27,797 $11,759 $28,310 $33,410 $41,235 2.3X 5.5X 2.3X 1.9X 1.6X
2/28/19 $63.98 $66,995 $2,784 $1.09 ($1.73) $1.15 $2.03 $3.14 58.9X -36.9X 55.9X 31.5X 20.4X $3,706 $471 $3,673 $4,931 $6,827 18.1X 142.3X 18.2X 13.6X 9.8X $26,979 $11,759 $27,468 $32,045 $43,150 2.5X 5.7X 2.4X 2.1X 1.6X
3/31/19 $55.97 $59,946 $2,834 $0.75 ($1.73) $0.85 $1.77 $2.67 74.2X -32.3X 66.2X 31.6X 20.9X $3,296 $471 $3,246 $4,413 $5,933 18.2X 127.3X 18.5X 13.6X 10.1X $27,237 $11,759 $27,620 $32,662 $42,962 2.2X 5.1X 2.2X 1.8X 1.4X
4/30/19 $47.74 $52,796 $2,946 $0.48 ($1.73) ($0.08) $1.31 $2.35 99.4X -27.6X -633.1X 36.4X 20.4X $3,026 $471 $2,417 $3,992 $5,639 17.5X 112.1X 21.8X 13.2X 9.4X $28,023 $11,759 $26,308 $32,444 $41,839 1.9X 4.5X 2.0X 1.6X 1.3X
5/31/19 $37.03 $43,498 $2,752 $0.33 ($1.73) ($0.32) $1.18 $2.17 112.1X -21.4X -114.0X 31.3X 17.1X $2,961 $471 $2,327 $3,912 $5,491 14.7X 92.4X 18.7X 11.1X 7.9X $28,019 $11,759 $26,088 $32,338 $41,848 1.6X 3.7X 1.7X 1.3X 1.0X
6/30/19 $44.69 $51,877 $2,942 $0.24 ($1.73) ($0.36) $1.09 $2.24 188.1X -25.8X -122.5X 41.0X 19.9X $2,868 $471 $2,136 $3,682 $5,461 18.1X 110.2X 24.3X 14.1X 9.5X $27,383 $11,759 $25,522 $31,410 $42,062 1.9X 4.4X 2.0X 1.7X 1.2X
7/31/19 $48.32 $55,128 $2,980 $0.10 ($1.73) ($0.66) $0.88 $2.17 484.7X -27.9X -73.1X 55.0X 22.3X $2,854 $471 $2,108 $3,368 $5,264 19.3X 117.1X 26.2X 16.4X 10.5X $27,624 $11,759 $25,018 $30,978 $42,408 2.0X 4.7X 2.2X 1.8X 1.3X
8/31/19 $45.12 $51,084 $2,926 $0.08 ($1.73) ($0.77) $0.75 $1.91 537.7X -26.1X -58.3X 60.2X 23.6X $2,857 $471 $2,099 $3,238 $4,892 17.9X 108.5X 24.3X 15.8X 10.4X $27,192 $11,759 $24,721 $30,470 $40,131 1.9X 4.3X 2.1X 1.7X 1.3X
9/30/19 $48.17 $54,030 $2,977 $0.08 ($1.73) ($0.77) $0.80 $1.91 583.7X -27.8X -62.5X 60.4X 25.3X $2,899 $471 $2,116 $3,259 $4,930 18.6X 114.8X 25.5X 16.6X 11.0X $26,980 $11,759 $24,571 $30,324 $39,650 2.0X 4.6X 2.2X 1.8X 1.4X
10/31/19 $62.98 $67,359 $3,038 $0.99 ($1.73) ($0.23) $0.99 $1.95 63.4X -36.4X -277.0X 63.6X 32.4X $3,389 $471 $2,448 $3,489 $5,080 19.9X 143.1X 27.5X 19.3X 13.3X $28,004 $11,759 $24,222 $29,364 $38,150 2.4X 5.7X 2.8X 2.3X 1.8X
11/30/19 $65.99 $70,062 $3,141 $1.11 ($1.73) ($0.12) $1.18 $1.92 59.7X -38.1X -572.8X 56.0X 34.4X $3,494 $471 $2,600 $3,598 $5,196 20.1X 148.8X 26.9X 19.5X 13.5X $28,546 $11,759 $24,084 $29,170 $37,471 2.5X 6.0X 2.9X 2.4X 1.9X
12/31/19 $83.67 $86,225 $3,231 $1.34 ($1.73) ($0.07) $1.26 $2.34 62.6X -48.3X -1117.3X 66.5X 35.7X $3,711 $471 $2,709 $3,738 $5,653 23.2X 183.2X 31.8X 23.1X 15.3X $28,987 $11,759 $24,084 $29,151 $37,936 3.0X 7.3X 3.6X 3.0X 2.3X
1/31/20 $130.11 $128,260 $3,226 $1.92 ($0.27) $1.69 $3.03 $4.45 67.7X -489.2X 76.9X 42.9X 29.2X $4,684 $2,301 $4,252 $6,247 $8,600 27.4X 55.7X 30.2X 20.5X 14.9X $31,927 $21,461 $31,710 $40,677 $52,582 4.0X 6.0X 4.0X 3.2X 2.4X
2/29/20 $133.60 $131,413 $2,954 $1.91 ($0.27) $1.72 $2.93 $4.06 70.0X -502.2X 77.5X 45.6X 32.9X $4,725 $2,301 $4,292 $6,130 $8,115 27.8X 57.1X 30.6X 21.4X 16.2X $32,674 $21,461 $32,077 $40,681 $52,494 4.0X 6.1X 4.1X 3.2X 2.5X
3/31/20 $104.80 $106,615 $2,585 $0.82 ($0.27) $0.86 $2.43 $3.78 127.2X -394.0X 122.4X 43.1X 27.8X $3,599 $2,301 $3,412 $5,674 $7,670 29.6X 46.3X 31.2X 18.8X 13.9X $29,991 $21,461 $31,245 $40,714 $52,359 3.6X 5.0X 3.4X 2.6X 2.0X
4/30/20 $156.38 $154,323 $2,912 $1.01 ($0.27) $0.73 $2.45 $3.79 155.5X -587.9X 214.2X 63.8X 41.2X $4,307 $2,301 $3,586 $5,992 $8,302 35.8X 67.1X 43.0X 25.8X 18.6X $30,870 $21,461 $28,186 $38,369 $48,512 5.0X 7.2X 5.5X 4.0X 3.2X
5/31/20 $167.00 $164,150 $3,044 $0.94 ($0.27) $0.70 $2.46 $3.80 177.3X -627.8X 239.3X 67.8X 44.0X $4,181 $2,301 $3,550 $6,013 $8,310 39.3X 71.3X 46.2X 27.3X 19.8X $28,459 $21,461 $27,263 $38,307 $48,822 5.8X 7.6X 6.0X 4.3X 3.4X
6/30/20 $215.96 $209,271 $3,100 $0.98 ($0.27) $0.73 $2.41 $3.72 220.9X -811.9X 296.5X 89.5X 58.1X $4,137 $2,301 $3,543 $5,998 $8,394 50.6X 90.9X 59.1X 34.9X 24.9X $29,575 $21,461 $27,063 $38,194 $49,022 7.1X 9.8X 7.7X 5.5X 4.3X
7/31/20 $286.15 $274,547 $3,271 $2.58 ($0.27) $1.69 $2.98 $4.38 110.9X -1075.8X 169.3X 95.9X 65.3X $6,454 $2,301 $4,691 $6,948 $9,274 42.5X 119.3X 58.5X 39.5X 29.6X $38,888 $21,461 $29,696 $41,976 $53,789 7.1X 12.8X 9.2X 6.5X 5.1X
8/31/20 $498.32 $471,864 $3,500 $2.53 ($0.27) $1.78 $2.95 $4.77 197.2X -1873.4X 280.0X 168.9X 104.6X $6,454 $2,301 $4,698 $6,963 $9,321 73.1X 205.1X 100.4X 67.8X 50.6X $39,570 $21,461 $29,791 $42,374 $55,505 11.9X 22.0X 15.8X 11.1X 8.5X
9/30/20 $429.01 $414,843 $3,363 $2.68 ($0.27) $1.82 $3.02 $4.74 160.1X -1612.8X 235.5X 142.3X 90.5X $6,715 $2,301 $4,898 $7,253 $9,828 61.8X 180.3X 84.7X 57.2X 42.2X $38,814 $21,461 $29,844 $41,967 $54,351 10.7X 19.3X 13.9X 9.9X 7.6X
10/31/20 $388.04 $376,003 $3,270 $3.59 ($0.27) $2.18 $3.47 $5.08 108.2X -1458.8X 178.1X 111.9X 76.4X $8,711 $2,301 $5,806 $8,693 $11,774 43.2X 163.4X 64.8X 43.3X 31.9X $42,023 $21,461 $30,436 $44,071 $55,614 8.9X 17.5X 12.4X 8.5X 6.8X
11/30/20 $567.60 $546,226 $3,622 $3.59 ($0.27) $2.31 $3.65 $5.09 158.0X -2133.8X 245.4X 155.4X 111.4X $8,711 $2,301 $5,923 $8,779 $11,944 62.7X 237.4X 92.2X 62.2X 45.7X $42,203 $21,461 $30,626 $44,937 $55,963 12.9X 25.5X 17.8X 12.2X 9.8X
12/31/20 $705.67 $670,902 $3,756 $3.56 ($0.27) $2.36 $3.70 $5.44 198.4X -2652.9X 299.4X 190.6X 129.7X $8,106 $2,301 $6,105 $8,839 $11,955 82.8X 291.6X 109.9X 75.9X 56.1X $43,607 $21,461 $30,897 $46,309 $57,910 15.4X 31.3X 21.7X 14.5X 11.6X
1/27/21 $864.16 $821,065 $3,751 $3.95 ($0.27) $2.45 $4.02 $5.81 218.8X -3248.7X 353.4X 214.7X 148.6X $9,255 $2,301 $6,113 $9,328 $12,468 88.7X 356.8X 134.3X 88.0X 65.9X $44,385 $21,461 $31,103 $47,050 $60,265 18.5X 38.3X 26.4X 17.5X 13.6X