FIN 320 Project Two Milestone

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Tesla Inc (NMS: TSLA)
Exchange rate used is that of the Year End reported date
As Reported Quarterly Balance Sheet
Report Date 09/30/2023 06/30/2023 03/31/2023 09/30/2022 06/30/2022 03/31/2022 09/30/2021 06/30/2021 03/31/2021
3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
Currency USD USD USD USD USD USD USD USD USD
Audit Status Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Cash & cash equivalents 15932000 15296000 16048000 19532000 18324000 17505000 16065000 16229000 17141000
Short-term investments 10145000 7779000 6354000 - - - - - -
Short-term marketable securities - - - 1575000 591000 508000 30000 - -
Accounts receivable, net 2520000 3447000 2993000 2192000 2081000 2311000 1962000 2129000 1890000
Raw materials 5817000 5968000 6405000 5381000 4949000 3822000 2355000 2067000 1836000
Work in process 2246000 2202000 2458000 2237000 1370000 1306000 1061000 858000 454000
Finished goods 4550000 5193000 4591000 2067000 1185000 977000 1252000 1318000 1341000
Service parts 1108000 993000 921000 642000 604000 586000 531000 490000 501000
Inventory 13721000 14356000 14375000 10327000 8108000 6691000 5199000 4733000 4132000
Prepaid expenses & other current assets 2708000 2997000 3227000 2364000 2118000 2035000 1746000 1602000 1542000
Total current assets 45026000 43875000 42997000 35990000 31222000 29050000 25002000 24693000 24705000
Operating lease vehicles, net - 5935000 5473000 4824000 4782000 4745000 4167000 3748000 3396000
Solar energy systems, net 6119000 5365000 5427000 5562000 5624000 5686000 5821000 5883000 5933000
Solar energy systems, leased & to be leased, net 5293000 - - - - - - - -
Machinery, equipment & office furniture 15077000 - - - - - - - -
Machinery, equipment, vehicles & office furniture - 14540000 14139000 12261000 11749000 11163000 9458000 9156000 8711000
Tooling 2865000 2763000 2696000 2468000 2417000 2345000 2120000 2038000 1916000
Leasehold improvements 2892000 2727000 2551000 2102000 2018000 1911000 1706000 1596000 1494000
Land & buildings 8584000 8435000 8144000 6988000 6406000 5957000 3853000 3725000 3681000
Computer equipment & software 3225000 - - - - - - - -
Computer equipment, hardware & software - 2846000 2299000 1879000 1746000 1595000 1284000 1148000 1020000
Construction in progress 6341000 5560000 4894000 4549000 4544000 4322000 5109000 3826000 2435000
Property, plant & equipment, gross 38984000 36871000 34723000 30247000 28880000 27293000 23530000 21489000 19257000
Less: accumulated depreciation & amortization - - 9754000 8321000 7787000 7266000 6232000 5824000 5389000
Less: accumulated depreciation 11240000 10482000 - - - - - - -
Property, plant & equipment, net 27744000 26389000 24969000 21926000 21093000 20027000 17298000 15665000 13868000
Operating lease right-of-use assets 3637000 3352000 2800000 2251000 2185000 2181000 1962000 1734000 1647000
Digital assets, net 184000 184000 184000 218000 218000 1261000 1260000 1311000 1331000
Intangible assets, net 191000 202000 204000 228000 241000 254000 269000 283000 299000
Goodwill 250000 263000 195000 191000 196000 200000 201000 203000 206000
Other non-current assets 5497000 5026000 4584000 3236000 2952000 2634000 1854000 1626000 1587000
Total assets 93941000 90591000 86833000 74426000 68513000 66038000 57834000 55146000 52972000
Accounts payable 13937000 15273000 15904000 13897000 11212000 11171000 8260000 7558000 6648000
Accrued purchases 2708000 2830000 2640000 2281000 2130000 2025000 1867000 1437000 993000
Taxes payable 1095000 1244000 1371000 1114000 1045000 1272000 1084000 834000 828000
Payroll & related costs 1192000 1147000 1064000 980000 1077000 913000 823000 840000 660000
Accrued warranty reserve, current portion 7636000 1274000 1123000 840000 778000 709000 621000 608000 544000
Sales return reserve, current portion 218000 244000 267000 263000 257000 279000 386000 382000 430000
Operating lease liabilities, current portion 613000 549000 509000 426000 413000 399000 343000 325000 309000
Accrued interest - - - - - - 18000 60000 36000
Other accrued liabilities 1376000 - - - - - - - -
Other current liabilities 434000 370000 347000 342000 337000 309000 301000 292000 273000
Accrued liabilities & other current liabilities - 7658000 7321000 6246000 6037000 5906000 5443000 4778000 4073000
Deferred revenue 2206000 2176000 1750000 1928000 1858000 1594000 1801000 1693000 1592000
Capital lease obligations, current portion 415000 - - - - - - - -
Customer deposits 894000 1026000 1057000 1083000 1182000 1125000 831000 812000 745000
Current portion of debt & finance leases 1967000 1459000 1404000 1457000 1532000 1659000 1716000 1530000 1819000
Current portion of long-term debt and finance leases - Balancing value 1552000 - - - - - - - -
Total current liabilities 26640000 27592000 27436000 24611000 21821000 21455000 18051000 16371000 14877000
Recourse debt - 7000 44000 51000 52000 70000 2008000 3838000 4085000
Non-recourse debt - 497000 773000 1367000 2043000 2183000 3431000 3040000 3934000
Total debt - 504000 817000 1418000 2095000 2253000 5439000 6878000 8019000
Finance lease 274000 368000 455000 678000 803000 900000 999000 993000 1034000
Debt & finance leases, net of current portion 2426000 872000 1272000 2096000 2898000 3153000 6438000 7871000 9053000
Long-term debt, less current portion 2152000 - - - - - - - -
Deferred revenue, net of current portion 3059000 3021000 2911000 2265000 2210000 2185000 1365000 1318000 1294000
Operating lease liabilities 3181000 2931000 2389000 1895000 1822000 1814000 1629000 1407000 1330000
Accrued warranty reserve 3346000 3191000 2842000 1931000 1655000 1578000 1115000 1083000 990000
Sales return reserve - - - 57000 74000 109000 325000 378000 424000
Deferrred tax liabilities - - - 20000 22000 24000 40000 63000 144000
Other noncurrent liabilities 794000 802000 748000 427000 353000 314000 377000 405000 395000
Other long-term liabilities 7321000 6924000 5979000 4330000 3926000 3839000 3486000 3336000 3283000
Total liabilities - 38409000 37598000 33302000 30855000 30632000 29340000 28896000 28507000
Redeemable noncontrolling interests in subsidiaries 277000 288000 407000 421000 421000 459000 605000 605000 601000
Common stock 3000 3000 3000 3000 1000 1000 1000 1000 1000
Additional paid-in capital 34201000 33436000 32878000 31592000 30944000 30485000 28922000 28205000 27623000
Accumulated other comprehensive income (loss) -692000 -410000 -225000 -942000 -477000 -50000 120000 206000 143000
Retained earnings (accumulated deficit) 19954000 18101000 15398000 9198000 5908000 3649000 -1990000 -3608000 -4750000
Total stockholders' equity (deficit) 53466000 51130000 48054000 39851000 36376000 34085000 27053000 24804000 23017000
Noncontrolling interests in subsidiaries 752000 764000 774000 852000 861000 862000 836000 841000 847000
Total equity 54218000 - 48828000 - - - - - -
As Reported Quarterly Income Statement
Report Date 09/30/2023 06/30/2023 03/31/2023 09/30/2022 06/30/2022 03/31/2022 09/30/2021 06/30/2021 03/31/2021
3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
Currency USD USD USD USD USD USD USD USD USD
Audit Status Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Revenues - automotive sales 19625000 20419000 18878000 17785000 13670000 15514000 11672000 9874000 8705000
Revenues - automotive regulatory credits 554000 282000 521000 286000 344000 679000 - - -
Revenues - automotive leasing - 567000 564000 621000 588000 668000 385000 332000 297000
Total automotive revenues - 21268000 19963000 18692000 14602000 16861000 12057000 10206000 9002000
Automotive revenue 2166000 - - - - - - - -
Development services 18582000 - - - - - - - -
Energy generation & storage 1559000 1509000 1529000 1117000 866000 616000 806000 801000 494000
Services & other revenues - 2150000 1837000 1645000 1466000 1279000 894000 951000 893000
Automotive leasing 489000 - - - - - - - -
Total revenues 23350000 24927000 23329000 21454000 16934000 18756000 13757000 11958000 10389000
Cost of revenues - automotive sales 2037000 16841000 15422000 13099000 10153000 10914000 8150000 7119000 6457000
Cost of revenues - automotive leasing - 338000 333000 381000 368000 408000 234000 188000 160000
Total automotive cost of revenues - 17179000 15755000 13480000 10521000 11322000 8384000 7307000 6617000
Automotive leasing 1178000 - - - - - - - -
Cost of automotive 301000 - - - - - - - -
Cost of development services 15957000 - - - - - - - -
Cost of energy generation & storage - 1231000 1361000 1013000 769000 688000 803000 781000 595000
Cost of services & other cost of revenues - 1984000 1702000 1579000 1410000 1286000 910000 986000 962000
Automotive sales 15656000 - - - - - - - -
Total cost of revenues 19172000 20394000 18818000 16072000 12700000 13296000 10097000 9074000 8174000
Gross profit (loss) 4178000 4533000 4511000 5382000 4234000 5460000 3660000 2884000 2215000
Research & development expense 1161000 943000 771000 733000 667000 865000 611000 576000 666000
Selling, general & administrative expense 1253000 1191000 1076000 961000 961000 992000 994000 973000 1056000
Restructuring & other expenses - - - - 142000 - 51000 23000 -101000
Total operating expenses 2414000 2134000 1847000 1694000 1770000 1857000 1656000 1572000 1621000
Income (loss) from operations 1764000 2399000 2664000 3688000 2464000 3603000 2004000 1312000 594000
Interest income 282000 238000 213000 86000 26000 28000 10000 11000 10000
Interest expense 38000 28000 29000 53000 44000 61000 126000 75000 99000
Other income (expense), net 37000 328000 -48000 -85000 28000 56000 -6000 45000 28000
Income (loss) before income taxes 2045000 2937000 2800000 3636000 2474000 3626000 1882000 1293000 533000
Provision (benefit) for income taxes 167000 323000 261000 305000 205000 346000 223000 115000 69000
Buy-out of noncontrolling interest -2000 - - - - - - - -
Net income (loss) 1878000 2614000 2539000 3331000 2269000 3280000 1659000 1178000 464000
Net income (loss) attributable to noncontrolling interests & redeemable noncontrolling interests in subsidiaries -25000 89000 -26000 -39000 -10000 38000 -41000 -36000 -26000
Net income (loss) attributable to common stockholders - 2703000 2513000 3292000 2259000 3318000 1618000 1142000 438000
Less: buy-out of noncontrolling interest - 0 -5000 - - 5000 - - -
Net income used in computing net income per share of common stock 1851000 2703000 2518000 3292000 - 3313000 1618000 - -
Weighted average shares outstanding - basic 3176000 3171000 3166000 3146000 3111000 3102000 2994000 2913000 2883000
Weighted average shares outstanding - diluted 3493000 3478000 3468000 3468000 3465000 3471000 3369000 3357000 3399000
Year end shares outstanding 3179000 3174000 3169000 3158000 3123000 3108000 3012000 2952000 2889000
Net income (loss) per share - basic 0.58 0.85 0.8 1.05 0.727 1.067 0.54 0.393 0.153
Net income (loss) per share - diluted 0.53 0.78 0.73 0.95 0.65 0.953 0.48 0.34 0.13
Comprehensive income attributable to common stockholders 1571000 - - - - - - - -
As Reported Quarterly Retained Earnings
Report Date 06/30/2023 03/31/2023 09/30/2022 06/30/2022 03/31/2022 09/30/2021 06/30/2021 03/31/2021
2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
Currency USD USD USD USD USD USD USD USD
Audit Status Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Previous retained earnings (accumulated deficit) 15398000 12885000 5906000 3649000 331000 -3608000 -4750000 -5399000
Adjustments for prior periods from adopting ASU 2020-06 - - - - - - - 211000
Retained earnings (accumualted deficit) 18101000 15398000 9198000 5908000 3649000 -1990000 -3608000 -4750000
As Reported Quarterly Cash Flow
Report Date 09/30/2023 06/30/2023 03/31/2023 09/30/2022 06/30/2022 03/31/2022 09/30/2021 06/30/2021 03/31/2021
3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
Currency USD USD USD USD USD USD USD USD USD
Audit Status Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Consolidated Yes Yes Yes Yes Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands Thousands
Net income (loss) 7031000 5153000 2539000 8880000 5549000 3280000 3301000 1642000 464000
Depreciation, amortization & impairment - 2200000 1046000 2758000 1802000 880000 2063000 1302000 621000
Depreciation & amortization 3435000 - - - - - - - -
Stock-based compensation 1328000 863000 418000 1141000 779000 418000 1563000 1088000 614000
Inventory & purchase commitments write-downs 361000 217000 50000 118000 58000 33000 128000 88000 49000
Foreign currency transaction net unrealized loss (gain) -317000 -283000 -25000 1000 -52000 -30000 8000 -1000 -2000
Non-cash interest & other operating activities 94000 59000 15000 159000 52000 16000 213000 60000 8000
Digital assets loss (gain), net - - - 106000 106000 - -27000 -78000 -101000
Accounts receivable 377000 -504000 -32000 -426000 -233000 -409000 -148000 -283000 -24000
Inventory -1953000 -2116000 -1540000 -4492000 -2192000 -633000 -1175000 -687000 -106000
Operating lease vehicles -1858000 -1387000 -675000 -1136000 -795000 -462000 -1526000 -916000 -426000
Prepaid expenses & other current assets 322000 -5000 -79000 -865000 -533000 -289000 -287000 -131000 -143000
Other non-current assets -2655000 -1854000 -729000 -1580000 -1042000 -611000 -744000 -289000 -168000
Accounts payable & accrued liabilities -24000 934000 797000 4659000 1406000 997000 2764000 1592000 672000
Deferred revenue 774000 661000 106000 856000 648000 287000 452000 279000 162000
Customer deposits -95000 16000 2000 251000 292000 204000 80000 52000 -2000
Other long-term liabilities 2066000 1624000 620000 1016000 501000 314000 247000 47000 23000
Net cash flows from operating activities 8886000 5578000 2513000 11446000 6346000 3995000 6912000 3765000 1641000
Purchases of property & equipment excluding finance leases, net of sales -6592000 -4132000 -2072000 -5300000 -3497000 -1767000 -4672000 -2853000 -1348000
Maturities of short-term marketable securities 138000 - - - - - - - -
Purchases of solar energy systems, net of sales - -1000 -1000 -5000 -5000 -5000 -28000 -22000 -12000
Purchases of digital assets - - - - - - -1500000 -1500000 -1500000
Receipt of government grants - - - - - - 6000 6000 6000
Proceeds from sales of digital assets - - - 936000 936000 - 272000 272000 272000
Purchase of intangible assets - - - -9000 -9000 -9000 - - -
Business acquisition -64000 - - - - - - - -
Purchases of marketable securities - - - -1467000 -476000 -386000 -30000 - -
Purchases of investments -13221000 -7090000 -2015000 - - - - - -
Proceeds from maturities of investments - 5143000 1604000 - - - - - -
Proceeds from sales of investments 8959000 138000 - - - - - - -
Proceeds from maturities of marketable securities - - - 3000 - - - - -
Business combinations, net of cash acquired - -76000 - - - - - - -
Net cash flows from investing activities -10780000 -6018000 -2484000 -5842000 -3051000 -2167000 -5952000 -4097000 -2582000
Proceeds from issuance of convertible debt 2526000 - - - - - - - -
Proceeds from issuances of convertible & other debt - - - - - - 7633000 4862000 2983000
Repayments of convertible & other debt -887000 -543000 -302000 -3000000 -2219000 -1945000 -11589000 -7408000 -4038000
Collateralized lease repayments - - - - - - -9000 -8000 -6000
Collateralized lease borrowings (repayments) -17000 - - - - - - - -
Proceeds from exercises of stock options & other stock issuances - 294000 231000 474000 245000 202000 445000 253000 183000
Principal payments on finance leases -340000 -222000 -106000 -369000 -251000 -123000 -311000 -196000 -101000
Debt issuance costs -23000 -13000 -13000 - - - -9000 -5000 -5000
Proceeds from exercise of stock options 548000 - - - - - - - -
Proceeds from investments by noncontrolling interests in subsidiaries - - - - - - 2000 2000 -
Distributions paid to noncontrolling interests in subsidiaries -105000 -67000 -36000 -118000 -76000 -42000 -108000 -65000 -32000
Payments for buy-outs of noncontrolling interests in subsidiaries - -10000 -7000 -19000 -19000 -6000 - - -
Net cash flows from financing activities 1702000 -561000 -233000 -3032000 -2320000 -1914000 -3946000 -2565000 -1016000
Effect of exchange rate changes on cash & cash equivalents & restricted cash -142000 -44000 50000 -567000 -232000 -18000 -221000 -179000 -221000
Net increase (decrease) in cash & cash equivalents & restricted cash -334000 -1045000 -154000 2005000 743000 -104000 -3207000 -3076000 -2178000
Cash & cash equivalents & restricted cash, beginning of period 16924000 16924000 16924000 18144000 18144000 18144000 19901000 19901000 19901000
Cash & cash equivalents & restricted cash, end of period 16590000 15879000 16770000 20149000 18887000 18040000 16694000 16825000 17723000

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