特斯拉-特斯拉2020第二季度的财务报告（英文）-2020.7-26页_2mb
报告摘要
Q2 2020 Update Summary
Core Content
Financial Highlights
- Cash and Cash Equivalents: Increased by $535M QoQ to $8.6B, driven by free cash flow of $418M.
- Free Cash Flow: $418M in Q2, a positive figure despite challenges.
- Profitability:
- GAAP Operating Income: $327M
- GAAP Operating Margin: 5.4%
- GAAP Net Income: $104M
- Non-GAAP Net Income (ex-SBC): $451M
- Four Quarters of Sequential Profitability: The company posted its fourth consecutive GAAP profit in Q2.
- GAAP Operating Margin: Reached nearly 5% for the trailing 12 months and is expected to grow to industry-leading levels over time.
Operational Highlights
- Vehicle Deliveries:
- Total deliveries: 90,891 units in Q2, a 3% increase QoQ.
- Model 3/Y deliveries: 80,277 units in Q2, up 5% from Q1.
- Model S/X deliveries: 10,614 units in Q2, down 13% from Q1.
- Production:
- Model 3/Y production: 75,946 units in Q2, down 13% QoQ.
- Model Y production at installed capacity in Q2 after a shutdown in the first half of the year.
- Model S range increased to 402 miles (EPA).
- Factory Developments:
- Next US Gigafactory site selected; preparations are underway.
- Gigafactory Berlin and Shanghai are progressing with Model Y production.
- Tesla Semi and Roadster are in development for 2021.
Technology and Product Development
- Autopilot & Full Self Driving (FSD):
- Traffic light and stop sign recognition system is becoming more robust.
- FSD-equipped cars can stop or drive through intersections without driver confirmation when safe.
- Vehicle Software:
- Regular over-the-air updates continue to enhance vehicle features.
- Q2 updates included enabling the interior camera, repeater cameras when parking, and improved user interface.
Energy and Solar Business
- Megapack: Generated profit for the first time in Q2.
- Storage Deployments: Increased to 419 MWh, driven by Powerwall and Megapack.
- Solar:
- New retrofit solar pricing made systems more affordable in the US.
- Solar Roof installations tripled in Q2 compared to Q1.
- Average Tesla solar system is now one-third less expensive than industry at $1.49 per watt.
Key Information
Financial Summary (Unaudited)
| Item | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | QoQ | YoY |
|---|---|---|---|---|---|---|---|
| Automotive Revenues | 5,376 | 5,353 | 6,368 | 5,132 | 5,179 | 1% | -4% |
| Regulatory Credits | 111 | 134 | 133 | 354 | 428 | 21% | 286% |
| Automotive Gross Profit | 1,016 | 1,222 | 1,434 | 1,311 | 1,317 | 0% | 30% |
| Automotive Gross Margin | 18.9% | 22.8% | 22.5% | 25.5% | 25.4% | -12 bp | 653 bp |
| Total Revenues | 6,350 | 6,303 | 7,384 | 5,985 | 6,036 | 1% | -5% |
| Total Gross Profit | 921 | 1,191 | 1,391 | 1,234 | 1,267 | 3% | 38% |
| Total GAAP Gross Margin | 14.5% | 18.9% | 18.8% | 20.6% | 21.0% | 37 bp | 649 bp |
| Operating Expenses | 1,088 | 930 | 1,032 | 951 | 940 | -1% | -14% |
| (Loss) Income from Operations | (167) | 261 | 359 | 283 | 327 | 16% | N/A |
| Operating Margin | -2.6% | 4.1% | 4.9% | 4.7% | 5.4% | 69 bp | 805 bp |
| Adjusted EBITDA | 572 | 1,083 | 1,175 | 951 | 1,209 | 27% | 111% |
| Adjusted EBITDA Margin | 9.0% | 17.2% | 15.9% | 15.9% | 20.0% | 414 bp | 1,102 bp |
| Net (Loss) Income (GAAP) | (408) | 143 | 105 | 16 | 104 | 550% | N/A |
| Net (Loss) Income (Non-GAAP) | (198) | 342 | 386 | 227 | 451 | 99% | N/A |
| EPS (GAAP) | (2.31) | 0.78 | 0.56 | 0.08 | 0.50 | 525% | N/A |
| EPS (Non-GAAP) | (1.12) | 1.86 | 2.06 | 1.14 | 2.18 | 91% | N/A |
| Net Cash Provided by Operating Activities | 864 | 756 | 1,425 | (440) | 964 | N/A | 12% |
| Capital Expenditures | (250) | (385) | (412) | (455) | (546) | 20% | 118% |
| Free Cash Flow | 614 | 371 | 1,013 | (895) | 418 | N/A | -32% |
| Cash and Cash Equivalents | 4,955 | 5,338 | 6,268 | 8,080 | 8,615 | 7% | 74% |
Operational Summary (Unaudited)
| Item | Q2-2019 | Q3-2019 | Q4-2019 | Q1-2020 | Q2-2020 | QoQ | YoY |
|---|---|---|---|---|---|---|---|
| Model S/X Production | 14,517 | 16,318 | 17,933 | 15,390 | 6,326 | -59% | -56% |
| Model 3/Y Production | 72,531 | 79,837 | 86,958 | 87,282 | 75,946 | -13% | 5% |
| Total Production | 87,048 | 96,155 | 104,891 | 102,672 | 82,272 | -20% | -5% |
| Model S/X Deliveries | 17,722 | 17,483 | 19,475 | 12,230 | 10,614 | -13% | -40% |
| Model 3/Y Deliveries | 77,634 | 79,703 | 92,620 | 76,266 | 80,277 | 5% | 3% |
| Total Deliveries | 95,356 | 97,186 | 112,095 | 88,496 | 90,891 | 3% | -5% |
| Operating Lease Vehicle Count | 38,828 | 44,241 | 49,901 | 53,159 | 54,519 | 3% | 40% |
| Global Inventory (Days of Supply) | 19 | 18 | 10 | 25 | 17 | -32% | -11% |
| Solar Deployed (MW) | 29 | 43 | 54 | 35 | 27 | -23% | -7% |
| Storage Deployed (MWh) | 415 | 477 | 530 | 260 | 419 | 61% | 1% |
| Store and Service Locations | 406 | 417 | 433 | 438 | 446 | 2% | 10% |
| Mobile Service Fleet | 651 | 719 | 743 | 756 | 769 | 2% | 18% |
| Supercharger Stations | 1,587 | 1,653 | 1,821 | 1,917 | 2,035 | 6% | 28% |
| Supercharger Connectors | 13,881 | 14,658 | 16,104 | 17,007 | 18,100 | 6% | 30% |
Outlook
- Volume: Target to deliver 500,000 vehicles in 2020, despite recent production interruptions.
- Cash Flow: Sufficient liquidity to support product roadmap and capacity expansion.
- Profit: GAAP operating margin reached nearly 5% for the trailing 12 months and is expected to grow.
- Product: Model Y production at Gigafactory Berlin and Shanghai progressing, with deliveries expected in 2021. Next US Gigafactory site selected, and Tesla Semi deliveries also expected in 2021.
Additional Information
- Inventory Levels: Decreased to 17 days of supply at the end of Q2.
- Lease Accounting: Included in the financial tables; some legacy leases require lease accounting despite receiving full vehicle price at delivery.
- Debt Breakdown:
- Vehicle and energy product financing (non-recourse): $4,043M
- Other non-recourse debt: $1,415M
- Recourse debt: $7,106M
- Total debt excluding vehicle and energy product financing: $8,521M
Photos & Charts
- Gigafactory Shanghai: Model Y factory (foreground) and Model 3 factory (background).
- Gigafactory Berlin: Construction progress for Model Y.
- Vehicle Deliveries (Units): Chart showing deliveries for the first half of 2020.
- Operating Cash Flow and Free Cash Flow: Chart showing cash flow figures.
- Net Income: Chart showing net income for the first half of 2020.
- Autobidder Platform: Real-time energy trading platform for maximizing energy revenue.
- New Retrofit Solar Pricing: Chart showing pricing based on roof size.
- 2020 OTA Software Update: Example of a 2012 Model S with an OTA update.
Financial Statements
-
Statement of Operations:
- Q2 2020 GAAP net (loss) income: $(408)M
- Q2 2020 non-GAAP net (loss) income: $(198)M
- Q2 2020 diluted EPS (GAAP): $(2.31)
- Q2 2020 diluted EPS (non-GAAP): $(1.12)
-
Balance Sheet:
- Cash and cash equivalents: $8,615M
- Total assets: $38,135M
- Total liabilities and equity: $38,135M
- Total stockholders' equity: $9,855M
-
Statement of Cash Flows:
- Net cash provided by operating activities: $964M
- Net cash used in investing activities: $(566)M
- Net cash provided by financing activities: $123M
- Net increase in cash and cash equivalents: $559M
Conclusion
Tesla's Q2 2020 update highlights continued operational improvements and financial resilience, despite challenges. The company posted its fourth sequential GAAP profit, achieved a 5.4% operating margin, and increased cash and cash equivalents to $8.6B. Production and deliveries of Model 3 and Model Y continue to grow, with new factories in development. The energy and solar businesses also showed progress, with Megapack generating profit and solar systems becoming more affordable. The company remains focused on cost efficiency, technology innovation, and expanding its global footprint.
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