Tesla's account payable days have fluctuated in the past, which is common for a company in a nascent stage. Going
forward, we expect Tesla's Account Payable Days to stabilize near 100-110 days..
Forecast Rationale
Our forecasts are based on historical trends.
Sources for historical data and explanations can be found on the Trefis.com website (link)
— ACCRUED LIABILITIES AS A % OF REVENUES —

Accrued liabilities are expenses that a business has incurred but has not yet paid. We express them as a percentage of
revenues.

Accrued Liabilities as a % of Revenues (%)

15.0
12.5
10.0
7.5
5.0
2.5
0.0
2011 1 2

13

14

15

16

17

18

19

20

21

22

Accrued Liabilities as a % of Revenues declined steeply in 2012 and 2013 since the revenue growth outpaced the growth in
the accrued liabilities. Going forward, we expect the figure to stabilize near 10%.
Forecast Rationale
The forecast has been done on the basis of historical data.
Sources for historical data and explanations can be found on the Trefis.com website (link)
— ROADSTER GROSS PROFIT MARGIN —

This represents the gross margin associated with the Roadster.

TREFIS ANALYSIS for TESLA MOTORS

CONTENT@TREFIS.COM

+ 1 617 394 8763

•21