2011
Model S NWC & NOA allocation
(% of total)

Direct Expense (Bil $)
Indirect Expense (Mil $)
Adjusted EBITDA (Mil $)
Free Cash Flow (Mil $)

2012

2013

2014 2015

2016 2017

2018

2019 2020 2021

2022

-9.92 -4.96 0.56

N/A N/A N/A N/A N/A -0.86 -0.64 -0.56 -0.49

0.08
133
97.4
n/a

0.00
0.00
0.00
n/a

0.04
39.2
25.6
n/a

0.01
1.30
2.82
n/a

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.54
138
254
115

0.80
202
398
196

1.07
258
522
263

1.17
268
564
296

In addition, you can see the detailed P&L for the Roadster business in the Appendix (link)

Electric Powertrain Sales
The most important drivers for the Electric Powertrain Sales business are:
• Account Payable Days
• Accrued Liabilities as a % of Revenues
• Powertrain Components & Sales Gross Profit Margin
— ACCOUNT PAYABLE DAYS —

See our analysis of Account Payable Days in the Roadster division here.

— ACCRUED LIABILITIES AS A % OF REVENUES —

See our analysis of Accrued Liabilities as a % of Revenues in the Roadster division here.

— POWERTRAIN COMPONENTS & SALES GROSS PROFIT MARGIN —

This represents the gross margin associated with the sale of electric powertrains, battery packs and other components.

TREFIS ANALYSIS for TESLA MOTORS

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