Model S: Detailed P&L continued
Adjusted EBITDA (Bil $)
Free Cash Flow (Bil $)

2011 2012
0.00 0.17
n/a n/a

2013
0.70
n/a

2014 2015
1.90 2.84
n/a 1.47

2016 2017
4.16 3.59
2.64 1.99

2018
3.74
1.94

2019 2020 2021
3.93 4.58 4.97
1.83 2.30 2.55

2022
5.39
2.86

Detailed P&L for the Gen III business
The most important drivers for the Gen III business are discussed above, here is the detailed P&L.
Gen III: Detailed P&L
2011
Revenues
Model S Capex allocation (Bil $)
Model S Capex allocation ($ Bil)
Gen III (Bil $)
Revenue per Unit of Gen III Sold
(K $)

Gen III Market Share (%)
EV/HEV as % of Total Passenger
Vehicle Market (%)
Total Passenger Vehicle Market
Size (Mil)
Model S NWC & NOA allocation
(Mil $)

Inventory Turnover Ratio
Account Receivable Days
Other Current Assets as % of
Revenue (%)
Account Payable Days
Accrued Liabilities as a % of
Revenues (%)
Other Assets as % of Revenue (%)
Other Liabilities as % of Revenue
(%)

Total Revenues (Bil $)
Expenses
Direct Expenses (Bil $)
Gen III Gross Profit Margin (%)
Indirect Expenses (Bil $)
Effective Taxes ($ Bil)
SG&A as % of Gross Profits (%)
R&D as a % of Revenues (%)
Total Expenses (Bil $)

2016 2017

2018

2019 2020 2021

2022

0.00 0.00 0.00 0.00 0.00 0.00 0.34
0.00 0.00 0.00 0.00 0.00 0.00 0.34
0.00 0.00 0.00 0.00 0.00 0.00 2.35

0.65
0.65
6.83

0.74
0.74
11.3

1.22
1.22
16.2

1.42
1.42
21.8

1.53
1.53
27.7

0.00 0.00 0.00 0.00 0.00 0.00 45.0

45.9

46.8

47.5

48.1

48.7

0.00 0.00 0.00 0.00 0.00 0.00 1.30

3.30

4.80

6.10

7.30

8.30

1.31

1.64

1.96

3.09

3.42

3.75

4.08

4.41

4.74

5.07

5.40

5.73

76.1

80.7

84.8

87.2

90.7

94.4

98.1

102

106

110

114

119

0.00 0.00 0.00 0.00 0.00 0.00 -46.1 -72.8 -102

-111

-129

-142

89.5
17.0

237
23.7

61.7
8.90

108
25.9

98.8
25.9

108
25.9

103
25.9

103
25.9

103
25.9

103
25.9

103
25.9

103
25.9

4.61

2.04

1.37

2.96

2.96

2.96

2.96

2.96

2.96

2.96

2.96

2.96

100

267

55.1

88.8

98.8

103

103

103

103

103

103

103

15.7

9.63

5.38

8.41

9.41

9.41

9.41

9.41

9.41

9.41

9.41

9.41

11.0

5.31

1.17

1.35

1.35

1.35

1.35

1.35

1.35

1.35

1.35

1.35

7.30

6.09 2.89

5.42

5.42

5.42

5.42

5.42

5.42

5.42

5.42

5.42

0.00 0.00 0.00 0.00 0.00 0.00 2.64

7.40

12.0

17.3

23.1

29.1

0.00
0.00
0.00
0.00
124
92.7
0.00

5.39
21.0
1.21
-0.04
37.4
8.40
6.61

8.72
23.0
2.09
0.24
36.4
7.40
10.8

12.4
23.5
2.92
0.52
35.4
6.40
15.3

16.7
23.5
3.76
0.86
34.4
5.40
20.4

21.2
23.5
4.50
1.21
33.4
4.40
25.7

TREFIS ANALYSIS for TESLA MOTORS

2012

0.00
0.00
0.00
0.00
321
58.5
0.00

2013

0.00
0.00
0.00
0.00
30.1
9.72
0.00

2014 2015

0.00
0.00
0.00
0.01
32.4
12.4
0.00

0.00
0.00
0.00
-0.04
34.4
11.4
0.00

0.00
0.00
0.00
-0.05
35.4
10.4
0.00

CONTENT@TREFIS.COM

1.95
17.0
0.42
-0.09
36.4
9.40
2.37

+ 1 617 394 8763

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