Tesla Motors 2015 03 31.pdf
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Gen III: Detailed P&L continued
2011
Adjusted EBITDA (Bil $)
Free Cash Flow (Bil $)
2012
2013
2014 2015
2016 2017
2018
2019 2020 2021
0.00 0.00 0.00 0.00 0.00 0.00 0.69 2.01 3.24
n/a n/a n/a n/a 0.00 0.00 0.27 0.80 1.15
4.93
2.01
2022
6.42
2.66
7.89
3.39
Detailed P&L for the Model X business
The most important drivers for the Model X business are discussed above, here is the detailed P&L.
Model X: Detailed P&L
2011
Revenues
Model S Capex allocation (Mil $)
Model S Capex allocation ($ Mil)
Model S NWC & NOA allocation
2012
2013
2014 2015
0.00 0.00 0.00 0.00 220
0.00 0.00 0.00 0.00 220
2016 2017
2018
2019 2020 2021
2022
568
568
397
397
351
351
364
364
459
459
455
455
414
414
0.00 0.00 0.00 0.00 -55.8 15.6
-62.2 -44.5 -48.8 -41.5 -37.8 -34.0
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 1.21
0.00 0.00 0.00 0.00 1.21
0.00 0.00 0.00 0.00 1.38
2.32
2.32
2.90
3.16
3.16
3.56
4.17
4.17
4.53
5.39
5.39
5.69
6.05
6.05
6.46
6.35
6.35
6.72
6.60
6.60
6.93
Expenses
Direct Expenses (Bil $)
Model X Gross Profit Margin (%)
Indirect Expenses (Bil $)
Effective Taxes ($ Bil)
SG&A as % of Gross Profits (%)
R&D as a % of Revenues (%)
Total Expenses (Bil $)
0.00
0.00
0.00
0.00
124
92.7
0.00
1.81
22.0
0.45
-0.05
35.4
10.4
2.25
2.40
24.0
0.57
-0.09
36.4
9.40
2.97
3.09
26.0
0.74
-0.04
37.4
8.40
3.83
3.93
27.0
1.00
0.24
36.4
7.40
4.93
4.36
28.0
1.09
0.52
35.4
6.40
5.44
4.54
28.5
1.09
0.86
34.4
5.40
5.63
4.69
29.0
1.07
1.21
33.4
4.40
5.76
Adjusted EBITDA (Bil $)
Free Cash Flow (Bil $)
0.00 0.00 0.00 0.00 0.37
n/a n/a n/a n/a 0.13
1.09
0.65
1.16
0.59
1.44
0.70
1.76
0.76
2.11
1.02
2.18
1.09
2.25
1.17
(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
(%)
Model X (Bil $)
Model X ($ Bil)
Total Revenues (Bil $)
TREFIS ANALYSIS for TESLA MOTORS
0.00
0.00
0.00
0.00
321
58.5
0.00
0.00
0.00
0.00
0.00
30.1
9.72
0.00
0.00
0.00
0.00
0.01
32.4
12.4
0.00
1.01
17.0
0.24
-0.04
34.4
11.4
1.25
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