Detailed P&L for the Development Services
business
The most important drivers for the Development Services business are discussed above, here is the detailed P&L.
Development Services: Detailed P&L
Revenues
Model S Capex allocation (Mil $)
Model S Capex allocation ($ 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
(%)

2011

2012

2013

2014 2015

2016 2017

2018

2019 2020 2021

2022

50.2
50.2

16.0
16.0

2.06
2.06

1.71
1.71

1.13
1.13

1.67
1.67

0.79
0.79

0.59
0.59

0.67
0.67

-9.55 -2.06 0.10

0.23

-0.29 0.05

-0.15 -0.09 -0.08 -0.07 -0.07 -0.06

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

27.6

15.7

5.63

6.20

6.82

7.50

8.25

9.07

9.98

11.0

12.1

55.7

27.6

15.7

5.63

6.20

6.82

7.50

8.25

9.07

9.98

11.0

12.1

96.3

41.5

17.9

7.57

7.04

8.53

8.44

8.94

9.58

10.7

11.6

12.7

27.2

11.5

13.4

6.67

5.48

5.83

6.03

6.23

6.39

6.53

6.64

6.94

51.2

58.2

15.0

-18.5 11.5

14.5

19.5

24.5

29.5

34.5

39.5

42.5

72.8
0.00
124
92.7
100

23.0
0.00
321
58.5
34.6

2.60
0.00
30.1
9.72
16.0

1.21
0.01
32.4
12.4
7.89

1.23
-0.04
34.4
11.4
6.71

1.31
-0.05
35.4
10.4
7.14

1.34
-0.09
36.4
9.40
7.37

1.47
-0.04
37.4
8.40
7.69

1.68
0.24
36.4
7.40
8.07

1.79
0.52
35.4
6.40
8.33

1.89
0.86
34.4
5.40
8.53

1.96
1.21
33.4
4.40
8.90

69.2
n/a

29.9
n/a

4.52
n/a

0.89
n/a

1.56
0.33

2.71
1.40

2.41
1.06

2.72
1.25

3.19
1.51

4.13
2.33

4.99
3.10

5.74
3.78

Development Services Revenues (Mil 55.7
$)
Development Services Revenues
($ Mil)

Total Revenues (Mil $)
Expenses
Direct Expenses (Mil $)
Development Services Gross
Profit Margin (%)
Indirect Expenses (Mil $)
Effective Taxes ($ Bil)
SG&A as % of Gross Profits (%)
R&D as a % of Revenues (%)
Total Expenses (Mil $)
Adjusted EBITDA (Mil $)
Free Cash Flow (Mil $)

TREFIS ANALYSIS for TESLA MOTORS

CONTENT@TREFIS.COM

1.09
1.09

+ 1 617 394 8763

0.75
0.75

0.72
0.72

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