Tesla Second Quarter 2019 Update
• Cash and cash equivalents of $5.0B; Operating cash flow less capex of $614M
• GAAP operating loss of $167M, GAAP net loss of $408M, including $117M of
restructuring and other charges
• Auto gross margin at ~19% in spite of reductions in vehicle ASP and lower regulatory
credit revenue
• On track to launch Gigafactory Shanghai by end of 2019 and Model Y by fall of 2020.
In the second quarter of 2019, we achieved record
deliveries of 95,356 vehicles and record production of
87,048 vehicles, surpassing our previous quarterly records
of ~91,000 deliveries and ~86,600 units produced in Q4 of
2018. This is an important milestone as it represents rapid
progress in managing global logistics and delivery
operations at higher volumes.
As a result of this growth and operational improvements,
we generated $614 million of free cash flow (operating cash
flow less capex) in Q2. Combined with our public offering of
equity and convertible bonds (net proceeds of $2.4 billion),
we ended the quarter with $5.0 billion of cash and cash
equivalents, the highest level in Tesla’s history. This level
of liquidity puts us in a comfortable position as we prepare
to launch Model 3 production in China and Model Y
production in the US. As a result of our strong deliveries
and continued progress on cost efficiencies, our GAAP net
loss declined significantly compared to Q1.
Autopilot and Full Self-Driving Features: As safety has always been a priority for us, Model 3 received the highest ever ratings in the
Safety Assist category of Euro NCAP’s new and more stringent testing protocols. New active safety features built on our Autopilot and
Full Self-Driving (FSD) hardware and software suite contributed to this achievement. Development of new features continued in Q2 as
we launched Navigate on Autopilot in new regions including Europe and China. We are making progress on our next major update:
Enhanced Summon, which is currently in our early access program. We are making progress towards stopping at stop signs and traffic
lights. This feature is currently operating in “shadow mode” in the fleet, which compares our software algorithm to real-world driver
behavior across tens of millions of instances around the world. Our new FSD computer, which is ~21x faster than our previous HW2.5
computer, has been in production since Q2.
Model 3: In Q2, Model 3 deliveries reached an all-time record of 77,634. Not only was Model 3 once again the best-selling premium
vehicle in the US, outselling all of its gas-powered equivalents combined, this product also gained traction in other markets. In Europe,
Model 3 is approaching sales levels of established premium competitors. As we stated previously, more than 60% of Model 3 trade-ins
are non-premium brands, indicating a larger total addressable market for this product than initially expected. Now that all current
variants of Model 3 are available across North America, Europe and Asia, we are gaining insight into preferred customer trim mix.
During the quarter, a majority of orders continued to
be for a long-range battery option and the Model 3
average selling price (ASP) was stable at
approximately $50,000. At the same time,
manufacturing costs continued to decline.
The production rate of Model 3 continued to improve
gradually throughout the quarter, breaking a monthly
record in May and then again in June. All
manufacturing equipment in Fremont has
demonstrated capability of a 7,000 Model 3 vehicles
per week run rate, which we continue to work to
increase. We aim to produce 10,000 total vehicles of
all models per week by the end of 2019.
Model S/X: Model S and Model X production
continues to run on a single shift schedule, and we
produced over 14,500 vehicles in Q2. Our deliveries
increased sequentially to 17,722 as we continue to
prioritize inventory reduction (working capital
management). As a result, our total new car
inventory levels have fallen to just 18 days of sales
(including vehicles in transit, on ships and company

 owned vehicles), compared to the industry’s typical US inventory level of ~70 days of sales.
Gigafactory Shanghai continues to take shape, and in Q2 we started to move machinery into the facility for the first phase of production
there. This will be a simplified, more cost-effective version of our Model 3 line with capacity of 150,000 units per year – the second
generation of the Model 3 production process. Just like in the US, the Model 3 base price of RMB 328,000 is consistent with its gaspowered competitors, even before gas savings and incentives. Given Chinese customers bought well over a half million mid-sized
premium sedans last year, this market poses a strong long-term opportunity for Tesla. We are looking forward to starting production in
China by the end of this year. Depending on the timing of the Gigafactory Shanghai ramp, we continue to target production of over
500,000 vehicles globally in the 12-month period ending June 30, 2020.
Model Y: Preparations for Model Y production in Fremont began in Q2. Due to a significant overlap of components between Model 3
and Model Y, we are able to leverage existing manufacturing designs in the development of the Model Y production facilities.
Additionally, we are making progress managing Model Y cost with only a minimal cost premium expected over Model 3. Due to the large
market size for SUVs, as well as higher ASPs, we believe Model Y will be a more profitable product than the Model 3.
Infrastructure: As our fleet continues to grow, our service and Supercharger capacity continues to expand. In Q2, we added 101
vehicles to our Mobile Service fleet and opened 25 new store and service locations. While our customer fleet size has doubled in the
past 12 months, our service losses remained stable year-on-year and service wait times have improved considerably. Supercharger
capacity has grown to roughly 1,600 charging locations worldwide. In addition to the number of charging locations, we are also
increasing the rate of throughput of vehicles. We expect the average charging session at our powerful V3 Superchargers will drop to
around 15 minutes, which will effectively double the overall throughput rate per stall compared to our V2 Superchargers, easily keeping
pace with our fleet growth.
Energy: Powerwall and Powerpack deployment grew by 81% in the second quarter to a record 415 MWh. Powerwalls are now installed
at more than 50,000 sites. Additional cell supply combined with our new module line designed by Tesla Grohmann enabled a step
change in energy storage production. Solar retrofit deployments declined sequentially to 29 MW. We are in the process of improving
many aspects of this business to increase deployments.
OUTLOOK
This quarter, we are simplifying our approach to guidance. We are most focused on expanding our manufacturing footprint in new
regions, launching new products and continuing to improve the customer experience, while generating and using cash sustainably.
Local production and improved utilization of existing factories is essential to be cost competitive in each region. We remain on track to
launch local production of the Model 3 in China by the end of the year and Model Y in Fremont by fall of 2020. We are also accelerating
our European Gigafactory efforts and are hoping to finalize a location choice in the coming quarters.
We are working to increase our deliveries sequentially and annually, with some expected fluctuations from seasonality. This is consistent
with our previous guidance of 360,000 to 400,000 vehicle deliveries this year.
Additionally, we expect positive quarterly free cash flow, with possible temporary exceptions, particularly around the launch and ramp of
new products. We believe our business has grown to the point of being self-funding.
We continue to aim for positive GAAP net income in Q3 and the following quarters, although continuous volume growth, capacity
expansion and cash generation will remain the main focus.
Our 2019 capex is expected to be about $1.5 to $2.0 billion, a reduction from prior guidance. We continue to find opportunities to
improve capital efficiency and shift cash outflows to future periods. This estimate includes the development of our main projects, on the
timelines referenced, and to expand our Supercharger and service networks.

Elon Musk

Zachary Kirkhorn

 Q2 2019 RESULTS
Revenue & Gross Margin

Automotive revenue ($000)
of which regulatory credits
Automotive gross margin

•
•

•

Change
QoQ
44%
-49%
-125 bp

YoY
60%
106%
-168 bp

Starting this quarter, we are combining disclosure of both ZEV and non-ZEV credits into a single line item.
Excluding regulatory credit revenue, automotive gross margin improved by ~200bp (compared to a decrease of 125bp on a GAAP
basis). This was in spite of a reduction in ASP as the Model 3 Standard Range Plus was fully introduced in all markets. We continue
to make progress reducing the cost of the product, including through volume growth (fixed cost absorption), lowering material cost,
reduction of labor hours per vehicle, and reduction of logistics costs.
Model S and Model X gross margin were impacted by pricing actions on vehicles with the prior powertrain version. Inventory of
these vehicles has decreased materially as we enter Q3.

Energy generation and storage revenue ($000)
Energy generation and storage gross margin

•

Three Months Ended
June 30,
March 31,
June 30,
2019
2019
2018
$
5,376,389 $
3,723,861 $
3,357,681
111,219
215,981
54,011
18.9%
20.2%
20.6 %

Three Months Ended
June 30,
March 31,
June 30,
2019
2019
2018
$
368,208 $
324,661 $
374,408
11.6%
2.4%
11.8 %

Change
QoQ
13%
920 bp

YoY
-20

-2%
bp

GAAP gross margin of the Energy business in Q2 improved sequentially to ~12% as the reduction in solar retrofit deployments was
more than offset by the improved profitability of our energy storage business and seasonality in the solar lease/PPA business.

Other Highlights
•
•
•

•
•

Our total GAAP operating expenses remained relatively flat at $1.1 billion in Q2 in spite of 50% quarter-over-quarter growth in
vehicle deliveries and the inclusion of $117 million in restructuring and other charges.
Service and Other revenue in Q2 increased predominantly due to stronger used car sales and service revenue growth.
Service and Other gross margin in Q2 improved to negative 23% due to a lower impact of one-time items as well as reduced losses
in the service business. Most importantly, our total service-related cost continues to decline compared to a year ago, in spite of
almost doubling the size of our customer vehicle fleet.
Interest and Other expenses increased to $202 million in Q2 compared to $123 million in Q1. This increase was mainly caused by
currency movements due to a weakening USD and higher interest expense due to our recent convertible debt issuance.
Gains attributable to non-controlling interests impacted our income statement negatively by $19 million in Q2

Cash Flow and Liquidity
•
•
•

•

Our cash position increased to $5.0 billion, due to $2.4 billion in net proceeds from our May 2019 equity and convertible debt
offerings, and $614 million of free cash flow.
Gigafactory Shanghai will be almost fully funded through local debt. Thus far, we have secured a $510 million credit line from local
banks, which should be largely sufficient for the first phase of the factory.
Customer deposits declined to $631 million in Q2. This includes an increase in our order backlog offset by a sequential reduction in
customer pre-payments (i.e., customers paying more than the minimum deposit) as well as reservation cancellations as order
generation has shifted nearly entirely to non-reservation holders.
Our capital expenditures were $250 million in Q2, including Gigafactory Shanghai, charging infrastructure and early investments in
the Model Y production line.

WEBCAST INFORMATION
Tesla will provide a live webcast of its second quarter 2019 financial results conference call beginning at 3:30 p.m. PT on July 24, 2019,
at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter.

 NON-GAAP FINANCIAL INFORMATION
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis to supplement our
consolidated financial results. Our non-GAAP financial measures include non-GAAP gross margin, non-GAAP net income (loss)
attributable to common stockholders, non-GAAP net income (loss) attributable to common stockholders on a per share basis, and
operating cash flows plus change in collateralized lease borrowing. Management believes that it is useful to supplement its GAAP
financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting
and financial planning purposes. These non-GAAP financial measures also facilitate management’s internal comparisons to Tesla’s
historical performance as well as comparisons to the operating results of other companies. Management also believes that presentation
of the non-GAAP financial measures provides useful information to our investors regarding our financial condition and results of
operations because it allows investors greater transparency to the information used by Tesla management in its financial and operational
decision-making so that investors can see through the eyes of Tesla management regarding important financial metrics that Tesla
management uses to run the business as well as allows investors to better understand Tesla’s performance. Non-GAAP information is
not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information
reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial
information is provided below.
FORWARD-LOOKING STATEMENTS
Certain statements in letter, including statements in the “Outlook” section; statements relating to the development, production, production
rates, features and timing of existing and future Tesla products and technologies such as Model 3, Model Y, Autopilot and full self-driving
features and Supercharger; statements regarding growth in the number of service center and Supercharger locations and in other
service and repair capabilities; statements regarding growth of our energy business and the means to achieve such growth; statements
regarding growing market opportunities for Tesla products and the catalysts for that growth; statements regarding product demand,
volume, production, delivery, and market share; statements regarding revenue, cash availability and generation, cash flow, gross margin,
product pricing, spending, capital expenditure and profitability targets; statements regarding productivity improvements, cost reductions
and capacity expansion plans, such as for customer deliveries, logistics and vehicle servicing; statements regarding the Tesla Factory,
Gigafactory Shanghai and timing of a future Gigafactory in Europe, including cost, project financing and timing, plans and output
expectations, including those related to the launch of Model 3 and Model Y production; and statements regarding our investment in and
the impact of changes to our customer delivery infrastructure, are “forward-looking statements” that are subject to risks and
uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and
uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause
actual results to differ materially from those in the forward-looking statements: the risk of delays in the manufacture, production, delivery
and/or completion of our vehicles and energy products and product features, including Model 3 and our autonomous driving features; our
ability to grow our production, sales, delivery and servicing capabilities, and manage future growth effectively, especially internationally;
consumers’ willingness to adopt electric vehicles generally and our ability to design and grow simultaneous and separate market
acceptance of and demand for our vehicles, including future vehicle models such as Model Y; the ability of suppliers to meet quality and
part delivery expectations at increasing volumes, especially with respect to our high-volume models; our ability to sustain and further
grow our ramp of battery cell, energy product and product component production at Gigafactory 1; our ability to bring online and ramp
Gigafactory Shanghai in accordance with our plans; any failures by Tesla products to perform as expected or if product recalls occur; our
ability to continue to reduce or control manufacturing and other costs; competition in the automotive and energy product markets
generally and the alternative fuel vehicle market and the premium vehicle markets in particular; our ability to execute on our evolving
strategy for product sales, service, charging and other customer infrastructure; the unavailability, reduction or elimination of government
and economic incentives for electric vehicles and energy products; potential difficulties in performing and realizing potential benefits
under definitive agreements for our existing and future manufacturing facilities; our ability to attract and retain key employees and
qualified personnel; our ability to maintain the security of our information and product systems; our compliance with various regulations
and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing
strategies; and adverse foreign exchange movements. More information on potential factors that could affect our financial results is
included from time to time in our Securities and Exchange Commission filings and reports, including the risks identified under the section
captioned “Risk Factors” in our quarterly report on Form 10-Q filed with the SEC on April 29, 2019. Tesla disclaims any obligation to
update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Investor Relations Contact:
Martin Viecha
Investor Relations
ir@tesla.com

Press Contact:
Keely Sulprizio
Communications
press@tesla.com

 Tesla, Inc.
Summary of Key Metrics
(Unaudited)
(In thousands, except metrics and per share data)

June 30,
2019
14,517
72,531

Model S/X production
Model 3 production
Model S/X deliveries
of which subject to lease accounting
Model 3 deliveries
of which subject to lease accounting
Global vehicle inventory (days of sales) (1)

Three Months Ended
March 31,
2019
14,163
62,975

17,722
1,820
77,634
4,322
18

Change
June 30,
2018
24,761
28,578

QoQ

YoY
2%
15%

-41%
154%
-21%
-23%
321%
N/A
-67%

12,091
1,363
50,928

22,319
2,354
18,449

—

—

30

55

47%
34%
52%
N/A
-40%
-38%
81%
-300bp

-65%
104%
200bp

Solar deployed (MW)
Storage deployed (MWh)
Residential solar cash & loan (%)

29
415
70%

47
229
73%

84
203
68 %

Store and service locations
Mobile service fleet

402
651

377
550

346
340

7%
18%

16%
91%

1,587
13,881
23,160

1,490
12,767
22,399

1,308
10,622
19,203

7%
9%
3%

21%
31%
21%

Supercharger stations
Supercharger connectors
Destination charging connectors
Automotive revenues
of which regulatory credits
Automotive gross profit
Automotive gross margin

$

5,376,389 $
111,219
1,016,304
18.9%

3,723,861 $
215,981
750,560
20.2%

3,357,681
54,011
691,027
20.6 %

44%
-49%
35%
-125bp

60%
106%
47%
-168bp

Total revenues
Total gross profit
Total GAAP gross margin

$

6,349,676 $
921,046
14.5%

4,541,464 $
565,743
12.5%

4,002,231
618,930
15.5 %

40%
63%
205bp

59%
49%
-96bp

Operating expenses
Loss from operations
Operating margin

$

1,088,504 $
(167,458)
-2.6%

1,087,574 $
(521,831)
-11.5%

1,240,322
(621,392 )
-15.5 %

0%
-68%
885bp

-12%
-73%
1,289bp

Loss from operations
Other (expense) income, net
Depreciation, amortization and impairments
EBITDA

$

$

(167,458) $
(40,756)
578,572
370,358 $

(521,831) $
25,750
467,577
(28,504) $

(621,392 )
50,911
485,255
(85,226 )

-68%
-258%
24%
-1399%

-73%
-180%
19%
-535%

$

(2.31) $

(4.10) $

(4.22 )

-44%

-45%

$

(1.12) $

(2.90) $

(3.06 )

-61%

-63%

$

(639,606) $

(129,664 )

-235%

-766%

(249,677)
613,929 $

(279,932)
(919,538) $

(609,813 )
(739,477 )

-11%
-167%

-59%
-183%

125%

122%

Net loss per share attributable to
common stockholders, diluted - GAAP
Net loss per share attributable to
common stockholders, diluted - non-GAAP
Net cash provided by (used in)
operating activities
Capital expenditures
Operating cash flow less capital expenditures
Cash and cash equivalents
________________________

$
$
$

863,606

4,954,740

$

2,198,169

$

2,236,424

(1) The industry reference for days of sales is calculated by dividing new car inventory by the trailing four quarters of deliveries and using 261 working days (source: Automotive News).

 Tesla, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Six Months Ended
June 30,
June 30,
2019
2018

Three Months Ended
June 30,
March 31,
June 30,
2019
2019
2018
Revenues
Automotive sales
Automotive leasing
Total automotive revenue
Energy generation and storage
Services and other
Total revenues
Cost of revenues
Automotive sales
Automotive leasing
Total automotive cost of revenues
Energy generation and storage
Services and other
Total cost of revenues
Gross profit
Operating expenses
Research and development
Selling, general and administrative
Restructuring and other
Total operating expenses
Loss from operations
Interest income
Interest expense
Other (expense) income, net
Loss before income taxes
Provision for income taxes
Net loss
Net income (loss) attributable to noncontrolling
interests and redeemable noncontrolling
interests
Net loss attributable to common
stockholders
Net loss per share of common stock
attributable to common stockholders –
basic and diluted
Basic
Diluted
Weighted average shares used in computing
net loss per share of
common stock – basic and diluted
Basic
Diluted

$ 5,168,027
208,362
5,376,389
368,208
605,079
6,349,676

$ 3,508,741
215,120
3,723,861
324,661
492,942
4,541,464

$ 3,117,865
239,816
3,357,681
374,408
270,142
4,002,231

$ 8,676,768
423,482
9,100,250
692,869
1,098,021
10,891,140

$ 5,679,746
413,252
6,092,998
784,430
533,554
7,410,982

4,253,763
106,322
4,360,085
325,523
743,022
5,428,630
921,046

2,856,209
117,092
2,973,301
316,887
685,533
3,975,721
565,743

2,529,739
136,915
2,666,654
330,273
386,374
3,383,301
618,930

7,109,972
223,414
7,333,386
642,410
1,428,555
9,404,351
1,486,789

4,621,136
241,411
4,862,547
705,636
767,343
6,335,526
1,075,456

323,898
647,261
117,345
1,088,504
(167,458)
10,362
(171,979)
(40,756)
(369,831)
19,431
(389,262)

340,174
703,929
43,471
1,087,574
(521,831)
8,762
(157,453)
25,750
(644,772)
22,873
(667,645)

386,129
750,759
103,434
1,240,322
(621,392 )
5,064
(163,582 )
50,911
(728,999 )
13,707
(742,706 )

664,072
1,351,190
160,816
2,176,078
(689,289)
19,124
(329,432)
(15,006)
(1,014,603)
42,304
(1,056,907)

753,225
1,437,163
103,434
2,293,822
(1,218,366)
10,278
(313,128)
13,195
(1,508,021)
19,312
(1,527,333)

19,072

34,490

$

(408,334) $

(702,135) $

$
$

(2.31) $
(2.31) $

(4.10) $
(4.10) $

176,654
176,654

172,989
172,989

(25,167 )

53,562

(100,243)

(717,539 ) $ (1,110,469) $ (1,427,090)

(4.22 ) $
(4.22 ) $

169,997
169,997

(6.40) $
(6.40) $

174,831
174,831

(8.42)
(8.42)

169,574
169,574

 Tesla, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
June 30,
2019
Assets
Current assets
Cash and cash equivalents
Restricted cash
Accounts receivable, net
Inventory
Prepaid expenses and other current assets
Total current assets
Operating lease vehicles, net
Solar energy systems, net
Property, plant and equipment, net
Operating lease right-of-use assets
Goodwill and intangible assets, net
MyPower customer notes receivable, net of current portion
Restricted cash, net of current portion
Other assets
Total assets
Liabilities and Equity
Current liabilities
Accounts payable
Accrued liabilities and other
Deferred revenue
Resale value guarantees
Customer deposits
Current portion of long-term debt and finance leases (1)
Total current liabilities
Long-term debt and finance leases, net of current portion (1)
Deferred revenue, net of current portion
Resale value guarantees, net of current portion
Other long-term liabilities
Total liabilities
Redeemable noncontrolling interests in subsidiaries
Total stockholders' equity
Noncontrolling interests in subsidiaries
Total liabilities and equity
(1) Breakdown of our debt is as follows:
Recourse debt
Non-recourse debt

$

December 31,
2018

4,954,740 $
128,006
1,147,100
3,382,358
569,748
10,181,952
2,069,540
6,200,704
10,082,458
1,248,277
480,833
400,308
365,547
842,978
31,872,597 $

3,685,618
192,551
949,022
3,113,446
365,671
8,306,308
2,089,758
6,271,396
11,330,077
—
350,651
421,548
398,219
571,657
29,739,614

$

3,133,587 $
2,622,943
883,293
526,758
631,107
1,791,085
9,588,773
11,234,401
1,182,042
61,200
2,655,720
24,722,136
580,227
5,715,393
854,841
31,872,597 $

3,404,451
2,094,253
630,292
502,840
792,601
2,567,699
9,992,136
9,403,672
990,873
328,926
2,710,403
23,426,010
555,964
4,923,243
834,397
29,739,614

$
$

7,813,001 $
3,552,674 $

7,080,584
3,551,891

$

$

 Tesla, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(In thousands)

June 30,
2019
Cash Flows from Operating Activities
Net loss
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization and impairment
Stock-based compensation
Operating cash flow related to repayment of
discounted convertible notes
Other
Changes in operating assets and liabilities,
net of effect of business combinations
Net cash provided by (used in)
operating activities
Cash Flows from Investing Activities
Capital expenditures
Payments for the cost of solar energy systems,
net
Purchase of intangible assets
Business combinations, net of cash acquired
Net cash used in investing activities
Cash Flows from Financing Activities
Net cash flows from debt activities
Collateralized lease repayments
Net borrowings (repayments) under Warehouse
Agreements and automotive asset-backed notes
Net cash flows from noncontrolling interests - Auto
Net cash flows from noncontrolling interests - Solar
Proceeds from issuances of common stock
in public offerings
Other
Net cash provided by (used in)
financing activities
Effect of exchange rate changes on
cash and cash equivalents and
restricted cash
Net increase (decrease) in cash and
cash equivalents and restricted cash
Cash and cash equivalents and restricted cash
at beginning of period
Cash and cash equivalents and restricted cash
at end of period

$

Three Months Ended
March 31,
June 30,
2019
2018

(389,262) $

(667,645) $

Six Months Ended
June 30,
June 30,
2019
2018

(742,706 ) $ (1,056,907) $

578,572
209,863

467,577
208,378

485,255
197,344

—
177,285

(188,107)
216,292

—
97,432

(188,107)
393,577

—
251,237

287,148

(676,101)

(166,989 )

(388,953)

(492,415)

863,606

(639,606)

(129,664 )

224,000

(528,040)

(249,677)

(279,932)

(609,813 )

(529,609)

(1,265,475)

(18,197)
(5,333)
31,662
(241,545)

(25,261)
—
(650)
(305,843)

(67,400 )
—
(5,604 )
(682,817 )

(43,458)
(5,333)
31,012
(547,388)

(140,375)
—
(5,604)
(1,411,454)

1,349,258
(85,432)

(518,112)
(133,891)

244,196
(113,426 )

831,146
(219,323)

417,061
(200,518)

34,608
19,107
(40,564)

(32,944)
(32,866)
(13,159)

114,069
32,355
90,375

1,664
(13,759)
(53,723)

288,097
56,954
83,617

—
77,953

—
31,053

848,232
95,585

—
125,071

(653,019)

398,622

1,489,822

770,282

848,232
17,632
2,142,841
593

4,878

2,765,495

(1,593,590)

2,682,798

4,276,388

$ 5,448,293

$

2,682,798

$

1,046,149
418,241

(1,527,333)
901,488
338,983

(22,611 )

5,471

(12,509)

(436,470 )

1,171,905

(1,181,721)

3,219,708

4,276,388

3,964,959

2,783,238

$ 5,448,293

$

2,783,238

 Tesla, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(Unaudited)
(In thousands, except per share data)

June 30,
2019
Net loss attributable to common
stockholders – GAAP
Stock-based compensation expense
Net loss attributable to common
stockholders – non-GAAP
Net loss per share attributable to
common stockholders, basic – GAAP
Stock-based compensation expense
Net loss per share attributable to
common stockholders, basic – non-GAAP

Six Months Ended
June 30,
June 30,
2019
2018

$ (408,334)
209,863

$

(702,135) $
208,378

(717,539 ) $ (1,110,469) $ (1,427,090)
197,344
418,241
338,983

$ (198,471)

$

(493,757) $

(520,195 ) $

$

(2.31)
1.19

$

(4.10) $
1.20

(4.22 ) $
1.16

(6.40) $
2.39

(8.42)
2.00

$

(1.12)

$

(2.90) $

(3.06 ) $

(4.01) $

(6.42)

Shares used in per share calculation,
basic – GAAP and non-GAAP
Net loss per share attributable to
common stockholders, diluted - GAAP
Stock-based compensation expense
Net loss per share attributable to
common stockholders, diluted - non-GAAP
Shares used in per share calculation,
diluted - GAAP and non-GAAP

Three Months Ended
March 31,
June 30,
2019
2018

176,654

172,989

169,997

(692,228) $ (1,088,107)

174,831

169,574

$

(2.31)
1.19

$

(4.10) $
1.20

(4.22 ) $
1.16

(6.40) $
2.39

(8.42)
2.00

$

(1.12)

$

(2.90) $

(3.06 ) $

(4.01) $

(6.42)

176,654

172,989

169,997

174,831

169,574