Tesla, Inc. · NASDAQ:TSLA
Tesla — Q1 2020 Earnings Presentation
25 slides from Tesla's earnings presentation, Apr 29, 2020
Slide 1: Q1 2020 Update
Q1 2020 Update Exhibit 99.1
Slide 2: Highlights
Highlights 03 Financial Summary04 Operational Summary06 Vehicle Capacity 07 Core Technology08 Other Highlights09 Outlook10 Photos & Charts11 Financial Statements19 Additional Information24
Slide 3: Summary Highlights
Q1 2020 was the first time in our history that we achieved a positive GAAP net income in the seasonally weak first quarter. Despite global operational challenges, we were able to achieve our best first quarter for both production and deliveries. Although impacted by inefficiencies related to the tem
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) 4 ($ in millions, except percentages and per share data) Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 QoQ YoY Automotive revenues 3,724 5,376 5,353 6,368 5,132 -19% 38% of which regulatory credits 216 111 134 133 354 166% 64% Automotive gross profit 751 1,016 1
Slide 5: Financial Summary: Revenue, Profitability, Cash
F I N A N C I A L S U M M A R Y Revenue Profitability Cash In Q1, we reached our highest ever revenue for a seasonally slower first quarter as our total revenue grew 32% YoY. Sequentially, our revenue was mainly impacted by lower deliveries, driven primarily by limitations on our ability to deliver
Slide 6: Operational Summary
Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 QoQ YoY Model S/X production 14,163 14,517 16,318 17,933 15,390 -14% 9% Model 3/Y production 62,975 72,531 79,837 86,958 87,282 0% 39% Total production 77,138 87,048 96,155 104,891 102,672 -2% 33% Model S/X deliveries 12,091 17,722 17,483 19,475 12,230 -37% 1%
Slide 7: Vehicle Capacity
Model Y market potential – US deliveries in the last 4 quarters V E H I C L E C A P A C I T Y Fremont In early Q1, we began production of Model Y in Fremont, using a combination of new production lines as well as shared capacity with Model 3. Our simplified and scalable approach to manufacturing is
Slide 8: Core Technology
C O R E T E C H N O L O G Y Autopilot & Full Self Driving (FSD) We enabled stop sign and traffic light recognition and braking for our Early Access Program users at the end of Q1 and to the wider public in April 2020. As we have done with previous releases of major new features, drivers will be requ
Slide 9: Other Highlights
O T H E R H I G H L I G H T S Energy Business Megapack, a battery pack of up to 3 MWh that is preassembled at Gigafactory Nevada as a single unit, is gaining traction. We have seen an inflection point in interest for utility level storage, primarily driven by progress in reducing costs. At the momen
Slide 10: Outlook
O U T L O O K Introduction Volume Cash Flow Profit Product It is difficult to predict how quickly vehicle manufacturing and its global supply chain will return to prior levels. Due to the wide range of potential outcomes, near-term guidance of net income and free cash flow would likely be inaccurate
Slide 11: Photos & Charts
P H O T O S & C H A R T S
Slide 12: Gigafactory Shanghai - Future Model Y Factory
G I G A F A C T O R Y S H A N G H A I - F U T U R E M O D E L Y F A C T O R Y 12
Slide 13: Gigafactory Shanghai - Battery Module & Pack Factory
13 G I G A F A C T O R Y S H A N G H A I - B A T T E R Y M O D U L E & P A C K F A C T O R Y
Slide 14: Gigafactory Shanghai - Battery Module & Pack Production Line
14 G I G A F A C T O R Y S H A N G H A I - B A T T E R Y M O D U L E & P A C K P R O D U C T I O N L I N E
Slide 15: Simplification of Vehicle Structure and Manufacturing
S I M P L I F I C A T I O N O F V E H I C L E S T R U C T U R E A N D M A N U F A C T U R I N G 15 Model 3 rear underbody 70 pieces of metal Model Y rear underbody 2 pieces of metal (eventually a single piece)
Slide 16: Simplification of Vehicle Structure and Manufacturing
Model 3 rear underbody 70 pieces of metal Model Y rear underbody 2 pieces of metal (eventually a single piece) S I M P L I F I C A T I O N O F V E H I C L E S T R U C T U R E A N D M A N U F A C T U R I N G 16 Other components connected to the rear underbody structure shown in both photos
Slide 17: Key Metrics Quarterly
Vehicle Deliveries (units) Net Income ($B) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) 17 Operating cash flow ($B) Free cash flow ($B)
Slide 18: Key Metrics Trailing Twelve Months
K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) Vehicle Deliveries (units) Operating cash flow ($B) Free cash flow ($B) Net Income ($B) 18
Slide 19: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 20: Income Statement
In millions of USD or shares as applicable, except per share data Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 REVENUES Automotive sales 3,509 5,168 5,132 6,143 4,893 Automotive leasing 215 208 221 225 239 Total automotive revenue 3,724 5,376 5,353 6,368 5,132 Energy generation and storage 324 369 402 43
Slide 21: Balance Sheet
B A L A N C E S H E E T (Unaudited) In millions of USD 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 ASSETS Current assets Cash and cash equivalents 2,198 4,955 5,338 6,268 8,080 Accounts receivable, net 1,047 1,147 1,128 1,324 1,274 Inventory 3,837 3,382 3,581 3,552 4,494 Prepaid expenses and o
Slide 22: Cash Flow Statement
In millions of USD Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income (668) (389) 150 132 68 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, amortization and impairment 468 579 530 577 553 St
Slide 23: Non-GAAP Reconciliation
In millions of USD or shares as applicable, except per share data Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Net (loss) income attributable to common stockholders (GAAP) (702) (408) 143 105 16 Stock-based compensation expense 208 210 199 281 211 Net (loss) income attributable to common stockholders (no
Slide 24: Additional Information
A D D I T I O N A L I N F O R M A T I O N WEBCAST INFORMATION Tesla will provide a live webcast of its first quarter 2020 financial results conference call beginning at 3:30 p.m. PT on April 29, 2020 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafte
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