Tesla, Inc. · NASDAQ:TSLA
Tesla — Q1 2023 Earnings Presentation
29 slides from Tesla's earnings presentation, Apr 19, 2023
Slide 1: Q1 2023 Update
Q1 2023 Update 1 Exhibit 99.1
Slide 2: Contents
Highlights 03 Financial Summary 04 Operational Summary 06 Vehicle Capacity 07 Core Technology 08 Other Highlights 09 Outlook 10 Photos & Charts 11 Key Metrics 19 Financial Statements 22 Additional Information 28
Slide 3: Summary Highlights
S U M M A R Y H I G H L I G H T S (1) Excludes SBC (stock-based compensation). (2) Free cash flow = operating cash flow less capex. (3) Includes cash, cash equivalents and investments.
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) (1)EPS = earnings per share. Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022. 4
Slide 5: Financial Summary
F I N A N C I A L S U M M A R Y 5 (1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q1’22.
Slide 6: Operational Summary
(1)Days of supply is calculated by dividing new car ending inventory by the relevant quarter’s deliveries and using 75 trading days (aligned with Automotive News definition). (2)Starting in Q1-2023, we revised our methodology for reporting Tesla’s physical footprint. This count now includes all sale
Slide 7: Vehicle Capacity
V E H I C L E C A P A C I T Y Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory co
Slide 8: Core Technology
C O R E T E C H N O L O G Y Cumulative miles driven with FSD Beta (millions) 8 Global Model 3 cost normalized* ~30% decline *Includes material costs, manufacturing costs, inbound and outbound logistics, warranty. Based on actual results inclusive of trim/region/production mix, normalized to 2018 for
Slide 9: Other Highlights
O T H E R H I G H L I G H T S 9 Services & Other gross margin Energy Storage deployments (GWh)
Slide 10: Outlook
OUTLOOK Volume Product We are planning to grow production as quickly as possible in alignment with the 50% CAGR target we began guiding to in early 2021. In some years we may grow faster and some we may grow slower, depending on a number of factors. For 2023, we expect to remain ahead of the long-te
Slide 11: Photos & Charts
P H O T O S & C H A R T S
Slide 12: Tesla Operating System
T E S L A O P E R A T I N G S Y S T E M Our custom-built software replaces enterprise software provided solutions like CRM, ERP, HCM, MES, SCM, WMS & other platforms. Enables unprecedented vertical integration, cost control and agility. 12 Eliminates the need for expensive 3rd party software & cloud
Slide 13: Cybertruck Pilot Line
C Y B E R T R U C K P I L O T L I N E 13
Slide 14: Cybertruck Pilot Line
C Y B E R T R U C K P I L O T L I N E 14
Slide 15: Gigafactory Texas - Tooling for Cybertruck Production Line
G I G A F A C T O R Y T E X A S — T O O L I N G F O R C Y B E R T R U C K P R O D U C T I O N L I N E 15
Slide 16: Cybertruck Winter Testing
C Y B E R T R U C K W I N T E R T E S T I N G 16
Slide 17: Megafactory Lathrop, CA - Megapack Body Line
M E G A F A C T O R Y L A T H R O P , C A — M E G A P A C K B O D Y L I N E 17
Slide 18: Gigafactory Texas - Cell Production
G I G A F A C T O R Y T E X A S — 4 6 8 0 C E L L P R O D U C T I O N 18
Slide 19: Key Metrics Quarterly
Vehicle Deliveries (millions of units) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) Operating Cash Flow ($B) Free Cash Flow ($B) Net Income ($B) Adjusted EBITDA ($B) 19
Slide 20: Key Metrics Trailing 12 Months
Operating Cash Flow ($B) Free Cash Flow ($B) 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) Net Income ($B) Adjusted EBITDA ($B) 20 Vehicle Deliveries (millions of units)
Slide 21: Key Metrics Trailing 12 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) 21 YoY Revenue Growth Operating Margin Source: OEM financial disclosures, Bloomberg Autos Industry includes: Tesla, BMW, Mercedes-Benz, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW. Stellantis is excluded given limited hist
Slide 22: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 23: Statement of Operations
S T A T E M E N T O F O P E R A T I O N S (Unaudited) 23 (1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.
Slide 24: Balance Sheet
B A L A N C E S H E E T (Unaudited) 24
Slide 25: Statement of Cash Flows
S T A T E M E N T O F C A S H F L O W S (Unaudited) 25
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Information
R e c o n c I l I a t I o n o f G A A P t o N o n – G A A P F I n a n c I a l I n f o r m a t I o n (Unaudited) 26 (1) Prior period results have been retroactively adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in August 2022.
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Information
R e c o n c I l I a t I o n o f G A A P t o N o n – G A A P F I n a n c I a l I n f o r m a t I o n (Unaudited) TTM = Trailing twelve months 27
Slide 28: 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 2023 financial results conference call beginning at 4:30 p.m. CT on April 19, 2023 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafte
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