Tesla, Inc. · NASDAQ:TSLA
Tesla — Q2 2020 Earnings Presentation
26 slides from Tesla's earnings presentation, Jul 22, 2020
Slide 1: Q2 2020 Update
Q2 2020 Update Exhibit 99.1
Slide 2: Contents
Highlights 03 Financial Summary04 Operational Summary06 Vehicle Capacity 07 Core Technology 08 Other Highlights09 Outlook10 Photos & Charts11 Financial Statements20 Additional Information25
Slide 3: Summary Highlights
Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating positive free cash flow of $418M. Our profit improved sequentially due t
Slide 4: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) 4 ($ in millions, except percentages and per share data) Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 QoQ YoY Automotive revenues 5,376 5,353 6,368 5,132 5,179 1% -4% of which regulatory credits 111 134 133 354 428 21% 286% Automotive gross profit 1,016 1,222 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 Q2, total revenues remained relatively flat QoQ. The positive impact of higher vehicle deliveries, higher regulatory credit revenue and higher energy generation and storage revenue was somewhat offset by lower vehicle average selling pric
Slide 6: Operational Summary
Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 QoQ YoY Model S/X production 14,517 16,318 17,933 15,390 6,326 -59% -56% Model 3/Y production 72,531 79,837 86,958 87,282 75,946 -13% 5% Total production 87,048 96,155 104,891 102,672 82,272 -20% -5% Model S/X deliveries 17,722 17,483 19,475 12,230 10,614 -13%
Slide 7: Vehicle Capacity
Global vehicle deliveries in the 1st half of 2020 (YoY) V E H I C L E C A P A C I T Y Fremont Although the Model Y production line was operating for about four months in the first half of 2020 due to shutdowns, we exited Q2 with Model Y production running at installed capacity. This ramp was signifi
Slide 8: Core Technology
C O R E T E C H N O L O G Y Autopilot & Full Self Driving Our traffic light and stop sign recognition system is becoming more robust as we continue to collect more data from our customers driving through intersections. As of Q2, our FSD-equipped cars will either stop at an intersection or drive thro
Slide 9: Other Highlights
O T H E R H I G H L I G H T S Energy Business Although recently launched and still ramping, Megapack generated a profit for the first time in Q2. Storage deployments increased sequentially to 419 MWh, driven by increases in both Powerwall and Megapack. Autobidder, a real-time energy trading platform
Slide 10: Outlook
O U T L O O K Introduction Volume Cash Flow Profit Product Although we have successfully ramped vehicle production back to prior levels, it remains difficult to predict whether there will be further operational interruptions or how global consumer sentiment will evolve in the second half of 2020. We
Slide 11: Photos & Charts
P H O T O S & C H A R T S
Slide 12: Gigafactory Shanghai - Model Y Factory
G I G A F A C T O R Y S H A N G H A I - M O D E L Y F A C T O R Y ( F O R E G R O U N D ) ; M O D E L 3 F A C T O R Y ( B A C K G R O U N D ) 12
Slide 13: Gigafactory Shanghai - Model Y Factory Interior
G I G A F A C T O R Y S H A N G H A I - M O D E L Y F A C T O R Y I N T E R I O R 13
Slide 14: Gigafactory Shanghai - Model Y Factory Interior
G I G A F A C T O R Y S H A N G H A I - M O D E L Y F A C T O R Y I N T E R I O R 14
Slide 15: Gigafactory Shanghai - Model Y Factory Interior
G I G A F A C T O R Y S H A N G H A I - M O D E L Y F A C T O R Y I N T E R I O R 15
Slide 16: Gigafactory Berlin - Model Y Factory Construction
16 G I G A F A C T O R Y B E R L I N - M O D E L Y F A C T O R Y C O N S T R U C T I O N
Slide 17: Gigafactory Berlin - Model Y Factory Rendering
17 G I G A F A C T O R Y B E R L I N - M O D E L Y F A C T O R Y R E N D E R I N G
Slide 18: Key Metrics Quarterly
Vehicle Deliveries (units) Net Income ($B) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) 18 Operating Cash Flow ($B) Free Cash Flow ($B)
Slide 19: Key Metrics Trailing Twelve Months
K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) Vehicle Deliveries (units) Operating Cash Flow ($B) Free Cash Flow ($B) Net Income ($B) 19
Slide 20: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 21: Income Statement
In millions of USD or shares as applicable, except per share data Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 REVENUES Automotive sales 5,168 5,132 6,143 4,893 4,911 Automotive leasing 208 221 225 239 268 Total automotive revenue 5,376 5,353 6,368 5,132 5,179 Energy generation and storage 369 402 436 29
Slide 22: Balance Sheet
B A L A N C E S H E E T (Unaudited) In millions of USD 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 ASSETS Current assets Cash and cash equivalents 4,955 5,338 6,268 8,080 8,615 Accounts receivable, net 1,147 1,128 1,324 1,274 1,485 Inventory 3,382 3,581 3,552 4,494 4,018 Prepaid expenses and o
Slide 23: Cash Flow Statement
In millions of USD Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income (389) 150 132 68 129 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation, amortization and impairment 579 530 577 553 567 Stoc
Slide 24: Non-GAAP Reconciliation
In millions of USD or shares as applicable, except per share data Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Net (loss) income attributable to common stockholders (GAAP) (408) 143 105 16 104 Stock-based compensation expense 210 199 281 211 347 Net (loss) income attributable to common stockholders (non-
Slide 25: 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 second quarter 2020 financial results conference call beginning at 2:30 p.m. PT on July 22, 2020 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafte
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