Tesla, Inc. · NASDAQ:TSLA
Tesla — Q4 2021 Earnings Presentation
37 slides from Tesla's earnings presentation, Jan 26, 2022
Slide 1: Q4 and FY2021 Update
Q4 and FY2021 Update 1 Exhibit 99.1
Slide 2: Contents
Highlights 03 Financial Summary 04 Operational Summary 07 Vehicle Capacity 09 Core Technology 10 Other Highlights 11 Outlook 12 Photos & Charts 13 Key Metrics 27 Financial Statements 29 Additional Information 36
Slide 3: Highlights: 2021 was a breakthrough year for Tesla
2021 was a breakthrough year for Tesla. There should no longer be doubt about the viability and profitability of electric vehicles. With our deliveries up 87% in 2021, we achieved the highest quarterly operating margin among all volume OEMs, based on the latest available data(2), demonstrating that
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. 4
Slide 5: Financial Summary
F I N A N C I A L S U M M A R Y (Unaudited) (1)EPS = earnings per share. 5
Slide 6: Financial Summary
F I N A N C I A L S U M M A R Y Revenue Profitability Cash Total revenue grew 65% YoY in Q4 to $17.7B. YoY, revenue was impacted by the following items: + growth in vehicle deliveries + growth in other parts of the business Our operating income improved to $2.6B in Q4 compared to the same period las
Slide 7: 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)In Q2 2021, we began including mobile service vehicles dedicated to tire repair in our mobile service fleet total. Prior p
Slide 8: Operational Summary
(1) Before we adopted the new revenue accounting standard ASC 606 on January 1, 2018, operating leases included vehicle sales to customers or leasing partners with a resale value guarantee. (2)Days of supply is calculated by dividing new car ending inventory by the relevant year’s deliveries and usi
Slide 9: Vehicle Capacity
V E H I C L E C A P A C I T Y In Q4, we saw a continuation of global supply chain, transportation, labor and other manufacturing challenges, limiting our ability to run our factories at full capacity. US: California and Texas Builds of Model Ys started in late 2021 at Gigafactory Texas. After final
Slide 10: Core Technology
C O R E T E C H N O L O G Y Autopilot and Full Self-Driving (FSD) The team continued to iterate on FSD Beta software, releasing seven updates throughout the quarter. We successfully increased the number of FSD Beta vehicles from a couple of thousand in Q3 to nearly 60,000 vehicles in the US today. I
Slide 11: Other Highlights
O T H E R H I G H L I G H T S Energy Storage Energy storage deployments increased by 32% YoY in 2021, mainly driven by strong Megapack deployments. As demand remains substantially above capacity, growth has been limited by supply. We are in the process of building a dedicated Megapack factory to add
Slide 12: Outlook
O U T L O O K Volume Cash Profit Product We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. The rate of growth will depend on our equipment capacity, operational efficiency and the capaci
Slide 13: Photos & Charts
P H O T O S & C H A R T S
Slide 14: Fremont Factory - Record Production in 2021
F R E M O N T F A C T O R Y - R E C O R D P R O D U C T I O N I N 2 0 2 1 14
Slide 15: Gigafactory Berlin - Graffiti
G I G A F A C T O R Y B E R L I N - G R A F F I T I 15
Slide 16: Gigafactory Berlin - Quality Control
G I G A F A C T O R Y B E R L I N - Q U A L I T Y C O N T R O L 16
Slide 17: Gigafactory Berlin - Body Shop
G I G A F A C T O R Y B E R L I N - B O D Y S H O P 17
Slide 18: Gigafactory Berlin - General Assembly
G I G A F A C T O R Y B E R L I N - G E N E R A L A S S E M B L Y 18
Slide 19: Gigafactory Texas - Exterior
G I G A F A C T O R Y T E X A S - E X T E R I O R 19
Slide 20: Gigafactory Texas - General Assembly
G I G A F A C T O R Y T E X A S - G E N E R A L A S S E M B L Y 20
Slide 21: Gigafactory Texas - Paint Shop
G I G A F A C T O R Y T E X A S - P A I N T S H O P 21
Slide 22: Gigafactory Texas - Attaching Seats to Structural Battery Pack
G I G A F A C T O R Y T E X A S - A T T A C H I N G S E A T S T O A S T R U C T U R A L B A T T E R Y P A C K 22
Slide 23: Gigafactory Shanghai - Exterior
G I G A F A C T O R Y S H A N G H A I - E X T E R I O R 23
Slide 24: Gigafactory Shanghai - General Assembly
G I G A F A C T O R Y S H A N G H A I - G E N E R A L A S S E M B L Y 24
Slide 25: Tesla Semi
T E S L A S E M I 25
Slide 26: Cumulative Profitability Since Inception
C U M U L A T I V E P R O F I T A B I L I T Y S I N C E I N C E P T I O N (Unaudited) 26
Slide 27: 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 ($B) 27
Slide 28: Key Metrics Trailing 12 Months
Vehicle Deliveries (millions of units) Operating Cash Flow ($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) 28
Slide 29: Financial Statements
F I N A N C I A L S T A T E M E N T S
Slide 30: 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) 30
Slide 31: Balance Sheet
B A L A N C E S H E E T (Unaudited) 31
Slide 32: 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) 32
Slide 33: 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) 33
Slide 34: 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) 34
Slide 35: 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 35
Slide 36: 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 fourth quarter 2021 financial results conference call beginning at 4:30 p.m. CT on January 26, 2022 at ir.tesla.com. This webcast will also be available for replay for approximately one year therea
Slide 37: Slide 37