2021-07-27-特斯拉-2021年第二季度特斯拉财报（英）_28页_2mb

Q2 2021 Summary

Core Content

In Q2 2021, Tesla achieved significant milestones across financial and operational aspects, despite ongoing supply chain challenges. The company recorded a $619M free cash flow, which was partially offset by $1.6B in net debt and finance lease repayments, resulting in a $912M decrease in cash and cash equivalents to $16.2B.

Tesla's GAAP operating income reached $1.3B, with an operating margin of 11.0%, marking a notable improvement from the previous year. The GAAP net income was $1.1B, while non-GAAP net income (excluding SBC) reached $1.6B. The GAAP Automotive gross margin was 28.4%, and non-GAAP gross margin (excluding credits) was 25.8%.

Key Financial Highlights

• Total Revenue: Grew by 98% YoY to $11.958B, driven by vehicle deliveries and other business segments.
• Automotive Revenues: Increased to $10.206B, with regulatory credits decreasing by 17% YoY.
• Gross Profit: Total gross profit reached $2.884B, up 128% YoY.
• Operating Expenses: Total operating expenses were $1.572B, up 67% YoY.
• Income from Operations: Increased to $1.312B, up 301% YoY.
• Net Income (GAAP): Reached $1.142B, up 998% YoY.
• Non-GAAP Net Income: Increased to $1.616B, up 258% YoY.
• EPS (GAAP): Diluted EPS reached $1.02, up 920% YoY.
• EPS (Non-GAAP): Diluted EPS reached $1.45, up 230% YoY.

Operational Highlights

• Vehicle Production and Deliveries: Tesla produced and delivered over 200,000 vehicles, setting a new record. Total production reached 206,421 units, and total deliveries reached 201,304 units.
• Model S/X Production: Declined by 63% YoY to 2,340 units due to product updates.
• Model 3/Y Production: Increased by 169% YoY to 204,081 units.
• New Model S Deliveries: The new Model S began being delivered to customers.
• FSD Subscription Launch: Successfully launched FSD subscription in July, with positive user feedback.
• Gigafactory Progress:
  • Gigafactory Texas continued to progress with commissioning in some areas.
  • Gigafactory Shanghai became the primary export hub.
  • Gigafactory Berlin is progressing with production ramp and construction.
• Vehicle Inventory: Global vehicle inventory reached 9 days of supply, down 47% YoY.
• Energy Storage: Energy storage deployments more than tripled YoY to 1.274GWh, with Megapack projects driving growth.
• Solar Deployments: Reached 85 MW, more than tripling YoY.
• Store and Service Locations: Increased by 34% YoY to 598 locations.
• Supercharger Stations: Grew by 46% YoY to 2,966 stations.
• Supercharger Connectors: Increased by 49% YoY to 26,900.
• Services & Other: Gross margin reached nearly breakeven, the best result in four years.

Technology and Innovation

• Tesla Vision: Successfully launched, leveraging data from over a million vehicles to improve autonomy.
• Autopilot and FSD V9 Beta: First customers downloaded FSD V9 Beta, with strong user feedback.
• Battery and Powertrain: Validated performance of 4680 cells at Kato facility, with ongoing efforts to improve production bottlenecks.
• Software Development: Continued to develop and validate 19 new controller variants in response to semiconductor shortages.

Outlook

• Volume Growth: Tesla plans to grow manufacturing capacity as quickly as possible, aiming for 50% average annual growth in vehicle deliveries.
• Cash and Liquidity: Sufficient liquidity to support product roadmap and long-term expansion.
• Profitability: Operating margin is expected to continue growing, reaching industry-leading levels.
• Product Launches:
  • Model Y production in Berlin and Austin is on track for 2021.
  • Semi truck program shifted to 2022 due to supply chain challenges.
  • Cybertruck industrialization is progressing.

Key Metrics

• Free Cash Flow: $619M
• Net Debt and Finance Lease Repayments: $1.6B
• Cash and Cash Equivalents: $16.2B
• GAAP Operating Income: $1.3B
• GAAP Net Income: $1.1B
• Non-GAAP Net Income: $1.6B
• GAAP Automotive Gross Margin: 28.4%
• Non-GAAP Automotive Gross Margin: 25.8%
• Operating Margin: 11.0%
• Vehicle Deliveries (Total): 201,304 units
• Energy Storage Deployments (GWh): 1.274GWh
• Solar Deployments (MW): 85 MW
• Supercharger Stations: 2,966
• Supercharger Connectors: 26,900
• Store and Service Locations: 598

Additional Information

• Financial Statements: Included in the summary, showing key figures for operating activities, investing activities, and financing activities.
• Balance Sheet: Total assets reached $55.146B, with total liabilities at $28.896B and stockholders' equity at $24.804B.
• Debt Structure:
  • Non-recourse debt: $3,991M
  • Recourse debt: $3,977M
  • Total debt excluding vehicle and energy product financing: $8,521M in Q2-2020 and $3,991M in Q2-2021.
• Days Sales Outstanding: 15
• Days Payable Outstanding: 71

Summary of Key Points

• Financial Growth: Strong revenue and net income growth, driven by increased vehicle deliveries and cost efficiencies.
• Operational Milestones: Record vehicle production and deliveries, successful FSD subscription launch, and progress on Gigafactory construction.
• Supply Chain Challenges: Ongoing issues with semiconductors and port congestion, but production continued to grow.
• Technology Advancements: Tesla Vision and FSD V9 Beta demonstrate progress in autonomous driving.
• Liquidity and Expansion: Sufficient cash and liquidity to support growth and expansion plans.
• Product Roadmap: Model Y production in Berlin and Austin is on track for 2021, while Semi and Cybertruck are planned for 2022 and subsequent years.

Conclusion

Tesla had a strong Q2 2021, with significant financial and operational achievements. The company continues to focus on growth, cost reduction, and innovation in electric vehicles and energy storage solutions. Despite supply chain challenges, Tesla remains on track to meet its production goals and expand its global footprint.