特斯拉-2021年第一季度特斯拉财报（英文）-2021.4-30页_2mb

Q1 2021 Summary

Core Content

Financial Highlights

• Operating Cash Flow (Free Cash Flow): $293M in Q1, despite a net cash outflow of $1.2B related to Bitcoin purchases.
• Debt Reduction: $1.2B reduction in debt and finance lease in Q1.
• Net Cash Decrease: Total cash and cash equivalents decreased by $2.2B to $17.1B.
• GAAP Net Income: $438M in Q1, representing a significant increase from previous quarters.
• Non-GAAP Net Income: Surpassed $1B for the first time in company history.
• Operating Income: $594M with a 5.7% operating margin.
• Total Revenues: Grew by 74% YoY to $10,389M.
• Gross Profit: Increased to $2,215M, with a total GAAP gross margin of 21.3%.
• Adjusted EBITDA: $1,841M, reflecting strong operational performance.

Operational Highlights

• Vehicle Production and Deliveries: Reached record levels in Q1, with total deliveries at 184,877 units.
• Model 3/Y: Became the best-selling premium sedan globally, with production ramping in Shanghai.
• Model Y: Production in Shanghai is progressing well, and the factory in Texas is also advancing quickly.
• Model S/X: Deliveries dropped significantly in Q1 due to the transition to new models.
• Global Vehicle Inventory: Reduced to 8 days of supply, indicating efficient inventory management.
• Solar and Energy Storage: Solar deployments reached 92 MW, and energy storage deployments grew by 71% YoY.
• Used Vehicle Business: Continued to grow in volume and improve financially.
• Service and Infrastructure: Supercharger stations increased by 41%, and mobile service fleet expanded by 22%.

Main Points

Revenue

• Total Revenue: Increased by 74% YoY to $10,389M.
• Vehicle ASP: Declined by 13% YoY due to lower ASP China-made vehicles and reduced Model S/X deliveries.
• Gross Profit: Increased to $2,215M, with a total GAAP gross margin of 21.3%, driven by cost reductions.

Profitability

• Operating Income: Reached $594M, with a 5.7% operating margin.
• SBC Expense: $614M in Q1, driven by CEO awards and increased market capitalization.
• Net Income: GAAP net income reached $438M, while non-GAAP net income surpassed $1B.
• Volume Growth: Positive impacts from volume growth and regulatory credit revenue were offset by lower ASP, increased SBC, and supply chain costs.

Cash Flow

• Operating Cash Flow: $1,641M, reflecting strong cash generation despite the net cash outflow from Bitcoin.
• Capital Expenditures: $1,348M in Q1, contributing to the decrease in cash and cash equivalents.
• Cash and Cash Equivalents: Decreased to $17.1B, primarily due to Bitcoin-related outflows and debt repayments.

Key Information

• Model 3/Y Performance: Model 3/Y production reached 180,338 units in Q1, showing strong growth.
• Gigafactories:
  • Fremont: Model Y production is approaching full capacity.
  • Shanghai: Continued expansion and increased domestic supply sourcing to over 90%.
  • Berlin and Texas: Construction progressing well, with production and deliveries expected to start in late 2021.
• Autopilot and FSD: Focus on the V9 version of FSD City Streets, with a vision-only system becoming the focus.
• Energy Storage: Continued growth, driven by Powerwall demand, with a 71% YoY increase.
• Used Vehicles: Strong foundation for growth, driven by historical new car deliveries.
• Outlook:
  • Volume Growth: Expecting 50% average annual growth in vehicle deliveries over multiple years.
  • Profit Growth: Operating margin is expected to continue growing.
  • Product Expansion: Model Y production in Berlin and Texas is on track, and Tesla Semi deliveries will begin in 2021.

Key Metrics

• Total Revenues: $10,389M
• Total Gross Profit: $2,215M
• Total GAAP Gross Margin: 21.3%
• Operating Expenses: $1,621M
• Income from Operations: $594M
• Net Income (GAAP): $438M
• Net Income (Non-GAAP): $1,052M
• Free Cash Flow: $293M
• Cash and Cash Equivalents: $17.1B
• Total Assets: $52,972M
• Total Liabilities: $28,507M
• Total Stockholders’ Equity: $23,017M

Financial Statements

• Income Statement:
  • GAAP Net Income: $438M
  • Non-GAAP Net Income: $1,052M
  • EPS (Diluted): $0.39
• Balance Sheet:
  • Cash and Cash Equivalents: $17,723M
  • Total Assets: $52,972M
  • Total Liabilities: $28,507M
• Cash Flow Statement:
  • Operating Cash Flow: $1,641M
  • Investing Cash Flow: -$2,582M
  • Financing Cash Flow: -$1,016M

Outlook

• Volume Growth: Targeting 50% average annual growth in vehicle deliveries.
• Profit Growth: Operating margin expected to grow, reaching industry-leading levels.
• Product Expansion: Model Y production in Berlin and Texas is on track for late 2021, with Tesla Semi expected to begin deliveries in 2021.
• Cash Liquidity: Sufficient to fund the product roadmap and expansion plans.

Additional Information

• Installed Capacity vs. Current Production: Installed capacity does not equal current production rate.
• Gigafactory Status:
  • Berlin: Construction progressing, with production and deliveries expected in late 2021.
  • Texas: Factory buildout progressing, with production and deliveries expected late in 2021.
  • Shanghai: Continued expansion and increased domestic sourcing.
• Cryptocurrency Impact: Net cash outflow of $1.2B related to Bitcoin, impacting cash and cash equivalents.
• Consumer Confidence: Increasing due to more OEMs entering the EV market.