Tesla Financial Statement Analysis_F

Seather-Brady, Sutanto, White 1
Tesla Financial Statement Analysis
Karen Seather-Brady
Samuel Sutanto
Tsien White
August 23, 2014
Sal Elaameir

Tesla
Tesla Motors (Tesla) is a global enterprise that designs, develops, manufactures and sells
high-performance fully electric vehicles and advanced electric vehicle powertrain components.
Tesla has established a unique business model by building their own network of direct sales and
services instead of selling through dealerships. To combat the issue of finding convenient places
to recharge the battery, Tesla is also building Supercharger stations globally. Their business
model which focuses on sleek eco-friendly design, high margin and direct sales is often
compared to Apple Computer’s business model, while their vehicles, electric vehicle engineering
expertise, and operation structure differentiates them even further from other automobile
manufacturers. The lack of research in electric powered vehicles technology, marketing and
business strategy allowed Tesla to make its own advancements in electric vehicle technology,
business model and marketing approach. The company has capitalized on this unique market
environment and expanded upon the available opportunities.
Tesla is currently producing and selling their second vehicle, the Model S sedan, a four-
door, five-passenger luxury sedan. Much of its technology was inherited from its first vehicle,
the Tesla Roadster, a fully electric two-seat convertible sports car that was commercially
produced and launched in 2008. The Model S’s 60kWh battery pack offers up to 244 miles range
on a single charge, while the 85 kWh battery pack offers up to 306 miles range. Tesla ceased the
Roadster production and launched the model S in 2012. Two years later, in 2014, Tesla has
received high customer satisfaction, multiple industries’ awards, and increased their presence in
several international markets such as China, Japan, UK, and Australia. They expect to launch
their third vehicle, the Model X, in 2015 and launch the third generation of electric vehicle

dubbed as “Gen III” in 2018, which is intended to be a lower price point and produced in higher
volume.
In addition to all electric vehicles, Tesla designs, develops, manufactures and sells
advanced electric vehicle powertrain components to other automotive manufacturers, such as
Daimler and Toyota. The electric powertrain consists of a battery pack, power electronics, motor,
gearbox, and its control software.
As part of their business advancement, Tesla built Supercharger stations in the United
States and Europe, to boost electric vehicle’s infrastructure and to enable drivers cover long
distance with minimal stops. Much like a gas station for petroleum based cars, Superchargers all
Tesla drivers to recharge their cars but unlike a typical gas station, the charge is free. Tesla
continues to add Supercharger stations in US, Europe, an Asia, with expectation that more
drivers can utilize this network once they launch the Model X.
Another business approach that differentiates Tesla from the incumbent automobile
manufacturers, is the sale and service of their electric vehicles independently through company-
owned sales and service network. In contrast, typical automobile sales take place through
dealerships that are much like a franchise. With Tesla, customers can test-drive Tesla vehicles
with Tesla-employed salespersons who are highly trained and knowledgeable sales and service
staff. Most Tesla vehicles are sold online, so the stores do not carry large vehicle inventories,
further lowering operational cost and creating a differentiated buying experience.
Tesla is currently looking to build their Gigafactory, a large-scale factory that allows
them to increase production and reduce cost on their lithium ion batteries. An agreement between
Tesla and Panasonic was reached in July 31, 2014, where Tesla will prepare, provide and

manage the land, buildings and utilities and Panasonic will manufacture and supply cylindrical
lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing
tools based on their mutual approval (Teslamotors, 2014). The Gigafactory is an essential step to
fulfill the capacity needed for Tesla’s Gen III mass production.
Corporate Responsibility
Tesla does not officially produce a Corporate Social Responsibility Report. There are
seven pillars of Corporate Responsibility according to Council for Corporate Responsibility:
Diversity and Inclusion, Environmental Sustainability, Governance, Global Enrichment,
Organizational Health, Philanthropy, and Supply Chain Integrity. Out of the seven pillars, Tesla
is better known for its environmental sustainability because of their commitment to develop
alternative fuel sources for cars and allow it to travel emissions-free. Their goal of reducing
transportation’s dependence on petroleum means increasing demand for alternative energy. In
this case, electricity will eventually increase the power plant and renewable energy’s efficiency.
Although many power plants get their energy from coal, United States has increased its
electricity generation from renewables and less from coal over the past five years, making
electric vehicles cleaner.
Reuse and Recycle are key parts of Tesla’s philosophy. Thus, Tesla is committed to
create a closed loop battery recycling system that involves manufacturing of battery cells,
assembly into battery packs, then vehicles, and finally recycling into raw materials for future use
(Kelty, 2011). Additionally the tires and the battery of every Tesla Motors are recyclable. The
cost of recycling is built into the purchase price of the car.
In a further effort to be environmentally competent, Tesla’s Lithium Ion cells do not

contain heavy metals or any toxic materials such as lead and mercury. In other words, the lithium
ion cells could be disposed of by putting them in a landfill. However Tesla doesn’t intent to put
them into landfill. When the Energy Storage System (ESS) capacity decreases, it can be used as a
power source for off-grid backup or load leveling since the battery requirements for such
application are not as demanding as a vehicle battery. When the ESS has died completely, Tesla
made sure that the recycling plan maximized the amount of materials that can be reused,
maximized the amount of materials that can be recycled, and minimized the energy consumption
utilized during the transportation and recycling process (Kelty, 2008). Fully, 10% of the battery
pack can be reused, while 60% of the battery pack can be recycled.
Tesla is also careful to bring on partners to extend their ability to be environmentally
focused. Umicore, Tesla’s Europe recycling partner, was able to save at least 70% on CO2
emissions at the recovery and refining of the valuable metals by creating “products” and
“byproducts”. Umicore processed the cobalt to produce Lithium Cobalt Oxide (LCO) that can
be resold to battery manufacturers, while the byproduct can be used in construction industry.
Futhermore, to extend the benefits of electronic automobiles, in June 2014 CEO Elon
Musk opened their patented technology for the advancement of electric vehicle technology.
Musk said, “If we clear a path to the creation of compelling electric vehicles, but then lay
intellectual property landmines behind us to inhibit others, we are acting in a manner contrary to
that goal. Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use
our technology.” (Tesla Blog, 2014) He continued to admit that it is impossible for Tesla to
single-handedly address the carbon crisis. Electric car programs at major manufacturers are
small, comprising an average of less than 1% of their total vehicle sales. Tesla’s true competition

is not other electric cars, but the gasoline cars that continuously produced carbon pollution. They
believe the open source approach will attract and motivate talented engineers around the world.
Corporate Governance
It is clear from Tesla’s 10K that the company intends to preserve the focus and path that
it is on. Tesla’s Corporate Governance includes provisions, which alone or together, could delay
or prevent hostile takeovers and changes in control or changes in management. These provisions
include (Tesla 10K, 2014):
 Creating a classified board of directors whose members serve staggered three-year terms;
 Authorizing “blank check” preferred stock, which could be issued by the board without
stockholder approval and may contain voting, liquidation, dividend and other rights superior
to our common stock;
 Limiting the liability of, and providing indemnification to, our directors and officers;
 Limiting the ability of our stockholders to call and bring business before special meetings;
 Requiring advance notice of stockholder proposals for business to be conducted at meetings
of our stockholders and for nominations of candidates for election to our board of directors;
 Controlling the procedures for the conduct and scheduling of board and stockholder
meetings; and
 Providing the board of directors with the express power to postpone previously scheduled
annual meetings and to cancel previously scheduled special meetings.
While Tesla does not have a Corporate Social Responsibility Statement, it is clear that they have
a social responsibility mission and their policies and provisions attempt to protect that mission.

Auditor’s Report
The members of the Audit Committee are Independent and are not employees of the
Company. According to the Audit Committee Charter taken from the corporate web site (2014),
the purposes of Audit Committee Board of Directors are to:
1. Provide oversight of the company’s accounting and financial reporting processes and the
audit of the company’s financial statements,
2. To assist the board in oversight of the integrity of the Company’s financial statements, the
independent auditor’s qualification, independence and performance, the organization and
performance of the company’s internal audit function, and the company’s internal accounting
and financial control.
3. And to provide the board with necessary information to make aware of significant financial
matters.
PricewaterhouseCoopers LLP acted as their Independent Registered Public Accounting
Firm. Their responsibility is to express opinions on these financial statements and on the
Company’s internal control over financial reporting based on their integrated audits. PwC’s
audits of the financial statements included examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial statement
presentation.
The Auditor’s Report (Tesla Website, 2014) found that Tesla’s cash equivalents are
primarily invested in money market funds with high credit quality financial institutions in the
United States. Tesla’s investment policy provides guidelines and limits regarding credit quality,
investment concentration, investment type, and maturity that they believe will provide liquidity

while reducing risk of loss of capital. Historically, when held, investments were of a short-term
nature and included investments in corporate debt securities. As of December 31, 2013 and 2012,
their accounts receivable were derived primarily from sales of regulatory credits, as well as the
development and sales of powertrain components and systems to OEMs. Accounts receivable
also included amounts to be received from commercial financial institutions for approved
financing arrangements between our customers and the financial institutions.
Another issue that was found was that although there may be multiple suppliers available,
many of the components used in Tesla’s vehicles are purchased from a single source. If these
single source suppliers fail to satisfy requirements on a timely basis at competitive prices, the
company could suffer manufacturing delays, a possible loss of revenues, or incur higher cost of
sales, any of which could adversely affect the operating results.
Financial Statement Analysis
The current financial health of Tesla Motors is questionable. Its financial strength comes
almost exclusively from its stock offerings. As of December 31, 2013, Tesla Motor’s had
common stock outstanding of 123,090,990 which has resulted in paid in capital of $1,806,617 for
the company. In May of 2013, the company issued a public offering of 3.9 million shares of
stock at $92.20 per share, and in the same month the company had a private placement of
596,272 shares at $92.20 per share, there were 3.9 million shares exercise, and 518,743 shares
issued to employee stock purchase plan. The company currently does not have any preferred
stock outstanding.
Tesla has never declared or paid cash on dividends; the company does not anticipate
paying out any cash dividend in the near future. The dividend declaration will be on the decision

of the BOD. No dividend declared could be the result of the company’s net loss in three
consecutive years.
Liquidity ratios are ratios that demonstrate whether a company can meet their short term
obligations to their lenders; the higher the ratio (except AR turnover) the higher the liquidity.
Below is a table depicting Tesla’s current liquidity ratios.
As of yearend Dec 31, 2013, Tesla had a current ratio of 1.88 as compare to the industry standard
of 1.50. That ratio indicated that Tesla had enough cash to cover the short term liabilities. In
looking at the acid test ratio, Tesla has a high liquidity ratio as compared to the industry average.
Tesla posted a strong position and should there be an emergency which needs to be funded, the
company will be able to cover the debt. In contract with the first two ratios, however, Tesla
posted an alarmingly high receivable turnover ratio. It takes the company 53.02 days to collect
on owed cash, as compared to the industry average of 3.30 days. There is little doubt that if
Tesla improved their AR turnover ratio it would improve their overall financial prospect.
Finally, Tesla’s inventory turnover ratio is 5.12 times per year as compare to the industry
average of 9.50 times. This is a low ratio and indicates a lack of ability to produce as quickly as
demand may exist.
Solvency ratios measure whether a company can survive for a longer period of time and
pay their debt as they become mature. The table below depicts Tesla Motor’s solvency ratios as
of the end of December, 2013.

Creditors usually refer to the debt to asset ratio to see if the company is able to withstand a loss
without hurting the creditor; therefore, the lower the ratio the better the buffer the company will
be. The ratio also has an effect on the company should there be additional financing needed.
The company can clearly manage its debts at this time should the need arise. Regarding the time
interest earned ratio which indicates a company’s ability to cover the interest expense, Tesla was
not able to cover their interest expense due to a reported net loss before interest expense of
($41,080). This indicates some of the financial weakness within the company.
Profitability ratios are used to measure the company’s success or failure for a given
period of time. Below is Tesla’s performance as of December 31, 2013.
As shown above, Tesla has a negative profit margin which was mainly due to the cost of goods
sold of 77%. Because of the higher cost the company did not have enough to cover the SG&A
expense and resulted in a loss in net income.

As can be seen above, the asset turnover rate was 1.14 times as compare to the industry average
of 11.00. This significant difference could be result of the new product that was costly or
inconvenient to the consumer. For example, the issue of recharging the batter is a significant one
and may interfere with sales. As with asset turn over, the return on asset was below the industry
average mainly due to their negative profit margin. Regarding the return on Stockholder equity,
a negative of 18.69% was cause by higher rate of cost of goods sold. Further, the earnings per
share was negative due to large number of shares outstanding as a result of issuing more shares
to cover the debt of the business. Finally, the cash position provides information about the
entity’s cash receipts and cash payments during the period. Based on Tesla 2013 year-end
financial statement, Tesla has acquired most of their funding by issuing stock or warrants. The
total proceeds from those issuance totaled $1,230,625. The other big expenditure for Tesla
included a ($463,570) expense on inventory and operating lease vehicles.
Qualitative Comparison
In some respects, Tesla’s cars are in a unique class of their own not only because of its
current financial state but also because of the product itself. The company manufactures all-
electric, luxury vehicles one model at a time. Its first model, the Tesla Roadster sold for over
$100,000. It’s second and currently only offered model, the Model S, sells for over $70,000.
The Model S has been characterized as one of the best automobiles manufactured at this time.
The only other electric luxury model is the BMW i3 that sells for $41,350 but only goes 80-100

miles per charge versus the Model S’s distance of 265. Other luxury models are hybrids as
opposed to all electric. The other all-electric models – the Nissan Leaf, the Chevy Spark, the
Ford Focus, the Mitsubishi I Mi, the Fiat 500e, the Scion iQ, the Honda Fit, that the Rav4 EV -
are less expensive, are not luxury models and only travel between 38 and 103 miles per charge.
Thus, Tesla’s vehicles cannot be compared easily to the other all electric vehicles.
Strengths
 The stock price of Tesla has increased dramatically during the past year. “At $267, the
stock is up about 800% in the past two years, and about 75% year to date.” (Sparks, D.,
2014) The stock trades at a higher rate than other much larger automotive manufacturers.
For example, Toyota stock is at $116. 82 and BMW at $117.00. Although Tesla’s stock
may be a “bubble”, it is clear that there is excitement about the company and the product.
 The Model S has received exceptionally positive reviews from notable automobile and
product reviewers for safety, comfort, and performance. “The National Highway Traffic
Safety Administration gives the sedan five stars—its highest rating—in every safety
category: frontal crash, side crash, rollover and overall.” (Anderson, 2014) In 2013,
Tesla’s Model S was named Motor Trend’s car of the year. (Oilweek, 2013) Consumer
Reports also gave the Model S top ratings in 2013 and “issued a rave review, calling it
the best vehicle they've ever tested” and gave it 99 out of a possible 100 points. (Muller,
2013)
 The warranty offered by Tesla for the Model S is exceptional. For the 60 kWh battery
there is an 8 year, 125,000 mile battery and drive unit warranty while the 85 kWh battery
carries an 8 year, unlimited mile warranty. The warranty covers damage from improper

charging and battery fire even if these are due to driver error. (Tesla Website, n.d.)
Warranties for the Nissan Leaf and Ford Focus could not be found on their websites. The
Model S is an expensive car at $78k and above so this warranty allows some reassurance
to the purchasers about the longevity of the car.
 Tesla’s Model S is able to travel up to 360 miles on one charge while the Nissan Leaf is
able to go up to 84 miles per charge and the Ford Focus up to 76 miles. This is an
extraordinary distance on a single charge. To make this capability even more appealing,
Tesla Motors is building super charging stations around the U.S. (106 stations), Asia (13
stations) and Europe (56 stations). (Tesla Website, n.d.) These stations allow a battery to
be half charged in about 20 minutes, free of charge.
Weaknesses
 Financially, the company has not performed well as noted above and until recently in
spite of the increase in the stock price. More recently their performance has been uneven.
Their first profit was not realized until the first quarter of 2013, more than 10 years after
the business started. During the first quarter of 2014, the company had a $50 million
loss. (Hull, D., 2014) According to Morning Star (2014), Tesla currently has an
operating margin percentage of -4.8 and a net operating margin percentage of -6.8. The
debt/equity is 1.9 which is twice the industry average. Although revenues for the second
quarter of 2014 were 89.9% year over year and the total 2014 revenues improved 43%
year over year, the net loss was $111.7 million compared to a net loss of $19.3 million in
2013. By early August, 2014 sales “jumped 55% to $858 mil; analysts had expected
$811 mil.” (Investor’s Business Daily, 2014) The uneven financial performance is a
weakness for the company.

 Tesla currently produces only one type of car – the Model S – and it produces a small
number (35,000 is the goal for the year) in comparison to other automobile manufactures.
Additionally, the car is expensive as it starts at about $78,000. The cost is not only
related to the quality of the vehicle but also to the small number built and the lack of
economy of scale that might be achieved with higher numbers. The price tag
significantly limits the number of consumers and also makes Tesla vulnerable to
significant competition from other luxury car makers who are planning to introduce or
have introduced electric or hybrid cars including BMW, Mercedes, and Cadillac.
(Woodyard, C., Snavely, B., and Bomey, N., 2013) The lack of variety and the small
number of cars produced creates a weakness for the company.
Opportunities
 Tesla has moved beyond simply creating a dynamic electric car to plans to produce ion
batteries that it can use in its own cars as well as sell to other car manufacturers. In a
partnership with Panasonic, Tesla plans to open an ion battery manufacturing plant in the
U.S. The intent is to possibly build two separate factories, close to the raw material mines
to reduce cost. (Sparks, D., 2014). This allows Tesla to both diversify its operations
while supplying its own automotive company with ion batteries at less than the cost that
it is currently taking to manufacture them.
 In addition to improving technology that pushes Tesla ahead of many of its competitors,
the price of gasoline and the societal push towards green technology is an opportunity for
Tesla. Gas prices continue to increase. In the mean time, there is an increasing interest
in green technology. Both trends increase Tesla’s attractiveness in the market place.

Threats
 Tesla uses a sales model similar to Apple in that Tesla manufactures and sells its own
products either on-line or through its own stores. It does not use franchise car dealers as
is the case of most car companies. This has resulted in some difficulties for the company
as many states prohibit this form of sales and dealerships are legally challenging the
factory direct sales model. (Wilson, A., 2014) Furthermore, the lack of dealerships
means there is a lack of a network for help when it is needed. Nor is there a network
available to recharge the battery as needed in comparison to the network available to gas
powered cars to refuel. (Hannah, E., 2014) The factory direct sales system allows Tesla
to have full control of the entire manufacture and sales of their automobiles but the model
has introduced some struggles for the company that it would otherwise not have to deal
with.
 The car industry is very competitive and some of the larger, more financially stable car
manufacturer offerings tend to be less expensive and therefore affordable to more
consumers. Tesla runs the risk of being pushed out of the automobile industry by larger,
more establish companies including those companies that manufacture luxury vehicles.
Many companies already have electric or hybrid options including by market share:
Toyota, Ford, Chevrolet, Nissan, Hyundai, Honda, BMW, Subaru, Lexus, Lincoln, and
Buick. Tesla Motors does not even show up on the list of the top 50 automobile sales
companies in the world. (Focus to Move, 2013)

Summary
Tesla Motors is an innovative, unique, exciting company that is not only changing the
way automobiles are made but also the way they are sold and discarded after a useful life. Their
commitment to environment by creating a nearly completely recyclable electric car with no
emissions as well as opening their patents to other manufacturers is unprecedented. The
company and its promise of innovation, has captured the imagination of its investors which is
clear from the explosive increase in the stock price over the past two years - all of this without
any real marketing. The excitement of its investors by way of stock sales belies the current
financial weakness of the company. It is clear that people are investing in the current company
offerings as well as the vision and business expansion plans. The question remains, however,
whether the company can fulfil those visions and plans.

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