Editing Tesla, Inc.: Form 10-Q for the quarter ended 30 June 2022

Financial Information

Financial statements
{| class="wikitable"
|+Consolidated Balance Sheets (in millions, except per share data) (unaudited)
|
|June 30, 2022
|December 31, 2021
|-
|Assets
|
|
|-
|Current assets
|
|
|-
|Cash and cash equivalents
|$18,324
|$17,576
|-
|Short-term marketable securities
|591
|131
|-
|Accounts receivable, net
|2,081
|1,913
|-
|Inventory
|8,108
|5,757
|-
|Prepaid expenses and other current assets
|2,118
|1,723
|-
|Total current assets
|31,222
|27,100
|-
|Operating lease vehicles, net
|4,782
|4,511
|-
|Solar energy systems, net
|5,624
|5,765
|-
|Property, plant and equipment, net
|21,093
|18,884
|-
|Operating lease right-of-use assets
|2,185
|2,016
|-
|Digital assets, net
|218
|1,260
|-
|Intangible assets, net
|241
|257
|-
|Goodwill
|196
|200
|-
|Other non-current assets
|2,952
|2,138
|-
|Total assets
|68,513
|62,131
|-
|Liabilities
|
|
|-
|Current liabilities
|
|
|-
|Accounts payable
|11,212
|10,025
|-
|Accrued liabilities and other
|6,037
|5,719
|-
|Deferred revenue
|1,858
|1,447
|-
|Customer deposits
|1,182
|925
|-
|Current portion of debt and finance leases
|1,532
|1,589
|-
|Total current liabilities
|21,821
|19,705
|-
|Debt and finance leases, net of current portion
|2,898
|5,245
|-
|Deferred revenue, net of current portion
|2,210
|2,052
|-
|Other long-term liabilities
|3,926
|3,546
|-
|Total liabilities
|30,855
|30,548
|-
|Commitments and contingencies (Note 12)
|
|
|-
|Redeemable noncontrolling interests in subsidiaries
|421
|568
|-
|Equity
|
|
|-
|Stockholders’ equity
|
|
|-
|Preferred stock; $0.001 par value; 100 shares authorized; 

   no shares issued and outstanding
|—
|—
|-
|Common stock; $0.001 par value; 2,000 shares authorized; 

   1,041 and 1,033 shares issued and outstanding as of 

   June 30, 2022 and December 31, 2021, respectively
|1
|1
|-
|Additional paid-in capital
|30,944
|29,803
|-
|Accumulated other comprehensive (loss) income
|(477)
|54
|-
|Retained earnings
|5,908
|331
|-
|Total stockholders’ equity
|36,376
|30,189
|-
|Noncontrolling interests in subsidiaries
|861
|826
|-
|Total liabilities and equity
|68,513
|62,131
|}
{| class="wikitable"
|+Consolidated Statements of Operations (in millions, except per share data) (unaudited)
|
| colspan="2" |Three Months Ended June 30,
| colspan="2" |Six Months Ended June 30,
|-
|
|2022
|2021
|2022
|2021
|-
|Revenues
|
|
|
|
|-
|Automotive sales
|$13,670
|$9,520
|$29,184
|$17,707
|-
|Automotive regulatory credits
|344
|354
|1,023
|872
|-
|Automotive leasing
|588
|332
|1,256
|629
|-
|Total automotive revenues
|14,602
|10,206
|31,463
|19,208
|-
|Energy generation and storage
|866
|801
|1,482
|1,295
|-
|Services and other
|1,466
|951
|2,745
|1,844
|-
|Total revenues
|16,934
|11,958
|35,690
|22,347
|-
|Cost of revenues
|
|
|
|
|-
|Automotive sales
|10,153
|7,119
|21,067
|13,576
|-
|Automotive leasing
|368
|188
|776
|348
|-
|Total automotive cost of revenues
|10,521
|7,307
|21,843
|13,924
|-
|Energy generation and storage
|769
|781
|1,457
|1,376
|-
|Services and other
|1,410
|986
|2,696
|1,948
|-
|Total cost of revenues
|12,700
|9,074
|25,996
|17,248
|-
|Gross profit
|4,234
|2,884
|9,694
|5,099
|-
|Operating expenses
|
|
|
|
|-
|Research and development
|667
|576
|1,532
|1,242
|-
|Selling, general and administrative
|961
|973
|1,953
|2,029
|-
|Restructuring and other
|142
|23
|142
|(78)
|-
|Total operating expenses
|1,770
|1,572
|3,627
|3,193
|-
|Income from operations
|2,464
|1,312
|6,067
|1,906
|-
|Interest income
|26
|11
|54
|21
|-
|Interest expense
|(44)
|(75)
|(105)
|(174)
|-
|Other income, net
|28
|45
|84
|73
|-
|Income before income taxes
|2,474
|1,293
|6,100
|1,826
|-
|Provision for income taxes
|205
|115
|551
|184
|-
|Net income
|2,269
|1,178
|5,549
|1,642
|-
|Net income (loss) attributable to noncontrolling 

  interests and redeemable noncontrolling interests 

  in subsidiaries
|10
|36
|(28)
|62
|-
|Net income attributable to common stockholders
|2,259
|1,142
|5,577
|1,580
|-
|Net income per share of common stock 

  attributable to common stockholders
|
|
|
|
|-
|Basic
|2.18
|1.18
|5.38
|1.64
|-
|Diluted
|1.95
|1.02
|4.82
|1.41
|-
|Weighted average shares used in computing net 

  income per share of common stock
|
|
|
|
|-
|Basic
|1,037
|971
|1,036
|966
|-
|Diluted
|1,155
|1,119
|1,156
|1,126
|}
{| class="wikitable"
|+Consolidated Statements of Comprehensive Income (in millions) (unaudited)
|
| colspan="2" |Three Months Ended June 30,
| colspan="2" |Six Months Ended June 30,
|-
|
|2022
|2021
|2022
|2021
|-
|Net income
|$2,269
|$1,178
|$5,549
|$1,642
|-
|Other comprehensive (loss) income:
|
|
|
|
|-
|Foreign currency translation adjustment
|(421)
|63
|(517)
|(157)
|-
|Unrealized net loss on marketable securities
|(6)
|—
|(14)
|—
|-
|Comprehensive income
|1,842
|1,241
|5,018
|1,485
|-
|Less: Comprehensive income (loss) attributable to 

  noncontrolling interests and redeemable 

  noncontrolling interests in subsidiaries
|10
|36
|(28)
|62
|-
|Comprehensive income attributable to 

  common stockholders
|1,832
|1,205
|5,046
|1,423
|}
{| class="wikitable"
|+Consolidated Statements of Redeemable Noncontrolling Interests and Equity (in millions, except per share data) (unaudited)
!
{| class="wikitable"
|
|Redeemable Noncontrolling
| colspan="2" |Common Stock
|Additional Paid-In
|Accumulated Other Comprehensive
|Accumulated
|Total Stockholders’
|Noncontrolling Interests in
|Total
|-
|Three Months Ended June 30, 2022
|Interests
|Shares
|Amount
|Capital
|Loss
|Earnings
|Equity
|Subsidiaries
|Equity
|-
|Balance as of March 31, 2022
|459
|1,036
|1
|30,485
|(50)
|3,649
|34,085
|862
|34,947
|-
|Exercises of conversion feature of 

  convertible senior notes
|—
|0
|0
|0
|—
|—
|—
|—
|—
|-
|Settlements of warrants
|—
|3
|0
|0
|—
|—
|0
|—
|0
|-
|Issuance of common stock for equity 

  incentive awards
|—
|2
|0
|43
|—
|—
|43
|—
|43
|-
|Stock-based compensation
|—
|—
|—
|419
|—
|—
|419
|—
|419
|-
|Distributions to noncontrolling interests
|(13)
|—
|—
|—
|—
|—
|—
|(26)
|(26)
|-
|Buy-out of noncontrolling interests
|(10)
|—
|—
|(3)
|—
|—
|(3)
|—
|(3)
|-
|Net (loss) income
|(15)
|—
|—
|—
|—
|2,259
|2,259
|25
|2,284
|-
|Other comprehensive loss
|—
|—
|—
|—
|(427)
|—
|(427)
|—
|(427)
|-
|Balance as of June 30, 2022
|421
|1,041
|1
|30,944
|(477)
|5,908
|36,376
|861
|37,237
|}
{| class="wikitable"
|
|Redeemable Noncontrolling
| colspan="2" |Common Stock
|Additional Paid-In
|Accumulated Other Comprehensive
|Accumulated
|Total Stockholders’
|Noncontrolling Interests in
|Total
|-
|Six Months Ended June 30, 2022
|Interests
|Shares
|Amount
|Capital
|Income (Loss)
|Earnings
|Equity
|Subsidiaries
|Equity
|-
|Balance as of December 31, 2021
|568
|1,033
|1
|29,803
|54
|331
|30,189
|826
|31,015
|-
|Exercises of conversion feature of 

  convertible senior notes
|—
|0
|0
|0
|—
|—
|—
|—
|—
|-
|Settlements of warrants
|—
|3
|0
|0
|—
|—
|—
|—
|—
|-
|Issuance of common stock for equity 

  incentive awards
|—
|5
|0
|245
|—
|—
|245
|—
|245
|-
|Stock-based compensation
|—
|—
|—
|904
|—
|—
|904
|—
|904
|-
|Distributions to noncontrolling interests
|(25)
|—
|—
|—
|—
|—
|—
|(48)
|(48)
|-
|Buy-out of noncontrolling interests
|(11)
|—
|—
|(8)
|—
|—
|(8)
|—
|(8)
|-
|Net (loss) income
|(111)
|—
|—
|—
|—
|5,577
|5,577
|83
|5,660
|-
|Other comprehensive loss
|—
|—
|—
|—
|(531)
|—
|(531)
|—
|(531)
|-
|Balance as of June 30, 2022
|421
|1,041
|1
|30,944
|(477)
|5,908
|36,376
|861
|37,237
|}


7
----
{| class="wikitable"
|
|Redeemable Noncontrolling
| colspan="2" |Common Stock
|Additional Paid-In
|Accumulated Other Comprehensive
|Accumulated
|Total Stockholders’
|Noncontrolling Interests in
|Total
|-
|Three Months Ended June 30, 2021
|Interests
|Shares
|Amount
|Capital
|Income
|Deficit
|Equity
|Subsidiaries
|Equity
|-
|Balance as of March 31, 2021
|601
|963
|1
|27,623
|143
|(4,750)
|23,017
|847
|23,864
|-
|Exercises of conversion feature of 

  convertible senior notes
|—
|1
|0
|(6)
|—
|—
|(6)
|—
|(6)
|-
|Settlements of warrants
|—
|17
|0
|—
|—
|—
|0
|—
|0
|-
|Issuance of common stock for equity 

  incentive awards
|—
|3
|0
|69
|—
|—
|69
|—
|69
|-
|Stock-based compensation
|—
|—
|—
|519
|—
|—
|519
|—
|519
|-
|Contributions from noncontrolling interests
|2
|—
|—
|—
|—
|—
|—
|—
|—
|-
|Distributions to noncontrolling interests
|(14)
|—
|—
|—
|—
|—
|—
|(26)
|(26)
|-
|Net income
|16
|—
|—
|—
|—
|1,142
|1,142
|20
|1,162
|-
|Other comprehensive income
|—
|—
|—
|—
|63
|—
|63
|—
|63
|-
|Balance as of June 30, 2021
|605
|984
|1
|28,205
|206
|(3,608)
|24,804
|841
|25,645
|}
{| class="wikitable"
|
|Redeemable Noncontrolling
| colspan="2" |Common Stock
|Additional Paid-In
|Accumulated Other Comprehensive
|Accumulated
|Total Stockholders’
|Noncontrolling Interests in
|Total
|-
|Six Months Ended June 30, 2021
|Interests
|Shares
|Amount
|Capital
|Income (Loss)
|Deficit
|Equity
|Subsidiaries
|Equity
|-
|Balance as of December 31, 2020
|604
|960
|1
|27,260
|363
|(5,399)
|22,225
|850
|23,075
|-
|Adjustments for prior periods from 

  adopting ASU 2020-06
|—
|—
|—
|(474)
|—
|211
|(263)
|—
|(263)
|-
|Exercises of conversion feature of 

  convertible senior notes
|—
|1
|0
|5
|—
|—
|5
|—
|5
|-
|Settlements of warrants
|—
|17
|0
|—
|—
|—
|0
|—
|0
|-
|Issuance of common stock for equity 

  incentive awards
|—
|6
|0
|252
|—
|—
|252
|—
|252
|-
|Stock-based compensation
|—
|—
|—
|1,162
|—
|—
|1,162
|—
|1,162
|-
|Contributions from noncontrolling interests
|2
|—
|—
|—
|—
|—
|—
|—
|—
|-
|Distributions to noncontrolling interests
|(26)
|—
|—
|—
|—
|—
|—
|(46)
|(46)
|-
|Net income
|25
|—
|—
|—
|—
|1,580
|1,580
|37
|1,617
|-
|Other comprehensive loss
|—
|—
|—
|—
|(157)
|—
|(157)
|—
|(157)
|-
|Balance as of June 30, 2021
|605
|984
|1
|28,205
|206
|(3,608)
|24,804
|841
|25,645
|}
|}