Tesla, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Tesla, Inc. has submitted its Q1 2024 10-Q filing, providing a detailed financial overview and comparative data.</b>

AI Summary

Tesla, Inc. (TSLA) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Tesla, Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data and operational updates are detailed within the report. The report includes information on common stock, additional paid-in capital, and retained earnings as of March 31, 2024. Comparative data from previous periods, including December 31, 2023, and March 31, 2023, is provided.

Why It Matters

For investors and stakeholders tracking Tesla, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and position of Tesla, Inc. for the first quarter of 2024, enabling informed investment decisions. The inclusion of comparative data allows for trend analysis and assessment of Tesla's financial trajectory over time.

Risk Assessment

Risk Level: medium — Tesla, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report, but the automotive and energy sectors are highly competitive and subject to rapid technological change, which presents ongoing risks.

Analyst Insight

Monitor Tesla's revenue growth and profitability trends in the automotive and energy sectors as detailed in this 10-Q to assess its competitive standing.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-04-24 — Filing Date (10-Q Submission)
• 2024 Q1 — Fiscal Quarter (Reporting Period)
• 0001318605 — Central Index Key (Company Identifier)

Key Players & Entities

• Tesla, Inc. (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-04-24 (date) — Filing Date
• 2024-01-01 (date) — Quarter Start Date
• 2023-12-31 (date) — Previous Year End
• 2023-03-31 (date) — Prior Year Quarter End
• DE (jurisdiction) — State of Incorporation
• PALO ALTO (location) — Business Address City

FAQ

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC

Filing Documents

• tsla-20240331.htm (10-Q) — 1151KB
• tsla-2024x03x31xex311.htm (EX-31.1) — 10KB
• tsla-2024x03x31xex312.htm (EX-31.2) — 10KB
• tsla-2024x03x31xex321.htm (EX-32.1) — 6KB
• 0001628280-24-017503.txt (&nbsp;) — 7003KB
• tsla-20240331.xsd (EX-101.SCH) — 53KB
• tsla-20240331_cal.xml (EX-101.CAL) — 79KB
• tsla-20240331_def.xml (EX-101.DEF) — 240KB
• tsla-20240331_lab.xml (EX-101.LAB) — 566KB
• tsla-20240331_pre.xml (EX-101.PRE) — 409KB
• tsla-20240331_htm.xml (XML) — 1135KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Redeemable Noncontrolling Interests and Equity 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

Signatures

Signatures 36 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These forward-looking statements include, but are not limited to, statements concerning supply chain constraints, our strategy, competition, future operations and production capacity, future financial position, future revenues, projected costs, profitability, expected cost reductions, capital adequacy, expectations regarding demand and acceptance for our technologies, growth opportunities and trends in the markets in which we operate, prospects and plans and objectives of management. The words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part I, Item 1A, "Risk Factors" of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and that are otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"). The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. We do not assume any obligation to update any forward-looking statements. Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 11,805 $ 16,398 Short-term investments 15,058 12,696 Accounts receivable, net 3,887 3,508 Inventory 16,033 13,626 Prepaid expenses and other current assets 3,752 3,388 Total current assets 50,535 49,616 Operating lease vehicles, net 5,736 5,989 Solar energy systems, net 5,162 5,229 Property, plant and equipment, net 31,436 29,725 Operating lease right-of-use assets 4,367 4,180 Digital assets, net 184 184 Intangible assets, net 171 178 Goodwill 250 253 Deferred tax assets 6,769 6,733 Other non-current assets 4,616 4,531 Total assets $ 109,226 $ 106,618 Liabilities Current liabilities Accounts payable $ 14,725 $ 14,431 Accrued liabilities and other 9,243 9,080 Deferred revenue 3,024 2,864 Current portion of debt and finance leases 2,461 2,373 Total current liabilities 29,453 28,748 Debt and finance leases, net of current portion 2,899 2,857 Deferred revenue, net of current portion 3,214 3,251 Other long-term liabilities 8,480 8,153 Total liabilities 44,046 43,009 Commitments and contingencies (Note 10) Redeemable noncontrolling interests in subsidiaries 73 242 Equity Stockholders' equity Preferred stock; $ 0.001 par value; 100 shares authorized; no shares issued and outstanding — — Common stock; $ 0.001 par value; 6,000 shares authorized; 3,189 and 3,185 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 3 3 Additional paid-in capital 35,763 34,892 Accumulated other comprehensive loss ( 399 ) ( 143 ) Retained earnings 29,011 27,882 Total stockholders' equity 64,378 62,634 Noncontrolling interests in subsidiaries 729 733 Total liabilities and equity $ 109,226 $ 106,618 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents Tesla

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note 1 – Summary of Significant Accounting Policies Unaudited Interim Financial Statements The consolidated financial statements of Tesla, Inc. ("Tesla", the "Company", "we", "us" or "our"), including the consolidated balance sheet as of March 31, 2024, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity, and the consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. Revenue Recognition Revenue by source The following table disaggregates our revenue by major source (in millions): Three Months Ended March 31, 2024 2023 Automotive sales $ 16,460 $ 18,878 Auto

View Full Filing

View this 10-Q filing on SEC EDGAR