Highlights 03 Financial Summary04 Operational Summary06 Vehicle Capacity 07 Core Technology08 Other Highlights09 Outlook10 Photos11 Key Metrics21 Financial Statements23 Additional Information29
Q1 2021Update
In Q1, we achieved our highest ever vehicle production and deliveries. This was in spite of multiple challenges, including seasonality, supply chain instability and the transition to the new Model S and Model X. Our GAAP net income reached $438M, and our non-GAAP net income surpassed $1B for the first time in our history.
While the ASP 2of our vehicles declined in Q1, our auto gross margin increased sequentially, as our costs decreased even faster. Reducing the average cost of the vehicles we produce is essential to our mission. In 2017, as we began production of Model 3, our average cost per vehicle across the fleet was ~$84,000. Due to the launch of new products and new factories and the reduced mix of Model S and Model X, our average cost declined to sub-$38,000 per vehicle in Q1.
About three and a half years into its production, and even without a European factory, Model 3 was the best-selling premium sedan in the world,3outselling long-time industry leaders such as the 3 Series an
d E-Class. This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally.
First deliveries of the new Model S should start very shortly, Model Y production rate in Shanghai continues to improve quickly and two new factories Berlin and Texas are making progress. There is a lot to be excited about in 2021.
Operating cash flow less capex (free cash flow) of $293M in Q1Debt and finance lease reduction of $1.2B in Q1Net cash outflow of $1.2B related to Bitcoin in Q1
财报asp是什么意思In total, $2.2B decrease in our cash and cash equivalents in Q1 to $17.1B
Cash
Model 3 was the best-selling premium sedan in the world 3Production ramp of Model Y in Shanghai progressing well
Record vehicle production and deliveries in Q1
Profitability
$594M GAAP operating income; 5.7% operating margin in Q1
$438M GAAP net income; $1.1B non-GAAP net income (ex-SBC 1) in Q1SBC expense of $614M in Q1
Operations
S U M M A R Y
H I G H L I G H T S  (1) SBC = stock-based compensation
(2) ASP = average selling price
(3) Based on most recent comparable publicly available OEM data
(Unaudited)
($ in millions, except percentages and per share data)Q1-2020Q2-2020Q3-2020Q4-2020Q1-2021YoY Automotive revenues5,132 5,179 7,611 9,3149,00275% of which regulatory credits354 428 397 40151846% Automotive gross profit1,311 1,317 2,105 2,2442,38582% Automotive gross margin25.5%25.4%27.7%24.1%26.5%95 bp
Total revenues5,985 6,036 8,771 10,74410,38974% Total gross profit1,234 1,267 2,063 2,0662,21579% Total GAAP gross margin20.6%21.0%23.5%19.2%21.3%70 bp
Operating expenses951 940 1,254 1,491 1,621 70% Income from operations283 327 809 575 594 110% Operating margin  4.7%  5.4%9.2%  5.4%  5.7%99 bp
Net income attributable to common stockholders (GAAP)16 104 331 270 438 2638% Net income attributable to common stockholders (non-GAAP)227 451 874 903 1,052 363%
EPS attributable to common stockholders, diluted (GAAP)(1)0.02 0.10 0.27 0.24 0.39 1850% EPS attributable to common stockholders, diluted (non-GAAP)(1)0.23 0.44 0.76 0.80 0.93 304%
Adjusted EBITDA951 1,209 1,807 1,850 1,841 94%
Net cash (used in) provided by operating activities(440)964 2,400 3,019 1,641 N/A Capital expenditures(455)(546)(1,005)(1,151)(1,348)196% Free cash flow(895)418 1,395 1,868 293 N/A Cash and cash equivalents8,080 8,615 14,531 19,384 17,141 112%
(1) Prior period results have been retroactively adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020.
Revenue Profitability Cash T otal revenue grew 74% Y oY in Q1. This was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. At the same time, vehicle ASP declined by 13% Y oY as Model S and Model X deliveries reduced in Q1 due to the product updates and as lower ASP China-made vehicles became a larger percentage of our mix.
Our operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $299M in Q1, driven by an increase in market capitalization and a new operational milestone becoming probable.
Y ear over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further
ne)were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.
Quarter-end cash and cash equivalents decreased to $17.1B in Q1, driven mainly by a net cash outfl
ow of $1.2B in cryptocurrency (Bitcoin) purchases, net debt and finance lease repayments of $1.2B,partially offset by free cash flow of $293M.

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