Compare Q4 2020 to Q4 2021 financial results from the income statement and balance sheet on shareholder deck pages 30 and 31. a. Calculate three or four ratios for Q4 for both 2020 and 2021. b. Place your ratios in a small table. c. Compare the ratios: Explain what the difference (or similarity) means. Ie, did it improve or worsen? And more importantly what caused the change? begin by thinking about this part of the question mathematically if you did a ratio like ROA, it is a fraction with Net income in the numerator and Total Assets in the denominator. For ROA to improve which means it increased in 2021 compared to 2020, either the numerator would have gotten proportionately larger, the denominator got proportionately lower, or both of those occurred. 2. Explain why you believe Tesla provides both GAAP and non-GAAP results. a. Use some specific examples explain some of the differences in net income and in cashflows on shareholder deck pages 34 and 35. Note: TTM refers to trailing twelve months. It represents the sum of the current quarter plus the three previous quarters. 3. Tesla has suffered cumulative losses up until 2020, see shareholder deck page 26. a. How do the years of cumulative losses reconcile with having many quarters/years with positive free cash flows?

4. Finally, consider that our company purchased 10 shares of this stock for $100 / share January of 2019, what would your unrealized two-year return be given that December 2021 it was selling for $1,000.