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Instructions: In class, we have been discussing the recent annual financial statements and disclosure notes for corporations. In this project, you'll analyze recent financial statements for Tesla, Inc. In addition to discussions in class, a summary of the commonly-used ratios is included at the end of this document. The concepts are summarized in chapter 13 of the online textbook (chapter 13 is not included in the paper version of the textbook). The videos explaining these analysis concepts are also published on Connect. This spreadsheet contains ten tabbed worksheets (including this one). You are to complete the yellow-shaded areas on 5 of the worksheets, as decribed below: Worksheet Name Questions Answer yellow-shaded questions by referring to the financial statement sheets, MD+A Excerpts from section 7 (Management Discussion and Analysis) of Tesla's 2020 10-K document are provided for your reference. Inc St-Vert Perform a Common-Size (Vertical) Analysis of the Statement of Operations (Income Statement) in the yellow-shaded cells. Sample formulas are provided to get you started. Inc St-Horiz Perform a Trend (Horizontal) Analysis of the Statement of Operations (Income Statement) in the yellow-shaded cells. Sample formulas are provided to get you started. Bal Sht-Vert Perform a Common-Size (Vertical) Analysis of the Balance Sheet in the yellow-shaded cells. Sample formulas are provided to get you started. Bal Sht-Horiz Perform a Trend (Horizontal) Analysis of the Balance Sheet in the yellow-shaded cells, Sample formulas are provided to get you started. Cash Flows A copy of the Statement of Cash Flows is provided for your reference. Equity A copy of the Statement of Equity is provided for your reference. Excerpts from Item 8 (Financial Statements and Supplementary Data) of Tesla's 2020 10-K document are provided for your reference. 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The pattern one contine 2 2011 CEO of Wended to be in the year December 31, 2000 for the 2014 CEO Performance fard corrgard to the protys Other recorded in fiscal year 2020 23 miliona se pred row where perete under hard were considered the remaining 5357 Sent four manches were record penting as the first manat captions were chiedere Plans to record for more des Arapon Pom to the remaining to buted competition gente 56 table sections and spread the of a year 2020 er got tortor in reprehenderit cantoret promotion.com widges and marketing de Adolescente per price mere energet of our control System.Con Coregance- Loing-Secure Legaten Bang , to consisted francia Al 566A paper decor15 w 10% nywed December 2012 sette orded December 31, 2018 The en tot romanding by SGA dede Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H Ca Forum Vertical Analysis Dec 31, 2019 Dec 31, 2020 37.2% $ 6,268 1.324 3,552 959 12.103 $ 19,384 1,886 4,101 1,346 26.717 3,091 3,979 12.747 1.558 313 207 1,536 52.148 2,447 6,138 10,396 1.218 339 198 1.470 34,309 Tesla, Inc. Consolidated Balance Sheets - USD (S) Sin Millions Current assets Cash and cash equivalents Accounts receivable, niet Inventory Prepaid expenses and other current assets Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Intangible assets, net Goodwill Other non-current assets Total assets Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases Total current liabilities Debt and finance leases, net of current portion Deferred revenue, net of current portion Other long-term liabilities Total liabilities Commitments and contingencies (Note 16) Redeemable noncontrolling interests in subsidiaries Convertible senior notes Note 12) Stockholders' equity Preferred stock; 50.001 par value; 100 shares authorized; no shares issued and outstanding Common stock: 50.001 par value; 2,010 shares authorized: 960 and 905 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity 6,051 3.855 1.458 752 2,132 14,248 9,356 1,284 3,330 3,771 3.222 1,163 726 1,785 10,667 11,634 1,207 2.691 26,199 28.418 614 SI 543 U 1 1 U 27,260 363 (5.399) 22,225 850 52.148 12,736 (36) (6.083) 6,618 849 34,309 U Prior period remmit ne heen adjusted to reflect the five-for-we stock split offered in the form of a stock dividend in Augusr 20120 See More Overview Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H C Reum Horizontal Analysis %Chg Dec 31, 2019 Dec 31, 2020 $ Che 13.116 209% S6,268 1.324 $ 19,384 1.886 4,101 1,346 26.717 3,091 3,979 12.747 1.558 313 207 1,536 52.148 3,552 959 12.103 2,447 6,138 10,396 1,218 339 198 1.470 34,309 Tesla, Inc. Consolidated Balance Sheets - USD (S) Sin Millions Current assets Cash and cash equivalents Accounts receivable, niet Inventory Prepaid expenses and other current assets Total current assets Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Intangible assets, net Goodwill Other non-current assets Total assets Current liabilities Accounts payable Accrued liabilities and other Deferred revenue Customer deposits Current portion of debt and finance leases Total current liabilities Debt and finance leases, net of current portion Deferred revenue, net of current portion Other long-term liabilities Total liabilities Commitments and contingencies (Note 16) Redeemable noncontrolling interests in subsidiaries Convertible senior notes Note 12) Stockholders' equity Preferred stock; 50.001 par value; 100 shares authorized; no shares issued and outstanding Common stock: 50.001 par value; 2,010 shares authorized: 960 and 905 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity 6,051 3.855 1.458 752 2,132 14,248 9,356 1,284 3,330 3.771 3.222 1,163 726 1.785 10,667 11,634 1.207 2,691 26.199 28.418 643 614 SI U 1 1 U 27,260 363 (5.399) 22,225 850 52.148 12,736 (36) (6,083) 6,618 849 34,309 Il Prior period rest we heen adjusted to reflect the five-for-westock split offered in the form of a stack didend in August 20120 See More). Overview Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H Cash Flows Vertical Analysis Retum 12 Months Ended Dec 31, 2019 Dec 31, 2020 Dec 31, 2018 83.0% S 26,184 1,052 27,236 1.994 2.306 31,336 $ 19,952 869 20.821 1.531 2.226 24.578 $17.632 883 18.515 1.555 1.391 21.461 19,696 563 20,259 1.976 2,671 24,916 6,630 15,919 459 16,398 1.341 2.770 20,509 4,069 13.686 488 14,174 1.365 1.880 17,419 4,042 1,491 3.145 1,400 2.835 Tesla, Inc. Conselidated Statements of Operations USD (5) shares in Milliowy. Sin Millions Revenues Automotive sales Automotive leasing Total automotive revenues Energy generation and storage Services and other Total reveries Cost of revenues Automotive sales Automotive leasing Total automotive cast of revenues Energy generation and storage Services and other Total cost of revenues Gross profit Operating expenses Research and development Selling, general and administrative Restructuring and other Total operating expenses Income (less) from operations Interest income Interest expense Other expense) income, net Income (less) before income taxes Provision for income taxes Net income (less) Net income (loss) attributable to no controlling interests and redeemable noncontrolling interests in subsidiaries Net income (loss) attributable to common stockholders Less Buy-out of noncontrolling interest Net income foss used in computing net income (lossi per share of common stock Net income (loss) per share of common stock attributable to common stockholders Basic Diluted Weighted average shares used in computing net income (less) per share of common stock Basic Diluted 135 4.636 1,994 30 (748) (122) 1,154 292 5862 141 1.343 2,646 149 4.138 (69) 44 1685) 45 (665) 110 (5775) 87 4.430 (388) 24 (663) 22 (1,005) SR (51,063) (87) (976) 721 31 $ 690 1862) 8 $(870) $1976) S0.74 S 0.64 50.98) $10.98) S1.14) 541.14) 933 1,083 887 887 853 R$3 ZU til Prior period rerne have been adjusted to reflect the five-for-ome sick split effected in the form of a stock dividend in Angnet 2020. See More 1. Overview Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H Cash Flows Equity Herinntal Analysis Raum Dec 31, 2020 3Cg Chg 12 Months Eaded Dec 31, 2019 Sche % Ch Dec 31, 2018 6232 31% $ 26,18+ 1.052 27.236 1.994 2.16 31.336 $19.952 869 20.821 1.531 2.226 24.57 $17.632 R3 18.515 1.555 1.391 21.461 19,696 563 20,259 1.996 2.671 24. 6610 15,939 459 16.19 1.541 2,770 20.509 4.069 13.686 485 14.174 1.165 1.NO 17.419 4,042 Tesla, Inc. Consolidated Statements of Operations USD ($) shures in Milos Sin Millions Revenues Automotive sales Automotive leasing Total automotive revenues Energy generation and storage Services and other Total revenues Cost of revenues Automotive sales Automotive leasing Total automotive cost of revenues Energy generation and more Services and other Total cost of revenues Gross profit Operating expenses Research and development Selling general and administrative Restructuring and other Totalpringene Income close from operations Interest income Interestepense Other (open) income, ne Income foss) before income takes Provision for income taxes Net income (oss) Net income ottbutable to no controlling interests and Redeemable noncontrolling interests in subsidiaries Net income foss) attributable to common stockholders Less Bay out of noncontrolling interest Net income to use in computing net income les persone of common ock Net Income (hows) per share of common stock attributable to common stockholders 1.491 3,145 1,400 2.833 115 4,410 COND 24 46 1.994 VO (748) (122) 1.14 292 1863 141 1.141 2.646 149 411 (6) 44 1685) 45 1665 110 (57751 2 22 11.0051 S: (51.463 (7761 721 31 S690 1163 N SEN70) 5497611 10 $0.74 $0.64 50.98) $10.98) 5(1.14) S(1.14) Diluned Weighted average shares used in computing act income (los) per share of common stock Basic Diluted 853 933 1.OR 887 887 10 RS II wow period render have been limited to reflect the Pre-for-ne lek po elected in the forw e/stack vikend August 2021 See Nole Cherie Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H 12 Months Ended Dec 31, 2019 Dec. 21. 2030 Dec 31, 2018 SH 54723 SIL Tesla, Inc. Consolidated Statements of Cash Flows - USD 48) Sis Millions Cash Flows from Operating Activities Not income fosil Adjustments to reconcile net income foss) to net cash provided by operating activities: Depreciation, mortization and impairment Sex-based compensation Amortization of debe discounts and issuance costs Inventory and purchase comments write downs Loss en disposal of fixed assets Foreign currency transaction et loss pain Non-cash interest and other operating activities Operating cash flow related to repayment of discounted convertible senior notes 2154 1. 729 159 1,794 INO 202 117 114 193 IN IRK Changes in operating assets and liabilities, net of effect of business combinaties: 6521 1422 (1.072) 367) 42 (764) 0215 115 Accounts receive Inventory Orating lease vicles Prepaid expenses and other create Other son cursets Accounts payable and red liabilities Defined Customer deposits Other lagem liabilities Nel cash provided by operating activities Cash Flows from Investing Activities Purchases of property and equipment excluding fieles act of sales 20 1. 406 321 2 295 5,90 HOE 5 (3) 2.005 353 2.0 2.157 (1.927) 2.101 105) 45 (75) 123 10 131 (1 145) (1416 54 9,713 (11.4231 1 9.16 16 152 100 555) 2401 417 389 26 321) 181) 15 16 3) Purchases of solar energy system for sale Receipt of governments Purchase of intangible assets Business combinations, set of cash acquired Net cash used in investing activities Cash Flows from Financing Activities Precced from issuance of common stock in public offerings, net of instance costs Proxeeds froes issuances of convertible and other debe Repayment of convertible and other dicht Repayments of borrowing issued to related parties Collateralued and payments Proccocks from cercises of stock optices and other stock iacca Principal payments on finance leases Debtice costs Purchase of convertible e hedges Proceeds from ince of warrants Proceeds from investments by noncontrolling interests in subsidiaries Distributions paid to noncontrolling interests in subsidiaries Payments for buyouts of noncontrolling interests in subsidiaries Net cash provided by financing activities Effect of exchange rate changes on cash and cash equivalents and restricted cash Not increase in cash and chequivalents and restricted cash Cash and cash equivalents and restricted cash beginning of period Cash and cash equivalents and restricted cash, end of perved Supplemental Non-Cash Investing and Financing Activities Equity issued in connection with business combinatie Acquisitions of property and equipment included in liabilities Estimated fair value of facilities under build-out cases Supplemental Dancers Cash paid during the period for interest Act of amounts capitalized Casa paal during the period for taxes, net of tends 194 24 20 (25) 9.973 114 1.529 100 574 1.US 6.7K 2.505 4.277 56.73 312 965 207 DOR 13 46 SIIS 355 $ 54 $35 Instructions Questions MD+A Bal-V Bal-H Inc-V Inc-H Cash Flows Equity Dis Tesla. Inc. Consolidated Statements of Redeemable Nemcontrolling Interest and Stockholders' Equity - USD (5) shares in Millions, Sin Millies Comme Stock Redeemable Nancontrolling Interests Additional Paid in Capital Shares Accumulated Accumulated the Comprehensive Total Stockholders Defic Incore Less Equity (54.9741 $ 54.2.17 623 61 Amount 51 $19 59.177 Balance as of December 21, 2017 Adjustments for prior period from adopting ASC 66 Adjustments for prior period from adopting ASU 2017-05 Exercises of conversion feature of convertible senior notes 1 0 0 0 IR O 296 775 295 775 D 0 276 1611 (62) (9761 (976 141) S654 63 1 $10.248 ISS.IN ES 491 491 (4700 194 442 174 412 244 O Issuance of common stock for equity incentive awards Stock-based companie Contributions from noncontrolling interest Distributions to not controlling interests Other Net Other comprehensive loss Ralances of December 31, 2018 Adjustments for print period from adopting ASC 42 Conversion feature of 2.A4. Convertible Se Notes dwe in 2034 (2024 Notes) Purchase of convertible note hedges Sales or warrants wance of common work for quity incentive awards and set of transactions Image of common stock is May 2019 public offering a SAX, per sharoit) et of new costs of S15 Stocktoned com Cibutions from non controlling inter Distribution to controlling in Other Net income (o Other compelous Balance as of December 31, 2019 Adjustments for youned from adopting ASU 2016-1 Reclassification betwem puity and meaninu equity for convertible senior notes Brace of conversion feature of convertibles notes IR 0 4 X 10 978 971 0 105 1650 (11 48 44 (20 D 0 (6 (2ND 16,61 07 5641 90% $1 - $12.76 07 (51) 151 2 2 0 34 50 19 34 0 0 417 12.269 412 12.30 1861 Issuance of emme lock for equity incentive and Issuance of common stock public offerings net of issance costs of SON Stock-based compati Contributions from no controlling interest Distributions to controlling interests Bay-cuts of noncontrolling interests Net some cosa Other couprchensive income Balance as of December 31, 2020 7 1671 41 25 01 1,861 O 0 31 721 199 $22.225 721 392 5341 5604 960 51 527.260 155.3991 Bal-H Inc.V Inc-H Instructions Questions MD+A Bal-V Following except 220 km Editor Note 2 - Summary of Significant Accounting Policies Call and an Al * me r.com cash. 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