To facilitate the identification of significant changes and determining the reasons for such changes, the comprehensive variance analysis must include the following information: 1. Balance Sheet: a. Current vs. prior balance under review dollar and percent changes b. compares of balances as a percentage of total assets (for assets) and as a percentage of total liabilities and net assets (for liabilities and net assets). 2. Statement of Revenues, Expenses (Profit & Loss): a. Current vs. prior balances - dollar and percent changes b. Current vs. prior balances dollar and percent changes for operating expenses: By account classification (as deemed necessary) By function for each natural classification type c. Balances for the comparison as follows: Components of revenues as a percentage of total operating revenues. Components of operating expenses by classification as a percentage of total expenses. 3. Statement of Cash flow- a. Current vs past dollar and percent changes b. comparison of balances as a percentage of totals. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2021 December 31, 2020 Assets Current assets Cash and cash equivalents Short-term marketable securities Accounts receivable, net $ 16,065 $ 19,384 30 1,962 1,886 5,199 4,101 Inventory Prepaid expenses and other current assets 1,746 1,346 Total current assets 25,002 26,717 4,167 3,091 5,821 5.979 17,298 12,747 Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Digital assets, net Intangible assets, net Goodwill 1,962 1,558 1,260 269 313 201 207 Other non-current assets 1,854 1,536 Total assets S 57,834 $ 52,148 Liabilities Current liabilities Accounts payable $ 8,260 $ 6,051 Accrued liabilities and other 5,443 3,855 Deferred revenue 1.801 1,458 831 752 1,716 2,132 18,051 14,248 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 6,438 9,556 1.365 1,284 3,486 3,330 29,340 28,418 Commitments and contingencies (Note 12) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 10) 605 604 51 Equity Stockholders' equity Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding INT IIT Common stock; $0.001 par value; 2,000 shares authorized; 1,004 shares and 960 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively Additional paid-in capital Accumulated other comprehensive income Accumulated deficit 28,922 27,260 120 363 (1,990) (5,399 Total stockholders' equity 27,053 22,225 Noncontrolling interests in subsidiaries 836 850 Total liabilities and equity $ 57,834 $ 52,148 Tesla, Inc. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Automotive sales $ $ 30,251 $ 17,150 1,014 772 Automotive leasing Total automotive revenues 31,265 17,922 2,101 1,242 Energy generation and storage Services and other 2,738 1,628 Total revenues 36,104 20,792 Cost of revenues Automotive sales 21,726 Automotive leasing 582 Total automotive cost of revenues 22,308 Energy generation and storage 2,179 Services and other 2,858 Total cost of revenues 27,345 8,759 1,853 Gross profit Operating expenses Research and development Selling, general and administrative Restructuring and other Total operating expenses 3,023 ||19|17||||||10|| 19 | 211"191618121, 1215 || 1 | 12 | (27 02:21 Taka 1981-19 -1 T 1919 4,849 3,910 Income from operations Interest income 2013 | *||2||$||191 111 12 31 Interest expense (300) (6 67 Other (expense) income, net Income before income taxes 3,708 Provision for income taxes 407 3,301 Net income Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 103 Net income attributable to common stockholders $ $ $ 3,198 S $ $ $ 3,198 S Less: Buy-out of noncontrolling interest Net income used in computing net income per share of common stock Net income per share of common stock attributable to common stockholders Basic $ $ 0.32 $ 3.27 S 0.45 Diluted $ $ 0.27 $ 2.84 S 0.40 Weighted average shares used in computing net income per share of common stock Basic 998 937 977 927 Diluted 1,123 1,105 1,130 1,059 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2020 December 31, 2019 S S 6,268 1,324 3,552 959 14,531 1,757 4,218 1,238 21,744 2,742 6,025 11,848 1.375 318 203 1,436 45,691 12.103 2,447 6,138 10,396 1.218 339 198 1,470 34,309 S S Assets Current assets Cash and cash equivalents Accounts receivable, net 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 Liabilities 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 12) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 10) Equity Stockholders' equity Preferred stock; $0.001 par value: 100 shares authorized: S S 3,771 3,222 1,163 4,958 3,252 1,258 708 3,126 13,302 10.559 1,233 3,049 28.143 726 1,785 10,667 11,634 1,207 2.691 26.199 608 643 48 no shares issued and outstanding Common stock; $0.001 par value: 2.000 shares authorized: 948 and 905 shares issued and outstanding as of September 30, 2020 and December 31, 2019. respectively (1) Additional paid-in capital (1) Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity 1 21,574 125 (5,669 16,031 861 45,691 1 12,736 (36 (6,083 6,618 849 34,309 (1) Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020. See Note 1, Overview for details. . The accompanying notes are an integral part of these consolidated financial statements. 4 Tesla, Inc. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ 5,132 $ $ 5,353 3.7 7,346 265 7.611 579 581 8.771 17,150 772 17,922 1.242 1,628 20.792 6.303 17,194 4,014 11,124 5,361 145 5.506 558 4.131 12,774 415 13,189 1.189 1.850 11,464 644 6.708 | ||| EISIsee les||== 5.112 16.228 14,516 2.063 1,191 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 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 (loss) from operations Interest income Interest expense Other (expense) income, net Income (loss) before income taxes Provision for income taxes Net income (loss) Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries Net income (loss) attributable to common stockholders 4,564 || |es-see " || 366 888 969 2.176 1.254 809 |||||||||| Sigle||||||||| (185 (163 (97 555 3.145 1,419 24 (502 (166 775 209 186 68 369 566 (907 115 38 331 $ $ $ 451 $ (967 31 31 Icon 300 143 420 (975 Less: Buy-out of noncontrolling interest Net income (loss) used in computing net income (loss) per share of common stock Net income (loss) per share of common stock attributable to common stockholders (1) Basic $ 0.32 $ 0.16 $ 0.45 $ (1.11 Diluted $ 0.27 $ 0.16 S 0.40 $ (1.11 Weighted average shares used in computing net income (loss) per share of common stock (1) Basic 937 897 927 882 Diluted 1.105 922 1,059 882 (1) Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020. See Note 1, Overview for details. To facilitate the identification of significant changes and determining the reasons for such changes, the comprehensive variance analysis must include the following information: 1. Balance Sheet: a. Current vs. prior balance under review dollar and percent changes b. compares of balances as a percentage of total assets (for assets) and as a percentage of total liabilities and net assets (for liabilities and net assets). 2. Statement of Revenues, Expenses (Profit & Loss): a. Current vs. prior balances - dollar and percent changes b. Current vs. prior balances dollar and percent changes for operating expenses: By account classification (as deemed necessary) By function for each natural classification type c. Balances for the comparison as follows: Components of revenues as a percentage of total operating revenues. Components of operating expenses by classification as a percentage of total expenses. 3. Statement of Cash flow- a. Current vs past dollar and percent changes b. comparison of balances as a percentage of totals. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2021 December 31, 2020 Assets Current assets Cash and cash equivalents Short-term marketable securities Accounts receivable, net $ 16,065 $ 19,384 30 1,962 1,886 5,199 4,101 Inventory Prepaid expenses and other current assets 1,746 1,346 Total current assets 25,002 26,717 4,167 3,091 5,821 5.979 17,298 12,747 Operating lease vehicles, net Solar energy systems, net Property, plant and equipment, net Operating lease right-of-use assets Digital assets, net Intangible assets, net Goodwill 1,962 1,558 1,260 269 313 201 207 Other non-current assets 1,854 1,536 Total assets S 57,834 $ 52,148 Liabilities Current liabilities Accounts payable $ 8,260 $ 6,051 Accrued liabilities and other 5,443 3,855 Deferred revenue 1.801 1,458 831 752 1,716 2,132 18,051 14,248 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 6,438 9,556 1.365 1,284 3,486 3,330 29,340 28,418 Commitments and contingencies (Note 12) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 10) 605 604 51 Equity Stockholders' equity Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding INT IIT Common stock; $0.001 par value; 2,000 shares authorized; 1,004 shares and 960 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively Additional paid-in capital Accumulated other comprehensive income Accumulated deficit 28,922 27,260 120 363 (1,990) (5,399 Total stockholders' equity 27,053 22,225 Noncontrolling interests in subsidiaries 836 850 Total liabilities and equity $ 57,834 $ 52,148 Tesla, Inc. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Automotive sales $ $ 30,251 $ 17,150 1,014 772 Automotive leasing Total automotive revenues 31,265 17,922 2,101 1,242 Energy generation and storage Services and other 2,738 1,628 Total revenues 36,104 20,792 Cost of revenues Automotive sales 21,726 Automotive leasing 582 Total automotive cost of revenues 22,308 Energy generation and storage 2,179 Services and other 2,858 Total cost of revenues 27,345 8,759 1,853 Gross profit Operating expenses Research and development Selling, general and administrative Restructuring and other Total operating expenses 3,023 ||19|17||||||10|| 19 | 211"191618121, 1215 || 1 | 12 | (27 02:21 Taka 1981-19 -1 T 1919 4,849 3,910 Income from operations Interest income 2013 | *||2||$||191 111 12 31 Interest expense (300) (6 67 Other (expense) income, net Income before income taxes 3,708 Provision for income taxes 407 3,301 Net income Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 103 Net income attributable to common stockholders $ $ $ 3,198 S $ $ $ 3,198 S Less: Buy-out of noncontrolling interest Net income used in computing net income per share of common stock Net income per share of common stock attributable to common stockholders Basic $ $ 0.32 $ 3.27 S 0.45 Diluted $ $ 0.27 $ 2.84 S 0.40 Weighted average shares used in computing net income per share of common stock Basic 998 937 977 927 Diluted 1,123 1,105 1,130 1,059 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Tesla, Inc. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2020 December 31, 2019 S S 6,268 1,324 3,552 959 14,531 1,757 4,218 1,238 21,744 2,742 6,025 11,848 1.375 318 203 1,436 45,691 12.103 2,447 6,138 10,396 1.218 339 198 1,470 34,309 S S Assets Current assets Cash and cash equivalents Accounts receivable, net 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 Liabilities 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 12) Redeemable noncontrolling interests in subsidiaries Convertible senior notes (Note 10) Equity Stockholders' equity Preferred stock; $0.001 par value: 100 shares authorized: S S 3,771 3,222 1,163 4,958 3,252 1,258 708 3,126 13,302 10.559 1,233 3,049 28.143 726 1,785 10,667 11,634 1,207 2.691 26.199 608 643 48 no shares issued and outstanding Common stock; $0.001 par value: 2.000 shares authorized: 948 and 905 shares issued and outstanding as of September 30, 2020 and December 31, 2019. respectively (1) Additional paid-in capital (1) Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Noncontrolling interests in subsidiaries Total liabilities and equity 1 21,574 125 (5,669 16,031 861 45,691 1 12,736 (36 (6,083 6,618 849 34,309 (1) Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020. See Note 1, Overview for details. . The accompanying notes are an integral part of these consolidated financial statements. 4 Tesla, Inc. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 $ $ 5,132 $ $ 5,353 3.7 7,346 265 7.611 579 581 8.771 17,150 772 17,922 1.242 1,628 20.792 6.303 17,194 4,014 11,124 5,361 145 5.506 558 4.131 12,774 415 13,189 1.189 1.850 11,464 644 6.708 | ||| EISIsee les||== 5.112 16.228 14,516 2.063 1,191 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 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 (loss) from operations Interest income Interest expense Other (expense) income, net Income (loss) before income taxes Provision for income taxes Net income (loss) Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries Net income (loss) attributable to common stockholders 4,564 || |es-see " || 366 888 969 2.176 1.254 809 |||||||||| Sigle||||||||| (185 (163 (97 555 3.145 1,419 24 (502 (166 775 209 186 68 369 566 (907 115 38 331 $ $ $ 451 $ (967 31 31 Icon 300 143 420 (975 Less: Buy-out of noncontrolling interest Net income (loss) used in computing net income (loss) per share of common stock Net income (loss) per share of common stock attributable to common stockholders (1) Basic $ 0.32 $ 0.16 $ 0.45 $ (1.11 Diluted $ 0.27 $ 0.16 S 0.40 $ (1.11 Weighted average shares used in computing net income (loss) per share of common stock (1) Basic 937 897 927 882 Diluted 1.105 922 1,059 882 (1) Prior period results have been adjusted to reflect the five-for-one stock split effected in the form of a stock dividend in August 2020. See Note 1, Overview for details
