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Assumptions

cost of sales decreases 2.75% per year from 77% to 46%


depreciation as % of sales
Capex = depreciation
40% tax
take out stock based compensation
gross margin increases 2.2% per year from 22% to 46%
capex = change in fixed assets
SG&A decreases 2% per year
Required Return
11.0%
Tax Rate
40.0%
Terminal Growth Rate
10x EBITDA
Base Case
(in thousands)
Total Cars
Growth rate
EV, BEV, PHEV, FCEV market share
Growth rate of EV market
EV vehicles sold
Tesla Market Share
Tesla Cars Sold
$/Car
Decrease % per Sale
Tesla Sales Revenue
Sales Growth
SG&A (will decrease)

Income Statement
Cars sold
Revenues
Automotive sales
Car sales
ZEV Credits
Powertrains
Development services
Total revenues
Cost of revenues
Automotive sales
Percent of Car Sales
Development services
Total cost of revenues
Gross profit
Operating expenses
Research and development
Selling, general and administrative

2013
69,000,000
3.00%
0.20%
138000
16%
22447
$81
$1,818,207
2.00%

22.00%

2014
71,070,000
3.00%
0.211%
5.53%
150000
22%
33000
$81

2015
73,202,100
3.00%
0.300%
42.140%
219606
27%
60000
$81

$2,673,000
47.01%
21.56%

$4,860,000
81.82%
21.13%

Year Ended December 31,


2011
2012
2,650

2013
22,447

148,568
99,008
2,700
46,860
55,674
204,242

385,699
321,944
32,400
31,355
27,557
413,256

1,997,786
1,822,884
129,800
45,102
15,710
2,013,496

98,563
100%
27,165
125,728

342,833
106%
11,531
354,364

1,437,795
79%
13,356
1,451,151

78,514

58,892

562,345

208,981
104,102

273,978
150,372

231,976
285,569

Stock-based compensation *
Total operating expenses
Percent of Sales
EBITDA
Percent of Sales
Depreciation

29,419
313,083
153%
(234,569)
-114.85%
16,919

50,145
424,350
103%
(365,458)
-88.43%
28,825

80,737
517,545
26%
44,800
2.22%
106,083

EBIT
Interest income
Interest expense
Other income (expense), net

(251,488)
255
(43)
(2,646)

(394,283)
288
(254)
(1,828)

(61,283)
189
(32,934)
22,602

EBT
Provision for income taxes
Net Income
Percent of Sales
Net loss per share of common stock,

(253,922)
489
(254,411)
-125%
(2.53)

(396,077)
136
(396,213)
-96%
(3.69)

(71,426)
2,588
(74,014)
-4%
(0.62)

Weighted average shares, diluted

100,388,815

107,349,188

119,421,414

* Not included in calculations

Balance Sheet
Assets
Current assets
Cash and cash equivalents
Restricted cash
Accounts receivable
Inventory
Prepaid expenses and other current assets

December 31, December 31,


2012
2013

Total current assets


Operating lease vehicles, net
Property, plant and equipment, net
Restricted cash
Other assets
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Accrued liabilities
Deferred revenue
Capital lease obligations, current portion
Customer deposits
Convertible debt, current portion
Long-term debt, current portion
Total current liabilities

201,890
19,094
26,842
268,504
8,438

845,889
3,012
49,109
340,355
27,574

524,768

1,265,939

10,071
552,229
5,159
21,963

382,425
738,494
6,435
23,637

1,114,190

2,416,930

303,382
39,798
1,905
4,365
138,817
50,841

303,969
108,252
91,882
7,722
163,153
182
-

539,108

675,160

Common stock warrant liability


Capital lease obligations, less current portion
Deferred revenue, less current portion
Convertible debt, less current portion
Resale value guarantee
Long-term debt, less current portion
Other long-term liabilities

10,692
9,965
3,060
401,495
25,170

12,855
181,180
586,119
236,299
58,197

Total liabilities

989,490

1,749,810

Stockholders' equity
Common stock at par
Additional paid-in capital
Accumulated deficit

115
1,190,191
(1,065,606)

Total stockholders' equity

123
1,806,617
(1,139,620)

124,700

Total liabilities and stockholders' equity

1,114,190

667,120
$

2,416,930

Free Cash Flow Calculation


Operating Cash Flow
Working capital
Change in working capital
CAPEX
Free Cash Flow
Total Present Value 2014-2024
Terminal Value
Total PV of Terminal Value
Total Firm Value
Less: Debt
Plus: Excess Cash
Total Equity Value
Number of Shares after offering
Total Per share Value
P/E
EV/EBITDA
EV/Sales

590,779

2,806,691
150,346,042
52,730,611
55,537,302
0
0
55,537,302
125,380
$442.95

2014
(29,941)
2030849
1440070
218,607
(1,688,618)

2015
(93,876)
3201508
1170659
256,676
(1,521,211)

10

Multiple

2016
18,243
340126
-2861382
351,981
2,527,644

2016
75,398,163
3.00%
0.450%
50.000%
339292
25%
84823
$78.57
3.00%
$6,664,538
37.13%
20.71%

2017
77,660,108
3.00%
0.700%
55.556%
543621
24%
130469
$76.21
3.00%
$9,943,419
49.20%
20.29%

2018
79,989,911
3.00%
1.000%
60.000%
799899
23%
183977
$73.93
3.00%
$13,600,763
36.78%
19.89%

2019
82,389,608
3.00%
1.6000%
55.000%
1318234
22%
290011
$71.71
3.00%
$20,796,347
52.91%
19.49%

2020
84,861,297
3.00%
2.4800%
50.000%
2104560
21%
441958
$69.56
3.00%
$30,741,449
47.82%
19.10%

2021
87,407,136
3.00%
3.720000%
45.000%
3251545
20%
650309
$67.47
3.00%
$43,876,831
42.73%
18.72%

% of Sales

Annualized
2014
32,169

2015

9 Months Ended
Sep. 30, 2013 Sep. 30, 2014
% of Sales

2013

1,386,934

2014
24,127

93.61%
3.29%
3.10%
0.243%
99.76%

3,082,881
2,885,988
101,467
95,427
7,511
3,090,392

4,860,000

11,343
1,398,277

2,312,161
2,164,491
76,100
71,570
5,633
2,317,794

1,090,300

1,615,047

69.68%

2,153,396

3,394,695

8,304
1,098,604

6,674
1,621,721

299,673

619,974

0.29%
8,899
69.97%
2,162,295
changes from 70% to 46%
26.75%
826,632
changes from 22% to 46%

14,028
3,408,723
69.97%
1,303,134
26.75%

163,523
184,080

325,135
406,690

14.03%
17.55%

683,407
1,029,355

433,513
542,253

11,811
4,871,811

21.96%

347,603

6.98%
5.27%

% of Sales

731,825

163,955
(47,930)
97
(26,705)
18,018

(111,851)
907
(72,183)
2,401

(56,520)
1,230
(57,750)

(180,726)
5,685
(186,411)

(0.49)

(1.50)

118,282,194

124,216,526

September 30,
2014

Annualized
2014

25.70%

7.07%
-4.83%
0.04%
-3.11%
0.10%
-7.80%
0.25%
-8.04%
0.00%
0.000%

changes every year

21.13%

975,767

1,252,241

(149,135)

50,893
1.04%
256,676
-205783

218,607
(149,135)
1,209
(96,244)
3,201
(240,968)
7,580
(248,548)
0
(2.0)

1906
-151723
5047
-350552
0.000
(350,552)
-7.20%

165,622,035

2015

2016

2017

102.28%
0.75%
6.77%
32.47%
2.82%

2,370,735
17,331
156,889
752,492
65,467

3160980
23108
209185
1003323
87289

4983089
36428
329768
1581676
137606

6833330
49954
452212
2168959
188700

10195256
74531
674695
3236063
281538

145.09%

3,362,914

4483885

7068567

9693155

14462084

26.65%
60.59%
0.39%
1.88%

617,743
1,404,326
9,090
43,460

823657
1872435
12120
57947

1298445
2951777
19106
91349

1780563
4047784
26201
125268

2656580
6039251
39091
186898

234.60%

5,437,533

7250044

11429245

15672970

23383904

28.02%
8.39%
6.97%
0.41%
9.80%
25.78%

649,362
194,571
161,570
9,592
227,056
597,626
0

865816
259428
215427
12789
302741
796835
0

1364905
408972
339607
20162
477253
1256160

1871700
560825
465704
27648
654459
1722578

2792557
836745
694826
41250
976446
2570068

140.00%

1,839,777

2453036

3867059

9353029

13954619

0.55%
10.97%
79.77%
17.16%

12,806
254,321
1,848,796
397,742

17075
339095
2465061
530323

26917
534562
3886016
836021

36912
733047
5328910
1146439

55072
1093698
7950677
1710474

5.44%

125,997

167996

264835

363170

541845

234.60%

4,417,278

5889704

11429245

15672970

23383904

0.01%
98.54%
-57.21%

125
2,284,010
(1,326,041)

263
4800800
-1944860

360
6583357
-2139346

538
9822298
-2353281

41.34%

958,094

167
3045347
-1768055
10.00%
1277459

2013834

2761579

4120247

234.60%

5,437,533

7250044

11429245

15672970

23383904

2017
246,506
507465
167339
525,152
(445,985)

2018
637,119
694118
186653
718,311
(267,846)

2019
1,299,029
1061347
367228
1,098,339
(166,538)

2020
2,327,016
1568897
507551
1,623,579
195,886

2021
3,901,898
2239265
670367
2,317,312
914,219

2022
5,844,372
2919611
680346
3,021,370
2,142,656

2022
90,029,350
3.000%
5.39400%
40.000%
4856183
18%
874113
$65.45
3.00%
$57,207,730
30.38%
18.34%

2023
92,730,230
3.00%
7.551600%
35.000%
7002616
15%
1050392
$63.48
3.00%
$66,682,284
16.56%
18.00%

2024
95,512,137
3.00%
10.2%
20.000%
9737138
12%
1168457
$61.58
3.00%
$71,952,052
7.90%
18.00%

2016

2017

2018

2019

2020

2021

6,664,538

9,943,419

13,600,763

20,796,347

30,741,449

43,876,831

16,197
6,680,735

24,166
9,967,585

33,054
13,633,817

50,542
20,846,889

74,712
30,816,160

106,635
43,983,466

4,655,160

6,945,448

9,500,092

14,526,186

21,472,809

30,647,833

19,237
4,490,676
67.22%
1,933,969
28.95%

28,701
6,425,932
64.47%
3,104,748
31.15%

39,258
8,414,560
61.72%
4,546,667
33.35%

60,028
12,293,056
58.97%
7,410,746
35.55%

88,734
17,324,321
56.22%
11,632,623
37.75%

126,649
23,517,210
53.47%
17,570,713
39.95%

937,159
1,383,328

1,398,231
2,022,632

1,912,522
2,711,256

2,924,355
4,062,753

4,322,823
5,885,505

6,169,903
8,232,291

assumption
assumption

assumption

assumption
40x 2013 rev
assumption

20.71%

20.29%

19.89%

19.49%

19.10%

18.72%

1,717,203

2,562,048

3,504,409

5,358,443

7,920,924

11,305,422

216,767
3.24%
351,981
-135214.53

542,700
5.44%
525,152
17548.24

1,042,258
7.64%
718,311
323946.73

2,052,303
9.84%
1,098,339
953964.71

3,711,699
12.04%
1,623,579
2088119.39

6,265,291
14.24%
2,317,312
3947979.22

2,614
(208,058)
6,921
-333738

3,901
(310,420)
10,325
-278646

5,335
(424,598)
14,123
-81192

8,158
(649,234)
21,595
334484

12,059
(959,707)
31,922
1172394

17,212
(1,369,776)
45,562
2640977

0.000
(333,738)
-5.00%

0.000
(278,646)
-2.80%

0.000
(81,192)
-0.60%

133,793
200,690
0.96%

468,958
703,436
2.28%

1,056,391
1,584,586
3.60%

2018

2019

2020

2021

2022

2023

13945229
101945
922859
4426337
385093

21323055
155880
1411104
6768124
588829

31520036
230424
2085913
10004735
870415

44988097
328881
2977194
14279615
1242330

58656628
428803
3881741
18618126
1619782

68371143
499820
4524622
21701598
1888045

19781462

30246991

44711522

63816117

83205080

96985228

3633712
8260581
53470
255642

5556154
12630902
81758
390891

8213183
18671174
120856
577821

11722559
26649100
172496
824716

15284172
34745776
224904
1075286

17815486
40500256
262152
1253371

31984866

48906696

72294557

103184988

134535218

156816493

3819702
1144513
950393
56422
1335598
3515379

5840544
1750026
1453206
86273
2042205
5375216

8633573
2586913
2148149
127530
3018816
7945719

12322575
3692264
3066022
182022
4308713
11340811

16066488
4814068
3997558
237325
5617810
14786438

18727366
5611358
4659621
276630
6548213
17235319

19087344

29185645

43142625

61576852

80285470

93582082

75328
1495977
10875059
2339613

115181
2287434
16628590
3577403

170262
3381317
24580612
5288167

243012
4826106
35083556
7547725

316846
6292400
45742835
9840916

369320
7334526
53318611
11470736

741144

1133252

1675189

2390974

3117413

3633708

31984866

48906696

72294557

103184988

134535218

156816493

735
13435092
-2588609

1124
20543026
-2847470

1662
30366986
-3132217

2372
43342366
-3445438

3093
56510882
-3789982

3605
65870026
-4168980

5635737

8617366

12738310

18181208

23705122

27631086

31984866

48906696

72294557

103184988

134535218

156816493

2023
7,694,642
3403147
483536
3,521,759
3,689,347

Terminal
2024
9,254,810
3672091
268944
3,800,077
5,185,789

2022

2023

Terminal
2024

57,207,730

66,682,284

71,952,052

139,034
57,346,764

162,060
66,844,344

174,867
72,126,919

39,959,427

46,577,374

50,258,290

165,128
29,085,302
50.72%
24,170,773
42.15%

192,476
32,064,094
47.97%
29,644,431
44.35%

207,687
32,614,565
45.22%
33,573,964
46.55%

8,044,477
10,518,802

9,376,776
12,031,982

10,117,804
12,982,845

18.34%

18.00%

18.00%

14,740,298

17,181,537

18,539,359

9,430,475
16.44%
3,021,370
6409104.79

12,462,894
18.64%
3,521,759
8941134.92

15,034,604
20.84%
3,800,077
11234527

22,441
(1,785,949)
59,405
4705002

26,158
(2,081,732)
69,244
6954805

28,225
(2,246,247)
74,716
9091221

1,882,001
2,823,001
4.92%

2,781,922
4,172,883
6.24%

3,636,489
5,454,733
7.56%

Terminal
2024

73774378
539320
4882194
23416632
2037253
104649777
19223408
43700910
282870
1352422
169209387

20207352
6054812
5027861
298491
7065705
18597391

100977686

398507
7914159
57532274
12377245
3920873
169209387
3890
71075602
-4585878
29814715
169209387

Values in Millions
Ticker

Company

TSLA

Tesla Motors Inc

BMW.DE BMW
Daimler AG (USA)
DDAIF

Mkt Cap

Enterprise Value

Revenue

Net income

31,560

34,006

2,014

-74

54,570

120,020

77,950

5,830

81,490

161,902

147,725

10,918

TM

Toyota Motor Corp

204,870

323,727

220,968

14,391

Ford Motor Company

58,270

164,510

146,917

7,148

GM

General Motors Co

51,080

68,222

155,427

5,331

HMC

Honda Motor Co

VLKAY

Volkswagen AG (ADR)

NSANY

Nissan Motor Co

57,960

103,762

101,853

4,096

100,030

225,229

246,672

11,450

42,070

88,616

90,157

3,563

EBITDA

P/E

EV/EBITDA EV/Sales

45

-426.4

759.1

16.9

11,760

9.4

10.2

1.5

15,487

7.5

10.5

1.1

31,533

14.2

10.3

1.5

12,098

8.2

13.6

1.1

12,598

9.6

5.4

0.4

13,288

14.1

7.8

1.0

32,367

8.7

7.0

0.9

9,920

11.8

8.9

1.0

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE1
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Delaware
(State or other jurisdiction of
incorporation or organization)

91-2197729
(I.R.S. Employer
Identification No.)

3500 Deer Creek Road


Palo Alto, California
(Address of principal executive offices)

(Zip Code)

(650) 681-5000

94304

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE2
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Location (1)
Palo Alto, California

Approximate
Size (Building)
in Square Feet
350,000

Tilburg, Netherlands

203,772

Hawthorne, California
Maidenhead, United Kingdom

132,250
8,870

Beijing, China

8,190

Primary Use
Administration, engineering services
and powertrain development services
Administration, engineering services,
powertrain development services, parts
warehousing, final vehicle assembly and
vehicle service
Vehicle engineering and design services
Administration, sales, service and
marketing services
Administration, sales and marketing
services

Lease
Expiration
Date
January 2020
November 2023

December 2022
November 2015
November 2017

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE3
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Market Information
Our common stock has traded on The NASDAQ Global Select Market under the symbol
"TSLA" since it began trading on June 29, 2010. Our initial public offering was
priced at $17.00 per share on June 28, 2010. The following table sets forth, for
the time period indicated, the high and low closing sales price of our common
stock as reported on The NASDAQ Global Select Market.

2013
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

High
$

Low
39.48 $
110.33
193.37
193.00

2012
High
32.91 $
40.50
109.05
120.50

37.94
38.01
35.96
35.28

Low
$

22.79
27.56
26.10
27.33

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE4
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

2013
Consolidated Statements of
Operations Data:
Revenues:
Automotive sales
Development services

1,997,786
15,710

2012
(in thousands, except share and per

385,699
27,557

Total revenues
Cost of revenues (1):
Automotive sales
Development services

2,013,496

413,256

1,543,878
13,356

371,658
11,531

Total cost of revenues


Gross profit
Operating expenses (1):
Research and development
(net of development
compensation of $23,249 for
the year ended December 31,
2009)
Selling, general and
administrative

1,557,234
456,262

383,189
30,067

231,976

273,978

285,569

150,372

Total operating expenses

517,545

424,350

Loss from operations


Interest income
Interest expense (2)
Other income (expense), net
(3)

(61,283)
189
(32,934)

(394,283)
288
(254)

Loss before income taxes


Provision for income taxes

(71,426)
2,588

(396,077)
136

22,602

(1,828)

Net loss

(74,014) $

(396,213)

Net loss per share of


common stock, basic and
diluted (4)

(0.62) $

(3.69)

Weighted average shares


used in computing net loss

per share of common stock,


basic and diluted (4)

119,421,414

107,349,188

Year Ended December 31,


2011
(in thousands, except share and per share data)

148,568
55,674

2010

97,078
19,666

2009

111,943
-

204,242

116,744

111,943

115,482
27,165

79,982
6,031

102,408
-

142,647
61,595

86,013
30,731

102,408
9,535

208,981

92,996

19,282

104,102

84,573

42,150

313,083

177,569

61,432

(251,488)
255
(43)

(146,838)
258
(992)

(51,897)
159
(2,531)

(2,646)

(6,583)

(1,445)

(253,922)
489

(154,155)
173

(55,714)
26

(254,411) $

(154,328) $

(55,740)

(2.53) $

(3.04) $

(7.94)

100,388,815

50,718,302

7,021,963

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE5
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Cost of revenues
Research and development
Selling, general and administrative

Total

2013
9,071 $
35,494
39,090

2012
2,194
26,580
21,371

83,655

50,145

Year Ended December 31,


$

2011
670 $
13,377
15,372

2010
243 $
4,139
16,774

29,419

21,156

2009
61
376
997
1,434

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE6
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

2013
Consolidated Balance Sheet Data:
Cash and cash equivalents
Short-term marketable securities
Restricted cash-current (1)
Property, plant and equipment, net
(2)
Working capital (deficit)
Total assets
Convertible preferred stock warrant
liability (3)
Common stock warrant liability (3)
Capital lease obligations, less
current portion
Convertible debt, less current
portion (4)
Long-term debt, less current portion
(5)
Convertible preferred stock
Total stockholders' equity (deficit)

845,889
3,012
738,494
590,779
2,416,930

2012
201,890
19,094
552,229
(14,340)
1,114,190

10,692

12,855

9,965

586,119

667,120

401,495
124,700

As of December 31,
2011
$

255,266
25,061
23,476

2010
$

99,558
73,597

2009
$

69,627
-

298,414
181,499
713,448

114,636
150,321
386,082

23,535
43,070
130,424

8,838

6,088

1,734
-

2,830

496

800

268,335
224,045

71,828
207,048

319,225
(253,523)

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE7
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Year Ended
December 31,
2013
2012
Risk-free interest rate:
Stock options
ESPP
Expected term (in years):
Stock options
ESPP
Expected volatility:
Stock options
ESPP
Dividend yield:
Stock options
ESPP

2011

1.30%
0.10%

1.00%
0.20%

2.00%
0.20%

6.10
0.50

5.90
0.50

6.00
0.50

57%
43%

63%
51%

70%
59%

0.00%
0.00%

0.00%
0.00%

0.00%
0.00%

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE9
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Revenues
Automotive Sales
Automotive sales, which include vehicle, options and related sales, and
powertrain component and related sales, consisted of the following for the
periods presented (in thousands):

Vehicle, options and related sales


Powertrain component and related sales

2013
1,952,684
45,102

Total automotive sales

1,997,786

ions and related sales, and


sisted of the following for the

Year Ended December 31,


$

2012
354,344 $
31,355

2011
101,708
46,860

385,699

148,568

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE8
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Year Ended December 31,
2013
Revenues
Automotive sales
Development services

1,997,786
15,710

2012
$

385,699
27,557

Total revenues
Cost of revenues
Automotive sales
Development services

2,013,496

413,256

1,543,878
13,356

371,658
11,531

Total cost of revenues


Gross profit
Operating expenses
Research and development
Selling, general and administrative

1,557,234
456,262

383,189
30,067

231,976
285,569

273,978
150,372

Total operating expenses

517,545

424,350

Loss from operations


Interest income
Interest expense
Other income (expense), net

(61,283)
189
(32,934)
22,602

(394,283)
288
(254)
(1,828)

Loss before income taxes


Provision for income taxes

(71,426)
2,588

(396,077)
136

(74,014) $

(396,213)

Net loss

2011
$

148,568
55,674
204,242
115,482
27,165
142,647
61,595
208,981
104,102
313,083
(251,488)
255
(43)
(2,646)
(253,922)
489

(254,411)

Created by EDGAR Online, Inc.


TESLA MOTORS INC
CASH_FLOW
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Summary of Cash Flows

2013
Net cash provided by (used in) operating
activities
Net cash used in investing activities
Net cash provided by financing activities

257,994
(249,417)
635,422

Year Ended December 31,


2012
$

(266,081) $
(206,930)
419,635

2011
(128,034)
(162,258)
446,000

Created by EDGAR Online, Inc.


TESLA MOTORS INC
BALANCE_SHEET
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)

December 31,
2013
Assets
Current assets
Cash and cash equivalents
Restricted cash
Accounts receivable
Inventory
Prepaid expenses and other current assets

Total current assets

1,265,939

Operating lease vehicles, net


Property, plant and equipment, net
Restricted cash
Other assets
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Accrued liabilities
Deferred revenue
Capital lease obligations, current portion
Customer deposits
Convertible debt, current portion
Long-term debt, current portion
Total current liabilities
Common stock warrant liability
Capital lease obligations, less current portion
Deferred revenue, less current portion
Convertible debt, less current portion
Resale value guarantee

845,889
3,012
49,109
340,355
27,574

382,425
738,494
6,435
23,637
$

2,416,930

303,969
108,252
91,882
7,722
163,153
182
675,160
12,855
181,180
586,119
236,299

Long-term debt, less current portion


Other long-term liabilities

58,197

Total liabilities

1,749,810

Commitments and contingencies (Note 12)


Stockholders' equity:
Preferred stock; $0.001 par value; 100,000,000 shares
authorized; no shares issued and outstanding
Common stock; $0.001 par value; 2,000,000,000 shares
authorized as of December 31, 2013 and 2012,
respectively; 123,090,990 and 114,214,274 shares
issued and outstanding as of December 31, 2013 and
2012, respectively
Additional paid-in capital
Accumulated deficit

123
1,806,617
(1,139,620)

Total stockholders' equity


Total liabilities and stockholders' equity

667,120
$

2,416,930

December 31,
2012

201,890
19,094
26,842
268,504
8,438
524,768
10,071
552,229
5,159
21,963

1,114,190

303,382
39,798
1,905
4,365
138,817
50,841
539,108
10,692
9,965
3,060
-

401,495
25,170
989,490

115
1,190,191
(1,065,606)
124,700
$

1,114,190

Created by EDGAR Online, Inc.


TESLA MOTORS INC
INCOME_STATEMENT
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)

2013
Revenues
Automotive sales
Development services

1,997,786
15,710

Total revenues
Cost of revenues
Automotive sales
Development services

2,013,496

Total cost of revenues


Gross profit
Operating expenses
Research and development
Selling, general and administrative

1,557,234
456,262

1,543,878
13,356

231,976
285,569

Total operating expenses

517,545

Loss from operations


Interest income
Interest expense
Other income (expense), net

(61,283)
189
(32,934)
22,602

Loss before income taxes


Provision for income taxes

(71,426)
2,588

Net loss

(74,014)

Net loss per share of common stock,


basic and diluted

(0.62)

Weighted average shares used in


computing net loss per share of common
stock, basic and diluted

119,421,414

Year Ended December 31,


2012
$

385,699
27,557

2011
$

148,568
55,674

413,256

204,242

371,658
11,531

115,482
27,165

383,189
30,067

142,647
61,595

273,978
150,372

208,981
104,102

424,350

313,083

(394,283)
288
(254)
(1,828)

(251,488)
255
(43)
(2,646)

(396,077)
136

(253,922)
489

(396,213) $

(254,411)

(3.69) $

(2.53)

107,349,188

100,388,815

Created by EDGAR Online, Inc.


TESLA MOTORS INC
STOCKHOLDERS_EQUITY
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Statements of Stockholders' Equity
(in thousands, except share and per share data)

Common Stock
Shares
Balance as of December 31, 2010
Issuance of common stock in June
2011 public offering at $28.76 per
share, net of issuance costs of $305
Issuance of common stock in June
2011 concurrent private placements
at $28.76 per share
Issuance of common stock upon
exercise of stock options, net of
repurchases
Issuance of common stock under
employee stock purchase plan
Stock-based compensation
Comprehensive loss:
Net loss
Unrealized loss on short-term
marketable securities, net
Total comprehensive loss
Balance as of December 31, 2011
Issuance of common stock in October
2012 public offering at $28.25 per
share, net of issuance costs of $584
Issuance of common stock upon
exercise of stock options, net of
repurchases
Issuance of common stock under
employee stock purchase plan
Stock-based compensation
Comprehensive loss:
Net loss

94,908,370

Amount
$

95

6,095,000

2,053,475

1,250,002

223,458
-

104,530,305

104

7,964,601

1,345,842

373,526
-

1
-

Unrealized loss on short-term


marketable securities, net

Total comprehensive loss

Balance as of December 31, 2012


Issuance of common stock in May 2013
public offering at $92.20 per share,
net of issuance costs of $6,367
Issuance of common stock in May 2013
concurrent private placements at
$92.20 per share
Conversion feature of convertible
senior notes due 2018
Purchase of bond hedges
Sales of warrant
Issuance of common stock upon
exercise of stock options
Issuance of common stock upon
release of restricted stock units,
net of shares withheld for employee
taxes
Issuance of common stock under
employee stock purchase plan
Stock-based compensation
Net loss

114,214,274

115

3,902,862

596,272

Balance as of December 31, 2013

123,090,990

3,852,673

6,166

518,743
-

123

Additional
Paid-In
Capital
$

Accumulated
Other
Accumulated
Comprehensive
Deficit
Loss
621,935 $
(414,982) $
-

Total
Stockholders'
Equity
$
207,048

172,403

172,409

59,056

59,058

6,642

6,643

3,882
29,419

3,882
29,419

(254,411)

(254,411)

893,337

(3)
-

(669,393)

(3)
(254,414)

(3)

224,045

221,483

221,491

16,498

16,500

8,388
50,485

8,389
50,485

(396,213)

(396,213)

1,190,191

(1,065,606)

(396,210)

124,700

353,629

353,632

55,000

55,001

82,842
(177,540)
120,318

82,842
(177,540)
120,318

82,570

82,573

(1,116)

(1,116)

13,848
86,875
-

(74,014)

13,849
86,875
(74,014)

(1,139,620) $

1,806,617

667,120

Created by EDGAR Online, Inc.


TESLA MOTORS INC
CASH_FLOW2
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Statements of Cash Flows
(in thousands)

2013
Cash Flows From Operating Activities
Net loss
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization
Stock-based compensation
Amortization of discount on convertible debt
Inventory write-downs
Write-off of Department of Energy (DOE) loan
origination costs
Change in fair value of DOE warrant liability
Other non-cash operating activities
Foreign currency transaction gain
Changes in operating assets and liabilities
Accounts receivable
Inventories and operating lease vehicles
Prepaid expenses and other current assets
Other assets
Accounts payable
Accrued liabilities
Deferred revenue
Customer deposits
Resale value guarantee
Other long-term liabilities
Net cash provided by (used in) operating
activities
Cash Flows From Investing Activities
Purchases of property and equipment excluding
capital leases
Withdrawals out of our dedicated Department of
Energy account, net
(Increase) decrease in other restricted cash

(74,014)

106,083
80,737
9,143
8,918
5,558
(10,692)
3,611
3,655
(21,917)
(463,270)
(17,466)
(342)
(243)
66,567
268,153
24,243
236,299
32,971

257,994

(264,224)
14,752
55

Purchases of marketable securities


Maturities of short-term marketable securities

Net cash used in investing activities

(249,417)

Cash Flows From Financing Activities


Proceeds from convertible debt
Proceeds from issuance of common stock in public
offering
Proceeds from issuance of warrants
Proceeds from exercise of stock options and
other stock issuances
Proceeds from issuance of common stock in
private placement
Principal payments on DOE loans
Purchase of convertible note hedges
Common stock and convertible debt issuance costs
Principal payments on capital leases and other
debt
Proceeds from DOE loans

660,000
360,000
120,318
95,307
55,000
(452,337)
(177,540)
(16,901)
(8,425)
-

Net cash provided by financing activities

635,422

Net increase (decrease) in cash and cash


equivalents
Cash and cash equivalents at beginning of period

643,999
201,890

Cash and cash equivalents at end of period


Supplemental Disclosures
Interest paid
Income taxes paid
Supplemental noncash investing activities
Acquisition of property and equipment

845,889

9,041
257
38,789

Year Ended December 31,


2012
$

(396,213) $

2011
(254,411)

28,825
50,145
4,929

16,919
29,419
1,828

1,854
1,560
-

2,750
233
-

(17,303)
(194,726)
1,121
(482)
187,821
9,603
(526)
47,056
10,255

(2,829)
(13,638)
(248)
(288)
19,891
10,620
(1,927)
61,006
2,641

(266,081)

(128,034)

(239,228)

(184,226)

8,620
(1,330)

50,121
(3,201)

(14,992)
40,000

(64,952)
40,000

(206,930)

(162,258)

221,496
-

172,410
-

24,885

10,525

(12,710)
-

59,058
-

(2,832)
188,796

(416)
204,423

419,635

446,000

(53,376)
255,266

155,708
99,558

201,890

255,266

6,938
117

3,472
282

44,890

15,592

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE10
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Contractual Obligations
The following table sets forth, as of December 31, 2013 certain significant cash
obligations that will affect our future liquidity (in thousands):

Year Ended December 31,

Operating lease obligations


Capital lease obligations
Convertible debt
Total

Total
$

161,488
21,790
704,536

887,814

2014
27,004 $
8,927
10,102

2015
27,372
7,752
9,897

46,033

45,021

gnificant cash

Year Ended December 31,

2016
26,621 $
4,512
9,897

2018 and
2017 thereafter
24,706 $
55,785
595
4
9,897
664,743

41,030

35,198

720,532

Created by EDGAR Online, Inc.


TESLA MOTORS INC
INCOME_STATEMENT
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)

2013
Revenues
Automotive sales
Development services

1,997,786
15,710

Total revenues
Cost of revenues
Automotive sales
Development services

2,013,496

Total cost of revenues


Gross profit
Operating expenses
Research and development
Selling, general and administrative

1,557,234
456,262

1,543,878
13,356

231,976
285,569

Total operating expenses

517,545

Loss from operations


Interest income
Interest expense
Other income (expense), net

(61,283)
189
(32,934)
22,602

Loss before income taxes


Provision for income taxes

(71,426)
2,588

Net loss

(74,014)

Net loss per share of common stock,


basic and diluted

(0.62)

Weighted average shares used in


computing net loss per share of common
stock, basic and diluted

119,421,414

Year Ended December 31,


2012
$

385,699
27,557

2011
$

148,568
55,674

413,256

204,242

371,658
11,531

115,482
27,165

383,189
30,067

142,647
61,595

273,978
150,372

208,981
104,102

424,350

313,083

(394,283)
288
(254)
(1,828)

(251,488)
255
(43)
(2,646)

(396,077)
136

(253,922)
489

(396,213) $

(254,411)

(3.69) $

(2.53)

107,349,188

100,388,815

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE11
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Tesla Motors, Inc.
Consolidated Statements of Comprehensive Loss
(in thousands)

Net loss

2013
74,014

Other comprehensive income (loss), net of tax:


Unrealized net loss on short-term marketable
securities
Reclassification adjustment for gain included in
net loss

Other comprehensive income (loss)

Comprehensive loss

74,014

Year Ended December 31,


$

2012
396,213 $

2011
254,411

(3)
3

3
$

396,210

(3)
$

254,414

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE12
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Automotive Sales
Automotive sales consisted of the following for the periods presented (in
thousands):

Vehicle, options and related sales


Powertrain component and related sales

2013
1,952,684
45,102

Total automotive sales

1,997,786

or the periods presented (in

Year Ended December 31,


$

2012
354,344 $
31,355

2011
101,708
46,860

385,699

148,568

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE13
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Year ended
December 31, 2013
Operating lease vehicles under the resale value guarantee
program-beginning of period
Increase in operating lease vehicles under the resale
value guarantee program
Depreciation expense recorded in cost of automotive sales
Additional depreciation expense recorded in cost of
automotive sales as a result of early cancellation of
resale value guarantee
Operating lease vehicles under the resale value guarantee
program-end of period
Deferred revenue related to the resale value guarantee
program-beginning of period
Increase in deferred revenue related to Model S deliveries
with resale value guarantee
Amortization of deferred revenue recorded in automotive
sales
Additional revenue recorded in automotive sales as a
result of early cancellation of resale value guarantee
Deferred revenue related to the resale value guarantee
program-end of period

396,361
17,171

2,211

376,979

259,962
27,654
1,452

230,856

Resale value guarantee liability-beginning of period


Increase in resale value guarantee
Additional revenue recorded in automotive sales as a
result of early cancellation of resale value guarantee

237,620

Resale value guarantee liability-end of period

1,322
236,298

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE14
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Customer A
Customer B

December 31,
December 31,
2013
2012
30%
56%
9%
15%

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE15
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Property, Plant and Equipment
Property, plant and equipment are recognized at cost less accumulated
depreciation. Depreciation is generally computed using the straight-line method
over the estimated useful lives of the related assets as follows:

Computer equipment and software


Office furniture, machinery and equipment
Building and building improvements

3 years
3 to 12 years
30 years

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE16
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Accrued warranty-beginning of period


Warranty costs incurred
Net changes in liability for pre-existing
warranties, including expirations
Provision for warranty

Accrued warranty-end of period

Year Ended December 31,


2013
2012
13,013 $
6,315
(19,160)
(3,424)
(2,072)
61,401
53,182

10,122
$

13,013

2011
5,417
(2,750)
3,648

6,315

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE17
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Stock options
Convertible senior notes
Employee stock purchase plan
Restricted stock units
DOE warrant
Common stock subject to repurchase

2013
13,881,355
411,560
23,296
224
1,061,439
-

Year Ended December 31,


2012
25,007,776
59,763
2,342,353
-

2011
15,806,663
39,131
2,220,617
278

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE18
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Inventory
As of December 31, 2013 and 2012, our inventory consisted of the following (in

thousands):

December 31,
Raw materials
Work in process
Finished goods
Service parts

Total

December 31,

2013
184,665 $
42,500
69,324
43,866

2012
163,637
24,535
62,559
17,773

340,355

268,504

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE19
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Property, Plant and Equipment
As of December 31, 2013 and 2012, our property, plant and equipment, net,
consisted of the following (in thousands):

December 31,
Machinery, equipment and office furniture
Tooling
Leasehold improvements
Building and building improvements
Land
Computer equipment and software
Construction in progress

878,636
(140,142)

Less: Accumulated depreciation and amortization


Total

2013
322,394
230,385
94,763
67,707
45,020
42,073
76,294

738,494

December 31,
$

2012
223,745
172,584
39,224
50,574
26,391
22,125
75,129
609,772
(57,543)

552,229

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE20
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Other Assets
As of December 31, 2013 and 2012, our other assets consisted of the following
(in thousands):

Emission permits
Debt issuance costs, net
Loan facility issuance costs, net
Other
Total

December 31,
December 31,
2013
2012
$
13,930 $
14,267
7,315
5,759
2,392
1,937
$

23,637

21,963

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE21
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Accrued Liabilities
As of December 31, 2013 and 2012, our accrued liabilities consisted of the
following (in thousands):

December 31,
Taxes payable
Payroll and related costs
Accrued warranty, current portion
Accrued purchases
Environmental liabilities, current portion
Other

Total

2013
38,067
26,535
19,917
19,023
2,132
2,578
108,252

December 31,
2012
$
9,710
15,525
3,056
10,334
1,173
$

39,798

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE22
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Other Long-Term Liabilities
As of December 31, 2013 and 2012, our other long-term liabilities consisted of
the following (in thousands):

Accrued warranty, less current portion


Deferred rent liability
Deferred tax liabilities
Environmental liabilities, less current portion
Other
Total

December 31,
December 31,
2013
2012
$
33,265 $
9,957
9,886
6,075
6,821
330
3,364
5,300
4,861
3,508
$

58,197

25,170

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE23
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Money market funds


Common stock warrant liability

December 31, 2013


Fair Value
Level I
Level II
$
460,313 $
460,313 $
$
$
$
-

Level III
$
$
-

December 31, 2012


Fair Value
Level I
Level II
$
60,272 $
60,272 $
$
10,692 $
$
-

Level III
$
$

10,692

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE24
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Fair value, beginning of period


Change in fair value

Fair value, end of period

Year Ended December 31,


2013
2012
10,692 $
8,838
(10,692)
1,854
-

10,692

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE25
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Outstanding Stock Options

Balance, December 31, 2010


Additional options reserved
Granted
Exercised
Cancelled

Shares Available
Number of
for Grant
Options
9,407,975
3,796,342
(4,011,973)
726,763

13,738,122
4,011,973
(1,216,669)
(726,763)

Balance, December 31, 2011


Additional options reserved
Granted
Exercised
Cancelled

9,919,107
1,064,046
(11,854,941)
1,341,319

15,806,663
11,854,941
(1,312,439)
(1,341,389)

Balance, December 31, 2012


Additional options reserved
Granted
Exercised
Cancelled
Released

469,531
3,426,428
(3,345,899)
1,170,445
-

25,007,776
2,643,821
(3,852,673)
(1,157,982)
-

Balance, December 31, 2013

1,720,505

22,640,942

Outstanding RSUs
Weighted
Average
Number
Exercise Price
of RSUs
$
8.62
27.49
5.41
15.26
13.35
31.18
12.52
25.51
21.20

Weighted
Average Grant
Date Fair
Value
$
-

74.17
21.42
36.47
-

702,078
(12,463)
(12,031)

26.70

677,584

155.51
154.92
160.98
$

155.41

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE26
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Options Outstanding

Range of Exercise Price


$0.15 - $6.15
$6.63 - $6.63
$9.96 - $28.35
$28.43 - $31.07
$31.07 - $31.07
$31.49 - $34.00
$34.57 - $141.60
$144.70 - $147.38
$160.70 - $160.70
$179.72 - $179.72

Number

Weighted
Average
Exercise
Price
523,182 $
7,096,725
2,266,058
2,136,721
5,715,734
2,288,998
2,266,350
252,945
18,975
75,254
22,640,942

Weighted
Average
Remaining
Contractual
Life (in
years)
3.16
6.63
22.08
29.48
31.17
32.07
60.57
147.31
160.70
179.72
26.70 6.37

Options Exercisable

Number

Weighted
Average
Exercise
Price
516,728 $
7,093,020
1,302,499
864,050
91,541
707,052
127,674
11,542
10,714,106

Weighted
Average
Remaining
Contractual
Life (in
years)
3.16
6.63
19.70
29.24
31.17
31.98
45.62
147.38
12.37 4.01

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE27
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Options Outstanding

Range of Exercise Price


$0.15 $
$6.63 $
$9.96 $
$
27.25
$
$
29.25
$
$
31.17
$
$
31.49
$
$
33.22
$
$
34.57
$
$
36.01
$

Number
6.15
6.63
25.27
29.12
31.07
31.17
33.15
34.00
34.57
36.01

Weighted
Average
Exercise
Price
1,037,664 $
7,475,413
2,682,735
2,522,885
1,680,276
5,865,560
2,686,684
390,314
475,275
190,970
25,007,776

Weighted
Average
Remaining
Contractual
Life (in
years)
3.08
6.63
19.00
28.18
30.14
31.17
31.80
33.29
34.57
36.01
21.20 6.99

Options Exercisable

Number

Weighted
Average
Exercise
Price
924,801 $
6,456,263
1,446,362
801,246
158,300
19,524
318,914
103,184
1,750
1,549
10,231,893

Weighted
Average
Remaining
Contractual
Life (in
years)
2.98
6.63
17.98
28.30
30.36
31.17
31.51
33.22
34.57
36.01
11.07 5.35

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE28
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Fair Value Adoption
We utilize the fair value method in recognizing stock-based compensation

expense. Under the fair value method, we estimated the fair value of each option
award and the ESPP on the grant date generally using the Black-Scholes option
pricing model and the weighted average assumptions noted in the following table.

Year Ended December 31,


2013
2012
Risk-free interest rate:
Stock options
ESPP
Expected term (in years):
Stock options
ESPP
Expected volatility:
Stock options
ESPP
Dividend yield:
Stock options
ESPP

2011

1.30%
0.10%

1.00%
0.20%

2.00%
0.20%

6.10
0.50

5.90
0.50

6.00
0.50

57%
43%

63%
51%

70%
59%

0.00%
0.00%

0.00%
0.00%

0.00%
0.00%

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE29
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Summary Stock Based Compensation Information
The following table summarizes the stock-based compensation expense by line item
in the consolidated statements of operations (in thousands):

Cost of sales
Research and development
Selling, general and administrative

Total

2013
9,071
35,494
39,090
83,655

ed compensation expense by line item

Year Ended December 31,


$

2012
2,194 $
26,580
21,371

2011
670
13,377
15,372

50,145

29,419

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE30
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Domestic
International

Loss before income taxes

Year Ended December 31,


2013
2012
75,279 $
396,549
(3,853)
(472)
71,426

396,077

2011
254,761
(839)

253,922

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE31
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Year Ended December 31,
2013
2012
Current:
Federal
State
Foreign

Total current
Deferred:
Federal
State
Foreign
Total deferred
Total provision for income taxes

178
2,349

2011
$

23
282

29
437

2,527

305

466

61

(169)

61

(169)

2,588

136

23
23
$

489

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE32
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
December 31,

December 31,
2013

Deferred tax assets:


Net operating loss carry-forwards
Research and development credits
Other tax credits
Deferred revenue
Inventory and warranty reserves
Depreciation and amortization
Stock-based compensation
Convertible debt
Accruals and others

Total deferred tax assets


Valuation allowance
Deferred tax assets, net of valutaion allowance
Deferred tax liabilities:
Section 481(a) and others
Depreciation and amortization
Total deferred tax liabilities
Deferred tax assets, net of valuation allowance
and deferred tax liabilities

341,172
32,175
166
42,491
23,260
68
27,663
22,930
21,795

2012
$

365,472
21,427
120
719
8,272
74
18,135
5,314

511,720
(472,375)

419,533
(403,006)

39,345

16,527

(39,244)

(400)
(15,961)

(39,244)

(16,361)

101

166

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE33
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Tax at statutory federal rate


State tax, net of federal benefit
Nondeductible expenses
Foreign income rate differential
U.S. tax credits
Other reconciling items
Change in valuation allowance

Provision for income taxes

Year Ended December 31,


2013
2012
(25,001) $
(134,702)
178
(12,580)
733
9,897
(253)
262
(6,682)
(2,785)
1,317
525
32,296
139,519
2,588

136

2011
(86,333)
(8,118)
10,742
(56)
(5,049)
1,589
87,714
489

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE34
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Uncertain Tax Positions
The aggregate changes in the balance of our gross unrecognized tax benefits
during the years ended December 31, 2013, 2012 and 2011 were as follows (in
thousands):

December 31, 2010


Increases in balances related to tax positions taken during current year
December 31, 2011
Increases in balances related to tax positions taken during current year
December 31, 2012
Decreases in balances related to prior year tax positions
Increases in balances related to current year tax positions
December 31, 2013

16,393
1,037
17,430
640
18,070
(7,802)
3,102
$

13,370

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE35
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Revenues

North America
Europe
Asia

Year Ended December 31,


2013
2012
1,545,413 $
355,325 $
467,079
50,318
1,004
7,613

Total

2,013,496

413,256

2011
109,233
84,397
10,612
204,242

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE36
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Long-lived Assets

December 31,
United States
International

Total

December 31,
2013
2012
1,091,487 $
552,302
29,432
9,998
1,120,919

562,300

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE37
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

2014
2015
2016
2017
2018 and thereafter
Total minimum lease payments

Operating
Leases
$

Capital
Leases
27,004 $
27,372
26,621
24,706
55,785
161,488

8,927
7,752
4,512
595
4
21,790

Less: Amounts representing interest not yet incurred

1,205

Present value of capital lease obligations

20,585
7,723

Less: Current portion


Long-term portion of capital lease obligations

12,862

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE38
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Three months ended
June 30

March 31
2013
Total revenues
Gross profit
Net income (loss)
Net income (loss) per share, basic
Net income (loss) per share, diluted
2012
Total revenues
Gross profit (loss)
Net loss
Net loss per share, basic and diluted

561,792
96,320
11,248
0.10
0.00

405,139
100,483
(30,502)
(0.26)
(0.26)

30,167 $
10,210
(89,873)
(0.86)

26,653
4,762
(105,603)
(1.00)

September 30

December 31

431,346 $
102,868
(38,496)
(0.32)
(0.32)

615,219
156,590
(16,264)
(0.13)
(0.13)

50,104 $
(8,761)
(110,804)
(1.05)

306,332
23,857
(89,932)
(0.79)

Created by EDGAR Online, Inc.


TESLA MOTORS INC
OPTIONS
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014

Name
Deepak Ahuja
Jeffrey B. Straubel
Greg Reichow
Jerome Guillen

Date of
Grant
1/13/2014
1/13/2014
1/13/2014
1/13/2014

Number of
Shares
Underlying
Option
45,000
220,000
65,000
55,000

Exercise
Price
$
139.34
139.34
139.34
139.34

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE39
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Exhibit Description

Incorporated by Reference
Form File No.
Exhibit

3.10 Amended and Restated


Certificate of Incorporation
of the Registrant

S-1

333-164593

3.10

3.20 Amended and Restated Bylaws of


the Registrant

S-1

333-164593

3.20

4.10 Specimen common stock


certificate of the Registrant

S-1/A 333-164593

4.10

4.20 Fifth Amended and Restated


Investors' Rights Agreement,
dated as of August 31, 2009,
between Registrant and certain
holders of the Registrant's
capital stock named therein

S-1

4.20

333-164593

4.2A

Amendment to Fifth Amended and


Restated Investors' Rights
Agreement, dated as of May 20,
2010, between Registrant and
certain holders of the
Registrant's capital stock
named therein

S-1/A 333-164593

4.2A

4.2B

Amendment to Fifth Amended and


Restated Investors' Rights
Agreement between Registrant,
Toyota Motor Corporation and
certain holders of the
Registrant's capital stock
named therein

S-1/A 333-164593

4.2B

4.2C

Amendment to Fifth Amended and


Restated Investor's Rights
Agreement, dated as of June
14, 2010, between Registrant
and certain holders of the
Registrant's capital stock
named therein

S-1/A 333-164593

4.2C

4.2D

Amendment to Fifth Amended and


Restated Investor's Rights
Agreement, dated as of
November 2, 2010, between
Registrant and certain holders
of the Registrant's capital
stock named therein

8-K

001-34756

4.2E

Waiver to Fifth Amended and


Restated Investor's Rights
Agreement, dated as of May 25,
2011, between Registrant and
certain holders of the
Registrant's capital stock
named therein

S-1/A 333-174466

4.10

4.2E

Filing Date
January 29, 2010

January 29, 2010

May 27, 2010

January 29, 2010

May 27, 2010

May 27, 2010

June 15, 2010

Filed
Herewith

November 4, 2010

June 2, 2011

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE40
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Exhibit Description

Incorporated by Reference
Form File No.
Exhibit

4.2F

Amendment to Fifth Amended and


Restated Investor's Rights
Agreement, dated as of May 30,
2011, between Registrant and
certain holders of the
Registrant's capital stock
named therein

8-K

001-34756

4.10

4.2G

Sixth Amendment to Fifth


Amended and Restated
Investors' Rights Agreement,
dated as of May 15, 2013 among
Tesla Motors, Inc., the Elon
Musk Revocable Trust dated
July 22, 2003 and certain
other holders of the capital
stock of Tesla Motors, Inc.
named therein.

8-K

001-34756

4.10

4.2H

Waiver to Fifth Amended and


Restated Investor's Rights
Agreement, dated as of May 14,
2013, between Tesla Motors,
Inc. and certain holders of
the capital stock of Tesla
Motors, Inc. named therein.

8-K

001-34756

4.20

4.30 Indenture, dated as of May 22,


2013, by and between Tesla
Motors, Inc. and U.S. Bank
National Association.

8-K

001-34756

4.10

4.40 First Supplemental Indenture,


dated as of May 22, 2013, by
and between Tesla Motors, Inc.
and U.S. Bank National
Association.

8-K

001-34756

4.20

4.50 Form of 1.50% Convertible


Senior Note Due June 1, 2018
(included in Exhibit 4.4).

8-K

001-34756

4.30

10.3A

10.10 Form of Indemnification


Agreement between the
Registrant and its directors
and officers

S-1/A 333-164593

10.10

10.20 2003 Equity Incentive Plan

S-1/A 333-164593

10.20

10.30 Form of Stock Option Agreement


under 2003 Equity Incentive
Plan

S-1

10.30

Grant Notice and Stock Option


Agreement between the
Registrant and Elon Musk
10.40 Amended and Restated 2010
Equity Incentive Plan

333-164593

S-1/A 333-164593

10-Q

333-164593

10.3A

10.40

Filing Date
June 1, 2011

May 20, 2013

May 20, 2013

May 22, 2013

May 22, 2013

May 22, 2013

Filed
Herewith

June 15, 2010

May 27, 2010


January 29, 2010

March 29, 2010

August 2, 2012

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE41
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Exhibit Description

Incorporated by Reference
Form File No.
Exhibit

10.50 Form of Stock Option


Agreement under 2010 Equity
Incentive Plan

S-1/A 333-164593

10.50

10.60 Form of Restricted Stock Unit


Award Agreement under 2010
Equity Incentive Plan

S-1/A 333-164593

10.60

10.70 2010 Employee Stock Purchase


Plan

S-1/A 333-164593

10.70

10.80 Form of Purchase Agreement


under 2010 Employee Stock
Purchase Plan

S-1/A 333-164593

10.80

10.90 Offer Letter between the


Registrant and Elon Musk
dated October 13, 2008

S-1

333-164593

10.90

10.10 Offer Letter between the


Registrant and Deepak Ahuja
dated June 13, 2008, and
amended June 4, 2009

S-1

333-164593

10.10

10.11 Relocation Agreement between


the Registrant and Deepak
Ahuja effective October 31,
2008 and amended June 4, 2009

S-1

333-164593

10.11

10.12 Offer Letter between the


Registrant and Jeffrey B.
Straubel dated May 6, 2004

S-1

333-164593

10.12

10.13 Commercial Single-Tenant


Lease between the Registrant
and James R. Hull dated
August 16, 2006

S-1

333-164593

10.19

10.14 License Agreement between the


Registrant and MS Kearny
Northrop Avenue, LLC dated

S-1

333-164593

10.21

July 23, 2009


10.15 Commercial Lease between the
Registrant and The Board of
Trustees of The Leland
Stanford Jr. University dated
August 6, 2009

S-1

333-164593

10.22

10.16

Supply Agreement between


Eberspacher (UK) Ltd. and the
Registrant dated September 1,
2006

S-1/A 333-164593

10.24

10.17

Supply Agreement between


Perei Group (UK) Ltd. and the
Registrant dated September 1,
2006

S-1/A 333-164593

10.25

10.18

Supply Agreement between


Burgaflex (UK) Ltd. and the
Registrant dated September 1,
2006

S-1/A 333-164593

10.26

Filing Date
March 29, 2010

March 29, 2010

May 27, 2010

June 15, 2010

January 29, 2010

January 29, 2010

January 29, 2010

January 29, 2010

January 29, 2010

January 29, 2010

Filed
Herewith

January 29, 2010

March 29, 2010

March 29, 2010

March 29, 2010

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE42
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Exhibit Description

Incorporated by Reference
Form File No.
Exhibit

10.19

Supply Agreement by and


among Sanyo Electric Co.
Ltd. Mobile Energy Company,
Sanyo Energy (USA)
Corporation and the
Registrant dated February 1,
2007

S-1

333-164593

10.19A

Amendment No. 1 to Supply


Agreement by and among Sanyo
Electric Co. Ltd. Mobile
Energy Company and Sanyo
Energy (USA) Corporation and
the Registrant effective as
of February 1, 2007

S-1

333-164593

10.20

Supply Agreement by and


between Taiway Ltd. and the
Registrant dated February
12, 2007

S-1

333-164593

10.28

10.21

Supply Agreement between


Chroma ATE Inc. and the
Registrant dated April 19,
2007

S-1/A 333-164593

10.29

10.22

Supply Agreement between


Polytec Holden Ltd. and the
Registrant dated April 13,
2007

S-1/A 333-164593

10.30

10.23

Modification to Terms and


Conditions between
BorgWarner TorqTransfer
Systems Inc. and the
Registrant dated
September 22, 2008

S-1

333-164593

10.31

10.24

ZEV Credits Agreement


between American Honda Motor
Co., Inc. and the Registrant

S-1/A 333-164593

10.32

10.27

10.27A

dated February 12, 2009


10.24A

Addendum to ZEV Credits


Agreement between American
Honda Motor Co., Inc. and
the Registrant dated
February 20, 2009

S-1/A 333-164593

10.32A

10.24B

Supplemental ZEV Credits


Agreement between American
Honda Motor Co., Inc. and
the Registrant dated March
20, 2009

S-1/A 333-164593

10.32B

10.24C

Second Supplemental ZEV


Credits Agreement between
American Honda Motor Co.,
Inc. and the Registrant
dated February 8, 2010

S-1/A 333-164593

10.32C

Filing Date
January 29, 2010

January 29, 2010

March 29, 2010

March 29, 2010

March 29, 2010

January 29, 2010

May 27, 2010

Filed
Herewith

May 27, 2010

May 27, 2010

May 27, 2010

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE43
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Exhibit Description

Incorporated by Reference
Form File No.
Exhibit

10.25

Supply Agreement by and among


Panasonic Industrial Company,
Panasonic Corporation, acting
through Energy Company, and
the Registrant dated July 21,
2009

S-1

333-164593

10.33

10.26

Exclusivity and Intellectual


Property Agreement between
Daimler North America
Corporation and the
Registrant dated May 11, 2009

S-1/A 333-164593

10.34

10.27 Side Agreement between the


Registrant and Blackstar
InvestCo LLC dated May 11,
2009

S-1

333-164593

10.35

10.28 Letter Agreement between the


Elon Musk Revocable Trust
dated July 22, 2003 and
Blackstar InvestCo LLC, dated
May 11, 2009

S-1

333-164593

10.36

Development Contract between


Daimler AG and Tesla Motors
Ltd. dated May 10, 2010

S-1/A 333-164593

10.43

10.30 Settlement Agreement between


the Registrant and entities
affiliated with Valor Equity
Partners dated May 20, 2010

S-1/A 333-164593

10.44

10.31 Letter Agreement between the


Registrant and New United
Motor Manufacturing, Inc.
dated May 26, 2010

S-1/A 333-164593

10.45

10-Q

10.30

10.29

10.31A

Amendment No. 1 to the Letter


Agreement between the
Registrant and New United

001-34756

Motor Manufacturing, Inc.


dated June 15, 2010
10.31B

Amendment No. 2 to the Letter


Agreement between the
Registrant and New United
Motor Manufacturing, Inc.
dated October 1, 2010

10-Q

001-34756

10.40

10.31C

Amendment No. 3 to the Letter


Agreement between the
Registrant and New United
Motor Manufacturing, Inc.
dated October 8, 2010

10-Q

001-34756

10.50

Filing Date
January 29, 2010

March 29, 2010

January 29, 2010

January 29, 2010

May 27, 2010

May 27, 2010

May 27, 2010

November 12, 2010

Filed
Herewith

November 12, 2010

November 12, 2010

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE44
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Incorporated by Reference
Exhibit

Exhibit Description

Form File No.

10.31D

Amendment No. 4 to the


Letter Agreement between the
Registrant and New United
Motor Manufacturing, Inc.
dated October 13, 2010

10-Q 001-34756

10.60

10.31E

Amendment No. 5 to the


Letter Agreement between the
Registrant and New United
Motor Manufacturing, Inc.
dated October 15, 2010

10-Q 001-34756

10.70

10.31F

Amendment No. 6 to the


Letter Agreement between the
Registrant and New United
Motor Manufacturing, Inc.
dated October 19, 2010

10-Q 001-34756

10.80

10.32

Sale and Purchase Agreement


between Registrant and New
United Motor Manufacturing,
Inc., dated August 13, 2010

10-Q 001-34756

10.10

10.32A

Addendum No. 1 to the Sale


and Purchase Agreement
between Registrant and New
United Motor Manufacturing,
Inc., dated September 23,
2010

10-Q 001-34756

10.20

10.33

Phase 1 Contract Services


Agreement between Registrant
and Toyota Motor Corporation
dated October 6, 2010

10-K 001-34756

10.47

10.34

Supply and Services


Agreement between Toyota
Motor Engineering &
Manufacturing North America,
Inc. and the Registrant
dated July 15, 2011

10-Q 001-34756

10.10

10.35

Supply Agreement between


Panasonic Corporation and
the Registrant dated October
5, 2011

10.35A

Amendment No. 1 to Supply


Agreement between Panasonic
Corporation and the
Registrant dated October 29,
2013

10.36

10.37

10-K 001-34756

10.50

Form of Call Option


Confirmation.

8-K

001-34756

10.10

Form of Warrant
Confirmation.

8-K

001-34756

10.20

ncorporated by Reference
Filing Date
November 12, 2010

November 12, 2010

November 12, 2010

November 12, 2010

November 12, 2010

March 3, 2011

November 14, 2011

Filed
Herewith

February 27, 2012

May 22, 2013

May 22, 2013

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE45
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
Exhibit
Number

Incorporated by Reference

Exhibit Description

Form

File No.

Exhibit

12.10 Statement regarding


Computation of Ratio of
Earnings to Fixed Charges
23.10 Consent of
PricewaterhouseCoopers,
Independent Registered Public
Accounting Firm

31.10 Rule 13a-14(a) / 15(d)-14(a)


Certification of Principal
Executive Officer

31.20 Rule 13a-14(a) / 15(d)-14(a)


Certification of Principal
Financial Officer

32.1*

Section 1350 Certifications

101.INS**

XBRL Instance Document

101.SCH**

XBRL Taxonomy Extension Schema


Document

101.CAL**

XBRL Taxonomy Extension


Calculation Linkbase Document.

101.DEF**

XBRL Taxonomy Extension


Definition Linkbase Document

101.LAB**

XBRL Taxonomy Extension Label


Linkbase Document

101.PRE**

XBRL Taxonomy Extension


Presentation Linkbase Document

Filing Date

Filed
Herewith
X

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE46
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
2014-2015
Price for Li-Ion Cell [***] (Tesla
Part No. [***]) 1
Quantity (millions)

1Q14 2Q14* 3Q14* 4Q14* 1Q15* 2Q15* 3Q15* 4Q15*

2016-2017
Price for Li-Ion Cell [***] (Tesla
Part No. [***]) 1
Quantity (millions)

1Q16* 2Q16* 3Q16* 4Q16* 1Q17* 2Q17* 3Q17* 4Q17*

[***]
[***]

[***]
[***]

[***]

[***]

[***]
[***]

[***]
[***]

[***]

[***]

[***]
[***]

[***]
[***]

[***]

[***]

[***]
[***]

[***]
[***]

[***]

[***]

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE47
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
2014-2015
[***] cost per cell
[***] cost per cell
[***] cost per cell
[***] cost per cell

4Q13
[***]
[***]
[***]
[***]

1Q14
[***]
[***]
[***]
[***]

2Q14
[***]
[***]
[***]
[***]

3Q14
[***]
[***]
[***]
[***]

4Q14
[***]
[***]
[***]
[***]

1Q15
[***]
[***]
[***]
[***]

2Q15
[***]
[***]
[***]
[***]

3Q15
[***]
[***]
[***]
[***]

4Q15
[***]
[***]
[***]
[***]

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE48
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
[***] Content (g)
[***] Price (USD/kg)
[***] Content (g)
[***] Price (USD/kg)
[***] Content (g)
[***] Price (USD/kg)
[***] Content (g)
[***] Price (USD/kg)
Exchange rate (Yen/$)

[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]
[***]

Created by EDGAR Online, Inc.


TESLA MOTORS INC
TABLE49
Form Type: 10-K
Period End: Dec 31, 2013
Date Filed: Feb 26, 2014
[***]
[***]
[***]
[***]
[***]
[***]

[***]
[***]
[***]
[***]
[***]