In: Accounting
Create a common-size balance sheet for Tesla and use the difference (2017-2016) to comment on the following items | |||||
Items | Your comments | ||||
1. Cash and Cash equivalents | |||||
2. Property and equiment, net | |||||
3. Total current liabilites | |||||
4. Long-term debt | |||||
5. Total stockholders' equity | |||||
Tesla Inc (NMS: TSLA) | |||||
Exchange rate used is that of the Year End reported date | |||||
As Reported Annual Balance Sheet | |||||
Report Date | 12/31/2017 | 12/31/2016 | 12/31/2017 | 12/31/2016 | Difference (2017-2016) |
Currency | USD | USD | |||
Audit Status | Not Qualified | Not Qualified | |||
Consolidated | Yes | Yes | |||
Scale | Thousands | Thousands | % | % | |
Cash & cash equivalents | 3367914 | 3393216 | |||
Restricted cash & marketable securities | 155323 | 105519 | |||
Restricted cash | - | - | |||
Accounts receivable | 515381 | 499142 | |||
Raw materials | 821396 | 680339 | |||
Work in process | 243181 | 233746 | |||
Finished goods | 1013909 | 1016731 | |||
Service parts | 185051 | 136638 | |||
Inventory | 2263537 | 2067454 | |||
Prepaid expenses & other current assets | 268365 | 194465 | |||
Total current assets | 6570520 | 6259796 | |||
Operating lease vehicles, net | 4116604 | 3134080 | |||
Solar energy systems, leased & to be leased, net | 6347490 | 5919880 | |||
Building & building improvements | - | - | |||
Land | - | - | |||
Machinery, equipment & office furniture | 4251711 | 2154367 | |||
Tooling | 1255952 | 794793 | |||
Leasehold improvements | 789751 | 505295 | |||
Land & buildings | 2517247 | 1079452 | |||
Computer equipment & software | 395067 | 275655 | |||
Construction in progress | 2541588 | 2147332 | |||
Other property, plant & equipment | - | 23548 | |||
Property & equipment, gross | 11751316 | 6980442 | |||
Less: accumulated depreciation & amortization | 1723794 | 997485 | |||
Property & equipment, net | 10027522 | 5982957 | |||
Intangible assets, net | 361502 | 376145 | |||
Goodwill | 60237 | - | |||
MyPower customer notes receivable, net of current portion | 456652 | 506302 | |||
Restricted cash, net of current portion | 441722 | 268165 | |||
Emission credits | - | - | |||
Debt issuance costs, net | - | - | |||
Other assets | - | - | |||
Other assets | - | - | |||
Other assets | 273123 | 216751 | |||
Total assets | 28655372 | 22664076 | |||
Accounts payable | 2390250 | 1860341 | |||
Accrued warranty, current portion | - | - | |||
Build to suit finance obligation, current portion | - | - | |||
Accrued interest | - | - | |||
Environmental liabilities, current portion | - | - | |||
Other accrued expenses | - | - | |||
Accrued purchases | 753408 | 585019 | |||
Payroll & related costs | 378284 | 218792 | |||
Taxes payable | 185807 | 152897 | |||
Financing obligation, current portion | 67313 | 52031 | |||
Accrued warranty | 125502 | - | |||
Other current liabilities | 221052 | - | |||
Accrued warranty & other | - | 201289 | |||
Accrued liabilities & other current liabilities | 1731366 | 1210028 | |||
Accrued liabilities | - | - | |||
Deferred revenue | 1015253 | 763126 | |||
Resale value guarantee | 787333 | 179504 | |||
Capital lease obligations, current portion | - | - | |||
Customer deposits | 853919 | 663859 | |||
Convertible debt, current portion | - | - | |||
Current portion of long-term debt & capital leases | 796549 | 984211 | |||
Current portion of solar bonds issued to related parties | 100000 | 165936 | |||
Total current liabilities | 7674670 | 5827005 | |||
Long-term debt & capital leases, net of current portion | 9415700 | 5860049 | |||
Solar bonds issued to related parties, net of current portion | 100 | 99164 | |||
Convertible senior notes issued to related parties | 2519 | 10287 | |||
Deferred revenue, net of current portion | 1177799 | 851790 | |||
Resale value guarantees, net of current portion | 2309222 | 2210423 | |||
Capital lease obligations, less current portion | - | - | |||
Convertible debt, less current portion | - | - | |||
Deferred tax liabilities | - | - | |||
Environmental liabilities, less current portion | - | - | |||
Accrued warranty reserve, net of current portion | 276289 | 149858 | |||
Build-to-suit lease liability, net of current portion | 1665768 | 1323293 | |||
Deferred rent expense | 46820 | 36966 | |||
Financing obligation, net of current portion | 67929 | 84360 | |||
Liability for receipts from an investor | 29713 | 76828 | |||
Other noncurrent liabilities | 356451 | 220144 | |||
Other long-term liabilities | 2442970 | 1891449 | |||
Other long-term liabilities | - | - | |||
Total liabilities | 23022980 | 16750167 | |||
Redeemable noncontrolling interests in subsidiaries | 397734 | 367039 | |||
Convertible senior notes | 70 | 8784 | |||
Common stock | 169 | 161 | |||
Additional paid-in capital | 9178024 | 7773727 | |||
Accumulated other comprehensive income (loss) | 33348 | -23740 | |||
Retained earnings (accumulated deficit) | -4974299 | -2997237 | |||
Total stockholders' equity (deficit) | 4237242 | 4752911 | |||
Non-controlling interests | 997346 | 785175 | |||
In common size balance sheet, we will express each and every item of balance sheet as a % of total assets | |||||||
12/31/2017 | 12/31/2016 | 12/31/2017 | 12/31/2016 | Difference (2017-2016) |
|||
Cash & cash equivalents | 3367914 | 3393216 | 11.75% | 14.97% | -3.22% | ||
Restricted cash & marketable securities | 155323 | 105519 | 0.54% | 0.47% | 0.08% | ||
Restricted cash | - | - | |||||
Accounts receivable | 515381 | 499142 | 1.80% | 2.20% | -0.40% | ||
Raw materials | 821396 | 680339 | 2.87% | 3.00% | -0.14% | ||
Work in process | 243181 | 233746 | 0.85% | 1.03% | -0.18% | ||
Finished goods | 1013909 | 1016731 | 3.54% | 4.49% | -0.95% | ||
Service parts | 185051 | 136638 | 0.65% | 0.60% | 0.04% | ||
Inventory | 2263537 | 2067454 | 7.90% | 9.12% | -1.22% | ||
Prepaid expenses & other current assets | 268365 | 194465 | 0.94% | 0.86% | 0.08% | ||
Total current assets | 6570520 | 6259796 | 22.93% | 27.62% | -4.69% | ||
Operating lease vehicles, net | 4116604 | 3134080 | 14.37% | 13.83% | 0.54% | ||
Solar energy systems, leased & to be leased, net | 6347490 | 5919880 | 22.15% | 26.12% | -3.97% | ||
Building & building improvements | - | - | |||||
Land | - | - | |||||
Machinery, equipment & office furniture | 4251711 | 2154367 | 14.84% | 9.51% | 5.33% | ||
Tooling | 1255952 | 794793 | 4.38% | 3.51% | 0.88% | ||
Leasehold improvements | 789751 | 505295 | 2.76% | 2.23% | 0.53% | ||
Land & buildings | 2517247 | 1079452 | 8.78% | 4.76% | 4.02% | ||
Computer equipment & software | 395067 | 275655 | 1.38% | 1.22% | 0.16% | ||
Construction in progress | 2541588 | 2147332 | 8.87% | 9.47% | -0.61% | ||
Other property, plant & equipment | - | 23548 | 0.00% | 0.00% | 0.00% | ||
Property & equipment, gross | 11751316 | 6980442 | 41.01% | 30.80% | 10.21% | ||
Less: accumulated depreciation & amortization | 1723794 | 997485 | 6.02% | 4.40% | 1.61% | ||
Property & equipment, net | 10027522 | 5982957 | 34.99% | 26.40% | 8.60% | ||
Intangible assets, net | 361502 | 376145 | 1.26% | 1.66% | -0.40% | ||
Goodwill | 60237 | - | 0.21% | 0.00% | 0.21% | ||
MyPower customer notes receivable, net of current portion | 456652 | 506302 | 1.59% | 2.23% | -0.64% | ||
Restricted cash, net of current portion | 441722 | 268165 | 1.54% | 1.18% | 0.36% | ||
Emission credits | - | - | |||||
Debt issuance costs, net | - | - | |||||
Other assets | - | - | |||||
Other assets | - | - | |||||
Other assets | 273123 | 216751 | 0.95% | 0.96% | 0.00% | ||
Total assets | 28655372 | 22664076 | 100% | 100% | 0.00% | ||
Accounts payable | 2390250 | 1860341 | 8.34% | 8.21% | 0.13% | ||
Accrued warranty, current portion | - | - | |||||
Build to suit finance obligation, current portion | - | - | |||||
Accrued interest | - | - | |||||
Environmental liabilities, current portion | - | - | |||||
Other accrued expenses | - | - | |||||
Accrued purchases | 753408 | 585019 | 2.63% | 2.58% | 0.05% | ||
Payroll & related costs | 378284 | 218792 | 1.32% | 0.97% | 0.35% | ||
Taxes payable | 185807 | 152897 | 0.65% | 0.67% | -0.03% | ||
Financing obligation, current portion | 67313 | 52031 | 0.23% | 0.23% | 0.01% | ||
Accrued warranty | 125502 | - | 0.44% | 0.00% | 0.44% | ||
Other current liabilities | 221052 | - | 0.77% | 0.00% | 0.77% | ||
Accrued warranty & other | - | 201289 | 0.00% | 0.00% | 0.00% | ||
Accrued liabilities & other current liabilities | 1731366 | 1210028 | 6.04% | 5.34% | 0.70% | ||
Accrued liabilities | - | - | |||||
Deferred revenue | 1015253 | 763126 | 3.54% | 3.37% | 0.18% | ||
Resale value guarantee | 787333 | 179504 | 2.75% | 0.79% | 1.96% | ||
Capital lease obligations, current portion | - | - | |||||
Customer deposits | 853919 | 663859 | 2.98% | 2.93% | 0.05% | ||
Convertible debt, current portion | - | - | |||||
Current portion of long-term debt & capital leases | 796549 | 984211 | 2.78% | 4.34% | -1.56% | ||
Current portion of solar bonds issued to related parties | 100000 | 165936 | 0.35% | 0.73% | -0.38% | ||
Total current liabilities | 7674670 | 5827005 | 26.78% | 25.71% | 1.07% | ||
Long-term debt & capital leases, net of current portion | 9415700 | 5860049 | 32.86% | 25.86% | 7.00% | ||
Solar bonds issued to related parties, net of current portion | 100 | 99164 | 0.00% | 0.44% | -0.44% | ||
Convertible senior notes issued to related parties | 2519 | 10287 | 0.01% | 0.05% | -0.04% | ||
Deferred revenue, net of current portion | 1177799 | 851790 | 4.11% | 3.76% | 0.35% | ||
Resale value guarantees, net of current portion | 2309222 | 2210423 | 8.06% | 9.75% | -1.69% | ||
Capital lease obligations, less current portion | - | - | 0.00% | 0.00% | 0.00% | ||
Convertible debt, less current portion | - | - | 0.00% | 0.00% | 0.00% | ||
Deferred tax liabilities | - | - | 0.00% | 0.00% | 0.00% | ||
Environmental liabilities, less current portion | - | - | 0.00% | 0.00% | 0.00% | ||
Accrued warranty reserve, net of current portion | 276289 | 149858 | 0.96% | 0.66% | 0.30% | ||
Build-to-suit lease liability, net of current portion | 1665768 | 1323293 | 5.81% | 5.84% | -0.03% | ||
Deferred rent expense | 46820 | 36966 | 0.16% | 0.16% | 0.00% | ||
Financing obligation, net of current portion | 67929 | 84360 | 0.24% | 0.37% | -0.14% | ||
Liability for receipts from an investor | 29713 | 76828 | 0.10% | 0.34% | -0.24% | ||
Other noncurrent liabilities | 356451 | 220144 | 1.24% | 0.97% | 0.27% | ||
Other long-term liabilities | 2442970 | 1891449 | 8.53% | 8.35% | 0.18% | ||
Other long-term liabilities | - | - | 0.00% | 0.00% | 0.00% | ||
Total liabilities | 23022980 | 16750167 | 80.34% | 73.91% | 6.44% | ||
Redeemable noncontrolling interests in subsidiaries | 397734 | 367039 | 1.39% | 1.62% | -0.23% | ||
Convertible senior notes | 70 | 8784 | 0.00% | 0.04% | -0.04% | ||
Common stock | 169 | 161 | 0.00% | 0.00% | 0.00% | ||
Additional paid-in capital | 9178024 | 7773727 | 32.03% | 34.30% | -2.27% | ||
Accumulated other comprehensive income (loss) | 33348 | -23740 | 0.12% | -0.10% | 0.22% | ||
Retained earnings (accumulated deficit) | -4974299 | -2997237 | -17.36% | -13.22% | -4.13% | ||
Total stockholders' equity (deficit) | 4237242 | 4752911 | 14.79% | 20.97% | -6.18% | ||
Non-controlling interests | 997346 | 785175 | 3.48% | 3.46% | 0.02% | ||
12/31/2017 | 12/31/2016 | Difference (2017-2016) |
|||||
Cash & cash equivalents | 11.75% | 14.97% | -3.22% | ||||
Property & equipment, net | 34.99% | 26.40% | 8.60% | ||||
Total current liabilities | 26.78% | 25.71% | 1.07% | ||||
Total liabilities | 80.34% | 73.91% | 6.44% | ||||
Total stockholders' equity (deficit) | 14.79% | 20.97% | -6.18% | ||||
1. Cash and cash equivalence has reduced by 3.22% | |||||||
2. Property,Plant and equipment increased ny 8.60% | |||||||
3.Total current liabilities increased by 1.07% | |||||||
4. Long term debt (Total liabilities) increased by 6.44% | |||||||
5. Total stockholder's equity decreased by 6.18% | |||||||