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Dec 31, 2019
Tesla Q4 2019 Earnings Report
Tesla demonstrated strong organic demand for Model 3, returned to GAAP profitability in 2H19, and generated $1.1B of free cash flow for the year.
Key Takeaways
Tesla's Q4 2019 saw a $930M increase in cash and cash equivalents, reaching $6.3B, and a $1.0B free cash flow. The company achieved a GAAP operating income of $359M with a 4.9% operating margin and a GAAP net income of $105M. Model Y production ramp started ahead of schedule, and vehicle deliveries hit a record of 112,095.
$930M increase in cash and cash equivalents to $6.3B in Q4.
$1.0B operating cash flow less capex in Q4.
Model Y production ramp started in January 2020, ahead of schedule.
Record vehicle deliveries of 112,095 in Q4.
Revenue by Segment
Forward Guidance
Tesla anticipates that vehicle deliveries should comfortably exceed 500,000 units for the full year 2020. Positive quarterly free cash flow and GAAP net income are expected going forward, with possible temporary exceptions during new product launches.
Positive Outlook
- Vehicle deliveries should comfortably exceed 500,000 units in 2020.
- Model 3 production in Shanghai is continuing to ramp.
- Model Y production in Fremont has begun, ahead of schedule.
- Both solar and storage deployments should grow at least 50% in 2020.
- Positive quarterly free cash flow is expected going forward.
Challenges Ahead
- Production will likely outpace deliveries this year.
- Temporary exceptions to positive free cash flow are possible around new product launches.
- Temporary exceptions to positive GAAP net income are possible around new product launches.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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