Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles, electric vehicle powertrain components, and stationary energy storage systems in the United States, China, Norway, and internationally. It also provides development services to develop electric vehicle powertrain components and systems for other automotive manufacturers. The company sells its products through a network of Tesla stores and galleries, as well as through Internet. Tesla Motors, Inc. was founded in 2003 and is headquartered in Palo Alto, California.
3500 Deer Creek Road
Palo Alto, CA 94304
Founded in 2003
Tesla Motors, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings and Operating Guidance for the First Quarter and Full Year of 2015; Reports Operating Results for the Fourth Quarter of 2014
Feb 11 15
Tesla Motors, Inc. reported unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2014. The company reported fourth quarter non-GAAP revenue was $1.1 billion for the quarter, up 44% from a year ago, while GAAP revenue was $957 million. Fourth quarter non-GAAP net loss was $16 million, or a loss of $0.13 per share based on 125.5 million basic shares, while the GAAP net loss was $108 million or a loss of $0.86 per basic share. Total revenues were $956,661,000 compared to $615,219,000 a year ago. Loss from operations was $74,838,000 compared to $13,353,000 a year ago. Loss before income taxes was $103,910,000 compared to $14,906,000 a year ago. Capital expenditures were $368,661,000 compared to $89,435,000 a year ago. Cash flows used in operating activities was $86,402,000 compared to cash flows provided by operating activities of $133,987,000 a year ago. Negative free cash flow was $455,063,000 compared to free cash flow of $44,552,000 a year ago.
For the year, the company reported its net income was $0.14 per share on a non-GAAP basis. But that figure turns into a loss of $2.36 using GAAP principles. Total non-GAAP revenue for 2014 at $1.1 billion, which was up 44% from 2013. The company reported the GAAP revenue at $957 million. Net loss was $294,040,000 or $2.36 per basic and diluted share compared to $74,014,000 or $0.62 per basic and diluted share a year ago. Total revenues were $3,198,356,000 compared to $2,013,496,000 a year ago. Loss from operations was $186,689,000 compared to $61,283,000 a year ago. Loss before income taxes was $284,636,000 compared to $71,426,000 a year ago. Capital expenditures were $969,885,000 compared to $264,224,000 a year ago. Cash flows used in operating activities was $57,337,000 compared to cash flows provided by operating activities of $264,804,000 a year ago. Negative free cash flow was $1,027,222,000 compared to free cash flow of $580,000 a year ago.
The company said it built 11,627 vehicles in the fourth quarter, thus achieving its production target of 35,000 Model S vehicles in 2014.
In 2015, the company expects to deliver about 55,000 Model S and X vehicles, representing more than a 70% increase over 2014 deliveries. About 40% of the deliveries are planned for the first half of the year. First quarter production is expected to be about 10,000 vehicles due to it being a shorter quarter than in fourth quarter and approximately a week of factory downtime to allow the workforce to rest and tooling upgrades. Cars in transit to Europe and Asia must grow to support those markets, so the company can plan to deliver approximately 9,500 vehicles in first quarter, an increase of over 47% from first quarter last year.
The company expects that its first quarter non-GAAP automotive gross margin should be about 26%, assuming no further strengthening of the U.S. dollar in the latter half of first quarter. Given that the euro has weakened another 7% since the beginning of the year, this impacts the company's gross margin by about 2 percentage points. It also expects GHG/CAFE credits to contribute one less percentage point to its non-GAAP automotive gross margin in 2015, than in fourth quarter. Hence, the company's gross margin expectation of 26% in first quarter represents a significant improvement resulting from its efforts to increase manufacturing efficiency and deliver a richer mix of products.