TSLA 报表有问题有作假嫌疑 - 未名空间MITBBS历史存档

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TSLA 报表有问题有作假嫌疑

TSLA 报表有问题有作假嫌疑# Stock

J*s2013-08-07 07:08

1 楼

Costs related to deliveries of Model S during the period not recognized in
automotive cost of revenues but recorded in operating lease vehicles, net $
123,919,000.
成本不减记而计入资产负债表，典型的 book cooking.

c*y2013-08-07 07:08

2 楼

不影响大局，sales和销售数量都beat了

J*s2013-08-07 07:08

3 楼

而且这个delivery cost $123,919,000 相比 sale $401,535,000 所占比例太大了

【在 c****y 的大作中提到】

: 不影响大局，sales和销售数量都beat了

m*a2013-08-07 07:08

4 楼

I believe those costs related to finance sales (lease). Based on the lease
accounting, the revenue and cost will be deferred and not recognized until
receipts of lease payment. That's why Tesla sold more cars in Q2 comparing
with Q1 but the sales was about $155 million less than Q1 under GAAP (I
guess they didn't offer lease to customer until Q2).
One funny thing is they sold almost 20% more cars in Q2 than Q1, but non-
GAAP revenue
which included all deferred sales through lease/finance is slight less than
Q1 revenue.
That's might be the place the investors want to pay attention.. all they are
too hyped to care anything!!

s*k2013-08-07 07:08

5 楼

Q2 non-GAAP revenue was 551 million vs.561 million in Q1. the shareholder
newsletter has some explanation:
“While deliveries increased by 5% from Q1, overall revenues were flat due
to an expected drop in ZEV credit revenue. ZEV credit revenue fell to $51
million this quarter from $68 million last quarter. Vehicle average selling
prices (ASPs) also declined slightly during the quarter since we sold 60 kWh
range limited cars at a $10,000 lower price point to honor orders for the
now discontinued 40 kWh battery pack.”
Also “Selling, general and administrative (SG&A) expenses were $50 million
on a non-GAAP basis and almost $60 million on a GAAP basis. This increase
from Q1 was driven primarily by additional expenses related to the expansion
of our retail, service and Supercharger infrastructure”
Those are non issues. Most important things we should look at are demand,
gross margin and the capability to scale up. All of which have been shown as
extremely strong.

than
are

【在 m*******a 的大作中提到】

: I believe those costs related to finance sales (lease). Based on the lease
: accounting, the revenue and cost will be deferred and not recognized until
: receipts of lease payment. That's why Tesla sold more cars in Q2 comparing
: with Q1 but the sales was about $155 million less than Q1 under GAAP (I
: guess they didn't offer lease to customer until Q2).
: One funny thing is they sold almost 20% more cars in Q2 than Q1, but non-
: GAAP revenue
: which included all deferred sales through lease/finance is slight less than
: Q1 revenue.
: That's might be the place the investors want to pay attention.. all they are

t*92013-08-07 07:08

6 楼

果粉们在手机市场饱和以后，转战 TSLA 啦～～～～～～～～～～～～～～～～～～
lol

ak2013-08-07 07:08

7 楼

那里能看到详细的报表？给个link. 谢谢！

$

【在 J****s 的大作中提到】

: Costs related to deliveries of Model S during the period not recognized in
: automotive cost of revenues but recorded in operating lease vehicles, net $
: 123,919,000.
: 成本不减记而计入资产负债表，典型的 book cooking.