1/ $TSLA $TSLAQ I think we were all confused by the gross margin "improvement" in 3Q'18, I know I am. Anyone who has read the Q's is familiar with their new revenue accounting standard: 
2/ As I pointed out in my dissection of the 10Q back in October, $TSLA was able to pull forward $79,861,000 on the bottom line thanks to these adjustments, as disclosed in the 10Q:
3/ However, take a closer look at the numbers. Notice, the gross margin magically improve by 7% when the revenue moves from "Automotive Leasing" to "Automotive Sales"
4/ Feel free to opine, but I found this to be quite "sus" $TSLA
5/ Equally, if not more suspicious is the incremental margin gain on these adjustments, which accounts for a substantial portion of $TSLA's quarterly revenue. 38.5% Margin on this added revenue....
6/ These numbers are consistent in Q2 as well, be it on a slightly smaller scale.
$TSLA Interesting though, Q1 is NOT consistent with these numbers from Q2 and Q3. Apparently, in Q1 "auto sales" had the same gross margin as "auto leasing." Where did the 9% of incremental gross margin come from on these vehicles in Q2 and Q3 exactly?
8/ It is not just the gross margin either. The same pattern appears if you look at the incremental net income margin on these adjustments.
Q1: 27.8%
Q2: 33.3%
Q3: 36.0%
$TSLA $TSLAQ
Q1: 27.8%
Q2: 33.3%
Q3: 36.0%
$TSLA $TSLAQ
9/ What the hell is going on here? In Q3, there is only a 2.5% difference between the gross margin and net income margin. How? $TSLA $TSLAQ
