OK $TSLAQ, in anticipation of the your basic accounting queries, here are recons/analysis of the accounts that are defying the basic rules of accounting. If anyone has an explanation for any of these, please let me know. (1/9)
Prepaids: we do not have a full detail of these accounts. But, they should not increase at a rate greater than the cash payments. I know that a small A/R for powerwall is included for an inexplicable reason. Look at Q3 2019 and see if this makes any sense: (2/9) 
Depreciation expense: Look at 9/30/19 & 12/31/19. Roughly the same. There was a writedown of intangibles in the year that warped the intangible ammo slightly. I have not taken the time to look at the depreciation estimates to see what games were played in Q3. (3/9)
Fixed Assets: This is not so much of an analysis as just a sick fascination. Like slowing down to watch a wreck in the west bound lane of the interstate when you are going east only to cause another wreck in your lane. So where are the China assets? (4/9)
Warranties: I posted this yesterday. But, it is still interesting to point out the $30m other accrual in Q4 which is close to offsetting the $37m reversal for Q3. The linear decline in the warranty to units is equally impressive. (5/9)
Sales Return Reserve: If there is a safe word in accounting, this is mine. The fact that it was in Critical Audit Matters only reinforces utter disgust with PwC treatment of Ford's accounting verses this pile of sh!t. Look at the gross receivable in awe. (6/9)
Deferred Revenues: This is my fear factor of $TSLAQ accounting. Uncorking $1b of revenues in a quarter. Turns out, it was only $188m. Three times the amount in Q3. The auto gross margin improvement in Q4? Roughly $1k per unit was deferred revenues. (7/9)
Fixed Assets: This one has a ton of estimates and is not a clean analysis. But if the number is off greater than $100mm, you have a problem. Purchases are in the cash flow statement as well as net sales (through losses.) I get this one is not perfect. (8/9)
But look at Q2 and Q4 and tell me how bad these estimates are to be off by $225m and $474m? Go back to prepaids and tell me how Q3 capitalized costs that much? This is part II, only angry. Right of use leases are not included. (9/fin)
Sorry. This evening's account analysis was brought to you by Basil Hayden's.
