$TSLAQ This idea originated with @BradMunchen 's distain of account classifications in $TSLA ‘s balance sheet. What oddities are included in the asset accounts and associated statements, assumptions, & lack of disclosure. (all from the 2019 10K.) (1/15)
Cash & Cash Equivalents: No detail of cash equivalents. $1.26B was overseas (2/15)
Restricted Cash: resale value guarantee, letters of credit, leases (operating as well), CSVLI, credit card lines. CSVLI is not restricted cash. Letters of credit guaranteed by cash are generally not used by $150b market cap companies. Continued: (3/15)
Credit card lines & resale values make sense for offset for credit risk. These accounts total $515m short & long term. Any of this make sense to anyone? Maybe the letters are for shipping? (4/15)
A/Rec: only the note that that “We typically do not carry significant accounts receivable related to our vehicle & related sales” Literally. Look at page 83, last sentence. (5/15)
Inventory: Use of FIFO, and lower cost of market. Used inventory is not itemized but classified as Finished Goods. (6/15)
Prepaids: includes current portion of the MyPower customer notes. Current portion is not disclosed. Long term MyPower receivables decreased by $29m so assume a similar current portion. Prepaids were $713m total up from $366m in 2018. (7/15)
Operating lease vehicles: Another component of the financials are influences by @bgrahamdisciple ‘s Carvana connection appears: “less salvage value.” These are depreciated so think about the income statement. (8/15)
Solar Energy Systems, Net: other than the assumptions of the minimum lease payments which are too numerous to mention, under construction was only $18m and included in the totals. Net systems decreased ($133m.) (9/15)
PPE: China is still missing. Straight line assumption for everything (Ford uses same method.) Useful life assumptions are so wide they are meaningless (equipment 2 to 12 years.) (10/15)
Operating Lease Right of Use: new lease standard transfer from Capital Leases at 1/1/19. (11/15)
Intangibles: appear consistent. $105m were acquired. (12/15)
Long Term MyPower receivables: see prepaids (#7), Long Term Restricted Cash: see #3 (13/15)
Other Assets: $808m (2.3% of the balance sheet). Not individually itemized anywhere. Term appears 19 times throughout the K. $141m was transferred to leasing on 1/1/19. $3m came from Maxwell. $1m were interest rate swaps. (continued) (14/15)
$87m were deconsolidated into a VIE. So, $4m is identified in the footnotes. (15/15)
