Tesla(TSLA) - 2024 Q3 - Quarterly Results

Financial Performance - Q3 2024 GAAP operating income reached $2.7B, with GAAP net income at $2.2B and non-GAAP net income at $2.5B[3] - Operating cash flow in Q3 was $6.3B, with free cash flow at $2.7B[3] - Cash and investments increased by $2.9B in Q3 to $33.6B[4] - Net income for Q4-2023 was $7.943 billion, a significant increase compared to previous quarters[44] - Total revenues for Q4-2023 reached $25.167 billion, with automotive sales contributing $20.630 billion[44] - Adjusted EBITDA for Q4-2023 was $24 billion[43] - Gross profit for Q4-2023 was $4.438 billion, reflecting a healthy margin[44] - Net income per share (diluted) for Q4-2023 was $2.27, showing strong earnings per share[44] - Total automotive revenues for Q4-2023 were $21.563 billion, driven by strong sales and leasing activities[44] - Total assets increased from $93.941 billion in Q3-2023 to $119.852 billion in Q3-2024[46] - Net cash provided by operating activities rose from $3.308 billion in Q4-2023 to $6.255 billion in Q3-2024[47] - Adjusted EBITDA margin improved from 16.1% in Q3-2023 to 18.5% in Q3-2024[48] - Cash, cash equivalents, and investments grew from $26.077 billion in Q1-2024 to $33.648 billion in Q3-2024[46] - Total revenues increased from $23.350 billion in Q3-2023 to $25.182 billion in Q3-2024[48] - Net income attributable to common stockholders (GAAP) rose from $1.853 billion in Q3-2023 to $2.167 billion in Q3-2024[48] - Net cash provided by operating activities (GAAP) for 3Q-2024 was $6.255 billion[49] - Free cash flow (non-GAAP) for 3Q-2024 was $2.742 billion[49] - Net income attributable to common stockholders (GAAP) for 3Q-2024 was $2.167 billion[49] - Adjusted EBITDA (non-GAAP) for 3Q-2024 was $4.665 billion[49] - Net cash provided by operating activities – TTM (GAAP) for 3Q-2024 was $14.479 billion[50] - Free cash flow – TTM (non-GAAP) for 3Q-2024 was $3.617 billion[50] - Net income attributable to common stockholders – TTM (GAAP) for 3Q-2024 was $12.702 billion[50] - Adjusted EBITDA – TTM (non-GAAP) for 3Q-2024 was $15.676 billion[50] Vehicle Deliveries and Production - Total vehicle deliveries increased 6% YoY to 462,890 in Q3[8] - Vehicle deliveries for Q4-2023 were 26 million units[45] - Company expects to achieve slight growth in vehicle deliveries in 2024 despite ongoing macroeconomic conditions[25] - Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025[25] - Current expected maximum capacity is close to three million vehicles, enabling more than 50% growth over 2023 production[25] Energy Business - Energy business achieved a record gross margin, with 200 Megapacks produced in a week at the Lathrop Megafactory[5] - Energy business achieved a record gross margin of 30.5% in Q3, a sequential increase of 596 bps[21] - Powerwall achieved record deployments in Q3 for the second quarter in a row, with over 100,000 Powerwalls enrolled in Virtual Power Plant programs[21] - Lathrop Megafactory demonstrated 200 Megapack production in a single week, equivalent to a 40 GWh annual run rate[21] - Energy storage deployments are expected to more than double year-over-year in 2024[25] - Shanghai Megafactory remains on track to begin shipping Megapacks in Q1 2025[21] Services and Other Business - Services and Other business achieved a record gross profit in Q3, growing over 90% year-on-year[22] - Supercharger network expanded with over 2,800 new stalls in Q3, a 22% growth of the network YoY[22] Research and Development - Research and development expenses for Q4-2023 were $1.094 billion, indicating continued investment in innovation[44] - AI training compute increased by over 75% in Q3, with a 29k H100 cluster deployed at Gigafactory Texas[5][15] Autonomous Driving - Cumulative miles driven with FSD (Supervised) exceeded 2 billion in Q3, with over 50% on V12[5] Cost Management - Cost of goods sold (COGS) per vehicle decreased to ~$35,100, the lowest level ever[3] Capital Expenditures - Capital expenditures increased from $2.460 billion in Q3-2023 to $3.513 billion in Q3-2024[47] - Capital expenditures for 3Q-2024 were $3.513 billion[49] - Capital expenditures – TTM for 3Q-2024 were $10.862 billion[50] Liabilities and Compensation - Total current liabilities increased from $26.640 billion in Q3-2023 to $30.577 billion in Q3-2024[46] - Stock-based compensation expense increased from $465 million in Q3-2023 to $457 million in Q3-2024[48] Revenue Growth - Total revenue grew 8% YoY to $25.2B in Q3, driven by vehicle deliveries, Energy Generation and Storage, and Services and Other revenues[7] Cybertruck Performance - Cybertruck became the third best-selling EV in the U.S. in Q3, behind Model Y and Model 3[5] Operating Cash Flow - Operating cash flow for Q4-2023 was $0.0 billion[43] - Free cash flow for Q4-2023 was not explicitly stated but can be inferred from financial statements[43] Days Sales Outstanding - Days sales outstanding fluctuated between 11 and 16 days from Q4-2023 to Q3-2024[46]