01—Abstract
Summary
Summary of the 10-K/A filed March 28, 2012. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment (10-K/A) to Tesla, Inc.'s previously filed Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
The primary purpose of this amendment is to furnish detail-tagged footnotes within Exhibit 101, which is required for XBRL reporting. It's important to note that this amendment does not introduce new financial data or disclose events occurring after the original filing date of February 27, 2012. For investors, this filing essentially confirms the prior financial statements and disclosures for the 2011 fiscal year.
The company was operating as Tesla Motors, Inc. at the time and was a large accelerated filer. Key aspects to consider from the original filing (as this amendment focuses on XBRL formatting) would revolve around the company's early stage, its focus on developing and manufacturing electric vehicles like the Model S, its reliance on government loans and partnerships, and its significant investments in research and development. Investors should refer to the original 10-K filing for the substantive financial and operational details.
02—Key points
Key Highlights
- This is an Amendment No. 1 to the Form 10-K for the fiscal year ended December 31, 2011.
- The amendment's sole purpose is to provide detail-tagged footnotes in Exhibit 101 for XBRL compliance.
- No new financial information or updates to previously disclosed events are included in this amendment.
- Tesla Motors, Inc. is identified as a large accelerated filer.
- The filing confirms the prior disclosure of financial statements and exhibits as filed on February 27, 2012.
- Multiple supply, development, and loan agreements with entities like Toyota, Daimler, Lotus Cars, and the U.S. Department of Energy are listed.
- Stock-based compensation plans (2003 and 2010 Equity Incentive Plans, 2010 Employee Stock Purchase Plan) are detailed within the exhibits.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2011, Tesla, Inc. lost $1.25.
- Revenue$204.2M100.0%
- Cost of revenue−$142.6M69.8%
- Gross profit$61.6M30.2%
- Operating costs−$313.1M153.3%
- Operating income−$251.5M123.1%
- Interest, other & tax−$2.9M1.4%
- Net income−$254.4M124.6%
04—Financials
Financial Highlights
Figures from 10-K/AFY2011filed March 28, 2012Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $204.24M$116.74M | +74.9% |
| Cost of Revenue | $142.65M$86.01M | +65.8% |
| Gross Profit | $61.59M$30.73M | +100.4% |
| R&D Expenses | $208.98M$93.00M | +124.7% |
| SG&A Expenses | $104.10M$84.57M | +23.1% |
| Operating Expenses | $313.08M$177.57M | +76.3% |
| Operating Income | -$251.49M-$146.84M | −71.3% |
| Interest Expense | $43K$992K | −95.7% |
| Net Income | -$254.41M-$154.33M | −64.9% |
05—Questions
Frequently Asked Questions
What is the main purpose of this 10-K/A filing?
The main purpose of this Amendment No. 1 to the Form 10-K is to provide detailed, XBRL-tagged footnotes, as required by regulatory rules. It does not alter the financial statements or operational disclosures from the original Form 10-K filing.
Does this amendment provide updated financial results for Tesla for 2011?
No, this amendment does not provide updated financial results. It is a technical filing to ensure the original 2011 financial statements and accompanying notes are presented in the required XBRL format. Investors should refer to the original Form 10-K filed on February 27, 2012, for the actual financial performance and details.
What does it mean that Tesla was a 'large accelerated filer' in 2012?
Being a 'large accelerated filer' indicates that Tesla met specific size and filing history requirements. Typically, this means the company had a public float of at least $700 million, had been subject to SEC reporting requirements for at least 12 months, and had filed at least one annual report. This classification implies a certain level of established operational and financial scale at that time.
Are there any new significant business developments mentioned in this amendment?
No, this amendment focuses solely on the technical XBRL tagging of footnotes. Any significant business developments, such as new partnerships, product launches, or financial performance metrics for the fiscal year ended December 31, 2011, would have been disclosed in the original Form 10-K filing, not in this amendment.
06—Continue