[hamac]

Oorspronkelijk geplaatst door Micele

Lezen traders zoiets niet?

Het bevestigd net wat ik hier kom te vertellen.

En die zijn in staat te begrijpen wat er staat.

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Tesla's 10-Q, its quarterly filing with the SEC, was released Monday morning. Planning to save it for a deeper read for later in the day, a quick scan of the document led to a surprise that the company had reported a $54m contribution to automotive revenues from regulatory credits.

Surprise, because the electric car company had disclosed in last week's earnings press release that it had not sold any Zero Emission Vehicle Credits in the quarter: “there were no ZEV credit sales in Q2 as compared to $50 million in Q1”.

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Such sales are essentially pure (gross) profit, leading to a focus on their impact as the company attempts to become consistently profitable.

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However on page 15 of the quarterly SEC filing, under the heading “Revenue by source”, Tesla disclosed $54m of “automotive regulatory credits” in the period:

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What seems strange is to draw investors attention to the ZEV credits, excluding these credits from the adjusted gross margin figure, but not the unspecified credits. “Automotive regulatory credits” income is included in Tesla's “total automotive revenues” line in both quarters. After all, the number is seemingly there to give investors a sense of the underlying economics of Tesla's growing car business.

Tesla had not responded to a request for comment at pixel.*

If one was to include the extra $54m of credits this quarter in the calculation, Tesla's adjusted automotive gross margin would've been 1.6 percentage points lower, at 19.4 per cent versus 21 per cent. In Q1, 1.5 percentage points lower at 17.3 per cent.

As Tesla's real gross margin figure is critical to its future profitability, and has been the subject of much online debate, this disclosure disparity only raises further questions about the reporting of this critical metric.

*Update:

A Tesla spokesperson told us that unlike other regulatory credits, ZEV credit sales can vary heavily from quarter to quarter. So as part of its press releases, Tesla began excluding ZEV credits from the non-GAAP automotive gross margin calculation several years ago. In doing so it believes it allows the true trends in the business to be observed without the noise of ZEV credits.

Ze excluden in hun investment letter de ZEV credits, maar de grootste brok, de non-ZEV credits ($216m voor Q1'19) tellen ze WEL mee in gross profit en dus ook gross profit margin.
Bedankt om mijn punt mee te helpen bewijzen. Alleen besef je het niet hé?