Tesla, Inc. 10-K form for the fiscal year ended 2021-12-31, page 49: Tesla, Inc.

 Consolidated Balance Sheets

 (in millions, except per share data)
    |    |                                                                                                                                                                  |              |        |              |    |        |    |
|---:|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:-------|:-------------|:---|:-------|:---|
|  1 |                                                                                                                                                                  | December 31, |        | December 31, |    |        |    |
|  2 |                                                                                                                                                                  | 2021         |        | 2020         |    |        |    |
|  3 | Assets                                                                                                                                                           |              |        |              |    |        |    |
|  4 | Current assets                                                                                                                                                   |              |        |              |    |        |    |
|  5 | Cash and cash equivalents                                                                                                                                        | $            | 17,576 |              | $  | 19,384 |    |
|  6 | Short-term marketable securities                                                                                                                                 |              | 131    |              |    | -      |    |
|  7 | Accounts receivable, net                                                                                                                                         |              | 1,913  |              |    | 1,886  |    |
|  8 | Inventory                                                                                                                                                        |              | 5,757  |              |    | 4,101  |    |
|  9 | Prepaid expenses and other current assets                                                                                                                        |              | 1,723  |              |    | 1,346  |    |
| 10 | Total current assets                                                                                                                                             |              | 27,100 |              |    | 26,717 |    |
| 11 | Operating lease vehicles, net                                                                                                                                    |              | 4,511  |              |    | 3,091  |    |
| 12 | Solar energy systems, net                                                                                                                                        |              | 5,765  |              |    | 5,979  |    |
| 13 | Property, plant and equipment, net                                                                                                                               |              | 18,884 |              |    | 12,747 |    |
| 14 | Operating lease right-of-use assets                                                                                                                              |              | 2,016  |              |    | 1,558  |    |
| 15 | Digital assets, net                                                                                                                                              |              | 1,260  |              |    | -      |    |
| 16 | Intangible assets, net                                                                                                                                           |              | 257    |              |    | 313    |    |
| 17 | Goodwill                                                                                                                                                         |              | 200    |              |    | 207    |    |
| 18 | Other non-current assets                                                                                                                                         |              | 2,138  |              |    | 1,536  |    |
| 19 | Total assets                                                                                                                                                     | $            | 62,131 |              | $  | 52,148 |    |
| 20 | Liabilities                                                                                                                                                      |              |        |              |    |        |    |
| 21 | Current liabilities                                                                                                                                              |              |        |              |    |        |    |
| 22 | Accounts payable                                                                                                                                                 | $            | 10,025 |              | $  | 6,051  |    |
| 23 | Accrued liabilities and other                                                                                                                                    |              | 5,719  |              |    | 3,855  |    |
| 24 | Deferred revenue                                                                                                                                                 |              | 1,447  |              |    | 1,458  |    |
| 25 | Customer deposits                                                                                                                                                |              | 925    |              |    | 752    |    |
| 26 | Current portion of debt and finance leases                                                                                                                       |              | 1,589  |              |    | 2,132  |    |
| 27 | Total current liabilities                                                                                                                                        |              | 19,705 |              |    | 14,248 |    |
| 28 | Debt and finance leases, net of current portion                                                                                                                  |              | 5,245  |              |    | 9,556  |    |
| 29 | Deferred revenue, net of current portion                                                                                                                         |              | 2,052  |              |    | 1,284  |    |
| 30 | Other long-term liabilities                                                                                                                                      |              | 3,546  |              |    | 3,330  |    |
| 31 | Total liabilities                                                                                                                                                |              | 30,548 |              |    | 28,418 |    |
| 32 | Commitments and contingencies (Note 15)                                                                                                                          |              |        |              |    |        |    |
| 33 | Redeemable noncontrolling interests in subsidiaries                                                                                                              |              | 568    |              |    | 604    |    |
| 34 | Convertible senior notes (Note 11)                                                                                                                               |              | -      |              |    | 51     |    |
| 35 | Equity                                                                                                                                                           |              |        |              |    |        |    |
| 36 | Stockholders' equity                                                                                                                                             |              |        |              |    |        |    |
| 37 | Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding                                                                       |              | -      |              |    | -      |    |
| 38 | Common stock; $0.001 par value; 2,000 shares authorized; 1,033 and 960 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively |              | 1      |              |    | 1      |    |
| 39 | Additional paid-in capital                                                                                                                                       |              | 29,803 |              |    | 27,260 |    |
| 40 | Accumulated other comprehensive income                                                                                                                           |              | 54     |              |    | 363    |    |
| 41 | Retained earnings (accumulated deficit)                                                                                                                          |              | 331    |              |    | (5,399 | )  |
| 42 | Total stockholders' equity                                                                                                                                       |              | 30,189 |              |    | 22,225 |    |
| 43 | Noncontrolling interests in subsidiaries                                                                                                                         |              | 826    |              |    | 850    |    |
| 44 | Total liabilities and equity                                                                                                                                     | $            | 62,131 |              | $  | 52,148 |    |
 
The accompanying notes are an integral part of these consolidated financial statements.
 49

, Tesla, Inc. 10-K form for the fiscal year ended 2021-12-31, page 50: Tesla, Inc.
 

Consolidated Statements of Operations

 (in millions, except per share data)
    |    |                                                                                                             |                         |        |    |      |    |        |      |    |        |    |
|---:|:------------------------------------------------------------------------------------------------------------|:------------------------|:-------|:---|:-----|:---|:-------|:-----|:---|:-------|:---|
|  1 |                                                                                                             | Year Ended December 31, |        |    |      |    |        |      |    |        |    |
|  2 |                                                                                                             | 2021                    |        |    | 2020 |    |        | 2019 |    |        |    |
|  3 | Revenues                                                                                                    |                         |        |    |      |    |        |      |    |        |    |
|  4 | Automotive sales                                                                                            | $                       | 44,125 |    |      | $  | 24,604 |      | $  | 19,358 |    |
|  5 | Automotive regulatory credits                                                                               |                         | 1,465  |    |      |    | 1,580  |      |    | 594    |    |
|  6 | Automotive leasing                                                                                          |                         | 1,642  |    |      |    | 1,052  |      |    | 869    |    |
|  7 | Total automotive revenues                                                                                   |                         | 47,232 |    |      |    | 27,236 |      |    | 20,821 |    |
|  8 | Energy generation and storage                                                                               |                         | 2,789  |    |      |    | 1,994  |      |    | 1,531  |    |
|  9 | Services and other                                                                                          |                         | 3,802  |    |      |    | 2,306  |      |    | 2,226  |    |
| 10 | Total revenues                                                                                              |                         | 53,823 |    |      |    | 31,536 |      |    | 24,578 |    |
| 11 | Cost of revenues                                                                                            |                         |        |    |      |    |        |      |    |        |    |
| 12 | Automotive sales                                                                                            |                         | 32,415 |    |      |    | 19,696 |      |    | 15,939 |    |
| 13 | Automotive leasing                                                                                          |                         | 978    |    |      |    | 563    |      |    | 459    |    |
| 14 | Total automotive cost of revenues                                                                           |                         | 33,393 |    |      |    | 20,259 |      |    | 16,398 |    |
| 15 | Energy generation and storage                                                                               |                         | 2,918  |    |      |    | 1,976  |      |    | 1,341  |    |
| 16 | Services and other                                                                                          |                         | 3,906  |    |      |    | 2,671  |      |    | 2,770  |    |
| 17 | Total cost of revenues                                                                                      |                         | 40,217 |    |      |    | 24,906 |      |    | 20,509 |    |
| 18 | Gross profit                                                                                                |                         | 13,606 |    |      |    | 6,630  |      |    | 4,069  |    |
| 19 | Operating expenses                                                                                          |                         |        |    |      |    |        |      |    |        |    |
| 20 | Research and development                                                                                    |                         | 2,593  |    |      |    | 1,491  |      |    | 1,343  |    |
| 21 | Selling, general and administrative                                                                         |                         | 4,517  |    |      |    | 3,145  |      |    | 2,646  |    |
| 22 | Restructuring and other                                                                                     |                         | (27    | )  |      |    | -      |      |    | 149    |    |
| 23 | Total operating expenses                                                                                    |                         | 7,083  |    |      |    | 4,636  |      |    | 4,138  |    |
| 24 | Income (loss) from operations                                                                               |                         | 6,523  |    |      |    | 1,994  |      |    | (69    | )  |
| 25 | Interest income                                                                                             |                         | 56     |    |      |    | 30     |      |    | 44     |    |
| 26 | Interest expense                                                                                            |                         | (371   | )  |      |    | (748   | )    |    | (685   | )  |
| 27 | Other income (expense), net                                                                                 |                         | 135    |    |      |    | (122   | )    |    | 45     |    |
| 28 | Income (loss) before income taxes                                                                           |                         | 6,343  |    |      |    | 1,154  |      |    | (665   | )  |
| 29 | Provision for income taxes                                                                                  |                         | 699    |    |      |    | 292    |      |    | 110    |    |
| 30 | Net income (loss)                                                                                           |                         | 5,644  |    |      |    | 862    |      |    | (775   | )  |
| 31 | Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries |                         | 125    |    |      |    | 141    |      |    | 87     |    |
| 32 | Net income (loss) attributable to common stockholders                                                       | $                       | 5,519  |    |      | $  | 721    |      | $  | (862   | )  |
| 34 | Net income (loss) per share of common stock attributable to common stockholders                             |                         |        |    |      |    |        |      |    |        |    |
| 35 | Basic                                                                                                       | $                       | 5.60   |    |      | $  | 0.74   |      | $  | (0.98  | )  |
| 36 | Diluted                                                                                                     | $                       | 4.90   |    |      | $  | 0.64   |      | $  | (0.98  | )  |
| 37 | Weighted average shares used in computing net income (loss) per share of common stock                       |                         |        |    |      |    |        |      |    |        |    |
| 38 | Basic                                                                                                       |                         | 986    |    |      |    | 933    |      |    | 887    |    |
| 39 | Diluted                                                                                                     |                         | 1,129  |    |      |    | 1,083  |      |    | 887    |    |
 
The accompanying notes are an integral part of these consolidated financial statements.
 50



Question: How did Tesla's fixed asset turnover ratio evolve from 2019 to 2020, and what does this shift indicate about the utilization of its physical assets?
Answer: The fixed asset turnover ratio showed a slight improvement, from 2.36 in 2019 to 2.47 in 2020, suggesting that Tesla is becoming more efficient in utilizing its fixed assets to generate revenue.