Tesla 2014 Annual Report Download - page 77
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Table of Contents
which requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions. Such returns are subject to audit by the
various federal, state and foreign taxing authorities, who may disagree with respect to our tax positions. We believe that our accounting
consideration is adequate for all open audit years based on our assessment of many factors, including past experience and interpretations of tax
law. We review and update our estimates in light of changing facts and circumstances, such as the closing of a tax audit, the lapse of a statute of
limitations or a material change in estimate. To the extent that the final tax outcome of these matters differs from our expectations, such
differences may impact income tax expense in the period in which such determination is made. The eventual impact on our income tax expense
depends in part if we still have a valuation allowance recorded against our deferred tax assets in the period that such determination is made.
Results of Operations
The following table sets forth our consolidated statements of operations data for the periods presented (in thousands, except per share
data):
Revenues
Automotive Sales
Automotive sales, which include vehicle, options and related sales, and powertrain component and related sales, consisted of the following
for the periods presented (in thousands):
76
Year Ended December 31,
2013
2012
2011
Revenues
Automotive sales
$
1,997,786
$
385,699
$
148,568
Development services
15,710
27,557
55,674
Total revenues
2,013,496
413,256
204,242
Cost of revenues
Automotive sales
1,543,878
371,658
115,482
Development services
13,356
11,531
27,165
Total cost of revenues
1,557,234
383,189
142,647
Gross profit
456,262
30,067
61,595
Operating expenses
Research and development
231,976
273,978
208,981
Selling, general and administrative
285,569
150,372
104,102
Total operating expenses
517,545
424,350
313,083
Loss from operations
(61,283
)
(394,283
)
(251,488
)
Interest income
189
288
255
Interest expense
(32,934
)
(254
)
(43
)
Other income (expense), net
22,602
(1,828
)
(2,646
)
Loss before income taxes
(71,426
)
(396,077
)
(253,922
)
Provision for income taxes
2,588
136
489
Net loss
$
(74,014
)
$
(396,213
)
$
(254,411
)
Year Ended December 31,
2013
2012
2011
Vehicle, options and related sales
$
1,952,684
$
354,344
$
101,708
Powertrain component and related sales
45,102
31,355
46,860
Total automotive sales
$
1,997,786
$
385,699
$
148,568