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Table of Contents
Tesla Motors, Inc.
Consolidated Statements of Cash Flows
(in thousands)
The accompanying notes are an integral part of these consolidated financial statements.
95
Year Ended December 31,
2013
2012
2011
Cash Flows From Operating Activities
Net loss
$
(74,014
)
$
(396,213
)
$
(254,411
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
106,083
28,825
16,919
Stock
-
based compensation
80,737
50,145
29,419
Amortization of discount on convertible debt
9,143
—
—
Inventory write
-
downs
8,918
4,929
1,828
Write
-
off of Department of Energy (DOE) loan origination costs
5,558
—
—
Change in fair value of DOE warrant liability
(10,692
)
1,854
2,750
Other non
-
cash operating activities
3,611
1,560
233
Foreign currency transaction gain
3,655
—
—
Changes in operating assets and liabilities
Accounts receivable
(21,917
)
(17,303
)
(2,829
)
Inventories and operating lease vehicles
(463,270
)
(194,726
)
(13,638
)
Prepaid expenses and other current assets
(17,466
)
1,121
(248
)
Other assets
(342
)
(482
)
(288
)
Accounts payable
(243
)
187,821
19,891
Accrued liabilities
66,567
9,603
10,620
Deferred revenue
268,153
(526
)
(1,927
)
Customer deposits
24,243
47,056
61,006
Resale value guarantee
236,299
—
—
Other long
-
term liabilities
32,971
10,255
2,641
Net cash provided by (used in) operating activities
257,994
(266,081
)
(128,034
)
Cash Flows From Investing Activities
Purchases of property and equipment excluding capital leases
(264,224
)
(239,228
)
(184,226
)
Withdrawals out of our dedicated Department of Energy account, net
14,752
8,620
50,121
(Increase) decrease in other restricted cash
55
(1,330
)
(3,201
)
Purchases of marketable securities
—
(
14,992
)
(64,952
)
Maturities of short
-
term marketable securities
—
40,000
40,000
Net cash used in investing activities
(249,417
)
(206,930
)
(162,258
)
Cash Flows From Financing Activities
Proceeds from convertible debt
660,000
—
—
Proceeds from issuance of common stock in public offering
360,000
221,496
172,410
Proceeds from issuance of warrants
120,318
—
—
Proceeds from exercise of stock options and other stock issuances
95,307
24,885
10,525
Proceeds from issuance of common stock in private placement
55,000
—
59,058
Principal payments on DOE loans
(452,337
)
(12,710
)
—
Purchase of convertible note hedges
(177,540
)
—
—
Common stock and convertible debt issuance costs
(16,901
)
—
—
Principal payments on capital leases and other debt
(8,425
)
(2,832
)
(416
)
Proceeds from DOE loans
—
188,796
204,423
Net cash provided by financing activities
635,422
419,635
446,000
Net increase (decrease) in cash and cash equivalents
643,999
(53,376
)
155,708
Cash and cash equivalents at beginning of period
201,890
255,266
99,558
Cash and cash equivalents at end of period
$
845,889
$
201,890
$
255,266
Supplemental Disclosures
Interest paid
$
9,041
$
6,938
$
3,472
Income taxes paid
257
117
282
Supplemental noncash investing activities
Acquisition of property and equipment
38,789
44,890
15,592