Tesla 2012 Annual Report Download - page 100

Table of Contents
placements completed in June 2011, $204.4 million received from our draw-downs under the DOE Loan Facility and $10.5 million received
from the exercise of common stock options by employees and the purchase of common stock under our employee stock purchase plan.
Cash provided by financing activities was $338.0 million during the year ended December 31, 2010 comprised primarily of $188.8 million
in proceeds from our IPO, $71.8 million we received from our loans under the DOE Loan Facility, $50.0 million in proceeds from the Toyota
private placement, $30.0 million in proceeds from the Panasonic private placement, partially offset by $3.7 million of issuance costs we incurred
in relation to our DOE Loan Facility and our IPO.
Cash provided by financing activities was $155.4 million during the year ended December 31, 2009 comprised primarily of $82.4 million
in net proceeds from the issuance of Series E convertible preferred stock, $49.4 million in net proceeds from the issuance of Series E convertible
preferred stock and $25.5 million in proceeds received from the issuance of convertible notes and warrants.
Contractual Obligations
The following table sets forth, as of December 31, 2011 certain significant cash obligations that will affect our future liquidity (in
thousands):
In October 2010, we completed the purchase of our Tesla Factory located in Fremont, California from NUMMI. NUMMI has previously
identified environmental conditions at the Fremont site which affect soil and groundwater, and is currently undertaking efforts to address these
conditions. Although we have been advised by NUMMI that it has documented and managed the environmental issues, we cannot determine
with certainty the potential costs to remediate any pre-existing contamination. Based on management’s best estimate, we estimated the fair value
of the environmental liabilities that we assumed to be $5.3 million, which is not reflected in the table above as the timing of any potential
payments cannot be reasonably determined at this time. As NUMMI continues with its decommissioning activities and as we continue with our
construction and operating activities, it is reasonably possible that our estimate of environmental liabilities may change materially.
We have reached an agreement with NUMMI under which, over a ten year period, we will pay the first $15.0 million of any costs of any
governmentally-required remediation activities for contamination that existed prior to the completion of the facility and land purchase for any
known or unknown environmental conditions, and NUMMI has agreed to pay the next $15.0 million for such remediation activities. Our
agreement provides, in part, that NUMMI will pay up to the first $15.0 million on our behalf if such expenses are incurred in the first four years
of our agreement, subject to our reimbursement of such costs on the fourth anniversary date of the closing.
On the ten-year anniversary of the closing or whenever $30.0 million has been spent on the remediation activities, whichever comes first,
NUMMI
’s liability to us with respect to remediation activities ceases, and we are responsible for any and all environmental conditions at the
Fremont site. At that point in time, we have agreed to indemnify, defend, and hold harmless NUMMI from all liability and we have released
NUMMI for any known or unknown claims except for NUMMI
’s obligations for representations and warranties under the agreement.
99
Year Ended December 31,
Total
2012
2013
2014
2015
2016
2017 and
thereafter
Operating lease obligations
$
56,768
$
8,480
$
8,489
$
8,163
$
7,330
$
6,168
$
18,138
Capital lease obligations
4,228
1,416
1,349
974
258
231
—
Long
-
term debt
305,461
13,368
36,676
36,064
35,460
34,853
149,040
Total
$
366,457
$
23,264
$
46,514
$
45,201
$
43,048
$
41,252
$
167,178