Earnings Highlights: Tesla eanings came strong as delivery sets record

Moomoo News · Jul 27, 2021 00:05 · Earnings

In the second quarter of 2021, $Tesla, Inc.(TSLA.US)$ broke new and notable records. It produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in its history.

Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2. The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible. With global vehicle demand at record levels, component supply will have a strong influence on the rate of Tesla's delivery growth for the rest of this year.

Let's take a look at Tesla's Q2 performance.

Profitability

$1.3B GAAP operating income; 11.0% operating margin in Q2
$1.1B GAAP net income; $1.6B non-GAAP net income (ex-SBC1) in Q2
28.4% GAAP Automotive gross margin (25.8% ex-credits) in Q2

Cash

Operating cash flow less capex (free cash flow) of $619M in Q2
Net debt and finance lease repayments of $1.6B in Q2
In total, $912M decrease in our cash and cash equivalents in Q2 to $16.2B

Operations

Record vehicle production and deliveries in Q2
Successful launch of FSD subscription in July
Started delivering the new Model S to customers

Tesla stocks gained 1% after the bell.

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