Tesla Motors, Inc.

University of Oregon Investment Group
April 18, 2013
Appendix 4 – Working Capital Model
Working Capital Model Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
($ in thousands) 2009A 2010A 2011A 2012A 03/31/2013E 06/30/2013E 09/30/2013E 12/31/2013E 2013E 03/31/2014E 06/30/2014E 09/30/2014E 12/31/2014E 2014E 2015E 2016E 2017E 2018E
Total Revenue 111,943.00 116,744.00 204,242.00 413,256.00 413,537.50 435,650.00 524,100.00 634,662.50 2,007,950.00 505,884.41 533,022.48 641,574.76 777,265.10 2,457,746.75 3,219,464.21 3,662,495.85 3,929,358.20 4,125,826.11
Current Assets
Accounts Receivable 3,488.00 6,710.00 9,539.00 26,842.00 104,668.24 110,265.02 132,652.12 160,636.00 160,636.00 131,969.39 139,048.86 167,366.75 202,764.11 202,764.11 273,654.46 320,468.39 353,642.24 381,638.91
Days Sales Outstanding A/R 11.37 20.98 17.05 23.77 22.78 23.03 23.29 23.29 29.20 23.48 23.74 24.00 24.00 30.11 31.11 31.94 32.85 33.76
% of Revenue 3.12% 5.75% 4.67% 6.50% 25.31% 25.31% 25.31% 25.31% 8.00% 26.09% 26.09% 26.09% 26.09% 8.25% 8.50% 8.75% 9.00% 9.25%
Inventory 23,222.00 45,182.00 50,082.00 268,504.00 588,758.88 620,240.74 746,168.19 903,577.50 903,577.50 759,823.77 800,584.36 963,626.74 1,167,429.71 1,167,429.71 1,448,758.90 1,538,248.26 1,532,449.70 1,485,297.40
Days Inventory Outstanding 82.77 191.73 128.15 256.46 150.75 161.95 174.64 175.81 210.61 181.45 183.46 185.48 185.48 232.72 218.15 204.40 188.54 176.38
% of Revenue 20.74% 38.70% 24.52% 64.97% 142.37% 142.37% 142.37% 142.37% 45.00% 150.20% 150.20% 150.20% 150.20% 47.50% 45.00% 42.00% 39.00% 36.00%
Prepaid Expenses 4,222.00 10,839.00 9,414.00 8,438.00 26,167.06 27,566.26 33,163.03 40,159.00 40,159.00 31,992.58 33,708.82 40,573.76 49,154.94 49,154.94 64,389.28 73,249.92 78,587.16 82,516.52
% of Revenue 3.77% 9.28% 4.61% 2.04% 6.33% 6.33% 6.33% 6.33% 2.00% 6.32% 6.32% 6.32% 6.32% 2.00% 2.00% 2.00% 2.00% 2.00%
Total Current Assets 30,932.00 62,731.00 69,035.00 303,784.00 719,594.18 758,072.01 911,983.34 1,104,372.50 1,104,372.50 923,785.74 973,342.04 1,171,567.24 1,419,348.75 1,419,348.75 1,786,802.64 1,931,966.56 1,964,679.10 1,949,452.83
% of Revenue 27.63% 53.73% 33.80% 73.51% 174.01% 174.01% 174.01% 174.01% 55.00% 182.61% 182.61% 182.61% 182.61% 57.75% 55.50% 52.75% 50.00% 47.25%
Long Term Assets
Net PP&E Beginning 4,711.00 23,535.00 114,636.00 298,414.00 552,229.00 586,162.97 621,763.62 665,554.15 552,229.00 719,607.60 770,142.10 823,133.64 888,189.09 719,607.60 968,361.48 1,191,227.99 1,437,486.11 1,839,395.35
Capital Expenditures 11,884.00 40,203.00 184,226.00 239,228.00 41,353.75 43,565.00 52,410.00 63,466.25 200,795.00 60,706.13 63,962.70 76,988.97 93,271.81 294,929.61 289,751.78 329,624.63 510,816.57 371,324.35
Acquisitions 0.00 65,210.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation and Amortization -6,940.00 -10,623.00 -16,919.00 -28,825.00 -7,419.78 -7,964.35 -8,619.47 -9,412.80 -33,416.40 -10,171.63 -10,971.16 -11,933.52 -13,099.42 -46,175.73 -66,885.27 -83,366.50 -108,907.33 -127,473.55
Net PP&E Ending 23,535.00 114,636.00 298,414.00 552,229.00 586,162.97 621,763.62 665,554.15 719,607.60 719,607.60 770,142.10 823,133.64 888,189.09 968,361.48 968,361.48 1,191,227.99 1,437,486.11 1,839,395.35 2,083,246.15
Total Current Assets & Net PP&E 54,467.00 177,367.00 367,449.00 856,013.00 1,305,757.15 1,379,835.63 1,577,537.49 1,823,980.10 1,823,980.10 1,693,927.84 1,796,475.68 2,059,756.33 2,387,710.23 2,387,710.23 2,978,030.62 3,369,452.67 3,804,074.45 4,032,698.99
% of Revenue 21% 98% 146% 134% 142% 143% 127% 113% 36% 152% 154% 138% 125% 39% 37% 39% 47% 50%
Current Liabilities
Accounts Payable 15,086.00 28,951.00 56,141.00 303,382.00 392,505.92 413,493.83 497,445.46 602,385.00 602,385.00 463,892.41 488,777.82 588,319.48 712,746.56 712,746.56 901,449.98 988,873.88 1,021,633.13 1,031,456.53
Days Payable Outstanding 53.77 122.85 143.65 289.77 100.50 107.96 116.43 117.21 140.41 110.78 112.01 113.24 113.24 142.08 135.74 131.40 125.70 122.48
% of Revenue 13.48% 24.80% 27.49% 73.41% 94.91% 94.91% 94.91% 94.91% 30.00% 91.70% 91.70% 91.70% 91.70% 29.00% 28.00% 27.00% 26.00% 25.00%
Accrued Liabilities 14,532.00 20,945.00 32,109.00 39,798.00 118,106.21 124,421.54 149,682.84 180,715.50 180,715.50 127,970.32 134,835.26 162,295.03 196,619.74 196,619.74 241,459.82 274,687.19 284,878.47 299,122.39
% of Revenue 12.98% 17.94% 15.72% 9.63% 28.56% 28.56% 28.56% 28.47% 9.00% 25.30% 25.30% 25.30% 25.30% 8.00% 7.50% 7.50% 7.25% 7.25%
Current Portion of Residual Value Commitment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 579,004.50 685,494.52 869,641.19 954,064.36
% of Revenue 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.98% 18.72% 22.13% 23.12%
Deferred Revenue 1,377.00 4,635.00 2,345.00 1,905.00 143,418.59 259,604.70 400,365.84 567,651.93 567,651.93 635,648.94 751,065.23 923,202.93 1,100,632.33 1,100,632.33 1,615,658.23 2,110,056.04 2,460,732.88 2,702,263.60
% of Revenue 1.23% 3.97% 1.15% 0.46% 34.68% 59.59% 76.39% 89.44% 28.27% 125.65% 140.91% 143.90% 141.60% 44.78% 50.18% 57.61% 62.62% 65.50%
Reservation payments 26,048.00 30,755.00 91,761.00 138,817.00 392,505.92 413,493.83 497,445.46 602,385.00 602,385.00 447,896.12 471,923.41 568,032.60 688,169.09 688,169.09 837,060.70 915,623.96 982,339.55 1,031,456.53
% of Revenue 23.27% 26.34% 44.93% 33.59% 94.91% 94.91% 94.91% 94.91% 30.00% 88.54% 88.54% 88.54% 88.54% 28.00% 26.00% 25.00% 25.00% 25.00%
Total Current Liabilities 57,043.00 85,286.00 182,356.00 483,902.00 1,046,536.64 1,211,013.89 1,544,939.60 1,953,137.43 1,953,137.43 1,675,407.78 1,846,601.72 2,241,850.04 2,698,167.72 2,698,167.72 4,174,633.22 4,974,735.60 5,619,225.22 6,018,363.41
% of Revenue 50.96% 73.05% 89.28% 117.09% 253.07% 277.98% 294.78% 307.74% 97.27% 331.18% 346.44% 349.43% 347.14% 109.78% 129.67% 135.83% 143.01% 145.87%
UOIG 26