Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Tesla reported net income of $1.14bn, compared to $104mn in the same period last year. Net profits surpassed $1bn for the first time. Revenues came in at $10.2bn, of which 3.5%, or $354mn came from sale of regulatory credits, the lowest number of credits than in any of the previous quarters. Gross margins came at 28.4%, higher than its previous four quarters. Tesla reported a cash position down 5% QoQ to $16.23bn noting that the decline was “driven mainly by net debt and finance lease repayments of $1.6bn, partially offset by free cash flow of $619mn.” The company reported an EPS of $1.45 up from $0.98 per share. They recorded a $23mn impairment related to the value of its bitcoin holdings. Tesla also reported $951mn in services and other revenues, as it now operates 598 stores and service centers, and a mobile service fleet that includes 1,091 vehicles, up 34% YoY. Total Electric car deliveries were at 206,421, up 151% YoY, and total production was reported at 201,304, up 121% YoY, with Model 3/Y reaching the highest production and delivery. Musk also added that he may skip future earnings calls.

Tesla´s USD bonds were up with its 5.3% 2025s up 0.17 to 102.985, yielding 4.48%.

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