Do zerohedge, sublinho o mais inquietante...
Johnson wrote in his note that Tesla's CFO, Zach Kirkhorn, pointed out on the company's conference call that the ongoing sale of regulatory credits was not a guarantee going forward.
“We don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. Yeah, I do expect regulatory credit revenues to double in 2020 relative to 2019, and it will continue for some period of time, but eventually this stream of regulatory credits will reduce,” Kirkhorn said on the call.
Johnson also noted that in Q2, the company broke out its A/R distribution by segment for the first time:
That is, in 2Q20, TSLA, for the first time, disclosed that its accounts receivable ("A/R") distribution was segmented by: (1) $594mn - Regulatory Credits (40%), (2) $448mn - Auto Sales (30%), and (3) $448mn - Mystery (30%).
He then made note of the fact that there were tons of regulatory credit revenues still stuck in A/R. He thinks this is a result of revenue recognition engineering - or even Tesla possibly not selling the credits to begin with:
Stated differently, half of 1Q20, and all of TSLA's 2Q20 regulatory credit revenues are still in accounts receivable ("A/R"). So what's the big deal? Well, we interpret this as one of two things, namely: (1) TSLA sent a regulatory credit invoice to a customer and claimed it as revenue up-front (i.e., we'll give you a price break on the regulatory credits you are buying, and let you pay us at a later date when the credits are actually needed, if you "buy" the credits now - such a transaction would create a receivable), or (2) TSLA did not sell the credits to anyone. We see the former as the most likely scenario.
1. Eu já tinha escrito que aqueles créditos de poluição não são eternos...o CFO da TESLA acaba de confirmar.
2. A Tesla em lugar de diferir Proveitos de períodos contabilísticos futuros, regista-os como Proveitos no próprio período do exercício, isto é em lugar de registar estes valores na conta de Balanço, registado-os na conta de Resultados, inflacionando positivamente os mesmos...a contrapartida é a conta de clientes...vejam a repartição dos mesmos eheheh...
3. Quem faz isto para os créditos da poluição (ponto 2) pode fazer o mesmo para as encomendas...é o vale tudo...
Foda-se, já não comento mais.