Tesla Inc., adjustment to net income (loss) attributable to common stockholders

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to common stockholders (as reported)	14,997)	12,556)	5,519)	721)	(862)
Add: Unrealized net gain (loss) on investments	16)	(23)	(1)	—)	—)
Net income (loss) attributable to common stockholders (adjusted)	15,013)	12,533)	5,518)	721)	(862)

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Tesla Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	15.50%	15.41%	10.25%	2.29%	-3.51%
Adjusted net profit margin	15.51%	15.39%	10.25%	2.29%	-3.51%
Return on Equity (ROE)
Reported ROE	23.94%	28.09%	18.28%	3.24%	-13.03%
Adjusted ROE	23.97%	28.04%	18.28%	3.24%	-13.03%
Return on Assets (ROA)
Reported ROA	14.07%	15.25%	8.88%	1.38%	-2.51%
Adjusted ROA	14.08%	15.22%	8.88%	1.38%	-2.51%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Tesla Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Tesla Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Tesla Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	14,997)	12,556)	5,519)	721)	(862)
Revenues	96,773)	81,462)	53,823)	31,536)	24,578)
Profitability Ratio
Net profit margin¹	15.50%	15.41%	10.25%	2.29%	-3.51%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	15,013)	12,533)	5,518)	721)	(862)
Revenues	96,773)	81,462)	53,823)	31,536)	24,578)
Profitability Ratio
Adjusted net profit margin²	15.51%	15.39%	10.25%	2.29%	-3.51%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to common stockholders ÷ Revenues
= 100 × 14,997 ÷ 96,773 = 15.50%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Revenues
= 100 × 15,013 ÷ 96,773 = 15.51%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Tesla Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	14,997)	12,556)	5,519)	721)	(862)
Stockholders’ equity	62,634)	44,704)	30,189)	22,225)	6,618)
Profitability Ratio
ROE¹	23.94%	28.09%	18.28%	3.24%	-13.03%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	15,013)	12,533)	5,518)	721)	(862)
Stockholders’ equity	62,634)	44,704)	30,189)	22,225)	6,618)
Profitability Ratio
Adjusted ROE²	23.97%	28.04%	18.28%	3.24%	-13.03%

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to common stockholders ÷ Stockholders’ equity
= 100 × 14,997 ÷ 62,634 = 23.94%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Stockholders’ equity
= 100 × 15,013 ÷ 62,634 = 23.97%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Tesla Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	14,997)	12,556)	5,519)	721)	(862)
Total assets	106,618)	82,338)	62,131)	52,148)	34,309)
Profitability Ratio
ROA¹	14.07%	15.25%	8.88%	1.38%	-2.51%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	15,013)	12,533)	5,518)	721)	(862)
Total assets	106,618)	82,338)	62,131)	52,148)	34,309)
Profitability Ratio
Adjusted ROA²	14.08%	15.22%	8.88%	1.38%	-2.51%

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 14,997 ÷ 106,618 = 14.07%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 15,013 ÷ 106,618 = 14.08%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Tesla Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Tesla Inc. (NASDAQ:TSLA)

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