Looks like TSLA classified some unpaid $31M outlays as capital, instead of expense for 2012 and 2011, respectively. No impact on cash flow. FASB is usually unclear about this kind of thing. We will see what the details are when the the 10-K comes out. As usual the the foot notes matter quite a bit in these SEC fillings.
The stock will take a hit as usual, but that is volatility. What is important is the plant production, efficiency/profitability and pent up demand. A very volatile stock to hold.
As per my other post, I think Tesla is playing games with earnings. Back in 2011 and 2012 it was advantageous to classify as much as possible as capex to minimize the income hit. Now they are going back to reclassify as opex since everyone will just see it as sunk cost and then they dont take the amortization hit for years to come.
In a business like TSLA, what is important from an accounting aspect, is free cash flow, cash reserves, cash burn rate and future prospects for cash generation. Income statements, balance sheets, etc can be manipulated. Just ask Enron. However, this is not the case with Tesla. More than likely they made errors given the complexity of FASB rules. Gave me a headache when I had to take the course. Very little black and white - mostly shades of grey.
Again, Tesla's future will be determined if they can tune up the efficiency of their manufacturing and supply chain. Demand is there for the next few quarter, so Tesla has room to maneuver. I happen to think they will make it - many don't, that is why short interest is so hi.
All of this posturing by Tesla attempts to cover the harsh reality of a company in a serious balance sheet crisis. As usual, nothing is ever as it seems with these guys. By now, I would imagine most serious business people simply laugh at the continual promises/hype followed by failure to ever meet a forecast.
Folks, what does NOT lie are the financial facts. People can look into the future as much as they want. However, the results rarely change. These guys have been, are, and will continue to be in financial trouble, IMO. I've been saying it for almost two years.