I was struck by Elon's statement that they won't be GAAP profitable until 2020, and then his explanation in the recent quarterly report Q&A session. On a GAAP basis, they can't immediately recognize full revenue for leased cars, and they also have an overhang for the residual value guarantee. What this means in practice is that as long as car sales continue to increase significantly, they will never hit GAAP profitability. Two things could change that, one is dropping the residual value guarantee and the other is creating a leasing subsidiary which would allow them to fully recognize leased cars as sales up front. Either of these things would boost GAAP profitability, but neither would change the true underlying business profitability (which is why non-GAAP numbers paint a much truer picture of the company's financial position). To the extent that analysts focus on GAAP and ignore non-GAAP, this would undervalue the company. So, the naysayers in the press will focus on GAAP, but the true metrics to follow are non-GAAP profitability, and cash.