Near-future quarterly financial projections

[Chickenlittle]

Is a change in chip necessary?
If so, is Tesla doing it for free?
If so, is it easy?

What's the problem? I'm not following fsd too closely because I personally don't think it's going to be legal for a couple years, nor should it.

If all the above is true....who cares? That's like worrying that your graphics card isn't good enough for VR in 2009. The thing you need this piece for doesn't even exist yet.

I can answer these questions. Elon has already committed to free upgrading cars hardware to allow FSD IF they were ordered with that option. That is why, I believe that option not included in new orders. He ha already stated on last earnings call that the upgrade is designed to be easily done

 

[neroden]

Here is what happened:

Tesla website all along said the car has all the hardware needed to turn on FSD. Only pending items are software validation and regulatory approvals.

We all know that is bogus nonsense. When NVDA originally released the chips, there were two kinds. NVDA said a minimum of two of the higher end versions are needed for FSD. Tesla on the other hand used a custom board with in-between capabilities and claimed FSD ready!!

Musk kinda sorta hinted at needing a change to the computer. But he always hedged by saying something like 'in case' we need to change the chip, we will do so for free and it's easy to do so.

AFAIK, for the first time Musk said two days ago IN WRITING that the new chip is NEEDED for fsd. Game over - if that is the case, how is the language on the website correct? It said everything needed is already in the car! Only software validation and reg approval needed!

Caught!!

You know, this whole FSD thing is very similar to going private.
All that is needed was shareholder approval - huh?
All that is needed is software validation and reg approval??

Tesla doesn't have the damn computer. They are working on it!

But it is sold (to investors as well as consumers) as it already exists inside the car!!

Isn't this precisely what Theranos did??

Oh, one other small issue - what is Tesla's expertise in chip making anyway?? How many chips did they make so far? Now ofcourse they are all ready for a cancer-cure-level kind of chip which surely no other traditional chip makers can make... See anything odd in this?

The chip design isn't difficult. It's just a matter of making a chip specifically for the purpose (most of the others were repurposed from something else), and having enough volume demand to get the cost down through economies of scale (which *is* Tesla's area of expertise -- most of the other dedicated TPUs were really small-run, like 100 units).

(Personally, I feel quite embarrassed that I fell for all this stupid nonsense.

Well, lots of other people did here -- I was attacked repeatedly for saying that FSD wasn't happening any time doon.

The interesting thing is that *Musk* fell for this stupid nonsense. Those of us who *actually did our homework* knew that full self-driving was super difficult and they weren't going to have it for decades, but Musk's delusion-level optimism meant he thought he could get it quickly.

You know -- I'm not even sure he was technically wrong about the hardware. It is perfectly possible that the existing NVIDIA hardware is sufficient to run a full-self-driving program *20 years from now when we actually know how to make full self driving programs efficiently*. This has no bearing on what's needed to *develop* self-driving features, which is going to be much heavier hardware due to being earlier in the learning curve. The "Software validation" needed == 30 years of research.

I am very glad that they've stopped selling pre-orders for it. I think they only have about $45M in reservation money for it (maybe as much as $75M) so I don't think it's material even if they have to give it all back.

 

[Fact Checking]

Well, lots of other people did here -- I was attacked repeatedly for saying that FSD wasn't happening any time doon.

The interesting thing is that *Musk* fell for this stupid nonsense. Those of us who *actually did our homework* knew that full self-driving was super difficult and they weren't going to have it for decades, but Musk's delusion-level optimism meant he thought he could get it quickly.

I'm so going to save this to rub it under your nose next year, even if I get banned for gloating!

Seriously, I think you are significantly underestimating how much quality improvement a 5-20 times faster NN computing platform will bring.

In fact I think Elon is sandbagging the numbers, because I think in future iterations they'll be able to get a 100x speedup with very little extra cost.

 

[AlMc]

I'm so going to save this to rub it under your nose next year, even if I get banned for gloating!

Seriously, I think you are significantly underestimating how much quality improvement a 5-20 times faster NN computing platform will bring.

In fact I think Elon is sandbagging the numbers, because I think in future iterations they'll be able to get a 100x speedup with very little extra cost.

Has EM ever sandbagged a number? Glad they pulled FSD. Charge more for it when it actually comes out versus prepaying for it.

EDIT: Sorry for the off topic post.

 

[Fact Checking]

Has EM ever sandbagged a number?

Routinely, in particular the completion time of high-tech projects often turn out to be much higher in reality than his expectations.

Seriously, outside of deadlines, SpaceX projects routinely outperformed his (often muted, sometimes sandbagged) expectations.

Also, his 500%-2000% figure for HW3 is probably based on measurements of the field test units.

The 100x future speedup would come from the straightforward step of using more of the chips in a single computing module: the incremental cost of making more Tesla chips is in the "few dollars per chip" range.

This they couldn't do with the Nvidia platform.

 

[neroden]

I'm so going to save this to rub it under your nose next year, even if I get banned for gloating!

Seriously, I think you are significantly underestimating how much quality improvement a 5-20 times faster NN computing platform will bring.

In fact I think Elon is sandbagging the numbers, because I think in future iterations they'll be able to get a 100x speedup with very little extra cost.

OK, so "decades" may have been an exaggeration. (Or maybe not.) But this fundamentally isn't a hardware problem, it's a software problem. And it's not a programming problem, it's a *problem specification* problem. And they are years away from the problem specification.

True full self-driving -- in grass lots, on dirt roads, on one-lane bridges, following the hand-wave instructions of construction workers -- is at least a decade away.

They could have a chip which was a trillion times faster and that wouldn't change anything.

 

[bdy0627]

Here is what happened:

Tesla website all along said the car has all the hardware needed to turn on FSD. Only pending items are software validation and regulatory approvals.

We all know that is bogus nonsense. When NVDA originally released the chips, there were two kinds. NVDA said a minimum of two of the higher end versions are needed for FSD. Tesla on the other hand used a custom board with in-between capabilities and claimed FSD ready!!

Musk kinda sorta hinted at needing a change to the computer. But he always hedged by saying something like 'in case' we need to change the chip, we will do so for free and it's easy to do so.

AFAIK, for the first time Musk said two days ago IN WRITING that the new chip is NEEDED for fsd. Game over - if that is the case, how is the language on the website correct? It said everything needed is already in the car! Only software validation and reg approval needed!

Caught!!

You know, this whole FSD thing is very similar to going private.
All that is needed was shareholder approval - huh?
All that is needed is software validation and reg approval??

Tesla doesn't have the damn computer. They are working on it!

But it is sold (to investors as well as consumers) as it already exists inside the car!!

Isn't this precisely what Theranos did??

Oh, one other small issue - what is Tesla's expertise in chip making anyway?? How many chips did they make so far? Now ofcourse they are all ready for a cancer-cure-level kind of chip which surely no other traditional chip makers can make... See anything odd in this?

(Personally, I feel quite embarrassed that I fell for all this stupid nonsense. One has to step out of the bubble to really see it. Having money in it doesn't help.)

That's a really pessimistic take on it. Obviously, Elon was extremely optimistic several years ago that FSD would come sooner rather than later. Elon does that with everything. We all know that by now. Most things take longer, some much longer, than he initially guesses. It would have been more prudent, and obviously a more cautious approach, not to sell a product that didn't yet exist. In hindsight, it seems silly that Tesla was selling FSD tech 2 years before they eventually pulled the product from the order page. They should have done that way sooner. However, as far as I know, Tesla never faked their FSD tech, claiming it was working when it wasn't. They projected it would be available soon when it turned out they were wrong. Theranos actually faked their tech for years, pretending it worked when it actually didn't. That's fraud.

 

[brian45011]

If the average amortization period is say 3 years (12 quarters), then the extra capital of +~$655m in Q1 would add about ~$55m to straight line amortization cost starting in Q1 and lasting 12 quarters. That's in the ballpark of the $69m increase.

Total equipment on the balance sheet started going up in late 2016, muddied by the SCTY merger somewhat. If they have 2-3 years of amortization schedules then this drag on GAAP income would start decreasing sometime in 2019. (Of course only if there's no new capex spending - which won't happen.)

BTW., Model X expansion depreciation/amortization costs might start running out just about now, if they are on a 2-3 years schedule. (Which they might not.)

Has Tesla disclosed amortization schedules in one of the reports perhaps?

There is a difference between D&A regimes for tax purposes and for management purposes. The former is essentially irrelevant to Tesla which has billions in NOLs to carry forward. In addition, the 2018 corporate tax code changes allow full expensing of capital investments when made for the next five years.

I suspect the D&A periods for management purposes are closer to 12 to 20 years rather than 12 quarters (tooling is written off on a units of production regime.)

Property, plant and equipment, including leasehold improvements, are recognized at cost less accumulated depreciation and amortization. Depreciation is generally computed using the straight-line method over the estimated useful lives of the respective assets, as follows:

Machinery, equipment, vehicles and office furniture 2 to 12 years
Building and building improvements 15 to 30 years
Computer equipment and software 3 to 10 years​

Depreciation for tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the respective assets. As of December 31, 2017, the estimated productive life for Model S and X tooling was 250,000 vehicles based on our current estimates of production. As of December 31, 2017, the estimated productive life for Model 3 tooling was 1,000,000 vehicles based on our current estimates of production. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the terms of the related leases. Upon the retirement or sale of our property, plant and equipment, the cost and associated accumulated depreciation are removed from the consolidated balance sheet, and the resulting gain or loss is reflected on the consolidated statement of operations. Maintenance and repair expenditures are expensed as incurred while major improvements that increase the functionality, output or expected life of an asset are capitalized and depreciated ratably over the identified useful life. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in progress is included within property, plant and equipment and is amortized over the life of the related assets.​

As far as the capital lease with Panasonic at GF-1, my guess is that Panasonic would like the payback period to be as short as possible to recover quickly the principal of Panasonic's investment while Tesla's interest would be for the payback period to be as long as possible to conserve scarce cash. The compromise was likely based on the useful life of the equipment used in cell production--12-20 years? The imputed interest rate for that lease/financing is unknowable.

You can see the quarterly capital lease principal repayments on the Cash Flow Statement ($29.4 million in 2Q18).

 

[neroden]

There is a difference between D&A regimes for tax purposes and for management purposes.

Heh. There's actually a difference between the *three* regimes of tax purposes, GAAP purposes, and management purposes. I believe you're talking about GAAP purposes...

I've discovered several cases where GAAP standards mandate essentially-incorrect D&A treatment so management uses non-GAAP for their internal decision-making. For some reason this is particularly common with railroads. (Perhaps because they have very-long-lived equipment and were among the first to do "creative accounting" back in the 19th century.)

 

[ZachF]

OK, so "decades" may have been an exaggeration. (Or maybe not.) But this fundamentally isn't a hardware problem, it's a software problem. And it's not a programming problem, it's a *problem specification* problem. And they are years away from the problem specification.

True full self-driving -- in grass lots, on dirt roads, on one-lane bridges, following the hand-wave instructions of construction workers -- is at least a decade away.

They could have a chip which was a trillion times faster and that wouldn't change anything.

If you had a program that worked for 99.9% of circumstances couldn't you cheat full self driving by having remote human pilots do the last 0.1%? When the program starts to run under a certain "confidence of solution" it calls in a remote pilot to direct it. Software could also learn by watching what actions the remote pilot takes, and the amount of situations the program can't run slowly decreases.

It wouldn't be full self driving, but it would reduce the human labor portion by a factor of 1,000. Right now it costs about ~$1/mile in human labor for driving, this would drop it to a tenth of a penny per mile.

I do think that true full self driving is farther away than many advocates think, but effective full self driving (that uses cheats like the above) may be closer than thought.

 

[neroden]

If you had a program that worked for 99.9% of circumstances couldn't you cheat full self driving by having remote human pilots do the last 0.1%?

I don't think we can rely on always-on remote connectivity. Radio signals can be disrupted in severe weather.

 

[ZachF]

I don't think we can rely on always-on remote connectivity. Radio signals can be disrupted in severe weather.

You're never going to create a system that's perfect in all circumstances.

 

[neroden]

You're never going to create a system that's perfect in all circumstances.

In other words, level 5 autonomy is impossible. Glad you agree.

 

[adiggs]

If you had a program that worked for 99.9% of circumstances couldn't you cheat full self driving by having remote human pilots do the last 0.1%? When the program starts to run under a certain "confidence of solution" it calls in a remote pilot to direct it. Software could also learn by watching what actions the remote pilot takes, and the amount of situations the program can't run slowly decreases.

It wouldn't be full self driving, but it would reduce the human labor portion by a factor of 1,000. Right now it costs about ~$1/mile in human labor for driving, this would drop it to a tenth of a penny per mile.

I do think that true full self driving is farther away than many advocates think, but effective full self driving (that uses cheats like the above) may be closer than thought.

In theory, yes.

Neroden mentioned the radio contact issue.

Two additional issues:
1) I'm not aware of an implemented remote driving solution. There's a remote flying solution implemented, so in principle it's a solvable problem. The issue I see is that you lose the 3D component that is important to driving in a remote driving solution. Let's assume though that this is a solvable technical problem, so we can build facilities filled with drivers that take over remote control of vehicles when needed.

2) This chart shows a moving 12 month average of miles driven in the US.
Moving 12-Month Total Vehicle Miles Traveled

The most recent data point I see is Aug 2018 at 3,221,026 millions of miles driven. That's 3,221 billions of miles or 3.2 trillion miles. If the self driving software is 99.9%, then that means 1 mile per thousand needs to be driven by a human. That's 3.2 billion miles of remote human driving.

And counting it as miles actually makes the problem smaller sounding than it really is. Lots (most) of human interventions don't cover miles of driving. They cover seconds and short distances of driving. At least today that is.

On the plus side, this is also if you waved a magic wand, and suddenly every vehicle on the road was one of these, so while a remote self driver might not scale to the whole fleet, it might suffice as a mechanism that scales with vehicles going into the fleet.

It looks to me like the quality level of the self driving solution is going to have to be a LOT higher than 99.9% before having remote drivers being available to take over is an infrastructure that can built.

 

[TheTalkingMule]

I'd settle for FSD on highways....a glorified long range lane-assist. All we need is something that allows a driver to ignore the road for those 58.6 mile stretches of highway and take a nap. Tesla is on a path to get us there.

One more week of suppressed SP and it's options time. All we gotta do is make it to Friday without any major psutive earning sentiment breaking through the FUD.

 

[Fact Checking]

1) I'm not aware of an implemented remote driving solution. There's a remote flying solution implemented, so in principle it's a solvable problem. The issue I see is that you lose the 3D component that is important to driving in a remote driving solution.

The Tesla Semi has something like 30 cameras, so I guess 360° stereo remote vision in multiple directions is probably a given.

2) This chart shows a moving 12 month average of miles driven in the US.
Moving 12-Month Total Vehicle Miles Traveled

The most recent data point I see is Aug 2018 at 3,221,026 millions of miles driven. That's 3,221 billions of miles or 3.2 trillion miles. If the self driving software is 99.9%, then that means 1 mile per thousand needs to be driven by a human. That's 3.2 billion miles of remote human driving.

And counting it as miles actually makes the problem smaller sounding than it really is. Lots (most) of human interventions don't cover miles of driving. They cover seconds and short distances of driving. At least today that is.

BTW., the better data series is the seasonally adjusted vehicle miles traveled:

Vehicle Miles Traveled​

A 12-months moving average will always lag behind seriously, while the seasonal corrections by the Fed only take away the historic seasonal pattern, so finer movements can be seen too, and immediately so.

I think the biggest disruption to self-driving is going to be the weather: whiteout conditions, storms, heavy rain, etc. Those will also tend to make remote contact (radio based) more difficult. These conditions also tend to disrupt human drivers.

Other than that, I think an important point to see is that self-driving doesn't have to reach 99.9% efficiency overall, it only has to reach 99.9% efficiency for the routes a particular firm is driving. And most of the routes are very, very predictable. Tesla could easily cover well over 50% of the routes, without being able to master the routes of the Ice Road Truckers.

Logistics/trucking firms are dispatching more difficult loads to more experienced drivers already, they could very much include a self-driving Semi by taking its strengths and weaknesses into account. I.e. in the commercial freight transport business 'good enough' self-driving will far precede 'perfect' self-driving solutions, IMHO.

 

[Reality]

Heh. There's actually a difference between the *three* regimes of tax purposes, GAAP purposes, and management purposes. I believe you're talking about GAAP purposes...

What? Depreciation for management purposes? That isnt a real thing.

There is GAAP/Tax/AMT


Management depreciation is not a real thing. I think you mean the capitalization or treatment.


edit: read rest of post, ok, you are just talking a different analysis. Not D&A in the real sense, just a different way to analyze costs. I agree with that.

 

[Remus]

In other words, level 5 autonomy is impossible. Glad you agree.

Who need that when in 10 years they just lower your car to a tunnel network and shoot you to your destination?

 

[Unpilot]

Who need that when in 10 years they just lower your car to a tunnel network and shoot you to your destination?

I'm thinking "beam me aboard Scotty"

 

[oneday]

i made a few adjustments and corrections based on comments received. one meaningful correction is i had leased s/x vehicles too low at 7% - this causes revenue to skew higher. another correction was i had depreciation too low in the cash flow statement. adjusted balance sheet for comments about common equity varying too much vs. net income. moved the sec settlement into q4 per brian.

thanks for all your comments.

i also want to kick myself for thinking analysts would adjust their estimates higher. most analysts are out with notes today and they all seem to have the same negative ratings as usual. i feel dumb for thinking they would get to the same page as me.

sorry have no idea how to eliminate whitespace below.

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[TD2] luv q4-18e [/TD2][TD2] luv q3-18e [/TD2][TD2] Jun-18 [/TD2][TD2] Mar-18 [/TD2] [TD2]15,000[/TD2][TD2]14,470[/TD2][TD2]10,939[/TD2][TD2]11,738[/TD2] [TD2]13,000[/TD2][TD2]13,190[/TD2][TD2]11,380[/TD2][TD2]10,077[/TD2] [TD2] 28,000 [/TD2][TD2] 27,660 [/TD2][TD2] 22,319 [/TD2][TD2] 21,815 [/TD2] [TD2] 60,000 [/TD2][TD2] 55,840 [/TD2][TD2] 18,449 [/TD2][TD2] 8,182 [/TD2] [TD2] 60,000 [/TD2][TD2] 53,239 [/TD2][TD2] 28,578 [/TD2][TD2] 9,766 [/TD2] [TD2] 0.11 [/TD2][TD2] 0.11 [/TD2][TD2] 0.11 [/TD2][TD2] 0.11 [/TD2] [TD2] 103.00 [/TD2][TD2] 104.00 [/TD2][TD2] 105.14 [/TD2][TD2] 105.42 [/TD2] [TD2] 58.00 [/TD2][TD2] 59.00 [/TD2][TD2] 55.80 [/TD2][TD2] 56.80 [/TD2] [TD2]2,566,760[/TD2][TD2]2,560,210[/TD2][TD2]2,088,411[/TD2][TD2]2,046,829[/TD2] [TD2]3,480,000[/TD2][TD2]3,294,560[/TD2][TD2]1,029,454[/TD2][TD2]464,738[/TD2] [TD2]213,652[/TD2][TD2]209,683[/TD2][TD2]239,816[/TD2][TD2]173,436[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]0[/TD2][TD2]50,314[/TD2] [TD2] 6,360,412 [/TD2][TD2] 6,164,452 [/TD2][TD2] 3,357,681 [/TD2][TD2] 2,735,317 [/TD2] [TD2]185,500[/TD2][TD2]140,450[/TD2][TD2]111,651[/TD2][TD2]185,022[/TD2] [TD2]237,600[/TD2][TD2]231,000[/TD2][TD2]262,757[/TD2][TD2]225,000[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]300,000[/TD2][TD2]300,000[/TD2][TD2]270,142[/TD2][TD2]263,412[/TD2] [TD2] 7,083,512 [/TD2][TD2] 6,835,902 [/TD2][TD2] 4,002,231 [/TD2][TD2] 3,408,751 [/TD2] [TD2]1,897,237[/TD2][TD2]1,892,018[/TD2][TD2]1,546,610[/TD2][TD2]1,517,446[/TD2] [TD2]2,714,400[/TD2][TD2]2,767,430[/TD2][TD2]983,129[/TD2][TD2]573,951[/TD2] [TD2]132,465[/TD2][TD2]130,003[/TD2][TD2]136,915[/TD2][TD2]104,496[/TD2] [TD2] 4,744,101 [/TD2][TD2] 4,789,452 [/TD2][TD2] 2,666,654 [/TD2][TD2] 2,195,893 [/TD2] [TD2]185,500[/TD2][TD2]147,473[/TD2][TD2]146,343[/TD2][TD2]217,863[/TD2] [TD2]166,320[/TD2][TD2]161,700[/TD2][TD2]183,930[/TD2][TD2]157,500[/TD2] [TD2]10,999[/TD2][TD2]10,999[/TD2][TD2]11,000[/TD2][TD2]11,000[/TD2] [TD2]375,000[/TD2][TD2]384,000[/TD2][TD2]375,374[/TD2][TD2]369,969[/TD2] [TD2] 5,481,920 [/TD2][TD2] 5,493,623 [/TD2][TD2] 3,383,301 [/TD2][TD2] 2,952,225 [/TD2] [TD2] 1,601,592 [/TD2][TD2] 1,342,279 [/TD2][TD2] 618,930 [/TD2][TD2] 456,526 [/TD2] [TD2]29.5%[/TD2][TD2]29.5%[/TD2][TD2]27.7%[/TD2][TD2]28.6%[/TD2] [TD2]27.0%[/TD2][TD2]27.0%[/TD2][TD2]27.7%[/TD2][TD2]26.9%[/TD2] [TD2]22.0%[/TD2][TD2]16.0%[/TD2][TD2]4.5%[/TD2][TD2]-23.5%[/TD2] [TD2]24.2%[/TD2][TD2]21.0%[/TD2][TD2]20.6%[/TD2][TD2]18.2%[/TD2] [TD2]0.0%[/TD2][TD2]-5.0%[/TD2][TD2]-31.1%[/TD2][TD2]-17.7%[/TD2] [TD2]30.0%[/TD2][TD2]30.0%[/TD2][TD2]30.0%[/TD2][TD2]30.0%[/TD2] [TD2]-100.0%[/TD2][TD2]-100.0%[/TD2][TD2]-100.0%[/TD2][TD2]-100.0%[/TD2] [TD2]-25.0%[/TD2][TD2]-28.0%[/TD2][TD2]-39.0%[/TD2][TD2]-40.5%[/TD2] [TD2]360,000[/TD2][TD2]350,000[/TD2][TD2]341,129[/TD2][TD2]322,096[/TD2] [TD2]630,000[/TD2][TD2]620,000[/TD2][TD2]610,759[/TD2][TD2]551,404[/TD2] [TD2]20,000[/TD2][TD2]0[/TD2][TD2]103,434[/TD2][TD2]0[/TD2] [TD2]50,000[/TD2][TD2]45,000[/TD2][TD2]45,000[/TD2][TD2]45,000[/TD2] [TD2]145,000[/TD2][TD2]140,000[/TD2][TD2]140,000[/TD2][TD2]135,000[/TD2] [TD2] 1,205,000 [/TD2][TD2] 1,155,000 [/TD2][TD2] 1,240,322 [/TD2][TD2] 1,053,500 [/TD2] [TD2] 396,592 [/TD2][TD2] 187,279 [/TD2][TD2] -621,392 [/TD2][TD2] -596,974 [/TD2] [TD2]6,000[/TD2][TD2]6,000[/TD2][TD2]5,064[/TD2][TD2]5,214[/TD2] [TD2]-107,000[/TD2][TD2]-107,000[/TD2][TD2]-110,582[/TD2][TD2]-102,546[/TD2] [TD2]-53,000[/TD2][TD2]-53,000[/TD2][TD2]-53,000[/TD2][TD2]-47,000[/TD2] [TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]50,911[/TD2][TD2]-37,716[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2] 230,592 [/TD2][TD2] 21,279 [/TD2][TD2] -728,999 [/TD2][TD2] -779,022 [/TD2] [TD2]19,999[/TD2][TD2]19,999[/TD2][TD2]13,707[/TD2][TD2]5,605[/TD2] [TD2] 210,593 [/TD2][TD2] 1,280 [/TD2][TD2] -742,706 [/TD2][TD2] -784,627 [/TD2] [TD2]-50,001[/TD2][TD2]-50,001[/TD2][TD2]-25,167[/TD2][TD2]-75,076[/TD2] [TD2] 260,594 [/TD2][TD2] 51,281 [/TD2][TD2] -717,539 [/TD2][TD2] -709,551 [/TD2] [TD2]172,000[/TD2][TD2]170,900[/TD2][TD2]169,997[/TD2][TD2]169,146[/TD2] [TD2]183,000[/TD2][TD2]181,900[/TD2][TD2]169,997[/TD2][TD2]169,146[/TD2] [TD2] 1.42 [/TD2][TD2] 0.28 [/TD2][TD2] -4.22 [/TD2][TD2] -4.19 [/TD2] [TD2]260,594[/TD2][TD2]51,281[/TD2][TD2]-717,539[/TD2][TD2]-709,551[/TD2] [TD2]208,000[/TD2][TD2]200,000[/TD2][TD2]197,344[/TD2][TD2]141,639[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]468,594[/TD2][TD2]251,281[/TD2][TD2]-520,195[/TD2][TD2]-567,912[/TD2] [TD2] 2.56 [/TD2][TD2] 1.38 [/TD2][TD2] -3.06 [/TD2][TD2] -3.36 [/TD2] [TD2] 72.00 [/TD2][TD2] 80.00 [/TD2][TD2] 89.67 [/TD2][TD2] 79.31 [/TD2] [TD2] 77.00 [/TD2][TD2] 81.00 [/TD2][TD2] 81.73 [/TD2][TD2] 80.47 [/TD2] [TD2]3,410,108[/TD2][TD2]2,868,614[/TD2][TD2]2,236,424[/TD2][TD2]2,665,673[/TD2] [TD2]150,000[/TD2][TD2]130,000[/TD2][TD2]146,822[/TD2][TD2]120,194[/TD2] [TD2]1,164,413[/TD2][TD2]1,123,710[/TD2][TD2]569,874[/TD2][TD2]652,848[/TD2] [TD2]4,325,460[/TD2][TD2]4,816,327[/TD2][TD2]3,324,643[/TD2][TD2]2,565,826[/TD2] [TD2]381,125[/TD2][TD2]364,418[/TD2][TD2]422,034[/TD2][TD2]379,379[/TD2] [TD2] 9,431,106 [/TD2][TD2] 9,303,070 [/TD2][TD2] 6,699,797 [/TD2][TD2] 6,383,920 [/TD2] [TD2]2,388,916[/TD2][TD2]2,344,277[/TD2][TD2]2,282,047[/TD2][TD2]2,315,124[/TD2] [TD2]6,333,264[/TD2][TD2]6,336,631[/TD2][TD2]6,340,031[/TD2][TD2]6,346,374[/TD2] [TD2]11,933,736[/TD2][TD2]11,404,808[/TD2][TD2]10,969,348[/TD2][TD2]10,519,226[/TD2] [TD2]320,000[/TD2][TD2]320,000[/TD2][TD2]300,406[/TD2][TD2]346,428[/TD2] [TD2]60,237[/TD2][TD2]60,237[/TD2][TD2]64,284[/TD2][TD2]61,284[/TD2] [TD2]420,841[/TD2][TD2]427,841[/TD2][TD2]434,841[/TD2][TD2]449,754[/TD2] [TD2]400,000[/TD2][TD2]400,000[/TD2][TD2]399,992[/TD2][TD2]433,841[/TD2] [TD2]273,123[/TD2][TD2]273,123[/TD2][TD2]419,254[/TD2][TD2]415,478[/TD2] [TD2] 31,561,224 [/TD2][TD2] 30,869,987 [/TD2][TD2] 27,910,000 [/TD2][TD2] 27,271,429 [/TD2] [TD2]4,625,839[/TD2][TD2]4,876,531[/TD2][TD2]3,030,493[/TD2][TD2]2,603,498[/TD2] [TD2]2,410,000[/TD2][TD2]2,252,250[/TD2][TD2]1,814,979[/TD2][TD2]1,898,431[/TD2] [TD2]573,340[/TD2][TD2]562,627[/TD2][TD2]576,321[/TD2][TD2]536,465[/TD2] [TD2]600,000[/TD2][TD2]600,000[/TD2][TD2]674,255[/TD2][TD2]629,112[/TD2] [TD2]965,000[/TD2][TD2]965,000[/TD2][TD2]942,129[/TD2][TD2]984,823[/TD2] [TD2]1,500,000[/TD2][TD2]1,500,000[/TD2][TD2]2,020,685[/TD2][TD2]1,915,530[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]82,500[/TD2][TD2]82,500[/TD2] [TD2] 10,774,179 [/TD2][TD2] 10,856,408 [/TD2][TD2] 9,141,362 [/TD2][TD2] 8,650,359 [/TD2] [TD2]9,600,000[/TD2][TD2]9,600,000[/TD2][TD2]9,510,696[/TD2][TD2]8,761,070[/TD2] [TD2]100[/TD2][TD2]100[/TD2][TD2]100[/TD2][TD2]100[/TD2] [TD2]2,519[/TD2][TD2]2,519[/TD2][TD2]2,594[/TD2][TD2]2,556[/TD2] [TD2]836,121[/TD2][TD2]820,497[/TD2][TD2]795,820[/TD2][TD2]818,250[/TD2] [TD2]650,000[/TD2][TD2]670,000[/TD2][TD2]584,857[/TD2][TD2]756,800[/TD2] [TD2]3,313,750[/TD2][TD2]3,118,500[/TD2][TD2]2,607,458[/TD2][TD2]2,561,886[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2] 25,176,669 [/TD2][TD2] 25,068,024 [/TD2][TD2] 22,642,887 [/TD2][TD2] 21,551,021 [/TD2] [TD2]540,000[/TD2][TD2]540,000[/TD2][TD2]539,536[/TD2][TD2]405,835[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]2[/TD2] [TD2]900,000[/TD2][TD2]900,000[/TD2][TD2]821,156[/TD2][TD2]863,876[/TD2] [TD2] 4,944,555 [/TD2][TD2] 4,361,963 [/TD2][TD2] 3,906,421 [/TD2][TD2] 4,450,695 [/TD2] [TD2]210,593[/TD2][TD2]1,280[/TD2][TD2]-742,706[/TD2][TD2]-784,627[/TD2] [TD2]501,217[/TD2][TD2]479,002[/TD2][TD2]485,255[/TD2][TD2]416,233[/TD2] [TD2]208,000[/TD2][TD2]200,000[/TD2][TD2]197,344[/TD2][TD2]141,639[/TD2] [TD2]35,000[/TD2][TD2]35,000[/TD2][TD2]35,074[/TD2][TD2]39,345[/TD2] [TD2]48,163[/TD2][TD2]33,246[/TD2][TD2]27,552[/TD2][TD2]18,546[/TD2] [TD2]45,000[/TD2][TD2]45,000[/TD2][TD2]66,613[/TD2][TD2]52,237[/TD2] [TD2]25,000[/TD2][TD2]25,000[/TD2][TD2]-41,476[/TD2][TD2]47,661[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]9,669[/TD2][TD2]-3,984[/TD2] [TD2]-40,703[/TD2][TD2]-553,836[/TD2][TD2]70,633[/TD2][TD2]-169,142[/TD2] [TD2]446,228[/TD2][TD2]-1,553,914[/TD2][TD2]-822,487[/TD2][TD2]-419,277[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]-45,193[/TD2][TD2]-50,001[/TD2] [TD2]-15,000[/TD2][TD2]-15,000[/TD2][TD2]-1,863[/TD2][TD2]-57,583[/TD2] [TD2]-142,942[/TD2][TD2]2,233,309[/TD2][TD2]591,737[/TD2][TD2]317,983[/TD2] [TD2]75,000[/TD2][TD2]65,000[/TD2][TD2]61,702[/TD2][TD2]45,795[/TD2] [TD2]0[/TD2][TD2]22,871[/TD2][TD2]-24,439[/TD2][TD2]67,359[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]42,484[/TD2][TD2]-60,560[/TD2] [TD2] 1,395,556 [/TD2][TD2] 1,016,958 [/TD2][TD2] -129,664 [/TD2][TD2] -398,376 [/TD2] [TD2]-700,000[/TD2][TD2]-600,000[/TD2][TD2]-609,813[/TD2][TD2]-655,662[/TD2] [TD2]-60,000[/TD2][TD2]-60,000[/TD2][TD2]-67,400[/TD2][TD2]-72,975[/TD2] [TD2] -760,000 [/TD2][TD2] -660,000 [/TD2][TD2] -682,817 [/TD2][TD2] -728,637 [/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]1,267,746[/TD2][TD2]1,775,481[/TD2] [TD2]-400,000[/TD2][TD2]0[/TD2][TD2]-879,328[/TD2][TD2]-1,389,388[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-17,500[/TD2] [TD2]100,000[/TD2][TD2]100,000[/TD2][TD2]-113,426[/TD2][TD2]-87,092[/TD2] [TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]31,053[/TD2][TD2]94,018[/TD2] [TD2]-30,000[/TD2][TD2]-30,000[/TD2][TD2]-29,395[/TD2][TD2]-18,787[/TD2] [TD2]-12,000[/TD2][TD2]-12,000[/TD2][TD2]-758[/TD2][TD2]-2,913[/TD2] [TD2]75,000[/TD2][TD2]75,000[/TD2][TD2]179,333[/TD2][TD2]73,704[/TD2] [TD2]-50,000[/TD2][TD2]-50,000[/TD2][TD2]-56,603[/TD2][TD2]-52,942[/TD2] [TD2]0[/TD2][TD2]0[/TD2][TD2]0[/TD2][TD2]-2,921[/TD2] [TD2] -142,000 [/TD2][TD2] 258,000 [/TD2][TD2] 398,622 [/TD2][TD2] 371,660 [/TD2] [TD2]47,937[/TD2][TD2]17,232[/TD2][TD2]-22,611[/TD2][TD2]10,102[/TD2] [TD2] 541,493 [/TD2][TD2] 632,190 [/TD2][TD2] -436,470 [/TD2][TD2] -745,251 [/TD2] [TD2] 2,868,614 [/TD2][TD2] 2,236,424 [/TD2][TD2] 2,665,673 [/TD2][TD2] 3,367,914 [/TD2] [TD2] 3,410,108 [/TD2][TD2] 2,868,614 [/TD2][TD2] 2,236,424 [/TD2][TD2] 2,665,673 [/TD2]

Since earning is less than 48hrs away, I figured I would quote this post so you don’t need to wade back 10 pages.