Well, a few thoughts as we wait for the conference call...
-Regulatory credits are indeed a little eye-popping, but that's fine. I consider them perfectly legitimate revenue at this time rather than accounting tricks (as they are not going anywhere anytime soon), and even if you were to want to discount them, if you remove them entirely, FCF is about neutral. In a quarter where a pandemic shut the main factory down for well over a month.
-Margins steady to up depending on which metric you choose to focus on. During a pandemic.
-The graph of Tesla vs other manufacturers' YoY deliveries in 1H 2020 is devastating (for everyone else).
-Storage is up.
-Solar is down both sequentially and vs Q2 2019, which is not great.
-I am approximately 99.8% certain that their guesstimate of Shanghai-produced Model Y in 1Q 2021 is a sandbag. Would bet large sums we see deliveries this year.
-500k 'difficult' but still the goal for this year.
-Profitable for 4 consecutive quarters for the first time.
-Hoping we get more guidance on Semi and Cybertruck on the call.
-Stock's gonna do what it's gonna do, I am in a zen mode at this stage, as I find this letter wholly acceptable during a pandemic.
-$8.6B cash on hand means they are well-positioned to ride out any further COVID-19 issues.
-I require an additional beer.
