Tesla Results Presentation Deck

23 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD or shares as applicable, except per share data Net (loss) income attributable to common stockholders (GAAP) Stock-based compensation expense Net (loss) income attributable to common stockholders (non-GAAP) Net (loss) income per share attributable to common stockholders, basic (GAAP) Stock-based compensation expense Net (loss) income per share attributable to common stockholders, basic (non-GAAP) Shares used in per share calculation, basic (GAAP and non-GAAP) Net (loss) income attributable to common stockholders (GAAP) Interest expense Provision for income taxes Depreciation, amortization and impairment Stock-based compensation expense Adjusted EBITDA (non-GAAP) Total revenues Adjusted EBITDA margin (non-GAAP) (1) Automotive gross margin (GAAP) Total regulatory credit revenue recognized Automotive gross margin excluding regulatory credits (non-GAAP) In millions of USD Net cash (used in) provided by operating activities (GAAP) Capital expenditures Free cash flow (non-GAAP) In millions of USD Net cash (used in) provided by operating activities - TTM (GAAP) Capital expenditures - TTM Free cash flow - TTM (non-GAAP) 2Q-2017 (200) (959) (1,159) 2Q-2017 (294) (2,282) (2,576) 3Q-2017 (301) (1,116) (1,417) 3Q-2017 (1,019) (3,150) (4,169) 4Q-2017 510 (787) (277) 4Q-2017 (61) (3,415) (3,476) 1Q-2018 (398) (656) (1,054) 1Q-2018 (389) (3,518) (3,907) Q1-2019 (702) 208 (494) (4.10) 1.20 (2.90) 173 (702) 158 23 468 208 155 4,541 3.4% 20.2% -4.9% 15.3% 2Q-2018 (130) (610) (740) 2Q-2018 (319) (3,169) (3,488) Q2-2019 3Q-2018 1,391 (510) 881 (408) 210 (198) (2.31) 1.19 (1.12) 177 (408) 172 19 579 210 572 6,350 9.0% 18.9% -1.7% 17.2% 4Q-2018 1,235 (325) 910 3Q-2018 4Q-2018 1,373 2,098 (2,563) (1,190) (2,101) (3) Q3-2019 0.80 1.11 1.91 179 143 199 342 143 185 26 530 199 1,083 6,303 17.2% 22.8% -2.0% 20.8% 1Q-2019 (640) (280) (920) 1Q-2019 1,856 (1,725) 131 2Q-2019 864 (250) 614 2Q-2019 2,850 (1,365) 1,485 Q4-2019 105 281 386 0.58 1.56 2.14 180 105 170 42 577 281 1,175 7,384 15.9% 22.5% -1.6% 20.9% 3Q-2019 756 (385) 371 3Q-2019 2,215 (1,240) 975 4Q-2019 1,425 (412) 1,013 Q1-2020 16 211 227 0.09 1.15 1.24 183 16 169 2 553 211 951 5,985 15.9% 25.5% -5.5% 20.0% 1Q-2020 (440) (455) (895) 4Q-2019 1Q-2020 2,405 2,605 (1,327) 1,078 (1,502) 1,103 ¹Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Total revenues TESLA

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