Abnormal Accrual

@bbm010

Value Relevance has killed Positive Accounting Theory. Hothausen is now dancing on Watts & Zimmerman’s grave.

Georgia, USA
Vrijeme pridruživanja: svibanj 2009.

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  1. 4. velj

    Ron Baron (chose your fantasy - truck, autonomous, y, roadster, 18 wheel) will come online some time is the best analysis of Tesla I have heard.

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  2. 3. velj

    I get volatility is a trade-able benefit. Can anyone explain a $103 price move on this stock in terms a golden retriever can understand? What is driving the stock? The street had a few days to digest earnings and influences of the virus in China. And this?

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  3. 29. sij

    It means each car sold over production cost $4,079. So I guess I now know where the increased margin was derived. One less thing to worry about. (2/2)

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  4. 29. sij

    More . Guess what the European payment timing difference did to the a/rec? Yep. Increased by $198m. Don't worry inventory decreased by $29m. In a quarter where they delivered 112,000 units and produced 104,891. Delta of 7,109. (1/2)

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  5. 29. sij

    So how is net PPE only up $206m and cash flow uses for CAPEX are only $412m. That's generously only slightly higher than maintenance purchase levels. (2/2)

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  6. 29. sij

    While I am still playing . They had to spend something on . I mean the CCP required some CAPEX purchases in their agreement. Equipment at least. Model Y may be a Model 3 that forgot to go to weight watchers. It will still need tooling. (1/2)

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  7. 29. sij

    But, total deferred revenues increased by $185m with the cash flow statement reporting $205m in other cash flows. That is only $20m. Anyone have an idea how this magic occurred? Netherlands nose blind purchasing at end of tax credit expiry? (2/2)

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  8. 29. sij

    I really cannot get deferrals out of my head. The ASP improvement was $1,730 per unit. Units not leased were 102,799. That's $178m in total. Enough to fund the $103m increased SG&A and $75m of the other income swing of $110m. (1/2)

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  9. 29. sij

    Good news. The world currency markets may have stabilized in Q42019. Other income/loss was ($25m) vs the $85m gain from M2M for foreign debt and MMA.

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  10. 29. sij

    If you want to see mean reversion with accruals in the wild, look at SG&A: SG&A $699 - Q4, $596 - Q3, $647m - Q2, $703m - Q1.

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  11. 29. sij

    Leasing sales COGS increased by $60 per unit and ASP by $130. Anyone believe that ASP increased? Or FSD Rev Rec was made? With COGS reversion, Pana might be getting their margins again. (2/2)

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  12. 29. sij

    Auto margins less ZEV have improved 12 basis points. But, it's from more sales yield not COGS per unit. It looked like Unit COGS has increased in absolute unit costs by $1,280 per. ASP (Auto Sale/Unit Sales) increased by $1,730. The kicker: (1/2)

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  13. 29. sij

    anyone get a Q4 estimate that did not have a $300m variance? I have the quarter anywhere from $150m to $450m. The abnormal accruals are one issue. But the COGS is a black hole.

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  14. proslijedio/la je Tweet
    19. sij

    Modest Proposal: Let's get trending. Just tweet to it with or any report of yet another test pilot/passenger/bystander "sacrifice."

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  15. 6. sij

    Assume a 5% implicit borrowing rate for ease of math and a $323m per year payment. It's a $2.5 billion capital lease obligation. Any chance this is accounting engineering to remain in the debt markets? It seems like only a borrowing covenant would stop a fresh raise. (10/fin)

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  16. 6. sij

    clearly has access to the China capital markets and is borrowing non-recourse to the parent. The debt does consolidate. Bloomberg reported that the payments are expected to be $323m per year. (9/10)

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  17. 6. sij

    Based on guidance, it appears the variable payments will wash directly through the income statement as a non-capitalized expense. Which brings the important question, does anyone know the debt limitations of the ABL agreement? (8/10)

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  18. 6. sij

    Specifically, the equipment purchased should appear in the financials under PP&E if they are acquiring it as part of their agreement to meet the minimum investment requirements. The other assets - not fully defined - paid with the variable payments would not. (7/10)

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  19. 6. sij

    The problem is in the terms of the agreement with the CCP and . It is unclear what is being included in the leasing agreement with the percent of revenues or the capital investment requirements of the agreement itself. (6/10)

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  20. 6. sij
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