Please don't go all conspiracy theorist on us!
SEC calls out Tesla for "cooking the books" on earnings
http://fortune.com/2016/11/30/sec-tesla-earnings-cooking-the-books-resale/
Don't think this is really news to anyone that even loosely follows Tesla/TSLA.
Basically, Tesla never considered that the value of leased Teslas could actually be worth less than their residual values once they came off lease. Tesla's non-GAAP reporting always assumed leased Teslas would be worth at least as much as their residuals.
Tesla said it “will revise its disclosures in future earnings releases to remove any presentation of non-GAAP measures that adds back the deferred revenue and related costs for cars sold with resale value guarantees and where the Company collected the purchase price in cash"
Gotta do what it takes to keep that stock price up!
Don't think this is really news to anyone that even loosely follows Tesla/TSLA.
Basically, Tesla never considered that the value of leased Teslas could actually be worth less than their residual values once they came off lease. Tesla's non-GAAP reporting always assumed leased Teslas would be worth at least as much as their residuals.
Tesla said it “will revise its disclosures in future earnings releases to remove any presentation of non-GAAP measures that adds back the deferred revenue and related costs for cars sold with resale value guarantees and where the Company collected the purchase price in cash"
Gotta do what it takes to keep that stock price up!
