"Accruals capture adjustments reflecting performance, whereas abnormal accruals are induced by management to distort earnings."
Saban Field at Bryant-Denny
Joined May 2009
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“If you can have negative interest rates, pour out money and incur more & more debt relative to productive capacity,
you’d think the world would have discovered it in the first couple of thousand years rather than just coming on it now.” - Warren Buffett
This one is really interesting:
“Accounting for the End of Orbit An Orbital Retirement, Decommissioning and Debris Obligation Model”.
"TSLA Analyst Ratings Hit Highest Since 2023; ARK Reiterates $4,400 Long-Term Price Target And 80% Robotaxi Thesis" - Monte Carlo simulations are the best.
Can we bring back visitors bands for road games? Leaving LSU’s band in Baton Rouge is a crime against humanity.
I hate myself so I will watch so you don’t have to suffer:
Join ARK, @Mach33 and special guests Monday at 4 PM ET for a live discussion about SpaceX and Tesla earnings and news!
xitter.cf/i/broadcasts/1qKVmyYRa…
Mark to Market needs a market:
SpaceX said on Thursday that its stake in Elon Musk’s The Boring Co. netted the company an investment gain of $561 million during the third quarter.
The gain accounted for more than half of SpaceX’s “other income” in the period and boosted its net income, which landed at just over $4 billion: cnb.cx/4yH7wmX
$SPCXQ Historical costs of PPE at 12/31/25: $55B. PPE at 9/30/26: $110B.
Days payable at 3/31: 377, 6/30: 212, 9/30: 218.
Cash & Equiv: 12/31 $25B, 3/31 $16B, 6/30 $96B, 9/30 $90B.
Liabilities: 12/31 $50B, 3/31 $60B, 6/30 $66B, 9/30 $77B.
When is the ATM issue?
"As announced on our earnings call on October 20, 2026, our board of directors has formed a special committee to evaluate a potential combination between SpaceX and Tesla, Inc. ("Tesla"). The board of directors of Tesla has also formed a special committee." Pg 38 $SPCX Q3
“Does Stock Liquidity Influence Non-GAAP Reporting? Evidence from a Natural Experiment”
Accounting Research digging for obvious answers.
$SPXQ Let me explain SpaceX in two numbers:
Operating Cashflow: $13,097m
Purchases of PPE: ($48,069m)
The end\
$TSLAQ Sales Type Leasing:
ASP: $72.6K
Let me tell you how stupid this is: /1
$TSLAQ Warranties:
New land speed record for Other Changes (Forex). $1.22B. Closest is Q2 2026 ($380m) and Q4 2025 ($375m). Just to understand how stupid this is:
Warranty costs were $642m for the quarter and the balance was $8.9B end of Q2 (14% of last quarter balance.)
$TSLAQ Sale Return Reserve:
This is used for the guaranteed purchase value for vehicles leased and sold. Low point was $219m 9/23. Today? $747m. It's now increasing $100m per quarter.
$TSLAQ FSD Deferred revenues: $899m through Q3 2026. $688m recognized. Level 3.75 automotomy.
"Slow-moving traffic on a highway, human driver to take their eyes and hands off the road, while still requiring them to be ready to resume control requests an intervention."
$TSLAQ Depreciation expense (Qtrtly) compared to assets in production:
Q3 -25: $58.3B/1,350
Q4 -25: $60.8B/1,380
Q1 -26: $64.5B/1,340
Q2 -26 $68.8B/1,370
Q3 -26 $73.5B/1,580
4 Qrts of constant depreciation with $10.3B increase in asset. Add $4.7B in a Qtr and it jumps $210m. /1
$TSLAQ Also for a company eat up with $45B in cash (29% of the assets on their balance sheet), why are their days payables 68.8 days? It was 58 Q2, 75 in Q1.
$TSLAQ If you want to know how Q3 went (and the rest of the year), the average sales price of leased vehicles is $72,559. Q1 of 2026 was the highest at $101,817. Next closest is Q1 2024 at $62,913. They are saying f*ck it, the SEC is my b!tch.