比特幣的價格上漲幫助特斯拉麵具更深的掙扎，增加了6億美元的收入

特斯拉在1月29日的最新收益報告被普遍令人失望。汽車銷售放緩，收入低於預期，運營成本繼續攀升。

Despite weaker-than-expected auto sales and rising operating costs, Tesla managed to post decent earnings for Q4 2023, largely thanks to a technicality involving Bitcoin.

儘管汽車銷售量較弱和運營成本的上漲，但特斯拉還是在2023年第四季度發布了不錯的收入，這在很大程度上要歸功於涉及比特幣的技術。

The electric car maker reported a net income of $2.3 billion according to GAAP (Generally Accepted Accounting Principles), with earnings per share (EPS) of $0.73 on a non-GAAP basis. However, a closer examination reveals that a significant portion of Tesla’s earnings were driven by a one-time accounting adjustment related to its Bitcoin holdings.

根據GAAP（普遍接受的會計原則），電動汽車製造商報告的淨收入為23億美元，在非GAAP的基礎上，每股收益為0.73美元。但是，仔細檢查表明，特斯拉的收益中很大一部分是由與比特幣持有有關的一次性會計調整所驅動的。

According to financial analyst Gordon Johnson, about 17 cents of Tesla’s reported non-GAAP EPS came from marking up the value of their Bitcoin holdings, which amounted to roughly 23%. This adjustment was triggered by a new rule from the Financial Accounting Standards Board (FASB), stipulating that digital assets should be valued at market prices each quarter.

根據財務分析師戈登·約翰遜（Gordon Johnson）的說法，特斯拉（Tesla）報告的非GAAP EPS的大約17美分來自標誌著其比特幣持有的價值，其價值約為23％。這種調整是由金融會計標準委員會（FASB）的一項新規則觸發的，規定數字資產應在每個季度以市場價格估值。

1/3 ~$600mn, or 17c of the 73c $TSLA reported in Q4 came from the marking up the value of their #Bitcoin (NOT selling it, but, rather, marking it up). And, that ~$600mn carried with it 100% net margins. So, excluding an accounting parlor trick, or looking at $TSLA's core…

1/3〜 $ 6億美元，或第四季度報告的73c $ TSLA中的17c來自標記其#BitCoin的價值（不出售它，而是標記它）。而且，約有6億美元的淨利潤額為100％。因此，不包括會計廳技巧或查看$ tsla的核心…

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This essentially meant that Tesla could finally report the true value of its Bitcoin holdings in its financials, as the asset rallied during the quarter. At the time, one Bitcoin was valued at around $105,000. Stripping out this adjustment, Tesla’s non-GAAP EPS would have been closer to $0.53, falling short of the consensus estimate of $0.77.

這本質上意味著特斯拉最終可以報告其比特幣持有的真正價值，因為該資產在本季度集會。當時，一個比特幣的價值約為105,000美元。剝奪了此調整後，特斯拉的非GAAP EP將接近0.53美元，遠低於共識估計值0.77美元。

For context, non-GAAP EPS adjusts for certain items like stock-based compensation and can include unrealized Bitcoin gains. But unrealized crypto gains or losses are not included in reported EPS as per GAAP accounting rules, which is why Tesla’s GAAP EPS stood at $0.66. This figure provides a better indication of the company’s core performance.

在上下文中，非GAAP EP會針對某些項目（例如基於股票的補償）進行調整，並可能包括未實現的比特幣收益。但是根據GAAP會計規則，未實現的加密貨幣收益或損失不包括在報告的EPS中，這就是為什麼Tesla的GAAP EPS為0.66美元。這個數字可以更好地表明公司的核心績效。

Gordon also highlighted that Tesla has been aggressively cutting vehicle prices to sustain demand, but this strategy is eroding profitability. The company has historically relied on selling regulatory credits to boost margins, but excluding those credits, Tesla’s automotive gross margins (as a percentage of revenue) continue to shrink. This suggests that Tesla is struggling to maintain pricing power, indicating increasing pressure on the company’s core automotive business. But for now, Bitcoin is temporarily padding Tesla’s earnings.

戈登還強調說，特斯拉一直在積極降低車輛價格以維持需求，但該策略正在侵蝕盈利能力。該公司歷史上一直依靠銷售監管信用來提高利潤率，但除了這些信用額外，特斯拉的汽車毛利率（佔收入的百分比）繼續縮小。這表明特斯拉正在努力維持定價能力，這表明對公司核心汽車業務的壓力增加了。但是就目前而言，比特幣正在暫時填補特斯拉的收入。