比特币的价格上涨帮助特斯拉面具更深的挣扎，增加了6亿美元的收入

特斯拉在1月29日的最新收益报告被普遍令人失望。汽车销售放缓，收入低于预期，运营成本继续攀升。

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.

尽管汽车销售量较弱和运营成本的上涨，但特斯拉还是在2023年第四季度发布了不错的收入，这在很大程度上要归功于涉及比特币的技术。

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.

根据GAAP（普遍接受的会计原则），电动汽车制造商报告的净收入为23亿美元，在非GAAP的基础上，每股收益为0.73美元。但是，仔细检查表明，特斯拉的收益中很大一部分是由与比特币持有有关的一次性会计调整所驱动的。

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.

根据财务分析师戈登·约翰逊（Gordon Johnson）的说法，特斯拉（Tesla）报告的非GAAP EPS的大约17美分来自标志着其比特币持有的价值，其价值约为23％。这种调整是由金融会计标准委员会（FASB）的一项新规则触发的，规定数字资产应在每个季度以市场价格估值。

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〜 $ 6亿美元，或第四季度报告的73c $ TSLA中的17c来自标记其#BitCoin的价值（不出售它，而是标记它）。而且，约有6亿美元的净利润额为100％。因此，不包括会计厅技巧或查看$ 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.

这本质上意味着特斯拉最终可以报告其比特币持有的真正价值，因为该资产在本季度集会。当时，一个比特币的价值约为105,000美元。剥夺了此调整后，特斯拉的非GAAP EP将接近0.53美元，远低于共识估计值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会针对某些项目（例如基于股票的补偿）进行调整，并可能包括未实现的比特币收益。但是根据GAAP会计规则，未实现的加密货币收益或损失不包括在报告的EPS中，这就是为什么Tesla的GAAP EPS为0.66美元。这个数字可以更好地表明公司的核心绩效。

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.

戈登还强调说，特斯拉一直在积极降低车辆价格以维持需求，但该策略正在侵蚀盈利能力。该公司历史上一直依靠销售监管信用来提高利润率，但除了这些信用额外，特斯拉的汽车毛利率（占收入的百分比）继续缩小。这表明特斯拉正在努力维持定价能力，这表明对公司核心汽车业务的压力增加了。但是就目前而言，比特币正在暂时填补特斯拉的收入。