"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
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.
“Flight-Cycle Depreciation and Impairment of Reusable Launch Vehicles: A Mission-Cycle Accounting Framework under IFRS and US GAAP”
Accounting never stops.
It is not the least bit odd that Spacex has not posted their 10Q yet despite their earnings call yesterday.
"Hailing SpaceX for growing their AI revenue through compute rentals is the equivalence of hailing a girl who drops out of Harvard Law school to suck old people's dicks because she earns more than her classmates."
Bro, NOBODY wants to sell their compute.
DeepSeek doesn't even want to let investors in because they have no use for money- they want COMPUTE.
But they can't get it for any money in the world.
Literally none of the big players would want to switch positions with Elon:
Having a meme AI model that is 8 months behind and so underused that you have to sell your compute (which originally was hailed as your unique competitive advantage)
Hailing SpaceX for growing their AI revenue through compute rentals is the equivalence of hailing a girl who drops out of Harvard Law school to suck old people's dicks because she earns more than her classmates.