Tesla’s Spending Blasts Off. Maybe SpaceX Can Help

Tesla Inc. reported some remarkable first-quarter results. It beat earnings forecasts handily. Gross margins in the auto and energy businesses were surprisingly robust given weak sales. Ditto for positive, rather than the expected negative, free cash flow.

For me, though, Tesla’s outlook took the crown. I encourage you to read it (slide 10 of this deck). How often do you see guidance from an S&P 500 company that contains not a single number? The fact that the various wordy statements are grouped under headings like “volume” and “cash” — readily quantifiable things — elevates it to a kind of art.