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  "documentTitle": "Tesla | Results Presentation Deck | 26 slides",
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  "presentationDate": "2020-01-01 00:00:00",
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      "text": "In 2019, our revenue growth was positively impacted by a strong increase in vehicle deliveries. Revenue growth was offset by higher lease mix*, Model 3 becoming a larger part of our mix, introduction of the Standard Range trims of Model 3, and adjustments to vehicle pricing. We are positioned to accelerate our revenue growth further through increasing build rates in Gigafactory Shanghai and our Model Y production line in Fremont.",
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      "text": "Quarter-end cash and cash equivalents increased by $930M QoQ to $6.3B, driven by positive quarterly free cash flow of $1.0B. Capital expenditures increased sequentially due to investments in Gigafactory Shanghai and Model Y preparations in Fremont.",
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      "text": "GAAP gross profit of $4.1B remained essentially flat in 2019 compared to 2018. Volume growth and successful cost reduction efforts were offset by normalization of ASP, mix shift towards Model 3 and a higher lease mix. Sequentially, GAAP gross margin remained relatively flat in Q4 compared to Q3. Higher gross profit resulted in a 72bp sequential improvement of GAAP operating margin to 4.9% in Q4.",
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