@garyblack00 @InvResDynamics Seasonality is irreverent. $RACE was able to generate 6% FCF/equity in Q1, $TM 2% &amp; $GM 1% on volume *declines*. $TSLA was -10% FCF/equity on 40% YoY volume growth. 

How do you explain that? Don’t point to $AMZN. They only raised once post-IPO &amp; never received govt subsidies.