JOBY - Earnings call 4 2023 | Joby Aviation, Inc.

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Operator

Greetings and welcome to Joby Aviation's Fourth Quarter 2023 Conference Call and Webcast. [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Teresa Thuruthiyil.

Teresa Thuruthiyil

Thank you. to conference Fourth call. welcome XXXX Fiscal and results financial everyone Joby Quarter Aviation's Year Hi, My Joby's Relations. Head is of name Teresa Investor Thuruthiyil, and I'm

On After President for of Founder OEM; and the JoeBen Paul we call Chief questions. Executive remarks, Aircraft the Financial we Field, Executive open Officer. Sciarra, Papadopoulos, Chief prepared officer; Bevirt, Didier Chairman, Matt call today, management's and have will

statements performance, of include will expectation Please that note risks to as regarding from expressed results events forward-looking well and discussion and differ actual as on expectations those These that intent. or statements financial based management's belief, future and today uncertainties are and implied. cause materially our statements could current involve

uncertainties, the filings the made the The call company any please obligation this refer For only to harbor detailed safe forward-looking not this call, of assume and a today's more to SEC or statements with them. and discussion shareholder revise and are contained update as risks of in disclaimer in letter. does of included our date the these

will you call, our Relations non-GAAP in during this of measures website, QX, with included financial letter, non-GAAP to refer reconciliation on we to GAAP is GAAP the our shareholder the replay XXXX measures. can Also, find The which and of along Investor call.

JoeBen. And with all the to of now over I'll that said, call turn

JoeBen Bevirt

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Didier Papadopoulos

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Matt Field

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This how our please remarks. Operator, questions. on ask prepared to you concludes instruct participants would

Operator

Instructions]. [Operator

question Andres comes of Sheppard Cantor first line the with Our from Fitzgerald.

Andres Sheppard-Slinger

on UAE, hoping little further expand the it. the Does whether all was the I this it's to market to of if launch the behind some right your exclusivity And Congratulations or can bit air the another developments. announcement taxi prevent guess and on first model. at and all? quarter essentially direct you enter in question, of particularly I a hearing peers sales this a the

Just trying understand better to that?

JoeBen Bevirt

air This for is years you line exclusivity Dubai, in for way our Roads getting and service working the for many including JoeBen agreement and huge the there. this in accomplishment the was we've huge definitive for a be a of incredibly and you that definitive mentioned a X-year is Transport moment and and taxi across exciting been to now seminal Authority It the the and to RTA. the and industry Dubai thank something is Joby, for for question. get This the to with sign a agreement, it's

regard service have taxi in again, the operate Emirate. with the we X-year a And to exclusivity, the exclusive air to

the bringing And We're so partner to meaningful the we're the the And with together very infrastructure aircraft excited this the customers. and on Dubai have regulatory, right and pieces to value RTA, Skyports. and critical showcase the deliver really our X this. infrastructure excited be that to about is UAE which with done, to on the working

pleased our grateful really really, this again, for and of partners So, all here. with and support the

Andres Sheppard-Slinger

as helpful. quick Thanks, a JoeBen follow-up. And just very that's maybe

third very exciting. completing Obviously, FAA of the on congratulations certification So stage process. the type

does give step looks are you timeline testing. X like? us going yes, be not can credit for the FAA color? the wondering, fourth Just maybe to some Particularly, the doing you What

of of look that just that some different the is like. a that get forward milestones how timeline Just are we sense can What trying what progressing? to looks to to identify

Didier Papadopoulos

level about what about at test. a what to I level, having pass feel progress how this demonstrated and from to this this excited that gone maybe FAA exactly through FAA. really an base component is year, tests other well get airplane, at execute last I with of is Hey, organization. then the a elements this of one, that as moving FAA aircraft as which those the takes, FAA because showing what you tests have quick all this you to and also for very the also, particularly are with One, us Stage we is And to able of the matured has feel discussed, the there good the good working from pyramid to bit FAA of released conformity you across Didier. be tail with is going hear year on is. with are by from that for this I'm the the is be you. for system able credit design and conformity that compliance. will there define outlined really to question. FAA. credit and certification tests. And just year X the component they're beginning what we've to the year, system time to like a It exactly it and we to Andres, the the It's towards really into The the starting completed Good just the expand testing level, the here. sets the level, deliver the the and defines use testing about been on year standards sets the the get have at at process really that level, and and really of to essential excited tail those component XX team to have well And your what more FAA last X basis towards into Really system, hundreds as progressing that. then talk

conforming Two, X fit conforming into expediency working demonstrate to airplane. ability our now adding to the to additional done we've on And with and the designs just build year conforming manufacture lines lines. last you that that lines on or have completed these

do specific to to then the that possibly Stage and area a test Stages credit So check aircraft, have that X, for the in for Stages one. And and a credit gone another on for X, have and through for you any on X [indiscernible]. test win X, importantly, conformity big most team X,

that you and the what all the FAA. there's with submitting be our with now to and and see where on have all progress is discussion stage. team working focus point that, want where to year the testimonials on about Stage X we you're in and really X on If really excited this the at going close that is And no point we not done exactly having Stage are

Andres Sheppard-Slinger

the Thanks, that's appreciate congratulations quarter. I comprehensive. it. And on Didier, very again

Operator

Thank you.

comes next Kristine Our question from the of with Stanley. Liwag line Morgan

Kristine Liwag

type process, to this. Congratulations third tool accomplish stages completing being FAA and the EV the also of the of the certification developer X on first of

the for reason service? the right on there And Stage the X? from question change the that's and need anything follow-up for the are X any already is would Gulfstream the in they X the line the you a an the especially read across question as one confident of third Is XXXX of surprise and how there requirement in obstacle. maybe into software in with for by So been asked certification, forward. that line certification entry and is Didier, the here for is, you year fly-by-wire Stage Stage X and you its we where that you now Stage Stage GXXX, validation X look look, guys the on X

JoeBen Bevirt

about really I feel Kristine. getting about point in is are Look, the the complete. Yes, X because, has right multiple thanks, years making, we been Appreciate This talked where Stage to you here. particularly question where years. now, the good

of time X, all lockstep of lot the the implementation. us of very details we're amount the into talking confidence I in think a me airplane good position. FAA been a the have where about moving being for design with a in the gives in good We that And of Stage and

You talked by fly-by-wire about example. way of

flight is that. Relating our the really want remind a software controls areas have Joby. we FAA verification, One fly-by-wire, to and our is and important bit critical and of I the not not time software particularly to most of is with new software, the of quite on spent and exactly to reiterate, plans

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we're also our like feel has line. I the accepted. through so walk And by way, been to well-positioned [indiscernible] software the And oh, software

it hit we So both on the on side the as as well software functional side.

Kristine Liwag

be deal. with Great. most Japan. you countries, your this also recent guys especially past including look about of you countries? done seem and exclusive closer in more But have guys years, across you of see Why then got little get attention on certification? you Korea different these does the at you talk as exclusive eVTOL you've to And the partnerships country, rollout, then different also, a as partnerships with Can you these if a to South partnerships could one And few see more? lot bit more

JoeBen Bevirt

Yes, thanks, Kristine.

interest incredible for have from thank you that So markets. international many highlighting the we

may very partners, incredible to course, and our then, very, here, number to measured take we're UAE. And US. you our we the think the be international of additional execution. going the going as markets have that we're opportunities much here in the we but on but of the Korea, to. markets, incredible as focus we can a to in as on that Japan grateful I partnerships We really in and to already continuing number additional inbound choose see in and significant we we're And select very really mentioned, of committed thoughtful focus are on again,

Kristine Liwag

after the in And capacity Marina to squeeze question. volume have could be for the one Matt, usage $XXX incrementally $XXX At much that you XXXX. free what million place, what of that, manufacturing flow end on that I if expand would last spend? cash wanted you And if capacity the plant your could beyond Great. cost? low in million to how

Matt Field

Yes, Hi, Kristine.

think rate aircraft Marina, year Didier the the month. as mentioned, at we end running it's of will way of one the per this a about be So

that online most obviously, calculations. expansion be comes ramping ramp would that working in We're option in of based up us to on off gives XXXX, our the somewhere aircraft, So capacity. present terms to our stream. XX likely that And be would up That over expansion XXXX. time on as

that's we working for groundwork the lay and domestic good as on further starting So there. obviously from operations point feel a for then our we go-to-market expansions international and

Operator

you. Thank

Raymond comes Our the Savi next with question of James. from line Syth

Savanthi Syth

just If another I may ask certification question here.

terms based Just we the do Didier FAA And on, the in haven't might a the just And heard side. on GX clarification comments. you think on of, accept when that? much

still Stage items on papers placeholders dependent that the plans in certification that are not or X there are issue are finalized? So yet

Didier Papadopoulos

Yes, good question.

love we the and way. So questions, certification by

been the relating we've with FAA So in constant G-X. the to touch

important has Our what's to FAA really understanding on up is us the in the and that been the soon. the G-X release we're really for that is date up But G-X. all expected changes is grateful coming keeping has,

And to we've are changes really content of can is coming. able that, in confident that's so we've based And really, what that there design see, on important. zero say there. the aware expect been what G-X we aircraft been about really our to in the constant we and touch from Feel changes on based

impact documentation X. Stage of some The where this is with expected the none rework, on as applications we're us, there associated potential focusing are But aspect compliance be particularly these of year, the and that. again to area may really

we're go design and Stage up. shows then changes no when ready G-X to we're focused on the are know So X. We there

Savanthi Syth

that's some Got the for on it. information number credit done. And of then just been testing you also really helpful had

in of Just into tests? Didier, kind I what you how context get put of that trying needs tests of to think to XX year, could hundreds of context you this done? many that just mentioned put

Didier Papadopoulos

shared really haven't of We this. exact the numbers

important that of that the coming. is the for talked tests, this more of is additional tests the pathfinders were are think I relevance we tests part about they those additional

about we base. getting what the parts, conforming know of test we process plans the plans it did The accelerating what knowledge is execute can we last relates those to really now built and this know test submitting to it's than the on faster We and component know or accepted of really through process these. So move we how so year. rest as we about

Operator

you. Thank

the Austin with of from Canaccord Moeller next question Our comes line Genuity.

Austin Moeller

the about manufacturability question first How my feel and the you with ramp-up you pouch the scalability here. Toyota cells of currently Just as in do partnership production?

JoeBen Bevirt

about of we've many standpoint, what with able Thanks, standpoint cycle and been We also and dimensions. life battery a performance most feel modules. both from performance years from these We've over standpoint Austin. our importantly incredibly just accomplish, from on, on all but done a extensive very the safety good across pleased to testing

Austin Moeller

a just And Great. follow-up.

do plus level powered aircraft. current the has the a to expect the that current don't for of but you iteration on component the quarter design mentioned be certified weight make you've understand you XX And certification? major done last I credit the it sure of expect can with under You really any aircraft task, that iteration that sufficient changes

Didier Papadopoulos

the and power requirements. eVTOL said, the we the as our expect feel relates continues G-X to configuration seen to we it -- seen Yes, don't the lift at which that shared the comprehensive I as we coming, Like all us, so the ones and very understand on associated changes with the design confident we've and the basis, we FAA it the cert least about. has see FAA with any something our have be impact

Operator

Thank you.

with of Peterson from JPMorgan. Our line next question comes Bill the

William Peterson

to closer you the to on be that lead said earlier, out start that control, Nice could like that starting try to or end make job more I execution. guess, the closer to on the versus it start And I'd dependent of I.e., a buy end? XXXX look you the with what's I granular guess what operations. thinking the of quarterly guess, And the pretty would on commercial I to Is little of wide, are the the the with is mind, get in it not, when others. to what year? year you like? think, the what's or that maybe would in US, I your what's FAA

JoeBen Bevirt

you. thank Yes,

we again, that's as partnership are critical Dubai. in dimensions. X we pleased the So And very across with the about talked

on First, regulatory working that and the the with expedient the third, work way. GCA the FAA in your regulatory; comes we've taking infrastructure; that all of with On there ensure right incredible that all down in approach the of done and second, the closely an aircraft. timing, the a the happens to specifically of question, and lot to that leveraging we're that is work piece the the having terms

GCA With partnership that to again, we're so, over very to they're the with providing specific respect continue not at working team with and the within come. our months XXXX, closely And for grateful we're and time. timing, we'll this the to,

William Peterson

And earlier on run just to question on want rate. Okay. follow-up

expansion, a the after the So maybe we about I between you maybe exit Just guess try year XX, over to the is ready how to get exiting what in build ability years, with years. trying should I XXXX a commercially few X you'll run you to think X, XX this make XX be to year out next in what to rate as models at what aircraft. our and somewhere next XX achieve for, sense X ramp? guess we the call it Dayton could

Matt Field

Hi, Yes, Bill.

running, lines now, So and we our manufacturing would we're focused certified thing the company getting as in, how talked a worst really to could do. last you think about referring be Dayton scaling back really our process an Right processes it quarter. about because getting up efficient on dialed

followed starting But And on the to as allows small time which scale manufacturing starting building us really that's just by small, to culture over most over way that the XX. getting approach out XX a measured way, will of approach the employees that small a gives to XXX plant. scale, it. and do us more gradual then a talk focused eventually methodical in and [indiscernible] the prudent But time. we're ready, as to to operation, it the ramp-up aircraft case way because be with and for to it's about right Ohio, seen a manufacturing so scaling, this said, in methodical you've that doing you before, And us this very

William Peterson

think to first and guess, CapEx hirings, government much cash you can mean? spend? year, this what commercial offset substantially can may use makes your versus, additional up. does get OpEx a guess sense. is, the Yes, basically go-to-market, just the slated little software it, hired as manufacturing about incentives we that trying of I more OpEx? guess much us I I aircraft, efforts bit the How a development, And [indiscernible] on I growth versus but give of said how granularity to certification app And and sense missed You for commercialization have engineers,

JoeBen Bevirt

building Yes, building think we driven we XXXX, out expect roughly about in about the by I across that out take out both year, year. And will the this to in spent $XX would XXXX, also next here really the double but in and facility more Ohio. so equipment facility million as CapEx. that's California, and which building

a in to people be to the our bulk growing lumpy because down folks, that's there. OpEx so function and CapEx. We'll operations. big to early of certification The is that's sending going of step manufacturing be start And rest it primarily Dubai and our We'll is that largely organization. start

be certification those some have we'll of the so But growth around are like buying there. manufacturing all will operational right. in there, of our and things our And parts and bulk aircraft, growth

William Peterson

be clear, mean next XXXX… year, million? you to Just $XX year said this You

JoeBen Bevirt

think [indiscernible] it I right signed the with have checks year, to my about twice. still I but

Operator

Instructions]. [Operator

next from Edison with Our of line question Deutsche Bank. comes Yu the

Xin Yu

from design the taking our on follow-up report. topic believe I Want the latest for earlier? in Thanks questions. NTSB to

at production, a X,XXX X,XXX also you the talking is on are weight. aircraft your You Obviously, sense give are per as And X,XXX us vehicle about what guys disclosure. the drove maximum takeoff Can the already? production latest that we increase.

Matt Field

we're systems the the across we're And they stay Didier designs -- that the Austin. with that to all expect weight aircraft to talked the Thanks, pleased X,XXX performance where as on the of through is taking different certification. about are. the aircraft and very we're the that Yes, achieving

Xin Yu

And in of weight? drivers the for share in can drivers Anything terms of the increase what would on the that? you

JoeBen Bevirt

development speed beginning think way. XXXX signature, and and across prioritize mile most and want achieve think hour the And really with others in the top go. we with designed underappreciated we've something our mile different again, the market It this was the an acoustic aircraft focused been incredible in XXX the to is early we it's performing or critical in range, to began the that an performance XXXX. we in X,XXX dimensions. which No, XXX able since markets vehicle to or have the pound really a and customers XXXX all don't Again, delivering showed aircraft has them which incredible that and that's something where right in the we I on is operations to think flying

Operator

Thank you.

Our last comes with question James. Syth Savi from today for Raymond

Savanthi Syth

have plan? I thinking that and bit are this curious, announced Delta. you several plan, Could including just you you of am a partnerships you're how operation, commercialization with all the for your initial how closely about and of this follow-up. little infrastructure thanks talk working launch Dubai fits about Hey, kind within

JoeBen Bevirt

Yes. Thank Savi. you,

grateful part, business in and an and the we Delta to of where to and of and Delta terminals, those for airports JFK flights. Joby be our and onto On closely is experiences LAX, into area to the flights they they coupled partnership made able build deliver the piece are LaGuardia, important very infrastructure with have very, investments to this an and off best-in-class infrastructure, seamless customer the as get

with again, to delivering opportunity And in in deliver Dubai. looking world, our build markets as partner infrastructure the opportunities then out we this around is to customer customer then incredible we're experiences Sky experience the also incredible an that And for. Ports

more is going conversation. of part be we significant more as forward, and so infrastructure And to go a the

Savanthi Syth

but first? because tent, you charging airports, my things various figure not the long how where see to Is this the understanding the that comes Delta wait going are I'm tied to I together you you all how just operation? in the launch in progressed, figure also trying appreciate operations that infrastructure to out or to out to have pole is

JoeBen Bevirt

of I Yes, US. a in different partnerships airports, we markets think different bunch out in the in rolled you saw, as

momentum out And just fantastic. that engagement infrastructure and there, the we're absolutely seeing so, is there the rolling

Operator

would comments. the for Aviation's over Bevirt I like to closing turn you. Joby to Thank now conference JoeBen back

JoeBen Bevirt

so you thank much. Yes,

positioned today away is amazing than market. things I our call I think ever the of capitalize the was to before. you'll, team on this one from more hope is that tangible been took you And incredibly well this it's

is consistently with that at team had Joby have our us on express and Thank world here you on have today park work with commercialization. like have and you just, to And I of the amazing on the to opportunity the out I a fantastic it's to and it say incredibly that the certification, partners that, Aviation around delivering feel to heard afternoon my spectacular also you the that team we I knocking think privileged manufacturing, have for much so after quarter hope joining for just quarter. sincere I gratitude the evening. or all I

Operator

concludes This today's teleconference.

participation. at time. for may disconnect You lines you your Thank this your

Joby Aviation (JOBY) 21 Feb 242023 Q4 Earnings call transcript