Joby Aviation, Inc.

Good afternoon and thank you for holding. My name is John and I will be your conference operator today. Welcome to Joby Aviation's third quarter 2021 conference call. At this time, all participants are in a listen-only mode. As a reminder, today's call is being recorded and a replay of the call will be available on the investor relations section of the company's website. Please note that some of the company's discussion today will include statements regarding future events and financial performance and statements of belief, expectation, and intent. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For more detailed discussion of these risks and uncertainties, please refer to the company's filings with the SEC and the Safe Harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them. This call will also include references to the company's adjusted EBITDA, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's shareholder letter, which is posted on the company's website at ir.jobiation.com. On the call from management today are Joe Ben Bevert, Founder and Chief Executive Officer, Paul Shara, Executive Chairman, and Matt Field, Chief Financial Officer. After the prepared remarks, we will open the call up to analysts for questions. I will now hand the call over to Mr. Bevert. Mr. Bevert, you may proceed.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us for Joby's first quarterly call as a public company. As today is U.S. Veterans Day, I'd like to start by acknowledging the contributions of the men and women that strive for global peace and prosperity. And specifically, I'd like to recognize those members of the Joby team who have contributed to that cause. I'm incredibly proud of what the entire team at Joby has achieved over the last decade. And I'm excited to have this opportunity to speak with you for the first time as a listed company and to share our progress on our journey to bring safe, efficient, and sustainable air transportation to the world. Growing up in the Redwood forests of California, I developed a deep sense of commitment and responsibility to our planet. And I founded Joby more than 10 years ago with the belief that electric propulsion would one day play a significant role in helping to protect our planet. Today, aviation accounts for 3% of the world's carbon emissions. but the sector's total impact is almost three times that figure. What I saw back in 2009 was a number of technologies that combined had the potential to make zero emissions electric vertical takeoff and landing vehicles come to life. With that vision in mind, we brought together an incredible team of engineers and built a vertically integrated company to develop all of the core technologies we would need to make this dream a reality. As in the early days of ground EV, there just wasn't and still isn't an existing supply chain for most of the critical components. We had to build these ourselves. Things like motors and actuators, inverters and battery packs, sensors and our low noise propellers. This approach was harder and it took longer, but the result is a more highly integrated aircraft built with technology that makes it more performant and more capable than other designs. Taking this approach also allowed us to iterate rapidly on our aircraft design until we landed on what we believe is the very best configuration for this new market. Combining safety, speed, a low noise signature, and affordable operating economics. And we've been flying that aircraft at full scale since 2017. At Joby, We believe in taking on challenges that others shy away from. We approach them without any preconceived ideas, and we work hard and fast to solve them. This management philosophy has helped us to position ourselves at the leading edge of this new industry. In the last 12 months alone, we passed our 1,000th flight test and became the first EDTOL company to have the FAA sign our G1 certification basis. and became the first EDTOL company to be granted a US Air Force Airworthiness status. This momentum was maintained in the third quarter of this year, and I'd like to share a couple of examples. First, we became the first company to fly an electric aircraft as part of NASA's Advanced Air Mobility National Campaign. We've had the opportunity to work really closely with the team at NASA on a range of electric propulsion projects over the last decade. but this was the first opportunity to let them see and hear our full-scale aircraft in action. The two-week testing program saw NASA bring its mobile acoustics testing lab to our remote flight base in order to measure the low noise footprint of our aircraft. Their independent analysis will play an important part in supporting public acceptance of our new technology. Delivering an aircraft with a low noise footprint fundamental to bringing our service closer to where customers want it. And so we also became the first company to publish in-depth examples of our low noise footprint in action, releasing four separate films that let people hear what our aircraft actually sounds like, something that Joby is really leading the way on. Second, during the quarter, we flew what we believe to be the longest flight of an eVTOL aircraft to date, covering 154 miles on a single charge. The one-hour, 17-minute flight validated our technology and design, proving yet again that Joby can accomplish things many thought impossible. On that note, I'd like to say a few thank yous. First, thank you to our incredible team for their passion and for reaching these remarkable goals. Next, thank you to our partners. Toyota and Uber, who are really leaning in on the manufacturing and commercialization of our service. And thank you to all of you, our investors, who have joined us on this journey to bring about a new mode of transportation and change our lives on a daily basis. As I mentioned at the outset, we're committed to bringing this revolution to life as sustainably as possible. And so with the COP26 meeting going on in Glasgow, I'm pleased to say that we've committed to sourcing renewable energy for all Joby facilities, including Joby-operated Skyport. And as governments really start to lean in on sustainability, we're pleased to see the President recently sign the Bipartisan Infrastructure Framework into law and to see the House passing the Advanced Air Mobility Coordination and Leadership Act, both of which help to lay the groundwork for success in our sector. With that, I'll hand it over to Paul to talk about our progress in greater detail. Thanks, JB.

As JB said, we now have more than 1,000 test flights behind us across a wide range of prototype aircraft. And so our focus as a company is now shifting beyond engineering and initial testing to certification and commercialization. It's worth drawing a contrast from the outset that we believe the right way to commercialize these aircraft isn't to sell them, but instead to operate them ourselves, delivering the service directly to our own customers. This approach allows us to better control the passenger experience and the safety of our launch. It builds a flywheel where our experience operating the aircraft can drive improvements in the vehicle over time. Just as with engineering, this is a harder path, one that ultimately delivers a better experience for riders and a better and more valuable business to us. As we look ahead from here, we've identified three long-term goals that will frame our work across the coming years. Those goals are, first, certifying our aircraft, second, scaling our manufacturing, and third, preparing for commercial operations. These are the three key ingredients required to execute on our business plan. On certification, In addition to proving out the capabilities of our aircraft, as JB just described, we also began testing individual parts and systems for our production aircraft, including tail spar load testing, battery drop testing, lightning strike, and cabin bird strike testing. We also began construction of our integrated test lab, a lab-based recreation of all of our aircraft systems designed for integrated system testing. We completed an initial pilot evaluation campaign of our production cockpit design, and our flight control computer passed the high-risk electronic environment testing defined by the FAA, all important steps toward the eventual type certification of our aircraft. And in breaking news, we're on track to start our first conformity inspections this week with an FAA designee on site. The focus of the inspection is a small composite panel, but its properties are representative of the entire airframe structure and delivering it according to the required standards, which is what the FAA is checking as part of this inspection. This marks a really important step toward design and production maturity for Joby and is another goal delivered on schedule. On manufacturing, our second key goal We continue to make progress toward establishing initial production at our facilities in California. We established our first powertrain manufacturing line at our site in San Carlos and saw it successfully deliver the first EPU or electric propulsion unit. Progress was similarly made at our site in Maria, where we installed a second AFP or automated fiber placement machine. We also built a rotating positioner, that allows us to deliver increasingly complex parts from our carbon fiber layout process, as well as producing representative components for our production aircraft. With the installation of our second AFP machine, we now believe we have sufficient capacity to support pilot plant volumes for our aircraft. On our third key goal, in addition to the acoustic work with NASA, we also took the first step toward achieving our Part 135 certification. The Part 135 air carrier certification is issued by the FAA, and it's required to fly passengers for revenue across the U.S. This is a five-stage process. Since submitting the application and entering Stage 1 in July, we recently entered the second stage of that process. We expect that we'll have the full certification in place by the end of 2022. And to complement what JB said earlier on sustainability, I'm very pleased with the important work we've kicked off with JetBlue Airways and Signature Flight Support to ensure that carbon markets for aviation include credits for flights powered by green electric and hydrogen propulsion technologies. There's obviously a lot more depth and hard work behind each of these key highlights, but every quarter we intend to share the most important accomplishments and milestones that we've achieved using these three key goals as our framework. As a private company, we purposely worked with partners and investors who understood and supported our long-term vision. And we chose to take Joby public with reInvent Technology Partners for the same reason. They, along with Toyota, Intel, Uber, Capricorn, APC, myself, and JB, have all agreed to subject our shares to extended lockup agreements lasting up to five years as part of the merger process. We think this is a demonstrable sign of the long-term approach we're taking to build Joby's success over the long term. I'll now hand it over to Matt to discuss our financials.