Joby Aviation, Inc.

Good afternoon, and thank you for holding. My name is Joe, and I will be your conference operator today. Welcome to Joby Aviation's fourth 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 a 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.jobeaviation.com. On the call from management today are Joe Ben Bevert, Founder and Chief Executive Officer, Paul Sciarra, Executive Chairman Didier Papadopoulos, Head of Programs and Systems, and Matt Field, Chief Financial Officer. After their prepared remarks, we will open the call up to analysts for questions. I will now hand the call over to Mr. Bouvert.

Thank you, Operator. Good afternoon, everyone. And thank you for joining us for today's call. I'm incredibly proud of what the team at Joby achieved in 2021. And I'm excited to have this opportunity to speak with you today and share our progress as we continue our journey towards bringing fast, affordable, and sustainable air transportation to the world. In our Q3 earnings, we highlighted three areas of focus that would guide our work and investment over the long term. Certifying our aircraft, scaling our manufacturing, and preparing for commercial operations. This framework will continue to guide our work in 2022, and I'm glad to report we've made great progress in each area since we last reported earnings. Of those three, certification really is the unlock. Without a certified aircraft, a certified means of production, and certified operations, there is no product. And so I'm pleased Didier is here with us today to focus on that topic and share the amazing progress we've seen in this area. I'd like to hand it over to him to kick things off. Didier?

Thank you, Jobin, and hi, everyone. Certification is understandably a complex and multifaceted topic, and so I'd encourage you to go and watch the briefing event we ran on certification last year. It's available on our investor relations website, and it does a good job of contextualizing a lot of what I'll say today. Since our last call, We've made progress in all areas of certification and have some real momentum behind us. The certifications we require can be divided in three categories. Type certification for the aircraft, production certification, and operational certification for our future airline. I'm going to talk about all three in that order. First, on the type certification front, which is the certification focused on the aircraft itself, We continue to make great progress on our means of compliance and our certification plans. Last year, we set ourselves the goal of having the majority of these in place by the second half of this year. And with close to 70% of the means of compliance accepted, we are very much on schedule. Getting these means of compliance in place has been a seven year journey for Joby. So to see them getting signed off with some serious momentum is really exciting. I'm also pleased to report that we were able to submit the first of the area-specific certification plans, or ASCPs, earlier this week, making an official transition from identifying the means of compliance to identifying the methods of compliance. This is a really significant moment for us as a company, and we believe we're the first eVTOL company to reach this milestone. Over the coming months, we'll keep you up to speed with our progress across a series of ASCPs, which together cover the entire aircraft. We also successfully completed both our first system review and our first compliance review with the FAA in the fourth quarter. During the system review, the FAA assesses our plans and processes for the development of complex safety-critical systems and equipment, while the compliance review looks at our approach to development and verification of aerospace software and airborne electronic hardware. These both went very well, and we've since had formal sign-off from the FAA, allowing us to move ahead with confidence. We also successfully completed our first FAA manufacturing conformity inspection in the fourth quarter, which was followed earlier this year by our first conformity testing. Although the focus of these tests was a simple carbon composite sample, the move to formal testing marks a significant milestone for Joby. as we move into the implementation phase of our certification program for the first time. In other words, this is the first time we have done real testing for credit with the regulator rather than discussing what criteria would apply to testing or how the testing should be completed. Entering this stage of testing demonstrates the maturity of our production and quality systems after 10 years of hard work. And this test was the first of thousands of similar inspections and tests we can expect to complete as we demonstrate the airworthiness and safety of our aircraft. On the second area of certification, production, we completed the production manuals and process descriptions that we are required to put in place in order to start the official FAA audit of our quality system. This is the first formal stage of achieving a production certificate. and it laid the groundwork for us to build our first production intent prototype and then conforming aircraft. That's a pretty amazing task, and I'm proud of what our team has achieved. I'm also very grateful to the FAA for their support. We expect the formal engagement process with the FAA's manufacturing and inspection district offices in LA to kick off in 2022 and run for several quarters as we prepare to apply for a production certification. Finally, On the operational certification side, we continue to make good progress with our Part 135 air carrier certificate, which is required to commence revenue-generating passenger flights. We recently announced that we have entered the fourth of five application stages, leaving us on track to receive the certification in the second half of this year as planned. I hope you all agree that taking all of this progress together It's been an important quarter for Joby in terms of certification. And with that, I'll hand it back to Jobin.