Good afternoon, and thank you for holding. My name is John and I will be your conference operator today. Welcome to Joby Aviation 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 beliefs, expectations, 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.jobyaviation.com. On the call from management today are JoeBen Bevirt, Founder and Chief Executive Officer, Paul Sharrah, Executive Chairman and Matthew 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. Bevirt. Mr. Bevirt, 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 Forest in California, I developed a deep sense of commitment and responsibility to our planet. 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 3 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. 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 took longer, but the result is a more highly integrated aircraft built with technology that makes it perform better and be 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. 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 1000th flight test and became the first eVTOL Company to have the FAA sign our G1 certification basis and became the first eVTOL Company to be granted U.S. 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 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 2-week testing program saw NASA bringing its mobile acoustics testing lab to our remote flight test base 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 is fundamental to bringing our service closer to where customers want it. We also became the first Company to publish in-depth examples of our low noise footprint in action, releasing 4 separate films that let people hear what our aircraft actually sound 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, hovering 154 miles on a single charge. A 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 COP26 meeting going on in Glasgow, I'm pleased to say that we've committed to sourcing renewable energy for all of Joby's facilities, including Joby Operating. As governments lean in on sustainability, we're pleased to see the president recently signed 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 mentioned, we now have more than 1,000 test flights behind us across a wide range of prototype aircraft. Our focus as a Company is now shifting beyond engineering and initial testing to certification and commercialization. It's worth contrasting 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 for us. Looking ahead, we've identified 3 long-term goals that will frame our work across the coming years. Those goals are 1. Certifying our aircraft, 2. Scaling our manufacturing, and 3. Preparing for commercial operations. These are the 3 key ingredients required to execute on our business plan. On certification, in addition to proving up the capabilities of our aircraft as JB just described, we also began testing individual parts and systems for our production aircraft including tails, spar load-testing, battery drop testing, lightning strike, and cabin bird strike tests. 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 designs, 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. 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 single composite panel, but its properties are representative of the entire airframe structure, and delivering it according to the required standards 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 successfully delivered the first EPU or electric propulsion unit. Similar progress has been made at our site in Marina, where we've 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 5-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. To complement what JB mentioned earlier on sustainability, I'm very pleased with the important work we've kicked off with JetBlue Airways and Signature Flight Support to ensure the 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 3 key goals as our framework. As a private Company, we purposely worked with partners and investors who understood and supported our long-term vision. 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 lock-up agreements lasting up to 5 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.

Thank you, Paul. Good afternoon, everyone. Our third quarter results reflect progress in each key area of our business: engineering and certification, manufacturing, and commercialization. The successful conclusion of our merger with RTP in August is also reflected in our quarterly results and has provided us with a strong financial foundation to support each of these efforts. In the third quarter, we posted a net loss of $78.9 million or $0.20 per share. Our quarterly results included a $9 million charge related to transaction expenses from our merger with RTP and an $11.5 million expense reflecting the revaluation of our derivative liabilities, namely earn-out shares and public and private warrants. For our ongoing reporting of operating performance, we will also reference adjusted EBITDA, which is a non-GAAP measure that excludes these one-time costs, as well as stock-based compensation accruals, which totaled $7.6 million in the third quarter and other costs unrelated to ongoing core operations, including equity method accounting for our summer bio investment. Adjusted EBITDA for the third quarter was negative $55.9 million. The higher net loss and lower adjusted EBITDA compared with the same period last year primarily reflects the growth in personnel, supporting development and certification activities, early manufacturing operations, initial investments in commercialization, as well as administrative costs to support scaling as a public Company. Our total staffing of nearly 1,000 employees at the end of the third quarter reflects our commitment to resource Joby sufficiently, to maintain our leadership position in bringing an affordable, sustainable air taxi service to market. Around 80% of these employees are directly involved in the development, certification, and building of our aircraft. Cash flow for the first 9 months of the year was positive $939 million reflecting the successful conclusion of our merger with RTP in August, partly offset by cash used in our operations, capital expenditures, and acquisitions. Aggregate gross proceeds from the merger totaled $1.2 billion, including Uber's investment received in the first quarter. Transaction and other costs related to the merger totaled about $80 million, including approximately $30 million paid by RTP. Our cash and marketable securities at the end of the third quarter totaled $1.4 billion, which we believe is sufficient to support us through to initial commercial operations. This concludes our prepared remarks and we will now move to the question-and-answer session. Operator, would you please instruct participants on how to ask questions?

Thank you, Matt. At this time, we will be conducting a question-and-answer session. A confirmation tone will indicate that your line is in the question queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from the line of Christine Liwag with Morgan Stanley. You may proceed with your question.

Good afternoon, guys, and congratulations on your successful dispatch.

Thanks, Christine.

Now that you guys have about $1.3 billion of cash and short-term investments in the balance sheet, what actions can you take to ensure that you meet your timeline on aircraft developments with the FAA certification by 2023 or even potentially accelerate that timeline?

Thanks for the question, Christine. I think the progress even today that I announced at the outset of the call with the beginnings of the FAA confirmatory testing beginning this week. That's a really important milestone for our certification effort. It really demonstrates the work that we've done to date to prepare ourselves for this sort of rigorous certification process. One of the things that we're very focused on as a Company is controlling more of the design and development of the components that go into the aircraft. One of the reasons why that's important is not just that it allows us to create a more performance aircraft that might be possible with off-the-shelf components, but also because we're not relying upon suppliers for parts to show up at the right time to spec for the certification process. So by controlling more of that, both design and manufacturing in-house, we think that gives us greater confidence that we will be able to manage the certification process successfully and drive to certification in the timeframe that we outlined.

Thanks, Paul.

We feel really good about the team that we've developed on the certification side. As Matt mentioned, we have more than 1,000 folks that are on the team now; almost 80% of those are directly related to the work that we're doing on certification and development. The certification process is a lot of hard work—engineering, hardware tests, and documentation. This is a team that we think is really well-positioned to execute across the necessary work plan.

Thanks, Paul, and we've seen you add Garmin G1000 Avionics to the aircraft. Are there other opportunities that you think would be important to 'aerofy' and partner with some of these experienced suppliers, so that you could de-risk certification versus what do you plan to keep in-house and maintain that control as you mentioned?

Thanks again. Our bias will continue to be to do more work in-house compared to using big component suppliers for some of the reasons I've outlined. We're obviously very excited with our partnership with Garmin that we're going to be working with on the avionics for the aircraft. We've also announced Toray as a partner to supply the carbon fiber that's going into the carbon fiber structure of the aircraft. They are also helping do some of the validation work necessary to get that carbon fiber and resin system certified with the FAA. While there will be a set of aerospace suppliers that we go to for manufacturing and delivering components, our bias is to maintain control over the initial design and initial manufacturing.

Great, very helpful. Then you already provided some milestones you've accomplished in the quarter. So going forward, what are key milestones we should track or follow to monitor your progress for FAA certification?

On the certification side, we are holding a briefing on this topic on the 16th of this month. Greg Bowles, who leads our policy team in DDA, who runs our program, is going to walk through both the high level of the certification process and where Joby sits in it. I encourage you and others on the line to join that event. Looking ahead over the next year, we're focusing on working with the FAA on the means of compliance that really undergird the G2. This means working closely with the FAA to define the right specifications for each of these components, getting progressive sign-off across all of the components and sub-components of the aircraft. We've made good progress on that effort already, and we'll wrap up that broad means of compliance call within the second half of next year. We will also be doing some of the testing I already described at the front-end, beginning verification testing as part of the certification effort.

Great. If I could ask one last question before getting back in the queue. Can you discuss your noise profile partnership with NASA? What do both sides expect to learn from this, and how meaningful is this partnership and study?

Thank you, Christine. Our success will hinge on our ability to take our customers where they want to go, and building an aircraft that is both quiet—quantitatively and qualitatively—has been a key focus since day one. We've released a series of videos demonstrating the acoustics of our aircraft, both in hover and over flight, over the past quarter. We're incredibly grateful to the amazing acoustics team at NASA for spending a few weeks at our flight test base. The testing we've done with them is a key step and a foundation for the skyport permitting that we're doing with cities across the country. We look forward to the opportunity for all of you to see and hear our aircraft in person soon. It's a huge point of pride for both myself and our entire Company. The progress we've made on acoustics has been significant. Again, thank you to the team at NASA for supporting our work and this new industry.

Thank you very much, guys.

Thanks, Christine.

Our next question comes from the line of Edison Yu with Deutsche Bank, you may proceed with your question.

Thank you for taking our questions. I have 2. Just following up on the vertical integration. I'm curious about the supply chain perspective. I would imagine that the supply chain looks very different than it did 10 years ago or even 5 years ago—some better and some worse. Is there potential to leverage some of the scale that better electric vehicles on the ground have provided? Obviously, it's not apples-to-apples, but that seems to have changed quite a bit. Is the vertical integration a competitive advantage that will help you but hinder others that are more reliant on fragile supply chains?

Thanks a lot for the question, Edison. It sounds like two pieces; on vertical integration and supply chain, and then on how we're thinking about building out the service, particularly in ex-U.S. geographies. On the second question first, it's really important for us to maintain as tight a relationship with the end customer as possible. That's where our bias, especially in the U.S., is to focus on delivering the service directly to end customers. That said, there are already customers we've been talking to, like our customers at the DOD, where we're not delivering that service in the same way. We're essentially operating those aircraft on their behalf in a contractor-on-contractor operated model. As we think about commercializing the service outside of the U.S., there may be different flavors of vertical integration, where we're not delivering the service directly to end customers, but indirectly. We don't have any announcements on that front yet, but we're going to be strategic about how we commercialize this in different geographies.

On your question around vertical integration and leveraging work done on automotive electric vehicles, an important area for our aircraft and our service is battery life. We're pleased with the progress made on battery life over the past decade. We've demonstrated more than 10,000 flight cycles in the lab for our battery cells. These high-quality automotive-grade battery cells are critical for the safety and reliability of our battery packs. Our battery team has experience working on high-performance electric vehicle battery packs for over a decade. We feel strong about the batteries and are grateful for the battery supply chain that has delivered substantial improvements in battery specific energy over the past decade. The vertical integration enables us to optimize the aircraft and components in ways that are not possible when using off-the-shelf components, delivering a better-performing aircraft. This results in a substantially more efficient aircraft across various dimensions which drives the operating economics of our service—range, speed, and payload. We believe the hard work we're doing will pay massive dividends as we scale the service.

Thanks. Appreciate the insights.

Our next question comes from the line of David with Barclays. You may proceed with your question.

Hey, thanks for taking my question. I guess first it was impressive to see your flight video last time. Can you speak to any design changes or updates you've made to the aircraft since then and the plan for any changes you might make or things that you might be flexible on as you go through the G2 process?

Thank you. We're incredibly pleased with the aircraft's performance, and the improvements we're making are focused on design for manufacturability. We're really concentrated on certification and manufacturing, scaling up for production, and those are the areas where we're making adjustments currently. We're very pleased with the performance.

Not to keep hopefully hammering on the vertical integration piece, but the partnership with Toyota obviously has some incredible capabilities. Can you clarify a little bit about that relationship and why you think there's no risk that you get put on the backburner at some point when you need that engineering and design support from Toyota?

We believe that vertical integration is one of our significant strengths. We love the question about Toyota. They are a spectacular partner for us and are leaning in more as the program progresses. Their contributions across all areas of our manufacturing operations have exceeded our initial expectations. Toyota is renowned for building complex systems with amazing quality and reliability. As we look to operate our service, we need our aircraft to improve in reliability for better operating economics. They are the best partner for us and demonstrate that consistently.

If I could squeeze one more in for Matt. It seems like the operating expenses accelerated a little bit. I'm assuming, from reading, that is largely due to building out the staff. Is that a trend you expect to continue? Can you discuss how fluid your expenses are to the certification process?

Thanks for the question. We're committed to maintaining our leading position in the industry and are very prudent as a Company. I work with a very frugal team, which makes my job easier. The higher expenses you're seeing do reflect our strong progress to grow the team for certification in engineering. As we grow into manufacturing and commercialization, you can expect those to change as we ramp up headcount on the hourly side. You're also seeing advanced investments where we think it's prudent, like bringing on the Uber Elevate team, which adds tremendous value even earlier than we would have invested in commercialization otherwise.

Thanks again, and congratulations on the first quarter.

Thanks, David.

Our next question comes from the line of Ron Epstein with Bank of America. You may proceed with your question.

Yeah. Good evening, guys. Thanks for the question. Just quickly. I don't mean to beat a dead horse here on the vertical integration, but vertical integration in aerospace has never worked really. I can't think of a case where anybody building aircraft has been successfully vertically integrated. Can you help me think through why you're different?

First of all, thanks for the question and for joining the call. In a brand new category of vehicle, vertical integration makes a lot of sense. There wasn't an existing supply chain for many of these components, so we had to invest the time and energy to figure out how to build and design them ourselves. The end result is a far better performing aircraft than might be possible when trying to cobble together off-the-shelf components. We believe this delivers a very important competitive advantage over the long term. Tesla's experience is tricky for electric vehicle companies, but it's an apt analogy here. Early challenges meant relying on custom designs when there was no supply chain for batteries and electric motors. We've had to do something similar. The pace of other companies catching up has been slower than expected, much like it took time for large automotive companies to deliver competitive electric vehicles. We think this strategy is right for both the short-term and long-term at the Company.

Got it. If I may, just one last follow-up. Your flight controls through your transition from vertical flight to horizontal; historically, that's been a tricky regime for any aircraft. How are you handling that, particularly on the vehicle that will be going into service?

This is one of the areas we're very proud of. We have an aircraft that performs well in hover, is efficient, and robust throughout the entire transition envelope. This is inherent to the design of the aircraft. We have built a lot of controls know-how and IP around our aircraft configuration, of which we feel very strong.

At this time, we have reached the end of the question-and-answer session, and I would now like to turn the call back over to JoeBen for any closing remarks.

Thank you so much. Really appreciate all of you joining us today. We're so pleased with our progress this quarter across all areas of the business, especially on certification. As Paul mentioned, we hope that you'll be able to join us next Tuesday, November 16th at 2:00 PM Eastern Standard Time for certification briefing. We're grateful for all of the support and interest in this exciting new market, and we hope all of you have a fantastic evening. Thanks so much.

Thank you for joining today's call. As a reminder, you can find today's release on Joby's Investor website, ir.jobyaviation.com.