Joby Aviation Inc (JOBY) 2022 Q4 法說會逐字稿

Greetings. Welcome to Joby Aviation Fourth Quarter 2021 Conference Call. At this time, all participants are in a listen only mode. If anyone should require operator assistance during the conference, please press on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Teresa Thuruthiyil. Thank you.

問候。歡迎來到 Joby Aviation 2021 年第四季度電話會議。此時，所有參與者都處於只聽模式。如果有人在會議期間需要接線員幫助，請按電話鍵盤上的 。提醒一下，這次會議正在錄製中。現在我很高興向您介紹主持人 Teresa Thuruthiyil。謝謝。

You may begin. Hi, everyone, and welcome to Joby Aviation's Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. I'm Teresa Thuruthiyil, Joby Head of Investor Relations. On the call today, we have JoeBen Bevirt, Founder and Chief Executive Officer; Paul Sciarra, Executive Chairman; Didier Papadopoulos, Head of Aircraft OEM; and Matt Field, Chief Financial Officer. After management's prepared remarks, we will open up the call for questions. Please note that our discussion today will include statements regarding future events and financial performance as well as statements of beliefs, 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 our 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. Also, during the call, we'll refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q4 FY '22 shareholder letter, which you can find on our Investor Relations website, along with a replay of this call. With all of that said, I'll now turn the call over to JoeBen.

你可以開始了。大家好，歡迎來到 Joby Aviation 的第四季度和 2022 財年財務業績電話會議。我是 Teresa Thuruthiyil，Joby 投資者關係主管。在今天的電話會議上，我們有創始人兼首席執行官 JoeBen Bevirt；保羅·夏拉，執行主席；飛機 OEM 主管 Didier Papadopoulos；和首席財務官 Matt Field。在管理層準備好發言後，我們將開始提問。請注意，我們今天的討論將包括有關未來事件和財務業績的陳述，以及信念、期望和意圖的陳述。這些前瞻性陳述基於管理層當前的預期，涉及可能導致實際結果與明示或暗示的結果存在重大差異的風險和不確定性。有關這些風險和不確定性的更詳細討論，請參閱我們向美國證券交易委員會提交的文件和今天股東信中包含的安全港免責聲明。本次電話會議中包含的前瞻性陳述僅在本次電話會議之日作出，公司不承擔任何更新或修改這些前瞻性陳述的義務。此外，在電話會議期間，我們將同時提及 GAAP 和非 GAAP 財務指標。我們的 22 財年第四季度股東信函中包含非 GAAP 措施與 GAAP 措施的對賬，您可以在我們的投資者關係網站上找到該信函，以及本次電話會議的重播。綜上所述，我現在將電話轉給 JoeBen。

Thank you, Teresa, and thank you, everyone, for joining us today. 2023 is going to be a pivotal year, not just for Joby but for our industry as a whole. It is time to transition from planning to delivery, and that's exactly what we're doing. We're delivering on the things that really matter on certification, on manufacturing, on preparing for commercial operations. Already, in the first few weeks of this year, we've demonstrated that the Joby approach works. Let me give you some examples. Last year, we worked hard to become the first EVTOL company to complete Stage 1 of the Type certification process by having our G1 certification basis published in the Federal Register. And already in 2023, we've become the first eVTOL company to complete Stage 2 of the process. Last year, we worked hard to complete our pilot manufacturing facility in Marina, California. And already in 2023, we've become the first EV Tel company to start final assembly of a company conforming aircraft. Last year, we worked hard to build in-house testing capacity, including powering up our integrated test lab and already in 2023, we're running developmental tests in that facility. That same pattern of delivery of planning and then executing is present across all of our work streams, and it goes to show that our approach is working. It also means that 2023 is going to be a very exciting year. We expect to see the first aircraft roll off our pilot manufacturing line and fly within the first half of the year. We plan to fly with a pilot on board before the end of the year. We expect to have all 13 of our area specific certification plan submitted to the FAA in the first half of the year, and we plan to start conforming tests across the majority of our system areas before the end of the year. We're on track to announce the location of our Phase 1 manufacturing facility in the first half of the year. And we're laying the groundwork to ensure we'll be ready to start on base operations with the Department of Defense in 2024. As we move into this period of execution, our team is delivering like never before, knocking down to industry first one by one. [ Inter commitment] is a site to behold. And a few weeks back, we invited our team members to bring their families along with them to Marina to show them what we've been working on.

謝謝你，Teresa，也謝謝大家今天加入我們。 2023 年將是關鍵的一年，不僅對 Joby 如此，對我們整個行業也是如此。現在是從計劃過渡到交付的時候了，而這正是我們正在做的。我們正在提供對認證、製造和商業運營準備真正重要的事情。在今年的前幾週，我們已經證明了 Joby 方法的有效性。讓我舉幾個例子。去年，我們努力成為第一家完成類型認證流程第一階段的 EVTOL 公司，我們的 G1 認證基礎在聯邦公報上公佈。到 2023 年，我們已經成為第一家完成該流程第二階段的 eVTOL 公司。去年，我們努力完成了我們在加利福尼亞州瑪麗娜的試點製造工廠。並且在 2023 年，我們已經成為第一家開始對符合公司標準的飛機進行總裝的 EV Tel 公司。去年，我們努力建立內部測試能力，包括為我們的綜合測試實驗室提供動力，並且我們已經在 2023 年在該設施中進行開發測試。我們所有的工作流中都存在同樣的計劃交付和執行模式，這表明我們的方法正在發揮作用。這也意味著2023年將是非常激動人心的一年。我們希望看到第一架飛機在今年上半年從我們的試飛生產線下線並飛行。我們計劃在今年年底之前與一名飛行員一起飛行。我們希望在今年上半年向美國聯邦航空局提交我們所有 13 個特定領域的認證計劃，我們計劃在年底前開始對我們大部分系統領域進行符合性測試。我們有望在今年上半年宣布第一階段製造工廠的位置。我們正在奠定基礎，以確保我們準備好在 2024 年開始與國防部的基地行動。隨著我們進入這段執行期，我們的團隊正在以前所未有的方式交付，成為行業第一一個。 [Inter commitment] 是一個值得一看的網站。幾週前，我們邀請我們的團隊成員帶著他們的家人一起去 Marina，向他們展示我們一直在做的事情。

We had nearly 2,000 people turn up, which I think is not only a sign of the pride and dedication of our team, but it's also the largest crowd that has ever seen an eVTOL aircraft fly in real life. I witnessed that same level of commitment and energy when I visited [Toiler] and Japan a couple of weeks ago and met face-to-face with some of their incredible engineers supporting our manufacturing. And as we move into the execution phase in manufacturing, we're also making the same transition in our certification and testing work. Didier will talk more about this in a minute, but having a clear path to certification is essential to moving into the execution phase of this certification process where we focus on testing.

我們有將近 2,000 人參加，我認為這不僅是我們團隊的自豪感和奉獻精神的標誌，而且也是在現實生活中見過 eVTOL 飛機飛行的人數最多的一次。幾週前，當我訪問 [Toiler] 和日本並與他們的一些支持我們製造的令人難以置信的工程師面對面時，我見證了同樣水平的承諾和活力。隨著我們進入製造的執行階段，我們也在我們的認證和測試工作中進行同樣的轉變。 Didier 將在一分鐘內詳細討論這一點，但擁有清晰的認證路徑對於進入我們專注於測試的認證過程的執行階段至關重要。

 At the end of January, we were honored to host Billy Nolen, the acting administrator of the FAA, along with members of his team, including Lirio Liu, Executive Director of the FAAs Aircraft Certification Service; and Paul Fontaine, Acting Assistant Administrator for NextGen. We had a range of positive in-depth discussions about our certification journey and our shift into the testing phase. They also toured our manufacturing facilities stopping to look at the first aircraft to be produced on our pilot manufacturing line and seeing the parts for multiple subsequent aircraft being made. And we were able to watch one of our regular test flights, watching people see and hear, our aircraft fly for the first time is still one of the most amazing things that happens at our Marina facility, and it was a proud moment for our team. Administrator Nolen and his team are really leaning in on this technology and the opportunity it presents and they remain committed to delivering the [SFR] in 2024. We have the clear path we need to move forward, and we're very grateful for the hard work and dedication of the teams at the FAA. The U.S. is the first place of flight. It's home to the largest aerospace companies in the world, and it's home to the FAA who have set the gold standard on certification throughout the modern era of flight. With our world-class team, our committed partners and a clear path to certification, we look forward to continuing to set the bar for the rest of the world. Didier, over to you.

1 月底，我們有幸接待了美國聯邦航空局代理局長 Billy Nolen 及其團隊成員，其中包括美國聯邦航空局飛機認證服務執行總監 Lirio Liu； NextGen 代理助理署長 Paul Fontaine。我們就我們的認證之旅和進入測試階段的轉變進行了一系列積極深入的討論。他們還參觀了我們的製造設施，駐足觀看了在我們的試飛生產線上生產的第一架飛機，並觀看了後續製造的多架飛機的零件。我們能夠觀看我們的一次定期試飛，看著人們看到和聽到，我們的飛機第一次飛行仍然是我們碼頭設施發生的最令人驚奇的事情之一，這對我們的團隊來說是一個值得驕傲的時刻.管理員 Nolen 和他的團隊真正依賴這項技術及其帶來的機會，他們仍然致力於在 2024 年交付 [SFR]。我們有前進所需的明確道路，我們非常感謝艱苦的努力FAA 團隊的工作和奉獻精神。美國是第一個逃亡地。它是世界上最大的航空航天公司的所在地，也是為整個現代飛行時代製定黃金認證標準的美國聯邦航空局 (FAA) 的所在地。憑藉我們世界一流的團隊、忠誠的合作夥伴和清晰的認證途徑，我們期待繼續為世界其他地區樹立標杆。迪迪埃，交給你了。

Thank you, JoeBen. I'd like to add my appreciation for the FAA too. For every document we submit and with every percentage point of progress we make dedicated and talented professionals at the FAA are putting in the hard work of reviewing, refining and approving those documents. So all of Joby's recent successes like the publication of our G1 [certification basis] and the completion of our [Riser] compliance are also really successes for the FAA team and for the eVTOL industry as a whole. We're grateful for the high safety bar that the FAA sets and the constructive way in which they're engaging with our new industry. As we do every quarter, today, we published the chart in our shareholder letter that outlines our progress towards achieving Type certification. With the publication of our G1 [certification] last year, we formally completed the first of five stages. And as JoeBen mentioned earlier, we recently announced that we now consider the second stage to be complete as well. In this stage, we identified the means of compliance of what we will do to demonstrate compliance with the requirements we set in the first stage of the process. You will see in the chart that we are at 97% completion on the Joby side and 94% completion on the FAA side in this category. It is not uncommon for a small portion of the means of compliance to remain open for a bit longer in order to allow for further collaboration on minor design changes and improvements that can happen down the road. We don't expect those numbers to move substantially at this point, and so our focus has now largely transitioned onto the latter 3 stages. Stage 3 is really about how we are going to show compliance to the FAA. In this stage, we took a big step forward. We doubled the number of area-specific certification plan submitted from 4 in the last quarter to today, and we now have 5 of those serve plans accepted by the FAA. We also successfully completed the second of 4 system review stages with the FAA experts in attendance. This is an important step as it demonstrates to the FAA that our development process is on track to satisfy their safety objectives. These achievements contributed to our overall progress in Stage 3 moving from 37% accepted to 53% accepted. As we make good progress through Stage 3, our focus increasingly shifts to Stage 4, testing and analysis. 

謝謝你，喬本。我也想表達我對 FAA 的感激之情。對於我們提交的每一份文件，以及每一個百分點的進步，我們在 FAA 敬業而有才華的專業人員都在努力審查、完善和批准這些文件。因此，Joby 最近取得的所有成功，例如我們 G1 [認證基礎] 的發布和我們 [Riser] 合規性的完成，對於 FAA 團隊和整個 eVTOL 行業來說也是真正的成功。我們感謝美國聯邦航空局設定的高安全標準，以及他們以建設性的方式參與我們的新行業。正如我們每個季度所做的那樣，今天，我們在股東信中發布了圖表，概述了我們在獲得類型認證方面取得的進展。隨著去年 G1 [認證] 的發布，我們正式完成了五個階段中的第一個階段。正如 JoeBen 之前提到的，我們最近宣布我們現在也認為第二階段已經完成。在此階段，我們確定了我們將採取的合規方式，以證明符合我們在流程第一階段設定的要求。您將在圖表中看到，在該類別中，我們在 Joby 方面的完成率為 97%，在 FAA 方面的完成率為 94%。一小部分合規性手段保持開放更長時間的情況並不少見，以便允許在未來可能發生的微小設計更改和改進方面進行進一步協作。我們預計這些數字目前不會大幅變化，因此我們的重點現在主要轉移到後 3 個階段。第 3 階段實際上是關於我們將如何表明對美國聯邦航空局的合規性。在這個階段，我們向前邁出了一大步。我們提交的特定區域認證計劃的數量從上個季度的 4 個增加了一倍，到今天，我們現在有 5 個服務計劃被美國聯邦航空局接受。在 FAA 專家的參與下，我們還成功完成了 4 個系統審查階段中的第二個階段。這是重要的一步，因為它向美國聯邦航空局證明我們的開發過程正在按計劃滿足他們的安全目標。這些成就有助於我們在第 3 階段的整體進步，從 37% 的接受率上升到 53% 的接受率。隨著我們在第 3 階段取得良好進展，我們的重點越來越多地轉移到第 4 階段，即測試和分析。

Each acceptance of a certification plan unlocks the ability to engage with testing and analysis for the specific search area. In this stage, we develop and execute on detailed test plans across every aspect of our aircraft design and systems. Testing is already well underway, and we continue to develop and submit additional test plans to the FAA. During the quarter, we had further plans accepted, including some covering adhesive bonding for our structural system test, building on prior work on composite material tests and now enabling us to begin additional [for-credit] testing in this area. As we look ahead to beginning formal FAA testing in more system areas, we continue to expand our in-house testing. During the quarter, we successfully ran structural wing tests, battery vibration tests, propeller birds drug tests, actuation system testing and much more. To support our testing work, we've also designed and built a significant amount of in-house testing capabilities. In particular, I want to highlight the integrated test lab at our production facility in Marina. In this lab, we replicate all of the hardware and software systems that the real aircraft uses, but it's designed to never leave the ground. That means we can perform development and FAA for [gravity] testing as well as any other testing we want to perform at minimum risk, faster pace and without requiring the cost associated with flying an aircraft. We recently began conducting tests in this facility, and we're excited to expand our integrated functional test campaign progressively towards flight and FAA certification.

每次接受認證計劃都會解鎖參與特定搜索領域的測試和分析的能力。在此階段，我們制定並執行涵蓋飛機設計和系統各個方面的詳細測試計劃。測試已經在順利進行，我們將繼續制定並向美國聯邦航空局提交額外的測試計劃。在本季度，我們接受了進一步的計劃，包括一些涵蓋我們結構系統測試的粘合劑粘合，建立在復合材料測試的先前工作之上現在使我們能夠開始在該領域進行額外的 [for-credit] 測試。隨著我們期待在更多系統領域開始正式的 FAA 測試，我們將繼續擴大我們的內部測試。在本季度，我們成功地進行了機翼結構測試、電池振動測試、螺旋槳鳥藥物測試、驅動系統測試等。為了支持我們的測試工作，我們還設計並構建了大量內部測試功能。我想特別強調我們位於 Marina 的生產設施中的集成測試實驗室。在這個實驗室中，我們複製了真實飛機使用的所有硬件和軟件系統，但它被設計為永遠不會離開地面。這意味著我們可以進行 [重力] 測試的開發和 FAA，以及我們希望以最低風險、更快的速度進行的任何其他測試，並且不需要與飛行飛機相關的成本。我們最近開始在這個設施中進行測試，我們很高興能夠逐步將我們的集成功能測試活動擴展到飛行和 FAA 認證。

There are further details and images of the facility in our letter to shareholders published on our website today. While we're able to complete the vast majority of testing in-house, we couldn't turn down the invitation to test our propeller system in the world's largest wind tunnel facility. Based just down the road at the NASA Ames Research Center, the national full-scale aerodynamic complex or NFAC, is widely considered to be the gold standard for aircraft aerodynamics and performance analysis. It played an instrumental role in the development of a range of iconic vehicles, including the space shuttle, the V-22 Osprey, the F-35 Joint Strike Fighter and a number of next-generation helicopters. Over the next few months, we'll have a rare opportunity to gather a range of high-fidelity data to support our certification program. It's a genuine privilege to extend our partnership with the U.S. Air Force and NASA. Again, as we deliver the next generation of aircraft that will change the world. We're very grateful for their continued support.

今天在我們網站上發布的致股東的信中有更多關於該設施的詳細信息和圖片。雖然我們能夠在內部完成絕大多數測試，但我們不能拒絕在世界上最大的風洞設施中測試我們的螺旋槳系統的邀請。位於美國國家航空航天局艾姆斯研究中心附近的國家全尺寸空氣動力學綜合體或 NFAC 被廣泛認為是飛機空氣動力學和性能分析的黃金標準。它在一系列標誌性交通工具的開發中發揮了重要作用，包括航天飛機、V-22 魚鷹、F-35 聯合攻擊戰鬥機和許多下一代直升機。在接下來的幾個月裡，我們將有難得的機會收集一系列高保真數據來支持我們的認證計劃。能夠擴展我們與美國空軍和 NASA 的合作夥伴關係是一種真正的榮幸。同樣，當我們交付將改變世界的下一代飛機時。我們非常感謝他們一直以來的支持。

Moving on to manufacturing. The biggest news for the quarter was the progress we made with the first aircraft to be manufactured on our pilot production line. With all the main structures complete and at least one of every key part now manufactured, we're beginning final assembly. This is a real moment of celebration for us and not just because we get to see the aircraft come together. It's the way in which we built this aircraft that separates it from any aircraft we've built previously in 3 key dimensions: We developed a quality management system that complies with FAA Part 21135 and Part 45 regulations and forms the foundation of the quality system that will be required to achieve our production certificate. We locked and released our design and manufacturing drawings, and we built this aircraft on our production line according to those designs. These 3 pillars mean that, for the first time, we're seeing a company conforming eVTOL aircraft in final assembly, and we're already assembling major structures for the next aircraft and parts for multiple aircraft after that. We expect to build multiple company conforming aircraft before we're ready to build our first FAA conforming aircraft. For each one, we'll apply the right level of development and inspection process defined under our quality management system to match the purpose of the aircraft, allowing us to iterate quickly and incorporate earnings. These are major achievements for the Joby team. Building this aircraft lays the groundwork for us achieving flights with a pilot on board by the end of the year, and it allows us to exercise our current quality management system ahead of type certification and subsequent production certification. I couldn't be more excited for the progress that lies ahead. I'll now hand it over to Matt to talk about our financial results.

繼續製造。本季度最大的新聞是我們在試驗生產線上製造的第一架飛機取得的進展。隨著所有主要結構的完成以及至少每個關鍵部件中的一個現已製造完成，我們將開始最後的組裝。這對我們來說是一個真正值得慶祝的時刻，而不僅僅是因為我們看到了飛機的合體。這是我們建造這架飛機的方式，它在 3 個關鍵維度上與我們之前建造的任何飛機區分開來：將需要獲得我們的生產證書。我們鎖定並發布了我們的設計和製造圖紙，我們根據這些設計在我們的生產線上製造了這架飛機。這 3 個支柱意味著，我們第一次看到一家公司在總裝中符合 eVTOL 飛機的要求，我們已經在為下一架飛機組裝主要結構，並為之後的多架飛機組裝零件。在我們準備建造我們的第一架符合 FAA 標準的飛機之前，我們希望建造多個符合公司標準的飛機。對於每一架飛機，我們都將應用我們質量管理體系下定義的正確級別的開發和檢查流程，以匹配飛機的用途，從而使我們能夠快速迭代並納入收益。這些都是 Joby 團隊取得的重大成就。建造這架飛機為我們在年底前實現載有飛行員的飛行奠定了基礎，並使我們能夠在型號認證和隨後的生產認證之前運用我們目前的質量管理體系。我對未來的進步感到無比興奮。我現在將它交給馬特來談談我們的財務業績。

Thanks, Didier. Good afternoon, everyone, and thanks for joining us today. Our 2022 financial results for the fourth quarter and full year reflect our disciplined and methodical approach to spending and resource prioritization. This approach and the support of our world-class partners continues to serve us well, and it has resulted in a strong balance sheet with $1.1 billion of cash and short-term marketable securities at the end of 2022. The progress that JoeBen and Didier highlighted reflects the hard work of the Joby team, which now numbers more than 1,400 globally. Over the course of last year, we grew our team approximately 30% with 90% of this hiring directly supporting engineering and manufacturing initiatives. Turning to our financial results in the fourth quarter of 2022. We incurred a net loss of $66.9 million or $0.11 per share, reflecting a loss from operations of $101.4 million, partly offset by other income of $34.5 million. Our operating expenses included stock-based compensation expense of $17.2 million and depreciation and amortization of $6.6 million.

謝謝，迪迪埃。大家下午好，感謝今天加入我們。我們 2022 年第四季度和全年的財務業績反映了我們對支出和資源優先排序採取的有紀律和有條不紊的方法。這種方法和我們世界級合作夥伴的支持繼續為我們提供良好的服務，並在 2022 年底實現了擁有 11 億美元現金和短期有價證券的強勁資產負債表。JoeBen 和 Didier 強調的進展反映了 Joby 團隊的辛勤工作，該團隊目前在全球擁有 1,400 多名員工。在去年的過程中，我們的團隊增長了大約 30%，其中 90% 的招聘直接支持工程和製造計劃。談談我們 2022 年第四季度的財務業績。我們的淨虧損為 6690 萬美元或每股 0.11 美元，反映出運營虧損 1.014 億美元，部分被其他收入 3450 萬美元所抵消。我們的運營費用包括 1720 萬美元的股票補償費用和 660 萬美元的折舊和攤銷費用。

Other income included the revaluation of our derivative liabilities worth $25.9 million and interest and other income, which rose to $8.1 million. Our net loss in the quarter was $72 million below our net income in the fourth quarter of 2021, largely reflecting higher operating expenses of $24 million, a lower favorable revaluation on derivative liabilities of $35 million and the nonrecurrence of a one time tax revaluation last year of almost $11 million. Our net loss compared with the third quarter of 2022 was $12 million lower, reflecting higher operating expenses of $4 million, more than offset by the favorable revaluation of our derivative liabilities totaling $13 million and higher interest income.

其他收入包括價值 2590 萬美元的衍生負債重估以及利息和其他收入，增至 810 萬美元。我們本季度的淨虧損比 2021 年第四季度的淨收入低 7200 萬美元，這主要反映了 2400 萬美元的運營費用增加、3500 萬美元的衍生負債的有利重估以及去年一次性稅收重估的不再發生近1100萬美元。與 2022 年第三季度相比，我們的淨虧損減少了 1200 萬美元，反映出運營費用增加了 400 萬美元，但被我們的衍生負債總計 1300 萬美元的有利重估和更高的利息收入所抵消。

Our fourth quarter adjusted EBITDA, which, as a reminder, is a non-GAAP financial measure that we reconciled to net income in our shareholder letter was negative $77.6 million. This was $12.4 million greater than the fourth quarter of 2021, reflecting higher operating expenses outlined earlier and nearly flat compared with Q3 of 2022, reflecting the continued growth in personnel and R&D expenses to support our operations, offset by the higher grant payments referenced earlier. We are well capitalized with $1.1 billion in cash and short-term marketable securities at the end of the fourth quarter. This includes Delta's equity investment of $60 million received in October. Cash used in operating activities and purchases of property and equipment totaled $83.6 million for the quarter. Spending increased compared with the third quarter, reflecting higher capital expenditures, which included the acquisition of property and facilities in Santa Cruz to support Joby's long-term growth for $25.5 million. In the fourth quarter, we also received the final disbursement from Summer Bio, our equity investment that discontinued operations last year. For full year 2022, our net cash used in operating activities and purchase of property and equipment totaled $290.8 million. In last quarter's call, we highlighted that we expected our operating cash outflow to be under the low end of our spending guidance. Our reduced spending reflected the payment from Summer Bio earlier-than-expected payments from the Department of Defense for contract deliverables and lower spending across our operations. As we've explained in past quarters, our cash flow, as referenced in our shareholder letter and which will be included in our 10-K, excludes cash held in our short-term investments. In the first quarter, we invested a substantial sum of the proceeds from our merger with the Reinvent technology partners. Therefore, our statement of cash flow shows a more sizable cash outflow reflecting this investment. As you have heard, we expect 2023 to be an exciting year as we shift from the Definition phase to the Implementation phase of Type certification, including producing our company conforming aircraft and flying with a pilot on board. 

提醒一下，我們第四季度調整後的 EBITDA 是一項非 GAAP 財務指標，我們在股東信中將其與淨收入進行了核對，結果為負 7760 萬美元。這比 2021 年第四季度增加了 1240 萬美元，反映了之前概述的更高的運營費用，與 2022 年第三季度相比幾乎持平，反映了支持我們運營的人員和研發費用的持續增長，被之前提到的更高的贈款支付所抵消。截至第四季度末，我們擁有 11 億美元的現金和短期有價證券，資本充足。這包括達美在 10 月份收到的 6000 萬美元股權投資。本季度用於經營活動和購買財產和設備的現金總額為 8360 萬美元。與第三季度相比，支出有所增加，反映出更高的資本支出，其中包括以 2550 萬美元收購聖克魯斯的財產和設施以支持 Joby 的長期增長。在第四季度，我們還收到了去年停止運營的股權投資 Summer Bio 的最終支出。 2022 年全年，我們用於經營活動和購買財產和設備的現金淨額總計 2.908 億美元。在上一季度的電話會議中，我們強調我們預計我們的經營現金流出將低於我們支出指導的低端。我們減少的支出反映了 Summer Bio 的付款早於國防部對合同可交付成果的付款以及我們整個業務的支出減少。正如我們在過去幾個季度所解釋的那樣，我們的現金流量，如我們的股東信中所引用的，將包含在我們的 10-K 中，不包括我們短期投資中持有的現金。第一季度，我們將與 Reinvent 技術合作夥伴合併所得的大部分收益投入了投資。因此，我們的現金流量表顯示反映這項投資的現金流出量更大。正如您所聽到的，我們預計 2023 年將是激動人心的一年，因為我們將從定義階段轉向型號認證的實施階段，包括生產符合我們公司要求的飛機並配備飛行員。

In addition, we are actively discussing potential locations for our Phase 1 manufacturing plant with multiple states. We expect to conclude these discussions in the first half of the year. As mentioned last quarter, we are also negotiating with the Department of Defense on our next contract, which is anticipated to include on-base operations. We expect to be able to share more once we wrap up these discussions in the coming months. This is a key step forward for our initial operations expected in 2024, and it presents an opportunity to build operational experience in areas like training, maintenance and scheduling that are critical to our future success. At Joby, we're committed to maximizing the effectiveness of every dollar we spend. That's been our mantra since the early days of the business, and it serves us well. A great example of that approach is how we are timing our spending on manufacturing. We started with a low investment pilot line, working with Toyota to develop and prove out scalable processes. We're effectively stress testing and refining our aircraft manufacturing before we scale and invest for higher volume production.

此外，我們正在與多個州積極討論第一階段製造工廠的潛在地點。我們預計在今年上半年結束這些討論。正如上個季度所述，我們還在與國防部就我們的下一份合同進行談判，預計該合同將包括基地行動。一旦我們在未來幾個月結束這些討論，我們希望能夠分享更多信息。這是我們預計在 2024 年進行的初始運營向前邁出的關鍵一步，它提供了在培訓、維護和維護等領域積累運營經驗的機會。對我們未來的成功至關重要的日程安排。在 Joby，我們致力於最大限度地提高我們花費的每一美元的有效性。自業務成立之初，這就是我們的口頭禪，它對我們很有幫助。這種方法的一個很好的例子是我們如何安排我們在製造業上的支出。我們從一條低投資的試驗線開始，與豐田合作開發和驗證可擴展的流程。在我們擴大規模和投資以提高產量之前，我們正在有效地對我們的飛機製造進行壓力測試和改進。

It's the smart way to do things and that methodical, rational approach can be seen in each area of our operations. It allows us to derisk our business model and keep each area of our business aligned, so we're only spending what we need to. In each case, we iterate, test and learn on a smaller scale with minimal investment prior to incurring more sizable cash outlays. In 2023, our key priorities continue to be progressing certification, ramping manufacturing and delivering on our commitments to our partners, including the Department of Defense and Delta as examples. To support in these efforts, we expect our net cash used in operations and capital expenditure to fall between $360 million to $380 million. This projection reflects our assumptions for continued hiring in priority areas, higher R&D expenditures, including material to support certification and manufacturing, an increase in DoD-related deliverables related to R&D activities, lower capital expenditures as well as the nonrecurrence of the cash payments from Summer Bio. We look forward to sharing our progress with you all. As you've heard today, we have a lot happening this year to talk about. This concludes our prepared remarks. Operator, would you please instruct participants how to ask questions.

這是做事的明智方式，在我們運營的每個領域都可以看到這種有條不紊、理性的方法。它使我們能夠降低我們的商業模式的風險，並使我們業務的每個領域保持一致，因此我們只花我們需要的錢。在每種情況下，我們都會在產生更大規模的現金支出之前，以最少的投資進行小規模的迭代、測試和學習。 2023 年，我們的主要優先事項繼續是推進認證、加快製造和兌現我們對合作夥伴的承諾，例如國防部和達美航空。為了支持這些努力，我們預計用於運營和資本支出的淨現金將減少 3.6 億美元至 3.8 億美元。這一預測反映了我們對優先領域繼續招聘、更高的研發支出（包括支持認證和製造的材料）、與研發活動相關的國防部相關可交付成果增加、資本支出降低以及夏季現金支付不再發生的假設生物。我們期待與大家分享我們的進展。正如您今天所聽到的，今年我們有很多事情要討論。我們準備好的發言到此結束。接線員，請您指導參與者如何提問。

(Operator Instructions) Our first question is from Andres Sheppard with Cantor Fitzgerald.

（操作員說明）我們的第一個問題來自 Andres Sheppard 和 Cantor Fitzgerald。

Congrats on another strong quarter. I guess quick question I have is in terms of the relationship with the DoD. We know from prior releases that, that relationship has been enhanced to now north of $75 million. You said today, you reiterated that you expect to monetize that relationship in 2024, which will be prior to certification and commercialization, which is great. Can you give us a sense of like how should we be thinking about in terms of quantifying it? As we look for into 2024, any visibility or any guidance that you might be able to give us just to get a sense of how exactly you'll be monetizing it and what that could potentially translate to in terms of some revenues?

祝賀又一個強勁的季度。我想我的快速問題是關於與國防部的關係。我們從之前的新聞稿中了解到，這種關係現在已經增強到超過 7500 萬美元。你今天說，你重申你希望在 2024 年將這種關係貨幣化，這將在認證和商業化之前，這很好。你能給我們一種感覺，比如我們應該如何考慮量化它嗎？當我們展望 2024 年時，您可能會給我們提供任何可見性或任何指導，以了解您將如何將其貨幣化，以及這可能會轉化為某些收入？

Thanks a lot for the question, Andres. This is Paul Sciarra. We've obviously been very excited about having 2 paths to revenue, which I think sets Joby apart from many of the other companies in this space. One is the focus on moving through FA certification to our consumer launch. But the second, as you noted that we have opportunities to begin to put aircraft into service with the DoD. And we've always expected that, that has an opportunity to happen well ahead of FAA certification. So, the path on working on that DoD work is ongoing right now. we've been able to execute a large number of test flights under the existing contracts over the course of the last few quarters. And the conversations with our DoD partners, that is both the Air Force and the Marines about what potential service would look like are happening right now. I think it's probably premature to provide any guidance around exactly what that's going to look like. But I can say that we have been very optimistic about both the content and the pace of those conversations. So that's something that you make your about more shortly.

非常感謝你提出這個問題，安德烈斯。這是保羅·夏拉。顯然，我們對擁有兩條收入途徑感到非常興奮，我認為這讓 Joby 有別於該領域的許多其他公司。一是專注於將 FA 認證轉移到我們的消費者發布。但第二點，正如你所指出的，我們有機會開始讓飛機在國防部服役。我們一直期望，這有機會在美國聯邦航空局認證之前發生。因此，目前正在進行 DoD 工作。在過去幾個季度中，我們已經能夠根據現有合同執行大量試飛。與我們的國防部合作夥伴，即空軍和海軍陸戰隊的對話，關於潛在服務的樣子現在正在進行中。我認為現在就確切的外觀提供任何指導可能還為時過早。但我可以說，我們對這些對話的內容和節奏都非常樂觀。所以這是你很快就會做的事情。

Got it. Fair enough. And maybe a quick follow-up for Matt. I just want to understand this correctly, in the current liquidity number in Q4, that includes the $60 million equity investment from Delta. Is that cash that can now be utilized for whatever you might deem necessary? Or is that cash restricted given that it is an equity investment and perhaps can only be utilized in some areas? Any color there, Matt?

知道了。很公平。也許是馬特的快速跟進。我只是想正確理解這一點，在第四季度的當前流動性數字中，其中包括達美航空的 6000 萬美元股權投資。這些現金現在可以用於您認為必要的任何事情嗎？還是由於它是股權投資，可能只能在某些領域使用，現金是否受到限制？有什麼顏色嗎，馬特？

Andres, thanks for the question. The Delta investment is reflected in our fancy activities on the statement of cash flows. It's excluded from the operating metric I usually site, which really just focuses on net cash and operations and our capital expenditure. That cash is unrestricted. So it's a direct equity investment into the company. So the $60 million is reflected in the $1.1 billion and available for us to use for operating expenses as we need.

安德烈斯，謝謝你的提問。 Delta 投資反映在我們對現金流量表的幻想活動中。它被排除在我通常選擇的運營指標之外，該指標實際上只關注淨現金和運營以及我們的資本支出。那筆現金是不受限制的。所以這是對公司的直接股權投資。因此，6000 萬美元反映在 11 億美元中，可供我們根據需要用於運營費用。

Got it. Very clear. And sorry, maybe one last one, if I could squeeze it in. I just want to make sure I got this correctly. So the expectation is to begin piloted test flights of the conforming aircraft in the first half of this year. Is that correct? And has that already started?

知道了。非常清楚。抱歉，如果我能把它塞進去的話，也許是最後一個。我只是想確保我得到的是正確的。因此，預計在今年上半年開始對符合要求的飛機進行有人駕駛試飛。那是對的嗎？那已經開始了嗎？

Just to clarify. So what we said in the call was the pilot and test flight in the company conforming aircraft would be by year-end?

只是為了澄清。那麼我們在電話中說的是公司符合要求的飛機的飛行員和試飛將在年底前進行嗎？

Our next question is from Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

So maybe, Didier, a question for you. I mean, when you look at the -- by the way, thank you for all the color that you're giving regarding your progress in type certification. And when we look at this timeline here, I mean, you finished your certification basis, you've done means of compliance and your first stage 3 for where you guys are at you're at 93% already. It looks like things are progressing pretty well and on pace. I just wanted to get an understanding of your decision to delay your commercial service to 2025 that you announced last quarter instead of 2024. In hindsight, was that decision more to have a buffer or prudence because it seems like based on your pace here, like 2024 seems possible still.

所以也許，Didier，有一個問題要問你。我的意思是，當你看到 - 順便說一下，感謝你對你在類型認證方面取得的進展所給予的所有顏色。當我們在這裡查看這個時間表時，我的意思是，你們已經完成了認證基礎，你們已經完成了合規性手段，你們的第一個階段 3 已經完成了 93%。看起來事情進展得很好而且進展順利。我只是想了解您上個季度而不是 2024 年宣布的將商業服務推遲到 2025 年的決定。事後看來，這個決定更多是為了緩衝或謹慎，因為它似乎基於您在這裡的步伐，例如2024 年似乎仍有可能。

Kristine, thank you for the question. Really appreciate it. And yes, really excited about all the progress that the team and FAA support in achieving the progress to date with Stage 1, 2 behind us and really focusing on Stages 3 and 4. The focus right now for us is to deliver on our plan this year to work through the build-out of the airplane we talked about, progressively getting it into the flight test at first and then the pilot on board towards the end of the year. This is really going to allow us to truly deliver and sort of meet the timelines we set here. We're generally continuing to feel positive about what we've shared in the last quarter and remain committed to that.

克里斯汀，謝謝你的提問。真的很感激。是的，對於團隊和美國聯邦航空局支持的所有進展，我們感到非常興奮，我們在第 1、2 階段取得了迄今為止的進展，並真正專注於第 3 和第 4 階段。我們現在的重點是實現我們的計劃一年的時間來完成我們談到的飛機的建造，首先逐步讓它進入飛行測試，然後在年底讓飛行員上機。這真的會讓我們真正交付並滿足我們在這裡設定的時間表。我們總體上繼續對我們在上個季度分享的內容感到樂觀，並繼續致力於此。

I see. So, is it still possible about -- Could you see commercial service in 2024 [NVDA?] Or is this really 2025?

我懂了。那麼，是否仍有可能——您能否在 2024 年看到商業服務 [NVDA？] 或者這真的是 2025 年嗎？

I think the factors that we shared in the previous quarter remain consistent at this point, whether it be the progress that we're looking into with the [SFR] with the FAA, that remains an important factor. So we will need to wait and see on that one.

我認為我們在上一季度分享的因素在這一點上保持一致，無論是我們正在研究 [SFR] 與 FAA 的進展，這仍然是一個重要因素。所以我們需要拭目以待。

Great. And Matt, on free cash flow, I mean, it seems like your cost cutting and the timing of payment got you to below your 2022 usage. But now when we think about 2023 and beyond, should 2023 be the peak in free cash flow usage because now you have the land in place, your manufacturing facility. Can you give us an idea of the puts and takes in 2023 and how we should think about cadence of free cash flow beyond 2023?

偉大的。而馬特，關於自由現金流，我的意思是，你的成本削減和付款時間似乎讓你低於 2022 年的使用率。但是現在當我們考慮 2023 年及以後時，2023 年是否應該是自由現金流使用的高峰期，因為現在您擁有了土地，您的製造設施。您能否介紹一下 2023 年的賣出和賣出情況，以及我們應該如何考慮 2023 年後自由現金流的節奏？

Sure. So, 2023 million, what we guided to is $360 million to $380 million. And really, that reflects a couple of things. One is the recruiting we made this year hiring 30% more than the prior year, that will flow through, and that's the biggest contributor to our cash flow increase in '23 versus 2022. We did have nonrecurrence of a couple of one-timers, puts and takes there on both sides, so whether it be Summer Bio or the purchase of the Santa Cruz facility. The other thing you will see as we ramp production is we will be spending more to build more planes. So, as we ramp up and build more, then we'll spend more as well. That's kind of the constituent factors behind the '22 to '23. As you look beyond 2023, we will have continued growth in our cash flow simply because we will then need to build out the commercialization side of the business. We'll be looking to add on a capacity. We're talking about Phase 1 manufacturing. That really won't affect 2023 in any meaningful way. But certainly, we'll start adding into those out-years. And then lastly, the building of planes. Now the offsets to those, there's a number of opportunities we're leaning into. One, and they kind of come in the relevant buckets, if you think of it.

當然。因此，20.23 億美元，我們指導的是 3.6 億至 3.8 億美元。真的，這反映了幾件事。一個是我們今年的招聘人數比上一年增加了 30%，這將持續下去，這是我們在 23 年與 2022 年現金流量增長的最大貢獻者。我們確實有幾個一次性人員不再出現，無論是 Summer Bio 還是購買 Santa Cruz 設施，雙方都在那裡投入和投入。隨著我們提高產量，您會看到的另一件事是我們將花費更多資金來製造更多飛機。因此，隨著我們的增加和建造更多，我們也會花費更多。這就是'22 到'23 背後的構成因素。展望 2023 年以後，我們的現金流量將持續增長，因為屆時我們將需要建立業務的商業化方面。我們將尋求增加容量。我們正在談論第一階段製造。這真的不會以任何有意義的方式影響 2023 年。但可以肯定的是，我們將開始增加這些年。最後，飛機的建造。現在抵消這些，我們有很多機會。第一，如果你想到的話，它們有點像相關的桶。

So, one, on the manufacturing side, it's state incentives and government support through things like Title 17 presents significant opportunities to help us defray that capital expenditure. On the aircraft side, it's building out those tools and mechanisms that would basically equate to the aircraft leasing structure in the broader industry if that's an opportunity that comes together. And then evaluating other alternatives for the other parts of the business as they shape up. And then lastly, I would add, our go-to-market approaches may vary, whether that's things like the DoD, which present not only early revenue opportunities but long-term opportunities. And as we talked about before, foreign affiliates, where as we put vehicles in market, that will pull ahead the cash because there'll be sales to those markets, whether they're a joint venture or another owned company by a partner and so forth. So, there are a lot of levers we will be looking to pull as we go forward into the business.

因此，一方面，在製造方面，國家激勵措施和政府通過 Title 17 等方式提供的支持提供了幫助我們支付資本支出的重要機會。在飛機方面，它正在構建那些基本上等同於更廣泛行業的飛機租賃結構的工具和機制，如果這是一個機會的話。然後在業務的其他部分形成時評估其他備選方案。最後，我要補充的是，我們的進入市場的方法可能會有所不同，無論是像國防部這樣的東西，它不僅提供早期的收入機會，而且提供長期的機會。正如我們之前談到的，外國子公司，當我們將車輛投放市場時，這將提前籌集現金，因為將向這些市場銷售，無論它們是合資企業還是合作夥伴擁有的另一家公司等等向前。因此，在我們推進業務的過程中，我們將尋求利用很多槓桿。

Great. if I could squeeze a third one, I'm not sure if it's a good question for Paul or Didier. In November, we saw the FAA propose a rule that they'll update the air carrier definition so that they could add powered lift operations through the same regulations covered by the commercial airlines, charters and tourists and things like that. This change in rule make it easier for Joby aircraft to operate once it goes into service since it technically would be powered list. Like how do we think about that rue for operational performance? And is it different? Should Joby had stayed as like a fixed wing certification? I guess I'm just trying to understand on the operations side, is this rule positive or negative for your operations going forward?

偉大的。如果我能擠出第三個，我不確定這對 Paul 還是 Didier 來說是個好問題。 11 月，我們看到美國聯邦航空局提出了一項規則，他們將更新航空承運人的定義，以便他們可以通過商業航空公司、包機和遊客等類似規定所涵蓋的相同規定來增加動力升降機操作。規則的這一變化使 Joby 飛機在投入使用後更容易操作，因為從技術上講，它是有動力的。比如我們如何看待運營績效的遺憾？它有什麼不同嗎？ Joby 是否應該像固定翼認證一樣留下來？我想我只是想了解運營方面的情況，這條規則對您未來的運營是積極的還是消極的？

So, I would say broadly, probably some of these areas are positive. And I think indicative of what JB was alluding to at the front of the call. We felt really good about the sort of leaning in across the FAA, and that includes not just the certification effort that Video was referencing when he talked about the progress, the sort of momentum that we're continuing to build on the trade-off of documentation, but that also relates to areas like pilot training and operations. So, we think that it's getting the right attention from the right folks at FAA, and they're making the progress that they need to be making. And it's going to be incumbent on us to just continue to make the progress that we need to make along the way.

所以，我想廣泛地說，其中一些領域可能是積極的。我認為這表明了 JB 在電話會議開頭所暗示的內容。我們對整個美國聯邦航空局的這種傾向感到非常滿意，這不僅包括視頻在談到進展時提到的認證工作，還包括我們在權衡取捨的基礎上繼續建立的那種勢頭文檔，但這也涉及飛行員培訓和操作等領域。因此，我們認為它得到了 FAA 相關人員的正確關注，並且他們正在取得他們需要取得的進展。我們有責任繼續取得我們需要取得的進展。

As a reminder, Star 1 on your telephone keypad if you would like to ask a question. Our next question comes from Savi Syth with Raymond James.

提醒一下，如果您想提問，請按電話鍵盤上的星號 1。我們的下一個問題來自 Savi Syth 和 Raymond James。

Just a clarification on a prior question just on the 2023 cash burn guide. Does that assume any kind of contributions from like Agility Prime type partnerships? Or could that be kind of upside to that cash burn view?

只是對 2023 年現金消耗指南中的一個先前問題的澄清。這是否假設來自 Agility Prime 類型的合作夥伴關係的任何類型的貢獻？或者這對燒錢的觀點有好處嗎？

Hi Savi, that does factor in our projections for the joint contracts.

嗨，薩維，這確實影響了我們對聯合合同的預測。

Got it. And then just on the building this -- assembling the company conforming aircraft. I was kind of curious if there were any kind of notable surprises as you went through that or lessons as you went through that process and as you kind of consider expanding the production process.

知道了。然後就在建造這個——組裝符合公司標準的飛機。我很好奇在你經歷那個過程時是否有任何顯著的驚喜，或者在你經歷那個過程以及你考慮擴展生產過程時是否有任何教訓。

Thank you for the question. This is Didier. In general, I've been really positive about the progress to date. This is really the culmination of many years of development and testing happening in-house on each of the components, the subsystems and systems and now seeing all this come together. Generally speaking, I'd say it's been exciting to see all this. No surprises that we hadn't really accounted for or planned for. Most of the changes are minor in nature, and they were all sort of planned from the beginning for us to be able to accommodate these. That's really part of the development process that we're going through here and yes, I remain really positive about the progress to date here.

感謝你的提問。這是迪迪埃。總的來說，我對迄今為止的進展非常樂觀。這確實是內部對每個組件、子系統和系統進行的多年開發和測試的結晶，現在看到所有這些都結合在一起。一般來說，我會說看到這一切是令人興奮的。沒有我們沒有真正考慮或計劃的驚喜。大多數更改本質上都是次要的，並且從一開始就計劃好這些更改，以便我們能夠適應這些更改。這確實是我們正在經歷的開發過程的一部分，是的，我對迄今為止取得的進展仍然非常樂觀。

That's good to hear. And if I -- just a clarification on just the testing process. just because Joby is doing more kind of internally built kind of parts that obviously has a clear advantage, does that create more testing requirements than using off-the-shelf? Or does that not really kind of factor into the testing process?

聽起來還不錯。如果我 - 只是對測試過程的澄清。僅僅因為 Joby 正在做更多顯然具有明顯優勢的內部構建類型的部件，這是否會比使用現成的產品產生更多的測試要求？或者這不是真正影響測試過程的因素嗎？

Effectively, the testing, when you think about it from aircraft system and equipment, it really is all the same. It's really about who's actually executing the testing, whether it be Joby, the OEM or suppliers. In this case, we will be executing the vast majority of the testing. But we're also scaled appropriately for that. So, you really have to think about it big picture, not just the aircraft manufacturer, but also all the supporting infrastructure and so on. But it does give an advantage in a lot of ways in that the development, the testing, the manufacturing is all in-house. We're all co-located here, and we're able to adapt [Nic] changes and address any of the findings really quickly here. I do think this is a really positive thing. And we're seeing that now as we're building this aircraft, and it's coming through the final integration, any of the feedback we're getting is quickly feeding back to the work instructions, to the design, to the testing team and adapting these very quickly for the next series of airplanes, which we're already building here on the manufacturing line.

實際上，當您從飛機系統和設備考慮時，測試實際上是一樣的。這實際上取決於誰在實際執行測試，無論是 Joby、OEM 還是供應商。在這種情況下，我們將執行絕大多數測試。但是我們也為此進行了適當的縮放。所以，你真的必須考慮全局，不僅僅是飛機製造商，還有所有支持基礎設施等等。但它確實在開發、測試、製造等方面提供了很多優勢都是內部的。我們都在這里共處一地，我們能夠適應 [Nic] 變化並在這裡非常快速地解決任何發現。我確實認為這是一件非常積極的事情。我們現在看到，當我們正在建造這架飛機時，它正在通過最終集成，我們得到的任何反饋都會迅速反饋到工作說明、設計、測試團隊和調整中這些很快就會用於下一個系列的飛機，我們已經在生產線上建造了這些飛機。

Our next question is from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

This is Mahima Kakani on for Bill. Just wondering, how is the process of selecting our production site in the U.S. going so far? And how capital-intensive could it be to get this site up and running? And is there a chance that this could be jointly funded with a partner?

這是比爾的 Mahima Kakani。只是想知道，到目前為止，我們在美國選擇生產基地的過程進展如何？啟動和運行該網站需要多大的資本？是否有可能與合作夥伴共同出資？

Mahima, thanks for joining today. So our process is going really well. We've under discussions with a number of states. As we think about site selection, we're really looking for starts-off with the basic requirements. So, on airport as ability [inaudible] days. Then we really look at like labor availability, which is critical for any manufacturing decision, not unique, obviously, to aviation. And then what you hit on there next is incentives. And how are those packages compare across states, but also how do you think about the total cost of those sites, whether it be labor rates and so forth. We've been really encouraged by the engagement in each state in terms of the incentive packages that are available and the support in terms of our capital expenditures and so forth. So, we're looking to work through this process. I don't have any specifics to announce today, but to reduce the overall total cost of our manufacturing facility. We're not providing any guidance on the specific capital outlays of what our future factory would cost. But once we have more to announce later this year, we'll be happy to talk more about it.

Mahima，感謝您今天加入。所以我們的過程進行得非常順利。我們正在與許多州進行討論。當我們考慮選址時，我們實際上是在尋找從基本要求開始的事情。因此，在機場作為能力 [聽不清] 天。然後我們真正關注勞動力可用性，這對任何製造決策都至關重要，顯然，這對航空業來說並不是唯一的。然後你接下來遇到的是激勵措施。這些套餐在各州之間的比較情況如何，以及您如何看待這些網站的總成本，無論是人工費率等等。每個州在可用的激勵方案和我們的資本支出等方面的支持方面的參與讓我們感到非常鼓舞。所以，我們希望完成這個過程。我今天沒有要宣布的任何具體細節，但要降低我們製造工廠的總體總成本。我們沒有就我們未來工廠的具體資本支出提供任何指導。但一旦我們在今年晚些時候宣布更多內容，我們將很樂意就此展開更多討論。

Got it. And then can you also elaborate on what production certification looks] like from here? Like can any of the leg work be done in conjunction with Type [inaudible] or ahead of it?

知道了。然後，您能否在這裡詳細說明生產認證是什麼樣子的？就像任何腿部工作都可以與 Type [聽不清] 一起完成或提前完成嗎？

Thank you. This is Didier again. So really, the way we're doing this is effectively trying to work it in conjunction on purpose so that we can have our production certificate really right after we get our types certificate. And you can see that with some of the things we've communicated recently. So, for example, having completed development of our first quality system. And so that's really an opportunity for us to actually use that and exercise that through this first build, second build and third build so that we're always fine-tuning it and optimizing it. So that when we get the [TC] then we can get the PC, the production certificate right after.

謝謝。這又是迪迪埃。所以說真的，我們這樣做的方式是有效地嘗試有目的地結合使用它，這樣我們就可以在獲得類型證書後立即獲得生產證書。你可以從我們最近交流的一些事情中看到這一點。因此，例如，完成了我們第一個質量體系的開發。因此，這確實是我們實際使用它並通過第一次構建、第二次構建和第三次構建進行練習的機會，以便我們始終對其進行微調和優化。這樣當我們獲得 [TC] 時，我們就可以立即獲得 PC，生產證書。

And our final question comes from [Edison] Yu with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 [Edison] Yu。

I wanted to follow up on the company conforming aircraft. Can you provide any sort of differences or any changes that you make or you've made relative to the demonstrator and then potentially as you move to the fully conforming aircraft? And also, should we interpret your comments about the pilot flight in second half, meaning that after you do that, you'll have a fully conforming aircraft, let's say, by the first quarter of next year?

我想跟進公司符合要求的飛機。您能否提供任何類型的差異或您所做的或您已經相對於演示器所做的任何更改，然後可能會在您轉向完全符合要求的飛機時提供？而且，我們是否應該解釋您對下半年飛行員飛行的評論，這意味著在您這樣做之後，您將擁有一架完全符合要求的飛機，比方說，到明年第一季度？

Thanks for the question. Let me -- a lot of questions loaded, let me step back here and maybe talk through how we group this -- so in terms of Bill to conformity, really, we can think about the airplanes we're going to manufacture in 2 groups. One is a series of company conforming airplanes. And the next one is the FAA conforming airplanes. The purpose of the first part is really to build the airplane to the intended design and under an applicable level of our quality management system. We do that in order to effectively draw around the testing that we would eventually rerun again and demonstrate with the second group of airplanes, which is the FAA conforming. Each one of the airplanes in the company conformity group at stage to progressively build on the previous one. Each of one of these is focused on a specific set of features. And generally speaking, we tend to look at some of the more essential and critical features in the first airplane and progressively build on that as we continue to build that. So there may be things like interior lighting or environmental control systems that may not be as critical to address in the first aircraft, and we'll work through these in the follow-on builds. But for all intended purposes, our design is firmed up here and it's really about building against that design and starting to execute on our testing from here on.

謝謝你的問題。讓我 - 提出了很多問題，讓我回到這裡，也許可以談談我們如何分組 - 所以就合規性法案而言，真的，我們可以考慮將要製造的飛機分成兩組.一個是一系列符合公司標準的飛機。下一個是符合 FAA 標準的飛機。第一部分的目的實際上是按照預期設計並在我們質量管理體系的適用水平下製造飛機。我們這樣做是為了有效地圍繞我們最終將再次重新運行的測試進行測試，並用第二組飛機進行演示，這是符合美國聯邦航空局的。公司整合組中的每一架飛機都在逐步建立在前一架飛機的基礎上。其中每一個都專注於一組特定的功能。一般來說，我們傾向於關注第一架飛機的一些更重要和更關鍵的特徵，並在我們繼續構建它的過程中逐步構建它。因此，內部照明或環境控制系統等問題在第一架飛機中可能不是那麼重要，我們將在後續構建中解決這些問題。但出於所有預期目的，我們的設計在這裡得到鞏固，它實際上是關於根據該設計構建並從這裡開始執行我們的測試。

And then in terms of the fully conforming version, do you have a sense or do you have a target of when that will be ready?

然後就完全符合的版本而言，您是否知道或有目標何時準備好？

We're not communicating updates on that front. Really, the focus this year is to build and deliver on the piloted flight. I should say, the pilot onboard flight, of course, all of our airplanes have been piloted. This is about having the pilot be onboard.

我們不會在這方面傳達更新。事實上，今年的重點是建造和交付試飛。我應該說，機上飛行，當然，我們所有的飛機都被駕駛過。這是關於讓飛行員在船上。

Understood. And then a separate question on just the battery strategy. I think a few of the competitors out there have come up pretty publicly using cylindrical, I think 2 of them are using [malshek]. Do you have any updates on kind of what you're planning to do or what you're doing and how that has evolved?

明白了。然後是關於電池策略的單獨問題。我認為一些競爭對手已經公開使用圓柱形，我認為其中有 2 個正在使用 [malshek]。您是否有關於您打算做什麼或正在做什麼以及它是如何演變的任何更新？

Thanks, Edison. This is Joe Ben. So, on the battery, we continue to be very pleased with the performance of our battery systems, including the safety features around our battery system and the remarkable performance that we've been able to deliver with it. And again, I'd like to highlight how important we think the life cycle of the batteries is to the operating economics of our service and the environmental impact of replacing the battery pack. And as we've stated previously, we've demonstrated more than 10,000 representative flight cycles in the lab. And in -- during the flight tests of our prototype aircraft, we've also seen really fantastic life out of them. And then just to go back to the heart of your question on safety, again, safety is our #1 priority and it's inherent in everything that we've done to design our battery system.

謝謝，愛迪生。這是喬本。因此，在電池方面，我們仍然對電池系統的性能感到非常滿意，包括電池系統的安全特性以及我們能夠提供的卓越性能。再一次，我想強調我們認為電池的生命週期對於我們服務的運營經濟性和更換電池組對環境的影響是多麼重要。正如我們之前所說，我們已經在實驗室中展示了 10,000 多個具有代表性的飛行週期。在我們的原型飛機的飛行測試中，我們也看到了它們真正美妙的生活。然後回到你關於安全問題的核心，再一次，安全是我們的第一要務，它是我們為設計電池系統所做的一切工作中固有的。

Got it. And if I could sneak just one more in. I know you effectively got the MOC. Just wondering on that remaining small piece, is that officially 100% tied up later next year? How do we think about just timing-wise, when does that become 100%? I know it's a small piece, but just curious.

知道了。如果我能再偷偷進去一次。我知道你有效地得到了 MOC。只是想知道剩下的一小部分，明年晚些時候是否正式 100% 綁定？我們如何考慮時間方面的問題，什麼時候會變成 100%？我知道這是一小塊，但只是好奇。

Thank you. So our expectation is that we will get very close to 100%, if not 100% this year. Like I mentioned earlier, those are -- There's a small percentage here and there that may evolve over time. But for the most part, this is really inconsequential. What matters is that we've been able to proceed into the certification plans and the test plan. So, the fact that those have been unlocked is really what's critical here in moving the program forward.

謝謝。所以我們的期望是，如果今年不是 100%，我們將非常接近 100%。就像我之前提到的那樣，這些是 - 這里和那裡的一小部分可能會隨著時間的推移而演變。但在大多數情況下，這真的無關緊要。重要的是我們已經能夠進行認證計劃和測試計劃。因此，這些已解鎖的事實對於推動該計劃的發展至關重要。

I would now like to turn the floor back over to Joby's CEO, JoeBen Bervit for closing comments.

我現在想將發言權轉回給 Joby 的首席執行官 JoeBen Bervit，以發表結束評論。

Well, thank you all. And again, really want to emphasize what an incredible year. We're looking forward to, as a company in 2023. We've demonstrated incredible momentum, and the team is very pleased with the performance that we're seeing out of each of the systems on the aircraft and the aircraft as a whole. And we're so excited to see the conforming aircraft coming across the line. And as Didier talked about, moving that aircraft into flight test in the first half of the year and then into a pilot on board flight later in the year. I think the metric that is going to be the most important to look at as a gauge for this year is our progress on testing. And the investments we made in our in-house testing capability are really paying dividends. It's another example of the strength of our vertically integrated strategy. And we could not be more thrilled with where we stand as a company, the momentum we have, and we're very grateful for all of you taking the time this evening to listen to our call and can't wait to touch base again shortly.

嗯，謝謝大家。再一次，真的想強調這是多麼不可思議的一年。作為一家公司，我們期待 2023 年。我們展示了令人難以置信的勢頭，團隊對我們從飛機上的每個系統和整個飛機上看到的性能感到非常滿意。我們很高興看到合格的飛機越過這條線。正如 Didier 所說，該飛機在今年上半年進行了飛行測試，然後在今年晚些時候進行了飛行試驗。我認為今年最重要的指標是我們在測試方面的進展。我們在內部測試能力方面的投資確實帶來了回報。這是我們垂直整合戰略實力的另一個例子。我們對公司的地位、我們的勢頭感到非常興奮，我們非常感謝你們所有人今晚抽出時間來聽我們的電話，迫不及待地想很快再次聯繫基地.

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。