Joby Aviation Inc (JOBY) 2024 Q4 法說會逐字稿

Greetings and welcome to Joby Aviation's fourth quarter 2024 conference call and webcast. (Operator Instructions)

各位好，歡迎參加 Joby Aviation 2024 年第四季電話會議和網路直播。（操作說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Theresa Thuratheal, Joby's Head of Investor Relations.

再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，Joby 的投資者關係主管 Theresa Thuratheal。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's fourth quarter and full-year 2024 financial results conference call. I'm TTheresa Thuratheal, Joby's Head of Investor Relations.

謝謝。各位下午好/晚上好。感謝您參加 Joby Aviation 2024 年第四季及全年財務業績電話會議。我是Joby的投資人關係主管Theresa Thuratheal。

Today, we have remarks from JoeBen Bevirt, Founder and Chief Executive Officer; and Paul Sciarra, Executive Chairman; Didier Papadopoulos, our President of Aircraft OEM, will join us for the Q&A portion of the call.

今天，我們將邀請創辦人兼執行長 JoeBen Bevirt 和執行董事長 Paul Sciarra 發表演說；我們的飛機 OEM 總裁 Didier Papadopoulos 將參加電話會議的問答環節。

Please note that our discussion today will include statements regarding future events and financial performance, as well as 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.

請注意，我們今天的討論將包括有關未來事件和財務表現的聲明，以及信念、預期和意圖的聲明。這些前瞻性陳述是基於管理階層目前的預期，並涉及風險和不確定性，可能導致實際結果與明示或暗示的結果有重大差異。

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.

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以及今天致股東信中包含的「安全港」免責聲明。本次電話會議中包含的前瞻性陳述僅代表截至本次電話會議之日的信息，本公司不承擔更新或修改這些陳述的任何義務。

Also, during the call, we will refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q4 2024 shareholder letter, which you can find on our Investor Relations website along with the replay of this call.

此外，在電話會議期間，我們將同時提及GAAP和非GAAP財務指標。我們在 2024 年第四季股東信中提供了非 GAAP 指標與 GAAP 指標的調整表，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錄音。

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

說了這麼多，現在我把電話交給喬本。

Thank you, Theresa, and thanks everyone for joining us today as we discuss our full-year 2024 results. Over the last 12 months, we have delivered sector leading progress across each area that is core to our business certification, manufacturing, and commercialization.

謝謝特蕾莎，也謝謝大家今天與我們一起討論我們2024年全年業績。在過去的 12 個月裡，我們在業務認證、製造和商業化等各個核心領域都取得了領先業界的進展。

In the last quarter alone, we've made record progress on Stage 4 of type certification. We've delivered our second aircraft to Edwards Air Force Base. We've flown in Korea. Our partners have broken ground on the first port of in our Dubai network and investors new and old have committed more than a billion dollars of additional funding and commitments, including the recently announced $500 million from Toyota.

僅在上個季度，我們在型號認證第四階段就取得了創紀錄的進展。我們已向愛德華茲空軍基地交付了第二架飛機。我們在韓國坐過飛機。我們的合作夥伴已在杜拜網路中的第一個港口破土動工，新老投資者已承諾追加超過 10 億美元的資金和投資，其中包括豐田最近宣布的 5 億美元投資。

Looking ahead, we see the coming year as an inflection point for Joby and for our industry. We're moving from leadership on aircraft development and testing to leadership on the delivery of service. By the middle of this year, we plan to have an aircraft in Dubai where it will be used to demonstrate our readiness to begin carrying our first passengers, which we target for later this year or early next year.

展望未來，我們認為明年將是 Joby 和我們行業的轉捩點。我們正在從飛機研發和測試領域的領導地位轉向服務交付領域的領導地位。到今年年中，我們計劃在杜拜部署一架飛機，用於展示我們已做好搭載首批乘客的準備，我們的目標是在今年稍後或明年年初實現這一目標。

This will mark one of the most important milestones in our sector's history, and I'm so proud that Joby continues to lead the way. We are also leading the way on scale manufacturing. Joby is the only air taxi company that has delivered multiple eVTOL aircraft from a production line, with four aircraft delivered from our Marina facility to date, including one this past quarter.

這將標誌著我們行業歷史上最重要的里程碑之一，我為Joby繼續引領產業發展而感到無比自豪。我們在規模化生產方面也處於領先地位。Joby 是唯一一家從生產線上交付多架 eVTOL 飛機的空中計程車公司，迄今為止，我們位於 Marina 的工廠已交付了四架飛機，其中一架是上個季度交付的。

At the end of last year, we hit our target of delivering parts equivalent to one aircraft per month, and we continue to ramp up that capacity. That means we have the parts and the aircraft to complete unprecedented levels of component and subcomponent tests alongside an increasing cadence of flights.

去年年底，我們實現了每月交付相當於一架飛機零件的目標，我們將繼續提高產能。這意味著我們擁有所需的零件和飛機，可以完成前所未有的零件和子零件測試，同時飛行頻率也會不斷提高。

In a very significant moment for Joby, we used these parts to complete four credit testing on a major error structure for the first time this quarter. And we completed our first ground-based TIA testing using a conforming flight deck. This was the first time that either of those achievements have been made in our sector, once again demonstrating Joby's leadership.

對於 Joby 來說，這是一個非常重要的時刻，我們利用這些零件，在本季首次完成了四個主要錯誤結構的信用測試。我們使用符合標準的飛行甲板完成了首次地面 TIA 測試。這是我們這個行業首次取得這兩項成就，再次證明了喬比的領導能力。

In terms of aircraft, we now have five in our test fleet with a second aircraft delivered to the DOD at Edwards Air Force Base this quarter. We also deployed one of our aircraft to Korea to become the first eVTOL to fly as part of their K-UAM Grand Challenge, building on our recent demonstration in Japan.

就飛機而言，我們目前有五架飛機在測試機隊中，第二架飛機將於本季交付給愛德華茲空軍基地的美國國防部。我們還向韓國部署了一架飛機，成為首架參加韓國城市空中交通大挑戰賽的電動垂直起降飛行器，這是繼我們最近在日本進行演示之後又一成果。

The progress we have made with testing both on the ground and in the air means that we're now able to confirm that we expect to begin TIA flight testing in the US -- the final step of the FAA certification process within the next 12 months. And we laid the groundwork for that effort by welcoming FAA pilots and technical staff assigned to our certification program to Marina this quarter.

我們在地面和空中測試方面取得的進展意味著我們現在可以確認，我們預計將在未來 12 個月內開始在美國進行 TIA 飛行測試——這是 FAA 認證過程的最後一步。本季度，我們歡迎美國聯邦航空管理局 (FAA) 派往我們認證計畫的飛行員和技術人員來到 Marina，為這項工作奠定了基礎。

They flew a series of tests in our simulator that are exactly the same as those we intend to complete as part of our TIA flight testing. They also witnessed our pilots perform those same tests as part of our ongoing inhabited flight testing campaign.

他們在我們的模擬器上進行了一系列測試，這些測試與我們計劃在TIA飛行測試中完成的測試完全相同。他們也親眼目睹了我們的飛行員進行同樣的測試，這是我們正在進行的載人飛行測試活動的一部分。

Turning to our work with the DOD, there has been a lot of talk in recent weeks from other companies about how much opportunity there is for Vital aircraft in the defense space. And I want to be clear that we share that view, but it's nothing new for Joby.

談到我們與美國國防部的合作，最近幾週其他公司一直在談論維塔爾飛機在國防領域的巨大機會。我想明確表示，我們認同這種觀點，但這對喬比來說並不新鮮。

We have been talking about defense tech for more than eight years and not just talking about it, but actually delivering on it. We have already trained US Air Force pilots to fly our aircraft. We've already trained DUD mechanics to maintain them. And we're the only electric air taxi company to have delivered an aircraft to a government customer on base, which we've now done twice.

八年多來，我們一直在談論國防技術，而且不僅僅是談論它，而是真正地將其付諸實踐。我們已經訓練了美國空軍飛行員來駕駛我們的飛機。我們已經訓練了DUD的維修技師來維護它們。我們是唯一一家向政府客戶交付過基地飛機的電動空中計程車公司，而且我們已經兩次完成了這項交付。

We also understand the opportunity presented by hybrid VTOL aircraft. And as we demonstrated in 2024, our vertically integrated approach enables us to rapidly adapt our platform with a hybrid powertrain to suit an expanded mission set.

我們也了解混合動力垂直起降飛機帶來的機會。正如我們在 2024 年所展示的那樣，我們的垂直整​​合方法使我們能夠快速地調整我們的平台，使其配備混合動力系統，以適應擴大的任務範圍。

In July last year, we flew a hybrid hydrogen electric VTOL aircraft 561 miles, and we remain the only air taxi company to have demonstrated that capability, completing multiple 500 plus mile full transition, vertical takeoff, and landing flights.

去年 7 月，我們駕駛混合動力氫電垂直起降飛機飛行了 561 英里，我們仍然是唯一一家展示過這種能力的空中計程車公司，完成了許多 500 多英里的完整過渡、垂直起飛和著陸飛行。

The leading progress we have made on our core program continues to ensure that Joby is in the best possible position to capitalize on wider opportunities. And with the renewed interest in US leadership on innovation, we're excited about the opportunities ahead. The next 12 months are going to be incredibly exciting for Joby as we look to bring our service to life, and I'm pleased that our partners and our investors share that excitement.

我們在核心項目上取得的領先進展，將繼續確保 Joby 處於最佳位置，以抓住更廣泛的機會。隨著人們對美國在創新領域的領導地位重新燃起興趣，我們對未來的機會感到興奮。接下來的 12 個月對 Joby 來說將是無比令人興奮的，因為我們將努力把我們的服務變為現實，我很高興我們的合作夥伴和投資者也和我們一樣感到興奮。

Over the last quarter, we've worked closely with Delta and Uber to showcase our product and we continue to make important inroads across key US markets such as New York and LA. We also continue to have one of the strongest balance sheets in the sector, and I believe it's a very significant signal that our existing investors and partners like Toyota and Baillie Gifford, those who know us best, keep deepening their investments and partnership in Joby.

在過去的一個季度裡，我們與達美航空和優步密切合作，展示了我們的產品，並且我們繼續在美國主要市場（如紐約和洛杉磯）取得重要進展。我們也擁有業界最強勁的資產負債表之一，我相信這是一個非常重要的訊號，即我們現有的投資者和合作夥伴，如豐田和百利吉福德（Baillie Gifford），他們最了解我們，不斷加深對Joby的投資和合作。

In the case of Toyota, their previous investments and the additional commitments made recently far exceed the amount invested by any other strategic investor in the industry, and we're excited to be working together to form a strategic manufacturing alliance as we look towards scaled production.

就豐田而言，他們先前的投資以及最近做出的額外承諾遠遠超過了業內任何其他戰略投資者的投資額，我們很高興能夠與他們合作，建立戰略製造聯盟，以期實現規模化生產。

Toyota is backed by stable management and a deep balance sheet, and they have a track record of long-term commitments to solving tough challenges, something that cannot be said for all auto manufacturers these days.

豐田擁有穩定的管理層和雄厚的資產負債表，並且在解決棘手挑戰方面有著長期的投入和良好的記錄，而如今並非所有汽車製造商都能做到這一點。

We have an incredible 12 months ahead of us with goals that will really bring our technology to life. We have the team to deliver on those goals. We have the balance sheet to support them. We have the best possible partners alongside us, and we have supportive ecosystems here in the US and overseas. This is our moment as an industry, and I'm proud that Joby continues to lead the way. Paul, over to you.

未來 12 個月對我們來說意義非凡，我們將實現一系列目標，真正讓我們的技術煥發生機。我們擁有實現這些目標的團隊。我們有足夠的財務實力來支撐這些投資。我們擁有最優秀的合作夥伴，並且在美國和海外都擁有良好的支持生態系統。這是我們產業的黃金時代，我為Joby能夠繼續引領潮流而感到自豪。保羅，該你了。

Thanks, JoeBen. Turning to our results, you'll find detailed financials in our fourth quarter and full year 2024 shareholder letter on our website. But I'll briefly summarize and share additional comments here.

謝謝，JoeBen。關於我們的業績，您可以在我們網站上發布的 2024 年第四季和全年股東信中找到詳細的財務數據。但我會在這裡簡要總結並補充一些看法。

For the period ending December 31, 2024, we had cash and short-term investments totaling $933 million. This includes net proceeds from an underwritten equity offering of $222 million in October as well as $128 million in net proceeds from the at the market offering we announced in December.

截至 2024 年 12 月 31 日，我們擁有現金和短期投資總額為 9.33 億美元。這包括 10 月承銷股權發行所得淨收益 2.22 億美元，以及 12 月宣布的市價發行所得淨收益 1.28 億美元。

We are working through the final steps of our agreement with Toyota in order to access the first of $250 million investment tranches expected this year. And I'm pleased to say all regulatory approvals are now in place for that first tranche. When added to the $933 million in cash and short-term investments on our balance sheet at year end, that would exceed $1.4 billion.

我們正在完成與豐田汽車公司協議的最後步驟，以便獲得預計今年到帳的 2.5 億美元投資中的第一筆款項。我很高興地宣布，第一批產品的所有監管審批手續現已全部辦妥。加上年底資產負債表上的 9.33 億美元現金和短期投資，總額將超過 14 億美元。

Looking back at the fourth quarter of 2024, we incurred a net loss of $246 million reflecting a loss from operations of about $150 million and other losses of $97 million. The other loss largely reflected the non-cash loss on the revaluation of derivative liabilities of 107 million related to our warrants and earn out shares partially offset by interest and other income of $10 million.

回顧 2024 年第四季，我們淨虧損 2.46 億美元，其中營運虧損約 1.5 億美元，其他虧損 9,700 萬美元。另一項損失主要反映了與我們的認股權證和獲利股份相關的衍生負債重估產生的 1.07 億美元的非現金損失，部分被 1,000 萬美元的利息和其他收入所抵銷。

Our net loss increased by approximately $102 million compared to the third quarter, with the difference primarily due to the non-cash loss we recorded on revaluation of warrants and earnout shares, reflecting the increase in our share price over the quarter.

與第三季相比，我們的淨虧損增加了約 1.02 億美元，主要原因是由於認股權證和獲利股份的重估導致我們確認了非現金虧損，這反映了我們股價在本季的上漲。

Adjusted EBITDA, a non-GAAP metric that we reconcile to our net income in our shareholder letter was a loss of $119 million in the recently completed fourth quarter. Our adjusted EBITDA loss was approximately $23 million higher compared to the same period last year, reflecting the growth in our organization and expenses necessary to support manufacturing and certification.

經調整的 EBITDA（一項非 GAAP 指標，我們在致股東信中將其與淨利潤進行了核對）在最近結束的第四季度虧損 1.19 億美元。與去年同期相比，我們調整後的 EBITDA 虧損增加了約 2,300 萬美元，這反映了我們組織的成長以及支援生產和認證所需的費用。

Changing cash equivalents, and short-term investments during 2024, excluding the net proceeds from public offerings was $450 million coming in as expected at the lower end of our guidance of $440 million to $470 million.

2024 年現金等價物與短期投資變動（不包括公開發行所得淨收益）為 4.5 億美元，符合預期，處於我們先前 4.4 億美元至 4.7 億美元指引範圍的下限。

As we look to the year ahead, we continue to focus on advancing our testing and certification program, as well as laying the groundwork for first passenger operations.

展望未來一年，我們將繼續專注於推進我們的測試和認證計劃，並為首次載客營運奠定基礎。

We expect our 2025 use of cash, cash equivalents, and short-term investments to be between $500 million and $540 million. This reflects our assumptions for hiring in areas such as certification and manufacturing, higher R&D expenditures, which include building more parts to support certification and manufacturing, as well as higher capital expenditures.

我們預計 2025 年現金、現金等價物和短期投資的使用額將在 5 億至 5.4 億美元之間。這反映了我們對認證和製造等領域招聘的假設，更高的研發支出（包括製造更多零件以支持認證和製造），以及更高的資本支出。

As a reminder, with the support of the CalCompetes grant, we are expanding our manufacturing facility in Marina, California, more than doubling our footprint there to support expanded manufacturing and flight training. This is expected to provide sufficient space for more than double our annual production capacity over time at this site.

再次提醒大家，在 CalCompetes 撥款的支持下，我們正在擴建位於加州馬裡納的製造工廠，將工廠規模擴大一倍以上，以支持擴大製造和飛行訓練。預計隨著時間的推移，這將為我們在該廠址的年產能提供足夠的空間，使其翻倍以上。

Additionally, we will begin to have our Ohio facility, start building aircraft components to support production and aircraft assembly in California. With these investments, you can expect our capital expenditure to increase from the $41 million we spent in 2024, as we build out our facilities in both Marina and Ohio.

此外，我們將啟用位於俄亥俄州的工廠，開始生產飛機零件，以支援加州的生產和飛機組裝。隨著我們在馬裡納和俄亥俄州建設設施，預計我們的資本支出將從 2024 年的 4,100 萬美元增加。

As JoeBen stated at the top of the call, the next 12 months will mark a pivotal year for Joby and our broader industry. We'll be delivering our first aircraft to Dubai in the middle of the year, and we have clear line of sight to beginning flight TIA testing and carrying our first passengers. We believe we continue to lead our sector on FAA certification, standing up scalable manufacturing, and preparing markets around the world for commercial operations.

正如 JoeBen 在電話會議開始時所說，接下來的 12 個月對 Joby 和我們整個行業來說將是至關重要的一年。我們將於年中向杜拜交付第一架飛機，我們有明確的計劃開始在TIA進行飛行測試並搭載我們的第一批乘客。我們相信，我們在獲得美國聯邦航空管理局 (FAA) 認證、建立可擴展的製造體係以及為全球市場開展商業運營做好準備方面，將繼續引領行業發展。

At Joby, we've always prioritized delivery and building long-term value over short-term hype. The coming year will be no different. This concludes our prepared remarks. Operator, please begin the Q&A.

在 Joby，我們始終將交付成果和創造長期價值放在首位，而不是追求短期炒作。來年也不會例外。我們的發言稿到此結束。操作員，請開始問答環節。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey, everyone, good afternoon, congratulations on the quarter and thanks for taking our questions. JoeBen, I'm wondering if you could maybe flash out a bit further the opportunities that you see with the military, both in the near term and longer term. I know you alluded to it on your prepared remarks. Just wondering if you could maybe elaborate a bit further on what kind of opportunities you see expanding with your relationship with the military. Thank you.

大家好，下午好，恭喜你們本季取得好成績，感謝你們回答我們的問題。JoeBen，我想請你進一步闡述你認為軍隊在近期和長期內有哪些發展機會。我知道你在事先準備好的演講稿中提到了這一點。我想請您進一步闡述一下，您認為與軍方建立聯繫會帶來哪些方面的發展機會。謝謝。

Yeah, thank you, Andres. I'll add add a few comments there and then also invite Paul to to share his thoughts. I -- as I spoke about we've been working with the DOE for eight years now and the -- those opportunities have really expanded significantly and I think the DOD sees as we do the incredible potential of the technology stack that we're building and the vertical integration that we've embraced and we think we can do a number of very important things as we look to the future, both with our current technology and our future technology and with that I'll also hand it over to Paul.

是的，謝謝你，安德烈斯。我會在那裡補充幾則評論，然後邀請保羅分享他的想法。正如我剛才所說，我們已經與美國能源部合作了八年，這些機會確實得到了極大的擴展。我認為，美國國防部和我們一樣，看到了我們正在建構的技術體系的巨大潛力，以及我們所採用的垂直整合模式。展望未來，我們認為我們可以利用現有技術和未來技術做很多非常重要的事情。接下來，我將把發言權交給保羅。

Yes, thanks Andreas. I mean, I think what when it comes to our broader government strategy, it's really a sort of continuation of the work as JoeBen mentioned that we've been doing for eight years.

是的，謝謝你，安德烈亞斯。我的意思是，我認為就我們更廣泛的政府戰略而言，它實際上是喬本提到的我們八年來一直在做的工作的延續。

We always knew that the work with Agility Prime would be an important stepping stone, for broader opportunities across the DOD and we are really pleased to have sort of delivered on important milestones with that customer set. That includes, as mentioned, the delivery of now a second aircraft to Edwards and an opportunity to train pilots to give them training on maintenance, really all of the building blocks that will set us up for success when we think about broadening the opportunity to other government customers over time.

我們一直都知道與 Agility Prime 的合作將是我們在國防部獲得更廣泛機會的重要一步，我們非常高興能夠與該客戶群共同實現重要的里程碑。如前所述，這包括向愛德華茲空軍基地交付第二架飛機，以及為飛行員提供維護培訓的機會，這實際上是所有為我們日後將機會擴大到其他政府客戶奠定成功基礎的要素。

We've -- as we've mentioned in prior calls, we've already brought other groups like the Marines into a lot of that testing, and I think that sets us up well both to have really great visibility across the different opportunities within government and now a demonstrated record of execution to capture those opportunities.

正如我們在之前的電話會議中提到的，我們已經讓海軍陸戰隊等其他團體參與到許多測試中來，我認為這使我們能夠很好地了解政府內部的各種機會，並且現在我們已經證明了我們有能力抓住這些機會。

One of the things that I think was mentioned was the hybrid work. Longer range is certainly a priority for government customers and we are really pleased to have shown that this is a platform that can be readily extensible to those longer range missions with the 550 mile flight of the hydrogen hybrid aircraft that we demonstrated last summer.

我認為其中提到的一點是混合工作。對於政府客戶而言，更遠的航程無疑是首要考慮因素，我們非常高興地證明，該平台可以輕鬆擴展到更遠的航程任務，例如我們去年夏天展示的氫混合動力飛機，其飛行距離達到了 550 英里。

Got it. That's super helpful. I appreciate all that color. Maybe just as a quick follow up switching to Dubai. So you mentioned your plan to deliver an aircraft there, this year and to begin flights with passengers either later this year or early next year. I guess I'm curious if you can maybe share with us your vision in terms of what commercialization in Dubai might look like and how quickly you see that market ramping up.

知道了。這太有幫助了。我喜歡這些色彩。或許可以先快速跟進一下，再轉到杜拜。所以你提到了你今年向那裡交付一架飛機的計劃，併計劃在今年晚些時候或明年年初開始載客飛行。我想請您分享您對杜拜商業化前景的看法，以及您認為該市場的發展速度會有多快。

Thank you.

謝謝。

Thank you, Andres. So Dubai is an incredible opportunity for us. We're so excited about taking our first aircraft there and beginning in-market testing. We also were very pleased I was with the Crown Prince when when we did the groundbreaking for the first [urna] port over there and to see the excitement and the lean in from all levels of the Dubai government in this new age of mobility is really fantastic.

謝謝你，安德烈斯。所以杜拜對我們來說是一個絕佳的機會。我們非常興奮能將我們的第一架飛機開到那裡，開始市場測試。我們也很高興當時我和王儲一起為那裡的第一個[urna]港口舉行了奠基儀式，看到迪拜政府各級部門對這個新時代的出行方式表現出的興奮和積極參與，真是太棒了。

The momentum is building and as we get aircraft in market and begin testing, we think that that's going to continue to be the case and then as we look to scaling that, we're building out, not just the ports, but also the app and all of the pieces of the ecosystem as we bring more aircraft to the market and progressively grow that and build a really valuable service for customers, not just in Dubai but across the region.

勢頭正在增強，隨著飛機投放市場並開始測試，我們認為這種情況將會持續下去。隨著我們著眼於規模化發展，我們不僅在建造港口，還在建造應用程式和生態系統的所有組成部分，隨著更多飛機進入市場，我們將逐步發展壯大，為客戶打造真正有價值的服務，不僅在杜拜，而且在整個地區。

Wonderful. Thank you very much again. That's super helpful. Congrats on the quarter and I'll pass it on.

精彩的。再次非常感謝。這太有幫助了。恭喜你本季取得好成績，我會轉達的。

Chris Pierce, Needham and Company.

克里斯·皮爾斯，尼德姆公司。

Hey, good afternoon, everyone. Just looking at the certification slide, the Delta between the blue line and the gray line, should we read anything into that given headlines out of DC about staffing government agencies and are you seeing anything on the the FAA side that's maybe slowing things down on the certification front, or is it just normal kind of ebb and flow?

大家好，下午好。僅從認證幻燈片來看，藍線和灰線之間的差值，考慮到華盛頓特區有關政府機構人員配備的新聞頭條，我們是否應該對此做出任何解讀？您是否看到美國聯邦航空管理局 (FAA) 方面有任何可能導致認證進度放緩的因素，或者這只是正常的起伏變化？

Thanks a lot, Chris. This is Paul. Contrary to what it might look like, we actually had record progress in terms of FAA certification of documentation last quarter. So every indication that we have at this point is that the FAA is sort of fully engaged with our program and doing the work that they need to do as we do the work that we need to do.

非常感謝，克里斯。這是保羅。與表面看起來的情況相反，上個季度我們在FAA文件認證方面實際上取得了創紀錄的進展。因此，目前所有跡像都表明，美國聯邦航空管理局 (FAA) 已全面參與到我們的計畫中，並在我們進行自身工作的同時，也在進行他們需要進行的工作。

That was also on demonstration, as I think was mentioned in the sort of earlier prepared remarks in a large FAA delegation that was down to see the very same flight testing that the FAA themselves will do for TIA.

那也是一次演示，正如之前美國聯邦航空管理局 (FAA) 一個大型代表團在準備的演講稿中提到的那樣，該代表團前來觀看與 FAA 自己將在 TIA 進行的飛行測試完全相同的測試。

So both in terms of documentation, both in terms of the level of engagement of the agency, we've seen really accelerating support and progress in terms of the work that they have to do. So, in the data, in the actions of the agency on a day-to-day basis, things seem great.

因此，無論是在文件編制方面，還是在機構的參與程度方面，我們都看到了支持力度的顯著提升，以及他們在工作方面取得的進展。所以，從數據上看，從該機構的日常行動來看，情況似乎很好。

Okay, perfect. And then you talk about the five aircraft in your test flight test fleets. Is this helping you sort of get towards like a production cadence maybe you could share guidance on? The reason I ask is I know that your fleet is going to be levered to air taxi operations versus OEM. And there's a lot of imprecision around modeling what that might look like, but if we could sort of, like if there was a production guidance cadence of a certification aircraft that sort of might help lower the uncertainty there, I just, be curious around any sort of guidance you can give on production?

好的，完美。然後你談到了你的試飛機隊中的五架飛機。這是否對你逐漸建立起一定的生產節奏有幫助？或許你可以分享一些這方面的指導？我這麼問是因為我知道你們的機隊將用於空中計程車運營，而不是用於原始設備製造商 (OEM)。模擬這種情況會是什麼樣子有很多不確定性，但如果我們能有一個認證飛機的生產指導節奏，這或許有助於降低不確定性，我很想知道您能否就生產方面提供任何指導？

Hey Chris, this is Paul again. I'll answer a little bit of it and then I might ask Didier to sort of comment on the manufacturing progress, but in terms of your comment on OEM versus fully vertically integrated, look, it's important to note that we have really both models that we've been actively supporting.

嗨，克里斯，我是保羅。我會回答一部分問題，然後我可能會請 Didier 對生產進展發表一些評論，但就您提到的 OEM 與完全垂直整合而言，需要指出的是，我們實際上兩種模式都在積極支持。

We think that there are going to be some markets and some opportunity sets where a more fully vertically integrated model is appropriate, like for example here in the US. However, in other markets outside of the US with other customer bases, we expect that the business model is going to look a little bit more like a sale and support or a lease model. So I think that we actually have an opportunity to blend both of those models both now and in turn over time.

我們認為，在某些市場和某些機會中，更完全垂直整合的模式是合適的，例如在美國。然而，在美國以外的其他市場，由於客戶群不同，我們預期商業模式將更像是銷售和支援模式或租賃模式。所以我認為我們現在有機會將這兩種模式融合起來，而且隨著時間的推移，這種融合將會更加緊密。

Regarding the manufacturing side of things, we felt really good about where we stood with respect to overall volume from the facilities last year. As was mentioned, we were at one aircraft's worth of parts per month, which was the goal for the overall year.

就生產製造方面而言，我們對去年各工廠的整體產量感到非常滿意。如同先前所提到的，我們每月生產一架飛機的零件，這也是我們全年的目標。

The thing that we are focused on this year is ensuring that an increasing number of those manufacturing lines and parts that come off those manufacturing lines are conforming, that is built to sort of SAA specifications.

我們今年的重點是確保越來越多的生產線和從這些生產線上下來的零件符合 SAA 規範。

So this year is not so much about volume, but really ensuring that the parts that we build are appropriate for the stage and certification that we're at, and the progress there has been quite good, at least on the composite side, we are already doing more than 95% of the composites on a conforming basis, so that's really good progress against that important goal this year.

所以今年的重點不在於產量，而是確保我們製造的零件符合我們所處的階段和認證要求。這方面的進展相當不錯，至少在複合材料方面，我們已經實現了超過 95% 的複合材料符合標準，所以今年朝著這個重要目標取得了非常好的進展。

Thank you.

謝謝。

[Savi] Syth, Raymond James.

[Savi] Syth，Raymond James。

Hey, good afternoon. Can you provide a little bit along those lines, just how many aircraft bills are you contemplating in that 2025 budget and how many of those will be more production prototype versus certification conforming aircraft? And I'm guessing the aircraft that you plan to send to Dubai is the production prototype and not certification conforming, but I just want to clarify that as well.

嘿，下午好。您能否就此提供一些信息，例如您在 2025 年預算中計劃增加多少架飛機？其中有多少架是生產原型機，又有多少架是符合認證標準的飛機？我猜您計劃送往杜拜的飛機是生產原型機，而不是符合認證標準的飛機，但我還是想確認一下。

Yeah, thanks for the question. I'll jump in. This is Didier. I'll answer this by building a bit more on what Paul said. Key between last year and this year last year was highly focused on the manufacturing side on building that manufacturing muscle and the cadence in ramping up the airplanes, which we've demonstrated by achieving a capacity of one aircraft's worth of part by the end of last year.

謝謝你的提問。我來插一句。這是迪迪埃。我將根據保羅的說法再補充一些內容來回答這個問題。去年和今年之間的關鍵在於，去年我們高度重視製造方面，致力於增強製造實力和加快飛機產量，我們已經透過在去年年底實現一架飛機零件的產能來證明這一點。

This year is going to be highly focused on a mix of building parts that go towards FAA conformable airplanes, so complete airplanes, as well as a lot of parts that are going to go towards building FAA conforming test assets or parts of airplanes.

今年我們將高度專注於製造符合美國聯邦航空管理局 (FAA) 標準的飛機零件，也就是完整的飛機，以及製造符合美國聯邦航空管理局 (FAA) 標準的測試設備或飛機零件的大量零件。

All right. So we demonstrated last year, for example, that we built a fully conforming tail. We went through that test and finished that tail. We're going to be doing quite a bit more of these things this year. So this year, the manufacturing is going to be focused on a mix, that's the key thing, while at the same time, we continue to increase the ramp up.

好的。例如，去年我們就證明了我們製造了一個完全符合規範的尾翼。我們完成了那次測試，也完成了那部分。今年我們會進行更多這類活動。因此，今年的生產將專注於多元化生產，這是關鍵所在，同時，我們將繼續提高產能爬坡能力。

And one of the key things about the ramp up is we're not stopping there. As can be seen by the expansion we're having in Marina, where we are growing our footprint as well as the expansion that we're seeing here in Ohio where we're also growing our footprint and we'll start delivering parts this year. So the airplanes that we're going to be producing are going to be a progression towards increased conformity, one after the other.

而這次加速發展的關鍵一點在於，我們不會止步於此。從我們在馬裡納的擴張可以看出，我們在那裡擴大了業務規模；同時，我們在俄亥俄州的擴張也表明，我們在那裡擴大了業務規模，並且我們將在今年開始交付零件。因此，我們將要生產的飛機將是一個循序漸進的過程，一架接一架地朝著更統一的方向發展。

And the aircraft that you're sending to Dubai is?

你們派往杜拜的飛機是哪一架？

The aircraft that we're sending to Dubai is one of the airplanes that we have in our fleet today that's been demonstrated, flies on a regular basis, most weeks, and that's a progression of those airplanes that we've been building, and we will continue to build throughout this year.

我們派往杜拜的這架飛機是我們目前機隊中經過示範驗證、定期飛行（幾乎每週一次）的飛機之一，它是我們一直在建造的飛機的升級版，我們今年將繼續建造這類飛機。

I appreciate that, Didier, and maybe Paul, just a clarification on your Toyota investment comments, are there any milestones or commitments that you need to finalize to unlock that first tranche and also is it fair to assume that the second tranche then will not be in 2025?

迪迪埃，我對此表示感謝。保羅，關於你對豐田的投資評論，我想澄清一下，你需要完成哪些里程碑或承諾才能解鎖第一批資金？另外，是否可以合理地假設第二批資金不會在 2025 年到位？

Hey Savi, this is Paul. I want to make sure I understand the question. So the question was, are there any commitments or deliverables that we need to do for the first and second tranche?

嗨，薩維，我是保羅。我想確認一下我是否理解了這個問題。所以問題是，對於第一批和第二批款項，我們需要做出哪些承諾或交付哪些成果？

Exactly, yeah.

沒錯，就是這樣。

So the short answer is, yes, there are a number of sort of regulatory and in turn business things that we need to sort of make sure that are done. Those have been moving forward well on the first tranche, and we certainly feel like they're going to move well on the second tranches to get everything done this year.

所以簡而言之，是的，我們需要確保完成一些監管方面以及相關的商業事項。第一批專案進展順利，我們確信第二批專案也會進展順利，以便今年內完成所有工作。

So there's a, I guess not putting you, but just there's a high probability that both tranches is going to show up in 2025. Is that fair?

所以，我猜我不是想替你下結論，但這兩批款項很有可能都會在 2025 年就到位。這樣公平嗎？

Yes, extremely high probability.

是的，可能性極高。

Okay, I appreciate it. Thank you.

好的，謝謝。謝謝。

Sure.

當然。

(Operator Instructions)

（操作說明）

Bill Peterson, JP Morgan.

比爾彼得森，摩根大通。

Yeah, hi, good afternoon. Thanks for all the details on the call. Wanted to come back to the defense applications and acknowledging the second airplane and some of the work you're doing there. I guess, first, when you think of this opportunity, is this including combat missions or are these more logistics and other things? Are you able to expand your market opportunity?

是啊，你好，下午好。感謝您在通話中提供的所有細節。我想回到國防應用的話題，並提及第二架飛機以及你們在那裡所做的一些工作。首先，我想問的是，當您考慮這個機會時，這是否包括作戰任務，還是更多的是後勤和其他方面？能否拓展市場機會？

And if so, how do you view the market opportunity longer term? And I guess with the changes in agility prime. What does it mean for existing programs? Would we expect that this would in fact shift more towards hybrid, potentially hydrogen, hybrid or some other applications? Just trying to get a sense for what the market opportunity looks like and how we should think about it over the next few years?

如果情況屬實，您如何看待長期的市場機會？我想這與敏捷性提昇機制的改變有關。這對現有項目意味著什麼？我們是否可以預期，這種情況實際上會更多地轉向混合動力，可能是氫燃料電池混合動力或其他應用？我只是想了解市場機會的現狀，以及未來幾年我們該如何看待這個問題？

Hi Bill, this is Paul. I'm happy to sort of pick that one up. So with respect to the sort of broader government opportunity. Look, it is the case that the army, for example, operates the largest number of existing rotorcraft, and many of those are sort of state-of-the-art technology circa 20 or 30 years ago. So there are opportunities for lots of important modernization across a very large fleet, and that's just one customer of quite a few branches -- not to mention sort of other opportunities in government [writ] large.

你好比爾，我是保羅。我很樂意接手這個專案。所以，就更廣泛的政府機會而言。你看，例如，軍隊擁有數量最多的現有旋翼機，其中許多旋翼機都是 20 或 30 年前的尖端技術。因此，對於如此龐大的車隊而言，有許多重要的現代化改造機會，而這僅僅是眾多分支機構的一位客戶——更不用說政府部門的其他機會了。

With respect to Agility Prime, look, that has served the purpose that we always expected it to serve, which is an important stepping stone and an opportunity to demonstrate capabilities that were dimly applicable to other programs and other customers in government. And on that count, we feel really good about the progress. I won't obviously repeat that work, but we're really pleased that we got all of that done. And I think it sets us up for success in terms of both our visibility to and our capability to execute against other programs down the line.

至於 Agility Prime，它已經達到了我們一直以來所期望的目的，這是一個重要的墊腳石，也是一個展示能力的機會，這些能力對政府的其他項目和其他客戶來說應用範圍很窄。就這一點而言，我們對所取得的進展感到非常滿意。我當然不會重複這項工作，但我們很高興完成了所有這些工作。我認為這為我們日後在其他專案中取得成功奠定了基礎，無論從我們對其他專案的了解程度，還是從我們執行其他專案的能力來看都是如此。

Regarding hybrid, certainly for government customers, longer range is a priority. And we feel really good that we already had an opportunity to demonstrate that this aircraft can have other energy sources plugged in to get that longer range.

對於混合動力車而言，對於政府客戶來說，更長的續航里程無疑是首要考慮因素。我們感到非常高興，我們已經有機會證明，這架飛機可以連接其他能源，從而獲得更遠的航程。

So I think that the changes in Agility Prime are very much in line with the technical trajectory that we've already demonstrated, both a hybrid longer range and pieces like autonomy that we obviously had an opportunity to acquire with our acquisition of X-wing.

所以我認為 Agility Prime 的變化與我們已經展示的技術軌跡非常一致，包括混合型遠程攻擊以及自主性等部件，而這些部件顯然是我們透過收購 X 翼戰機而有機會獲得的。

Okay, yeah, thanks for that. And then, I wanted to follow up on the commentary around the TIA flight testing in the next 12 months. And what does that mean, I guess in terms of the ramifications for when that can mean entry in the service, if this happens over the next 12 months, should we assume that entry and service is more of a 2027 timeframe in the US? Is there some lag after that process? Maybe just need to understand that more of what this flight testing TIA flight testing really means.

好的，謝謝。然後，我想跟進一下未來 12 個月內 TIA 飛行測試的相關評論。那麼，就未來 12 個月內可能出現的進入情況而言，這意味著什麼？我們是否應該假設在美國，准入和服務的時間更可能是 2027 年？這個過程之後會有延遲嗎？或許需要更深入地了解這次飛行測試（TIA飛行測試）的真正意義。

Yeah, thank you. So, we're really excited about the momentum we're seeing as we take the five aircraft that we're flying today and then we anticipate and run all of the internal flight tests against the FAA flight test.

是啊，謝謝。所以，我們對目前的發展勢頭感到非常興奮，我們今天試飛的五架飛機，以及我們預計和進行的各項內部飛行測試，都將與美國聯邦航空管理局的飛行測試進行比較。

I think as we mentioned earlier, the having the FAA pilots who will be doing these TIA flight tests here with us running these flight profiles in the simulator, watching our pilots fly many of those inhabited was fantastic and laid the groundwork for it.

我認為正如我們之前提到的，讓即將進行TIA飛行測試的FAA飛行員和我們一起在模擬器中運行這些飛行剖面，觀看我們的飛行員駕駛其中許多載人飛機，這非常棒，並為此奠定了基礎。

So we're seeing a tonne of momentum, really looking forward to getting the TIA flight test, and I think as you can think about this and I think about this as that we're in the home stretch and once we have -- once we've gotten into the TIA flight test we're -- we've got the finish line of type certification in our sites and so I'm very pleased with the momentum we're seeing, the engagement we're seeing from the FAA across all the different levels and, yeah, excited about the launch of operations in Dubai, as well.

所以我們看到了巨大的勢頭，非常期待進行TIA的飛行測試。我認為，正如你所想，我也認為我們正處於衝刺階段，一旦我們完成TIA的飛行測試，我們就完成了型號認證的最後階段。因此，我對我們目前看到的勢頭以及FAA在各個層面的積極參與感到非常滿意。是的，我也對在杜拜啟動營運感到興奮。

Thanks, JoeBen and Paul.

謝謝JoeBen和Paul。

David Zazula, Barclays.

David Zazula，巴克萊銀行。

Hey, thanks for taking my question. And I did hear JoeBen, follow up a little bit on that. Just wanted to make sure I understand the the change in the language you guys used regarding passenger operations. I think last year, you said something like as early as the end of 2025 and this quarter I think that you said targeting later this year or early next year. Just you maybe unpack a little bit that the change in language that was there something that drove that or are you expecting something different or is this a finer point in what you're trying to say?

嘿，謝謝你回答我的問題。我確實聽到了喬本的後續發言。我只是想確認一下我是否理解你們在乘客運作方面所用語言的變化。我記得去年您說過最快可能在 2025 年底，而這季度您又說目標是今年晚些時候或明年年初。您或許可以稍微解釋一下語言上的變化，是什麼原因導致了這種變化？還是您期待的是不同的表達方式？或者這只是您想表達的更細微的差別？

We are seeing a fantastic momentum and a great lead in from the GCA, but we, there is still work to do and once we get the aircraft there and begin in market testing, we'll have better fidelity on that timeline.

我們看到了強勁的勢頭，GCA 也為我們提供了很好的先機，但我們仍有很多工作要做，一旦飛機運抵目的地並開始市場測試，我們就能更準確地確定時間表。

Great, thanks. And then if I could just follow up a little on Savi's question, what do you have right now? I know you've mentioned the tail and a couple subsystems. What do you have for conforming systems and what's the plan on building, producing conforming systems, yeah, as you ramp up towards the TIA test phase?

太好了，謝謝。然後，如果我可以稍微補充一下薩維的問題，你現在有什麼安排？我知道你提到過尾部和幾個子系統。你們有哪些符合標準的系統？在逐步推進到TIA測試階段的過程中，你們計劃如何建構和生產符合標準的系統？

Yeah, thanks for the question. We talked about the sort of the pyramid of the airplane in the past few times where at the bottom you get some of the smaller components, electronics and such, and then you move into the subsystem systems in the airplane, and we were driving with Pathfinders on many of these, you may recall. We talked about flight control computer and the tail and so on.

謝謝你的提問。我們之前幾次討論過飛機的金字塔結構，最底層是一些較小的組件、電子設備等等，然後是飛機上的子系統，你可能還記得，我們​​當時駕駛著探路者飛機進行了很多這樣的測試。我們討論了飛行控制計算機、尾翼等等。

This year, you'll see expansion and acceleration on all of these layers of that pyramid. So we have multiples of electronics components now already built in conforming stage and we'll be going through environmental quality testings and so on. On the airframe side, we are moving into the fuse testing and some of the subcomponents of the fuse, for example, and then we're also moving into some of the lower level aspects of software electronics and so on. So it's really across all of the aircraft and that's exactly where we want to be at this point in preparation for TIA.

今年，你會看到金字塔各個層面的擴張和加速發展。所以我們現在已經有多個電子元件處於合格狀態，接下來我們將進行環境品質測試等等。在機身方面，我們正在著手進行保險絲測試以及保險絲的一些子組件測試，例如，然後我們也在著手進行一些軟體電子設備等的底層方面的測試。所以它實際上適用於所有飛機，而這正是我們目前在為TIA做準備時想要達到的目標。

Yeah, and sorry, this is Paul. I just wanted to sort of jump in on one thing. Look, this question of conformity is one that I know lots of folks in the industry are talking about, and we certainly worried that there's been a little bit of confusion about what we mean by conformity relative to some others.

是的，不好意思，我是保羅。我只是想參與到一件事。你看，關於一致性的問題，我知道業內很多人都在談論，我們也確實擔心，相對於其他一些概念，我們對一致性的定義存在一些誤解。

For us, conformity means something really very specific. That's like an aircraft made up of parts and subsystems for which the FAA has already approved the design requirements, the manufacturing processes, and in some cases the test plans. So that means you can't be FAA conforming until you receive approval from the FAA on these documents.

對我們而言，循規蹈矩有著非常具體的涵義。這就像一架由零件和子系統組成的飛機，而美國聯邦航空管理局已經批准了其設計要求、製造流程，在某些情況下甚至批准了測試計劃。所以這意味著，在獲得美國聯邦航空管理局（FAA）對這些文件的批准之前，您無法符合FAA的要求。

That's part of the reason why we have been so focused and have been trying to focus you on the certification chart and sort of where we stand on that with respect to certification. Because look, without agreement between the OEM Joby in this case, and the regulator on exactly how the testing will be conformed at the component level, the system level, and then all the way up to the aircraft level, there's still a lot of remaining uncertainty and the progress on the chart is, therefore, highly coupled to what you can conform and when you can conform it, so that's obviously a little bit different than I think other people are talking about with respect to conformity. Maybe it's a might be conforming or will be conforming or they think it's going to be conforming. For us, when we say conforming, we mean that it has all these very specific pieces of documentation already in place and approved by the FAA.

這也是我們一直如此關注並努力讓你們專注於認證圖表以及我們在認證方面所處位置的部分原因。因為你看，在這種情況下，OEM廠商Joby和監管機構之間，對於如何在組件級別、系統級別，乃至飛機級別進行測試，尚未達成一致，因此仍然存在很多不確定性，圖表上的進展也因此與你能符合哪些標準以及何時能符合標準密切相關，所以這顯然與我認為其他人談論的符合性問題略有不同。也許它符合規定，或將會符合規定，或者他們認為它將符合規定。對我們來說，所謂“符合標準”，是指它已經具備了所有非常具體的文檔，並且這些文檔都已獲得美國聯邦航空管理局的批准。

That's very helpful, [Bevirt]. Thanks, Paul. Thanks to the -- yeah.

那很有幫助。[Bevirt]謝謝你，保羅。謝謝——是的。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hey, thank you for taking my question and, congrats on the progress you made during the quarter. So, my first question is, so, like one of your competitors is competing for a program of record with DOD using the hybrid [EBITDA]. So is there anything that would technically stop you for competing for this?

嘿，謝謝你回答我的問題，也恭喜你在本季的進步。所以，我的第一個問題是，比如說，你們的某個競爭對手正在與國防部競爭一個採用混合技術的正式專案。[EBITDA]。那麼，從技術層面來說，有什麼因素會阻止你參與這項競爭嗎？

Hi, this is Paul. As we mentioned a number of times, I think our footprint and visibility inside of the DOD is one of the best in the industry, largely owing to the deliveries that we've already done on the sort of existing Agility Prime program.

大家好，我是保羅。正如我們多次提到的，我認為我們在國防部內部的影響力和知名度是業內最好的之一，這主要歸功於我們已經在現有的敏捷主計劃中交付的成果。

With respect to visibility on programs, I think we've got a lot of that and there's certainly nothing that prohibits us from ensuring that we find the right opportunities and can execute against them.

就專案可見性而言，我認為我們在這方面做得很好，而且肯定沒有什麼能阻止我們找到合適的機會並抓住它們。

Okay. Gotcha. So my second question is about like what's your latest thinking on getting a pilot in the latest version of the aircraft flying at a high altitude? So would you need to do this for in the US before attempting in UAE?

好的。明白了。所以我的第二個問題是，您對於讓飛行員駕駛最新版本的飛機在高空飛行有什麼最新的想法？那麼，在阿聯酋嘗試之前，是否需要先在美國完成這項工作？

Thanks, Laura. So, as I mentioned, we have five aircraft in our flight test fleet, and we're flying those both remotely and inhabited. We, you mentioned high altitude. I think we're the only company in the industry that has flown to high altitude, that has flown to high speed, that has really validated a significant portion of the performance envelope and the capabilities of our aircraft, and we're very pleased with the performance that we've been able to achieve and really looking forward to expanding, continuing to expand the envelope and also prove that out inhabited.

謝謝你，勞拉。正如我剛才提到的，我們的飛行測試機隊有五架飛機，我們正在進行遠程和載人飛行測試。您提到了高海拔地區。我認為我們是業內唯一一家飛到高空、飛到高速的公司，真正驗證了我們飛機性能範圍和能力的很大一部分，我們對所取得的性能非常滿意，並期待著擴大、繼續擴大性能範圍，並在實際飛行中證明這一點。

Okay. Gotcha. Yeah, I appreciate it.

好的。明白了。是的，我很感激。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good afternoon. So just my first question here, if we just lay out the fact pattern. So Dubai expects passenger flights this year or early next year, they expect to have established eVTOL routes within 20 months, but the FAA TIA flight testing of the type conforming plane is supposed to happen within the next 12 months and you're expecting to build a fully type conforming full-size aircraft in 2025.

您好，下午好。所以我的第一個問題是，如果我們把事實狀況列出來的話。因此，杜拜預計今年或明年年初就能開通客運航班，預計在 20 個月內開通 eVTOL 航線，但符合美國聯邦航空管理局 (FAA) 的 TIA 飛行測試應該在未來 12 個月內進行，預計在 2025 年建造一架完全符合型號標準的全尺寸飛機。

So, with the aircraft that you're shipping to Dubai, would Dubai be waiting for FAA approval to fly passengers, or would they maybe fly some on a demonstration or waiver basis in between cities or within Dubai?

那麼，對於您運往迪拜的飛機，迪拜是會等待美國聯邦航空管理局 (FAA) 的批准才能載客飛行，還是會以演示或豁免的形式在城市之間或迪拜市內進行一些飛行？

Thanks, Austin. Yeah, as you mentioned, we're very excited about getting one of the aircraft that we're currently flying to Dubai to begin doing in market testing and excited to have the opportunity to begin carrying passengers either late this year or early next year, and we're also extremely pleased with the rate of progress that we're making and the multiple aircraft that we have currently going through our manufacturing process in Marina and as Paul mentioned, 95% of the composite parts that we're currently building are conformable. It's indicative of the really strong momentum and as Paul mentioned, the huge mountain of work that we've done that has laid the foundation to allow us to be building these FAA conforming aircraft and FAA conforming test articles, which is so vital to being able to now have line of sight to the TIA.

謝謝你，奧斯汀。是的，正如您所提到的，我們非常高興能將我們目前正在飛往迪拜的其中一架飛機用於市場測試，並期待有機會在今年年底或明年初開始載客飛行。此外，我們對目前的進展速度以及在 Marina 工廠正在進行製造的多架飛機感到非常滿意。正如 Paul 所提到的，我們目前正在製造的複合材料零件中，95% 都是可變形的。這表明我們取得了非常強勁的進展，正如保羅所提到的那樣，我們已經完成了大量的工作，為建造符合美國聯邦航空管理局 (FAA) 標準的飛機和符合美國聯邦航空管理局 (FAA) 標準的測試件奠定了基礎，這對於我們現在能夠看到 TIA 的前景至關重要。

Okay, that's helpful. And just a follow up, do you have any commentary around the effect of rotor wash on the vertiport infrastructure?

好的，這很有幫助。還有一個後續問題，您對旋翼氣流對垂直起降場基礎設施​​的影響有什麼看法？

Yeah, thank you very much. This is a critical element and something that is foundational to the design of of our aircraft. We have one of the lightest disc loadings in the industry, maybe the lightest disc loading in the industry, which results in substantially lower outlash speeds, and this has been validated by work that we've done with NASA and I think one of a huge unappreciated value of our aircraft design and something that we think is going to be crucial as we move to market.

是的，非常感謝。這是至關重要的要素，也是我們飛機設計的基礎。我們擁有業界最輕的碟片載荷之一，或許是業界最輕的碟片載荷，這導致碟片間隙速度大幅降低，我們與 NASA 合作的工作已經驗證了這一點。我認為這是我們飛機設計中一個尚未被充分重視的巨大價值，我們認為這將在我們走向市場的過程中至關重要。

And that would mean that the tip speed on the props is lower than competitors, correct?

那豈不是說螺旋槳的槳尖速度比競爭對手低？

We have very low tip speeds and large rotor diameters and the combination results in slower outwash and less particulate and that sort of thing. So we're very pleased with the results from both the NASA studies and you know from our years of flight testing.

我們的葉尖速度非常低，轉子直徑很大，這種組合導致外洗速度變慢，顆粒物減少等等。因此，我們對 NASA 的研究結果以及我們多年的飛行測試結果都非常滿意。

That's great [caller]. Thank you.

那太棒了[呼叫者]。謝謝。

[Amit Dale, H.C. Wainwright].

[阿米特·戴爾，H.C.溫賴特]。

Hey, good afternoon, everyone. Thank you for taking my questions. With respect to the Toyota investment, is that straight equity or is some of that going to be in kind?

大家好，下午好。謝謝您回答我的問題。關於豐田的投資，是全部股權投資還是部分會以實體形式進行？

Hi Amit, it's Paul. So all of the $250 million tranches on that investment are straight equity, and importantly not this investment, none of the other Toyota investments had warrants or sort of other kickers, sort of as part of the deal.

嗨，阿米特，我是保羅。因此，該項 2.5 億美元的投資全部都是股權，而且重要的是，這項投資，以及豐田的其他投資，都沒有認股權證或其他附加條款作為交易的一部分。

Understood. Thank you. And then for the Dubai operations, these are just going to be easy to aircraft sales to that operation, right? Or are we also expecting to generate or participate in any revenues from those operations in the future?

明白了。謝謝。至於杜拜的運營，這些飛機應該很容易賣給該營運部門，對吧？或者，我們是否也預期未來會從這些營運中獲得任何收入？

Yeah, thank you for that question and allowing us to clarify. These are Joby owned and operated aircraft and will be operated by the Joby team based in Dubai.

是的，謝謝你的提問，也謝謝你給我們機會澄清。這些飛機由 Joby 公司擁有和經營，並將由 Joby 公司位於杜拜的團隊運營。

Okay, any color on the unit of economics of the operations or is that a little early for us to dive into?

好的，關於營運經濟單位有什麼看法嗎？還是現在深入探討這個問題還為時過早？

A little bit early yet.

現在還早了點。

Okay. Yeah, that's all I have guys. I'll take my other questions offline. Thank you.

好的。好了，各位，這就是我全部要說的了。其他問題我稍後會私下問。謝謝。

Thank you so much.

太感謝了。

Thank you. And we have reached the end of the question-and-answer session, and this also, well, concludes today's conference. You may disconnect your lines at this time. We do thank you for your participation.

謝謝。問答環節到此結束，今天的會議也到此結束。您可以在此時斷開線路。非常感謝您的參與。