Joby Aviation Inc (JOBY) 2022 Q1 法說會逐字稿

Good afternoon, and thank you for holding. My name is Sherry, and I will be your conference operator today. Welcome to Joby Aviation First Quarter 2020 Conference Call. At this time, all parties are in a listen-only mode. As a reminder, today's call is being recorded, and a replay of the call will be available on the Investor Relations section of the company's website.

下午好，感謝您的支持。我叫雪莉，今天我將擔任你們的會議操作員。歡迎參加 Joby Aviation 2020 年第一季電話會議。此時，各方都處於只聽模式。提醒一下，今天的電話會議正在錄音，電話會議的重播將在公司網站的投資者關係部分提供。

Please note that some of the company's discussion today will include statements regarding future events and financial performance and 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.

請注意，該公司今天的一些討論將包括有關未來事件和財務表現的聲明以及信念、期望和意圖的聲明。這些前瞻性陳述是基於管理階層目前的預期，涉及可能導致實際結果與明示或暗示的結果有重大差異的風險和不確定性。

For a more detailed discussion of these risks and uncertainties, please refer to the company's filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter. The forward-looking statements included on this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them. This call will also be -- will also include references to the company's adjusted EBITDA, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's shareholder letter, which will be posted on the company's website at ir.jobyaviation.

有關這些風險和不確定性的更詳細討論，請參閱該公司向 SEC 提交的文件以及今天股東信中包含的安全港免責聲明。本次電話會議中所包含的前瞻性陳述僅截至本次電話會議之日作出，本公司不承擔任何更新或修改的義務。此次電話會議還將包括對公司調整後 EBITDA 的提及，這是一項非 GAAP 財務指標。今天的股東信中包含了這項非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，該信函將發佈在公司網站 ir.jobyaviation 上。

On the call from management today are JoeBen Bevirt, Founder and Chief Executive Officer, Paul Sciarra, Executive Chairman, Didier Papadopoulos, Head of Aircraft Development and Manufacturing, Bonny Simi, Head of Operations and People and Matt Field, Chief Financial Officer. After their prepared remarks, we will open up the call to analysts for questions. I will now turn the call over to Mr. Bevirt.

今天參加管理層電話會議的包括創始人兼首席執行官 JoeBen Bevirt、執行主席 Paul Sciarra、飛機開發和製造主管 Didier Papadopoulos、營運和人員主管 Bonny Simi 以及首席財務長 Matt Field。在他們準備好的演講之後，我們將開放分析師提問。我現在將把電話轉給貝維爾特先生。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for today's call. While it's only been a short time since we last spoke, we've made a substantial amount of progress and I'm really excited about the pace at which we're moving. We continue to execute against our plan, and we remain on track to meet our operational goals and spending guidance for the year.

謝謝你，接線生。大家下午好，感謝您參加我們今天的電話會議。雖然距離我們上次交談才過去很短的時間，但我們已經取得了很大的進展，我對我們前進的速度感到非常興奮。我們將繼續執行我們的計劃，並繼續實現今年的營運目標和支出指導。

You might have caught the recent 60 Minutes segment that focused on eVTOL technology and Joby in particular. While it was great to introduce our aircraft to Anderson Cooper and to share our story with millions of viewers at home, it was a comment from the active administrator of the FAA that resonated most with us. He said, and I quote, "We want to be very careful. We want to be very measured, but you're absolutely right. This is real and this is happening.?" And that's exactly the mindset that continues to guide us here at Joby. There's plenty to do. We need to do it in a professional, mature and thorough way and the opportunity is substantial.

您可能已經觀看了最近的 60 分鐘節目，該節目重點關注 eVTOL 技術，尤其是 Joby。雖然很高興向安德森庫柏介紹我們的飛機並與數百萬國內觀眾分享我們的故事，但最能引起我們共鳴的是美國聯邦航空局活躍管理員的評論。他說，我引用他的話：“我們要非常小心。我們要非常謹慎，但你說得絕對正確。這是真實的，而且正在發生。？”這正是 Joby 繼續指導我們的心態。有很多事情要做。我們需要以專業、成熟、徹底的方式來做這件事，機會是巨大的。

Before I hand it over to the team, I'd like to touch on 3 particular highlights from the quarter. First, our aircraft as well as continuing our test program with our preproduction aircraft, both in the air and on the ground, we've made excellent progress with the build of our first production-intent aircraft, which is scheduled to be the first to roll off our pilot manufacturing line in Marina, California. The majority of the large composite parts for this aircraft were completed during the first quarter, and we began work on the tail and wing structural assemblies. Both of these aircraft will play a critical role in our certification campaign, and we're really pleased with the progress we're making there.

在將其交給團隊之前，我想談談本季的 3 個特別亮點。首先，我們的飛機以及繼續對預生產飛機進行空中和地面測試計劃，我們在第一架生產型飛機的建造方面取得了巨大進展，這架飛機預計將成為第一架我們在加利福尼亞州瑪麗娜的試生產線下線。這架飛機的大部分大型複合材料部件已在第一季完成，我們開始進行尾翼和機翼結構組件的工作。這兩架飛機都將在我們的認證活動中發揮關鍵作用，我們對我們在這方面取得的進展感到非常滿意。

Second, I was able to travel to the U.K. and Japan during the quarter. There is no doubt that both countries have really leaned into deploying this technology in their markets. The conversations we're having with regulators in these countries about routes to certification and initial operations are very positive and leave me incredibly excited about their potential. In the U.K., I had the opportunity to visit The Whittle Laboratories in Cambridge as part of the World Economic Forum event with Prince Charles and the U.K. Secretary of State for Business, Kwasi Kwarteng.

其次，我本季能夠前往英國和日本。毫無疑問，這兩個國家都確實傾向於在各自的市場中部署這項技術。我們與這些國家的監管機構就認證途徑和初始運作進行的對話非常積極，讓我對它們的潛力感到非常興奮。在英國，我有機會與查爾斯王子和英國商業大臣誇西·誇騰 (Kwasi Kwarteng) 一起參觀了劍橋的惠特爾實驗室 (The Whittle Laboratories)，這是世界經濟論壇活動的一部分。

Prince Charles is showing real leadership on this topic and the U.K. government's commitment to aggressively fund climate-neutral aviation technology development via the Aerospace Technology Institute, underlines their intention to be global leaders in this field. In Japan, I had the opportunity to see the incredible work Toyota's doing to support our manufacturing along with the resources they have deployed here in California, they're an invaluable partner as we look ahead to scaling our production. We also had very productive conversations with JCAB, Japan's equivalent to the FAA.

查爾斯王子在這一主題上展現了真正的領導力，英國政府承諾透過航空航天技術研究所積極資助氣候中和航空技術的開發，突顯了他們成為該領域全球領導者的意圖。在日本，我有機會看到豐田為支持我們的製造所做的令人難以置信的工作以及他們在加利福尼亞州部署的資源，他們是我們展望擴大生產規模的寶貴合作夥伴。我們也與 JCAB 進行了非常有成效的對話，JCAB 相當於日本的 FAA。

While I'm on the topic of our international partners, I should also mention that we were able to add TMAP to our partnership with SK Telecom in South Korea. TMAP is the country's largest mobility platform and the unprecedented amount of transportation and mapping data they gathered over the past 20 years will play a key role in informing the design of a compelling service in Korea.

當我談到我們的國際合作夥伴時，我還應該提到，我們能夠將 TMAP 添加到與韓國 SK Telecom 的合作夥伴關係中。 TMAP 是韓國最大的行動平台，他們在過去 20 年中收集的空前數量的交通和地圖數據將在為韓國設計引人注目的服務方面發揮關鍵作用。

Finally, we're thrilled to be able to release the results of the acoustic testing that we completed with NASA last year. Measurements obtained by naphtha across 6 days of flight testing show that the real-life performance of our preproduction aircraft match both our predictions and our targeted goals. You can read more about the acoustics of our aircraft in our letter to shareholders. But during overhead flight, the aircraft registered equivalent of 45 A-weighted deciles from a distance of 500 meters, which we're confident means it will be barely perceptible when flying over cities. And across multiple takeoffs and landings, which were representative of our planned operations, it registered below 65 DBA at a distance of 100 meters from the flight path, meaning it's as quiet as a conversation during the loudest phases of flight.

最後，我們很高興能夠發布去年與 NASA 共同完成的聲學測試結果。在 6 天的飛行測試中獲得的石腦油測量結果表明，我們預生產飛機的實際性能符合我們的預測和目標。您可以在我們致股東的信中了解有關我們飛機聲學效果的更多資訊。但在頭頂飛行期間，飛機在 500 公尺距離處記錄到相當於 45 A 權重十分位數的聲音，我們相信這意味著在飛越城市上空時幾乎無法察覺。在代表我們計劃運行的多次起飛和降落中，距離飛行路徑 100 公尺處的噪音低於 65 DBA，這意味著在飛行最吵鬧的階段，它就像談話一樣安靜。

And while it's easy to talk about decibels, this doesn't capture the quality of the sound. We purposefully designed our aircraft to avoid the penetrating low-frequency wop wop we associate with helicopters and instead mimic the broadband sounds we find in nature, like the wind rushing through trees. It's hard to overstate how important this achievement is to Joby's vision. Aviation noise is a key concern for millions of residents around the world, but we've demonstrated how Joby is uniquely positioned to deliver flights exactly where people want them without having a negative impact on our environment.

雖然談論分貝很容易，但這並不能反映聲音的品質。我們有目的地設計我們的飛機，以避免我們與直升機聯繫在一起的穿透性低頻 wop wop 聲音，而是模仿我們在自然界中發現的寬頻聲音，例如風吹過樹木的聲音。這項成就對喬比的願景有多重要，怎麼強調都不為過。航空噪音是世界各地數百萬居民關注的一個主要問題，但我們已經展示了Joby 如何具有獨特的優勢，能夠將航班準確地送到人們想要的地方，而不會對我們的環境產生負面影響。

And the numbers I spoke about aren't theoretical numbers. They aren't predictions that may or may not pan out. These are actual results from the full-scale vehicle in the real world validated by NASA. And I'd like to say a huge thank you to the team at NASA for working with us to measure our aircraft and of course, to the team at Joby for working so hard to achieve this goal. It's yet another example of how our incredible team delivers on the goals we set ourselves day in and day out.

我所說的數字並不是理論數字。它們並不是可能成功也可能不會成功的預測。這些是經 NASA 驗證的現實世界中全尺寸飛行器的實際結果。我要向 NASA 團隊表示衷心的感謝，感謝他們與我們合作測量我們的飛機，當然，也要感謝 Joby 團隊為實現這一目標而付出的努力。這是我們令人難以置信的團隊如何日復一日地實現我們設定的目標的另一個例子。

In a moment, I'm going to hand it over to Didier to talk about the progress we've made on certification during the quarter. But first, I'd like to address the commentary we've seen this week regarding the certification basis for eVTOL aircraft. We're proud of the fact that Joby has a 10-year history of working with the FAA under leadership from both sides of the aisle and under the guidance of a number of different FAA administrators. We share their vision for reaching the next level of safety and efficiency, and we support them in their goal of demonstrating global leadership in how new customers and technologies can be safely integrated into the aviation system.

稍後我將把它交給 Didier 來談談我們在本季在認證方面取得的進展。但首先，我想談談我們本週看到的有關 eVTOL 飛機認證基礎的評論。讓我們感到自豪的是，Joby 在兩黨的領導下以及許多不同的 FAA 管理員的指導下與 FAA 有著 10 年的合作歷史。我們與他們有著共同的願景，即達到新的安全和效率水平，並支持他們實現在如何將新客戶和技術安全地整合到航空系統方面展現全球領導力的目標。

We are in active conversations with them about the most expedient route to certifying our aircraft. And we would note 2 important things they've said this week. First, that all of the development work done by current applicants remains valid and second, that they don't expect any change of approach to add delays to type certification or operational approval. On that basis, we're not providing any change to our guidance, and we remain heads down focused on doing the important and necessary work to certify our aircraft.

我們正在與他們積極討論認證我們飛機的最方便途徑。我們會注意到他們本週所說的兩件重要事情。首先，目前申請人所做的所有開發工作仍然有效，其次，他們預計方法的任何變更不會增加型式認證或營運批准的延遲。在此基礎上，我們不會對我們的指導方針做出任何改變，我們仍然專注於進行重要且必要的工作來認證我們的飛機。

With that, I'd like to hand it over to Didier, who is going to take us through the progress we've made during the quarter. Didier has spent more than 15 years, helping to develop and certify dozens of aircraft systems, including projects for Part 23 general aviation aircraft as well as Part 25 business jets and Part 27 and Part 29 helicopters for both commercial and defense programs. I couldn't imagine anyone better to be leading our work in this area. Didier, over to you.

說到這裡，我想將其交給 Didier，他將帶領我們回顧本季的進展。 Didier 花了超過 15 年的時間，協助開發和認證了數十個飛機系統，包括用於商業和國防項目的 Part 23 通用航空飛機以及 Part 25 公務機以及 Part 27 和 Part 29 直升機項目。我無法想像還有誰比他更適合領導我們在這領域的工作。迪迪爾，交給你了。

Thanks for the kind words, JoeBen, and hello, everybody. As JoeBen mentioned at the top of this call, we continue to make tangible progress towards part certification. That's the certification that covers the aircraft. Over the last quarter, we've moved from close to 70% of our means of compliance accepted by the FAA to close to 80%. And we have submitted the vast majority of the remainder to the FAA for their review and approval.

感謝 JoeBen 的客氣話，大家好。正如 JoeBen 在本次電話會議開頭提到的那樣，我們繼續在零件認證方面取得實際進展。這是涵蓋飛機的認證。上個季度，我們的合規方式被 FAA 接受的比例從近 70% 提高到了近 80%。我們已將剩餘的絕大多數提交給美國聯邦航空管理局 (FAA) 供其審查和批准。

As a reminder, the means of compliance identifies the steps we will take to demonstrate compliance with the certification basis identified for our aircraft. And each means of compliance agreed is a step towards being ready to complete formal for credit testing with the FAA. What comes after the means of compliance in the certification process are the area specific certification plans. Here, we get even more specific about how we'll demonstrate that compliance, translating the means into certification plans that detail the exact testing and analysis we intend to use. This is where most of our efforts has been focused. And over the last quarter, we've also made great progress here.

提醒一下，合規方式確定了我們將採取的步驟，以證明符合我們飛機的認證基礎。商定的每一種合規方式都是為完成美國聯邦航空局正式信用測試而邁出的一步。認證過程中的合規手段之後是特定領域的認證計劃。在這裡，我們更具體地說明如何證明合規性，將這些方法轉化為認證計劃，詳細說明我們打算使用的確切測試和分析。這是我們大部分努力的重點。在上個季度，我們在這方面也取得了巨大進展。

We recently had our first area specific certification plan accepted by the FAA, having become the first EBITDA company to submit one back in March. We've since submitted a further 2 plans and have the majority of the remainder ready to submit as soon as the relevant means of compliance are accepted. But it's worth noting that different parts of the aircraft can be in different stages of the certification process simultaneously. It's also possible to begin work on the next stage before receiving FAA sign off on the previous one. And that's exactly what we do at Joby. We always want to be ready for the next stage of the process before it happens. We remain focused on certifying our aircraft expediently and through working with the FAA along the way. It's part of what makes Joby a special team and it is what has helped us get to the leadership position we are in today. We think ahead and work ahead, building the capabilities in-house and testing them to make sure they're ready before we need them.

最近，我們的第一個特定領域認證計劃獲得了美國聯邦航空局 (FAA) 的認可，並於 3 月成為第一家提交該計劃的 EBITDA 公司。此後，我們又提交了 2 項計劃，一旦相關合規方式被接受，剩餘的大部分計劃將立即提交。但值得注意的是，飛機的不同部件可能同時處於認證過程的不同階段。在獲得 FAA 批准前一階段的工作之前，也可以開始下一階段的工作。這正是我們在 Joby 所做的。我們總是希望在流程的下一階段發生之前做好準備。我們仍然專注於透過與美國聯邦航空局的合作，方便地認證我們的飛機。這是使 Joby 成為特殊團隊的一部分，也是幫助我們取得今天的領導地位的原因。我們提前思考、提前工作，在內部建立功能並對其進行測試，以確保它們在我們需要之前做好準備。

In February of this year, we announced that we've begun coupon level conformity testing with the FAA. This marked our first step into the formal implementation phase where we started to complete 4 credit tests. But we've also started developing test plans and procedures in several other areas and then running them to prepare for formal testing. For example, we've recently run tests associated with our equipment environmental qualifications, power nodes landing gear loads and our electrical wiring robustness. We've also been able to make really important progress on developing and testing various production intent parts as well as manufacturing the majority of the large composite parts for our production intent aircraft, we've also manufactured several more copies to be used for testing and for additional airplanes in parallel.

今年 2 月，我們宣布已開始與 FAA 進行優惠券等級一致性測試。這標誌著我們邁入正式實施階段的第一步，我們開始完成 4 項信用測試。但我們也開始在其他幾個領域制定測試計劃和程序，然後運行它們為正式測試做準備。例如，我們最近進行了與設備環境資格、電源節點起落架負載和電線穩健性相關的測試。我們還能夠在開發和測試各種生產意向零件以及為我們的生產意向飛機製造大部分大型複合材料零件方面取得真正重要的進展，我們還製造了更多副本用於測試和測試用於並行的額外飛機。

Similarly, we've built several design intent, powertrain and electronic components during the quarter, including our first design intent EPU, or electric propulsion unit, which has already logged the equivalent of more than 600 flight hours on a dedicated test track. Furthermore, our ability to deliver a volume of production intent parts is not only central to being able to progress in that implementation phase, but it truly sets Joby apart. We cannot test what we cannot build, and we don't believe anybody else is in this position today consistently building parts that are designed for production aircraft.

同樣，我們在本季度構建了多個設計意圖、動力總成和電子組件，包括我們的第一個設計意圖EPU（即電力推進裝置），它已經在專用測試跑道上記錄了相當於600 多個飛行小時的飛行時間。此外，我們交付大量生產意向零件的能力不僅對於能夠在實施階段取得進展至關重要，而且真正使 Joby 與眾不同。我們無法測試我們無法製造的東西，而且我們不相信今天還有其他人能夠始終如一地製造專為生產飛機設計的零件。

Before I end, I'd like to close with one other key success from the quarter and that's the successful completion of our first familiarization meeting with the FAA's AED, or Aircraft Evaluation Division. This is the theme that makes sure that the aircraft we're certifying is actually suitable for real-world operations. In other words, they make sure that all this effort is worth it and will result in an aircraft that's suited to our incredible mission. We had a great first set of meetings with them this week, and it looks like we're absolutely on the right track to bring together our aircraft manufacturing with our operations.

在結束之前，我想以本季度的另一項關鍵成功作為結束語，那就是我們與 FAA 的 AED（飛機評估部門）的第一次熟悉會議的成功完成。這個主題確保我們正在認證的飛機實際上適合現實世界的操作。換句話說，他們確保所有這些努力都是值得的，並將生產出適合我們令人難以置信的任務的飛機。本週我們與他們進行了一系列精彩的第一次會議，看起來我們絕對走在將飛機製造與運營結合的正確軌道上。

And on that note, I'll hand it over to Bonny to talk more about our progress with Part 135. Bonny is not only the former President of JetBlue Technology Ventures, but she also has decades of operational and strategic experience in the airline industry, having served in a variety of roles from being a captain at United Airlines to Head of Talent at JetBlue. Bonny, over to you.

關於這一點，我將把它交給Bonny，並更多地談談我們在第135 部分方面的進展。Bonny 不僅是捷藍科技創投公司的前總裁，而且她還在航空業擁有數十年的營運和策略經驗，曾擔任過多種職務，從聯合航空公司機長到捷藍航空人才主管。邦尼，交給你了。

Thanks, Didier, and hello, everyone. Just like the work that's going on with our type certification for the aircraft, we're beginning to reach the execution phase of the process with our Part 135 operation certification for our on-demand service. As a reminder, we require a Part 135 air carrier certificate to operate our aircraft as an air taxi service. Alongside the type certificate and the production certificate, it's one of the 3 regulatory approvals we need to launch sustained commercial operations.

謝謝迪迪埃，大家好。就像我們正在進行的飛機型號認證工作一樣，我們的按需服務的第 135 部分操作認證正開始進入該流程的執行階段。謹此提醒，我們需要獲得第 135 部分航空承運人證書才能將我們的飛機作為空中計程車服務運作。除了型號證書和生產證書之外，它是我們啟動持續商業運營所需的 3 個監管批准之一。

We kicked off the Part 135 process in June of last year and completed the second stage of the process in August, having written more than 850 pages of operational procedures across more than 8 manuals. And as of today, all of those manuals have been reviewed and accepted or approved by the FAA. In March of this year, we confirmed that we had entered the fourth of 5 stages of the process, and I'm pleased to say that we expect to complete this phase during the second quarter, followed shortly thereafter by the fifth and final stage culminating in our formal approval of our 135 certificate.

我們在去年 6 月啟動了第 135 部分流程，並於 8 月完成了流程的第二階段，編寫了 8 多本手冊、超過 850 頁的操作程序。截至今天，所有這些手冊均已獲得美國聯邦航空局的審查、接受或批准。今年 3 月，我們確認已進入該流程 5 個階段中的第四個階段，我很高興地說，我們預計在第二季度完成此階段，隨後不久將進入第五個也是最後一個階段我們正式批准我們的135 張證書。

As is our philosophy at Joby, we're always looking for ways to derisk what we're doing. That's why we've gone through the process of the Part 135 now rather than waiting until we have our production aircraft ready. Doing so will allow us to prepare and test our airline operations ahead of our commercial launch, and we'll be doing that using conventional fixed wing aircraft. It was therefore great to see our Chief Pilot, Garrett Smith became Joby's first fully qualified Part 135 check pilot during the quarter. He then led the training of our initial cadre of 4 Joby pilots, including myself, who are all now qualified to fly our Cirrus SR22 aircraft immediately once we receive our 135 certificate.

正如我們 Joby 的理念一樣，我們一直在尋找方法來消除我們正在做的事情的風險。這就是為什麼我們現在就完成第 135 部分的流程，而不是等到我們的生產飛機準備好。這樣做將使我們能夠在商業發射之前準備和測試我們的航空公司運營，我們將使用傳統的固定翼飛機來做到這一點。因此，很高興看到我們的首席飛行員 Garrett Smith 在本季度成為 Joby 第一位完全合格的第 135 部分檢查飛行員。然後，他領導了我們最初的 4 名 Joby 飛行員骨幹培訓，其中包括我自己，一旦我們收到 135 證書，他們現在都具備了駕駛我們的西銳 SR22 飛機的資格。

Over the coming months, we will use this capability to exercise the operations and customer technology platforms that will underpin our multimodal ridesharing service, while also testing and enhancing our processes and procedures for safe and customer-friendly operations. And we look forward to sharing the outcome of these operations with you in due course.

在接下來的幾個月裡，我們將利用這項能力來演練支撐我們多式聯運共享服務的營運和客戶技術平台，同時測試和增強我們的流程和程序，以實現安全和客戶友好的營運。我們期待在適當的時候與您分享這些行動的成果。

I'll now hand it over to Matt to discuss our financials.

我現在將把它交給馬特來討論我們的財務狀況。

Thanks, Bonny. Good afternoon, and thanks for joining. As of the end of the third quarter, we had $1.2 billion in cash and short-term marketable securities, providing a solid foundation for our operations. In the first quarter of 2022, we incurred a net loss of $62.3 million, reflecting a loss from operations of $94.3 million and other income of $32 million. The loss in operations included stock-based compensation expenses of $19.4 million, which included both ongoing accounting for employee equity as well as new performance-based stock units introduced in 2022 to align employee incentives with delivering key corporate objectives for this year.

謝謝，邦尼。下午好，感謝您的加入。截至三季末，我們擁有12億美元的現金和短期有價證券，為我們的營運提供了堅實的基礎。 2022 年第一季度，我們淨虧損 6,230 萬美元，其中營運虧損 9,430 萬美元，其他收入虧損 3,200 萬美元。營運損失包括 1,940 萬美元的基於股票的薪酬支出，其中包括持續的員工股權會計以及 2022 年引入的新的基於績效的股票單位，以使員工激勵與實現今年的關鍵企業目標保持一致。

Lastly, and similar to the fourth quarter of last year, the favorable results in other income reflected the gain on revaluation of our derivative liabilities worth $16.8 million and income from our equity method investments of $14.5 million. Adjusted EBITDA, which, as a reminder, is a non-GAAP financial measure that we reconciled to net income in our shareholder letter, was negative $69.7 million. This was $32 million higher than the first quarter of 2021 and $4.5 million above the fourth quarter, primarily reflecting the continued growth in personnel to support our operations to over 1,100 employees and R&D costs associated with building prototype parts, where we continue to make progress as highlighted by Didier.

最後，與去年第四季類似，其他收入的良好結果反映了我們的衍生負債重估收益為 1,680 萬美元，權益法投資收入為 1,450 萬美元。提醒一下，調整後 EBITDA 是一項非 GAAP 財務指標，我們在股東信中將其與淨利潤進行了調節，調整後 EBITDA 為負 6,970 萬美元。這比2021 年第一季高出3,200 萬美元，比第四季高出450 萬美元，主要反映了支持我們營運的人員數量持續成長至1,100 多名員工，以及與建造原型零件相關的研發成本，我們在這方面繼續取得進展迪迪埃強調。

Cash used in operating activities and purchases of property and equipment totaled $72.3 million. Our statement of cash flow, which only focuses on the change in cash, cash equivalents and restricted cash, reflected a total cash outflow of $537 million as we invested a significant portion of our cash reserves in short-term investments and marketable securities during the first quarter.

用於經營活動以及購買財產和設備的現金總計 7,230 萬美元。 Our statement of cash flow, which only focuses on the change in cash, cash equivalents and restricted cash, reflected a total cash outflow of $537 million as we invested a significant portion of our cash reserves in short-term investments and marketable securities during the first四分之一.

This concludes our prepared remarks, and we will be happy to take any questions you may have regarding our operations in the first quarter of 2022. Operator, would you please instruct participants on how to ask questions.

我們準備好的演講到此結束，我們很樂意回答您對我們 2022 年第一季營運的任何問題。接線員，請您指導參與者如何提問。

Yes. (Operator Instructions) Our first question is from Kristine Liwag with Morgan Stanley.

是的。 （操作員說明）我們的第一個問題來自摩根士丹利的 Kristine Liwag。

In the past week, there were reports of an unexpected development from the FAA that they are modifying their approach on eVTOL because regulations designed for traditional airplanes and helicopters did not anticipate the need to train pilots to operate powered-lift, which is the -- when you have -- you take off in helicopter mode transitioning to an airplane mode for flying and transitioning back to helicopter mode for landing. But it also sounded like the FAA suggested that this change is unlikely to impact timelines.

過去一周，有報導稱美國聯邦航空局出現了意外的進展，他們正在修改電動垂直起降的方法，因為針對傳統飛機和直升機設計的法規沒有預見到需要培訓飛行員操作動力升降機，這是——當您--您以直升機模式起飛，過渡到飛機模式進行飛行，然後過渡回直升機模式進行降落。但聽起來美國聯邦航空局也暗示這項變更不太可能影響時間表。

With close to 80% of your means of compliance now accepted by the FAA, can you comment on how this regulatory shift affects you going forward? What would you need to change? And how could this potentially affect your timeline?

現在，您近 80% 的合規方式已被 FAA 接受，您能否評論一下這一監管轉變對您未來的發展有何影響？你需要改變什麼？這會對您的時間表產生什麼潛在影響？

Thanks a lot for the question, Kristine. This is Paul. I think that fundamentally the approach that the FAA is taking here is really mostly one of the administrative reclassification on the type certification side of things. So as JB said at the outset, we don't believe that this is going to have any impact on our certification timeline, and there's certainly no adjustments that we're making to our guidance as a result. And he highlighted a few, I think, of the important points that the FAA themselves made on this. The first is that all of the development work done by current applicants remains valid. So, all of the work that we've done on MoCs and other things is going to continue to be important for the program even despite this change.

非常感謝你的提問，克里斯汀。這是保羅。我認為從根本上來說，美國聯邦航空管理局在這裡採取的方法實際上主要是對型號認證的行政重新分類之一。因此，正如 JB 一開始所說的那樣，我們認為這不會對我們的認證時間表產生任何影響，因此我們當然不會對我們的指導進行任何調整。我認為，他強調了美國聯邦航空局本身在這個問題上提出的一些重要觀點。首先，目前申請人所做的所有開發工作仍然有效。因此，儘管發生了這一變化，我們在 MoC 和其他方面所做的所有工作對於該計劃仍然很重要。

And I think second, you highlighted already, any changes to the regulatory approach should not delay their projects. That's what the FAA said. So, we continue to view this as a positive sign that the FAA is sort of leaning into this. And to that point, the recent approval by the FAA of our first ASCP, which Didier mentioned at the outset, we see that actually as a sign of -- that the pace of progress hasn't slowed down and that the FAA is continuing to provide the resources to move our type certification process through the program. So fundamentally, we think that this is, as I said, largely an administrative shift that's unlikely to impact our timing to the administration program.

我認為第二，您已經強調過，監管方法的任何變化都不應該推遲他們的項目。美國聯邦航空局就是這麼說的。因此，我們仍然認為這是一個積極的跡象，表明美國聯邦航空局正在傾向於這一點。就這一點而言，美國聯邦航空局最近批准了我們的第一個ASCP，迪迪埃一開始就提到了這一點，我們認為這實際上是一個跡象——進展的步伐並沒有放緩，聯邦航空局正在繼續提供資源以推動我們的型式認證流程通過該計劃。因此，從根本上說，正如我所說，這在很大程度上是一種行政轉變，不太可能影響我們對行政計劃的時間表。

That's really helpful. I appreciate the color. And maybe as a follow-on, Didier, with the 20% that you have been in discussion with the FAA, can you give us some sort of detail in terms of what's left to do? And then also in terms of the powered-lift portion, is that part of the 80% you already agreed upon with the FAA? Or is that part of the 20% that we're still waiting on?

這真的很有幫助。我很欣賞它的顏色。也許作為後續行動，Didier，您已經與 FAA 討論過 20% 的人，您能給我們一些關於還需要做什麼的細節嗎？然後，就動力升力部分而言，這是否屬於您已與 FAA 達成一致的 80% 的一部分？或者這就是我們仍在等待的 20% 的一部分？

Thank you for the question. This is Didier. So back to the 20% here for a minute. As noted in the earlier comments, the majority of those 20% have already been submitted to the FAA and we're making great progress towards getting the vast majority of our MoCs completed by the first half of this year. So, we have a plan and the FAA has been supporting according to the plan. I'm very optimistic with the progression there.

感謝你的提問。這是迪迪埃。暫時回到 20%。正如先前評論中所指出的，這 20% 中的大部分已提交給 FAA，我們正在取得巨大進展，爭取在今年上半年完成絕大多數 MoC。所以，我們有一個計劃，美國聯邦航空局一直在根據該計劃提供支援。我對那裡的進展非常樂觀。

As it relates to the powered-lift and specifically the 20% that you mentioned, the regulations, like Paul and JoeBen said, the regulatory aspects applicable to our means of compliance and serve basis have not changed. So, for all practical purposes, we are continuing to execute per hour serve basis and the FAA has been supporting just as such.

由於它涉及動力升降機，特別是您提到的 20%，因此，正如 Paul 和 JoeBen 所說，適用於我們的合規方式和服務基礎的監管方面沒有改變。因此，出於所有實際目的，我們將繼續執行每小時服務的基礎，美國聯邦航空局也一直支持這一點。

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。

I guess my first question is related to obviously have overseas in some of the partners that you have in Korea, Japan. Can you shed some more light on how these are going to be executed? Are these going to be sales or individual operations? Just help us understand how that's going to play out.

我想我的第一個問題顯然與韓國、日本的一些合作夥伴在海外的關係有關。您能否進一步說明這些將如何執行？這些是銷售還是個人營運？只是幫助我們了解這將如何發展。

Thanks, lot for the question, Bill. It was a little bit hard to hear you. I think it was broadly about our partnerships announced in South Korea and Japan. Is that correct?

非常感謝你提出這個問題，比爾。聽你說話有點困難。我認為這主要是關於我們在韓國和日本宣布的合作關係。那是對的嗎？

It is. And I think just -- I guess, how we should think about that from what -- will these be sales? Or I know you guys -- you guys really want to be operators, but just how the ownership structure would work and any additional details that you share there?

這是。我想——我猜，我們該如何思考——這些會是銷售嗎？或者我知道你們——你們真的想成為運營商，但所有權結構如何運作以及你們在那裡分享的任何其他細節？

Yes. So, our approach is, as you noted, a little bit different than some of the other folks in that we want to not only build the aircraft but also operate the aircraft and deliver that service kind of more directly to end customers. But our approach in the U.S. is going to be, I think, what this is really about is finding the right partners that are going to sit around that operation. So, SK in South Korea, certainly ANA in Japan, we think are the right partners to help support what those launches might look like. So, it's not a change in strategy. It's really announcing the right set of partners to successfully execute on a commercial launch in one of those countries.

是的。因此，正如您所指出的，我們的方法與其他一些人略有不同，因為我們不僅希望建造飛機，還希望運營飛機並更直接地向最終客戶提供服務。但我認為，我們在美國的做法實際上是尋找合適的合作夥伴來參與這項業務。因此，我們認為韓國的 SK，當然還有日本的全日空，是幫助支持這些產品發布的合適合作夥伴。所以，這不是策略的改變。它實際上是在宣布合適的合作夥伴，以在其中一個國家成功執行商業發布。

Okay. Can you give us some sort of sense there, this is for Matt, to try to give us some sort of sense of how we should think about spend OpEx as well as CapEx here in the current quarter? And then, I guess, how we should think about how that progresses through the year.

好的。您能給我們一些建議嗎？這是馬特（Matt）的建議，讓我們了解我們應該如何考慮本季的營運支出和資本支出？然後，我想，我們應該如何思考這一年的進展。

Yes. Thanks, Bill. So, I shared our cash in terms of net operating activities and CapEx at $72.3 million. And JoeBen shared that it's on track with our guidance of $340 million to $360 million. Clearly, if you multiply that number of times 4, you get to a lower number. And so, you should really think of us as ramping up spending really around 2 things. One, as we build out our team. So, we will continue to grow our team to support certification and manufacturing most principally. But then also as we finish off completing our manufacturing at our pilot plant facility. So, continuing to build equipment as we finish out our capacity.

是的。謝謝，比爾。因此，我按照淨營運活動和資本支出計算的現金為 7,230 萬美元。 JoeBen 表示，我們的目標是 3.4 億至 3.6 億美元，一切都很順利。顯然，如果將該數字乘以 4，則會得到一個更低的數字。因此，你真的應該認為我們確實在兩件事上增加了支出。第一，當我們建立我們的團隊時。因此，我們將繼續發展我們的團隊，以支援認證和製造。但當我們完成我們的試點工廠的製造。因此，在我們完成產能後繼續建造設備。

Our next question is from Edison Yu with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Edison Yu。

First, I wanted to follow up on the FAA topic. So, I understand you're just saying that there's really no delay to the type certification. But wondering if the changes have any sort of impact on the timing of the operations, is there any -- do you see any sort of impact there either for yourself or for the industry more broadly?

首先，我想跟進 FAA 的話題。所以，我理解你只是說型式認證確實沒有延遲。但想知道這些變化是否會對營運時間產生任何影響，您是否認為對自己或更廣泛的行業有任何影響？

Thank you, Edison. This is Bonny. And this -- the way we're looking at the operations and the FAA even stated that they aren't anticipating adding any delay to the certification or operations. We're also thinking very broadly in terms of long term in terms of the pilots and the training programs. And just as we're building out our 135 program well in advance, we're also building out all of our training programs. which allows us to build a basic foundation to make any adjustments as necessary as any kind of training regulations evolve. And our training program is very robust because we're already partnering with the DoD to validate that training. And we had the -- as Didier mentioned earlier, the AED, the Aircraft Evaluation Division was here with us this week, and part of their mandate is to observe how we're thinking about our training program, how we're thinking about our operating program. We had very good discussions on this very topic. So, I'm very confident that the process we're putting in place will serve us quite well as these regulations evolve if they do at all.

謝謝你，愛迪生。這是邦尼。我們看待營運的方式，美國聯邦航空局甚至表示，他們預計不會對認證或營運造成任何延遲。我們也對試點和培訓計劃的長期發展進行了非常廣泛的思考。正如我們提前製定 135 計劃一樣，我們也在製定所有培訓計劃。這使我們能夠奠定基礎，以便根據任何類型的培訓法規的發展進行必要的調整。我們的培訓計劃非常強大，因為我們已經與國防部合作來驗證該培訓。正如迪迪埃之前提到的，AED、飛機評估部門本週與我們在一起，他們的部分任務是觀察我們如何考慮我們的培訓計劃，我們如何考慮我們的培訓計劃。操作程序。我們就這個主題進行了很好的討論。因此，我非常有信心，隨著這些法規的發展（如果確實如此），我們正在實施的流程將為我們提供良好的服務。

Understood. Following up a different topic on the flight testing. What's your sort of latest plan for the rest of the year? And what are you sort of hoping to learn and accomplish with the next few quarters of flight testing?

明白了。跟進有關飛行測試的不同主題。今年剩餘時間你的最新計畫是什麼？您希望在接下來幾季的飛行測試中學習和完成什麼？

This is Paul. So, we already mentioned, I think, on the last call that we've restarted the flight testing program, and we continue to see sort of good progress on that front. But honestly, this year, when we think about the use of the aircraft, it's really not so much for internal flight testing purposes at this stage. We had an opportunity, obviously, to start our flight testing program way back in 2017. And turn last year, we mentioned that we did sort of 1,000 flights demonstrating the range of the aircraft, the low noise signature of the aircraft and in turn, doing that at altitudes that are representative of normal operation. So, we feel like we've checked a lot of really important boxes in terms of our internal flight testing evaluation.

這是保羅。因此，我認為我們在上次通話中已經提到我們已經重新啟動了飛行測試計劃，並且我們繼續看到在這方面取得了良好的進展。但說實話，今年，當我們考慮飛機的用途時，現階段實際上並沒有那麼多用於內部飛行測試的目的。顯然，早在 2017 年，我們就有機會開始我們的飛行測試計劃。去年，我們提到我們進行了 1,000 次飛行，展示了飛機的航程、飛機的低噪音特徵，在代表正常操作的高度進行此操作。因此，我們覺得我們在內部飛行測試評估方面已經檢查了很多非常重要的方框。

What the work with the aircraft this year will look like is actually doing operations in conjunction with our ongoing contracts with the DoD. So that's going to be the focus of the flight testing program and the use of the aircraft as we think through the majority of this year.

今年的飛機工作實際上是根據我們與國防部正在進行的合約進行操作。因此，正如我們今年大部分時間所認為的那樣，這將成為飛行測試計劃和飛機使用的重點。

Our next question is from Andres Sheppard with Cantor Fitzgerald.

我們的下一個問題來自安德烈斯·謝潑德和坎托·菲茨杰拉德。

Congrats on the quarter. I just wanted to follow up a little bit on the certification process with now close to 80% of the means of compliance being accepted. I'm wondering, is that in some ways, is that ahead of schedule relative to your expectations now that it's only 20% left? I know you had said 2022. And I'm just wondering, we're in the first half of the year, it seems like most of the progress there has already been achieved. So how should we think about this remaining 20%.

恭喜本季。我只是想跟進認證流程，現在接近 80% 的合規方式已被接受。我想知道，在某些方面，這是否比您的預期提前了，因為現在只剩下 20% 了？我知道你說的是 2022 年。我只是想知道，現在已經是上半年了，似乎大部分進展已經取得了。那我們該如何看待這剩下的20%呢？

Yes. Thank you for the question. This is Didier. Obviously, we're pretty excited and thrilled for having achieved close to 80% of the means of compliance, big thanks to the team for all the efforts going into that. We further beyond that means of compliance. Of course, we talked about sort of the next step of this is submittal and acceptance of the area-specific cert plans. And 3 of these having been submitted now and one accepted, which is really amazing achievement. I'd say we are laser focused on the target, the plan. We are on target, on plan. We're super excited about the progress there. And I think we're going to continue to be consistent in delivering along that plan.

是的。感謝你的提問。這是迪迪埃。顯然，我們對實現了接近 80% 的合規性感到非常興奮和激動，非常感謝團隊為此付出的所有努力。我們進一步超越了這種合規手段。當然，我們談到下一步是提交和接受特定區域的認證計劃。目前已經提交了 3 篇文章，其中一篇被接受，這真是一個了不起的成就。我想說，我們正專注於目標、計畫。我們正朝著目標、按計畫前進。我們對那裡的進展感到非常興奮。我認為我們將繼續堅持執行該計劃。

Got it. That's helpful. Maybe a question for Matt, and this is maybe piggybacking from Bill's question earlier. In terms of the OpEx, right, so guidance is unchanged. You've mentioned recently that you kind of expect it to ramp up quarter after quarter. I'm just wondering, should we account for any seasonality in the OpEx just to kind of reconcile and be within that guidance that you provided? Or just any color you can kind of give us from a modeling perspective, I guess?

知道了。這很有幫助。也許是馬特的問題，這可能是比爾之前提出的問題的結果。就營運支出而言，正確，因此指導不變。您最近提到，您預計它會逐季上升。我只是想知道，我們是否應該考慮營運支出中的任何季節性因素，以便進行協調並遵守您提供的指導？或者只是你可以從建模角度給我們的任何顏色，我猜？

Yes. So, I wouldn't say that there's necessary seasonality because our stopping levels will grow quarter-over-quarter-over-quarter. There may be some lumpiness around our purchase of equipment that could affect the quarter. And then obviously, there's things that affect any company your fringes, your personnel taxes and your 401(k) match, things tend to be more front loaded than back loaded just because of how those work. But fundamentally, I would think of kind of sequential growth across the year as we bring on staff.

是的。因此，我不會說有必要的季節性，因為我們的停止水準將逐季度增長。我們的設備採購可能會出現一些波動，這可能會影響本季。顯然，有些事情會影響任何公司，你的邊緣、你的人事稅和你的 401(k) 匹配，這些事情往往是提前加載的，而不是後面加載的，只是因為這些事情是如何運作的。但從根本上說，我認為隨著我們引進員工，全年會持續成長。

Got it. And maybe one last one, if I may. With the continued supply chain disruptions that we've seen, the prices of batteries have started to kind of move in the opposite direction. Now I realize you guys are vertically integrated, which in this case, would seem like a better strategy. But I'm just wondering on a macro level, how should we -- what are some best practices that you can implement to hopefully try to mitigate some of that supply chain disruption. Do you expect to be affected by the prices of batteries going up -- and if so, what are some things that can be done to kind of prevent or mitigate that?

知道了。如果可以的話，也許還有最後一件事。隨著我們所看到的供應鏈持續中斷，電池的價格已經開始朝相反的方向發展。現在我意識到你們是垂直整合的，在這種情況下，這似乎是一個更好的策略。但我只是想知道，在宏觀層面上，我們應該如何——您可以實施哪些最佳實踐，以期減輕供應鏈中斷的影響。您預計會受到電池價格上漲的影響嗎？如果是，可以採取哪些措施來防止或減輕這種影響？

Thank you, Andres. This is JoeBen. A couple of different dimensions to that question. On the first point in terms of battery supply, we have had the fortune of working with some fantastic battery suppliers for many years now. We have long-standing relationships, and we have a large supply of cells in-house that will carry us through for quite a while now.

謝謝你，安德烈斯。這是喬本。這個問題有幾個不同的維度。關於電池供應的第一點，我們很榮幸能與一些出色的電池供應商合作多年。我們有著長期的合作關係，我們內部擁有大量的細胞供應，可以支撐我們度過相當長的一段時間。

Second, on your question around the cost on batteries. We -- there's 2 dimensions to that. The first is how the cost of batteries reflects on the -- our BOM cost, the cost of building the aircraft when they're first manufactured. And we can think about that in the frame of reference of a ground EV, where the battery is a substantial portion of the cost. For our aircraft, the cost of the battery is a much smaller portion of the total BOM cost. And so, we're not as sensitive there.

其次，關於你關於電池成本的問題。我們——有兩個維度。第一個是電池成本如何反映我們的 BOM 成本，也就是飛機首次製造時的製造成本。我們可以在地面電動車的參考框架中考慮這一點，其中電池佔成本的很大一部分。對於我們的飛機來說，電池成本佔總 BOM 成本的比例要小得多。因此，我們對此並不那麼敏感。

As a result, we select batteries which might cost a little bit more on the upfront, but which have much longer cycle life. And as a result, because we are both the manufacturer, but also the operator -- we -- what we really care about is being able to deliver the lowest possible prices for our customers. And to do that, we selected long-cycle life batteries. And as a result, as we previously noted, we've demonstrated more than 10,000 representative flight cycles on the cells. And as a result, the battery -- the cost of the battery is -- the battery cost is a portion of our operating cost is quite small.

因此，我們選擇的電池可能前期成本稍高，但循環壽命更長。因此，因為我們既是製造商，也是營運商——我們——我們真正關心的是能夠為我們的客戶提供盡可能最低的價格。為此，我們選擇了長循環壽命的電池。因此，正如我們之前指出的，我們在電池上展示了 10,000 多個代表性飛行週期。因此，電池——電池的成本——電池成本占我們營運成本的一部分相當小。

Our next question is from David Zazula with Barclays.

我們的下一個問題來自巴克萊銀行的大衛·扎祖拉。

Maybe for Didier and JoeBen. There have been a number of peers that have discussed where they are in the design review process. If you could give us an update on the -- where you are in the design review process. Clearly, the fact that you're manufacturing some parts is a pretty strong statement in and of itself, but maybe discuss some of the parts that you're maybe holding back on from the manufacturing standpoint as you go through your design review.

也許是為了迪迪埃和喬本。有許多同行討論了他們在設計審查過程中的進展。您能否向我們提供有關您在設計審核過程中的進展的最新資訊。顯然，您正在製造某些零件這一事實本身就是一個非常有力的聲明，但也許可以討論一些在您進行設計審查時從製造角度來看您可能會保留的零件。

Thank you, David. This is Didier. It's -- if I were to describe where we are in the process, I?d probably want to focus first on the typical development process goes through the PDR, CDR through the TC cycle. What we have chosen Job is to marry the cycle with more of an agile iterative development cycle. The reason we did that is that allows us to go through design development testing very quickly. And as we do that, we iterate and we close that feedback loop into the design so that we can mature it at a faster pace and at multiple levels throughout the overall aircraft series of systems.

謝謝你，大衛。這是迪迪埃。如果我要描述我們在流程中的位置，我可能會首先關注透過 PDR、CDR 和 TC 週期的典型開發流程。我們選擇的 Job 是將週期與更多敏捷的迭代開發週期結合。我們這樣做的原因是讓我們能夠非常快速地進行設計開發測試。當我們這樣做時，我們會迭代並將反饋循環封閉到設計中，以便我們能夠在整個飛機系列系統的多個層面上以更快的速度使其成熟。

And so, as you might -- as you mentioned -- as you might imagine, right now, we're at a mature design cycle where we're building the production intent to aircraft. I mentioned earlier in the introduction that we are developing production intent components throughout all of our systems, particularly some of the airframe parts, the electronics parts, the electric propulsion unit as well as the electrical wiring system. So, I would say through that, that we are well into the mature phase of our design process, as you can see here.

因此，正如您所提到的，正如您所想像的，現在我們正處於一個成熟的設計週期，我們正在建立飛機的生產意圖。我在前面的介紹中提到，我們正在開發整個系統的生產意圖組件，特別是一些機身零件、電子零件、電力推進裝置以及電氣佈線系統。因此，我想說，我們的設計流程已經進入成熟階段，正如您在這裡所看到的。

Great. And then last quarter, you were limited in your comment as far as the accident that had occurred during some prior flight testing. I wonder if you're able to comment anymore. I think the investigation is still in progress phase, so you may not be able to. But if you can, can you maybe discuss what influence you've seen on your current flight testing and how you've changed or what benefits you're seeing?

偉大的。上個季度，您對先前一些飛行測試期間發生的事故的評論有限。我想知道你是否還能發表評論。我認為調查仍在進行階段，所以你可能無法做到。但如果可以的話，您能否討論一下您在當前的飛行測試中看到的影響以及您的變化或您看到的好處？

Yes. Thank you. So, we -- as you right would note, this is an ongoing NTSB investigation, and so I can't comment directly. I would like to highlight some of the elements that Paul spoke about. Very, very pleased with the results that have been released on the acoustic profile. Our testing with NASA and the results there are really remarkable, also demonstrating the speed, the range, the altitude. Basically, we're checking boxes across the board. And our flight test program has really shown that we're delivering on every element that we've committed to. And what that means is that we're -- the aircraft we're building is going to deliver a huge amount of value to our customers.

是的。謝謝。因此，正如您所指出的，這是一項正在進行的 NTSB 調查，因此我無法直接發表評論。我想強調保羅談到的一些要素。對已發布的聲學剖面結果非常非常滿意。我們與 NASA 的測試和結果確實非常出色，也展示了速度、範圍和高度。基本上，我們正​​在全面檢查方框。我們的飛行測試計劃確實表明我們正在兌現我們承諾的每一個要素。這意味著我們正在製造的飛機將為我們的客戶帶來巨大的價值。

With regard to the accident and we think that there have been really valuable learnings, and we will take those, but we do not expect them to have any material impact on our program or on the aircraft design.

關於這次事故，我們認為我們學到了非常有價值的經驗教訓，我們將接受這些經驗教訓，但我們預計它們不會對我們的計劃或飛機設計產生任何實質影響。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to JoeBen for closing remarks.

我們的問答環節已經結束。我想將會議轉回由 JoeBen 發表閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. Our team at Joby is laser-focused on execution. I think you've seen that in our execution this quarter across all of our areas, certification, production and commercialization. And you're going to see that as we move into this next quarter. Really appreciate everyone for joining us today, and I can't wait to talk to you next quarter. Thank you so much.

謝謝運營商，也謝謝大家今天加入我們。我們 Joby 的團隊非常注重執行力。我想您已經在本季度我們所有領域、認證、生產和商業化的執行中看到了這一點。當我們進入下一個季度時，您將會看到這一點。非常感謝大家今天加入我們，我迫不及待地想在下個季度與您交談。太感謝了。

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。此時您可以斷開線路，感謝您的參與。