2022 Q4 Form 10-Q Financial Statement

#000181984822000187 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.22M $23.25M $15.61M
YoY Change 26.53% 48.98% 182.99%
% of Gross Profit
Research & Development $76.14M $73.87M $52.09M
YoY Change 32.97% 41.81% 69.61%
% of Gross Profit
Depreciation & Amortization $6.573M $4.800M $4.172M
YoY Change 46.85% 15.05% 119.58%
% of Gross Profit
Operating Expenses $101.4M $97.12M $67.70M
YoY Change 31.31% 43.46% 86.87%
Operating Profit -$97.12M -$67.70M
YoY Change 43.46% 86.87%
Interest Expense $8.540M $35.00K $484.0K
YoY Change -61.02% -92.77% 644.62%
% of Operating Profit
Other Income/Expense, Net $25.93M $17.92M -$11.16M
YoY Change -47.99% -260.59% -235.99%
Pretax Income -$66.89M -$79.20M -$78.86M
YoY Change 1115.91% 0.43% 181.41%
Income Tax $57.00K $5.000K
% Of Pretax Income
Net Earnings -$66.94M -$79.21M -$78.86M
YoY Change -1426.94% 0.44% 181.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.20
Diluted Earnings Per Share -$0.11 -$0.14 -$204.5K
COMMON SHARES
Basic Shares Outstanding 621.7M shares 607.6M shares 385.6M shares
Diluted Shares Outstanding 584.0M shares 385.6M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.057B $1.075B $1.362B
YoY Change -18.63% -21.14% 48917.55%
Cash & Equivalents $146.1M $193.8M $1.016B
Short-Term Investments $910.7M $880.7M $346.0M
Other Short-Term Assets $23.36M $23.44M $17.59M
YoY Change 34.15% 33.26% 1692.57%
Inventory
Prepaid Expenses $17.59M
Receivables
Other Receivables $4.021M $6.092M $2.419M
Total Short-Term Assets $1.084B $1.104B $1.382B
YoY Change -17.77% -20.14% 36661.12%
LONG-TERM ASSETS
Property, Plant & Equipment $92.10M $62.95M $43.98M
YoY Change 73.27% 43.15%
Goodwill $14.01M $14.01M $4.880M
YoY Change 30.25% 187.11%
Intangibles $12.58M $14.20M $13.82M
YoY Change -13.31% 2.75%
Long-Term Investments $0.00 $12.49M $20.18M
YoY Change -100.0% -38.12% -97.08%
Other Assets $64.20M $65.36M $65.86M
YoY Change -8.7% -0.76%
Total Long-Term Assets $208.8M $169.8M $149.5M
YoY Change 22.96% 13.58% -78.34%
TOTAL ASSETS
Total Short-Term Assets $1.084B $1.104B $1.382B
Total Long-Term Assets $208.8M $169.8M $149.5M
Total Assets $1.293B $1.274B $1.532B
YoY Change -13.13% -16.85% 120.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.710M $4.302M $3.558M
YoY Change 111.99% 20.91% 406.45%
Accrued Expenses $22.49M $24.50M $2.418M
YoY Change 155.86% 913.23% 591.67%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.265M
YoY Change -100.0%
Total Short-Term Liabilities $30.20M $28.80M $7.603M
YoY Change 118.1% 278.82% 622.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.491M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.211M $1.715M $218.2M
YoY Change -47.14% -99.21% 794.68%
Total Long-Term Liabilities $1.211M $1.715M $219.7M
YoY Change -47.14% -99.22% 800.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.20M $28.80M $7.603M
Total Long-Term Liabilities $1.211M $1.715M $219.7M
Total Liabilities $128.2M $113.7M $227.3M
YoY Change -25.26% -50.0% 793.42%
SHAREHOLDERS EQUITY
Retained Earnings -$734.7M -$667.7M -$481.7M
YoY Change 54.14% 38.63%
Common Stock $61.00K $60.00K $60.00K
YoY Change 1.67% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.165B $1.160B $1.305B
YoY Change
Total Liabilities & Shareholders Equity $1.293B $1.274B $1.532B
YoY Change -13.13% -16.85% 120.83%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$66.94M -$79.21M -$78.86M
YoY Change -1426.94% 0.44% 181.35%
Depreciation, Depletion And Amortization $6.573M $4.800M $4.172M
YoY Change 46.85% 15.05% 119.58%
Cash From Operating Activities -$53.11M -$68.31M -$69.47M
YoY Change 8.95% -1.68% 13375.51%
INVESTING ACTIVITIES
Capital Expenditures $30.48M -$5.380M -$6.185M
YoY Change -361.7% -13.02% -247.61%
Acquisitions
YoY Change
Other Investing Activities -$24.34M -$43.75M $27.82M
YoY Change -11213.7% -257.29% -104.03%
Cash From Investing Activities -$54.82M -$49.13M $21.63M
YoY Change 379.71% -327.13% -103.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.18M 193.0K 1.020B
YoY Change -7987.42% -99.98% 47.13%
NET CHANGE
Cash From Operating Activities -53.11M -68.31M -69.47M
Cash From Investing Activities -54.82M -49.13M 21.63M
Cash From Financing Activities 60.18M 193.0K 1.020B
Net Change In Cash -47.74M -117.2M 972.2M
YoY Change -21.65% -112.06% 34877.53%
FREE CASH FLOW
Cash From Operating Activities -$53.11M -$68.31M -$69.47M
Capital Expenditures $30.48M -$5.380M -$6.185M
Free Cash Flow -$83.59M -$62.93M -$63.29M
YoY Change 125.31% -0.57% 1244.96%

Facts In Submission

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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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joby Non Cash Interest Expense And Amortization Of Debt Discount And Issuance Costs
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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joby Uber Elevate Acquisition In Exchange For Series C Preferred Stock
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us-gaap Capital Lease Obligations Incurred
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joby Conversation Of Uber Note Payable To Series C Redeemable
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joby Conversation Of Uber Note Payable To Series C Redeemable
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joby Unpaid Offering Costs
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joby Unpaid Offering Costs
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joby Conversion Of Preferred Stock
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joby Conversion Of Preferred Stock
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joby Net Non Cash Assets Acquired In Merger
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us-gaap Nature Of Operations
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Company and Nature of Business<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of Business </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Joby Aviation, Inc. (“Joby Aviation” or the “Company”) is a vertically integrated air mobility company that is building a clean, quiet, fully-electric vertical takeoff and landing (“eVTOL”) aircraft to be used by the Company to deliver air transportation as a service. The Company is headquartered in Santa Cruz, California.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Merger with RTP </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 10, 2021 (the “Closing Date”), Reinvent Technology Partners, a Cayman Islands exempted company and special purpose acquisition company (“RTP”), completed the transactions contemplated by that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of February 23, 2021, by and among RTP, RTP Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of RTP (“RTP Merger Sub”), and Joby Aero, Inc., a Delaware corporation (“Legacy Joby”). On the Closing Date, RTP was domesticated as a Delaware corporation, Merger Sub merged with and into Legacy Joby and the separate corporate existence of Merger Sub ceased (the “Merger”), and Legacy Joby survived as a wholly-owned subsidiary of RTP, which changed its name to Joby Aviation, Inc.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the execution of the Merger Agreement, RTP entered into separate subscription agreements (each a “Subscription Agreement”) with a number of investors (each a “PIPE Investor”), pursuant to which the PIPE Investors agreed to purchase, and RTP agreed to sell to the PIPE Investors, shares of Common Stock (“PIPE Shares”), in a private placement (“PIPE Financing”). The PIPE Financing closed substantially concurrently with the consummation of the Merger.</span></div>The Merger, together with the other transactions described in the Merger Agreement and the PIPE Financing, are referred to herein as the (“Reverse Recapitalization”). The number of Legacy Joby common shares and redeemable convertible preferred shares for all periods prior to the Closing Date have been retrospectively increased using the exchange ratio that was established in accordance with the Merger Agreement. Please refer to Note 3, “Reverse Recapitalization,” in the Company’s annual report on Form 10-K for the year ended December 31, 2021.
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us-gaap Depreciation
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1535000 usd
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6107000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1332000 usd
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CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
8031000 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1360000 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
636000 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
20234000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17416000 usd
CY2022Q3 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
59611000 usd
CY2021Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
59611000 usd
CY2022Q3 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
5181000 usd
CY2021Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
10511000 usd
CY2022Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
570000 usd
CY2021Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
199000 usd
CY2022Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
65362000 usd
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
70321000 usd
CY2022Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
9274000 usd
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
0 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6551000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4220000 usd
CY2022Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2495000 usd
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
4026000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther
2167000 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther
0 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4013000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1965000 usd
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24500000 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10211000 usd
CY2022Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4300000 usd
CY2021Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000 usd
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4100000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1550000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4925000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4000000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1020000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
729000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3174000 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
15398000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
198000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
294000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
231000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
159000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
150000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
50000 usd
CY2022Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
1082000 usd
CY2022Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
426000 usd
CY2022Q3 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
656000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-78858000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-191099000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
583970409 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7040
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7210
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0388
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0151
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y10M9D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P9Y7M9D
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-185369000 usd
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
583970409 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13043000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7619000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
51905000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19418000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-79206000 usd
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
385560732 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
385560732 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
581458391 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
581458391 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
203536351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203536351 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.91
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.91
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94259980 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
78451757 shares

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