2023 Q1 Form 10-K Financial Statement

#000181984823000059 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $24.20M $25.22M $95.92M
YoY Change 8.65% 26.53% 55.92%
% of Gross Profit
Research & Development $75.52M $76.14M $296.3M
YoY Change 4.78% 32.97% 49.96%
% of Gross Profit
Depreciation & Amortization $7.067M $6.573M $24.00M
YoY Change 35.59% 46.85% 50.5%
% of Gross Profit
Operating Expenses $99.72M $101.4M $392.2M
YoY Change 5.7% 31.31% 51.38%
Operating Profit -$99.72M -$392.2M
YoY Change 5.7% 51.38%
Interest Expense $8.400M $8.540M $118.0K
YoY Change 26996.77% -61.02% -95.14%
% of Operating Profit
Other Income/Expense, Net -$13.64M $25.93M $134.3M
YoY Change -142.6% -47.99% 96.77%
Pretax Income -$113.4M -$66.89M -$258.0M
YoY Change 81.92% 1115.91% 35.15%
Income Tax $34.00K $57.00K $92.00K
% Of Pretax Income
Net Earnings -$113.4M -$66.94M -$258.0M
YoY Change 81.96% -1426.94% 43.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.44
Diluted Earnings Per Share -$0.19 -$0.11 -$0.44
COMMON SHARES
Basic Shares Outstanding 628.6M shares 621.7M shares 585.5M shares
Diluted Shares Outstanding 605.2M shares 585.5M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $977.8M $1.057B $1.057B
YoY Change -19.91% -18.63% -18.63%
Cash & Equivalents $49.80M $146.1M $146.1M
Short-Term Investments $928.0M $910.7M $910.7M
Other Short-Term Assets $24.45M $23.36M $23.36M
YoY Change 28.33% 34.15% 34.15%
Inventory
Prepaid Expenses
Receivables
Other Receivables $10.91M $4.021M
Total Short-Term Assets $1.013B $1.084B $1.084B
YoY Change -18.47% -17.77% -17.77%
LONG-TERM ASSETS
Property, Plant & Equipment $93.03M $92.10M $117.3M
YoY Change 60.62% 73.27% 120.59%
Goodwill $14.01M $14.01M
YoY Change 30.25% 30.25%
Intangibles $11.09M $12.58M
YoY Change -23.7% -13.31%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $62.67M $64.20M $64.96M
YoY Change -8.83% -8.7% -8.61%
Total Long-Term Assets $205.6M $208.8M $208.8M
YoY Change 13.78% 22.96% 22.96%
TOTAL ASSETS
Total Short-Term Assets $1.013B $1.084B $1.084B
Total Long-Term Assets $205.6M $208.8M $208.8M
Total Assets $1.219B $1.293B $1.293B
YoY Change -14.37% -13.13% -13.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.927M $7.710M $7.710M
YoY Change 47.35% 111.99% 111.99%
Accrued Expenses $26.39M $22.49M $22.49M
YoY Change 70.28% 155.86% 155.86%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $30.32M $30.20M $30.20M
YoY Change 66.92% 118.1% 118.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.323M $1.211M $98.04M
YoY Change -39.2% -47.14% -37.31%
Total Long-Term Liabilities $1.323M $1.211M $98.04M
YoY Change -39.2% -47.14% -37.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.32M $30.20M $30.20M
Total Long-Term Liabilities $1.323M $1.211M $98.04M
Total Liabilities $149.2M $128.2M $128.2M
YoY Change -6.06% -25.26% -25.26%
SHAREHOLDERS EQUITY
Retained Earnings -$848.0M -$734.7M
YoY Change 57.36% 54.14%
Common Stock $61.00K $61.00K
YoY Change 1.67% 1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.069B $1.165B $1.165B
YoY Change
Total Liabilities & Shareholders Equity $1.219B $1.293B $1.293B
YoY Change -14.37% -13.13% -13.13%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$113.4M -$66.94M -$258.0M
YoY Change 81.96% -1426.94% 43.1%
Depreciation, Depletion And Amortization $7.067M $6.573M $24.00M
YoY Change 35.59% 46.85% 50.5%
Cash From Operating Activities -$78.57M -$53.11M -$235.9M
YoY Change 27.91% 8.95% 20.52%
INVESTING ACTIVITIES
Capital Expenditures $8.756M $30.48M $54.89M
YoY Change -19.17% -361.7% 69.73%
Acquisitions $0.00 $5.707M
YoY Change -100.0% -16.73%
Other Investing Activities -$10.37M -$24.34M -$575.9M
YoY Change -97.77% -11213.7% -4333.31%
Cash From Investing Activities -$19.13M -$54.82M -$630.8M
YoY Change -95.98% 379.71% 3266.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $422.0K 60.18M $60.46M
YoY Change 427.5% -7987.42% -94.47%
NET CHANGE
Cash From Operating Activities -$78.57M -53.11M -$235.9M
Cash From Investing Activities -$19.13M -54.82M -$630.8M
Cash From Financing Activities $422.0K 60.18M $60.46M
Net Change In Cash -$97.28M -47.74M -$806.3M
YoY Change -81.9% -21.65% -191.8%
FREE CASH FLOW
Cash From Operating Activities -$78.57M -$53.11M -$235.9M
Capital Expenditures $8.756M $30.48M $54.89M
Free Cash Flow -$87.32M -$83.59M -$290.8M
YoY Change 20.85% 125.31% 27.5%

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CY2022 us-gaap Nature Of Operations
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Company and Nature of Business <div style="margin-top:6pt"><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 and 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:18pt"><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><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%">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,” for more details.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Risks and Uncertainties</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%">Management expects losses and negative cash flows to continue for the foreseeable future, primarily as a result of continued research and development efforts. The Company historically funded its research and development efforts through equity and debt issuances. In 2020, the Company received $70.5 million in gross proceeds from additional issuances of Legacy Joby Series C Preferred Stock. In January 2021, the Company received $75.0 million in gross proceeds from the issuance of a convertible promissory note. In August 2021, the Company raised approximately $1.0 billion in net proceeds from the Reverse Recapitalization (Note 3). In October 2022, the Company received $60.0 million from the issuance of stock and warrant (Note 11). Failure to raise additional funding or generate sufficient positive cash flows from operations in the longer term could have a material adverse effect on the Company’s ability to achieve its intended business objectives. </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%">The Company operates in a dynamic high-technology industry. The Company is subject to a number of risks, including the possibility of the Urban Air Mobility (“UAM”)market not achieving its expected potential; the Company’s ability to secure adequate infrastructure; the possibility that its aircraft may not meet the required safety and performance standards; the Company’s ability to obtain relevant regulatory approvals for the manufacture of its aircraft and the commercialization of its service; the ability of the U.S. government to modify or terminate existing contracts; and the Company’s ability to raise future capital when needed. </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%">The Company's foreign operations are subject to risks inherent in operating under different legal systems and various political and economic environments. Among the risks are changes in existing income tax and other laws, possible limitations on foreign investment and income repatriation, government pricing or foreign exchange controls, and restrictions on currency exchange. </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 March, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic and recommended containment measures worldwide. To comply with the recommended containment measures and protect its employees, the Company implemented alternative work arrangements for its employees and limited its employees’ travel activities. </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%">Although many of the governmental restrictions have since been lifted or scaled back, recent and future surges of COVID-19 may result in restrictions being re-implemented in response to efforts to reduce the spread of COVID-19</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%">The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the COVID-19 pandemic, the status of health and safety actions taken to contain its spread and any additional preventative and protective actions that governments, or the Company, may take, any resurgence of COVID-19 that may occur and how quickly and to what extent economic and operating conditions normalize within the markets in which the Company operates. The COVID-19 pandemic could disrupt the operations of the Company’s third-party manufacturers, suppliers and certification agencies. The Company cannot predict how long the pandemic and measures intended to contain the spread of COVID-19 will continue and what effect COVID-19 and the associated containment measures will have on our suppliers and vendors. The Company is working closely with its manufacturing partners and suppliers to help ensure the Company is able to continue its research and development activities necessary to complete the development of its eVTOL aircraft and commence delivery of its services. The impact of COVID on certification agencies is also unknown and may affect the timeline to certify the Company’s aircraft.</span></div>
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CY2022 us-gaap Use Of Estimates
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Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, expenses, and disclosure of contingent assets and liabilities. The most significant estimates are related to the valuation of common stock, stock-based awards, preferred stock, preferred stock warrants, earnout shares, common stock warrants, intangible and certain tangible assets acquired and the valuation of and provisions for income taxes and contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under related circumstances. The estimates form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.
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<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%">Concentrations of Credit Risk</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%">Financial instruments that subject the Company to credit risk consist primarily of cash, cash equivalents and restricted cash, short-term investments and other receivables. At December 31, 2022 and 2021, cash and cash equivalents consisted of cash deposited with domestic and foreign financial institutions that are of high-credit quality. The Company is exposed to credit risk in the event of default by the domestic financial institutions to the extent that cash and cash equivalent deposits are in excess of amounts insured by the Federal Deposit Insurance Corporation. Foreign cash balances are not insured. The Company has not experienced any losses on its deposits since inception. Short-term investments consist of government and corporate debt securities and corporate asset backed securities that carry high-credit ratings and accordingly, minimal credit risk exists with respect to these balances. </span></div>The Company’s other receivables are due from United States government agency under the Company’s government grant contracts. At December 31, 2022 and 2021, these two agencies accounted for 44% and 6% of the Company’s other receivables, respectively. At December 31, 2021, 79% of other receivables was owed to the Company by Uber related to cash withheld by Uber for vesting of shares to employees acquired in Uber Elevate acquisition (see Note 5). The Company provides for uncollectible amounts on an expected credit loss basis by recording an allowance for doubtful receivables based on historical information, current conditions, and reasonable and supportable forecasts.
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16673000 usd
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0 usd
CY2022Q4 joby Contractual Agreement
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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Files In Submission

Name View Source Status
joby-20221231_lab.xml Edgar Link unprocessable
joby-20221231_def.xml Edgar Link unprocessable
joby-20221231_pre.xml Edgar Link unprocessable
joby-20221231_cal.xml Edgar Link unprocessable
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0001819848-23-000059-index.html Edgar Link pending
0001819848-23-000059.txt Edgar Link pending
0001819848-23-000059-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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joby-20221231.xsd Edgar Link pending
joby-20221231xex211.htm Edgar Link pending
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