$JOBY
Joby Aviation, Inc.

2023 Q3 Form 10-Q Financial Statement

#000181984823000321 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $27.61M $27.12M
YoY Change 18.74% 7.72%
% of Gross Profit
Research & Development $100.6M $88.85M
YoY Change 36.13% 19.73%
% of Gross Profit
Depreciation & Amortization $6.200M $7.458M
YoY Change 29.17% 65.73%
% of Gross Profit
Operating Expenses $128.2M $116.0M
YoY Change 31.97% 16.69%
Operating Profit -$128.2M -$116.0M
YoY Change 31.97% 16.69%
Interest Expense $13.61M $10.68M
YoY Change 38785.71% 36737.93%
% of Operating Profit
Other Income/Expense, Net $129.7M -$180.7M
YoY Change 623.88% -462.69%
Pretax Income $1.553M -$286.0M
YoY Change -101.96% 477.25%
Income Tax $28.00K $56.00K
% Of Pretax Income 1.8%
Net Earnings $1.525M -$286.1M
YoY Change -101.93% 477.07%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.45
Diluted Earnings Per Share $0.00 -$0.45
COMMON SHARES
Basic Shares Outstanding 693.8M shares 631.0M shares
Diluted Shares Outstanding 691.5M shares 636.7M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.113B $1.195B
YoY Change 3.54% 3.76%
Cash & Equivalents $480.4M $382.7M
Short-Term Investments $632.1M $812.1M
Other Short-Term Assets $18.80M $20.35M
YoY Change -19.79% -6.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables $6.935M $9.638M
Total Short-Term Assets $1.138B $1.225B
YoY Change 3.09% 4.01%
LONG-TERM ASSETS
Property, Plant & Equipment $100.4M $116.5M
YoY Change 59.51% 90.89%
Goodwill $14.01M $14.01M
YoY Change 0.0% 2.14%
Intangibles $7.992M $9.562M
YoY Change -43.71% -39.85%
Long-Term Investments
YoY Change
Other Assets $60.56M $61.86M
YoY Change -7.35% -7.98%
Total Long-Term Assets $211.4M $202.0M
YoY Change 24.53% 12.96%
TOTAL ASSETS
Total Short-Term Assets $1.138B $1.225B
Total Long-Term Assets $211.4M $202.0M
Total Assets $1.350B $1.427B
YoY Change 5.95% 5.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.787M $4.056M
YoY Change 11.27% 112.58%
Accrued Expenses $45.20M $40.04M
YoY Change 84.49% 42.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $49.97M $44.09M
YoY Change 73.48% 46.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.088M $298.1M
YoY Change 196.68% 15472.47%
Total Long-Term Liabilities $5.088M $298.1M
YoY Change 196.68% 15472.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.97M $44.09M
Total Long-Term Liabilities $5.088M $298.1M
Total Liabilities $240.3M $342.2M
YoY Change 111.41% 167.97%
SHAREHOLDERS EQUITY
Retained Earnings -$1.133B -$1.134B
YoY Change 69.62% 92.71%
Common Stock $69.00K $67.00K
YoY Change 15.0% 11.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.109B $1.085B
YoY Change
Total Liabilities & Shareholders Equity $1.350B $1.427B
YoY Change 5.95% 5.19%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.525M -$286.1M
YoY Change -101.93% 477.07%
Depreciation, Depletion And Amortization $6.200M $7.458M
YoY Change 29.17% 65.73%
Cash From Operating Activities -$80.18M -$71.74M
YoY Change 17.38% 35.15%
INVESTING ACTIVITIES
Capital Expenditures $8.590M $5.384M
YoY Change -259.67% -165.67%
Acquisitions
YoY Change
Other Investing Activities $186.5M $123.3M
YoY Change -526.25% -390.07%
Cash From Investing Activities $177.9M $117.9M
YoY Change -462.09% -332.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00K 284.5M
YoY Change -115.54% 14222950.0%
NET CHANGE
Cash From Operating Activities -80.18M -71.74M
Cash From Investing Activities 177.9M 117.9M
Cash From Financing Activities -30.00K 284.5M
Net Change In Cash 97.69M 330.6M
YoY Change -183.32% -418.56%
FREE CASH FLOW
Cash From Operating Activities -$80.18M -$71.74M
Capital Expenditures $8.590M $5.384M
Free Cash Flow -$88.77M -$77.13M
YoY Change 41.07% 71.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q2 us-gaap Preferred Stock Shares Issued
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022Q1 joby Vesting Of Early Exercised Stock Options
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CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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joby Gain From Change In The Fair Value Of Warrants And Earnout Shares
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joby Gain From Change In The Fair Value Of Warrants And Earnout Shares
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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joby Proceeds From Stock Options Exercised And Issuance Of Warrants
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Lease Obligations Incurred
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us-gaap Capital Lease Obligations Incurred
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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, 2022.
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CY2023Q2 us-gaap Prepaid Taxes
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CY2023Q2 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Prepaid Insurance
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CY2023Q2 us-gaap Accrued Salaries Current
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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joby Class Of Warrants Or Right Exercised
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0 shares
CY2023Q2 joby Class Of Warrants Or Right Exercised
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CY2023Q2 joby Earnout Shares Vested
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0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7710
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7370
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0391
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0392
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022 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
P8Y1M9D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y7M9D
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25222000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19433000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42480000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38862000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-286079000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-49574000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-399472000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-111893000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
636679165 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
636679165 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
581265924 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
581265924 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
621018919 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
580184274 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
580184274 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
77795084 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
96401952 shares
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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