Joby Aviation, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

Balance Sheet Components

9 Months Ended

Sep. 30, 2021

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 6. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	September 30, 2021			December 31, 2020
Equipment	$	39,442		$	29,229
Computer software		7,827			5,992
Leasehold improvements		8,636			5,724
Molds and tooling		5,068			3,269
Vehicles and aircraft		1,140			211
Furniture and fixtures		242			95
Construction in progress		4,296			3,741
Gross property and equipment		66,651			48,261
Accumulated depreciation and amortization		(22,674	)		(14,135	)
Property and equipment, net	$	43,977		$	34,126

Depreciation and amortization expense of Property and equipment for the three and nine months ended September 30, 2021 was $3.2 million and $8.6 million and $1.9 million and $5.1 million for the three and nine months ended September 30, 2020, respectively.

Intangible Assets, Net

The intangible assets consist of the following:


	September 30, 2021			December 31, 2020
Automation Platform Software	$	7,200		$	—
Multimodal Software Technology		4,900			—
System Simulation Software Technology		4,600			—
Gross intangible assets		16,700			—
Accumulated amortization		(2,882	)		—
Intangible assets, net	$	13,818		$	—

Amortization expense related to intangible assets for the three and nine months ended September 30, 2021 was $1.0 million and $2.9 million, respectively and nil for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 the weighted-average amortization period of intangible assets was 3.78 years.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of September 30, 2021 (in thousands):


Fiscal Year	Amount
2021 (remainder)	$	961
2022		3,843
2023		3,843
2024		3,006
2025		2,165
	$	13,818

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	September 30, 2021		December 31, 2020
Prepaid equipment	$	3,958	$	1,352
Prepaid software		1,602		1,076
Prepaid taxes		805		243
Prepaid insurance		9,242		156
Other		1,981		205
Total	$	17,588	$	3,032

Other non-current assets


	September 30, 2021		December 31, 2020
Contractual agreements asset	$	54,944	$	—
Long term prepaid insurance		10,597		—
Other non-current assets		320		262
Total	$	65,861	$	262