Joby Aviation, Inc. Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

The components of loss before taxes are as follows (in thousands):

The provision for income taxes is as follows (in thousands):

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows (dollars in thousands):


	Year Ended December 31,
	2021			2020
	%			%
Tax at federal statutory rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		(7.3	)%		(6.7	)%
Permanent differences		(0.1	)%		0.2	%
Change in valuation allowance		27.9	%		32.5	%
Tax credits		(5.0	)%		(5.0	)%

Effective income tax rate		(5.5	)%		0.0	%

Significant components of the Company’s net deferred tax assets as of December 31, 2021 and 2020 (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	124,591		$	72,785
Research and development credits		22,995			13,499
Accruals and reserves		518			493
Property and equipment		1,362			811
Stock-based compensation		4,651			649
Goodwill		3,819			—
Intangibles		355			—

Total deferred tax assets		158,291			88,237
Valuation allowance		(141,618	)		(88,237	)

Net deferred tax assets		16,673			—

Deferred tax liabilities
Contractual agreement		(16,673	)		—

Total deferred tax liabilities		(16,673	)		—

Net deferred tax assets	$	—		$	—

The following shows the changes in the gross amount of unrecognized tax benefits as follows (in thousands):


	December 31,
	2021		2020
Unrecognized tax benefits, beginning of the year	$	4,995	$	2,872
Increases related to prior year tax positions		3,523		—
Decreases related to prior year tax positions		—		—
Increases related to current year tax positions		—		2,123

Unrecognized tax benefits, end of year	$	8,518	$	4,995