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

3 Months Ended

Mar. 31, 2022

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Property and Equipment, Net

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


	March 31, 2022			December 31, 2021
Equipment	$	50,121		$	45,501
Computer software		9,927			8,410
Leasehold improvements		10,058			9,364
Molds and tooling		8,938			8,052
Vehicles and aircraft		1,582			1,198
Buildings		4,464			—
Furniture and fixtures		314			319
Construction in-progress		2,636			6,394
Gross property and equipment		88,040			79,238
Accumulated depreciation and amortization		(30,120	)		(26,083	)
Property and equipment, net	$	57,920		$	53,155

Depreciation and amortization expense of Property and equipment for the three months ended March 31, 2022 and 2021 was $4.1 million and $2.4 million, respectively. Vehicles and aircraft includes utility automobiles used at our various facilities and purchased aircraft to support Part 135 operations and training.

Intangible Assets, Net

The intangible assets consist of the following:


	March 31, 2022			December 31, 2021
Automation platform software	$	7,200		$	7,200
Multimodal software technology		4,900			4,900
System simulation software technology		4,600			4,600
Other intangibles		2,769			1,655
Gross intangible assets		19,469			18,355
Accumulated amortization		(4,940	)		(3,843	)
Intangible assets, net	$	14,529		$	14,512

Amortization expense related to intangible assets for the three months ended March 31, 2022 and 2021 was $1.1 million and $0.9 million, respectively. As of March 31, 2022 the weighted-average amortization period of intangible assets was 3.16 years.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of March 31, 2022 (in thousands):


Fiscal Year	Amount
2022 (remainder)		3,636
2023		4,831
2024		3,896
2025		2,166
	$	14,529

Prepaid Expenses and Other Current Assets

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


	March 31, 2022		December 31, 2021
Prepaid equipment	$	5,289	$	2,923
Prepaid software		3,918		4,494
Prepaid taxes		1,612		1,332
Prepaid insurance		7,053		8,031
Other		1,183		636
Total	$	19,055	$	17,416

Other non-current assets


	March 31, 2022		December 31, 2021
Contractual agreement asset	$	59,611	$	59,611
Long term prepaid insurance		8,001		10,511
Other non-current assets		1,135		199
Total	$	68,747	$	70,321