Q3 2021 Joby Aviation Inc Earnings Call
[music].
Good afternoon, and thank you for holding my name is John and I'll be your conference operator today.
Welcome to Jobing Aviation third quarter 2021 conference call.
At this time all participants are in a listen only mode. As a reminder, today's call is being recorded and a replay of the call will be available on the Investor Relations section of the company's website.
Please note that some of the company's discussion today will include statements regarding future events and financial performance and statements of belief expectation and intent.
These forward looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
For a more detailed discussion of these risks and uncertainties. Please refer to the company's filings with the SEC and the Safe Harbor disclaimer contained in today's shareholder letter.
The forward looking statements included in this call are made only as of the date of this call and the company does not assume any obligation to update or revise them.
This call will also include reference to the references to the company's adjusted EBITDA, which is a non-GAAP financial measure a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure is included in today's shareholder letter, which is posted on the company's website at IR Dot J O B y.
I V. A V I a T I O N dot com.
On the call from management today are Joe Ben revert founder and Chief Executive Officer, Paul Scherrer, Executive Chairman and Matfield Chief Financial Officer.
After the prepared remarks, we will open the call up to analysts for questions I will now hand, the call over to Mr. Pervert.
Mr. <unk> you May proceed.
Thank you operator, good afternoon, everyone and thank you for joining us for <unk> first quarterly call as a public company.
As today is veterans day, I'd like to start by acknowledging the contributions of the men and women that strive for global peace and prosperity and specifically I'd like to recognize those members of the job's team who have contributed to that.
I'm incredibly proud of what the entire team at <unk> has achieved over the last decade and I'm excited to have this opportunity to speak with you for the first time as a listed company and to share our progress on our journey to bring safe efficient and sustainable air transportation to the world.
Growing up in the Redwood Forest, California, I developed a deep sense of commitment and responsibility to our planet and I founded youll be more than 10 years ago with the belief that electric propulsion would one day play a significant role in helping to protect our planet.
Today aviation accounts for 3% the world's carbon emissions, but the sectors total impact is almost three times that figure.
What I saw back in 2009 was a number of technologies that combined have the potential to make zero emission electric vertical takeoff and landing vehicles come to life.
With that vision in mind, we brought together an incredible team of engineers and built a vertically integrated company to develop all of the core technology, we would need to make this dream a reality.
As in the early days of ground EV, there just wasn't there.
There isn't an existing supply chain for most of the critical components.
We had to build these ourselves things like motors, and actuator, Inverters and battery pack sensors, and our low noise propellers.
This approach was harder and it took longer but the result is a more highly integrated aircraft built with technology that makes it more.
Performance and more capable than other design.
Taking this approach also allowed us to iterate rapidly on our aircraft design until we landed on what we believe is the very best configuration for this new market.
Combining safety.
Feed a low noise signature and affordable operating economics.
And we've been flying that aircraft at full scale since 2017.
At <unk>, we believe in taking on challenges that other shy away from we approached them without any preconceived ideas and we work hard and path to solve them.
This management philosophy has helped us to position ourselves at the leading edge of this new industry.
In the last 12 months alone we passed our 1000 flight test and became the first E toll company have yeah.
R G one certification basis.
And became the first company to be granted a U S Air Force airworthiness status.
This momentum was maintained in the third quarter of this year and I'd like to share a couple of examples.
First we became the first company to fly in electric aircraft as part of NASA Advanced Air Mobility National campaign.
We've had the opportunity to work really closely with the team at NASA on a range of electric propulsion project over the last decade.
This was the first opportunity to let them see and hear our full scale aircrafts in action.
The two week testing program, so not to bring its mobile acoustics testing lab to a remote lightweight in order to measure a low noise footprint our aircraft.
They are independent analysis will play an important part.
According public acceptance of our new technology.
Delivering an aircraft with a low noise footprint is fundamental to bringing our service closer to where customers want it and so we also became the first company to publish Indepth examples of our low noise footprint inaction releasing.
Releasing four separate films that let people here, what our aircrafts actually sounds like something that Jody is really leading the way on.
Second during the quarter, we flew what we believed to be the longest flight and he'd be tall aircraft to date.
154 miles on a single charge.
The one hour 17 minutes flight validated our technology and design proving yet again that Joey can accomplish thing many thought impossible.
On that note I'd like to say a few thank yous.
First thank you to our incredible team for their passion and for reaching these remarkable goals.
Thank you to our partners Toyota and Uber, who are really leaning in on the manufacturing and commercialization of our survey.
And thank you to all of you our investors who have joined US on this journey to bring about a new mode of transportation and change our lives on a daily basis.
As I mentioned at the outset, we're committed to bringing this revolution to life.
Sustainably as possible and so with the Cop 2006 meeting going on in Glasgow, I'm pleased to say that we've committed to sourcing renewable energy were all jokes facilities, including you'll be operated stack one.
And as governments really start to lean in on sustainability. We're pleased to see the president recently signed the bipartisan infrastructure framework into law.
And to see the house, passing the advanced Air Mobility coordination and leadership Act, both of which help to lay the groundwork for success in our sector.
With that I'll hand, it over to Paul to talk about our progress in greater detail.
Thanks, Jamie.
As J P said, we now have more than 1000 test flight behind us across a wide range of prototype aircraft and so our focus as a company is now shifting beyond engineering and initial testing to certification and commercialization.
It's worth drawing a contrast from the outset that we believe is the right way to commercialize these aircraft isn't to sell them.
But instead to operate them ourselves.
Living the service directly to our own customers.
This approach allows us to better control the passenger experience and the safety of our launch.
It builds a flywheel, where our experience operating the aircraft can drive improvements in the vehicle over time.
Justice with engineering.
Harder pass one that ultimately delivers a better experience for riders and a better and more valuable business to us.
As we look ahead from here, we've identified three long term goals that will frame our work across the coming years.
Those goals are first certifying our aircraft.
Scaling our manufacturing.
And third preparing for commercial operations.
These are the three key ingredients required to execute on our business.
Well its certification in addition of proving up the capabilities of our aircraft that Jade as JV just described.
We also began testing individual parts and systems for a production aircraft.
Including tails as far low testing battery dropped testing lightning strike and cabin bird strike testing.
We also began construction of our integrated test that our lab based recreation of all of our aircraft systems designed for integrated system testing.
We completed an initial pilot evaluation campaign of our production cockpit design.
And our flight control computer pass the high risk electronic environment testing defined by the FAA.
All important steps towards the eventual start type certification of our aircraft.
And in breaking news, we're on track to start our first conformity inspections. This week with an FAA designee on site.
The focus of the inspection or composite panel.
But its properties are representative of the entire airframe structure.
And delivering it according to the required standards, which.
Which is what the FAA is checking as part of this inspection.
<unk> is a really important step toward design and production maturity for Jody and there's another goal delivered on schedule.
On manufacturing our second key goal, we continue to make progress toward establishing initial production at our facilities in California.
We established our first powertrain manufacturing line at our site in San Carlos and thoughts successfully delivered the first E T U or electric propulsion unit.
Progress with similar he made at our site in Maria where we installed a second asps.
Our automated fiber placement machine.
We also built a rotating positioner that allows us to deliver increasingly complex parts from a carbon fiber layout process as well as producing representative components for a production aircraft.
With the installation of our second AFP machine, we now believe we have sufficient capacity to support.
Plant volumes for aircraft.
On our third key goal in addition to the acoustic work with NASA we.
We also took the first step toward achieving our part 135 certification.
The part 135 Air carrier certification is issued by the FAA.
And it's required to fly passengers for revenue across the U S.
This is a five stage process.
Since submitting the application and entering stage one in July.
We recently entered the second stage of that process.
We expect that we'll have the full certification in place by the end of 2022.
And to complement what J P said earlier on sustainability.
I'm very pleased with the important work, we've kicked off with Jetblue Airways and signature flight support to ensure that carbon markets for aviation include credits for flights powered by Green electric and hydrogen propulsion technologies.
There's obviously a lot more depth and hard work, but right behind each of these key highlights.
But every quarter, we intend to share the most important accomplishments and milestones we've achieved using these three key goals as our framework.
As a private company, we purposely worked with partners and investors, who understood and supported our long term vision.
And we chose to take Tobey public with reinvent technology partners for the same reason.
They along with Toyota Intel Uber, Capricorn, APC myself, and Jamie have all agreed to subject our shares to extended lockup agreements last thing up to five years as part of the merger process.
We think that's a demonstrable sign off the long term approach, we're taking to build <unk> success over the long term.
I'll now hand, it over to Matt to discuss our financials.
Thank you Paul and good afternoon, everyone.
Our third quarter results reflect progress in each key area of our business engineering and certification manufacturing and commercialization.
The successful conclusion of our merger with RTP. In August is also reflected in our quarterly results and has provided us with a strong financial foundation to support each of these efforts.
In the third quarter, we posted a net loss of $78 9 million or <unk> 20 per share. Our quarterly results included a $9 million charge related to transaction expenses from our merger with <unk> P. M.
I mean, $11 5 million dollar expense, reflecting the revaluation of our derivative liabilities, namely earn out shares in public and private warrants.
For our ongoing reporting of operating performance. We will also reference adjusted EBITDA, which is a non-GAAP measure that excludes these onetime costs as well as stock based compensation accruals, which totaled $7 6 million in the third quarter and other costs unrelated to ongoing core operations include.
Equity method accounting for our summer by investment.
Adjusted EBITDA for the third quarter was negative $55 9 million.
The higher net loss and lower adjusted EBITDA compared with the same period last year, primarily reflects the growth in personnel supporting development and certification activities.
Early manufacturing operations.
Mishel investments in commercialization as well as administrative costs to support scaling as a public company.
Our total staffing of nearly 1000 employees at the end of the third quarter reflects our commitment to resource Derby sufficiently to maintain our leadership position in brain and affordable sustainable air taxi service to market.
Around 80% of these employees are directly involved in the development and certification and building of our aircraft.
Cash flow for the first nine months of the year was positive $939 million, reflecting the successful conclusion of our merger with RTP in August partly offset by cash used in our operations capital expenditures and acquisitions.
Aggregate gross proceeds from the merger totaled $1 2 billion, including Ubers investment received in the first quarter.
Transaction and other costs related to the merger totaled about $80 million, including approximately $30 million paid by our G. P.
Our cash and marketable securities at the end of the third quarter totaled $1 4 billion, which we believe is sufficient to support us through to initial commercial operations.
This concludes our prepared remarks, and we will now move to the question and answer session.
Operator would you please instruct the participants on how to ask questions.
Thank you Matt.
This time, we will be conducting a question and answer session.
I'd like to ask a question. Please press star one on your telephone keypad.
Confirmation tone will indicate that your line is in the question queue. You May press star two if he would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.
One moment, please pull for questions.
Our first question comes from the line of Christina <unk> with Morgan Stanley You May proceed with your question.
Hi, Good afternoon, guys and congratulations on your successful these back.
Thanks Christine.
But you know now that you guys have about $1 3 billion of cash and short term investments on the balance sheet. What actions can you take to ensure that you meet your timeline on aircraft development with the FAA certification by 2023 or even potentially accelerate that timeline.
Thanks, a lot for the question Christine.
Yeah.
I think that the.
The progress even even today that I announced at the outset of the call with the beginnings of the FAA confirmatory testing.
Beginning this week, that's a really important milestone for our certification effort and I think really demonstrates the work that we've done to date.
To prepare ourselves for this sort of rigorous certification process.
One of the things that we're that we're very you know have been very focused on as a company.
Is controlling more of the design and development of the components that go into the aircraft.
And one of the reasons why that's important is not just that it allows us we think to create a more performing aircraft it might be possible with off the shelf components, but also because we're not relying upon suppliers for parts to show up at the right time and to stack for the certification process.
So by controlling more of that both design and manufacturing in house, we think that gives us greater confidence that we're going to be able to really program manage the certification process successfully and drive to certification in the timeframe that we outlined.
In addition, we feel really good about the team that we've developed on the certification side.
As Matt mentioned.
And we have more than 1000 folks that are on the team now almost 80% of those are directly related to the work that we're doing on certification and development.
And fundamentally the certification process is a lot of hard work so far.
Work on engineering hardware contest and hard work on documentation and this is a team that we think is really well positioned to execute across the board plan that's necessary.
Thanks, Paul and I guess, you know we've seen you add Garmin G 1000 avionics to the aircraft.
There are other opportunities that you think would be important to you know quote aero high and partner with somebody who's experienced supplier.
So that you could be registered.
Vacation first as you know what do you plan to keep in house and maintain that control as he mentioned.
Right.
Thanks again.
I think that our bias will probably continue to be due to do more work in house versus sort of using big component suppliers for some of the reasons that I already outlined.
We're obviously very excited of the Parker and Garmin.
We're going to be working with on the avionics for the aircraft. We've also announced toray as a partner to supply to carbon fiber that's going to go into the carbon fiber structure of the aircraft and they're also helping do some of the validation work that's going to be necessary to get that car.
Carbon fiber and that resin system certified with the FAA.
Now certainly as we think about manufacturing, it's likely that there'll be a set of aerospace suppliers that we go to to actually manufacture and deliver on time the components that we've designed but I think our bias is going to be to really maintain more control over the initial design and initial manufacturing instead.
Instead of going to other folks to do that.
Great very helpful. And then you already provided some milestones you've accomplished in the quarter. So going forward what are the key milestones.
Should we track or follow so that we can track our progress off with FAA certification.
So on the certification side.
We're actually holding a briefing on just this topic.
On the 16th of this month.
Greg Bowles, who leads our policy team and Didier top at all.
Copper topless who runs our program.
We're going to be walking through both the high level of the certification process and where Dolby sits in it. So I certainly encourage you and the other folks that are on the line to join that event.
And I think it'll be a helpful framing of.
The process and where we are but.
But as we think about what it looks like over the next call. It year, that's really about careful work with the FAA on the means of compliance they're really under gird the G tube.
So.
That means.
Working with the FAA really closely to define what is the right set of specifications for each of these components what are the right tests to prove those and getting the sort of progressive sign off across all of the components and sub components of the aircraft.
And we've made really good progress on that effort already.
And more will be sort of wrapping up that sort of broad means a compliance call. It in the second half of next year.
Then obviously, we're going to be doing some of the testing that I already described at the front end the verification testing beginning that work to essentially begin to March down the testing and verification process as part of the certification effort.
Great and if I could ask one last question before getting back in the queue, but can you discuss the euro noise profile partnership with NASA. What both sides are expect to learn from this and how meaningful is this partnership on study.
Thank you Christine.
So.
As we've talked about before.
The success, our success will really hinge on our ability to take our customers where they want to go.
And building an aircraft that is so quiet.
Quantitatively and qualitatively has been a key focus of ours since day one.
We've released a series of videos to demonstrate the acoustics of our aircraft both hover and in overflight over the past quarter.
And.
We're incredibly grateful to be amazing acoustics team announcer for spending a few weeks with us at our flight test base.
The testing work that we've done with them.
A key step in our foundation for the Skype for permitting that we're doing with Citi.
Cities across the country.
<unk>.
We look forward to each of you having the opportunity to both see and hear our aircraft in person soon.
It's a huge point of pride.
Or.
Both of mine and our whole company.
Progress we've made on acoustics.
Again, thank you so much to the team at NASA for supporting our work and supporting this new industry.
Okay, great. Thank you very much guys.
Christine.
Our next question comes from the line of Edison you with Deutsche Bank. You May proceed with your question.
Thank you for taking our questions I have two just following up on the on the vertical integration.
Just curious from a supply chain perspective, I would imagine that the supply chain now just looks very different than it did.
10 years ago, or even five years ago, some better and some worse.
Is there any potential I guess looking forward to maybe leverage some of the scale that maybe battery electric vehicles on the ground have provided them a bit.
It's it's not apples to apples, but but that seems to be something that has changed quite a bit and then I guess Conversely, you know right now there's a lot of bottlenecks.
Is the vertical integration you think maybe a competitive advantage that will that may hinder that would help you, but hinder others that are more reliant on these kind of very fragile supply chain.
Second question.
On the go to market.
Been very vocal about running the network being a network operator.
I'm curious outside of the U S and maybe Europe, there seems to be.
Quite a few markets that that it may be just easier to just sell the vehicles directly and is there.
Something that you've considered or been approached to do buy some of these maybe outside of the the kind of core market areas.
Thanks, a lot for the question. So it sounds like really two pieces, one on vertical integration and supply chain and then a second on how we're thinking about building out the service, particularly in ex U S geographies.
So why don't I take the take the second one first.
So it's really important for us we think to maintain as tighter relationship with the end customer as possible. That's why our bias, especially when we think about commercialization in the U S is to focus on.
Delivering the service directly to end customers.
That said there are already customers that we've been talking to say like our customers that the D O D.
Where we're not going to be delivering that service.
In the same way instead, we're gonna be operating those aircraft basically on their behalf.
In a contractor owned contractor operated model. So I think as we think about commercializing the service outside of the U S. There may be different flavors of that vertical integration, where maybe we're not delivering the service directly to end customers, but we're delivering it indirectly and someone else is sort of acting as the front end for the service.
No we don't have any announcements to make on that front, but I think we're gonna be.
Very strategic as we think about what is the right way to commercialize this and which geography and obviously here in the U S. We feel great about our partnership with Uber, We think that's going to be a great demand generation front end to the service, but outside of the U S. There may be other partners.
Look a little bit different and therefore.
The flavor of the way that we actually commercializing those markets may look really different.
So on your question around vertical integration.
And in Europe.
Yeah. The notion of can we pull in some of the incredible work that's been done on automotive.
Electric vehicles.
We.
One of the really important areas of our aircraft and our service and the economics of our service is battery life and we're so pleased with the.
The progress that's been made over the past decade on battery life.
As we've talked about we've been able to demonstrate more than 10000 flight cycles.
In the lab.
For our battery cells. These are very high quality automotive grade battery cells.
That and that quality is also a critical aspect for the safety and reliability of our battery packs.
I think as we've also talked about our battery team.
Is is really.
Credibly experienced and has been working on high performance electric vehicle battery packs for.
More than a decade now.
And.
So we're just.
We feel really strong about the batteries and we're very grateful for the supply chain the battery supply chain that has delivered.
The.
Really substantial improvements on batteries specific energy.
Over the past decades.
The second.
Area.
You asked about was the.
The way that our vertical integration.
Drives the.
Our ability to optimize the aircraft.
And optimize the components for our aircraft in a way that's not possible.
You're using off the shelf components.
And.
This results in an aircraft, which is substantially more performance.
Across a whole bunch of different dimensions.
It's.
One of the areas that allowed us to build a really unprecedented.
Low acoustic signature as I talked about before both qualitatively and quantitatively something thats less swap Wap.
And more like the wind in the trees.
It also drives the performance of.
Across other really important dimensions that drive the operating economics.
Our service range speed and payload and so.
We believe that the hard work, we're doing is going to just pay massive dividends as Paul talked about as we begin to scale the service and we're not making revenue.
For every aircraft that rolls out the door, but rather every aircraft in our fleet and that is a compounding.
Vantage Europe year on year, where as our fleet grows and so we're just we feel really strong about.
The choices, we've made and where we stand and we're so excited about the future.
Thanks, I appreciate the insights.
Our next question comes from the line of David Xu with Barclays. You May proceed with your question.
Hey, Thanks for taking my question.
I guess first it was really impressive to see your flight video last time I guess.
Can you speak to any design changes you've made or updates you've made to the aircrafts since then and.
The plan for any changes you might make or things that you might be flexible on as you go through the <unk> process.
Yeah. Thank you so we're.
Incredibly pleased with the way the aircraft is performing and we.
We are.
The improvements that we're making are substantially.
Substantially around design for manufacture ability.
And.
And so we're really focused on the certification and and manufacturing.
Scaling up for manufacturer for scale manufacturing in.
That's our those are the areas, where we're making adjustments at the moment.
We're very very pleased with.
With the performance.
Yeah.
Great and then I guess.
Not to keep harping on the vertical integration piece, but I guess.
Yeah.
Analysts the partnership with Toyota, obviously has some incredible capabilities.
It does seem to have some risk in such a large organization would have a lot of priorities. So maybe clarify a little bit for that relationship and why you think you know the.
There's no risk that you get shoved on the backburner at some point.
When you kind of need that engineering and design support from Toyota.
Yes, so we actually love the vertical integration questions. We think it's one of the our huge massive strong suits.
And we also love the question around Toyota Toyota.
Just spectacular partner for us there.
Leaning in more and more.
As the program progresses and their contributions.
Across all the areas of our manufacturing operations have been.
Uh huh.
Barb more incredible then we.
At the outset.
Toyota is known around the world for building.
Uh huh.
Very complex systems with.
Leasing.
Quality and reliability and as we look to operate our service we need our aircraft too.
Uh huh.
The operating economics look better and better.
With that as we improve the reliability so.
We see them as the best partner in the World and they are certainly demonstrating that day in day out.
If I could just squeeze one more in for Matt.
It seems like the operating expenses accelerated a little bit.
I'm, assuming and I'm guessing from reading.
That is due in large part to building out the staff I guess is that a trend you expect to continue.
Maybe talk a little bit about how fluid your expenses are through the certification process.
Yeah, Hi, David Thanks for the question.
We are committed to maintaining our leading position in the industry.
And we're very prudent company I have to say.
I'm humbled to work with such frugal people because it makes my job as a finance person fairly easy.
But the higher expenses Youre seeing do reflect our strong progress to grow the team to deliver certification and engineering as we grow into manufacturing commercialization you can expect those to change as we ramp up head count on the hourly side and then you're also seeing in our present results Youre seeing kind of advance investment where we think it is.
Prudent bringing on Uber elevate team for example is a great example.
Statement of the team thinking ahead to what's needed in the next phases and they've they've added tremendous value even earlier than we probably would have invested in commercialization otherwise.
Again, congrats on the first quarter.
Thanks, Dave.
Our next question comes from the line of Ron Epstein with Bank of America. You May proceed with your question.
Yeah, Good evening, guys and thanks for the question.
Quickly I mean, I don't I don't mean to sort of beat a dead horse here on the vertical integration, but.
Vertical integration and aerospace has never worked.
I mean, I can't think of a case, where anybody building aircraft has been successfully vertically integrated so I mean, if you can help me think through why you're different.
Sure Rob.
First of all thanks for the question I appreciate you joining the call.
So our view is that.
In a brand new category of vehicle.
Vertical integration makes a lot of sense.
Because just as in the early days of ground DB.
There was it.
Five or 10 years ago, and there isn't now an existing supply chain for many of these components.
So we had to invest the time and the energy to figure out how to build and design them ourselves now. The end result of that is a far better performing aircraft that might be possible. If you were trying to sort of cobbled together things that came from off the shelf off the shelf.
We actually think that it delivers.
Very important competitive advantage over the long term because instead of anyone being able to go out and find similar components from our supplier base. We basically have a lot of that know how and that IP inside of the company.
So look Tesla examples are really tricky, particularly for electric vehicle companies, but here I think it's an analogy that super apps.
In the early days.
There wasn't any one to go do for battery packs for an automotive application there wasn't anyone to go to for sufficient sufficient.
<unk> electric motors for that application, so they had to design and build it themselves.
And we've had to do something similar and I think as you saw play out in sort of EV the ability for other folks to sort of catch up has been far slower than I might have expected.
It's now only 12 years after the launch of the model S. That you are finally seeing the large automotive companies begin to deliver performance parity vehicles into the market.
So.
So we think it's the right strategy for both the short term and the longer term of the company and just to get to your question around.
It's never been possible.
I mean in the very early days of aviation there was I think a really tight coupling between aircraft designers and component designers.
But at later stages of maturity is basically these pieces became largely commoditized than it is.
When you are able to have.
Supplier focused just on say the turbine and just on the avionics set here, where we're talking about a brand new aircraft with lots of components that are brand new to have to be integrated together vertical integration as we think the only way to really deliver on a rightly spec product and to be able to scale that effectively over time.
Got it got it.
You bet.
And then if I may just one last follow up.
Yeah.
Controls for your transition from vertical to horizontal play I mean, historically, that's been a tricky regime.
Any aircraft I was just wondering how you guys are handling that particularly on the vehicles that's going to carry.
The actual vehicle that goes into service.
Thank you Ron so.
This is one of the areas were.
Very very proud of is that we have an aircraft which is.
Barry.
Performance in hover.
Incredibly efficient improves.
And it's also very robust through the entire transition envelope.
And.
Yes.
Yeah, it's just.
It's kind of inherent to the design of the aircraft.
And we've built.
Oh.
But with a lot of controls.
Knowhow.
And a lot of IP around our aircraft configuration, which.
We feel.
Very very strong about.
Okay. Thank you.
Yeah.
At this time, we have reached the end of the question and answer session and I would now like to turn the call back over to Joe <unk> for any closing remarks.
Thank you so much.
Really appreciate all of you joining us today, we're so pleased with our progress this quarter across all the different areas of the business, especially on certification.
And as Paul mentioned.
We hope youll be able to join US next Tuesday November 16th at two PM Eastern standard time for our certification briefing.
So grateful for.
All of the support and interest in this really exciting new market and we hope all of you have a fantastic evening. Thanks, so much.
Thank you for joining today's call as a reminder, you can find today's release on Joey's Investor website, IR Dot Jobete aviation Dot com.
Okay.
[music].
Okay.
Okay.
[music].