Aurora Innovation(US:AUR)2023-11-01 16:00Equity Financing - Aurora completed a private placement on July 21, 2023, selling approximately 222 million shares of Class A common stock at $2.70 per share, raising $584 million net of transaction costs[67] - Aurora completed a public offering on July 21, 2023, selling approximately 73 million shares of Class A common stock at $3.00 per share, raising $212 million net of transaction costs, with an additional 11 million shares issued for $32 million due to underwriters' overallotment[68] - The company raised $853 million in equity capital during Q3 2023, with net proceeds of $828 million after transaction costs[82] - Net cash provided by financing activities surged to $827 million for the nine months ended September 30, 2023, driven by net proceeds from the Private Placement and Public Offering[86] Financial Performance - Research and development expenses increased by $12 million (7%) to $182 million in Q3 2023 compared to Q3 2022, driven by higher personnel costs[74] - Selling, general and administrative expenses decreased by $3 million (9%) to $30 million in Q3 2023 compared to Q3 2022[74] - Net loss decreased by $8 million (4%) to $190 million in Q3 2023 compared to Q3 2022[72] - Other income, net increased by $12 million (240%) to $17 million in Q3 2023 compared to Q3 2022, primarily due to higher interest income[72] - Research and development expenses increased by $38 million (7%) to $546 million in the nine months ended September 30, 2023, compared to the same period in 2022[79] - Selling, general and administrative expenses decreased by $7 million (7%) to $91 million in the nine months ended September 30, 2023, compared to the same period in 2022[79] - Net loss decreased by $825 million (58%) to $604 million in the nine months ended September 30, 2023, compared to the same period in 2022[77] - Other income, net increased by $32 million (400%) to $40 million in the nine months ended September 30, 2023, compared to the same period in 2022[77] Cash Flow and Liquidity - Cash and cash equivalents totaled $953 million, with short-term investments of $518 million as of September 30, 2023[82] - Net cash used in operating activities increased to $465 million for the nine months ended September 30, 2023, up from $367 million in the same period in 2022[84] - Net cash provided by investing activities was $332 million for the nine months ended September 30, 2023, compared to a net cash used of $766 million in the same period in 2022[85] - Total liquidity is expected to meet working capital and capital expenditure requirements for at least twelve months from the date of the Quarterly Report[82] - The company expects to continue incurring operating losses and may need to raise additional capital to support the development and commercialization of the Aurora Driver[82] Risk and Controls - The company is exposed to interest rate and inflation risks, but a 100-basis point change in interest rates is not expected to have a material effect on its business[92][93] - The company's disclosure controls and procedures were deemed effective as of September 30, 2023[94] - No material changes in internal control over financial reporting occurred during the fiscal quarter ended September 30, 2023[95]