```markdown [Letter to Shareholders](index=2&type=section&id=Letter%20to%20Shareholders) [Introduction and Q1 2024 Highlights](index=2&type=section&id=Introduction%20and%20Q1%202024%20Highlights) Aurora reports a strong Q1 2024, progressing towards its planned Commercial Launch by year-end with key autonomy and financial advancements - The company is on track for its planned **Commercial Launch at the end of 2024**[3](index=3&type=chunk) - Key progress in Q1 includes improving the Aurora Driver's performance, advancing the launch lane Safety Case, and maintaining **financial discipline**[3](index=3&type=chunk) - Hosted an Analyst & Investor Day in March, showcasing technology maturity, partnerships, and a business model designed for rapid, capital-efficient growth and **high gross margins**[4](index=4&type=chunk) [Technology and Safety Progress](index=4&type=section&id=Technology%20and%20Safety%20Progress) Aurora advances its Driver technology with a strong safety focus, achieving high ARM and API scores, nearing commercial launch targets - The Autonomy Readiness Measure (ARM), a weighted measure of completeness for the launch lane Safety Case, reached **95% as of mid-April 2024**[12](index=12&type=chunk) - In Q1, **75% of commercial loads** on the Dallas to Houston launch lane achieved a **100% Autonomy Performance Indicator (API)**, meaning they required no on-site support. This is a **13-point sequential improvement**[16](index=16&type=chunk) - The company is targeting approximately **90% of loads to have a 100% API at Commercial Launch**[16](index=16&type=chunk) [Commercialization and Operational Readiness](index=6&type=section&id=Commercialization%20and%20Operational%20Readiness) Aurora secured multi-year customer commitments, significantly increased commercial load volume, and achieved high on-time performance over 1.5 million miles - Secured **multi-year contractual commitments** on volume and pricing from multiple customers, with mechanisms to transition to driverless operations[19](index=19&type=chunk) - Currently scheduling about **120 commercial loads per week**, a **threefold increase** in volume compared to the previous year[20](index=20&type=chunk) Cumulative Operational Metrics (as of 4/30/24) | Metric | Value | | :--- | :--- | | Loads Delivered | 5,450 | | Commercial Miles Driven | ~1.5 million | | On-Time Performance | Nearly 100% | [Regulatory Landscape](index=8&type=section&id=Regulatory%20Landscape) The regulatory environment in Texas is favorable for autonomous vehicle launch, requiring no additional steps, with Aurora actively engaging communities - Autonomous vehicle deployment is permitted under existing law in the vast majority of U.S. states, including the **Texas launch market**[27](index=27&type=chunk) - No additional regulatory steps are required to launch in Texas once the company's **Safety Case is closed**[27](index=27&type=chunk) - The company is conducting community engagement events along the I-45 corridor in Texas to build **public trust and awareness**[28](index=28&type=chunk) [Positioning for Scale](index=9&type=section&id=Positioning%20for%20Scale) Aurora is positioned for large-scale commercialization through strategic OEM partnerships and exclusive hardware development agreements with Continental and Fabrinet - Established partnerships with OEMs **Volvo Trucks and PACCAR** to design and manufacture autonomy-enabled trucks with redundant components necessary for safe driverless operations[30](index=30&type=chunk) - Long-term, exclusive partnership with **Continental** to jointly develop, manufacture, and service future generations of Aurora Driver hardware, with scalable production planned for **2027**[30](index=30&type=chunk)[34](index=34&type=chunk) - Engaged **Fabrinet** to manufacture the next-generation Aurora Driver hardware kit, planned for introduction in **2025**, which is expected to cause a **step-function reduction in hardware costs**[34](index=34&type=chunk) [CFO's Financial Commentary](index=12&type=section&id=CFO%27s%20Financial%20Commentary) Aurora demonstrated strong fiscal discipline in Q1 2024 with controlled operating expenses and cash use, ending with $1.2 billion in cash, extending its runway into Q4 2025 Q1 2024 Financial Summary | Metric | Value (in millions) | | :--- | :--- | | Operating Expenses (incl. SBC) | $193 | | Operating Expenses (excl. SBC) | $157 | | Operating Cash Use | ~$150 | | Capital Expenditures | $8 | - Ended Q1 2024 with **$1.2 billion in cash & short-term and long-term investments**[40](index=40&type=chunk) - Current liquidity is expected to fund operations into the **fourth quarter of 2025**, an extension due to identified cost savings[40](index=40&type=chunk) [Financial Statements](index=14&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Aurora reported total assets of $2.089 billion, a decrease from year-end 2023, with liabilities at $231 million and equity at $1.858 billion Condensed Consolidated Balance Sheet Data (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,089** | **$2,235** | | Cash and cash equivalents | $454 | $501 | | Short-term investments | $662 | $699 | | Total current assets | $1,142 | $1,217 | | **Total Liabilities** | **$231** | **$250** | | Total current liabilities | $110 | $111 | | **Total Stockholders' Equity** | **$1,858** | **$1,985** | [Condensed Consolidated Statements of Operations](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, Aurora reported a net loss of $165 million ($0.11 per share), an improvement from Q1 2023, driven by lower operating expenses Statement of Operations Highlights (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total operating expenses | $193 | $208 | | Loss from operations | ($193) | ($208) | | **Net loss** | **($165)** | **($196)** | | **Basic and diluted net loss per share** | **($0.11)** | **($0.17)** | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities was $150 million, with $101 million provided by investing activities, ending with $471 million in cash Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($150) | ($136) | | Net cash provided by investing activities | $101 | $54 | | Net cash provided by financing activities | $2 | $0 | | **Net decrease in cash** | **($47)** | **($82)** | | **Cash at end of period** | **$471** | **$195** | [Non-GAAP Financial Information](index=17&type=section&id=Non-GAAP%20Financial%20Information) Aurora's Q1 2024 Non-GAAP Adjusted EBITDA loss was $152 million, an improvement from Q1 2023, primarily excluding stock-based compensation Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | ($165) | ($196) | | Stock-based compensation | $36 | $39 | | Change in fair value of derivative liabilities | ($12) | $2 | | **Adjusted EBITDA** | **($152)** | **($164)** | - Adjusted EBITDA is defined as net loss adjusted to exclude impacts of income taxes, depreciation and amortization, stock-based compensation, changes in fair value of derivative liabilities, goodwill impairment, and other non-operating income and expenses[54](index=54&type=chunk) [Other Information](index=13&type=section&id=Other%20Information) [Cautionary Statement Regarding Forward-Looking Statements](index=13&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This document contains forward-looking statements regarding milestones, commercialization, and financial projections, subject to risks detailed in SEC filings - The document contains forward-looking statements concerning the company's ability to achieve milestones, commercialize the Aurora Driver, and realize benefits from partnerships[43](index=43&type=chunk) - These statements are not guarantees and involve known and unknown risks. Readers are advised to consult the **"Risk Factors" section** of the company's Form 10-K and other SEC filings[43](index=43&type=chunk) ```

©2024 | Aurora F O U R T H Q U A R T E R 2 0 2 3 B U S I N E S S U P D A T E Proprietary F E B R U A R Y 1 4 , 2 0 2 4 ©2024 | Aurora Cautionary ...

Aurora Innovation, Inc. (NASDAQ:AUR) Q4 2023 Earnings Conference Call February 14, 2024 5:00 PM ET Company Participants Stacy Feit - Vice President, Investor Relations Chris Urmson - Co-Founder and CEO David Maday - Chief Financial Officer Conference Call Participants George Gianarikas - Canaccord Genuity Justine Laufer - Bernstein Mark Delaney - Goldman Sachs Andres Sheppard - Cantor Fitzgerald Operator Greetings. And welcome to the Aurora Innovation Fourth Quarter 2023 Business Review Call. At this time, ...

PART I [Item 1. Business.](index=5&type=section&id=Item%201%2E%20Business%2E) Aurora develops the Aurora Driver, a self-driving platform for trucking and mobility, commercialized via a DaaS model - Aurora's mission is to deliver the benefits of self-driving technology safely, quickly, and broadly[14](index=14&type=chunk) - The core product is the Aurora Driver, a self-driving hardware, software, and data services platform designed to adapt across various vehicle types and applications[15](index=15&type=chunk)[35](index=35&type=chunk) - The company intends to commercialize the Aurora Driver using a 'Driver as a Service' (DaaS) business model, where it supplies self-driving technology and earns revenue on a fee per mile basis, partnering with automotive companies and fleet operators[17](index=17&type=chunk)[37](index=37&type=chunk) - Aurora plans to launch its driverless trucking subscription service, Aurora Horizon, as its first commercial product, followed by passenger mobility (Aurora Connect) and local goods delivery[15](index=15&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[24](index=24&type=chunk) - Strategic partnerships include PACCAR & Volvo (Class 8 trucks), Toyota (vehicle manufacturing), Uber (ride hailing), and Continental (technology manufacturing and Tier 1 automotive supplier)[17](index=17&type=chunk)[32](index=32&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Key technological differentiators include proprietary FirstLight Lidar (FMCW technology) for long-range sensing and simultaneous position/velocity detection, a hybrid machine learning and engineered approach, a common driver platform, a proprietary Virtual Testing Suite, and scalable high-definition maps[17](index=17&type=chunk)[29](index=29&type=chunk)[41](index=41&type=chunk)[45](index=45&type=chunk)[48](index=48&type=chunk) - As of December 31, 2023, Aurora has an approximately **1,800-person team**, with about **1,600 focused on engineering and product**, and holds over **1,600 awarded and pending patents** worldwide[17](index=17&type=chunk)[28](index=28&type=chunk)[52](index=52&type=chunk) [Corporate History and Background](index=5&type=section&id=Corporate%20History%20and%20Background) [Company Overview](index=5&type=section&id=Company%20Overview) [Commercialization & Growth Strategy](index=7&type=section&id=Commercialization%20%26%20Growth%20Strategy) [Aurora's Competitive Advantages](index=9&type=section&id=Aurora%27s%20Competitive%20Advantages) [Our Product](index=10&type=section&id=Our%20Product) [Technology](index=11&type=section&id=Technology) [Our Culture](index=13&type=section&id=Our%20Culture) [Competition](index=13&type=section&id=Competition) [Intellectual Property](index=14&type=section&id=Intellectual%20Property) [Material Agreements](index=14&type=section&id=Material%20Agreements) [Government Regulation](index=15&type=section&id=Government%20Regulation) [Corporate Social Responsibility and Sustainability](index=16&type=section&id=Corporate%20Social%20Responsibility%20and%20Sustainability) [Diversity and Inclusion](index=16&type=section&id=Diversity%20and%20Inclusion) [Sustainability](index=16&type=section&id=Sustainability) [Employees](index=16&type=section&id=Employees) [Corporate Information](index=17&type=section&id=Corporate%20Information) [Available Information](index=17&type=section&id=Available%20Information) [Item 1A. Risk Factors.](index=17&type=section&id=Item%201A%2E%20Risk%20Factors%2E) Aurora faces risks from technical commercialization, ongoing losses, competition, capital, and regulatory hurdles - Aurora has incurred net losses of **$796 million** in 2023 and **$1,723 million** in 2022, and expects to incur significant expenses and continuing losses for the foreseeable future[74](index=74&type=chunk) - The company operates in a highly competitive market with some participants having substantially greater resources, posing a risk if competitors commercialize superior technology earlier[81](index=81&type=chunk) - Aurora's business plans require significant capital, and future needs may necessitate additional equity or debt financing, potentially diluting stockholders[90](index=90&type=chunk) - The company is subject to cybersecurity risks impacting operational systems, security systems, infrastructure, integrated software, and partners' data[99](index=99&type=chunk) - Burdensome or inconsistent regulations, or a failure to receive regulatory approvals or exemptions for its technology, could materially and adversely affect business operations[122](index=122&type=chunk) - The market price and trading volume of Aurora's common stock may be volatile and could decline significantly due to various factors, including market expectations, competition, and economic conditions[167](index=167&type=chunk) [Risks Related to Our Technology, Business Model and Industry](index=19&type=section&id=Risks%20Related%20to%20Our%20Technology%2C%20Business%20Model%20and%20Industry) [Risks Related to Our Business Operations](index=24&type=section&id=Risks%20Related%20to%20Our%20Business%20Operations) [Risks Related to Our Dependence on Third Parties](index=31&type=section&id=Risks%20Related%20to%20Our%20Dependence%20on%20Third%20Parties) [Risks Related to Our Legal and Regulatory Environment](index=33&type=section&id=Risks%20Related%20to%20Our%20Legal%20and%20Regulatory%20Environment) [Risks Related to Our Intellectual Property Rights](index=37&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property%20Rights) [Risks Related to Ownership of Our Securities](index=41&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Securities) [Item 1B. Unresolved Staff Comments.](index=50&type=section&id=Item%201B%2E%20Unresolved%20Staff%20Comments%2E) The company has no unresolved staff comments from the SEC - There are no unresolved staff comments[180](index=180&type=chunk) [Item 1C. Cybersecurity.](index=50&type=section&id=Item%201C%2E%20Cybersecurity%2E) Aurora has a robust cybersecurity risk management program, led by the VP of Security Engineering, integrated with overall risk management - Aurora's Information Security team, led by the Vice President of Security Engineering, has implemented a robust cybersecurity risk management program integrated with overall risk management[180](index=180&type=chunk) - The program includes a cybersecurity incident response procedure (CIRP) for detection, investigation, and mitigation of incidents[180](index=180&type=chunk) - Periodic internal and third-party assessments are performed, with results reported to the Board of Directors and senior leadership[182](index=182&type=chunk) - As of December 31, 2023, the company does not believe cybersecurity risks have materially affected or are reasonably likely to materially affect its business strategy, results of operations, or financial condition[183](index=183&type=chunk) [Risk Management and Strategy](index=50&type=section&id=Risk%20Management%20and%20Strategy) [Risks from Threats and Incidents](index=51&type=section&id=Risks%20from%20Threats%20and%20Incidents) [Governance](index=51&type=section&id=Governance) [Item 2. Properties.](index=51&type=section&id=Item%202%2E%20Properties%2E) Aurora's corporate headquarters are in Pittsburgh, PA, where it leases significant office and industrial space, including a test track - Corporate headquarters are located in Pittsburgh, Pennsylvania[185](index=185&type=chunk) - Leases approximately 590,000 square feet of office and industrial space in Pittsburgh, with leases expiring between 2024 and 2035[185](index=185&type=chunk) - Leases a 42-acre test track facility in Pittsburgh, with the lease expiring in 2024[185](index=185&type=chunk) - Maintains other leased office and industrial facilities in Mountain View, San Francisco, Bozeman, Dallas/Fort Worth, El Paso, Houston, Seattle, Livonia, and Louisville[185](index=185&type=chunk) [Item 3. Legal Proceedings.](index=52&type=section&id=Item%203%2E%20Legal%20Proceedings%2E) Aurora is subject to various claims and lawsuits but none are considered material or likely to have a material adverse effect - No currently pending claims, lawsuits, or proceedings are considered material to the business or likely to result in a material adverse effect on future operating results, financial condition, or cash flows[186](index=186&type=chunk) [Item 4. Mine Safety Disclosures.](index=52&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures%2E) This item is not applicable to Aurora Innovation, Inc - This item is not applicable[187](index=187&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.](index=

Aurora Innovation, Inc. (NASDAQ:AUR) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Stacy Feit - VP of IR Chris Urmson - Co-Founder and CEO David Maday - CFO Conference Call Participants George Gianarikas - Canaccord Genuity Chris McNally - Evercore ISI Wyatt Swanson - D.A. Davidson Mark Delaney - Goldman Sachs Jeffrey Osborne - Cowen and Company Operator Hello, and welcome to the Aurora Third Quarter 2023 Business Review Call. [Operator Instructions] A question-and-answer ...

Equity 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]

Aurora Innovation, Inc. (NASDAQ:AUR) Q2 2023 Results Conference Call August 2, 2023 5:00 PM ET Company Participants Stacy Feit - Vice President of Investor Relations Chris Urmson - Co-Founder and CEO David Maday - CFO Conference Call Participants George Gianarikas - Canaccord Genuity Wyatt Swanson - D.A. Davidson Mark Delaney - Goldman Sachs Operator Greetings, and welcome to Aurora's Second Quarter 2023 Business Review Call [Operator Instructions]. As a reminder, this conference is being recorded. It is n ...

Table of Contents ____________________________ ____________________________ ____________________________ ____________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commis ...

Aurora Innovation, Inc. (NASDAQ:AUR) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Stacy Feit – Vice President, Investor Relations Chris Urmson – Co-Founder and Chief Executive Officer Richard Tame – Chief Financial Officer Conference Call Participants Wyatt Swanson – D.A. Davidson David Vernon – Bernstein Operator Greetings. Welcome to the Aurora First Quarter 2023 Business Review Call. At this time, all participants are in a listen-only mode. A question-and-answer session wi ...

Table of Contents ____________________________ ____________________________ ____________________________ ____________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commi ...