Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40216 | |
Entity Registrant Name | Aurora Innovation, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-1562265 | |
Entity Address, Address Line One | 1654 Smallman St. | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15222 | |
City Area Code | 888 | |
Local Phone Number | 583-9506 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Central Index Key | 0001828108 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.00001 per share | |
Trading Symbol | AUR | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 724,030,853 | |
Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | AUROW | |
Security Exchange Name | NASDAQ | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 429,706,298 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 549,411 | $ 1,610,135 |
Restricted cash | 280 | 280 |
Short-term investments | 829,353 | 0 |
Contract asset | 0 | 32,538 |
Related party receivables | 0 | 10,726 |
Prepaid expenses and other current assets | 19,264 | 23,765 |
Total current assets | 1,398,308 | 1,677,444 |
Property and equipment, net | 93,165 | 93,517 |
Operating lease right-of-use assets | 141,897 | 151,278 |
Restricted cash, long-term | 16,100 | 15,832 |
Other assets | 20,252 | 21,050 |
Acquisition related intangible assets | 618,025 | 617,200 |
Goodwill | 113,685 | 1,113,766 |
Total assets | 2,401,432 | 3,690,087 |
Current liabilities | ||
Accounts payable | 2,787 | 7,901 |
Related party payables | 950 | 540 |
Operating lease liabilities, current | 11,399 | 12,274 |
Accrued expenses and other current liabilities | 51,342 | 70,006 |
Total current liabilities | 66,478 | 90,721 |
Operating lease liabilities, long-term | 126,086 | 134,551 |
Deferred tax liabilities | 3,905 | 3,905 |
Other long-term liabilities | 2,639 | 1,150 |
Total liabilities | 211,478 | 348,385 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock - $0.00001 par value, 1,146,572,506 and 1,122,829,814 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 11 | 11 |
Additional paid-in capital | 4,516,005 | 4,432,907 |
Accumulated other comprehensive loss | (3,861) | 0 |
Accumulated deficit | (2,322,201) | (1,091,216) |
Total stockholders’ equity | 2,189,954 | 3,341,702 |
Liabilities and Equity, Total | 2,401,432 | 3,690,087 |
Warrant | ||
Current liabilities | ||
Warrant and Earnout Shares liability | 8,447 | 65,678 |
Earnout shares liability | ||
Current liabilities | ||
Warrant and Earnout Shares liability | $ 3,923 | $ 52,380 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares issued (in shares) | 1,146,572,506 | |
Common stock, shares outstanding (in shares) | 1,146,572,506 | 1,122,829,814 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 20,733 | $ 0 | $ 62,731 | $ 0 |
Operating expenses | ||||
Research and development | 183,785 | 159,812 | 337,875 | 318,921 |
Selling, general and administrative | 33,467 | 21,646 | 64,519 | 54,326 |
Goodwill impairment | 1,000,081 | 0 | 1,000,081 | 0 |
Total operating expenses | 1,217,333 | 181,458 | 1,402,475 | 373,247 |
Loss from operations | (1,196,600) | (181,458) | (1,339,744) | (373,247) |
Other income (expense) | ||||
Change in fair value of derivative liabilities | 39,878 | 0 | 105,688 | 0 |
Other income (expense), net | 2,545 | (353) | 3,073 | 173 |
Loss before income taxes | (1,154,177) | (181,811) | (1,230,983) | (373,074) |
Income tax expense (benefit) | 0 | 1 | 2 | (2,643) |
Net loss | $ (1,154,177) | $ (181,812) | $ (1,230,985) | $ (370,431) |
Basic net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Diluted net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Basic weighted-average shares outstanding (in shares) | 1,131,113,012 | 541,133,301 | 1,129,118,006 | 512,608,940 |
Diluted weighted-average shares outstanding (in shares) | 1,131,113,012 | 541,133,301 | 1,129,118,006 | 512,608,940 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,154,177) | $ (181,812) | $ (1,230,985) | $ (370,431) |
Other comprehensive loss | ||||
Unrealized loss on investments | (2,186) | 0 | (3,861) | 0 |
Other comprehensive loss | (2,186) | 0 | (3,861) | 0 |
Comprehensive loss | $ (1,156,363) | $ (181,812) | $ (1,234,846) | $ (370,431) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 290,300,547 | ||||
Beginning balance at Dec. 31, 2020 | $ 763,283 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Issuance of series U-1 redeemable convertible preferred stock at $9.06 per share in relation to acquisition (in shares) | 110,437,359 | ||||
Issuance of Series U-1 redeemable convertible preferred stock at $9.06 per share in relation to acquisition | $ 1,000,000 | ||||
Issuance of series U-2 redeemable convertible preferred stock at $9.06 per share, net of issuance costs of $2,138 (in shares) | 44,174,944 | ||||
Issuance of Series U-2 redeemable convertible preferred stock at $9.06 per share, net of issuance costs of $2,138 | $ 397,862 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 444,912,850 | ||||
Ending balance at Jun. 30, 2021 | $ 2,161,145 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 278,810,627 | ||||
Beginning balance at Dec. 31, 2020 | (276,579) | $ 3 | $ 59,181 | $ 0 | $ (335,763) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock in relation to acquisitions (in shares) | 257,863,127 | ||||
Equity issued in relation to acquisitions | 945,542 | $ 2 | 945,540 | ||
Equity issued under incentive compensation plans (in shares) | 5,438,300 | ||||
Equity issued under incentive compensation plans | 2,347 | 2,347 | |||
Stock-based compensation | 80,583 | 80,583 | |||
Comprehensive loss | (370,431) | (370,431) | |||
Ending balance (in shares) at Jun. 30, 2021 | 542,112,054 | ||||
Ending balance at Jun. 30, 2021 | $ 381,462 | $ 5 | 1,087,651 | 0 | (706,194) |
Beginning balance (in shares) at Mar. 31, 2021 | 444,912,850 | ||||
Beginning balance at Mar. 31, 2021 | $ 2,161,145 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 444,912,850 | ||||
Ending balance at Jun. 30, 2021 | $ 2,161,145 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 539,544,481 | ||||
Beginning balance at Mar. 31, 2021 | 520,197 | $ 5 | 1,044,574 | 0 | (524,382) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 2,567,573 | ||||
Equity issued under incentive compensation plans | 1,534 | 1,534 | |||
Stock-based compensation | 41,543 | 41,543 | |||
Comprehensive loss | (181,812) | 0 | (181,812) | ||
Ending balance (in shares) at Jun. 30, 2021 | 542,112,054 | ||||
Ending balance at Jun. 30, 2021 | $ 381,462 | $ 5 | 1,087,651 | 0 | (706,194) |
Beginning balance (in shares) at Dec. 31, 2021 | 0 | ||||
Beginning balance at Dec. 31, 2021 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | ||||
Ending balance at Jun. 30, 2022 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,122,829,814 | ||||
Beginning balance at Dec. 31, 2021 | 3,341,702 | $ 11 | 4,432,907 | 0 | (1,091,216) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 23,742,692 | ||||
Equity issued under incentive compensation plans | 7,573 | 7,573 | |||
Stock-based compensation | 75,525 | 75,525 | |||
Comprehensive loss | (1,234,846) | (3,861) | (1,230,985) | ||
Ending balance (in shares) at Jun. 30, 2022 | 1,146,572,506 | ||||
Ending balance at Jun. 30, 2022 | $ 2,189,954 | $ 11 | 4,516,005 | (3,861) | (2,322,201) |
Beginning balance (in shares) at Mar. 31, 2022 | 0 | ||||
Beginning balance at Mar. 31, 2022 | $ 0 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | ||||
Ending balance at Jun. 30, 2022 | $ 0 | ||||
Beginning balance (in shares) at Mar. 31, 2022 | 1,127,581,556 | ||||
Beginning balance at Mar. 31, 2022 | $ 3,294,503 | $ 11 | 4,464,191 | (1,675) | (1,168,024) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 18,990,950 | ||||
Equity issued under incentive compensation plans | $ 5,536 | ||||
Stock-based compensation | 46,278 | 46,278 | |||
Comprehensive loss | (1,156,363) | (2,186) | (1,154,177) | ||
Ending balance (in shares) at Jun. 30, 2022 | 1,146,572,506 | ||||
Ending balance at Jun. 30, 2022 | $ 2,189,954 | $ 11 | $ 4,516,005 | $ (3,861) | $ (2,322,201) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2021 USD ($) $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of series U-1 redeemable convertible preferred stock in relation to acquisition (in usd per share) | $ 9.06 |
Issuance of series U-2 redeemable convertible preferred stock, net of issuance costs (in usd per share) | $ 9.06 |
Stock issuance costs | $ | $ 2,138 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (1,230,985) | $ (370,431) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 11,357 | 7,146 |
Reduction in the carrying amount of right-of-use assets | 14,117 | 12,012 |
Stock-based compensation | 75,525 | 78,438 |
Goodwill impairment | 1,000,081 | 0 |
Change in fair value of derivative liabilities | (105,688) | 0 |
Non-cash severance | 0 | 7,873 |
Change in deferred tax asset valuation allowance | 0 | (2,638) |
Other | 966 | 2,106 |
Changes in operating assets and liabilities: | ||
Contract asset | 32,538 | 0 |
Prepaid expenses and other current assets | 16,835 | 1,847 |
Other assets | (568) | (2,872) |
Accounts payable | (9,517) | (3,389) |
Operating lease liabilities | (12,384) | (14,553) |
Contract liability | 91 | 50,000 |
Accrued expenses and other current and non-current liabilities | (17,810) | (48,491) |
Net cash used in operating activities | (225,442) | (282,952) |
Cash flows from investing activities | ||
Purchases of property and equipment | (9,298) | (13,128) |
Net cash acquired in acquisitions | 0 | 294,439 |
Purchase of short-term investments | (966,063) | 0 |
Maturities of short-term investments | 133,000 | 0 |
Net cash (used in) provided by investing activities | (842,361) | 281,311 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 8,580 | 2,246 |
Proceeds from issuance of Series U-2 preferred stock, net | 0 | 397,862 |
Other | (1,233) | 0 |
Net cash provided by financing activities | 7,347 | 400,108 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (1,060,456) | 398,467 |
Cash, cash equivalents, and restricted cash at beginning of the period | 1,626,247 | 399,828 |
Cash, cash equivalents, and restricted cash at end of the period | $ 565,791 | $ 798,295 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Overview of the Organization Aurora Innovation, Inc. and its consolidated subsidiaries (the “Company” or “Aurora”) was initially incorporated as a Cayman Islands exempted company on October 2, 2020 and was formerly known as Reinvent Technology Partners Y (“RTPY”). On November 3, 2021 (the “Closing Date” or “Closing”), the Company filed a notice of deregistration with the Cayman Islands Registrar of Companies, domesticated as a Delaware corporation, and changed its name to Aurora Innovation, Inc. As contemplated by the Agreement and Plan of Merger dated July 14, 2021 (the “Merger Agreement”), Aurora consummated the merger transaction (the “Merger”) whereby RTPY Merger Sub, Inc., a direct subsidiary of the Company, merged with and into Aurora Innovation Holdings, Inc. (“Legacy Aurora”), a Delaware corporation f/k/a Aurora Innovation, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “AUR” and the Company’s warrants to purchase shares of Class A common stock are listed on the NASDAQ under the symbol “AUROW”. The Merger was accounted for as a reverse capitalization and operations prior to the Closing presented are those of Legacy Aurora. The Company designs and develops the Aurora Driver, which is the hardware, software, and data services that allow vehicles to drive themselves. Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rule and regulations of the Securities and Exchange Commission (“SEC”). The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2021 for additional disclosures. The condensed consolidated balance sheet as of December 31, 2021 included in the condensed consolidated financial statements was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The condensed consolidated financial statements reflect, in the opinion of management, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties Including Business and Credit Concentrations The Company’s principal operations are the research, design, and implementation of the Aurora Driver. The Company is currently researching and developing its proprietary technology with the goal of commercializing the Aurora Driver. The Company expects that it will need to raise additional capital to support its development and commercialization activities. Risks and uncertainties to the Company’s operations include failing to secure additional funding and the threat of other companies developing and bringing to market similar technology at an earlier time than the Company. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalents at U.S. commercial banks. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company typically invests in U.S. Treasury securities and classifies its short-term investments as available-for-sale. In general, these investments are free of trading restrictions. The Company carries these at fair value, based on quoted market prices or other readily available market information and recognizes gains and losses when realized. Recently Issued Accounting Standards – Adopted in Fiscal 2022 In December 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes , which simplifies accounting for income taxes by revising or clarifying existing guidance in ASC 740, Income Taxes , as well as removing certain exceptions within ASC 740. The new standard is effective for annual periods beginning after December 15, 2021 and earlier adoption is permitted. The Company adopted the standard effective January 1, 2022 and there was not a material impact on the interim financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that replaces the incurred loss impairment methodology in current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company adopted the standard effective January 1, 2022 and there was not a material impact on the interim financial statements. |
Balance Sheet Detail
Balance Sheet Detail | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Detail | Balance Sheet Detail (a) Fair Value of Financial Instruments The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with those financial instruments. The three-level hierarchy for fair value measurements is defined as follows: • Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2: Inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3: Inputs to the valuation methodology, which are significant to the fair value measurement, are unobservable. An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: As of June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 549,199 $ — $ — $ 549,199 Total cash equivalents $ 549,199 $ — $ — $ 549,199 Short-term investments: U.S. government securities $ — $ 829,353 $ — $ 829,353 Total short-term investments $ — $ 829,353 $ — $ 829,353 Liabilities: Public warrants $ 4,887 $ — $ — $ 4,887 Private placement warrants — 3,560 — 3,560 Earnout shares liability — — 3,923 3,923 Total liabilities $ 4,887 $ 3,560 $ 3,923 $ 12,370 As of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,609,919 $ — $ — $ 1,609,919 Total cash equivalents $ 1,609,919 $ — $ — $ 1,609,919 Liabilities: Public warrants $ 37,999 $ — $ — $ 37,999 Private placement warrants — 27,679 — 27,679 Earnout shares liability — — 52,380 52,380 Total liabilities $ 37,999 $ 27,679 $ 52,380 $ 118,058 The public warrants and private placement warrants (see Note 7: Derivative Liabilities ) are measured at fair value on a recurring basis. The public warrants are valued based on the closing price of the publicly traded instrument. The private placement Warrants are valued using observable inputs for similar liabilities resulting in Level 2 classification. The earnout shares liability (see Note 7: Derivative Liabilities ) is measured at fair value on a recurring basis. The fair value was determined using a Monte Carlo simulation with a risk free rate of 2.99%and 1.52% and volatility of 50.00% and 50.00% as of June 30, 2022 and December 31, 2021, respectively. Earnout shares liability Balance as of December 31, 2021 $ 52,380 Change in fair value (48,457) Balance as of June 30, 2022 $ 3,923 The amortized cost, unrealized gains and estimated fair values of the Company’s short-term investments as of June 30, 2022 was: As of June 30, 2022 Amortized cost Unrealized losses Fair value U.S. government securities $ 833,214 $ (3,861) $ 829,353 Total short-term investments $ 833,214 $ (3,861) $ 829,353 (b) Property and Equipment, Net Property and equipment, net consist of the following as of June 30, 2022 and December 31, 2021: As of June 30, December 31, Land $ 13,503 $ 13,503 Furniture and fixtures 10,976 10,893 Test and lab equipment 13,400 11,984 Leasehold improvements 64,399 61,173 Computer and equipment 8,463 7,839 Computer software 3,586 3,321 Automobile 5,523 3,444 Buildings 1,190 1,040 121,040 113,197 Less accumulated depreciation and amortization (27,875) (19,680) Total property and equipment, net $ 93,165 $ 93,517 (c) Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2022, are as follows: Total Balance as of December 31, 2021: Goodwill $ 1,113,766 Accumulated impairment loss — Carrying amount of goodwill 1,113,766 Impairment loss (1,000,081) Balance as of June 30, 2022: Goodwill 1,113,766 Accumulated impairment loss (1,000,081) Carrying amount of goodwill $ 113,685 During the second quarter of 2022, the market price of the Company’s Class A common stock and its market capitalization declined significantly. As a result, the Company determined that a triggering event had occurred and an interim goodwill impairment assessment was performed. The Company utilized a market approach valuation method utilizing the observable market price of the Company’s Class A common stock as it represented the best evidence of the fair value of its reporting unit. Based on the results, the Company recognized a $1,000,081 goodwill impairment during the three and six months ended June 30, 2022. (d) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following as of June 30, 2022 and December 31, 2021: As of June 30, December 31, Accrued compensation $ 30,272 $ 51,401 Accrued expenses 17,553 16,074 Other 3,517 2,531 Total accrued expenses and other current liabilities $ 51,342 $ 70,006 |
Collaboration Revenue
Collaboration Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Revenue | Collaboration Revenue In January 2021, the Company entered into a collaboration framework agreement with Toyota Motor Corporation (“Toyota”) with the intention of deploying the Aurora Driver into a fleet of Toyota Sienna vehicles, subject to further agreement of a collaboration projection plan that was signed in August 2021. In the six months ended June 30, 2022 and June 30, 2021, the Company received payments of $95,360 and $50,000, respectively, under the agreement. To date, the Company has received cumulative payments under the agreement of $145,360 through June 30, 2022 and expects to receive the remaining $5,000 in 2022. Collaboration revenue is recognized using the input measure of hours expended as a percentage of total estimated hours to complete the project. In the three and six months ended June 30, 2022, the Company recognized collaboration revenue of $20,733 and $62,731, respectively. To date, the Company has recognized cumulative revenue under the agreement of $145,269 through June 30, 2022. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Apparate USA LLC On January 19, 2021, the Company acquired 100% of the voting interests of Apparate USA LLC (“Uber Advanced Technologies Group” or “ATG”) which was a company developing self-driving technology. The ATG acquisition date fair value of the consideration transferred for ATG was approximately $1,915,708 which consisted of stock consideration. The stock consideration transferred comprised 110,437,359 shares of the Company’s Series U-1 preferred stock and 252,194,518 shares of the Company’s common stock. The preferred stock was valued referencing the concurrent purchase of the Company’s Series U-2 redeemable convertible preferred stock. The common stock was valued based on the fair value as of January 19, 2021, as determined by a third-party valuation expert using an Option Pricing Method model. The transaction costs associated with the acquisition were approximately $15,113 and were recorded in general and administrative expense in 2021, including $6,854 and $15,113 recorded in the three and six months ended June 30, 2021. The Company accounted for the ATG acquisition as a business combination, and therefore the assets acquired and liabilities assumed were recognized at their fair values on the date of the ATG acquisition. During the three months ended June 30, 2021, we recorded a measurement period adjustment to reduce the preliminary fair value of property and equipment acquired by $21,652, resulting in a $1,676 cumulative reduction in depreciation expense previously recognized during the three months ended March 31, 2021. During the three months ended December 31, 2021, we recorded a measurement period adjustment to increase the preliminary fair value of deferred tax liabilities assumed by $3,342. These measurement period adjustments were made to reflect the facts and circumstances that existed as of the acquisition date. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of the ATG acquisition: Fair Value Cash and cash equivalents $ 310,540 Prepaid expenses and other current assets 6,229 Property and equipment, net 63,395 Operating lease right-of-use assets 41,915 Other assets 18,351 Acquisition related intangible assets 545,500 Goodwill 1,060,159 Accounts payable (1,860) Related party payable (46,970) Accrued expenses and other current liabilities (37,796) Operating lease liabilities (40,413) Deferred tax liability (3,342) Total $ 1,915,708 The sole identifiable intangible asset acquired in the ATG acquisition was in-process research and development (IPR&D) and has an indefinite useful life as of the date of the acquisition. The fair value of the IPR&D intangible asset was determined through a replacement cost approach, which identifies the costs that would be necessary to recreate the asset if the Company were to internally develop the acquired technology. Significant unobservable inputs include overhead costs, profit margin, opportunity cost, and obsolescence. The asset has not been placed into service and there have been no impairments related to the intangible asset as of June 30, 2022. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce, and is not deductible for tax purposes. During the three months ended March 31, 2021, the Company recognized $7,873 in non-cash compensation expense for severance payments by the former parent of ATG. This amount was allocated from total equity consideration transferred. OURS Technology, Inc. On March 5, 2021, the Company acquired 100% of the voting interests in OURS Technology, Inc. (“OURS”), a silicon photonics company. The Company has included the financial results of OURS in the condensed consolidated financial statements prospectively from the date of acquisition. The OURS acquisition date fair value of the consideration transferred for OURS was approximately $40,821, which consisted of the following Fair Value Cash $ 16,107 Stock consideration 24,105 Assumed liabilities related to third-party expenses 609 Total $ 40,821 As part of the OURS acquisition, the Company assumed certain OURS compensation agreements, including the conversion of certain shares of OURS restricted stock into rights to receive the Company’s restricted stock, and assuming certain stock options with an estimated fair value of $3,789. For the stock options assumed, based on the service period related to the period prior to the OURS acquisition date, $2,145 was allocated to the purchase price, and $1,644 relating to post-acquisition services which will be recorded as operating expenses over the remaining requisite service periods. The stock consideration transferred comprised 6,064,675 shares of the Company’s common stock including 396,067 shares of restricted stock granted. The restricted stock awards (RSAs) were valued based on the March 5, 2021 fair value, as determined by a third party valuation expert using an Option Pricing Method model, and the estimated fair value of the stock options assumed by the Company was determined using the Black-Scholes option pricing model. The RSAs vest monthly over a 2-year period starting on the vesting commencement date and expire once the holder ceases to be a service provider of the Company. The Company has accounted for the OURS acquisition as a business combination, and therefore the assets acquired and liabilities assumed were recognized at their fair values on the date of the OURS acquisition. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of the OURS acquisition: Fair Value Cash and cash equivalents $ 153 Prepaid expenses and other current assets 23 Property and equipment, net 218 Other assets 9 Acquisition related intangible assets 19,000 Goodwill 23,477 Accounts payable (46) Deferred tax liability (2,013) Total $ 40,821 The sole identifiable intangible asset acquired in the OURS acquisition was in-process research and development (IPR&D) and has an indefinite useful life as of the date of the acquisition. The fair value of the IPR&D intangible asset was determined through a replacement cost approach, which identifies the costs that would be necessary to recreate the asset if the Company were to internally develop the acquired technology. Significant unobservable inputs include profit margin and opportunity cost. The asset has not been placed into service and there have been no impairments related to the intangible asset as of June 30, 2022. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce, and is not deductible for tax purposes. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Preferred Stock The Company is authorized to issue 1,000,000,000 shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at June 30, 2022 and December 31, 2021. Common stock The Company is authorized to issue 51,000,000,000 shares of common stock with a par value of $0.00001 per share; of which 50,000,000,000 shares are designated Class A common stock and 1,000,000,000 shares are designated Class B common stock. Class A common stock holders are entitled to one vote for each share and Class B common stock holders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). |
Derivative Liabilities
Derivative Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | Derivative Liabilities Common Stock Warrants On the consummation of the Merger, 12,218,750 publicly traded warrants for Class A common stock at an exercise price per share of $11.50 and 8,900,000 private placement warrants held by the Sponsor with an exercise price per share of $11.50 converted automatically into warrants of Aurora common stock. Public warrants outstanding were 12,218,291 and 12,218,420 as of June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022, 129 public warrants were exercised for total cash proceeds of $1. Private placement warrants outstanding were 8,900,000 and 8,900,000 as of June 30, 2022 and December 31, 2021, respectively. The estimated fair value of the warrant liabilities was $8,447 and $65,678 at June 30, 2022 and December 31, 2021, respectively. For the three and six months ended June 30, 2022, a gain of $22,808 and $57,231, respectively, was recognized in changes in fair value of derivative liabilities in the consolidated statements of operations. Public Warrants Public warrants were exercisable beginning on December 3, 2021. The Company may redeem the public warrants when the last reported sales price of Class A common stock for any 20 trading days within a 30 trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) exceeds $10.00 or $18.00. Warrants are redeemable in whole and upon a minimum of 30 days’ prior written notice. If the Reference Value exceeds $18.00, warrants are redeemable at $0.01 per warrant, in whole and upon a minimum of 30 days prior written notice that holders will be able to exercise their warrants. If the Reference Value exceeds $10.00, warrants are redeemable at $0.10 per warrant, in whole and upon a minimum of 30 days prior written notice that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value of Class A ordinary shares. Fair market value of Class A common stock is the volume-weighted average price of Class A ordinary shares for the 10 trading days following the date on which the notice of redemption is sent. The number of ordinary shares received upon exercise is capped at 0.361 shares of Aurora Class A common stock per warrant. Private Placement Warrants Private placement warrants are not redeemable by the Company as long as they are held by a Sponsor or its permitted transferees. If the Reference value exceeds $18.00 per share and the Company elects to redeem the public warrants, the private placement warrants are exercised. If the public warrants are redeemed by the Company when the Reference Value equals or exceeds $10.00, the private placement warrants are also concurrently called for redemption on the same terms as of the public warrants. If the public warrants are redeemed by the Company when the Reference Value exceeds $18.00 per share, the Sponsor will exercise the private placement warrants for cash or on a cashless basis. Earnout Shares Liability In connection with the execution of the Merger Agreement, the Company, Legacy Aurora and the Sponsor entered into the Sponsor Agreement on July 14, 2021. Under the agreement, existing Sponsor shares not forfeited due to redemptions are subject to lock-up and price-based vesting as follows: • 1,720,772 shares vest when it has been at least 1 year since the Closing; • 1,720,772 shares vest when it has been at least 2 years since the Closing and the volume weighted average price (“VWAP”) of the Company’s class A common stock equals or exceeds $15.00 for 20 trading days of any consecutive 30 trading day period • 1,720,771 shares vest when it has been at least 3 years since the Closing and the VWAP equals or exceeds $17.50 for 20 trading days of any consecutive 30 trading day period; and, • 1,720,771 shares vest when it has been at least 4 years since the Closing and the VWAP equals or exceeds $20.00 for 20 trading days of any consecutive 30 trading day period. The estimated fair value of the earnout shares liability was $3,923 and $52,380 at June 30, 2022 and December 31, 2021, respectively. For the three and six months ended June 30, 2022, a gain of $17,070 and $48,457, respectively, was recognized in changes in fair value of derivative liabilities in the consolidated statements of operations. No earnout shares vested as of June 30, 2022. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans We maintain four equity compensation plans: the 2021 Equity Incentive Plan (the “Plan”), the 2017 Equity Incentive Plan (the “2017 Plan”), the Blackmore Sensors & Analytics, Inc. 2016 Equity Incentive Plan (the “Blackmore Plan”), and the OURS Technology Inc 2016 Stock Incentive Plan (the “OURS Plan”). The Company assumed stock options under the Blackmore Plan and the OURS Plan to the extent such employees continued as employees of the Company. On November 2, 2021, the Company adopted the Plan. The Plan makes available for issuance Class A common shares equal to 120,900,000 shares plus any shares subject to awards assumed in the Merger that are forfeited or otherwise expire after the Closing. Additionally, the Plan includes an annual increase on the first day of each fiscal year beginning in fiscal 2022 and ending in fiscal 2031 equal to the lesser of (i) 120,900,000, (ii) 5% of total shares outstanding on the last day of the preceding fiscal year, and (iii) a lesser number of shares determined by the Plans’ administrator. Any stock options, restricted stock units (“RSU”s) or other awards from the 2017 Plan, the Blackmore Plan, or the OURS Plan that, on or after the Closing, expire or otherwise terminate without having been exercised or issued in full are added to the Plan up to a maximum of 120,692,205 shares. As of June 30, 2022, 106,439,376 shares were available for grant under the Plan. Under the Plan, equity-based compensation in the form of RSUs, restricted stock awards, incentive stock options, nonqualified stock options, stock appreciation rights, and performance units may be granted to employees, officers, directors, consultants, and others. Stock Options The Company granted stock options under the 2017 Plan. No stock options have been granted under the Plan and the assumed stock option plans are immaterial. Stock options under the 2017 Plan may be outstanding for periods of up to 10 years following the grant date. The exercise price of stock options for the purchase of shares of common stock under the 2017 Plan may not be less than 100% of the fair value of the Company’s common stock on the date of the grant, as determined by the board of directors. In the case of an incentive stock option granted to an employee who owns stock representing more than 10% of the voting shares, the price of each share will be at least 110% of the fair value on the date of grant. Stock options generally vest over four years starting on the vesting commencement date (with a one Stock option activity under the 2017 Plan in the six months ended June 30, 2022 is as follows: Options outstanding Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance, December 31, 2021 79,644,550 $ 1.44 Exercised (14,192,960) 0.59 Forfeited (2,702,952) 2.24 Balance, June 30, 2022 62,748,638 $ 1.60 6.8 46,791 Exercisable, June 30, 2022 44,973,713 $ 1.24 6.3 41,871 The compensation expense recognized for options for the six months ended June 30, 2022 and 2021 was $8,786 and $12,458, respectively. The unrecognized deferred compensation expense was $24,588 as of June 30, 2022 and will be recognized over an estimated weighted average amortization period of approximately 1.75 years. Restricted Stock Units The Company has granted RSUs under the Plan and the 2017 Plan. The vesting of most RSUs granted under the 2017 Plan is based on the satisfaction of two separate vesting requirements: (1) a time-based vesting requirement, and (2) a liquidity event. Generally, the time-based vesting requirement is quarterly over four years starting on the vesting commencement date (with a one RSUs granted under the Plan generally are subject to time-based vesting. Generally, the time-based vesting requirement is four years starting on the vesting commencement date (with a one-year cliff for new hire awards) except for retention grants which generally vest over one RSU activity under the Plan and the 2017 Plan is as follows: Unvested RSUs outstanding Number of Weighted- Aggregate Intrinsic value Balance, December 31, 2021 34,054,713 4.72 Granted 82,788,961 4.06 Released (14,141,974) 4.07 Forfeited (7,679,851) 4.32 Balance, June 30, 2022 95,021,849 4.27 $ 183,392 Stock-based compensation related to RSUs granted to employees was $59,755 and $0 in six months ended June 30, 2022 and June 30, 2021, respectively. The unrecognized deferred compensation expense for future years’ compensation expense related to unvested RSUs was approximately $343,161 at June 30, 2022. Unrecognized deferred compensation will be recognized over an estimated weighted average amortization period of approximately 2.9 years. Stock-based payments awarded by a related party Prior to the ATG acquisition, employees of ATG received grants of RSUs in the former ultimate parent company of ATG, which became a related party of the Company after the closing of the transaction. These awards were modified after the transaction to allow the awards to continue to vest for the first year subsequent to the closing of the acquisition as long as personnel remain employees of the Company. These awards are compensation for services provided to the Company and accounted for as stock-based compensation. Awards representing 2,928,854 shares were modified on the acquisition date and 538,140 shares were forfeited before the final vesting in January 2022. The fair value of these awards was equal to the market value of the related party’s common stock on the date of modification. Stock-based compensation of $6,200 was recognized in the six months ended June 30, 2022. No unrecognized deferred compensation expense remains as of June 30, 2022. Stock-based Compensation Expense Stock-based compensation is allocated on a departmental basis, based on the classification of the option holder or grant recipient. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements and no stock-based compensation has been capitalized as of June 30, 2022. Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 41,424 $ 39,499 $ 67,651 $ 74,314 Selling, general, and administrative 4,854 2,044 7,874 4,124 Total $ 46,278 $ 41,543 $ 75,525 $ 78,438 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesAn income tax benefit was recognized in the six months ended June 30, 2021 due to the release of a deferred tax asset valuation allowance as a result of deferred tax liabilities incurred from the acquisition of OURS Technology, Inc. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases its office facilities, data centers, and warehouses under non-cancelable operating lease agreements that expire between 2022 through 2042, including renewal options that are reasonably certain to be exercised by the Company. As of June 30, 2022, the Company’s operating leases had a weighted average remaining lease term of 8.5 years and a weighted average discount rate of 6.3%. Operating lease expense was $7,255 and $14,117 in the three and six months ended June 30, 2022, respectively, and was $5,942 and $12,012 in the three and six months ended June 30, 2021, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesFrom time to time the Company may be party to various claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses the need to record a liability for litigation and loss contingencies. Reserve estimates are recorded when and if it is determined that a loss related to certain matters is both probable and reasonably estimable. No material losses were recorded in the three and six months ended June 30, 2022 and 2021. |
Employee Benefit Plan
Employee Benefit Plan | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company sponsors the Aurora 401(k) plan. All employees are eligible to participate in the plans after meeting eligibility requirements. Participants may elect to have a portion of their salary deferred and contributed to the plan up to the limit allowed by applicable income tax regulations. The Company may make a matching contribution at the discretion of the board of directors. The Company recognized no matching contributions in the three and six months ended June 30, 2022 and 2021. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Non-cash investing and financing activities were as follows: Six Months Ended 2022 2021 Noncash investing and financing activities: Property and equipment included in accounts payable $ 2,110 $ 3,023 Vesting of early exercised stock options 11 143 Non-cash acquisition — 1,939,804 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company computes earnings per share of common stock using the two-class method required for participating securities and does not apply the two-class method in periods of net loss. The computation of basic and diluted earnings per share is the same as the inclusion of all potential common stock would have been anti-dilutive in a period of net loss. The Company has two classes of common stock subsequent to the Merger: Class A and Class B. As both classes have identical liquidation and dividend rights, the net loss is allocated to the classes on a proportionate basis and results in an identical net loss per share for each class under the two-class method. Redeemable convertible preferred stock, unvested restricted stock awards, and unvested early exercised stock options are participating securities in periods of income as the securities participate in undistributed earnings. The participating securities do not share in losses. Share amounts and net loss per share have been recast for the three and six months ended June 30, 2021 to reflect the Exchange Ratio from the Merger. Three Months Ended June 30, 2022 2021 Class A Class B Class A Class B Numerator: Net Loss $ (700,044) $ (454,133) $ (181,812) $ — Net loss per share: Basic and diluted $ (1.02) $ (1.02) $ (0.34) $ — Denominator: Weighted average common shares outstanding - basic and diluted 686,055,230 445,057,782 541,133,301 — Six Months Ended June 30, 2022 2021 Class A Class B Class A Class B Numerator: Net Loss $ (726,124) $ (504,861) $ (370,431) $ — Net loss per share: Basic and diluted $ (1.09) $ (1.09) $ (0.72) $ — Denominator: Weighted average common shares outstanding - basic and diluted 666,035,126 463,082,880 512,608,940 — The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect: As of June 30, 2022 June 30, 2021 Class A Class B Class A Class B Redeemable convertible preferred stock — — 223,321,886 221,591,059 Stock options 64,254,466 — 89,972,519 — Restricted stock 95,590,496 — 36,823,354 — Private placement warrants 8,900,000 — — — Public warrants 12,218,291 — — — Earnout shares liability 5,162,314 — — — Total 186,125,567 — 350,117,759 221,591,059 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties In January 2021, the Company paid $10,000 relating to financial advisory fees with a former related party for a contract that was entered into by the Company in December 2020. The Company recognized $8,250 in selling, general and administrative expenses and $1,750 as a reduction to redeemable convertible preferred stock for issuance costs in the six months ended June 30, 2021. The Company assumed a net liability of $46,970 from the ATG acquisition for an obligation due to the former owner of ATG, an affiliate of Uber Technologies, Inc. (“Uber”). Uber became a related party of the Company subsequent to the ATG acquisition. The net related party liability was paid during the six months ended June 30, 2021. In January 2021, Uber and its affiliates paid $7,873 in severance to former employees of ATG which was reimbursed by the Company. In December 2021 and January 2022, the Company made withholding tax payments for equity compensation for former employees of ATG and received a $12,770 reimbursement in the six months ended June 30, 2022 from Uber and its affiliates. During the three and six months ended June 30, 2022, the Company recognized operating expenses of $1,150 and $4,058, respectively, related to the transition service agreement and ongoing operating services provided by Uber and its affiliates. During the three and six months ended June 30, 2021, the Company recognized operating expense of $1,415 and $3,087, respectively, related to the transition service agreement provided by Uber and its affiliates. The term of the transition service agreement expired during the first quarter of 2022. At June 30, 2022 and December 31, 2021, the Company recorded related party payables to Uber and its affiliates of $950 and $540, respectively. At June 30, 2022 and December 31, 2021, the Company recorded related party receivables from Uber and its affiliates of $0 and $10,726, respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the Company and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rule and regulations of the Securities and Exchange Commission (“SEC”). |
Principles of Consolidation | The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2021 for additional disclosures. The condensed consolidated balance sheet as of December 31, 2021 included in the condensed consolidated financial statements was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The condensed consolidated financial statements reflect, in the opinion of management, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period. |
Use of Estimates | Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Risks and Uncertainties Including Business and Credit Concentrations | Risks and Uncertainties Including Business and Credit Concentrations The Company’s principal operations are the research, design, and implementation of the Aurora Driver. The Company is currently researching and developing its proprietary technology with the goal of commercializing the Aurora Driver. The Company expects that it will need to raise additional capital to support its development and commercialization activities. Risks and uncertainties to the Company’s operations include failing to secure additional funding and the threat of other companies developing and bringing to market similar technology at an earlier time than the Company. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalents at U.S. commercial banks. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit. To date, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company typically invests in U.S. Treasury securities and classifies its short-term investments as available-for-sale. In general, these investments are free of trading restrictions. The Company carries these at fair value, based on quoted market prices or other readily available market information and recognizes gains and losses when realized. |
Recently Issued Accounting Standards – Adopted in Fiscal 2022 | Recently Issued Accounting Standards – Adopted in Fiscal 2022 In December 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes , which simplifies accounting for income taxes by revising or clarifying existing guidance in ASC 740, Income Taxes , as well as removing certain exceptions within ASC 740. The new standard is effective for annual periods beginning after December 15, 2021 and earlier adoption is permitted. The Company adopted the standard effective January 1, 2022 and there was not a material impact on the interim financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , that replaces the incurred loss impairment methodology in current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company adopted the standard effective January 1, 2022 and there was not a material impact on the interim financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with those financial instruments. The three-level hierarchy for fair value measurements is defined as follows: • Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2: Inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3: Inputs to the valuation methodology, which are significant to the fair value measurement, are unobservable. An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: As of June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 549,199 $ — $ — $ 549,199 Total cash equivalents $ 549,199 $ — $ — $ 549,199 Short-term investments: U.S. government securities $ — $ 829,353 $ — $ 829,353 Total short-term investments $ — $ 829,353 $ — $ 829,353 Liabilities: Public warrants $ 4,887 $ — $ — $ 4,887 Private placement warrants — 3,560 — 3,560 Earnout shares liability — — 3,923 3,923 Total liabilities $ 4,887 $ 3,560 $ 3,923 $ 12,370 As of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,609,919 $ — $ — $ 1,609,919 Total cash equivalents $ 1,609,919 $ — $ — $ 1,609,919 Liabilities: Public warrants $ 37,999 $ — $ — $ 37,999 Private placement warrants — 27,679 — 27,679 Earnout shares liability — — 52,380 52,380 Total liabilities $ 37,999 $ 27,679 $ 52,380 $ 118,058 |
Schedule of Derivative Liabilities at Fair Value | Earnout shares liability Balance as of December 31, 2021 $ 52,380 Change in fair value (48,457) Balance as of June 30, 2022 $ 3,923 |
Schedule of Short-term Investments, Amortized Costs and Fair Value | The amortized cost, unrealized gains and estimated fair values of the Company’s short-term investments as of June 30, 2022 was: As of June 30, 2022 Amortized cost Unrealized losses Fair value U.S. government securities $ 833,214 $ (3,861) $ 829,353 Total short-term investments $ 833,214 $ (3,861) $ 829,353 |
Property, Plant and Equipment | Property and equipment, net consist of the following as of June 30, 2022 and December 31, 2021: As of June 30, December 31, Land $ 13,503 $ 13,503 Furniture and fixtures 10,976 10,893 Test and lab equipment 13,400 11,984 Leasehold improvements 64,399 61,173 Computer and equipment 8,463 7,839 Computer software 3,586 3,321 Automobile 5,523 3,444 Buildings 1,190 1,040 121,040 113,197 Less accumulated depreciation and amortization (27,875) (19,680) Total property and equipment, net $ 93,165 $ 93,517 |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2022, are as follows: Total Balance as of December 31, 2021: Goodwill $ 1,113,766 Accumulated impairment loss — Carrying amount of goodwill 1,113,766 Impairment loss (1,000,081) Balance as of June 30, 2022: Goodwill 1,113,766 Accumulated impairment loss (1,000,081) Carrying amount of goodwill $ 113,685 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following as of June 30, 2022 and December 31, 2021: As of June 30, December 31, Accrued compensation $ 30,272 $ 51,401 Accrued expenses 17,553 16,074 Other 3,517 2,531 Total accrued expenses and other current liabilities $ 51,342 $ 70,006 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of the ATG acquisition: Fair Value Cash and cash equivalents $ 310,540 Prepaid expenses and other current assets 6,229 Property and equipment, net 63,395 Operating lease right-of-use assets 41,915 Other assets 18,351 Acquisition related intangible assets 545,500 Goodwill 1,060,159 Accounts payable (1,860) Related party payable (46,970) Accrued expenses and other current liabilities (37,796) Operating lease liabilities (40,413) Deferred tax liability (3,342) Total $ 1,915,708 The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of the OURS acquisition: Fair Value Cash and cash equivalents $ 153 Prepaid expenses and other current assets 23 Property and equipment, net 218 Other assets 9 Acquisition related intangible assets 19,000 Goodwill 23,477 Accounts payable (46) Deferred tax liability (2,013) Total $ 40,821 |
Schedule of Acquisition Date Fair Value of Consideration Transferred | The OURS acquisition date fair value of the consideration transferred for OURS was approximately $40,821, which consisted of the following Fair Value Cash $ 16,107 Stock consideration 24,105 Assumed liabilities related to third-party expenses 609 Total $ 40,821 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Option, Activity | Stock option activity under the 2017 Plan in the six months ended June 30, 2022 is as follows: Options outstanding Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance, December 31, 2021 79,644,550 $ 1.44 Exercised (14,192,960) 0.59 Forfeited (2,702,952) 2.24 Balance, June 30, 2022 62,748,638 $ 1.60 6.8 46,791 Exercisable, June 30, 2022 44,973,713 $ 1.24 6.3 41,871 |
Restricted Stock Unit Activity | RSU activity under the Plan and the 2017 Plan is as follows: Unvested RSUs outstanding Number of Weighted- Aggregate Intrinsic value Balance, December 31, 2021 34,054,713 4.72 Granted 82,788,961 4.06 Released (14,141,974) 4.07 Forfeited (7,679,851) 4.32 Balance, June 30, 2022 95,021,849 4.27 $ 183,392 |
Stock-based compensation expense | Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 41,424 $ 39,499 $ 67,651 $ 74,314 Selling, general, and administrative 4,854 2,044 7,874 4,124 Total $ 46,278 $ 41,543 $ 75,525 $ 78,438 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Noncash Investing and Financing Activities | Non-cash investing and financing activities were as follows: Six Months Ended 2022 2021 Noncash investing and financing activities: Property and equipment included in accounts payable $ 2,110 $ 3,023 Vesting of early exercised stock options 11 143 Non-cash acquisition — 1,939,804 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Common Shares | Share amounts and net loss per share have been recast for the three and six months ended June 30, 2021 to reflect the Exchange Ratio from the Merger. Three Months Ended June 30, 2022 2021 Class A Class B Class A Class B Numerator: Net Loss $ (700,044) $ (454,133) $ (181,812) $ — Net loss per share: Basic and diluted $ (1.02) $ (1.02) $ (0.34) $ — Denominator: Weighted average common shares outstanding - basic and diluted 686,055,230 445,057,782 541,133,301 — Six Months Ended June 30, 2022 2021 Class A Class B Class A Class B Numerator: Net Loss $ (726,124) $ (504,861) $ (370,431) $ — Net loss per share: Basic and diluted $ (1.09) $ (1.09) $ (0.72) $ — Denominator: Weighted average common shares outstanding - basic and diluted 666,035,126 463,082,880 512,608,940 — |
Schedule of Potential Common Stock Outstanding Excluded from Computation of Diluted Loss Per Share | The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect: As of June 30, 2022 June 30, 2021 Class A Class B Class A Class B Redeemable convertible preferred stock — — 223,321,886 221,591,059 Stock options 64,254,466 — 89,972,519 — Restricted stock 95,590,496 — 36,823,354 — Private placement warrants 8,900,000 — — — Public warrants 12,218,291 — — — Earnout shares liability 5,162,314 — — — Total 186,125,567 — 350,117,759 221,591,059 |
Balance Sheet Detail - Fair Val
Balance Sheet Detail - Fair Value Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash equivalents: | ||
Total cash equivalents | $ 549,199 | $ 1,609,919 |
Short-term investments | 829,353 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total liabilities | 12,370 | 118,058 |
Public warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 4,887 | 37,999 |
Private placement warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 3,560 | 27,679 |
Earnout shares liability | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 3,923 | 52,380 |
Level 1 | ||
Cash equivalents: | ||
Total cash equivalents | 549,199 | 1,609,919 |
Short-term investments | 0 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total liabilities | 4,887 | 37,999 |
Level 1 | Public warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 4,887 | 37,999 |
Level 1 | Private placement warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 1 | Earnout shares liability | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 2 | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Short-term investments | 829,353 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total liabilities | 3,560 | 27,679 |
Level 2 | Public warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 2 | Private placement warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 3,560 | 27,679 |
Level 2 | Earnout shares liability | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 3 | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Short-term investments | 0 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Total liabilities | 3,923 | 52,380 |
Level 3 | Public warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 3 | Private placement warrants | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 0 | 0 |
Level 3 | Earnout shares liability | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Liabilities: | 3,923 | 52,380 |
U.S. government securities | ||
Cash equivalents: | ||
Short-term investments | 829,353 | |
U.S. government securities | Level 1 | ||
Cash equivalents: | ||
Short-term investments | 0 | |
U.S. government securities | Level 2 | ||
Cash equivalents: | ||
Short-term investments | 829,353 | |
U.S. government securities | Level 3 | ||
Cash equivalents: | ||
Short-term investments | 0 | |
Money market funds | ||
Cash equivalents: | ||
Total cash equivalents | 549,199 | 1,609,919 |
Money market funds | Level 1 | ||
Cash equivalents: | ||
Total cash equivalents | 549,199 | 1,609,919 |
Money market funds | Level 2 | ||
Cash equivalents: | ||
Total cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Cash equivalents: | ||
Total cash equivalents | $ 0 | $ 0 |
Balance Sheet Detail - Narrativ
Balance Sheet Detail - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Goodwill impairment | $ 1,000,081 | $ 0 | $ 1,000,081 | $ 0 | |
Risk Free Interest Rate | Monte Carlo Simulation | |||||
Derivative [Line Items] | |||||
Earnout shares, measurement input | 0.0299 | 0.0299 | 0.0152 | ||
Price Volatility | Monte Carlo Simulation | |||||
Derivative [Line Items] | |||||
Earnout shares, measurement input | 0.5000 | 0.5000 | 0.5000 |
Balance Sheet Detail - Earnout
Balance Sheet Detail - Earnout Shares Liability (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Derivative [Line Items] | |
Change in fair value | $ (48,457) |
Earnout shares liability | |
Derivative [Line Items] | |
Balance as of December 31, 2021 | 52,380 |
Balance as of June 30, 2022 | $ 3,923 |
Balance Sheet Detail - Amortize
Balance Sheet Detail - Amortized Cost, Unrealized Gains and Estimated Fair Value (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | $ 833,214 |
Unrealized losses | (3,861) |
Fair value | 829,353 |
U.S. government securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 833,214 |
Unrealized losses | (3,861) |
Fair value | $ 829,353 |
Balance Sheet Detail - Property
Balance Sheet Detail - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 121,040 | $ 113,197 |
Less accumulated depreciation and amortization | (27,875) | (19,680) |
Total property and equipment, net | 93,165 | 93,517 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,503 | 13,503 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,190 | 1,040 |
Test and lab equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,976 | 10,893 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,400 | 11,984 |
Computer and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 64,399 | 61,173 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,463 | 7,839 |
Automobile | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,586 | 3,321 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,523 | $ 3,444 |
Balance Sheet Detail - Goodwill
Balance Sheet Detail - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Goodwill, Balance | $ 1,113,766 | ||||
Accumulated impairment loss | $ (1,000,081) | (1,000,081) | $ 0 | ||
Impairment loss | (1,000,081) | $ 0 | (1,000,081) | $ 0 | |
Goodwill, Balance | $ 113,685 | $ 113,685 |
Balance Sheet Detail - Accrued
Balance Sheet Detail - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 30,272 | $ 51,401 |
Accrued expenses | 17,553 | 16,074 |
Other | 3,517 | 2,531 |
Total accrued expenses and other current liabilities | $ 51,342 | $ 70,006 |
Collaboration Revenue (Details)
Collaboration Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 11 Months Ended | 18 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||||
Cash receipts | $ 95,360 | $ 50,000 | $ 145,360 | ||||
Collaboration revenue | $ 20,733 | $ 0 | $ 62,731 | $ 0 | $ 145,269 | ||
Forecast | Subsequent Event | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Cash consideration expected in 2022 | $ 5,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 05, 2021 | Jan. 19, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||
Transaction related costs | $ 6,854,000 | $ 15,113,000 | ||||||
ATG | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interests acquired | 100% | |||||||
Consideration transferred | $ 1,915,708,000 | |||||||
Transaction related costs | $ 15,113,000 | |||||||
Property, plant, and equipment, decrease | $ 21,652,000 | |||||||
Adjustment, depreciation expense | $ 1,676,000 | |||||||
Deferred tax liability, increase | $ 3,342,000 | |||||||
Intangible asset impairment | $ 0 | |||||||
Non-cash compensation expense | $ 7,873,000 | |||||||
ATG | Series U-1 Preferred Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred ( in shares) | 110,437,359 | |||||||
ATG | Common stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred ( in shares) | 252,194,518 | |||||||
OURS Technology, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interests acquired | 100% | |||||||
Consideration transferred | $ 40,821,000 | |||||||
Intangible asset impairment | $ 0 | |||||||
Stock options assumed | 3,789,000 | |||||||
Stock options assumed, allocated to purchase price | 2,145,000 | |||||||
OURS Technology, Inc. | Operating Expense | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock options assumed | $ 1,644,000 | |||||||
OURS Technology, Inc. | Common stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred ( in shares) | 6,064,675 | |||||||
OURS Technology, Inc. | Common stock | Restricted Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred ( in shares) | 396,067 | |||||||
Award vesting period | 2 years |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Mar. 05, 2021 | Jan. 19, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 113,685 | $ 1,113,766 | ||
ATG | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 310,540 | |||
Prepaid expenses and other current assets | 6,229 | |||
Property and equipment, net | 63,395 | |||
Operating lease right-of-use assets | 41,915 | |||
Other assets | 18,351 | |||
Acquisition related intangible assets | 545,500 | |||
Goodwill | 1,060,159 | |||
Accounts payable | (1,860) | |||
Related party payable | (46,970) | |||
Accrued expenses and other current liabilities | (37,796) | |||
Operating lease liabilities | (40,413) | |||
Deferred tax liability | (3,342) | |||
Total | $ 1,915,708 | |||
OURS Technology, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 153 | |||
Prepaid expenses and other current assets | 23 | |||
Property and equipment, net | 218 | |||
Other assets | 9 | |||
Acquisition related intangible assets | 19,000 | |||
Goodwill | 23,477 | |||
Accounts payable | (46) | |||
Deferred tax liability | (2,013) | |||
Total | $ 40,821 |
Acquisitions - Consideration Tr
Acquisitions - Consideration Transferred (Details) - OURS Technology, Inc. $ in Thousands | Mar. 05, 2021 USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 16,107 |
Stock consideration | 24,105 |
Assumed liabilities related to third-party expenses | 609 |
Total | $ 40,821 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) | Jun. 30, 2022 votePerShare $ / shares shares | Dec. 31, 2021 $ / shares shares |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 1,000,000,000 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.00001 | |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 51,000,000,000 | |
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | $ 0.00001 |
Common stock, shares issued (in shares) | 1,146,572,506 | |
Common stock, shares outstanding (in shares) | 1,146,572,506 | 1,122,829,814 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 50,000,000,000 | |
Number of votes per share stock holders are entitled to receive | votePerShare | 1 | |
Common stock, shares issued (in shares) | 716,866,208 | |
Common stock, shares outstanding (in shares) | 716,866,208 | |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Number of votes per share stock holders are entitled to receive | votePerShare | 10 | |
Common stock, shares issued (in shares) | 429,706,298 | |
Common stock, shares outstanding (in shares) | 429,706,298 |
Derivative Liabilities - Narrat
Derivative Liabilities - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 03, 2021 tradingDay $ / shares | Jul. 14, 2021 tradingDay $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) shares | Nov. 03, 2021 $ / shares shares | |
Derivative [Line Items] | ||||||||
Change in fair value of derivative liabilities | $ | $ 39,878 | $ 0 | $ 105,688 | $ 0 | ||||
Warrant written notice of redemption period | 30 days | |||||||
Earnout shares liability | $ | 3,923 | $ 3,923 | $ 52,380 | |||||
Earnout shares, vested (in shares) | shares | 0 | |||||||
Sponsor shares subject to lock-up provision | ||||||||
Derivative [Line Items] | ||||||||
Earnout shares (in shares) | shares | 1,720,772 | |||||||
Earnout period | 1 year | |||||||
Earnout shares liability | ||||||||
Derivative [Line Items] | ||||||||
Change in fair value of derivative liabilities | $ | $ 17,070 | $ 48,457 | ||||||
Stock price trigger one | Sponsor shares subject to time-based lock-up provision | ||||||||
Derivative [Line Items] | ||||||||
Earnout shares (in shares) | shares | 1,720,772 | |||||||
Earnout period | 2 years | |||||||
Earnout period, stock price trigger (in usd per share) | $ / shares | $ 15 | |||||||
Earnout period, threshold trading days | tradingDay | 20 | |||||||
Earnout period, threshold trading day period | tradingDay | 30 | |||||||
Stock price trigger two | Sponsor shares subject to time-based lock-up provision | ||||||||
Derivative [Line Items] | ||||||||
Earnout shares (in shares) | shares | 1,720,771 | |||||||
Earnout period | 3 years | |||||||
Earnout period, stock price trigger (in usd per share) | $ / shares | $ 17.50 | |||||||
Earnout period, threshold trading days | tradingDay | 20 | |||||||
Earnout period, threshold trading day period | tradingDay | 30 | |||||||
Stock price trigger three | Sponsor shares subject to time-based lock-up provision | ||||||||
Derivative [Line Items] | ||||||||
Earnout shares (in shares) | shares | 1,720,771 | |||||||
Earnout period | 4 years | |||||||
Earnout period, stock price trigger (in usd per share) | $ / shares | $ 20 | |||||||
Earnout period, threshold trading days | tradingDay | 20 | |||||||
Earnout period, threshold trading day period | tradingDay | 30 | |||||||
Public warrants | ||||||||
Derivative [Line Items] | ||||||||
Warrants outstanding (in shares) | shares | 12,218,291 | 12,218,291 | 12,218,420 | 12,218,750 | ||||
Warrants exercise price (usd per share) | $ / shares | $ 11.50 | |||||||
Warrants exercised (in shares | shares | 129 | |||||||
Proceeds from warrant exercised | $ | $ 1 | |||||||
Warrant liability | $ | $ 8,447 | 8,447 | $ 65,678 | |||||
Change in fair value of derivative liabilities | $ | $ 22,808 | $ 57,231 | ||||||
Warrant, redemption period, threshold trading days | tradingDay | 20 | |||||||
Warrant redemption period, threshold trading day period | tradingDay | 30 | |||||||
Public warrants | Common Class A | ||||||||
Derivative [Line Items] | ||||||||
Warrant, redemption period, threshold trading days | tradingDay | 10 | |||||||
Shares received upon exercise of warrant (capped) | 0.361 | |||||||
Public warrants | Stock price trigger one | ||||||||
Derivative [Line Items] | ||||||||
Warrant redemption period, stock price trigger (in usd per share) | $ / shares | $ 10 | |||||||
Warrant redemption (usd per share) | $ / shares | 0.10 | |||||||
Public warrants | Stock price trigger two | ||||||||
Derivative [Line Items] | ||||||||
Warrant redemption period, stock price trigger (in usd per share) | $ / shares | 18 | |||||||
Warrant redemption (usd per share) | $ / shares | $ 0.01 | |||||||
Private placement warrants | ||||||||
Derivative [Line Items] | ||||||||
Warrants outstanding (in shares) | shares | 8,900,000 | 8,900,000 | 8,900,000 | 8,900,000 | ||||
Warrants exercise price (usd per share) | $ / shares | $ 11.50 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) | 3 Months Ended | 6 Months Ended | 11 Months Ended | ||||
Nov. 02, 2021 shares | Jun. 30, 2022 USD ($) vestingRequirement shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) vestingRequirement shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 shares | Jan. 19, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of equity compensation plans | vestingRequirement | 4 | 4 | |||||
Stock based compensation expense | $ | $ 46,278,000 | $ 41,543,000 | $ 75,525,000 | $ 78,438,000 | |||
Costs not yet recognized | $ | $ 24,588,000 | $ 24,588,000 | |||||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Percentage of fair value common stock, threshold | 100% | 100% | |||||
Options granted to employee, stock owned, percentage of voting shares, threshold | 10% | 10% | |||||
Award vesting period | 4 years | ||||||
Expiration period, following termination | 3 months | ||||||
Stock based compensation expense | $ | $ 8,786,000 | 12,458,000 | |||||
Period for recognition | 1 year 9 months | ||||||
Stock options | One-year cliff | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 1 year | ||||||
Stock options | Employees with greater than 10% voting shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 5 years | ||||||
Percentage of fair value common stock, threshold | 110% | 110% | |||||
Restricted stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ | $ 59,755,000 | $ 0 | |||||
Period for recognition | 2 years 10 months 24 days | ||||||
Number of vesting requirements | vestingRequirement | 2 | 2 | |||||
Cost not yet recognized | $ | $ 343,161,000 | $ 343,161,000 | |||||
Forfeited (in shares) | shares | 7,679,851 | ||||||
Restricted stock | ATG | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ | $ 6,200,000 | ||||||
Cost not yet recognized | $ | $ 0 | $ 0 | |||||
Awards modified on acquisition date (in shares) | shares | 2,928,854 | ||||||
Forfeited (in shares) | shares | 538,140 | ||||||
Restricted stock | One-year cliff | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 1 year | ||||||
Restricted stock | Time-based | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Restricted stock | Maximum | Time-based retention | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Restricted stock | Minimum | Time-based retention | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 1 year | ||||||
2021 Incentive Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized under the plan | shares | 120,900,000 | ||||||
Authorized increase as percentage of Total shares outstanding, last day of prior fiscal year | 5% | ||||||
Maximum number of shares expired or terminated, added to the Plan | shares | 120,692,205 | ||||||
Number of shares available for grant (in shares) | shares | 106,439,376 | 106,439,376 | |||||
2021 Incentive Incentive Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of additional shares authorized under the plan | shares | 120,900,000 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Option Activity (Details) - 2017 Equity Incentive Plan $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Number of shares | |
Beginning balance (in shares) | shares | 79,644,550 |
Exercised (in shares) | shares | (14,192,960) |
Forfeited (in shares) | shares | (2,702,952) |
Ending balance (in shares) | shares | 62,748,638 |
Weighted average exercise price | |
Beginning balance (in usd per share) | $ / shares | $ 1.44 |
Exercised (in usd per share) | $ / shares | 0.59 |
Forfeited (in usd per share) | $ / shares | 2.24 |
Ending balance (in usd per share) | $ / shares | $ 1.60 |
Exercisable, June 30, 2022 | |
Number of shares (in shares) | shares | 44,973,713 |
Weighted average exercise price (in usd per share) | $ / shares | $ 1.24 |
Weighted average remaining contractual term, outstanding (in years) | 6 years 9 months 18 days |
Options, outstanding, aggregate intrinsic value | $ | $ 46,791 |
Weighted average remaining contractual term (in years) | 6 years 3 months 18 days |
Exercisable, aggregate intrinsic value | $ | $ 41,871 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Restricted Stock Units (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Number of shares | |
Released (in shares) | shares | (14,141,974) |
Weighted average grant date fair value | |
Released (in usd per share) | $ / shares | $ 4.07 |
Aggregate intrinsic value, outstanding | $ | $ 183,392 |
Restricted stock | |
Number of shares | |
Beginning balance (in shares) | shares | 34,054,713 |
Granted (in shares) | shares | 82,788,961 |
Forfeited (in shares) | shares | (7,679,851) |
Ending balance (in shares) | shares | 95,021,849 |
Weighted average grant date fair value | |
Beginning balance (in usd per share) | $ / shares | $ 4.72 |
Granted (in usd per share) | $ / shares | 4.06 |
Forfeited (in usd per share) | $ / shares | 4.32 |
Ending balance (in usd per share) | $ / shares | $ 4.27 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 46,278 | $ 41,543 | $ 75,525 | $ 78,438 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 41,424 | 39,499 | 67,651 | 74,314 |
Selling, general, and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 4,854 | $ 2,044 | $ 7,874 | $ 4,124 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Leases [Abstract] | |||
Weighted average remaining lease term | 8 years 6 months | 8 years 6 months | |
Weighted average discount rate, percent | 6.30% | 6.30% | |
Operating lease, rent expense | $ 7,255 | $ 5,942 | $ 14,117 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Defined contribution plan cost | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Noncash investing and financing activities: | ||
Property and equipment included in accounts payable | $ 2,110 | $ 3,023 |
Vesting of early exercised stock options | 11 | 143 |
Non-cash acquisition | $ 0 | $ 1,939,804 |
Earnings Per Share - Share Amou
Earnings Per Share - Share Amounts and Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||
Net Loss | $ (1,154,177) | $ (181,812) | $ (1,230,985) | $ (370,431) |
Basic net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Diluted net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Basic weighted-average shares outstanding (in shares) | 1,131,113,012 | 541,133,301 | 1,129,118,006 | 512,608,940 |
Diluted weighted-average shares outstanding (in shares) | 1,131,113,012 | 541,133,301 | 1,129,118,006 | 512,608,940 |
Common Class A | ||||
Class of Stock [Line Items] | ||||
Net Loss | $ (700,044) | $ (181,812) | $ (726,124) | $ (370,431) |
Basic net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Diluted net loss per share (in usd per share) | $ (1.02) | $ (0.34) | $ (1.09) | $ (0.72) |
Basic weighted-average shares outstanding (in shares) | 686,055,230 | 541,133,301 | 666,035,126 | 512,608,940 |
Diluted weighted-average shares outstanding (in shares) | 686,055,230 | 541,133,301 | 666,035,126 | 512,608,940 |
Common Class B | ||||
Class of Stock [Line Items] | ||||
Net Loss | $ (454,133) | $ 0 | $ (504,861) | $ 0 |
Basic net loss per share (in usd per share) | $ (1.02) | $ 0 | $ (1.09) | $ 0 |
Diluted net loss per share (in usd per share) | $ (1.02) | $ 0 | $ (1.09) | $ 0 |
Basic weighted-average shares outstanding (in shares) | 445,057,782 | 0 | 463,082,880 | 0 |
Diluted weighted-average shares outstanding (in shares) | 445,057,782 | 0 | 463,082,880 | 0 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 186,125,567 | 350,117,759 |
Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 | 221,591,059 |
Redeemable convertible preferred stock | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 223,321,886 | |
Redeemable convertible preferred stock | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 221,591,059 | |
Stock options | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 64,254,466 | 89,972,519 |
Stock options | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 | 0 |
Restricted stock | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 95,590,496 | 36,823,354 |
Restricted stock | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 | 0 |
Derivative | Private placement warrants | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 8,900,000 | |
Derivative | Private placement warrants | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 | |
Derivative | Public warrants | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 12,218,291 | |
Derivative | Public warrants | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 | |
Derivative | Earnout shares liability | Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 5,162,314 | |
Derivative | Earnout shares liability | Common Class B | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share | 0 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jan. 19, 2021 | |
Related Party Transaction [Line Items] | |||||||
Severance payments | $ 0 | $ 7,873 | |||||
Operating expenses | $ 1,217,333 | $ 181,458 | 1,402,475 | 373,247 | |||
Related party payables | 950 | 950 | $ 540 | ||||
Receivable from related party | 0 | 0 | $ 10,726 | ||||
Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from receivable for withholding tax payments made on behalf of related party | 12,770 | ||||||
ATG | |||||||
Related Party Transaction [Line Items] | |||||||
Liability assumed in acquisition | $ 46,970 | ||||||
Contract for financial advisory services with related party | |||||||
Related Party Transaction [Line Items] | |||||||
Payments to related party for advisory fees | $ 10,000 | ||||||
Advisory fees recognized as a reduction to redeemable convertible preferred stock for issuance costs | 1,750 | ||||||
Contract for financial advisory services with related party | Selling, general and administrative expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from related party transactions | 8,250 | ||||||
Liability assumed due to the former owner of ATG | ATG | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Liability assumed in acquisition | $ 46,970 | ||||||
Severance payments to former ATG employees by former owner | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Severance payments | $ 7,873 | ||||||
Transition service agreement with former owner of ATG | |||||||
Related Party Transaction [Line Items] | |||||||
Operating expenses | $ 1,150 | $ 1,415 | $ 4,058 | $ 3,087 |