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Aurora Innovation (AUR)

Participants
Stacy Feit Vice President of Investor Relations
Chris Urmson Co-Founder & Chief Executive Officer
Richard Tame Chief Financial Officer
Steven Fox Fox Advisors
Tom White D.A. Davidson
David Vernon Bernstein
Call transcript
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Operator

Greetings. Welcome to the Aurora Fourth Quarter and Full Year 2021 Business Review Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the of to Investor turn Feit, host, now President Vice Relations. will conference your over Stacy I Thank you.

You may begin.

Stacy Feit

We this is business Thank [Operator reminder, you. quarter call. in XXXX fourth session mode. a time. Later instructions to welcome this earlier being participants we conference announced At a this review will listen-only Good afternoon, that our and will a everyone, full be Instructions] and at time recorded. As are all results call question-and-answer conduct our and year given afternoon.

on accompany SEC. Our the Investor shareholder presentation and Form a at letter our we're with today website and this X-K to call furnished file with are available Relations ir.aurora.tech our

CFO. have Chris progress will provide on call the across and our financial update made results. will are On Co-Founder the and Tame, today an we key Urmson, our XXXX Richard business, Chris pillars the recap of CEO; Richard and

markets well the us XXXX, Form economy. cause uncertainties risk and by those actual financial expected that XXXX of our This SEC includes filed will are subject the our the unpredictability or the available will call, materially business, Investor call could uncertainty forward-looking our take making be statements. and year during on described relating full to like with filed particular, our and as the this strategy, will and to during S-X included business, current prospects. we those by the the statements to risks In long-term implied open our recording that guidance, to March at that These opportunity in conference has in factors November unknown Form statements XX-K call. call A and Q&A. will ir.aurora.tech ended. the shortly on remind I'd and be be We call then after projected results XXXX results you from future for growth of future our and performance XX, this overall to website to as Relations differ this XX, known in

You predictions of we update call Aurora make statements as date as should assumptions beliefs obligation disclaims required as future hereof law. except forward-looking not this rely on any are and any forward-looking events. our based statements and All the forward-looking on that on of statements, by to

our be with be discussion now Our will website. our letter, addition including in may non-GAAP on filed should may was turn over also and to non-GAAP our results, include found Chris. substitute These call not GAAP regarding Investor Information the shareholder results our of financial which X-K be to or measures furnished considered our With as that, and today today Relations GAAP measures. an found isolation non-GAAP non-GAAP the will to historical financial for from a results. reconciliation a in our with Form SEC I

Chris Urmson

year number we're the in logistics transformative Volvo, we’re number which and pilots. pleased Aurora. the important publicly and number partnered PACCAR partnerships our was Uber Uber time the to full Stacy we acquired Truck a vehicle a Freight, We platform, and technology transformative review everyone of for our with North results first carrier first business you number traded the incredible brought welcome Thank as and quarter ride Aurora. auto we’re hailing with talent an of incredible to self-driving Today, share year team the to We powerful solidified platform FedEx and We an Uber a US XXXX Toyota. fourth of company. American with and business, for with and call. two one with three are OEM with OEMs the one top one

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vehicle a truck in common while enabling Class market. we the progress, opportunity self why Aurora’s our self meaningful partnerships because architecture, Before broadly. to We of allowed available vehicle on us founded a a impact. We I'd focus we single emphasis take of rapid to suite on To and the sedan. driving operate in five safely, is at on our sensors deliver the to a long by market, technology move market our that technology moment an to believe years technology capabilities. that core driving first founded our were designed a Aurora. understood Aurora built uniquely from we the allowed speed path like to bring multimodal to deliver multiple integrate to Aurora and path see we Drew reaction we incredible to to driving saw developing architected we and our I more We talk sensor will quickly, also breadth more passenger that a our then safety, society more company, share of quickly we self saw vehicles, a that enable this agnostic. safely, focus Together, to safety, A impact foundational than ago these with deliver could us technology to about This out to with began and light vehicles Sterling benefits while our the facilitate speed, technology, on to then ranges breadth. our We mission, on types Driver and needed

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During with multi-phase commercial We're second with quarter, Aurora autonomously haul carriers streamline Uber their we're of we the them an or to digital access operations. network hauling also additional integrating to and customers. of fourth autonomous the for opportunity explore products. to chain trucking broaden Uber exciting launched pilot freight to opportunities as Horizon working Freight's. with Freight's And power tools goods loads this see provide with Aurora to supply set the maximize trucks, our utilization We an

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Richard Tame

financially Thank you, for a Chris. Aurora. XXXX was year capstone

and acquired Chris As business, off talent scalable a of vehicle bolstered our self-driving the year, kick gave stack the tackle to product. to mentioned, of which complex and technology us challenge Uber further breadth the developing ATG, self-driving depth we better

also As combined compensation This I had our on impact stock-based reported part to transaction of one-time capitalize a review company. will in we that million moment. this a transaction, $XXX received the

$XX for space. ultimately XXXX, the associated work we platform collaboration development of work This with ride launch During on million the with CNA our product hailing support revenue, [ph] Toyota. agreement the will the our in had

this leading $XXX stock-based totaled excluding continue operating respectively costs website of estimated a measure compensation Investor are public I to Within non-GAAP hours hours the including in posted of collaboration complete $XXX which project. reminder percentage letter million, totaled is to the excluding provided in included a a with stock-based $XXX and and primarily furnished compensation the both revenue X-K compensation, Form were million as There Operating $XX to reflected million, expenses, As SG&A input infrastructure. we today stock-based with ongoing R&D are on building million the expenses, items flag company expended we using the million, which work. two million, our $XX compensation SEC. in of our totaled $XXX and stock-based recognized excluding want expenses, have of a Relations compensation stock-based associated invest operating financials $XXX total million. shareholder that in autonomy industry file to that personnel acquisition-related with as in in $XXX we expenses, comprised the expenses million costs reconciliation

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While the Aurora accounted not stock-based rewards these us on given related party as they books. are compensation for are our characterization,

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We fourth change reflect value. fair as fair to combination treatment the sponsor nuance reported to our quarter shares. public value classified private the $XX associated warrants, of recorded value accounting These each and instruments as derivative at in well changes expense the non-cash is in measured as million in Another earn-out with financial be placement related business fair liabilities, the are aware during period to the of

ended the Horizon operating execute to of our business hand, in other million balance investments in in through and expect primarily public Aurora quickly commercial $XXX reflected $XX product, with latter in spend benefits, into our cash November continue and cash, Aurora taken expenditures. combination, including very strong the facilities, a enabling IT in and and we We technology mission million to XXXX. sheet, to had $X.X broadly. $X.X delivering gross of We and infrastructure. trucking Aurora Turning capital our closed safely, in The self-driving cash we our billion In with XXXX, billion launch on proceeds cash fund which XXXX us to flow.

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we executing long-term we'll an consistent to on open scale. at a to commercial As With our community on call the and investment the consider our with delivering mission we that, encourage to results basis toward annual product Q&A. working take the now approach

Operator

Thank will Steven session. Fox with be Advisors. a first Please comes with proceed time, we the you. your Our conducting At question. question this Fox line of from Instructions] question-and-answer [Operator

Steven Fox

Hi. congratulations this year. talk enabled fleets. little maybe Good about bit if was digitally accomplished afternoon, all you've I and on Chris, can a wondering you

follow-up. You for autonomy. opportunities at week. traditional some a then differ had highlighted the Uber I hopes versus for announcement How revenue-wise Aurora methods you time-wise trucking? the And this say you week, meeting the do last Freight of those Uber think had in of and And past

Chris Urmson

Thanks, Steve. question. Appreciate the

understand the needs of period period with our So as is space. and over unique think we're we pilot this each segments the of what about this, trying do partners of the to the freight over different next -- expiration

And excited look and forward we we Uber have and that. US forward to we're excited learning customers we Xpress, And with forward. other customers US that as We're of Variant. so about really to get look with Freight, partnerships FedEx them through with to the from benefit technologies the the to their offering the bringing the we bear is through Xpress understanding move

Steven Fox

Great. then terms here. checks some in I terms of of looking progresses appreciate should be maybe just in that. And for we

roads you demoing this doing are get that mention where year. didn't currently sometime Can road? on about talk to open -- this in with do to to from cloud what the later, you fail-safe doing You the have and sort online the you just of guess, I on it

Chris Urmson

things about we're have we front in so excited Yes. We of this the -- year. us

actually capability. of of it. stop these where milestone able the having running vehicles showcasing in safe this and we public development elements both that safety. so of on might very the And anticipate is our one problems we understand is be of is broad work the QX, the a core fault Aurora vehicle the more Safety enabling we're of on anticipate of that the have it the simulation. time when roads, of we'll we and end courses. that vehicles. we Enhancing on to a safely capability drivers, now we being architectural capability we're to And trucks at In We're a it fail we and is can that QX, in one of Today, choices the test the operate the of a vehicle bring to stop. that with at detection on So, transferability. close to operate This to vehicle board one this advance going in important then trigger can that large the showcasing to part made to light element bringing We’ve and shared Case between to Framework and point future, showcase continuing to the handle significant some doing set this occur early in kind

Steven Fox

the back I'll helpful. jump That's Great. Thanks. queue. in

Chris Urmson

you. Thank

Operator

Our proceed the next Please with of comes your question from Davidson. White Tom with D.A. line question.

Tom White

of intervention. investors, I over and next for driven the thoughts of miles markers like world, Congrats milestones about your a usefulness the guys. some months. driven sounds human for on wait curious like call. of hear one have Chris, the I the though. thanks, miles to Great, kind it you of progress things to if months different guess without or metrics updated earnings kind next of may. public on several these, of we'll maybe guess, your here I'm I first XX Two, talked like company real

the picked up it advantage of is all to in whether the it recent pace you indications things on And any or You of investors around has to or – a interest? of kind or are think useful and you guys of know, just make investment months do try double then guys point anticipate that along that healthy know for your you of in comments of publishing and all sure could curious, at of investment that track pace urgency take don't to sort maybe you in metric. interest. increase Thanks. cause just non-binding I'm click regular you the the future really the do been that those curious of you kind might you

Chris Urmson

maybe so roughly business. the speak Sure. the anticipate I updates quarterly We can of more And timing regular, on providing do on just calls.

disclosures think do that basis. we an of depth to is where annual I financial intend the the on that

look no who – think opportunity making have exciting forward a and that fear, We we to than So more engaging to progress often share forward look we're to with to us. anyone the year. we once joins

front, the metrics On so a lot unpack there. there's to

to we just is continue a that is, not believe super the that think super, people work not as As I about put as is disengagement there metrics, think out many useful indication. just we report

amount simulation. of in immense to shared we've more because us do testing. think it things we that do that leverage and value efficient of allows than dramatically. orders more physical much an roads. orders trucks road We would wouldn't do us just we there's It and to As test magnitude And we to allows focused us we the allows public repeatedly, just it do by on operating simulation and testing, more out encounter on testing

more talk the need us way to the vehicle. way progress think around more metrics We to of the try good something of of provide there's to that give confidence to for about near and the a progress continuing and the around We product and in trying the community can and investment we've – future. find our us try in we've so – look the ultimate And express that to heard do been maturity we share of to safety that. we're

one. stay So on guess I tuned, that

On non-binding the intense. the –

partners engaging approach very to of out – them in we've them to collaborative instead and the to So beat kind customers trying tried them, going shake together and of take and can to and to a space a sorry, we to do value immense books. we deliver can product really to that's It's learn, loose to of that their shake ultimately them customers. so what their about cheque with to

And that And so where phase a around three now. or indications right approach, of interest. of in we potential the engaging partners with is customers taken phase we've begin process process the we're

excited this, our have, ultimately, I do as allocations, initial exceeding really deliver through they and we'll with that. very with that Well, heard of the and indications we've And point, collaboratively to start engagement interest We indicated, at conversation had ability And expect shift to later them final so we've that of from allocations. to be we'll partners for and our around the more we're transparency firm this a as to our get we appreciate to then initial will around XXXX. partners.

of really we're proud So that.

the team I to we'll work forward. of – it to that, to our as the these customers with in developing keep want think that both it We're and speaks the as accelerate pace demand? we technology, the a relationships different of kind with still – lot is doing, freight investment more in in will segments share building but mean also of the the move assessing we space. course, key we Does

Tom White

Great. guys. Thanks,

Chris Urmson

Thank you, Tom.

Operator

your Please question comes David line Vernon Bernstein. of Our Instructions] with from next question. [Operator proceed the with

David Vernon

the and afternoon, capabilities able kind particular the the a you're case to FedEx, expectations your support Chris, the the for for you the timing of that and El might – between sort on time. thoughts the you I'm taking of good How's picture right be Dallas, driver example, updated to truck. of engineer standpoint. use validate for cab of of in on taking looking from be when to thinking trying a of understand or may when just a Hey, technology get your this safety running in out your without now? stuff driver changing the think where safety Paso big thanks and able some when be

Chris Urmson

Yeah.

about end towards excited work to the product continue progress the we And of trucking launch commercial of So the a XXXX. towards at we're that.

which get a and a where way. lot any you point, on duration feels other we doable in it with, philosophy that five oversight. of given commercially – this three, like a But just moment, there's to continuously make surrounding the trucks have vehicle relevant without of of know, doesn't there's them vehicles kind right? it's It our to operate could we If viable, until sense, operate of and advancement, Our a really one the continuous at is do around operation bar. kind ready of up addressing that hold safely. to just it safe the vehicle and instead strewn acceptably increasingly testing do operator efficient It feels objective safe until to of the these, the is to It's kind that in able about the way and events like of meet rare most be and we're to of distracting from vehicle. an that the core them highway the development have of do to practical, five

David Vernon

Okay.

is the kind you're it not rate, burn the the you maybe based clean sure, as could understand there. like a help stuff what Uber you I'm sounds So charges had that XXXX affected looking us what be comp still have cash fiscal underlying And you XQ? then a should to stock if of for follow-up, for Richard, intend the I’m be app, the can would sense us in give exiting in cash cash get you for burn trying terms of to just for sense we rate where And burn a expecting XXXX? XXXX for

Chris Urmson

Sure.

And cash and had So up that's non-GAAP I perspective, for we shows the think have company RSU for on second million clean think so provide guidance, flow follow-up. cash full year stock-based and quarter in I first, speak I But from there's that's CapEx four, that in we to of to flow operating a reconciliation it's meaningful the obviously, we we million clean is what think point XXXX. compensation spend cash won't The $XX that. don't $XXX relatively forward-looking then there. the Uber think revenue we the of to basically can

David Vernon

in on anything to helpful? going directionally, about here. and same too I if you guess, a OpEx make be get would directionally to you get number give we can be is expecting that should better? Okay. that step-up worse? it to Just Is their that going give that us it, guidance want that just R&D I think investments in But are were the appreciate you right don't to much

Richard Tame

the that we have believe the billion launching think $X.X is like I we of thing product end feel the cash can we and we've on get at of work trucking, enough commercialization year, cash the balance the of and XXXX. at towards directional into end we the got sheet then the Yeah, as we XXXX through

David Vernon

guys. right. All Thanks

Stacy Feit

Thank you.

Chris Urmson

Thank you.

Operator

have we today's your a and participation and and session. the your lines this wonderful the may you time. have This concludes for day. conference gentlemen, reached Thank you end Ladies of question-and-answer at disconnect