Aurora Innovation (AUR)

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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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.

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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

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Richard Tame

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

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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


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.


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


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


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


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.


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