Aurora Innovation, Inc. Q3 FY2023 earnings call

• Completed $850 million capital raise. • Made progress on closing the Aurora Driver Safety Case, with an ARM of 84% as of September 30, 2023, up 40 points since the first quarter. • Scaled trucking operations, finished the second commercial-ready terminal in Houston, and autonomously hauled 75 loads per week. • Autonomy performance indicator (API) was 98% in Q3 2023, with over 60% of loads having an API of 100% and 84% greater than or equal to 99%. • Partnerships with PACCAR, Volvo Trucks, and Continental progressed. • Maintained fiscal discipline with cash spend below quarterly average target. • Saw legislative progress, including Gov. Newsom vetoing AB 316 in California, and presented to the House Transportation Infrastructure Committee.

No detailed product segment financial performance provided in the transcript.

• Anticipate completing the Aurora Driver Ready milestone around the end of Q1 2024. • Planned commercial launch at the end of 2024. • Ended Q3 with $1.5 billion in cash and short-term investments, expecting this liquidity to support planned commercial launch and fund operations into the second half of 2025.

• Forward-looking statements subject to known and unknown risks, including those in the annual report on Form 10-K and current uncertainty in business, markets, and economy. • Risk factors in the annual report and quarterly report may cause actual results to differ from projections.

Q: Discuss the regulatory environment, including California win and passenger vehicle competitors' turbulence.

A: Transparent with regulators, seeing rational and reasonable regulatory response, and no impact on deployment plans.

Q: About Safety Case claims extending into 2024, what are the extra claims and if they relate to hardware testing?

A: Minor inefficiencies in validation process remedied, no impact on commercial timing.

Q: Thoughts on public comms for rare accidents, sharing info with press and DMV?

A: Run tabletop exercises, transparent about incidents like a March event, and will continue to be transparent.

Q: Opening additional routes over next 12-18 months?

A: Operate between Fort Worth and El Paso, expect to expand East to West but no specific details given.

Q: Contracting loads for commercial launch and impact of freight market weakness?

A: On track to contract by end of year, partners see long-term value despite market weakness.

Q: Reason for sequential moderation in operating expenses?

A: Minor timing adjustments, expect Q4 within target range.

Q: Delay in Safety Case closure, what's the reason?

A: Minor inefficiencies in validation of driving capability tests, no major edge cases issue.

Q: Contracts for 2025, recourse in delays?

A: Contracts for planning, focus on customer priorities for initial lanes.