Aurora Innovation Inc
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
AUR$4.41+9.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-09.
0001828108-24-000088
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-31.
0001828108-24-000127
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 35 previous paragraphs and 43 current paragraphs.
23 unchanged; 12 reworded; 6 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Comparison of the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023
Current report
(1)Not meaningful.
Current report
Operating expenses
Current report
Research and development expenses decreased by $28 million, or 8%, to $336 million in the six months ended June 30, 2024 from $364 million in the six months ended June 30, 2023, primarily driven by a decrease in hardware costs for development fleets, as well as a decline in non-cash stock-based compensation. Research and development expenses included non-cash stock-based compensation of $63 million and $71 million in both the six months ended June 30, 2024 and 2023, respectively.
Current report
Selling, general and administrative expenses decreased by $6 million, or 10%, to $55 million in the six months ended June 30, 2024 from $61 million in the six months ended June 30, 2023 primarily driven by decreases in personnel costs and other general and administrative costs. Selling, general and administrative expenses included non-cash stock-based compensation of $11 million in both the six months ended June 30, 2024 and 2023.
Current report
Other income (expense)
Reworded paragraphs (12)
Previous wording
Research and development decreased by $11 million, or 6%, to $166 million in the three months ended March 31, 2024 from $177 million in the three months ended March 31, 2023, primarily driven by a decrease in hardware development expense. Research and development included non-cash stock-based compensation of $31 millionand $34 million in thethree months ended March 31, 2024 and 2023, respectively.
Current wording
Research and development decreased by $17 million, or 9%, to $170 million in the three months ended June 30, 2024 from $187 million in the three months ended June 30, 2023, primarily driven by a decrease in hardware costs for development fleets, as well as a decline in non-cash stock-based compensation. Research and development expenses included non-cash stock-based compensation of $32 million and $37 million in both the three months ended June 30, 2024 and 2023, respectively.
Previous wording
Selling, general and administrative decreased by $4 million, or 13%, to $27 million in the three months ended March 31, 2024 from $31 million in the three months ended March 31, 2023, primarily driven by a decrease in personnel costs. Selling, general and administrative included non-cash stock-based compensationof $5 millionin thethree months ended March 31, 2024 and 2023.
Current wording
Selling, general and administrative decreased by $2 million, or 7%, to $28 million in the three months ended June 30, 2024 from $30 million in the three months ended June 30, 2023, primarily driven by decreases in personnel costs and other general and administrative costs. Selling, general and administrative included non-cash stock-based compensation of $6 million in both the three months ended June 30, 2024 and 2023.
Previous wording
The change in fair value of derivative liabilities was income of $12 million and expense of $2 million in the three months ended March 31, 2024 and 2023, respectively, primarily due to the change in the market price for the underlying instrument during each period.
Current wording
The change in fair value of derivative liabilities was income of $1 million and expense of $10 million in the three months ended June 30, 2024 and 2023, respectively, primarily due to the change in the market price for the underlying instrument during each period.
Previous wording
Other income, net increased by $2 million, or 14%, to $16 million in the three months ended March 31, 2024, from $14 million in the three months ended March 31, 2023, primarily due to an increase in interest income earned on cash equivalents and investments.
Current wording
Other income, net increased by $6 million, or 67%, to $15 million in the three months ended June 30, 2024, from $9 million in the three months ended June 30, 2023, primarily due to an increase in interest income earned on cash equivalents and investments.
Previous wording
As of March 31, 2024, our principal sources of liquidity were $454 million of cash and cash equivalents, $662 million of short-term investments, and $81 million of long-term investments with maturities within 2 years, exclusive of restricted cash of $17 million. Short-term and long-term investments consist of primarily U.S. Treasury securities as well as corporate bonds and commercial paper.
Current wording
As of June 30, 2024, our principal sources of liquidity were $402 million of cash and cash equivalents, and $618 million of short-term investments, exclusive of restricted cash of $17 million. Short-term investments consist of primarily U.S. Treasury securities as well as corporate bonds and commercial paper.
Previous wording
We have incurred negative cash flows from operating activities and significant losses from operations in the past. We expect to continue to incur operating losses and that we will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. We expect our total liquidity will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of this Quarterly Report.
Current wording
We have incurred negative cash flows from operating activities and significant losses from operations in the past. We expect to continue to incur operating losses and that we will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. We expect our total liquidity will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of this Quarterly Report. Management will continue to evaluate the timing and nature of discretionary operating expenses, as necessary.
Previous wording
Net cash used in operating activities was $150 million for the three months ended March 31, 2024, an increase of $14 million from $136 million for the three months ended March 31, 2023 primarily due to advanced payments for hardware materials for fleet builds.
Current wording
Net cash used in operating activities was $326 million for the six months ended June 30, 2024, an increase of $8 million from $318 million for the six months ended June 30, 2023 primarily due to advanced payments for hardware materials for fleet builds.
Previous wording
Net cash provided by investing activities was $101 million for the three months ended March 31, 2024, an increase of $47 million from $54 million for the three months ended March 31, 2023 primarily due to an increase in cash received from net maturities of investments.
Current wording
Net cash provided by investing activities was $221 million for the six months ended June 30, 2024, a decrease of $7 million from $228 million for the six months ended June 30, 2023 primarily due to increased purchases of property and equipment for commercial fleet builds, partially offset by an increase in cash received from net maturities of investments.
Previous wording
Cash Flows Provided by Financing Activities
Current wording
Cash Flows Provided by (Used in) Financing Activities
Previous wording
Net cash provided by financing activities were not significant in the three months ended March 31, 2024 and 2023.
Current wording
Net cash provided by financing activities was $6 million for the six months ended June 30, 2024 and net cash used in financing activities was $5 million for the six months ended June 30, 2023. Proceeds from the issuance of common stock upon the exercise of stock options increased in the six months ended June 30, 2024.
Previous wording
Aurora may be party to various claims within the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. We assess the need to record a liability for litigation and other loss contingencies, with reserve estimates recorded if we determine that a loss related to the matter is both probable and reasonably estimable. No material losses were recorded in the three months ended March 31, 2024 and 2023.
Current wording
Aurora may be party to various claims within the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. We assess the need to record a liability for litigation and other loss contingencies, with reserve estimates recorded if we determine that a loss related to the matter is both probable and reasonably estimable. No material losses were recorded in the three and six months ended June 30, 2024 and 2023.
Previous wording
Our condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. Preparation of the financial statements requires our management to make judgments, estimates and assumptions that impact the reported amount of revenue and expenses, assets and liabilities and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates and assumptions could have a material impact on our condensed consolidated financial statements. Our significant accounting policies are described in Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report and in the notes to the consolidated financial statements included in Part II, Item 8 of the Annual Report on Form 10-K for the year-ended December 31, 2023. There have been no material changes to our critical accounting estimates since our Annual Report.
Current wording
Our condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. Preparation of the financial statements requires our management to make judgments, estimates and assumptions that impact the reported amount of revenue and expenses, assets and liabilities and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates and assumptions could have a material impact on our condensed consolidated financial statements. Our significant accounting policies are described in Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report and in the notes to the consolidated financial statements included in Part II, Item 8 of the Annual Report on Form 10-K/A for the year-ended December 31, 2023. There have been no material changes to our critical accounting estimates since our Annual Report.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The change in fair value of derivative liabilities resulted in an income of $13 million and expense of $12 million in the six months ended June 30, 2024 and 2023, respectively, primarily due to the change in the market price for the underlying instrument.
Current report — wording carried from elsewhere
Other income, net was $31 million in the six months ended June 30, 2024, compared to $23 million in the six months ended June 30, 2023, primarily due to an increase in interest income earned on cash equivalents and investments.