Aurora Innovation, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Aurora Innovation, Inc. has filed its 2023 Form 10-K detailing its financial performance and business operations.</b>

AI Summary

Aurora Innovation, Inc. (AUROW) filed a Annual Report (10-K) with the SEC on February 15, 2024. Aurora Innovation, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 1654 Smallman St., Pittsburgh, PA 15222. Aurora Innovation, Inc. was formerly known as Reinvent Technology Partners Y and Reinvent Technology Partners C. The filing includes detailed financial information and risk factors for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Aurora Innovation, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Aurora's financial health, operational strategies, and potential risks for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's progress in the autonomous vehicle technology sector and its future prospects.

Risk Assessment

Risk Level: — Aurora Innovation, Inc. shows moderate risk based on this filing. The company operates in the rapidly evolving and capital-intensive autonomous vehicle industry, facing significant technological, regulatory, and competitive risks that could impact its ability to achieve profitability.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to assess the long-term viability and growth potential of Aurora's autonomous driving technology.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-02-15 — Filing Date (Date the 10-K was filed)
• 10-K — Form Type (Type of SEC filing)

Key Players & Entities

• Aurora Innovation, Inc. (company) — Filer name
• Reinvent Technology Partners Y (company) — Former company name
• Reinvent Technology Partners C (company) — Former company name
• Pittsburgh, PA (location) — Business address city and state

FAQ

Risk Factors

• Intense Competition [high — market]: The autonomous vehicle industry is highly competitive, with numerous companies developing similar technologies, which could adversely affect market share and profitability.
• Significant Operating Losses [high — financial]: The company has a history of significant operating losses and may not achieve profitability in the future, impacting its ability to fund operations and growth.
• Regulatory Uncertainty [medium — regulatory]: The development and deployment of autonomous vehicle technology are subject to evolving and uncertain regulatory frameworks, which could impede commercialization.
• Technological Challenges [high — operational]: Achieving reliable and safe autonomous driving technology involves complex technical challenges that may delay product development and market entry.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Aurora Innovation, Inc. filed its 10-K.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Aurora Innovation, Inc.)

Autonomous Vehicle Technology

Technology that enables vehicles to operate without human intervention. (This is the core business of Aurora Innovation, Inc., and its development and market adoption are key to the company's success.)

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share AUR The Nasdaq Stock Market L
• $11.50 — A common stock at an exercise price of $11.50 AUROW The Nasdaq Stock Market LLC Sec

Filing Documents

• aur-20231231.htm (10-K) — 1559KB
• a23q4ex45-descriptionofcap.htm (EX-4.5) — 190KB
• a23q4ex1031.htm (EX-10.31) — 5KB
• a23q4ex211.htm (EX-21.1) — 4KB
• a23q4ex231pwc.htm (EX-23.1) — 2KB
• a23q4ex232.htm (EX-23.2) — 2KB
• a23q4ex311.htm (EX-31.1) — 9KB
• a23q4ex312.htm (EX-31.2) — 9KB
• a23q4ex321.htm (EX-32.1) — 5KB
• a23q4ex322.htm (EX-32.2) — 5KB
• a23q4exclawbackpolicy.htm (EX-97.1) — 38KB
• aur-20231231_g1.jpg (GRAPHIC) — 408KB
• aur-20231231_g2.jpg (GRAPHIC) — 102KB
• 0001828108-24-000028.txt (&nbsp;) — 9529KB
• aur-20231231.xsd (EX-101.SCH) — 55KB
• aur-20231231_cal.xml (EX-101.CAL) — 89KB
• aur-20231231_def.xml (EX-101.DEF) — 276KB
• aur-20231231_lab.xml (EX-101.LAB) — 802KB
• aur-20231231_pre.xml (EX-101.PRE) — 517KB
• aur-20231231_htm.xml (XML) — 982KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 51 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 83 Item 9A.

Controls and Procedures

Controls and Procedures. 84 Item 9B. Other Information. 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 84 PART III Item 10. Directors, Executive Officers and Corporate Governance. 85 Item 11.

Executive Compensation

Executive Compensation. 85 Item 12.

Security Ownership of Certain Beneficial Owners

Security Ownership of Certain Beneficial Owners. 85 Item 13. Certain Relationships and Related Transactions, and Director Independence. 85 Item 14. Principal Accountant Fees and Services. 85 PART IV Item 15. Exhibit and Financial Statement Schedules. 86 Item 16. Form 10-K Summary. 89

Signatures

Signatures 90 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "might," "possible," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Annual Report include statements about: our ability to commercialize the Aurora Driver safely, quickly, and broadly on the timeline we expect; the market for autonomous vehicles and our market position; our ability to compete effectively with existing and new competitors; the ability to maintain the listing of our Class A common stock and warrants on Nasdaq; our ability to raise financing in the future; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to effectively manage our growth and future expenses; the sufficiency of our cash and cash equivalents to meet our operating requirements; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to successfully collaborate with business partners; our ability to obtain, maintain, protect and enforce our intellectual property; economic and industry trends or trend analysis; the impact of infectious diseases, health epidemi

- Financial Information

Part I - Financial Information

Business

Item 1. Business. INFORMATION ABOUT AURORA Unless the context otherwise requires, all references in this section to the "Company," "Aurora," "we," "us," or "our" refer to the business of Aurora Innovation Holdings, Inc. and its subsidiaries prior to the consummation of the Merger (defined below), and to Aurora Innovation, Inc. and its subsidiaries after the completion of the Merger. Corporate History and Background On November 3, 2021 (the "Closing Date"), Aurora Innovation, Inc. (f/k/a Reinvent Technology Partners Y and referred to herein as the "Company"), consummated a business combination with Aurora Innovation Holdings, Inc., a Delaware corporation (f/k/a Aurora Innovation, Inc. and f/k/a Avian U Merger Holdco Corp. and referred to herein as "Legacy Aurora"), and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company ("Merger Sub"), pursuant to an Agreement and Plan of Merger dated July 14, 2021 (the "Merger Agreement" and the transactions contemplated thereby, the "Merger"), by and among the Company, Legacy Aurora and Merger Sub. Our Class A common stock and public warrants are listed on Nasdaq under the symbols "AUR" and "AUROW," respectively. Our Class B common stock is neither listed nor publicly traded. Pursuant to the terms of the Merger Agreement, a business combination between the Company and Legacy Aurora was effected through the merger of Merger Sub with and into Legacy Aurora, with Legacy Aurora surviving as the surviving company and as a wholly-owned subsidiary of the Company. On the Closing Date, the Company changed its name from Reinvent Technology Partners Y to Aurora Innovation, Inc. Company Overview Our mission is to deliver the benefits of self-driving technology safely, quickly, and broadly. Aurora was founded in 2017 by Chris Urmson, Sterling Anderson, and Drew Bagnell, three of the most prominent leaders in the self-driving space. Led by a team with deep experience, we are developing the Aur

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View this 10-K filing on SEC EDGAR