Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40216 | |
Entity Registrant Name | Aurora Innovation, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-1562265 | |
Entity Address, Address Line One | 1654 Smallman St. | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15222 | |
City Area Code | 888 | |
Local Phone Number | 583-9506 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001828108 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.00001 per share | |
Trading Symbol | AUR | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,084,288,336 | |
Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | AUROW | |
Security Exchange Name | NASDAQ | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 400,782,939 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 165 | $ 262 |
Short-term investments | 620 | 839 |
Other current assets | 11 | 17 |
Total current assets | 796 | 1,118 |
Property and equipment, net | 91 | 91 |
Operating lease right-of-use assets | 136 | 138 |
Acquisition related intangible assets | 618 | 618 |
Other assets | 38 | 36 |
Total assets | 1,679 | 2,001 |
Current liabilities: | ||
Operating lease liabilities, current | 15 | 13 |
Other current liabilities | 70 | 70 |
Total current liabilities | 85 | 83 |
Operating lease liabilities, long-term | 119 | 123 |
Derivative liabilities | 16 | 4 |
Other liabilities | 9 | 7 |
Total liabilities | 229 | 217 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock - $0.00001 par value, 51,000 shares authorized, 1,184 and 1,166 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 4,679 | 4,600 |
Accumulated other comprehensive loss | (1) | (2) |
Accumulated deficit | (3,228) | (2,814) |
Total stockholders’ equity | 1,450 | 1,784 |
Total liabilities and stockholders’ equity | $ 1,679 | $ 2,001 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 51,000 | 51,000 |
Common stock, shares issued (in shares) | 1,184 | 1,166 |
Common stock, shares outstanding (in shares) | 1,184 | 1,166 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 0 | $ 21,000 | $ 0 | $ 63,000 |
Operating expenses: | ||||
Research and development | 187,000 | 184,000 | 364,000 | 338,000 |
Selling, general and administrative | 30,000 | 34,000 | 61,000 | 65,000 |
Goodwill impairment | 0 | 1,000,000 | 0 | 1,000,000 |
Total operating expenses | 217,000 | 1,218,000 | 425,000 | 1,403,000 |
Loss from operations | (217,000) | (1,197,000) | (425,000) | (1,340,000) |
Other income (expense): | ||||
Change in fair value of derivative liabilities | (10,000) | 40,000 | (12,000) | 106,000 |
Other income, net | 9,000 | 3,000 | 23,000 | 3,000 |
Loss before income taxes | (218,000) | (1,154,000) | (414,000) | (1,231,000) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (218,000) | $ (1,154,000) | $ (414,000) | $ (1,231,000) |
Basic net loss per share (in usd per share) | $ (0.18) | $ (1.02) | $ (0.35) | $ (1.09) |
Diluted net loss per share (in usd per share) | $ (0.18) | $ (1.02) | $ (0.35) | $ (1.09) |
Basic weighted-average shares outstanding (in shares) | 1,179 | 1,131 | 1,175 | 1,129 |
Diluted weighted-average shares outstanding (in shares) | 1,179 | 1,131 | 1,175 | 1,129 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (218) | $ (1,154) | $ (414) | $ (1,231) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on investments | 0 | (3) | 1 | (4) |
Other comprehensive income (loss) | 0 | (3) | 1 | (4) |
Comprehensive loss | $ (218) | $ (1,157) | $ (413) | $ (1,235) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 1,123 | ||||
Beginning balance at Dec. 31, 2021 | $ 3,342 | $ 0 | $ 4,433 | $ 0 | $ (1,091) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 24 | ||||
Equity issued under incentive compensation plans | 7 | 7 | |||
Stock-based compensation | 76 | 76 | |||
Comprehensive loss | (1,235) | (4) | (1,231) | ||
Ending balance (in shares) at Jun. 30, 2022 | 1,147 | ||||
Ending balance at Jun. 30, 2022 | 2,190 | $ 0 | 4,516 | (4) | (2,322) |
Beginning balance (in shares) at Mar. 31, 2022 | 1,128 | ||||
Beginning balance at Mar. 31, 2022 | 3,295 | $ 0 | 4,464 | (1) | (1,168) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 19 | ||||
Equity issued under incentive compensation plans | 5 | 5 | |||
Stock-based compensation | 47 | 47 | |||
Comprehensive loss | (1,157) | (3) | (1,154) | ||
Ending balance (in shares) at Jun. 30, 2022 | 1,147 | ||||
Ending balance at Jun. 30, 2022 | $ 2,190 | $ 0 | 4,516 | (4) | (2,322) |
Beginning balance (in shares) at Dec. 31, 2022 | 1,166 | ||||
Beginning balance at Dec. 31, 2022 | $ 1,784 | $ 0 | 4,600 | (2) | (2,814) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 18 | ||||
Equity issued under incentive compensation plans | (3) | (3) | |||
Stock-based compensation | 82 | 82 | |||
Comprehensive loss | $ (413) | 1 | (414) | ||
Ending balance (in shares) at Jun. 30, 2023 | 1,184 | 1,184 | |||
Ending balance at Jun. 30, 2023 | $ 1,450 | $ 0 | 4,679 | (1) | (3,228) |
Beginning balance (in shares) at Mar. 31, 2023 | 1,175 | ||||
Beginning balance at Mar. 31, 2023 | 1,629 | $ 0 | 4,640 | (1) | (3,010) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity issued under incentive compensation plans (in shares) | 9 | ||||
Equity issued under incentive compensation plans | (4) | (4) | |||
Stock-based compensation | 43 | 43 | |||
Comprehensive loss | $ (218) | (218) | |||
Ending balance (in shares) at Jun. 30, 2023 | 1,184 | 1,184 | |||
Ending balance at Jun. 30, 2023 | $ 1,450 | $ 0 | $ 4,679 | $ (1) | $ (3,228) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (414,000) | $ (1,231,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,000 | 11,000 |
Reduction in the carrying amount of right-of-use assets | 14,000 | 14,000 |
Stock-based compensation | 82,000 | 76,000 |
Goodwill impairment | 0 | 1,000,000 |
Change in fair value of derivative liabilities | 12,000 | (106,000) |
Non-cash interest income | (14,000) | 0 |
Other operating activities | 0 | 1,000 |
Changes in operating assets and liabilities: | ||
Other current and non-current assets | 8,000 | 49,000 |
Operating lease liabilities | (14,000) | (12,000) |
Other current and non-current liabilities | (2,000) | (27,000) |
Net cash used in operating activities | (318,000) | (225,000) |
Cash flows from investing activities | ||
Purchases of property and equipment | (6,000) | (9,000) |
Purchases of short-term investments | (425,000) | (966,000) |
Maturities of short-term investments | 659,000 | 133,000 |
Net cash provided by (used in) investing activities | 228,000 | (842,000) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 2,000 | 9,000 |
Other financing activities | (7,000) | (2,000) |
Net cash (used in) provided by financing activities | (5,000) | 7,000 |
Net decrease in cash, cash equivalents, and restricted cash | (95,000) | (1,060,000) |
Cash, cash equivalents, and restricted cash at beginning of the period | 277,000 | 1,626,000 |
Cash, cash equivalents, and restricted cash at end of the period | $ 182,000 | $ 566,000 |
Overview of the Organization
Overview of the Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview of the Organization | Overview of the OrganizationAurora Innovation, Inc. (the “Company” or “Aurora”) is headquartered in Pittsburgh, Pennsylvania and its mission is to deliver the benefits of self-driving technology safely, quickly, and broadly. The Company is developing the Aurora Driver, an advanced and scalable suite of self-driving hardware, software and data services designed as a platform to adapt and interoperate amongst vehicle types and applications. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Intercompany balances and transactions between the Company and its controlled subsidiaries have been eliminated. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period. Risks and Uncertainties The Company’s operations are principally funded by available liquidity from cash, cash equivalents and short-term investments. Management expects to continue to incur operating losses and that the Company will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. With the additional capital raised subsequent to the second quarter of 2023 from the Public Offering and Private Placement (see Note 12 – Subsequent Events), management believes that cash on hand and short-term investments will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company primarily maintains its cash and cash equivalents at U.S. commercial banks, while its short-term investments primarily consist of U.S. Treasury securities. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit, though the Company has not experienced any credit losses on its deposits. The Company plans to rely on a single supplier, Continental Automotive Technologies GmbH, for the production, provision and full lifecycle support of its future generation of the Aurora Driver hardware system which will be integrated with OEM platform vehicles. In instances where the supplier fails to perform its obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products, if at all. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents, and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents and restricted cash were as follows (in millions): As of June 30, December 31, Cash and cash equivalents $ 165 $ 262 Restricted cash, long-term (a) 17 15 Total cash, cash equivalents and restricted cash $ 182 $ 277 (a) Included in Other assets on the consolidated balance sheets The components of cash, cash equivalents and short-term investments measured at fair value on a recurring basis were as follows (in millions): As of Fair value level June 30, December 31, Cash and cash equivalents: Bank deposits Level 1 $ 1 $ 1 Money market funds Level 1 69 204 U.S. Treasury securities Level 2 95 57 Total cash and cash equivalents $ 165 $ 262 Short-term investments: U.S. Treasury securities Level 2 $ 620 $ 839 Total short-term investments $ 620 $ 839 The amortized cost, unrealized gains and losses, and fair value of available-for-sale debt securities were as follows (in millions): As of June 30, 2023 Amortized cost Unrealized losses Fair value U.S. Treasury securities $ 621 $ (1) $ 620 As of December 31, 2022 Amortized cost Unrealized losses Fair value U.S. Treasury securities $ 841 $ (2) $ 839 |
Collaboration Revenue
Collaboration Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Revenue | Collaboration RevenueDuring the six months ended June 30, 2022, the Company received payments of $95 million under the collaboration project plan with Toyota and recognized collaboration revenue of $21 million and $63 million during the three and six months ended June 30, 2022, respectively. As of December 31, 2022, the Company had recognized all revenue associated with cash payments received under the collaboration project plan with Toyota and, in turn, no revenue was recognized during the three and six months ended June 30, 2023 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders' Equity Preferred Stock The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at June 30, 2023 and December 31, 2022. Common Stock The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stock holders are entitled to one vote for each share and Class B common stock holders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). The Company had 777 million and 754 million shares of Class A common stock issued and outstanding at June 30, 2023 and December 31, 2022, respectively. The Company had 407 million and 412 million shares of Class B common stock issued and outstanding at June 30, 2023 and December 31, 2022, respectively. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans The Company has outstanding awards granted under four equity compensation plans: the 2021 Equity Incentive Plan (the “Plan”), the Aurora Innovation, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), the Blackmore Sensors & Analytics, Inc. 2016 Equity Incentive Plan (the “Blackmore Plan”), and the OURS Technology Inc 2016 Stock Incentive Plan (the “OURS Plan”). The Company assumed awards under the 2017 Plan, the Blackmore Plan and the OURS Plan to the extent such employees continued as employees of the Company. Under the Plan, equity-based compensation in the form of restricted stock units (“RSUs”), restricted stock awards, incentive stock options, nonqualified stock options, stock appreciation rights, and performance units may be granted to employees, officers, directors, consultants, and others. As of June 30, 2023, there were 212 million shares available for grant under the Plan. Stock-based Compensation Expense Stock-based compensation is allocated on a departmental basis, based on the classification of the option holder or grant recipient. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements and no stock-based compensation has been capitalized as of June 30, 2023. Total stock-based compensation expense by function was as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 37 $ 42 $ 71 $ 68 Selling, general, and administrative 6 5 11 8 Total $ 43 $ 47 $ 82 $ 76 Restricted Stock Units RSUs granted under the 2017 Plan generally are subject to two vesting requirements: (1) a time-based vesting requirement, and (2) a liquidity event. Generally, the time-based vesting requirement is quarterly over four years starting on the vesting commencement date, with a one-year cliff. The liquidity event vesting requirement was satisfied prior to the periods presented. RSUs granted under the Plan generally are subject to a time-based vesting requirement. Generally, the time-based vesting requirement is quarterly over one RSU activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted- Unvested at December 31, 2022 103 $ 3.70 Granted 48 1.43 Vested (19) 3.74 Forfeited (9) 3.29 Unvested at June 30, 2023 123 $ 2.85 The unrecognized stock-based compensation related to unvested RSUs was $280 million at June 30, 2023 and will be recognized over a weighted average period of 2.4 years. The fair value of RSUs as of their respective vesting dates was $24 million for the six months ended June 30, 2023. Stock Options The exercise price of stock options granted under the Plan and the 2017 Plan may not be less than 100% of the fair value of the Company’s common stock on the date of the grant. Stock options generally vest over one No stock options were granted during the six months ended June 30, 2022. Stock options granted under the Plan and the 2017 Plan during the six months ended June 30, 2023 were as follows: Six Months Ended Stock options granted (in millions) 46 Weighted average grant date fair value $ 0.79 Weighted average grant date fair value assumptions: Expected term 5.8 years Risk-free interest rates 4.3 % Expected volatility 55.0 % Stock option activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 63 $ 1.76 Granted 46 1.44 Exercised (3) 0.58 Forfeited (3) 2.29 Expired (2) 2.79 Outstanding at June 30, 2023 101 $ 1.62 7.8 $ 127 Exercisable at June 30, 2023 46 $ 1.47 6.0 $ 67 The unrecognized stock-based compensation related to unvested stock options was $42 million as of June 30, 2023 and will be recognized over a weighted average period of 2.3 years. The intrinsic value of stock options exercised was $4 million for the six months ended June 30, 2023. |
Derivative Liabilities
Derivative Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | Derivative Liabilities The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions): As of Fair value level June 30, December 31, Public warrants Level 1 $ 6 $ 2 Private placement warrants Level 2 4 1 Common stock warrants 10 3 Earnout share liabilities Level 3 6 1 Total derivative liabilities $ 16 $ 4 The public and private placement warrants are measured at fair value on a recurring basis. The public warrants were valued based on the closing price of the publicly traded instrument. The private placement warrants were valued using observable inputs for similar publicly traded instruments. Public warrants outstanding were 12 million as of June 30, 2023 and December 31, 2022. Private placement warrants outstanding were 9 million as of June 30, 2023 and December 31, 2022. The earnout share liabilities are measured at fair value on a recurring basis utilizing a Monte Carlo simulation analysis. The expected volatility is determined based on the historical equity volatility of comparable companies over a period that matches the expected term of the instrument. The risk-free interest rate is based on relevant U.S. treasury rates for a period that matches the expected term of the instrument. Earnout shares outstanding were 5 million as of June 30, 2023 and December 31, 2022. The components of change in fair value of derivative liabilities were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Common stock warrants $ (6) $ 23 $ (7) $ 58 Earnout share liabilities (4) 17 (5) 48 Change in fair value of derivative liabilities $ (10) $ 40 $ (12) $ 106 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases its office facilities, data center, and warehouses under non-cancelable operating lease agreements that expire through 2042, including renewal options that are reasonably certain to be exercised. Rent expense under operating leases was $7 million and $7 million in the three months ended June 30, 2023 and 2022, respectively, and $14 million and $14 million in six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 8.3 years and a weighted average discount rate of 6.8%. Future lease payments for leases that have not yet commenced were $32 million as of June 30, 2023. Lease commencement will occur once the lessor substantially completes construction to make the underlying asset available for use. |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Details | Balance Sheet Details Property and Equipment, Net The components of property and equipment, net were as follows (in millions): As of June 30, December 31, Land $ 14 $ 14 Buildings and Leasehold improvements 75 70 Equipment 24 24 Vehicles 11 7 Other 15 15 139 130 Less accumulated depreciation and amortization (48) (39) Total property and equipment, net $ 91 $ 91 Other Current Liabilities The components of other current liabilities were as follows (in millions): As of June 30, December 31, Accrued compensation $ 38 $ 52 Other accrued expenses 32 18 Total accrued expenses and other current liabilities $ 70 $ 70 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company computes earnings per share of common stock using the two-class method required for participating securities. The participating securities did not impact the computation of earnings per share in the periods presented as no dividends were declared and the participating securities are not contractually obligated to share in losses. The Company has two classes of common stock with identical liquidation and dividend rights, Class A and Class B. The net loss is allocated in a proportionate basis to each class of common stock and results in the same net loss per share. The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect (in millions): As of June 30, June 30, RSUs 123 96 Stock options 102 64 Public warrants 12 12 Private placement warrants 9 9 Earnout shares liability 5 5 Total 251 186 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesFrom time to time the Company may be party to various claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses the need to record a liability for litigation and loss contingencies. Reserve estimates are recorded when and if it is determined that a loss related to certain matters is both probable and reasonably estimable. No material loss contingencies were recorded in the three and six months ended June 30, 2023 and 2022. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Private Placement On July 21, 2023, the Company completed a private placement (the “Private Placement”), in which the Company sold approximately 222 million shares of Class A common stock at a price of $2.70 per share, for proceeds to the Company of $584 million, net of transaction costs. In connection with the Private Placement, the Company entered into a registration rights agreement, dated July 18, 2023 (“Private Placement Registration Rights Agreement”), with certain existing institutional and strategic investors, entities affiliated with two of its directors, and new institutional investors. Pursuant to the Private Placement Registration Rights Agreement, on July 21, 2023, the Company filed a registration statement with the Securities and Exchange Commission for the registration for resale of the securities sold in the Private Placement. Public Offering On July 21, 2023, the Company completed a public offering (the “Public Offering”) of approximately 73 million shares of Class A common stock at a price of $3.00 per share, for proceeds of $212 million, net of transaction costs. Following the Public Offering, the Company issued an additional 11 million shares of Class A common stock in connection with the exercise of the underwriters’ over-allotment option, for proceeds of $32 million, net of transaction costs. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ (218) | $ (1,154) | $ (414) | $ (1,231) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Intercompany balances and transactions between the Company and its controlled subsidiaries have been eliminated. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. |
Principles of Consolidation | The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period. |
Certain Risks and Uncertainties | Risks and Uncertainties The Company’s operations are principally funded by available liquidity from cash, cash equivalents and short-term investments. Management expects to continue to incur operating losses and that the Company will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. With the additional capital raised subsequent to the second quarter of 2023 from the Public Offering and Private Placement (see Note 12 – Subsequent Events), management believes that cash on hand and short-term investments will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company primarily maintains its cash and cash equivalents at U.S. commercial banks, while its short-term investments primarily consist of U.S. Treasury securities. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit, though the Company has not experienced any credit losses on its deposits. The Company plans to rely on a single supplier, Continental Automotive Technologies GmbH, for the production, provision and full lifecycle support of its future generation of the Aurora Driver hardware system which will be integrated with OEM platform vehicles. In instances where the supplier fails to perform its obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products, if at all. |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash were as follows (in millions): As of June 30, December 31, Cash and cash equivalents $ 165 $ 262 Restricted cash, long-term (a) 17 15 Total cash, cash equivalents and restricted cash $ 182 $ 277 (a) Included in Other assets on the consolidated balance sheets |
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash were as follows (in millions): As of June 30, December 31, Cash and cash equivalents $ 165 $ 262 Restricted cash, long-term (a) 17 15 Total cash, cash equivalents and restricted cash $ 182 $ 277 (a) Included in Other assets on the consolidated balance sheets |
Schedule of Fair Value, Assets Measured on Recurring Basis | The components of cash, cash equivalents and short-term investments measured at fair value on a recurring basis were as follows (in millions): As of Fair value level June 30, December 31, Cash and cash equivalents: Bank deposits Level 1 $ 1 $ 1 Money market funds Level 1 69 204 U.S. Treasury securities Level 2 95 57 Total cash and cash equivalents $ 165 $ 262 Short-term investments: U.S. Treasury securities Level 2 $ 620 $ 839 Total short-term investments $ 620 $ 839 |
Schedule of U.S Treasury Securities , Amortized Costs and Fair Value | The amortized cost, unrealized gains and losses, and fair value of available-for-sale debt securities were as follows (in millions): As of June 30, 2023 Amortized cost Unrealized losses Fair value U.S. Treasury securities $ 621 $ (1) $ 620 As of December 31, 2022 Amortized cost Unrealized losses Fair value U.S. Treasury securities $ 841 $ (2) $ 839 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense by function was as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 37 $ 42 $ 71 $ 68 Selling, general, and administrative 6 5 11 8 Total $ 43 $ 47 $ 82 $ 76 |
Schedule of Restricted Stock Unit Activity | RSU activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted- Unvested at December 31, 2022 103 $ 3.70 Granted 48 1.43 Vested (19) 3.74 Forfeited (9) 3.29 Unvested at June 30, 2023 123 $ 2.85 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | Stock options granted under the Plan and the 2017 Plan during the six months ended June 30, 2023 were as follows: Six Months Ended Stock options granted (in millions) 46 Weighted average grant date fair value $ 0.79 Weighted average grant date fair value assumptions: Expected term 5.8 years Risk-free interest rates 4.3 % Expected volatility 55.0 % |
Schedule of Share-Based Payment Arrangement, Option, Activity | Stock option activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2022 63 $ 1.76 Granted 46 1.44 Exercised (3) 0.58 Forfeited (3) 2.29 Expired (2) 2.79 Outstanding at June 30, 2023 101 $ 1.62 7.8 $ 127 Exercisable at June 30, 2023 46 $ 1.47 6.0 $ 67 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis | The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions): As of Fair value level June 30, December 31, Public warrants Level 1 $ 6 $ 2 Private placement warrants Level 2 4 1 Common stock warrants 10 3 Earnout share liabilities Level 3 6 1 Total derivative liabilities $ 16 $ 4 |
Schedule of Fair Value of Derivative Liabilities | The components of change in fair value of derivative liabilities were as follows (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Common stock warrants $ (6) $ 23 $ (7) $ 58 Earnout share liabilities (4) 17 (5) 48 Change in fair value of derivative liabilities $ (10) $ 40 $ (12) $ 106 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment, Net | The components of property and equipment, net were as follows (in millions): As of June 30, December 31, Land $ 14 $ 14 Buildings and Leasehold improvements 75 70 Equipment 24 24 Vehicles 11 7 Other 15 15 139 130 Less accumulated depreciation and amortization (48) (39) Total property and equipment, net $ 91 $ 91 |
Schedule of Other Current Liabilities | The components of other current liabilities were as follows (in millions): As of June 30, December 31, Accrued compensation $ 38 $ 52 Other accrued expenses 32 18 Total accrued expenses and other current liabilities $ 70 $ 70 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Potential Common Stock Outstanding Excluded from Computation of Diluted Loss Per Share | The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect (in millions): As of June 30, June 30, RSUs 123 96 Stock options 102 64 Public warrants 12 12 Private placement warrants 9 9 Earnout shares liability 5 5 Total 251 186 |
Cash, Cash Equivalents and Sh_3
Cash, Cash Equivalents and Short- Term Investments - Cash, Cash Equivalents and Short-Term Investments of Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 165 | $ 262 | ||
Restricted cash, long-term | 17 | 15 | ||
Total cash, cash equivalents and restricted cash | $ 182 | $ 277 | $ 566 | $ 1,626 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Cash, Cash Equivalents and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | $ 165 | $ 262 |
Total short-term investments | 620 | 839 |
U.S. Treasury securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total short-term investments | 620 | 839 |
Bank deposits | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1 | 1 |
Money market funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 69 | 204 |
U.S. Treasury securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | $ 95 | $ 57 |
Cash, Cash Equivalents and Sh_5
Cash, Cash Equivalents and Short-Term Investments - Cash, Cash Equivalents and Short-Term Investments Amortized Cost, Unrealized Gains and Estimated Fair Value (Details) - U.S. Treasury securities - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 621 | $ 841 |
Unrealized losses | (1) | (2) |
Fair value | $ 620 | $ 839 |
Collaboration Revenue (Details)
Collaboration Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Cash receipts | $ 95 | |||
Collaboration revenue | $ 0 | $ 21 | $ 0 | $ 63 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) shares in Millions | Jun. 30, 2023 votePerShare $ / shares shares | Dec. 31, 2022 $ / shares shares |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 1,000 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.00001 | |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 51,000 | 51,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | $ 0.00001 |
Common stock, shares issued (in shares) | 1,184 | 1,166 |
Common stock, shares outstanding (in shares) | 1,184 | 1,166 |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 50,000 | |
Number of votes per share stock holders are entitled to receive | votePerShare | 1 | |
Common stock, shares issued (in shares) | 777 | 754 |
Common stock, shares outstanding (in shares) | 777 | 754 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,000 | |
Number of votes per share stock holders are entitled to receive | votePerShare | 10 | |
Common stock, shares issued (in shares) | 407 | 412 |
Common stock, shares outstanding (in shares) | 407 | 412 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2023 USD ($) vestingRequirement shares | Jun. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity compensation plans | vestingRequirement | 4 | |
Share based compensation income tax benefit | $ 0 | |
Capitalized hare based compensation | $ 0 | |
Stock options granted (in shares) | shares | 46,000,000 | 0 |
Option, costs not yet recognized | $ 42,000,000 | |
Intrinsic value of stock | $ 4,000,000 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of vesting requirements | vestingRequirement | 2 | |
Cost not yet recognized | $ 280,000,000 | |
Period for recognition | 2 years 4 months 24 days | |
Stock based compensation expense | $ 24,000,000 | |
RSUs | Share-Based Payment Arrangement, Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
RSUs | Share-Based Payment Arrangement, Tranche Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
RSUs | Minimum | Share-Based Payment Arrangement, Tranche Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
RSUs | Maximum | Share-Based Payment Arrangement, Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period for recognition | 2 years 3 months 18 days | |
Percentage of fair value common stock, threshold | 100% | |
Expiration period | 10 years | |
Expiration period, following termination | 3 months | |
Stock options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
Stock options | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
2021 Incentive Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant (in shares) | shares | 212,000,000 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 43 | $ 47 | $ 82 | $ 76 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 37 | 42 | 71 | 68 |
Selling, general, and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 6 | $ 5 | $ 11 | $ 8 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Restricted Stock Units (Details) - RSUs shares in Millions | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of shares | |
Unvested at beginning balance (in shares) | shares | 103 |
Granted (in shares) | shares | 48 |
Vested (in shares) | shares | (19) |
Forfeited (in shares) | shares | (9) |
Unvested at ending balance (in shares) | shares | 123 |
Weighted average grant date fair value | |
Unvested beginning balance (in usd per share) | $ / shares | $ 3.70 |
Granted (in usd per share) | $ / shares | 1.43 |
Vested (in usd per share) | $ / shares | 3.74 |
Forfeited (in usd per share) | $ / shares | 3.29 |
Unvested ending balance (in usd per share) | $ / shares | $ 2.85 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Option Activity Granted (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 46,000,000 | 0 |
Weighted average grant date fair value (in usd per share) | $ 0.79 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 9 months 18 days | |
Risk free interest rate (as a percent) | 4.30% | |
Expected volatility rate (as a percent) | 55% |
Equity Incentive Plans - Stoc_2
Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of shares | ||
Outstanding at beginning of period (in shares) | 63,000,000 | |
Granted (in shares) | 46,000,000 | 0 |
Exercised (in shares) | (3,000,000) | |
Forfeited (in shares) | (3,000,000) | |
Expired (in shares) | (2,000,000) | |
Outstanding at ending of period (in shares) | 101,000,000 | |
Number of shares, Exercisable (in shares) | 46,000,000 | |
Weighted average exercise price | ||
Outstanding at beginning of period (in usd per share) | $ 1.76 | |
Granted (in usd per share) | 1.44 | |
Exercised (in usd per share) | 0.58 | |
Forfeited (in usd per share) | 2.29 | |
Expired (in usd per share) | 2.79 | |
Outstanding at end of period (in usd per share) | 1.62 | |
Weighted average exercise price, Exercisable (in usd per share) | $ 1.47 | |
Weighted average remaining contractual term, Outstanding | 7 years 9 months 18 days | |
Weighted average remaining contractual term, Exercisable | 6 years | |
Aggregate intrinsic value, Outstanding | $ 127 | |
Aggregate intrinsic value, Exercisable | $ 67 |
Derivative Liabilities - Fair V
Derivative Liabilities - Fair Value Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivative liabilities | $ 16 | $ 4 |
Common stock warrants | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 10 | 3 |
Public warrants | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 6 | 2 |
Private placement warrants | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 4 | 1 |
Earnout shares liability | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ 6 | $ 1 |
Derivative Liabilities - Narrat
Derivative Liabilities - Narrative (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Earnout shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Public warrants | ||
Derivative [Line Items] | ||
Warrants outstanding (in shares) | 12,000,000 | 12,000,000 |
Private placement warrants | ||
Derivative [Line Items] | ||
Warrants outstanding (in shares) | 9,000,000 | 9,000,000 |
Derivative Liabilities - Fair_2
Derivative Liabilities - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Warrant or Right [Line Items] | ||||
Change in fair value of derivative liabilities | $ (10) | $ 40 | $ (12) | $ 106 |
Common stock warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Change in fair value of derivative liabilities | (6) | 23 | (7) | 58 |
Earnout shares liability | ||||
Class of Warrant or Right [Line Items] | ||||
Change in fair value of derivative liabilities | $ (4) | $ 17 | $ (5) | $ 48 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease, rent expense | $ 7 | $ 7 | $ 14 | $ 14 |
Weighted average remaining lease term | 8 years 3 months 18 days | 8 years 3 months 18 days | ||
Weighted average discount rate, percent | 6.80% | 6.80% | ||
Future lease payments for leases not yet commenced | $ 32 | $ 32 |
Balance Sheet Details - Propert
Balance Sheet Details - Property and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 139 | $ 130 |
Less accumulated depreciation and amortization | (48) | (39) |
Total property and equipment, net | 91 | 91 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14 | 14 |
Buildings and Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 75 | 70 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24 | 24 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11 | 7 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15 | $ 15 |
Balance Sheet Details - Other C
Balance Sheet Details - Other Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 38 | $ 52 |
Other accrued expenses | 32 | 18 |
Total accrued expenses and other current liabilities | $ 70 | $ 70 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) shares in Millions | 6 Months Ended | |
Jun. 30, 2023 Class_of_Share shares | Jun. 30, 2022 shares | |
Earnings Per Share [Abstract] | ||
Number of class of common stock | Class_of_Share | 2 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 251 | 186 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 123 | 96 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 102 | 64 |
Derivative | Public warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 12 | 12 |
Derivative | Private placement warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 9 | 9 |
Derivative | Earnout shares liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential stock excluded from the computation of diluted loss per share (in shares) | 5 | 5 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Common Class A - USD ($) $ / shares in Units, $ in Millions | Jul. 21, 2023 | Jul. 18, 2023 |
Private Placement | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued in transaction (in shares) | 222,000,000 | |
Sale of stock, price per share (in usd per share) | $ 2.70 | |
Consideration received from sale of stock | $ 584 | |
Public Offering | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued in transaction (in shares) | 73,000,000 | |
Sale of stock, price per share (in usd per share) | $ 3 | |
Consideration received from sale of stock | $ 212 | |
Over-Allotment Option | ||
Subsequent Event [Line Items] | ||
Sale of stock, number of shares issued in transaction (in shares) | 11,000,000 | |
Consideration received from sale of stock | $ 32 |