Good morning, everyone, and welcome to Oppenheimer's 25th Annual tech c onference. We are thrilled to have David Maday, CFO of Aurora Innovation, here joining us today. My name is Colin Rusch. I lead the Sustainable Growth and Resource Optimization practice, which is looking at a variety of industrial and physical AI practices, and this is one of our favorite names. We're going to do a quick intro with David providing a little bit of an overview on the platform, and then we'll get into Q&A. With that, David, take it away.
Thanks a lot, Colin. I appreciate you having me, and it's a pleasure to be here with everybody. Before we jump into the Q&A, let me just give you a real brief overview for those who may not be super familiar with Aurora. Before I do that, let me just make my lawyers happy, provide you some cautionary statements regarding our forward-looking statements. With that, let me just kick off with the real important thing, which is, hey, we are operating driverless trucks on roads today, and I think that is super important for us, and it's super important for the industry, and we're really excited about the progress that we're making. Right here, you can just see a little video from one of our first runs operating on the highway going from Dallas to Houston.
With that, let me start with a little bit more about Aurora and kind of just like where we're at. Aurora's mission is to deliver the benefits of self-driving technology safely, quickly, and broadly. We think we're really in a pole position for this. We're the only company with driverless commercial operations on public roads in trucking. We think trucking is a massive market and opportunity for Aurora. It can unlock tremendous value. When we look at our partnership ecosystem, we are really the only player out there today that has a partnership ecosystem, both in the OEM and on the supply-based side, to really commercialize at scale. We're operating from a really strong balance sheet and financial position. We have liquidity after the second quarter. We have liquidity to fund our operations into the second quarter of 2027.
We've got a really attractive driver-as-a-service business model that supports shareholder value with a really capital-efficient approach. Because we're capitalizing on our opportunity, our first mover advantage in the trucking space, it really is reinforcing our leadership position. When you think about what's next for Aurora for 2025, 2025 is all about unlocking our technology promise, and we've taken really a crawl, walk, run approach. Obviously, we've launched and we're increasing our driverless miles every day. There are a couple of things that we really want to accomplish to really deliver that technology promise that supports adoption going into 2026 and 2027. The first of those was to be able to operate at nighttime. We actually did that in advance of when we had expected, and we announced at the end of our second quarter business review that we were operating at nighttime as well.
Now we've gone from just daytime to day and night inclement conditions. We will be focusing on unlocking the ability to operate at rain and heavy wind. We do that really well today with supervised vehicle operators, and we expect to be able to operate that driverless by the end of the year. We will also start to expand and operate on additional lanes, really going from Fort Worth to El Paso to Phoenix, and that's really unlocking a tremendous amount of value for our customers. One such example, and this is important how we think about the market, but if you think about the Aurora Driver and the value that we're trying to unlock, there's tremendous opportunity.
Here's an example with carriers where we focus not just on the cost side, a lot of people talk about the cost side and can you make a higher margin, but it's also on the revenue side. We're increasing the utilization of the trucks that operate daily and delivering lower costs. In this particular example, the ability to drive 1,000 mi between Fort Worth and Phoenix would take multiple days in the traditional market approach today. For us, we can drive it in one single trip. We're able to actually substantially increase both the revenue of the truck on a weekly basis, as well as reducing the cost. We think it's a win-win on both sides of the P&L.
Finally, one of the things we're really proud of, and this kind of emphasizes the fact that we are very much what I would say is kind of the standard bearer in terms of transparency to the market versus maybe other AV people. We've just launched what we call Aurora Driver Live, which you, if you go to our YouTube channel @AuroraDriver , you can check in on our trucks operating daily on the routes and just see what the world, the world can see what we see every day, which is the trucks handling all kinds of different conditions flawlessly. We're really excited about this. It's the first of its kind, and I think it just continues to emphasize our safety and transparent approach to development. All right, with that, maybe I'll just stop my presentation and we can get into the Q&A, Colin.
Perfect. David, thanks for the overview. I would love to just kind of take a step back from a history perspective and get your perspective on how all the critical technology elements came together at Aurora . There was an awful lot of investment in the industry starting in 2016, and you guys were able to aggregate a number of different elements into the platform. We'd love to get your sense on how those things came together and what the critical technology pieces are.
Yeah, I think that's a big question. I might be here for a while, but let me try this.
Okay.
One, we had an advantage when Aurora was founded in 2017 because we were co-founded by three really stellar people: Chris Urmson, who built Google's initial self-driving unit, which is now called Waymo, Sterling Anderson, who led Tesla's Autopilot, and Drew Bagnell, who was the former head of perception at Uber ATG. Right? We ended up actually acquiring ATG in 2020. If you think about it, we have three founders with over 50 years of experience. They built the best team around them. What they were able to understand is, you know, both by leveraging the hindsight and the foresight, they were able to really start from the beginning and design a system that maximizes the benefits of the past while using all the cutting-edge technology and advancements in AI and machine learning. Right? We've been talking about machine learning and AI for multiple years.
We've been using transformers for a long time. If I think about and summarize some of the things that are really great, one of them is our software. It is kind of our secret sauce. It's a compound AI system. We refer to this as verifiable AI. What does verifiable AI do? It leverages really two things, really advancements in the AI technology out there, transferable, stable models, and deep learning that you can grab data and you can make the system better. What it does do is it also avoids the risk associated with this pure end-to-end AI approach. You can eliminate some things like hallucinations as well as regulatory hurdles. Right? You know, black box models aren't super popular with AI folks when you're trying to describe how safe you think a product is. On the hardware side, we like to purchase off-the-shelf technology where possible.
I also think it's an important distinguisher that we have a lot of hardware capabilities and experience inside. It's super important when you're driving a tractor-trailer, an 80,000 lbs tractor-trailer down the road, you need to be able to see far enough along. There was no technology available when we went into trucking or even when we were first founded to be able to go into trucking with the existing off-the-shelf LiDAR. We acquired a company called Blackmore that provided us our first LiDAR, which is our proprietary LiDAR solution. This is this frequency-modulated continuous wave technology. What does it do from like a layman's terms? It gives us about an extra $0.09 of decision-making time when we're driving our vehicles as compared to traditional LiDARs. It also has the ability to look at and see traffic, which way it's headed, or whether it's stationary.
It allows us to reduce or actually eliminate any interference from sunlight or other sensors. It's a really important technology enabler. That's what allowed us to get into trucking. We've made foundational investments in our approach for simulation. We kind of knew a long time ago that simulation was going to be necessary to really advance the development of the technology. I think this became more evident to everybody after COVID. We were kind of doing it and leaning into it from the beginning. I might say those are three good examples of where we've made investments.
I mean, that's hugely helpful for us and just for everyone, just to put it in three simple terms. It's the software embedded in this compound AI structure, the FMCW technology that gives you better visibility down the road, which is proprietary, and then the simulation technology, which allows you to verify in rapid cycles before you put trucks on the road into difficult environments to that incremental functionality. I think for me, developing a thesis around you guys and really not coverage here, seeing the maturity of each of those elements come together, it's been the part that gives us a lot of confidence that you guys are not only here first, but you're here better than your peers, if I can say it that way. Can you speak to how the company came to target commercial trucking in that opportunity set? Because I think it's sometimes not seen as glamorous as some of the passenger vehicle, but it's certainly a bigger, more defensible opportunity in our view. How you guys really built a defensible model in that sector.
Thanks for the summary too and feedback. I think you really understand the market well and the opportunities. Yeah, when I think about trucking, and in full disclosure, it's one of the reasons I came to Aurora was their focus on trucking. When I think about trucking, there's a couple of things. First, just Aurora Innovation, when it was founded, and its mission is to deliver the benefits of self-driving technology safely, quickly, broadly in all markets. They couldn't even go into trucking until they knew they were going to be safe, which was the whole point of the Blackmore acquisition in our first light LiDAR. When I look at the trucking market, I get really excited. Number one, it's a massive market. It's a trillion-dollar market. It dwarfs the current ride-hailing market. There are no projections that you need to make to know trucking is great.
Also, there's tremendous need, right? Let's be honest, this is an aging workforce. It's got persistent driver shortages. It's got hours of service limitations. All these things are expected. The trucking workforce and the driver shortage, those are expected to continue to grow. Really, like our focus is really on we are going to provide a solution that addresses pain points in the market. You know, another one being insurance costs, right, which continue to skyrocket, as well as the number of nuclear verdicts. We're going to offer a viable solution that can really double the utilization of the existing market at lower costs. There's no requirement for changes in like the customer behavior. For me, like if I juxtapose that with robotaxis, and I think robotaxis is a great market, and it's interesting, but it's not the market to lead in, in my opinion, right?
The unit economics in trucking are way more attractive. If you think about a U.S. truck driver, they make three times as much as a gig economy ride-hail driver, right? That gives you a tremendous pricing opportunity. Again, the market's already there. You don't need to grow the market. A lot of the reasons and the ways that you grow a market is by driving down costs. You can't drive down costs till you scale a business, right? The ability to actually deploy in the trucking market doesn't force us to drive down costs immediately to force adoption. For us, we're able to grow and scale a business and then get the economies of scale on our hardware kits and everything else that we invest in. A natural extension of that could be in the ride-hailing market. For us, we think it's the right business model approach.
Awesome to just articulate how big that market opportunity is for you guys and what a friendly market environment that you're selling into. I guess that dovetails into my next question around how the opportunity set has changed in the last few years. How do you see it shifting in the next, you know, call it five years and beyond as we see that driver pool get older and you start to see the endurance of the vehicles get better, right? It's just as simple as that. How are you guys, you know, seeing some of those shifts start in the recent years and how do you see them accelerating over the next five to seven years?
Yeah, that's a good question. You know, any new innovative technology that's going to really help revolutionize an industry, which has been around for a long time and has really, it's a tremendous industry. I give a lot of respect for all the people in this industry. Sometimes you reach a point where you're not able to continue to make the improvements you want to make without some sort of innovation boost. That's what I think this is. For me, the last couple of years has just proven that the opportunity is pretty clear and even more compelling for us. When I think about it, it's this continuing to focus on the value drivers in the near- term.
The one thing that we did, and I mentioned it a little bit in my intro, is one of the things that you have to do is you have to be able to operate in enough conditions to support adoption, right? You can't just launch in one thing and say you're going to go everywhere. You need to be a reliable supplement to the existing business. To be reliable, you have to operate in all the same conditions. You have to eliminate any friction that's out there. For us, our focus has been on be reliable, reduce friction, create value, and then provide, you know, an incentive. In this case, the incentive is that you can double the utilization and lower your total cost of ownership. We think that's been a big focus. I think over the next five years, honestly, we expect our technology to become a central part of the industry, right? It's broadly deployed throughout the U.S. I think at that point, if I look beyond 2030, let's say, the opportunities are endless. I think we can, it's all going to be focused on our mission. Again, we can go into new industries or use cases like ride-hailing. We can go into different geographic areas, et c. I think we're just going to continue to build upon that. For us, right now, our focus is execution.
Excellent. Just shifting gears into market creation here in a little bit more detail. We've seen emerging technology markets evolve, and you mentioned this around cost reduction, driving adoption in other markets. I want to get your sense on the competitive landscape, right? Sometimes technology, one of the essential things is just getting folks comfortable with this, and you go through a period of co-opetition. How do you think about the competitive landscape and the co-opetition required in terms of educating customers on how the technology works and getting them comfortable that they have multiple technology partners they could work with so that they can invest in the trends?
I think it's important. When Aurora first started out and went into trucking, we learned early on, and we've never really deviated from this, this concept of trying to get exclusivity everywhere to corner the market and block everybody out is kind of a failed approach, right? We don't expect that, and our customers don't necessarily want that. Like a FedEx would like to buy a truck from whoever they want to buy a truck with. They would like to get an AV system from whoever they like to do it. Ours has always been focused on creating value and kind of being the industry standard bearer when it comes to AV trucking. That's really how we've tried to separate ourselves. I actually think we've got a multi-year structural lead.
That was always foundationally started and we were realistic on the growth and what growth would look like when we would come into the market. We've been the most transparent company in the AV industry, both from a regulator and from a commercial side, but just in everything we approach. Every one of our customers, and you can talk to all of them, they were the reference. We're kind of the standard bearer when it comes to understanding their business, trying to integrate within their business. We've never, ever tried to block anybody out. We're just going to create value. I think that's where we get to creating a really strong position. We have a multi-year lead too, right? We're the only company that operates driverless today on the U.S. public roads for trucking. We've got strategic partnerships.
One of the things that's really important and people don't probably give enough emphasis to is the goal isn't to be in one market or in one lane saying you're driverless. The goal is to actually be an integral or an essential part of our customer's business. To be able to do that, you have to be able to build at scale. You have to be thinking about the future. For us, I think that's something that we've really done well. At the same time, it's a trillion-dollar market, so it's not a winner-take-all. It's large enough for plenty of other players. I think bringing in new technologies, particularly safety-critical, requires a lot of both cooperation and collaboration. There are areas where you shouldn't be competing against other AV players. You should be forming a strong coalition, whether it be A VIA, which is one of the AV's trade industries, or the support in California. There are certain elements where you should be advancing the industry generally, and then you should create your value, and that should be how you distinguish yourself in the competitive market.
I guess a follow-up to that is, you know, where do you see the real technology differentiation versus peers? I mean, I think this ecosystem approach, the ability to scale seemed to resonate, but how do you guys think about that internally, and how should investors think about the technology differentiation?
Yeah, I think for some folks, it's really hard to understand the differences because there's a lot of stuff that's out there, and people claim a lot of things. I like to say, and I don't have a ton of visibility into all of our technological approaches. I kind of say this. We're the only trucking driverless company out there on public roads. That speaks volumes. We're the most transparent. We tell everybody how we're going to operate, what we're going to do, and then we deliver upon it. I think our verifiable AI approach is the right approach from a regulatory, from a safety perspective. I think people say other things because it sounds good, or they're trying to capitalize on something else, but I don't think they really recognize the value of what we're trying to do in the safety-critical industry.
I also think our validation approach is, and it's unsexy, right? But it's super important for us. Look, it took us a long time to launch our first driverless product in the daytime, and we were able to launch it at nighttime a quarter later. That's a really monumental step in terms of the investments we made in the validation and our approach. I think that really sets us apart in some ways. We will continue to see how it plays out. If we deliver to our roadmap, I think it's going to be pretty clear what the differentiation is.
Let's pick up on that because I think that was one thing that we were kind of joking about after the call, like we haven't seen an autonomous company pull forward timeframes before. The fact that you guys rolled out nighttime driving as quickly as you did was pretty meaningful for us. Can you talk about those learning cycles and kind of the accelerated piece of this? It's not just validation, but it's understanding what the problems are as you move into the simulation platform and really leverage that. Can you talk about the learning cycles and Aurora 's approach to train systems and adding incremental functionality and what your advantages are? I know you're the finance guy, but I would love to just take advantage of your insight that you have to offer here.
Yeah, I may not do it as well, but I'll try to embrace my inner Chris here for half a second. I think the most important thing is to recognize that when you develop a product, and this is the benefit of trucking, and trucking is a lot of self-similarity, and this is one of the things we've been saying for quite some time, and we're going to prove out here over the next couple of quarters. We've been operating in all weather conditions for quite some time and testing and developing on all weather conditions. It wasn't like we just did our development testing on daytime and then shifted over to night or shifted over to rain. Honestly, to a layperson, you could be in our truck and see it operate in rain and be like, why aren't you operating driverless? It's flawless.
I think our approach is, first off, we've always been operating in these environments for a long time. So w e've got a lot of learnings. In our systematic approach on how we do things, foundationally set up by the safety case, and then how we think about our development testing approach, where you've got like three phases. You've got the phase where you see every day, you know that the system's going to work great. You've got some instances where you don't see it all that often, so you need to use simulation to amplify it. The third approach is where you really may not see it on the roads, and you need to use like NHTSA's crash taxonomy and build simulations and tools around that. That approach applies to all of these scenarios. What it allows us to do, it gives us a really super easy framework. I shouldn't say easy because it's hard, but it's a super concise framework for how we do development. For us, we're just leveraging what we, the investments we put in place up front for how we develop a product. I think that's what I could say is the most important thing. I'm sure Chris will give a way better explanation than that.
No, I mean, I think it's important to understand from a practical perspective, you know, at what point do you guys get comfortable with taking the safety driver out, right? Thinking about this multi-layered approach to how you're getting incremental data and getting to a place where you're like, okay, it's okay to take the driver out. Part of what you're saying, I think, is you're running it with that backup system in place for a period of time. I guess, can you talk about when you make that decision, right? I mean, if you've got this kind of multi-pronged approach to understanding how to operate in an environment to go through those learning cycles, at what point do you take the driver out and just let it run, right? What do you guys need to see to get comfortable with that? I think a lot of investors are looking at, you know, meantime between failure as well as number of miles driven. Curious, what do you guys think about and talk about internally?
Yeah, I think this is probably one of the bigger misconceptions out there, and it's probably facilitated by some AV companies that maybe haven't succeeded. Like, you know, if you think during development, people were talking about what are the number of disengagements? Disengagement is a horrible metric to talk about how safe or not safe we are because that's how we learn and develop the system. For us, disengagements aren't like a super meaningful metric. We have put some metrics out there before in terms of development that we thought were important, but like it's foundationally, it's really simple. It's the closure of our safety case. Our safety case is a comprehensive evaluation for a safety-critical product. It's used by all kinds of safety-critical industries.
You start to see a lot of AV companies try to or replicate some element of our safety case framework, and I think that's how we make all the decisions if it's going to be acceptably safe. Now, the interesting part behind it is the safety case is really foundationally, there's 460 claims, but it's not really the magnitude of the claims which is the issue. It's the evidence in the testing that's used to support it. Think about for us, when we launched in daytime, we had over 10,000 requirements that we needed the truck to be able to do, and we had to pass over 2.7 million tests. Those tests aren't like, there's no random number that like somebody gives you and says, "Hey, you have to pass all these tests." It's not there.
It's developed, and those tests are developed based on what we think we need to be acceptably safe. You build these claims, and then you start to deviate it. We have a much higher bar for safety than what anybody could mandate, and that's why you don't see a federal mandate right now, like in terms of safety. It's because it's hard to do, and we think we are kind of the standard bearer in terms of the safety. For us, it's all about, do we think it's going to be acceptably safe? We've got, and we have to have the evidence to support it. You know, an example would be like, you know, and I think Chris Urmson mentioned this on the earnings call, but just, you know, when you think about nighttime, what was one of the challenges of nighttime? It's finding a person lying on the ground underneath a car at nighttime. That's what we would call a vulnerable road user, but like, are we able to acceptably identify, see, and be able to react to that sort of situation? For us, it's just a lot of hard work in that area, foundationally built on our approach to safety.
That is incredibly helpful. I guess shifting to the scale up here, right? I mean, as we move into financials and really building a business here, can you just talk about where your ecosystem is in terms of your ability to move into series production and start building these kits and then implementing them on vehicles, either from an aftermarket perspective or with the OEMs in an integrated way? Talk to us about where you're at in terms of preparedness, benchmarks that we should be thinking about over the next couple of years and as you start to see some volumes really start to move here now that you've got trucks under them.
We have our launch fleet today, right? Those are the trucks we're operating on today and that we've referred to as the tens of trucks that we can operate in driverless. I think that is all the trucks that we need to be able to demonstrate the technology promise, right? To be able to operate in all the different conditions and at multiple lanes. Once we've achieved all of those objectives in 2025, there's a couple of things that are going to happen. In 2026, we're going to introduce our second generation of hardware. This is a more reliable, robust, and higher volume hardware kit that will allow us to build hundreds to thousands of kits, which will allow us to then scale. Those kits are also designed to operate a million miles. Our current launch hardware kit doesn't have that same robustness and the same capability.
One of the important things to unlock from a scaling perspective is that next generation kit. When that happens, we're then able to put these kits, whether we put them on trucks that have been upfitted by ourselves or on these scalable platforms that the OEMs are working on. It's probably going to be some combination of both, but that's phase two. 2026 is about starting this customer adoption. At the same time that we're building truck volume and kit volume in the second generation kit, we're also going to expand and operate throughout all of the Sunbelt. That's a really important step. This is necessary before we get to the third generation kit, because in the third generation kit, we intend to be able to build into the tens of thousands of kits and tens of thousands of trucks. What do you need for that to be successful?
You need scalable platforms with line site integration with our OEM partners to operate. That is what we've done, that's kind of our plan. It's kind of like this stepped approach. Our first step is we're doing the technology promise. Our second one is we're going to be able to operate throughout the Sunbelt and build more volume on our second generation kit, all in advance of the third generation, which is really that kickstart into the scalability and line site install with our OEM partners. That's kind of the approach.
Excellent. How much cash do you need? You guys have been pretty forthright about keeping a healthy balance sheet and making sure that cash is never a concern. You mentioned it up front, but can you just talk about the philosophical approach to the balance sheet as you scale pretty robust technology here and how you think about a minimum cash balance in your approach to bolstering the balance sheet as you work through commercializing this technology?
I think my approach and, well, our approach is pretty simple. I think there's two things. Number one, we never want our employees, our customers, our partners, or our investors to think or worry about liquidity. We don't want it to be a concern. We know that this requires a lot of capital. It's one of the hardest things that's ever been done in this industry, right? It's going to take a lot of resources. I actually think that there are competitors out there that try to claim they can do it way cheaper and they have way less OpEx. I actually think they're kind of fooling themselves, right? There's a difference between launching a driverless product and scaling to a driverless business. I don't think any customer or partner wants to know that you did something cheap on a safety-critical product, right?
I think there's an important element of you shouldn't be investing in the future. At the same time, for us, we ended Q2 with $1.3 billion in liquidity. That we think will get us into the second quarter of 2027. We had said before that we think before last quarter we wanted to raise, I don't know, $850 million to feel comfortable we were on our path to get to positive free cash flow. We're, you know, we still have some time to go on that, but we have chosen a couple of different financing solutions in the past. Like we've done a PIPE, we've done some secondaries. Most recently, we were able to use this at-the-market mechanism, which has actually turned out to be pretty efficient and pretty effective. We raised $331 million last quarter through that. We're going to continue to explore all those options and continue to make sure that liquidity is really never a concern as we develop our product.
That's super helpful. I guess the final question for me is just, you know, expectations around revenue growth. You know, you guys have done a nice job in articulating the path to profitability, the path to, you know, getting customers over the hump. You know, talk to us about customer diversity, you know, how you think about getting the right set of customers without having too many customers, and then how you scale into monetizing some of those relationships as the technology matures and you start evolving the pricing model a little bit here.
Yeah, I think for us, it has to start off with executing the crawl, walk, run approach for our commercialization plan. Today, we have driverless trucks operating, but we have to continue to prove the promise of the Aurora Driver technology. To do that, we have to continue to increase the value for our customers. You have to be able to operate in the vast majority of the weather conditions that they would ever see and operate just like they were driven by humans. In this particular case, the Aurora Driver and AV technology is going to supplement all of these customers' networks, right? This isn't a replacement, this is a supplement. To supplement effectively, you've got to be able to do the vast majority of things. At the beginning, we think it's really important to do that.
We're operating a fleet of trucks, and therefore we provide what we call this transportation-as-a-service business model. We're pricing just like, you know, anybody, any carrier would be charging to carry goods between A and B. It's got not just the driver, but all the operating costs of the trucks as well. We're shifting to a driver-as-a-service business model. What we think is 2026 is going to be a year where we're really going to start to focus in on revenue growth. 2025 is not a revenue growth year for us. 2025 is all about, I mean, we will have revenue and we'll continue to grow, but 2025 for us is all about the technology promise because we're not increasing the fleet of vehicles from where we're operating at today. In 2026, we'll be increasing the fleet of vehicles and you'll start to see us focus on our revenue growth.
What you'll see is us leaning heavily to the earlier adopters of the customers. We'll continue to moderate and iterate the business plan based on each of their needs. Another important thing for us to do is to be able to drive to customer endpoints and you'll start to see us drive to customer endpoints starting in 2026. That's a really important enabler for value creation and price protection, right? That's where our focus is. We'll provide more feedback for 2026 later on at the end of the year when we think about 2026 guidance. For now, our focus is on executing the technology promise.
Excellent. I think we're running into time here. I want to thank everybody for joining us. Just to recap a little bit, you guys have built this compound AI system, which is a combination of both hardware that's proprietary, coupled with, you know, innovative software system and simulation platform that's allowed you to go through accelerated learning cycles and demonstrate not only technology competence, but also the safety to start building the trust with your customers. We're starting to hint at a point on inflection for revenue. What else do you want to leave investors with here as they think about Aurora Innovation and think about the opportunity set in front of you?
Yeah, I think you did a great job of summarizing. We're really excited at Aurora about the things that we're accomplishing and how we're doing it, right? We really do feel like we want to be the standard bearer when it comes to safely deploying this technology responsibly in the trucking market and doing it in a way where we're not chasing headlines. We're not chasing the, you know, the, "Hey, we're going to be here at X date," but really with the vision that we are going to become an essential part of our customer's business in the long- term. It's great. I would also say that we want to continue to be the most transparent in the world. For those who have not seen, again, go out to Aurora Driver Live. If you go to the YouTube channel, it's @AuroraDriver , and you can see our trucks operating on a daily basis driverless. I think that that's a really great proof point just into the confidence of our technology and our approach.
David, thanks so much for the time and the wisdom. We'll look forward to talking with you soon. If anyone wants to talk with us about Aurora , we're happy to help educate you as well as we can before we pass you off to the company. Thanks so much, everybody. Have a great afternoon.
Thanks, Colin.
Thanks.