Aurora Innovation, Inc. (AUR) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Ravi Shanker Morgan Stanley, Research Division Great. Thank you, and welcome, everyone, back to the 14th Annual Morgan Stanley Laguna Conference and over the next 3 days, we have a ton of freight transportation and airlines content for you, but very, very happy to kick off with Aurora Innovation and Co-Founder and CEO, Chris Urmson. Chris, welcome back to Laguna. Christopher Urmson Co-Founder, CEO & Non-Independent Executive Chairman Glad to be here. Thanks so much for having me. Ravi Shanker Morgan Stanley, Research Division Absolutely. So maybe if you are unfamiliar with the Aurora story, we believe Aurora is a leader in autonomous trucking, if not autonomous driving of any kind in the U.S. today, maybe the world today. And you've had -- again, it's been a great year for the stock. It's been a great year with commercial progress. I think 2025 was a great year for you, '26 has kind of built on top of that. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division So maybe it's a great way to start with just kind of recapping the commercial milestones you've hit so far and kind of where the story is right now. Christopher Urmson Co-Founder, CEO & Non-Independent Executive Chairman Yes. So again, thanks for having me. I appreciate folks taking the time out of the day to come to listen to us today. It is just an incredible moment for us as a company. We're at this inflection point where for the last better part of a decade, we have been toiling away to make safety-critical self-driving capabilities available to deliver the benefits of self-driving