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    Cole Couzens • Wolfe Research

    Cole Couzens's questions to Aurora Innovation Inc (AUR) leadership

    Cole Couzens's questions to Aurora Innovation Inc (AUR) leadership • Q2 2025

    Question

    Cole Couzens, representing Scott Group from Wolfe Research, LLC, asked how Aurora's progress on its second-generation (Fabrinet) and third-generation (Continental) hardware kits compares to original expectations. He also asked which hardware generation would be integrated into the incoming prototype trucks from OEM partners.

    Answer

    CEO Chris Urmson confirmed that progress is aligned with their consistent expectations, targeting the second-gen hardware for 2026 and the third-gen for 2027. He noted that samples from Fabrinet are already being tested. Urmson explained that incoming prototype trucks will be fitted with different hardware generations (Gen 1, 2, or 3) depending on specific internal engineering and validation needs.

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    Cole Couzens's questions to Aurora Innovation Inc (AUR) leadership • Q1 2025

    Question

    Cole Couzens, on for Scott Group, asked about firm carrier commitments for their own fleets, potential conversations with other OEMs like Daimler and Navistar, and the execution risk of transferring software to new hardware generations.

    Answer

    CEO Chris Urmson and CFO David Maday clarified that while partners intend to eventually buy Aurora-equipped trucks, current commitments are for Aurora to operate the fleet. Urmson confirmed ongoing conversations across the OEM industry. Regarding hardware, he stated that the software transfer is a manageable execution risk due to long-standing architectural planning and dedicated workstreams.

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    Cole Couzens's questions to Descartes Systems Group Inc (DSGX) leadership

    Cole Couzens's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Cole Couzens asked to quantify the tariff pull-forward, inquired about the impact of charges on Chinese-built ships, and sought clarity on the potential for different quarterly growth patterns.

    Answer

    CEO Ed Ryan stated the tariff pull-forward was not material and dismissed concerns about charges on foreign-built ships, as nearly all are foreign-made. He reiterated confidence in the annual 10-15% EBITDA growth target but noted quarterly patterns could vary due to market uncertainty, explaining they will react as needed to ensure the annual goal is met.

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    Cole Couzens's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Cole Couzens of Wolfe Research asked to quantify the benefit from pre-tariff shipment pull-forwards, inquired about post-Chinese New Year activity, and questioned the company's confidence in its annual EBITDA growth target amid market uncertainty.

    Answer

    CEO Ed Ryan stated that the tariff-related pull-forward was helpful but not material and declined to comment on current quarter activity. He dismissed concerns about potential fees on Chinese-built ships, noting nearly all international vessels are foreign-built. He reaffirmed confidence in achieving the 10-15% annual adjusted EBITDA growth target for fiscal 2026, while cautioning that quarterly growth patterns might be uneven due to the uncertain environment.

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