MemGPT/example-sec-filings · Datasets at Hugging Face

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expectations, it is likely to have a materially adverse effect on our
stock price. Adjusted EBITDA and Free Cash Flow are supplemental metrics
that are not calculated and presented in accordance with generally
accepted accounting principles in the United States of America (".S.
GAAP"or "AAP". See the section titled "anagement' Discussion and
Analysis of Financial Condition and Results of Operations ---Key
Business Metrics and Non-GAAP Financial Measures"for a reconciliation of
Adjusted EBITDA and Free Cash Flow to the most directly comparable
financial measure stated in accordance with GAAP and for additional
information.

*The business and industry in which we participate are highly
competitive, and we may be unable to compete successfully with our
current or future competitors.*

We operate in a highly competitive environment and we face significant
competition in attracting Hosts and guests.

•Hosts. We compete to attract, engage, and retain Hosts on our platform
to list their spaces and experiences. Hosts have a range of options for
listing their spaces and experiences, both online and offline. It is
also common for Hosts to cross-list their offerings. We compete for
Hosts based on many factors, including the volume of bookings generated
by our guests; ease of use of our platform (including onboarding,
community support, and payments); the service fees we charge; Host
protections, such as our Host Liability Insurance, Experiences Liability
Insurance, and Host Damage Protection program; and our brand.

•Guests. We compete to attract, engage, and retain guests on our
platform. Guests have a range of options to find and book spaces, hotel
rooms, serviced apartments, and other accommodations and experiences,
both online and offline. We compete for guests based on many factors,
including unique inventory and availability of listings, the value and
all-in cost of our offerings relative to other options, our brand, ease
of use of our platform, the relevance and personalization of search
results, the trust and safety of our platform, and community support.

We believe that our competitors include:

•OTAs such as Booking Holdings (including the brands Booking.com, KAYAK,
Priceline.com, and Agoda.com); Expedia Group (including the brands
Expedia, Vrbo, HomeAway, Hotels.com, Orbitz, and Travelocity); Trip.com
Group (including the brands Ctrip.com, Trip.com, Qunar, Tongcheng-eLong,
and SkyScanner); Hopper; Meituan Dianping; Fliggy (a subsidiary of
Alibaba); Despegar; MakeMyTrip; and other regional OTAs;

•Internet search engines, such as Google, including its travel search
products; Baidu; and other regional search engines;

•Listing and meta search websites, such as TripAdvisor, Trivago,
Mafengwo, AllTheRooms.com, Hometogo, Holidu, and Craigslist;

•Hotel chains, such as Marriott, Hilton, Accor, Wyndham,
InterContinental, OYO, and Huazhu, as well as boutique hotel chains and
independent hotels;

•Property management companies, such as Vacasa, Sonder, Inspirato,
Evolve, Awaze, and other regional property management companies; and

•Online platforms offering experiences, such as Viator, GetYourGuide,
Klook, Traveloka, TUI Musement, and KKDay.

Our competitors are adopting aspects of our business model, which could
affect our ability to differentiate our offerings from competitors.
Increased competition could result in reduced demand for our platform
from Hosts and guests, slow our growth, and materially adversely affect
our business, results of operations, and financial condition.

Many of our current and potential competitors enjoy substantial
competitive advantages over us, such as greater name and brand
recognition, longer operating histories, larger marketing budgets, and
loyalty programs, as well as substantially greater financial, technical,
and other resources. In addition, our current or potential competitors
have access to larger user bases and/or inventory for accommodations,
and may provide multiple travel products, including flights. As a
result, our competitors may be able to provide consumers with a better
or more complete product experience and respond more quickly and
effectively than we can to new or changing opportunities, technologies,
standards, or Host and guest requirements or preferences. The global
travel industry has experienced significant consolidation, and we expect
this trend may continue as companies attempt to strengthen or hold their
market positions in a highly competitive industry. Consolidation amongst
our competitors will give them increased scale and may enhance their
capacity, abilities, and resources, and lower their cost structures. In
addition, emerging start-ups may be able to innovate and focus on
developing a new product or service faster than we can or may foresee
consumer need for new offerings or technologies before we do.

There are now numerous competing companies that offer homes for booking,
which may be cross-listed on our platform, listed on competing
platforms, and/or available through direct booking sites. Some of these
competitors also aggregate property listings obtained through various
sources, including the websites of property managers. Some of our Hosts
have chosen to cross-list their properties, which reduces the
availability of such properties on our platform. When properties are
cross-listed, the price paid by guests on our platform may be or may
appear to be less competitive for a number of reasons, including
differences in fee structure and policies, which may cause guests to
book through other services, which could materially adversely affect our
business, results of operations, and financial condition. Certain

expectations, it is likely to have a materially adverse effect on our

stock price. Adjusted EBITDA and Free Cash Flow are supplemental metrics

that are not calculated and presented in accordance with generally

accepted accounting principles in the United States of America (".S.

GAAP"or "AAP". See the section titled "anagement' Discussion and

Analysis of Financial Condition and Results of Operations ---Key

Business Metrics and Non-GAAP Financial Measures"for a reconciliation of

Adjusted EBITDA and Free Cash Flow to the most directly comparable

financial measure stated in accordance with GAAP and for additional

information.

*The business and industry in which we participate are highly

competitive, and we may be unable to compete successfully with our

current or future competitors.*

We operate in a highly competitive environment and we face significant

competition in attracting Hosts and guests.

•Hosts. We compete to attract, engage, and retain Hosts on our platform

to list their spaces and experiences. Hosts have a range of options for

listing their spaces and experiences, both online and offline. It is

also common for Hosts to cross-list their offerings. We compete for

Hosts based on many factors, including the volume of bookings generated

by our guests; ease of use of our platform (including onboarding,

community support, and payments); the service fees we charge; Host

protections, such as our Host Liability Insurance, Experiences Liability

Insurance, and Host Damage Protection program; and our brand.

•Guests. We compete to attract, engage, and retain guests on our

platform. Guests have a range of options to find and book spaces, hotel

rooms, serviced apartments, and other accommodations and experiences,

both online and offline. We compete for guests based on many factors,

including unique inventory and availability of listings, the value and

all-in cost of our offerings relative to other options, our brand, ease

of use of our platform, the relevance and personalization of search

results, the trust and safety of our platform, and community support.

We believe that our competitors include:

•OTAs such as Booking Holdings (including the brands Booking.com, KAYAK,

Priceline.com, and Agoda.com); Expedia Group (including the brands

Expedia, Vrbo, HomeAway, Hotels.com, Orbitz, and Travelocity); Trip.com

Group (including the brands Ctrip.com, Trip.com, Qunar, Tongcheng-eLong,

and SkyScanner); Hopper; Meituan Dianping; Fliggy (a subsidiary of

Alibaba); Despegar; MakeMyTrip; and other regional OTAs;

•Internet search engines, such as Google, including its travel search

products; Baidu; and other regional search engines;

•Listing and meta search websites, such as TripAdvisor, Trivago,

Mafengwo, AllTheRooms.com, Hometogo, Holidu, and Craigslist;

•Hotel chains, such as Marriott, Hilton, Accor, Wyndham,

InterContinental, OYO, and Huazhu, as well as boutique hotel chains and

independent hotels;

•Property management companies, such as Vacasa, Sonder, Inspirato,

Evolve, Awaze, and other regional property management companies; and

•Online platforms offering experiences, such as Viator, GetYourGuide,

Klook, Traveloka, TUI Musement, and KKDay.

Our competitors are adopting aspects of our business model, which could

affect our ability to differentiate our offerings from competitors.

Increased competition could result in reduced demand for our platform

from Hosts and guests, slow our growth, and materially adversely affect

our business, results of operations, and financial condition.

Many of our current and potential competitors enjoy substantial

competitive advantages over us, such as greater name and brand

recognition, longer operating histories, larger marketing budgets, and

loyalty programs, as well as substantially greater financial, technical,

and other resources. In addition, our current or potential competitors

have access to larger user bases and/or inventory for accommodations,

and may provide multiple travel products, including flights. As a

result, our competitors may be able to provide consumers with a better

or more complete product experience and respond more quickly and

effectively than we can to new or changing opportunities, technologies,

standards, or Host and guest requirements or preferences. The global

travel industry has experienced significant consolidation, and we expect

this trend may continue as companies attempt to strengthen or hold their

market positions in a highly competitive industry. Consolidation amongst

our competitors will give them increased scale and may enhance their

capacity, abilities, and resources, and lower their cost structures. In

addition, emerging start-ups may be able to innovate and focus on

developing a new product or service faster than we can or may foresee

consumer need for new offerings or technologies before we do.

There are now numerous competing companies that offer homes for booking,

which may be cross-listed on our platform, listed on competing

platforms, and/or available through direct booking sites. Some of these

competitors also aggregate property listings obtained through various

sources, including the websites of property managers. Some of our Hosts

have chosen to cross-list their properties, which reduces the

availability of such properties on our platform. When properties are

cross-listed, the price paid by guests on our platform may be or may

appear to be less competitive for a number of reasons, including

differences in fee structure and policies, which may cause guests to

book through other services, which could materially adversely affect our

business, results of operations, and financial condition. Certain