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

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compliance costs and require additional resources as well as changes to
our processes and operations. Macroeconomic pressures and public policy
concerns could continue to lead to new laws and regulations, or
interpretations of existing laws and regulations, or widespread
enforcement actions that limit the ability of Hosts to share their
spaces. If laws, regulations, rules, or agreements significantly
restrict or discourage Hosts in certain jurisdictions from sharing their
properties, it would have a material adverse effect on our business,
results of operations, and financial condition.

While a number of cities and countries have implemented legislation to
address short-term rentals, there are many others that are not yet
explicitly addressing or enforcing short-term rental or long-term rental
laws, and could follow suit and enact regulations with direct
requirements on platforms such as Airbnb. New laws, regulations,
government policies, or changes in their interpretations in the over
100,000 cities and towns where we operate entail significant challenges
and uncertainties. In the event of any such changes, pre-existing
bookings may not be honored and current and future listings and bookings
could decline significantly, and our relationship with our Hosts and
guests could be negatively impacted, which would have a materially
adverse effect on our business, results of operations, and financial
condition. For example, if new regulations requiring us to share Host
data with such governmental organizations or to ensure that Hosts have a
registration or permit number before publishing their listings or some
other form of regulation are implemented, our revenue from listings
there may be substantially reduced due to the departure from our
platform of Hosts who do not wish to share their data or to obtain a
registration or permit number. A reduction in supply and cancellations
could make our platform less attractive to guests, and any reduction in
the number of guests could further reduce the number of Hosts on our
platform.

While we seek to work with governments, we have in the past been, and
are likely in the future to become, involved in disputes with government
agencies regarding such laws and regulations. For example, some
governments have attempted to impose fines on us regarding what they
contend is illegal offering of short-term accommodations in violation of
applicable laws. Certain jurisdictions have adopted laws and regulations
that seek to impose various types of taxes, including lodging taxes,
often known as transient or occupancy taxes, on our guests, collection
and remittance obligations on our Hosts and/or us, and withholding
obligations on us, as more fully described in our risk factor titled
"---Uncertainty in the application of taxes to our Hosts, guests, or
platform could increase our tax liabilities and may discourage Hosts and
guests from conducting business on our platform."In addition, some third
parties and regulators have asserted and may in the future assert that
we, through our operations, are subject to regulations with respect to
short-term rentals, Host registration, licensing, and other requirements
for the listing of accommodations and experiences, such as real estate
broker or agent

12

licenses, travel agency licenses, e-commerce platform operator, and
insurance-related licenses. We could be held liable and incur
significant financial and potential criminal penalties if we are found
to have violated any of these regulations. In certain jurisdictions, we
have resolved disputes concerning the application of these laws and
regulations by agreeing, among other things, to remove listings from our
platform at the request of government entities, to require Hosts to
enter a permit or registration number or take other action before
publishing listings on our platform, to share certain data with
government agencies to assist in the enforcement of limits on short-term
or long-term rentals as well as the enforcement of safety regulations,
and to implement measures to confirm to the government that Hosts are
operating in compliance with applicable law. When a government agency
seeks to apply laws and regulations in a manner that limits or curtails
Hosts'or guests'ability or willingness to list and search for
accommodations in that particular geography, we have attempted and may
continue to attempt through litigation or other means to defend against
such application of laws and regulations, but have sometimes been and
may continue to be unsuccessful in certain of those efforts. Further, if
we or our Hosts and guests were required to comply with laws and
regulations, government requests, or agreements with government agencies
that adversely impact our relations with Hosts and guests, our business,
results of operations, and financial condition would be materially
adversely affected. Moreover, if we enter an agreement with a government
or governmental agency to resolve a dispute, the terms of such agreement
may be publicly available and could create a precedent that may lead to
similar disputes in other jurisdictions and may put us in a weaker
bargaining position in future disputes with other governments.

*We are subject to a wide variety of complex, evolving, and sometimes
inconsistent and ambiguous laws and regulations that may adversely
impact our operations and discourage Hosts and guests from using our
platform, and that could cause us to incur significant liabilities
including taxes, compliance costs, fines, and criminal penalties, which
could have a material adverse effect on our business, results of
operations, and financial condition.*

Hosts list, and guests search for, stays and experiences on our platform
in more than 220 countries and regions, and in over 100,000 cities and
towns throughout the world. There are national, state, local, and
foreign laws and regulations in jurisdictions that relate to or affect
our business. Moreover, the laws and regulations of each jurisdiction in
which we operate are distinct and may result in inconsistent or
ambiguous interpretations among local, regional, or national laws or
regulations applicable to our business. Compliance with laws and
regulations of different jurisdictions imposing varying standards and

compliance costs and require additional resources as well as changes to

our processes and operations. Macroeconomic pressures and public policy

concerns could continue to lead to new laws and regulations, or

interpretations of existing laws and regulations, or widespread

enforcement actions that limit the ability of Hosts to share their

spaces. If laws, regulations, rules, or agreements significantly

restrict or discourage Hosts in certain jurisdictions from sharing their

properties, it would have a material adverse effect on our business,

results of operations, and financial condition.

While a number of cities and countries have implemented legislation to

address short-term rentals, there are many others that are not yet

explicitly addressing or enforcing short-term rental or long-term rental

laws, and could follow suit and enact regulations with direct

requirements on platforms such as Airbnb. New laws, regulations,

government policies, or changes in their interpretations in the over

100,000 cities and towns where we operate entail significant challenges

and uncertainties. In the event of any such changes, pre-existing

bookings may not be honored and current and future listings and bookings

could decline significantly, and our relationship with our Hosts and

guests could be negatively impacted, which would have a materially

adverse effect on our business, results of operations, and financial

condition. For example, if new regulations requiring us to share Host

data with such governmental organizations or to ensure that Hosts have a

registration or permit number before publishing their listings or some

other form of regulation are implemented, our revenue from listings

there may be substantially reduced due to the departure from our

platform of Hosts who do not wish to share their data or to obtain a

registration or permit number. A reduction in supply and cancellations

could make our platform less attractive to guests, and any reduction in

the number of guests could further reduce the number of Hosts on our

platform.

While we seek to work with governments, we have in the past been, and

are likely in the future to become, involved in disputes with government

agencies regarding such laws and regulations. For example, some

governments have attempted to impose fines on us regarding what they

contend is illegal offering of short-term accommodations in violation of

applicable laws. Certain jurisdictions have adopted laws and regulations

that seek to impose various types of taxes, including lodging taxes,

often known as transient or occupancy taxes, on our guests, collection

and remittance obligations on our Hosts and/or us, and withholding

obligations on us, as more fully described in our risk factor titled

"---Uncertainty in the application of taxes to our Hosts, guests, or

platform could increase our tax liabilities and may discourage Hosts and

guests from conducting business on our platform."In addition, some third

parties and regulators have asserted and may in the future assert that

we, through our operations, are subject to regulations with respect to

short-term rentals, Host registration, licensing, and other requirements

for the listing of accommodations and experiences, such as real estate

broker or agent

12

licenses, travel agency licenses, e-commerce platform operator, and

insurance-related licenses. We could be held liable and incur

significant financial and potential criminal penalties if we are found

to have violated any of these regulations. In certain jurisdictions, we

have resolved disputes concerning the application of these laws and

regulations by agreeing, among other things, to remove listings from our

platform at the request of government entities, to require Hosts to

enter a permit or registration number or take other action before

publishing listings on our platform, to share certain data with

government agencies to assist in the enforcement of limits on short-term

or long-term rentals as well as the enforcement of safety regulations,

and to implement measures to confirm to the government that Hosts are

operating in compliance with applicable law. When a government agency

seeks to apply laws and regulations in a manner that limits or curtails

Hosts'or guests'ability or willingness to list and search for

accommodations in that particular geography, we have attempted and may

continue to attempt through litigation or other means to defend against

such application of laws and regulations, but have sometimes been and

may continue to be unsuccessful in certain of those efforts. Further, if

we or our Hosts and guests were required to comply with laws and

regulations, government requests, or agreements with government agencies

that adversely impact our relations with Hosts and guests, our business,

results of operations, and financial condition would be materially

adversely affected. Moreover, if we enter an agreement with a government

or governmental agency to resolve a dispute, the terms of such agreement

may be publicly available and could create a precedent that may lead to

similar disputes in other jurisdictions and may put us in a weaker

bargaining position in future disputes with other governments.

*We are subject to a wide variety of complex, evolving, and sometimes

inconsistent and ambiguous laws and regulations that may adversely

impact our operations and discourage Hosts and guests from using our

platform, and that could cause us to incur significant liabilities

including taxes, compliance costs, fines, and criminal penalties, which

could have a material adverse effect on our business, results of

operations, and financial condition.*

Hosts list, and guests search for, stays and experiences on our platform

in more than 220 countries and regions, and in over 100,000 cities and

towns throughout the world. There are national, state, local, and

foreign laws and regulations in jurisdictions that relate to or affect

our business. Moreover, the laws and regulations of each jurisdiction in

which we operate are distinct and may result in inconsistent or

ambiguous interpretations among local, regional, or national laws or

regulations applicable to our business. Compliance with laws and

regulations of different jurisdictions imposing varying standards and