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

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requirements is burdensome for businesses like ours, imposes added cost
and increases potential liability to our business, and makes it
difficult to realize business efficiencies and economies of scale. For
example, we incur significant operational costs to comply with
requirements of jurisdictions and cities that have disparate
requirements around tax collection, tax reporting, Host registration,
limits on lengths of stays, and other regulations, each of which require
us to dedicate significant resources to provide the infrastructure and
tools needed on our platform for our Hosts to meet these legal
requirements and for us to fulfill any obligations we may have. The
complexity of our platform and changes required to comply with the large
number of disparate requirements can lead to compliance gaps if our
internal resources cannot keep up with the pace of regulatory change and
new requirements imposed on our platform, or if our platform does not
work as intended or has errors or bugs. Environmental, health, and
safety requirements have also become increasingly stringent, and our
costs, and our Hosts'costs, to comply with such requirements may
increase as a result. New or revised laws and regulations or new
interpretations of existing laws and regulations, such as those related
to climate change, could affect the operation of our Hosts'properties or
result in significant additional expense and operating restrictions on
us.

It may be difficult or impossible for us to investigate or evaluate laws
or regulations in all cities, countries, and regions. The application of
existing laws and regulations to our business and platform can be
unclear and may be difficult for Hosts, guests, and us to understand and
apply, and are subject to change, as governments or government agencies
seek to apply legacy systems of laws or adopt new laws to new online
business models in the travel and accommodations industries, including
ours. Uncertain and unclear application of such laws and regulations to
Host and guest activity and our platform could cause and has caused some
Hosts and guests to leave or choose not to use our platform, reduce
supply and demand for our platform and services, increase the costs of
compliance with such laws and regulations, and increase the threat of
litigation or enforcement actions related to our platform, all of which
would materially adversely affect our business, results of operations,
and financial condition. See also our risk factor titled "---We could
face liability for information or content on or accessible through our
platform."

There are laws that apply to us, and there are laws that apply to our
Hosts and/or guests. While we require our Hosts and guests to comply
with their own independent legal obligations under our terms of service,
we have limited means of enforcing or ensuring the compliance of our
Hosts and guests with all applicable legal requirements. Sometimes
governments try to hold us responsible for laws that apply to our Hosts
and/or guests. Whether applicable to us, our Hosts, and/or our guests,
the related consequences arising out of such laws and regulations,
including penalties for violations of and costs to maintain compliance
with such laws and regulations, have had and could continue to have a
material adverse effect on our reputation, business, results of
operations, and financial condition.

We take certain measures to comply, and to help Hosts comply, with laws
and regulations, such as requiring registration numbers to be displayed
on a listing profile for listings in some jurisdictions where such
registration is required. These measures, changes to them, and any
future measures we adopt could increase friction on our platform, and
reduce the number of listings available on our platform from Hosts and
bookings by guests, and could reduce the activity of Hosts and guests on
our platform. We may be subject to additional laws and regulations which
could require significant changes to our platform that discourage Hosts
and guests from using our platform. Our newer offerings, such as Airbnb
Experiences, are subject to similar or other laws, regulations, and
regulatory actions. In particular, if we become more involved in
Hosts'listings and conduct related to bookings, then we are more likely
to draw scrutiny and additional regulations from governments and
undercut various defenses we may have to claims or attempts to regulate
us, which further constrain our business and impose additional liability
on us as a platform.

In addition to laws and regulations directly applicable to the
short-term rental, long-term rental, and home sharing business as
discussed in our risk factor titled "---Laws, regulations, and rules
that affect the short-term rental, long-term rental, and home sharing
business have limited and may continue to limit the ability or
willingness of Hosts to share their spaces over our platform and expose
our Hosts or us to significant penalties, which could have a material
adverse effect on our business, results of operations, and financial
condition,"we are subject to laws and regulations governing our business
practices, the Internet, e-commerce, and electronic devices, including
those relating to taxation, data privacy, data security, pricing,
content, advertising, discrimination, consumer protection, protection of
minors, copyrights,

13

distribution, messaging, mobile communications, electronic device
certification, electronic waste, electronic contracts, communications,
Internet access, competition, and unfair commercial practices. We are
also subject to laws and regulations governing the provision of online
payment services and insurance services, the design and operation of our
platform, and the operations, characteristics, and quality of our
platform and services. We are also subject to federal, state, local, and
foreign laws regulating employment, employee working conditions,
including wage and hour laws, employment dispute and employee bargaining
processes, collective and representative actions, employment
classification, and other employment compliance requirements.

requirements is burdensome for businesses like ours, imposes added cost

and increases potential liability to our business, and makes it

difficult to realize business efficiencies and economies of scale. For

example, we incur significant operational costs to comply with

requirements of jurisdictions and cities that have disparate

requirements around tax collection, tax reporting, Host registration,

limits on lengths of stays, and other regulations, each of which require

us to dedicate significant resources to provide the infrastructure and

tools needed on our platform for our Hosts to meet these legal

requirements and for us to fulfill any obligations we may have. The

complexity of our platform and changes required to comply with the large

number of disparate requirements can lead to compliance gaps if our

internal resources cannot keep up with the pace of regulatory change and

new requirements imposed on our platform, or if our platform does not

work as intended or has errors or bugs. Environmental, health, and

safety requirements have also become increasingly stringent, and our

costs, and our Hosts'costs, to comply with such requirements may

increase as a result. New or revised laws and regulations or new

interpretations of existing laws and regulations, such as those related

to climate change, could affect the operation of our Hosts'properties or

result in significant additional expense and operating restrictions on

us.

It may be difficult or impossible for us to investigate or evaluate laws

or regulations in all cities, countries, and regions. The application of

existing laws and regulations to our business and platform can be

unclear and may be difficult for Hosts, guests, and us to understand and

apply, and are subject to change, as governments or government agencies

seek to apply legacy systems of laws or adopt new laws to new online

business models in the travel and accommodations industries, including

ours. Uncertain and unclear application of such laws and regulations to

Host and guest activity and our platform could cause and has caused some

Hosts and guests to leave or choose not to use our platform, reduce

supply and demand for our platform and services, increase the costs of

compliance with such laws and regulations, and increase the threat of

litigation or enforcement actions related to our platform, all of which

would materially adversely affect our business, results of operations,

and financial condition. See also our risk factor titled "---We could

face liability for information or content on or accessible through our

platform."

There are laws that apply to us, and there are laws that apply to our

Hosts and/or guests. While we require our Hosts and guests to comply

with their own independent legal obligations under our terms of service,

we have limited means of enforcing or ensuring the compliance of our

Hosts and guests with all applicable legal requirements. Sometimes

governments try to hold us responsible for laws that apply to our Hosts

and/or guests. Whether applicable to us, our Hosts, and/or our guests,

the related consequences arising out of such laws and regulations,

including penalties for violations of and costs to maintain compliance

with such laws and regulations, have had and could continue to have a

material adverse effect on our reputation, business, results of

operations, and financial condition.

We take certain measures to comply, and to help Hosts comply, with laws

and regulations, such as requiring registration numbers to be displayed

on a listing profile for listings in some jurisdictions where such

registration is required. These measures, changes to them, and any

future measures we adopt could increase friction on our platform, and

reduce the number of listings available on our platform from Hosts and

bookings by guests, and could reduce the activity of Hosts and guests on

our platform. We may be subject to additional laws and regulations which

could require significant changes to our platform that discourage Hosts

and guests from using our platform. Our newer offerings, such as Airbnb

Experiences, are subject to similar or other laws, regulations, and

regulatory actions. In particular, if we become more involved in

Hosts'listings and conduct related to bookings, then we are more likely

to draw scrutiny and additional regulations from governments and

undercut various defenses we may have to claims or attempts to regulate

us, which further constrain our business and impose additional liability

on us as a platform.

In addition to laws and regulations directly applicable to the

short-term rental, long-term rental, and home sharing business as

discussed in our risk factor titled "---Laws, regulations, and rules

that affect the short-term rental, long-term rental, and home sharing

business have limited and may continue to limit the ability or

willingness of Hosts to share their spaces over our platform and expose

our Hosts or us to significant penalties, which could have a material

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

condition,"we are subject to laws and regulations governing our business

practices, the Internet, e-commerce, and electronic devices, including

those relating to taxation, data privacy, data security, pricing,

content, advertising, discrimination, consumer protection, protection of

minors, copyrights,

13

distribution, messaging, mobile communications, electronic device

certification, electronic waste, electronic contracts, communications,

Internet access, competition, and unfair commercial practices. We are

also subject to laws and regulations governing the provision of online

payment services and insurance services, the design and operation of our

platform, and the operations, characteristics, and quality of our

platform and services. We are also subject to federal, state, local, and

foreign laws regulating employment, employee working conditions,

including wage and hour laws, employment dispute and employee bargaining

processes, collective and representative actions, employment

classification, and other employment compliance requirements.