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

text stringlengths 0 1.41k

20

The technology that powers much of our performance marketing is
increasingly subject to strict regulation, and regulatory or legislative
changes could adversely impact the effectiveness of our performance
marketing efforts and, as a result, our business. For example, we rely
on the placement and use of "ookies"---text files stored on a Host or
guest' web browser or device ---and related and similar technologies to
support tailored marketing to consumers. Many countries have adopted, or
are in the process of adopting, regulations governing the use of cookies
and similar technologies, and individuals may be required to "pt-in"to
the placement of cookies used for purposes of marketing. For example, we
are subject to evolving EU and UK privacy laws on cookies, tracking
technologies, and e-marketing. In the European Union and United Kingdom
under national laws derived from the ePrivacy Directive, informed
consent is often required for the placement of a cookie or similar
technology on a user' device and for direct electronic marketing. The
GDPR also imposes conditions on obtaining valid consent, such as a
prohibition on pre-checked consents and a requirement to ensure separate
consents are sought for each type of cookie or similar technology. The
GDPR and similar laws also strictly regulate our use of personal data
for marketing purposes. Additional legislation in this space is
anticipated, which may increase the burden on our business and fines for
non-compliance. While the text of the ePrivacy Regulation is still under
development, recent European court and regulatory decisions as well as
guidance are driving increased attention to cookies and tracking
technologies, in particular in the online behavioral advertising
ecosystem. We are seeing increased proactive enforcement activity in
this area by European data regulators coupled with investigations
flowing from complaints made by privacy activist groups. In the United
States, several states have enacted laws that regulate the use of
consumers'personal information for marketing purposes. In California,
the California Consumer Privacy Act (as amended by the California
Privacy Rights and Enforcement Act of 2020) ("CPA") gives consumers the
right to opt out of the "ale"or "sharing"or their personal information,
where sharing is specifically tied to sharing of personal information
for cross-context behavioral advertising. With respect to the sale or
sharing of personal information, the California Attorney General
recently signaled an intent to aggressively enforce the CCPA'
requirements on consumer opt-outs of the sale of personal information.
Additionally, laws going into effect in 2023 in Virginia, Colorado,
Connecticut, and Utah give consumers the right to opt out of "argeted
advertising."

If the trend continues of increasing regulation and enforcement by
regulators of the technology we use for marketing, this could lead to
substantial costs, require significant systems changes, limit the
effectiveness of our marketing activities, divert the attention of our
technology personnel, adversely affect our margins, increase costs, and
subject us to additional liabilities. We could also face negative
publicity or reputation damage as a result of regulatory action or from
being named in complaints or enforcement actions about our practices.
Widespread adoption of regulations that significantly restrict our
ability to use performance marketing technology could adversely affect
our ability to market effectively to current and prospective Hosts and
guests, and thus materially adversely affect our business, results of
operations, and financial condition. Additionally, some providers of
consumer devices and web browsers have implemented means to make it
easier for consumers to prevent the placement of cookies, to block other
tracking technologies or to require new permissions from consumers for
certain activities, which could, if widely adopted, significantly reduce
the effectiveness of our marketing efforts.

We focus on unpaid channels such as SEO. SEO involves developing our
platform in a way that enables a search engine to rank our platform
prominently for search queries for which our platform' content may be
relevant. Changes to search engine algorithms or similar actions are not
within our control, and could adversely affect our search-engine
rankings and traffic to our platform. We believe that our SEO results
have been adversely affected by the launch of Google Travel and Google
Vacation Rental Ads, which reduce the prominence of our platform in
organic search results for travel-related terms and placement on Google.
To the extent that our brand and platform are listed less prominently or
fail to appear in search results for any reason, we would need to
increase our paid marketing spend which would increase our overall
customer acquisition costs and materially adversely affect our business,
results of operations, and financial condition. If Google or Apple uses
its own mobile operating systems or app distribution channels to favor
its own or other preferred travel service offerings, or impose policies
that effectively disallow us to continue our full product offerings in
those channels, there could be an adverse effect on our ability to
engage with Hosts and guests who access our platform via mobile apps or
search.

Moreover, as guests increase their booking activity across multiple
travel sites or compare offerings across sites, our marketing efficiency
and effectiveness is adversely impacted, which could cause us to
increase our sales and marketing expenditures in the future, which may
not be offset by additional revenue, and could materially adversely
affect our business, results of operations, and financial condition. In
addition, any negative publicity or public complaints, including those
that impede our ability to maintain positive brand awareness through our
marketing and consumer communications efforts, could harm our reputation
and lead to fewer Hosts and guests using our platform, and attempts to
replace this traffic through other channels will require us to increase
our sales and marketing expenditures.

*Our indebtedness could materially adversely affect our financial
condition.* *Our indebtedness and liabilities could limit the cash flow

20

The technology that powers much of our performance marketing is

increasingly subject to strict regulation, and regulatory or legislative

changes could adversely impact the effectiveness of our performance

marketing efforts and, as a result, our business. For example, we rely

on the placement and use of "ookies"---text files stored on a Host or

guest' web browser or device ---and related and similar technologies to

support tailored marketing to consumers. Many countries have adopted, or

are in the process of adopting, regulations governing the use of cookies

and similar technologies, and individuals may be required to "pt-in"to

the placement of cookies used for purposes of marketing. For example, we

are subject to evolving EU and UK privacy laws on cookies, tracking

technologies, and e-marketing. In the European Union and United Kingdom

under national laws derived from the ePrivacy Directive, informed

consent is often required for the placement of a cookie or similar

technology on a user' device and for direct electronic marketing. The

GDPR also imposes conditions on obtaining valid consent, such as a

prohibition on pre-checked consents and a requirement to ensure separate

consents are sought for each type of cookie or similar technology. The

GDPR and similar laws also strictly regulate our use of personal data

for marketing purposes. Additional legislation in this space is

anticipated, which may increase the burden on our business and fines for

non-compliance. While the text of the ePrivacy Regulation is still under

development, recent European court and regulatory decisions as well as

guidance are driving increased attention to cookies and tracking

technologies, in particular in the online behavioral advertising

ecosystem. We are seeing increased proactive enforcement activity in

this area by European data regulators coupled with investigations

flowing from complaints made by privacy activist groups. In the United

States, several states have enacted laws that regulate the use of

consumers'personal information for marketing purposes. In California,

the California Consumer Privacy Act (as amended by the California

Privacy Rights and Enforcement Act of 2020) ("CPA") gives consumers the

right to opt out of the "ale"or "sharing"or their personal information,

where sharing is specifically tied to sharing of personal information

for cross-context behavioral advertising. With respect to the sale or

sharing of personal information, the California Attorney General

recently signaled an intent to aggressively enforce the CCPA'

requirements on consumer opt-outs of the sale of personal information.

Additionally, laws going into effect in 2023 in Virginia, Colorado,

Connecticut, and Utah give consumers the right to opt out of "argeted

advertising."

If the trend continues of increasing regulation and enforcement by

regulators of the technology we use for marketing, this could lead to

substantial costs, require significant systems changes, limit the

effectiveness of our marketing activities, divert the attention of our

technology personnel, adversely affect our margins, increase costs, and

subject us to additional liabilities. We could also face negative

publicity or reputation damage as a result of regulatory action or from

being named in complaints or enforcement actions about our practices.

Widespread adoption of regulations that significantly restrict our

ability to use performance marketing technology could adversely affect

our ability to market effectively to current and prospective Hosts and

guests, and thus materially adversely affect our business, results of

operations, and financial condition. Additionally, some providers of

consumer devices and web browsers have implemented means to make it

easier for consumers to prevent the placement of cookies, to block other

tracking technologies or to require new permissions from consumers for

certain activities, which could, if widely adopted, significantly reduce

the effectiveness of our marketing efforts.

We focus on unpaid channels such as SEO. SEO involves developing our

platform in a way that enables a search engine to rank our platform

prominently for search queries for which our platform' content may be

relevant. Changes to search engine algorithms or similar actions are not

within our control, and could adversely affect our search-engine

rankings and traffic to our platform. We believe that our SEO results

have been adversely affected by the launch of Google Travel and Google

Vacation Rental Ads, which reduce the prominence of our platform in

organic search results for travel-related terms and placement on Google.

To the extent that our brand and platform are listed less prominently or

fail to appear in search results for any reason, we would need to

increase our paid marketing spend which would increase our overall

customer acquisition costs and materially adversely affect our business,

results of operations, and financial condition. If Google or Apple uses

its own mobile operating systems or app distribution channels to favor

its own or other preferred travel service offerings, or impose policies

that effectively disallow us to continue our full product offerings in

those channels, there could be an adverse effect on our ability to

engage with Hosts and guests who access our platform via mobile apps or

search.

Moreover, as guests increase their booking activity across multiple

travel sites or compare offerings across sites, our marketing efficiency

and effectiveness is adversely impacted, which could cause us to

increase our sales and marketing expenditures in the future, which may

not be offset by additional revenue, and could materially adversely

affect our business, results of operations, and financial condition. In

addition, any negative publicity or public complaints, including those

that impede our ability to maintain positive brand awareness through our

marketing and consumer communications efforts, could harm our reputation

and lead to fewer Hosts and guests using our platform, and attempts to

replace this traffic through other channels will require us to increase

our sales and marketing expenditures.

*Our indebtedness could materially adversely affect our financial

condition.* *Our indebtedness and liabilities could limit the cash flow