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

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metrics may harm our reputation and materially adversely affect our
stock price, business, results of operations, and financial condition.*

We track certain operational metrics, including metrics such as Nights
and Experiences Booked, GBV, average daily rates ("DR", active listings,
active bookers, Hosts, and guest arrivals, which may differ from
estimates or similar metrics published by third parties due to
differences in sources, methodologies, or the assumptions on which we
rely. Our internal systems and tools are subject to a number of
limitations, and our methodologies for tracking these metrics may change
over time, which could result in unexpected changes to our metrics,
including the metrics we publicly disclose. If the internal systems and
tools we use to track these metrics undercount or overcount performance
or contain algorithmic or other technical errors, the data we report may
not be accurate. While these numbers are based on what we believe to be
reasonable estimates of our metrics for the applicable period of
measurement, there are inherent challenges in measuring how our platform
is used across large populations globally.

Our Nights and Experiences Booked and GBV metrics are adjusted for
cancellations and alterations that happen in the reporting period.
However, cancellations and alterations for bookings made in the
reporting period can occur beyond the current reporting period. This
results in a reported amount of Nights and Experiences Booked and GBV in
the quarter of the booking for which all of the bookings may ultimately
not result in check-ins, and subsequently reduces our Nights and
Experiences Booked and GBV metrics in subsequent quarters when we
experience cancellations. Cancellations and alterations to previously
booked trips increased dramatically after the COVID-19 outbreak, as
guests were either unable to travel or uncomfortable traveling. If we
experience high levels of cancellations in the future, our performance
and related business metrics will be materially adversely affected.

The calculation of Nights and Experiences Booked, GBV, and active
listings requires the ongoing collection of data on new offerings that
are added to our platform over time. Our business is complex, and the
methodology used to calculate Nights and Experiences Booked, GBV, and
active listings may require future adjustments to accurately represent
the full value of new offerings.

An active booker is a unique guest who has booked a stay or experience
in a given time period. Certain individuals may have more than one guest
account and therefore may be counted more than once in our count of
active bookers. We count the number of Hosts on our platform based on
the number of Hosts with an available listing as of a certain date. Some
individuals may have more than one Host account and therefore may be
counted more than once as Hosts.

Our metrics, including our reported Nights and Experiences Booked, GBV,
and active listings, may include fraudulent bookings, accounts, and
other activities that have not been flagged by our trust and safety
teams or identified by our machine learning algorithms or not yet
addressed by our operational teams, which could mean these activities on
our site are not identified or addressed in a timely manner or at all,
reducing the accuracy of our metrics. Further, any such fraudulent
activity, along with associated refunds and cancellations, would reduce
our metrics, in particular Nights and Experiences Booked, GBV, and
active listings, in the quarter in which it is discovered. Limitations
or errors with respect to how we measure data or with respect to the
data that we measure may affect our understanding of certain details of
our business, which could affect our long-term strategies. If our
operational metrics are not accurate representations of our business, or
if investors do not perceive these metrics to be accurate, or if we
discover material inaccuracies with respect to these figures, our
reputation may be significantly harmed, our stock price could decline,
we may be subject to stockholder litigation, and our business, results
of operations, and financial condition could be materially adversely
affected.

*Our efforts to create new offerings and initiatives are costly, and if
we are unable to successfully pursue such offerings and initiatives, we
may fail to grow, and our business, results of operations, and financial
condition would be materially adversely affected.*

23

We need to continue to invest in the development of new offerings and
initiatives that differentiate us from our competitors, such as Airbnb
Experiences. Developing and delivering these new offerings and
initiatives increase our expenses and our organizational complexity, and
we may experience difficulties in developing and implementing these new
offerings and initiatives.

Our new offerings and initiatives have a high degree of risk, as they
may involve unproven businesses with which we have limited or no prior
development or operating experience. There can be no assurance that
consumer demand for such offerings and initiatives will exist or be
sustained at the levels that we anticipate, that we will be able to
successfully manage the development and delivery of such offerings and
initiatives, or that any of these offerings or initiatives will gain
sufficient market acceptance to generate sufficient revenue to offset
associated expenses or liabilities. It is also possible that offerings
developed by others will render our offerings and initiatives
noncompetitive or obsolete. Further, these efforts entail investments in
our systems and infrastructure, payments platform, and increased legal
and regulatory compliance expenses, could distract management from
current operations, and will divert capital and other resources from our
more established offerings and geographies. Even if we are successful in
developing new offerings and initiatives, regulatory authorities may
subject us or our Hosts and guests to new rules, taxes, or restrictions

metrics may harm our reputation and materially adversely affect our

stock price, business, results of operations, and financial condition.*

We track certain operational metrics, including metrics such as Nights

and Experiences Booked, GBV, average daily rates ("DR", active listings,

active bookers, Hosts, and guest arrivals, which may differ from

estimates or similar metrics published by third parties due to

differences in sources, methodologies, or the assumptions on which we

rely. Our internal systems and tools are subject to a number of

limitations, and our methodologies for tracking these metrics may change

over time, which could result in unexpected changes to our metrics,

including the metrics we publicly disclose. If the internal systems and

tools we use to track these metrics undercount or overcount performance

or contain algorithmic or other technical errors, the data we report may

not be accurate. While these numbers are based on what we believe to be

reasonable estimates of our metrics for the applicable period of

measurement, there are inherent challenges in measuring how our platform

is used across large populations globally.

Our Nights and Experiences Booked and GBV metrics are adjusted for

cancellations and alterations that happen in the reporting period.

However, cancellations and alterations for bookings made in the

reporting period can occur beyond the current reporting period. This

results in a reported amount of Nights and Experiences Booked and GBV in

the quarter of the booking for which all of the bookings may ultimately

not result in check-ins, and subsequently reduces our Nights and

Experiences Booked and GBV metrics in subsequent quarters when we

experience cancellations. Cancellations and alterations to previously

booked trips increased dramatically after the COVID-19 outbreak, as

guests were either unable to travel or uncomfortable traveling. If we

experience high levels of cancellations in the future, our performance

and related business metrics will be materially adversely affected.

The calculation of Nights and Experiences Booked, GBV, and active

listings requires the ongoing collection of data on new offerings that

are added to our platform over time. Our business is complex, and the

methodology used to calculate Nights and Experiences Booked, GBV, and

active listings may require future adjustments to accurately represent

the full value of new offerings.

An active booker is a unique guest who has booked a stay or experience

in a given time period. Certain individuals may have more than one guest

account and therefore may be counted more than once in our count of

active bookers. We count the number of Hosts on our platform based on

the number of Hosts with an available listing as of a certain date. Some

individuals may have more than one Host account and therefore may be

counted more than once as Hosts.

Our metrics, including our reported Nights and Experiences Booked, GBV,

and active listings, may include fraudulent bookings, accounts, and

other activities that have not been flagged by our trust and safety

teams or identified by our machine learning algorithms or not yet

addressed by our operational teams, which could mean these activities on

our site are not identified or addressed in a timely manner or at all,

reducing the accuracy of our metrics. Further, any such fraudulent

activity, along with associated refunds and cancellations, would reduce

our metrics, in particular Nights and Experiences Booked, GBV, and

active listings, in the quarter in which it is discovered. Limitations

or errors with respect to how we measure data or with respect to the

data that we measure may affect our understanding of certain details of

our business, which could affect our long-term strategies. If our

operational metrics are not accurate representations of our business, or

if investors do not perceive these metrics to be accurate, or if we

discover material inaccuracies with respect to these figures, our

reputation may be significantly harmed, our stock price could decline,

we may be subject to stockholder litigation, and our business, results

of operations, and financial condition could be materially adversely

affected.

*Our efforts to create new offerings and initiatives are costly, and if

we are unable to successfully pursue such offerings and initiatives, we

may fail to grow, and our business, results of operations, and financial

condition would be materially adversely affected.*

23

We need to continue to invest in the development of new offerings and

initiatives that differentiate us from our competitors, such as Airbnb

Experiences. Developing and delivering these new offerings and

initiatives increase our expenses and our organizational complexity, and

we may experience difficulties in developing and implementing these new

offerings and initiatives.

Our new offerings and initiatives have a high degree of risk, as they

may involve unproven businesses with which we have limited or no prior

development or operating experience. There can be no assurance that

consumer demand for such offerings and initiatives will exist or be

sustained at the levels that we anticipate, that we will be able to

successfully manage the development and delivery of such offerings and

initiatives, or that any of these offerings or initiatives will gain

sufficient market acceptance to generate sufficient revenue to offset

associated expenses or liabilities. It is also possible that offerings

developed by others will render our offerings and initiatives

noncompetitive or obsolete. Further, these efforts entail investments in

our systems and infrastructure, payments platform, and increased legal

and regulatory compliance expenses, could distract management from

current operations, and will divert capital and other resources from our

more established offerings and geographies. Even if we are successful in

developing new offerings and initiatives, regulatory authorities may

subject us or our Hosts and guests to new rules, taxes, or restrictions