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

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open source software that is incorporated into our code, may now or in
the future contain undetected errors, bugs, vulnerabilities, or
backdoors. Some errors, bugs, vulnerabilities, or backdoors in our
software code have not been and may not be discovered until after the
code has been released. We have, from time to time, found defects or
errors in our system and software limitations that have resulted in, and
may discover additional issues in the future that could result in,
platform unavailability or system disruption, or the inability of our
systems to implement timely updates that are required for regulatory
compliance. For example, defects or errors have resulted in and could
result in the delay in making payments to Hosts or overpaying or
underpaying Hosts, which would impact our cash position and may cause
Hosts to lose trust in our payment operations. Any errors, bugs,
vulnerabilities, or backdoors discovered in our code or systems released
to production or found in third-party software, including open source
software, that is incorporated into our code, any misconfigurations of
our systems, or any unintended interactions between systems could result
in poor system performance, an interruption in the availability of our
platform, incorrect payments, incorrect calculations, search ranking
problems, Host account takeovers, fraudulent listings, issues with
chatbot behavior, inadvertent failure to effectively comply with legal,
tax, or regulatory requirements, negative publicity, damage to our
reputation, loss of existing and potential Hosts and guests, loss of
revenue, liability for damages, a failure to comply with certain legal
or tax reporting obligations, and regulatory inquiries or other
proceedings, any of which could materially adversely affect our
business, results of operations, and financial condition.

*System capacity constraints, system or operational failures, or
denial-of-service or other attacks could materially adversely affect our
business, results of operations, and financial condition.*

Since our founding, we have experienced rapid growth in consumer traffic
to our platform. If our systems and network infrastructure cannot be
expanded or are not scaled to cope with increased demand or fail to
perform, we could experience unanticipated disruptions in service,
slower response times, decreased customer satisfaction, and delays in
the introduction of new offerings and tiers.

Our systems and operations, including those provided by third-party
service providers, are vulnerable to damage or interruption from human
error, computer viruses, earthquakes, floods, fires, power loss, and
similar events. For example, we have significant operations in San
Francisco, which is built on a high-risk liquefaction zone and is near
major earthquake fault lines. In addition, Northern California has
recently experienced, and may continue to experience power outages
during the fire season and our headquarters does not have power
generator backup to maintain full business continuity. A catastrophic
event that results in the destruction or disruption of our headquarters,
any third-party cloud hosting facilities, or our critical business or
information technology systems could severely affect our ability to
conduct normal business operations and result in lengthy interruptions
or delays of our platform and services.

Our systems and operations are also subject to break-ins, sabotage,
intentional acts of vandalism, terrorism, and similar misconduct from
external sources and malicious insiders. Our existing security measures
may not be successful in preventing attacks on our systems, and any such
attack could cause significant interruptions in our operations. For
instance, from time to time, we have experienced distributed
denial-of-service type attacks on our systems that have made portions of
our platform slow or unavailable for periods of time. There are numerous
other potential forms of attack, such as phishing, account takeovers,
malicious code injections, ransomware or other extortion-based attempts,
and the attempted use of our platform to launch a denial-of-service
attack against another party, each of which could cause significant
interruptions in our operations or involve us in legal or regulatory
proceedings. Reductions in the availability and response time of our
online platform could cause loss of substantial business volumes during
the occurrence of any such attack on our systems and measures we may
take to divert suspect traffic in the event of such an attack could
result in the diversion of bona fide customers. These issues are likely
to become more difficult to manage as we expand the number of places
where we operate and the variety of services we offer, and as the tools
and techniques used in such attacks become more advanced and available.
Successful attacks could result in negative publicity and damage to our
reputation, and could prevent consumers from booking or visiting our
platform during the attack, any of which could materially adversely
affect our business, results of operations, and financial condition.

In the event of certain system failures, we may not be able to switch to
back-up systems immediately and the time to full recovery could be
prolonged. We have experienced system failures from time to time. In
addition to placing increased burdens on our engineering staff, these
outages create a significant amount of consumer questions and complaints
that need to be addressed by our community support team. Any unscheduled
interruption in our service could result in an immediate and significant
loss of revenue, an increase in community support costs, harm to our
reputation, and could result in some consumers switching to our
competitors. If we experience frequent or persistent system failures,
our brand and reputation could be permanently and significantly harmed,
and our business, results of operations, and financial condition could
be materially adversely affected. While we have taken and continue to
take steps to increase the reliability and redundancy of our systems,
these steps are expensive and may not be completely effective in
reducing the frequency or duration of unscheduled downtime. We do not
carry business interruption insurance sufficient to compensate us for
all losses that may occur.

27

open source software that is incorporated into our code, may now or in

the future contain undetected errors, bugs, vulnerabilities, or

backdoors. Some errors, bugs, vulnerabilities, or backdoors in our

software code have not been and may not be discovered until after the

code has been released. We have, from time to time, found defects or

errors in our system and software limitations that have resulted in, and

may discover additional issues in the future that could result in,

platform unavailability or system disruption, or the inability of our

systems to implement timely updates that are required for regulatory

compliance. For example, defects or errors have resulted in and could

result in the delay in making payments to Hosts or overpaying or

underpaying Hosts, which would impact our cash position and may cause

Hosts to lose trust in our payment operations. Any errors, bugs,

vulnerabilities, or backdoors discovered in our code or systems released

to production or found in third-party software, including open source

software, that is incorporated into our code, any misconfigurations of

our systems, or any unintended interactions between systems could result

in poor system performance, an interruption in the availability of our

platform, incorrect payments, incorrect calculations, search ranking

problems, Host account takeovers, fraudulent listings, issues with

chatbot behavior, inadvertent failure to effectively comply with legal,

tax, or regulatory requirements, negative publicity, damage to our

reputation, loss of existing and potential Hosts and guests, loss of

revenue, liability for damages, a failure to comply with certain legal

or tax reporting obligations, and regulatory inquiries or other

proceedings, any of which could materially adversely affect our

business, results of operations, and financial condition.

*System capacity constraints, system or operational failures, or

denial-of-service or other attacks could materially adversely affect our

business, results of operations, and financial condition.*

Since our founding, we have experienced rapid growth in consumer traffic

to our platform. If our systems and network infrastructure cannot be

expanded or are not scaled to cope with increased demand or fail to

perform, we could experience unanticipated disruptions in service,

slower response times, decreased customer satisfaction, and delays in

the introduction of new offerings and tiers.

Our systems and operations, including those provided by third-party

service providers, are vulnerable to damage or interruption from human

error, computer viruses, earthquakes, floods, fires, power loss, and

similar events. For example, we have significant operations in San

Francisco, which is built on a high-risk liquefaction zone and is near

major earthquake fault lines. In addition, Northern California has

recently experienced, and may continue to experience power outages

during the fire season and our headquarters does not have power

generator backup to maintain full business continuity. A catastrophic

event that results in the destruction or disruption of our headquarters,

any third-party cloud hosting facilities, or our critical business or

information technology systems could severely affect our ability to

conduct normal business operations and result in lengthy interruptions

or delays of our platform and services.

Our systems and operations are also subject to break-ins, sabotage,

intentional acts of vandalism, terrorism, and similar misconduct from

external sources and malicious insiders. Our existing security measures

may not be successful in preventing attacks on our systems, and any such

attack could cause significant interruptions in our operations. For

instance, from time to time, we have experienced distributed

denial-of-service type attacks on our systems that have made portions of

our platform slow or unavailable for periods of time. There are numerous

other potential forms of attack, such as phishing, account takeovers,

malicious code injections, ransomware or other extortion-based attempts,

and the attempted use of our platform to launch a denial-of-service

attack against another party, each of which could cause significant

interruptions in our operations or involve us in legal or regulatory

proceedings. Reductions in the availability and response time of our

online platform could cause loss of substantial business volumes during

the occurrence of any such attack on our systems and measures we may

take to divert suspect traffic in the event of such an attack could

result in the diversion of bona fide customers. These issues are likely

to become more difficult to manage as we expand the number of places

where we operate and the variety of services we offer, and as the tools

and techniques used in such attacks become more advanced and available.

Successful attacks could result in negative publicity and damage to our

reputation, and could prevent consumers from booking or visiting our

platform during the attack, any of which could materially adversely

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

In the event of certain system failures, we may not be able to switch to

back-up systems immediately and the time to full recovery could be

prolonged. We have experienced system failures from time to time. In

addition to placing increased burdens on our engineering staff, these

outages create a significant amount of consumer questions and complaints

that need to be addressed by our community support team. Any unscheduled

interruption in our service could result in an immediate and significant

loss of revenue, an increase in community support costs, harm to our

reputation, and could result in some consumers switching to our

competitors. If we experience frequent or persistent system failures,

our brand and reputation could be permanently and significantly harmed,

and our business, results of operations, and financial condition could

be materially adversely affected. While we have taken and continue to

take steps to increase the reliability and redundancy of our systems,

these steps are expensive and may not be completely effective in

reducing the frequency or duration of unscheduled downtime. We do not

carry business interruption insurance sufficient to compensate us for

all losses that may occur.

27