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

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application and interpretation of laws and working with various
jurisdictions to clarify whether taxes are applicable and the amount of
taxes that apply. The application of indirect taxes to our Hosts,
guests, and our platform significantly increases our operational
expenses as we build the infrastructure and tools to capture data and to
report, collect, and remit taxes. Even if we are able to build the
required infrastructure and tools, we may not be able to complete them
in a timely fashion, in particular given the speed at which regulations
and their interpretations can change, which could harm our relationship
with governments and our reputation, and result in enforcement actions
and litigation. The lack of uniformity in the laws and regulations
relating to indirect taxes as applied to our platform and to our Hosts
and guests further increases the operational and financial complexity of
our systems and processes, and introduces potential for errors or
incorrect tax calculations, all of which are costly to our business and
results of operations. Certain regulations may be so complex as to make
it infeasible for us to be fully compliant. As our business operations
expand or change, including as a result of introducing new or enhanced
offerings, tiers or features, or due to acquisitions, the application of
indirect taxes to our business and to our Hosts and guests will further
change and evolve, and could further increase our liability for taxes,
discourage Hosts and guests from using our platform, and materially
adversely affect our business, results of operations, and financial
condition.

28

*We face possible risks associated with natural disasters and extreme
weather events (the frequency and severity of which may be impacted by
climate change), which may include more frequent or severe storms,
extreme temperatures and ambient temperature increases, hurricanes,
flooding, rising sea levels, shortages of water, droughts, and
wildfires, any of which could have a material adverse effect on our
business, results of operations, and financial condition.*

We are subject to the risks associated with natural disasters and the
physical effects of climate change, which may include more frequent or
severe storms, extreme temperatures and ambient temperature increases,
hurricanes, flooding, rising sea levels, shortages of water, droughts,
and wildfires (although it is currently impossible to accurately predict
the impact of climate change on the frequency or severity of these
events), any of which could have a material adverse effect on our
business, results of operations, and financial condition. We, including
through our Hosts, operate in certain areas where the risk of natural or
climate-related disaster or other catastrophic losses exists, and the
occasional incidence of such an event could cause substantial damage to
us, our Hosts'property or the surrounding area. For example, to the
extent climate change causes changes in weather patterns or an increase
in extreme weather events, our coastal destinations could experience
increases in storm intensity and rising sea-levels causing damage to our
Hosts'properties and result in a reduced number of listings in these
areas. Other destinations could experience extreme temperatures and
ambient temperature increases, shortages of water, droughts, wildfires,
and other extreme weather events that make those destinations less
desirable. Climate change may also affect our business by increasing the
cost of, or making unavailable, property insurance on terms our Hosts
find acceptable in areas most vulnerable to such events, increasing
operating costs for our Hosts, including the availability and cost of
water or energy, and requiring our Hosts to expend funds as they seek to
repair and protect their properties in connection with such events. As a
result of the foregoing and other climate-related issues, our Hosts may
decide to remove their listings from our platform. If we are unable to
provide listings in certain areas due to climate change, we may lose
both Hosts and guests, which could have a material adverse effect on our
business, results of operations, and financial condition.

*We may experience significant fluctuations in our results of
operations, which make it difficult to forecast our future results.*

Our results of operations may vary significantly and are not necessarily
an indication of future performance. We experience seasonal fluctuations
in our financial results. We experience seasonality in our Nights and
Experiences Booked and GBV, and seasonality in Adjusted EBITDA that is
consistent with seasonality of our revenue, which has historically been,
and is expected to continue to be, highest in the third quarter when we
have the most check-ins as it is the peak travel season for North
America and EMEA. We recognize revenue upon the completion of a
check-in. As our business matures, other seasonal trends may develop, or
these existing seasonal trends may become more extreme. Since the
beginning of the pandemic, we saw a significant geographic mix shift
towards bookings in North America, entire homes, and non-urban
destinations, all of which tend to have higher average daily rates.
These trends and their impact on our average daily rate may change as
the pandemic eases and cross-border travel and urban destinations
recover.

In addition, our results of operations may fluctuate as a result of a
variety of other factors, some of which are beyond our control,
including:

•reduced travel and cancellations due to other events beyond our control
such as health concerns, including the COVID-19 pandemic, other
epidemics and pandemics, natural disasters, wars, regional hostilities
or law enforcement demands, and other regulatory actions;

•global macroeconomic conditions;

•periods with increased investments in our platform for existing
offerings, new offerings and initiatives, marketing, and the
accompanying growth in headcount;

application and interpretation of laws and working with various

jurisdictions to clarify whether taxes are applicable and the amount of

taxes that apply. The application of indirect taxes to our Hosts,

guests, and our platform significantly increases our operational

expenses as we build the infrastructure and tools to capture data and to

report, collect, and remit taxes. Even if we are able to build the

required infrastructure and tools, we may not be able to complete them

in a timely fashion, in particular given the speed at which regulations

and their interpretations can change, which could harm our relationship

with governments and our reputation, and result in enforcement actions

and litigation. The lack of uniformity in the laws and regulations

relating to indirect taxes as applied to our platform and to our Hosts

and guests further increases the operational and financial complexity of

our systems and processes, and introduces potential for errors or

incorrect tax calculations, all of which are costly to our business and

results of operations. Certain regulations may be so complex as to make

it infeasible for us to be fully compliant. As our business operations

expand or change, including as a result of introducing new or enhanced

offerings, tiers or features, or due to acquisitions, the application of

indirect taxes to our business and to our Hosts and guests will further

change and evolve, and could further increase our liability for taxes,

discourage Hosts and guests from using our platform, and materially

adversely affect our business, results of operations, and financial

condition.

28

*We face possible risks associated with natural disasters and extreme

weather events (the frequency and severity of which may be impacted by

climate change), which may include more frequent or severe storms,

extreme temperatures and ambient temperature increases, hurricanes,

flooding, rising sea levels, shortages of water, droughts, and

wildfires, any of which could have a material adverse effect on our

business, results of operations, and financial condition.*

We are subject to the risks associated with natural disasters and the

physical effects of climate change, which may include more frequent or

severe storms, extreme temperatures and ambient temperature increases,

hurricanes, flooding, rising sea levels, shortages of water, droughts,

and wildfires (although it is currently impossible to accurately predict

the impact of climate change on the frequency or severity of these

events), any of which could have a material adverse effect on our

business, results of operations, and financial condition. We, including

through our Hosts, operate in certain areas where the risk of natural or

climate-related disaster or other catastrophic losses exists, and the

occasional incidence of such an event could cause substantial damage to

us, our Hosts'property or the surrounding area. For example, to the

extent climate change causes changes in weather patterns or an increase

in extreme weather events, our coastal destinations could experience

increases in storm intensity and rising sea-levels causing damage to our

Hosts'properties and result in a reduced number of listings in these

areas. Other destinations could experience extreme temperatures and

ambient temperature increases, shortages of water, droughts, wildfires,

and other extreme weather events that make those destinations less

desirable. Climate change may also affect our business by increasing the

cost of, or making unavailable, property insurance on terms our Hosts

find acceptable in areas most vulnerable to such events, increasing

operating costs for our Hosts, including the availability and cost of

water or energy, and requiring our Hosts to expend funds as they seek to

repair and protect their properties in connection with such events. As a

result of the foregoing and other climate-related issues, our Hosts may

decide to remove their listings from our platform. If we are unable to

provide listings in certain areas due to climate change, we may lose

both Hosts and guests, which could have a material adverse effect on our

business, results of operations, and financial condition.

*We may experience significant fluctuations in our results of

operations, which make it difficult to forecast our future results.*

Our results of operations may vary significantly and are not necessarily

an indication of future performance. We experience seasonal fluctuations

in our financial results. We experience seasonality in our Nights and

Experiences Booked and GBV, and seasonality in Adjusted EBITDA that is

consistent with seasonality of our revenue, which has historically been,

and is expected to continue to be, highest in the third quarter when we

have the most check-ins as it is the peak travel season for North

America and EMEA. We recognize revenue upon the completion of a

check-in. As our business matures, other seasonal trends may develop, or

these existing seasonal trends may become more extreme. Since the

beginning of the pandemic, we saw a significant geographic mix shift

towards bookings in North America, entire homes, and non-urban

destinations, all of which tend to have higher average daily rates.

These trends and their impact on our average daily rate may change as

the pandemic eases and cross-border travel and urban destinations

recover.

In addition, our results of operations may fluctuate as a result of a

variety of other factors, some of which are beyond our control,

including:

•reduced travel and cancellations due to other events beyond our control

such as health concerns, including the COVID-19 pandemic, other

epidemics and pandemics, natural disasters, wars, regional hostilities

or law enforcement demands, and other regulatory actions;

•global macroeconomic conditions;

•periods with increased investments in our platform for existing

offerings, new offerings and initiatives, marketing, and the

accompanying growth in headcount;