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

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•our ability to maintain growth and effectively manage that growth;

•increased competition;

•our ability to expand our operations in new and existing regions;

•changes in governmental or other regulations affecting our business;

•changes to our internal policies or strategies;

•harm to our brand or reputation; and

•other risks described elsewhere in this Annual Report on Form 10-K.

As a result, we may not accurately forecast our results of operations.
In addition, we experience a difference in timing between when a booking
is made and when we recognize revenue, which ordinarily occurs upon
check-in. The effect of significant downturns in bookings in a
particular quarter may not be fully reflected in our results of
operations until future periods because of this timing in revenue
recognition. Moreover, we base our expense levels and investment plans
on estimates for revenue that may turn out to be inaccurate. A
significant portion of our expenses and investments are fixed, and we
may not be able to adjust our spending quickly enough if our revenue is
less than expected, resulting in losses that exceed our expectations. If
our assumptions regarding the risks and uncertainties that we use to
plan our business are incorrect or change, or if we do not address these
risks successfully, our results of operations could differ materially
from our expectations and our business, results of operations, and
financial condition could be materially adversely affected.

*We currently rely on a number of third-party service providers to host
and deliver a significant portion of our platform and services, and any
interruptions or delays in services from these third parties, such as
those resulting from cybersecurity incidents, could impair the delivery
of our platform and services, and our business, results of operations,
and financial condition could be materially adversely affected.*

We rely primarily on Amazon Web Services in the United States and abroad
to host and deliver our platform. Third parties also provide services to
key aspects of our operations, including Internet connections and
networking, data storage and processing, trust and safety, security
infrastructure, source code management, and testing and deployment. In
addition, we rely on third parties for many aspects of our payments
platform, and a significant portion of our community support operations
are conducted by third parties at their facilities. We also rely on
Google Maps and other third-party services for maps and location data
that are core to the functionality of our platform, and we integrate
applications, content, and data from third parties to deliver our
platform and services.

29

We do not control the operation, physical security, or data security of
any of these third-party providers. Despite our efforts to use
commercially reasonable diligence in the selection and retention of such
third-party providers, such efforts may be insufficient or inadequate to
prevent or remediate such risks. Some of our third-party providers,
including our cloud computing providers and our payment processing
partners have been and may be subject to further intrusions, computer
viruses, malicious software (such as ransomware), denial-of-service
attacks, phishing attacks, sabotage, acts of vandalism, terrorism, or
other misconduct, and incidents due to inadvertent error or malfeasance
by employees, contractors or other parties. There can be no assurance
that our service providers will anticipate or prevent all types of
attacks or that any security measures will be effective against all
types of cybersecurity threats and risks. Cyberattacks are expected to
accelerate on a global basis in both frequency and magnitude as threat
actors are becoming increasingly sophisticated in using techniques that
circumvent controls, evade detection, and remove forensic evidence,
which means that our third-party providers may be unable to detect,
investigate, contain or recover from future attacks or incidents in a
timely or effective manner. In addition, the COVID-19 pandemic has
increased cybersecurity risk as a result of global remote working
dynamics that present additional opportunities for threat actors to
engage in social engineering (for example, phishing) and to exploit
vulnerabilities in non-corporate networks. Our service providers are
vulnerable to damage or interruption from power loss, telecommunications
failures, fires, floods, earthquakes, hurricanes, tornadoes, and similar
events, and they may be subject to financial, legal, regulatory, and
labor issues, each of which may impose additional costs or requirements
on us or prevent these third parties from providing services to us or
our customers on our behalf. In addition, these third parties may breach
their agreements with us, disagree with our interpretation of contract
terms or applicable laws and regulations, refuse to continue or renew
these agreements on commercially reasonable terms or at all, fail to or
refuse to process transactions or provide other services adequately,
take actions that degrade the functionality of our platform and
services, increase prices, impose additional costs or requirements on us
or our customers, or give preferential treatment to our competitors. If
we are unable to procure alternatives in a timely and efficient manner
and on acceptable terms, or at all, we may be subject to business
disruptions, losses, or costs to remediate any of these deficiencies.
Our systems currently do not provide complete redundancy of data storage
or processing or payment processing, and business continuity and
disaster recovery plans may not be effective. The occurrence of any of
the above events could result in Hosts and guests ceasing to use our
platform, reputational damage, legal or regulatory proceedings, or other
adverse consequences, which could materially adversely affect our

•our ability to maintain growth and effectively manage that growth;

•increased competition;

•our ability to expand our operations in new and existing regions;

•changes in governmental or other regulations affecting our business;

•changes to our internal policies or strategies;

•harm to our brand or reputation; and

•other risks described elsewhere in this Annual Report on Form 10-K.

As a result, we may not accurately forecast our results of operations.

In addition, we experience a difference in timing between when a booking

is made and when we recognize revenue, which ordinarily occurs upon

check-in. The effect of significant downturns in bookings in a

particular quarter may not be fully reflected in our results of

operations until future periods because of this timing in revenue

recognition. Moreover, we base our expense levels and investment plans

on estimates for revenue that may turn out to be inaccurate. A

significant portion of our expenses and investments are fixed, and we

may not be able to adjust our spending quickly enough if our revenue is

less than expected, resulting in losses that exceed our expectations. If

our assumptions regarding the risks and uncertainties that we use to

plan our business are incorrect or change, or if we do not address these

risks successfully, our results of operations could differ materially

from our expectations and our business, results of operations, and

financial condition could be materially adversely affected.

*We currently rely on a number of third-party service providers to host

and deliver a significant portion of our platform and services, and any

interruptions or delays in services from these third parties, such as

those resulting from cybersecurity incidents, could impair the delivery

of our platform and services, and our business, results of operations,

and financial condition could be materially adversely affected.*

We rely primarily on Amazon Web Services in the United States and abroad

to host and deliver our platform. Third parties also provide services to

key aspects of our operations, including Internet connections and

networking, data storage and processing, trust and safety, security

infrastructure, source code management, and testing and deployment. In

addition, we rely on third parties for many aspects of our payments

platform, and a significant portion of our community support operations

are conducted by third parties at their facilities. We also rely on

Google Maps and other third-party services for maps and location data

that are core to the functionality of our platform, and we integrate

applications, content, and data from third parties to deliver our

platform and services.

29

We do not control the operation, physical security, or data security of

any of these third-party providers. Despite our efforts to use

commercially reasonable diligence in the selection and retention of such

third-party providers, such efforts may be insufficient or inadequate to

prevent or remediate such risks. Some of our third-party providers,

including our cloud computing providers and our payment processing

partners have been and may be subject to further intrusions, computer

viruses, malicious software (such as ransomware), denial-of-service

attacks, phishing attacks, sabotage, acts of vandalism, terrorism, or

other misconduct, and incidents due to inadvertent error or malfeasance

by employees, contractors or other parties. There can be no assurance

that our service providers will anticipate or prevent all types of

attacks or that any security measures will be effective against all

types of cybersecurity threats and risks. Cyberattacks are expected to

accelerate on a global basis in both frequency and magnitude as threat

actors are becoming increasingly sophisticated in using techniques that

circumvent controls, evade detection, and remove forensic evidence,

which means that our third-party providers may be unable to detect,

investigate, contain or recover from future attacks or incidents in a

timely or effective manner. In addition, the COVID-19 pandemic has

increased cybersecurity risk as a result of global remote working

dynamics that present additional opportunities for threat actors to

engage in social engineering (for example, phishing) and to exploit

vulnerabilities in non-corporate networks. Our service providers are

vulnerable to damage or interruption from power loss, telecommunications

failures, fires, floods, earthquakes, hurricanes, tornadoes, and similar

events, and they may be subject to financial, legal, regulatory, and

labor issues, each of which may impose additional costs or requirements

on us or prevent these third parties from providing services to us or

our customers on our behalf. In addition, these third parties may breach

their agreements with us, disagree with our interpretation of contract

terms or applicable laws and regulations, refuse to continue or renew

these agreements on commercially reasonable terms or at all, fail to or

refuse to process transactions or provide other services adequately,

take actions that degrade the functionality of our platform and

services, increase prices, impose additional costs or requirements on us

or our customers, or give preferential treatment to our competitors. If

we are unable to procure alternatives in a timely and efficient manner

and on acceptable terms, or at all, we may be subject to business

disruptions, losses, or costs to remediate any of these deficiencies.

Our systems currently do not provide complete redundancy of data storage

or processing or payment processing, and business continuity and

disaster recovery plans may not be effective. The occurrence of any of

the above events could result in Hosts and guests ceasing to use our

platform, reputational damage, legal or regulatory proceedings, or other

adverse consequences, which could materially adversely affect our