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

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service is staffed based on complex algorithms that map to our business
forecasts. Any volatility in those forecasts could lead to staffing gaps
that could impact the quality of our service. We have in the past
experienced and may in the future experience backlog incidents that lead
to substantial delays or other issues in responding to requests for
customer support, which may reduce our ability to effectively retain
Hosts and guests.

31

The vast majority of our community support is performed by a limited
number of third-party service providers. We rely on our internal team
and these third parties to provide timely and appropriate responses to
the inquiries of Hosts and guests that come to us via telephone, email,
social media, and chat. Reliance on these third parties requires that we
provide proper guidance and training for their employees, maintain
proper controls and procedures for interacting with our community, and
ensure acceptable levels of quality and customer satisfaction are
achieved. If our community support third-party service providers are
unable to attract, retain and train adequate staffing, there could be an
adverse impact on the experience of our Hosts and guests, which could
materially adversely affect our brand, business, results of operations,
and financial condition.

We provide community support to Hosts and guests and help to mediate
disputes between Hosts and guests. We rely on information provided by
Hosts and guests and are at times limited in our ability to provide
adequate support or help Hosts and guests resolve disputes due to our
lack of information or control. To the extent that Hosts and guests are
not satisfied with the quality or timeliness of our community support or
third-party support, we may not be able to retain Hosts or guests, and
our reputation as well as our business, results of operations, and
financial condition could be materially adversely affected.

When a Host or guest has a poor experience on our platform, we may issue
refunds or coupons for future stays. These refunds and coupons are
generally treated as a reduction to revenue. We may make payouts for
property damage claims under our Host Damage Protection program, which
we account for as consideration paid to a customer and is also generally
treated as a reduction in revenue. A robust community support effort is
costly, and we expect such cost to continue to rise in the future as we
grow our business. We have historically seen a significant number of
community support inquiries from Hosts and guests. Our efforts to reduce
the number of community support requests may not be effective, and we
could incur increased costs without corresponding revenue, which would
materially adversely affect our business, results of operations, and
financial condition.

*A significant portion of our bookings and revenue are denominated in
foreign currencies, and our financial results are exposed to changes in
foreign exchange rates.*

A significant portion of our business is denominated and transacted in
foreign currencies, which subjects us to foreign exchange risk. We offer
integrated payments to our Hosts and guests in over 40 currencies.
Revenue could be negatively impacted by currency fluctuations. Generally
speaking, U.S. dollar strength adversely impacts the translation of the
portion of our revenue that is generated in foreign currencies into the
U.S. dollar. For the year ended December 1, 2022, approximately 50% of
our revenue was denominated in currencies other than U.S. dollars, which
adversely impacted total revenue by 6%. We also have foreign exchange
risk with respect to certain of our assets, principally cash balances
held on behalf of Hosts and guests, that are denominated in currencies
other than the functional currency of our subsidiaries, and our
financial results are affected by the remeasurement and translation of
these non-U.S. currencies into U.S. dollars, which is reflected in the
effect of exchange rate changes on cash, cash equivalents, and
restricted cash on the consolidated statements of cash flows.
Furthermore, our platform generally enables guests to make payments in
the currency of their choice to the extent that the currency is
supported by Airbnb, which may not match the currency in which the Host
elects to get paid. In those cases, we bear the currency risk of both
the guest payment as well as the Host payment due to timing differences
in such payments. We may also risk currency rate and logic confusion by
Hosts or guests if they do not understand the currency shown.

In the first quarter of 2023, we initiated a foreign exchange cash flow
hedging program to minimize the effects of currency fluctuations on
revenue. However, hedging transactions may not successfully mitigate
losses caused by currency fluctuations, and our hedging positions may be
partial or may not exist at all in the future. While we have and may
choose to enter into transactions to hedge portions of our revenue and
balance sheet exposures in the future, it is impossible to predict or
eliminate the effects of foreign exchange rate exposure.

*We may have exposure to greater than anticipated income tax
liabilities.*

Our income tax obligations are based in part on our corporate operating
structure and intercompany arrangements, including the manner in which
we operate our business, develop, value, manage, protect, and use our
intellectual property, and determine the value of our intercompany
transactions. The tax laws applicable to our business, including those
of the United States and other jurisdictions, are subject to
interpretation and certain jurisdictions are aggressively interpreting
their laws in new ways in an effort to raise additional tax revenue from
companies such as Airbnb. The taxing authorities of the jurisdictions in
which we operate may challenge our methodologies for valuing developed
technology or intercompany arrangements, which could increase our
worldwide effective tax rate and materially adversely affect our results

service is staffed based on complex algorithms that map to our business

forecasts. Any volatility in those forecasts could lead to staffing gaps

that could impact the quality of our service. We have in the past

experienced and may in the future experience backlog incidents that lead

to substantial delays or other issues in responding to requests for

customer support, which may reduce our ability to effectively retain

Hosts and guests.

31

The vast majority of our community support is performed by a limited

number of third-party service providers. We rely on our internal team

and these third parties to provide timely and appropriate responses to

the inquiries of Hosts and guests that come to us via telephone, email,

social media, and chat. Reliance on these third parties requires that we

provide proper guidance and training for their employees, maintain

proper controls and procedures for interacting with our community, and

ensure acceptable levels of quality and customer satisfaction are

achieved. If our community support third-party service providers are

unable to attract, retain and train adequate staffing, there could be an

adverse impact on the experience of our Hosts and guests, which could

materially adversely affect our brand, business, results of operations,

and financial condition.

We provide community support to Hosts and guests and help to mediate

disputes between Hosts and guests. We rely on information provided by

Hosts and guests and are at times limited in our ability to provide

adequate support or help Hosts and guests resolve disputes due to our

lack of information or control. To the extent that Hosts and guests are

not satisfied with the quality or timeliness of our community support or

third-party support, we may not be able to retain Hosts or guests, and

our reputation as well as our business, results of operations, and

financial condition could be materially adversely affected.

When a Host or guest has a poor experience on our platform, we may issue

refunds or coupons for future stays. These refunds and coupons are

generally treated as a reduction to revenue. We may make payouts for

property damage claims under our Host Damage Protection program, which

we account for as consideration paid to a customer and is also generally

treated as a reduction in revenue. A robust community support effort is

costly, and we expect such cost to continue to rise in the future as we

grow our business. We have historically seen a significant number of

community support inquiries from Hosts and guests. Our efforts to reduce

the number of community support requests may not be effective, and we

could incur increased costs without corresponding revenue, which would

materially adversely affect our business, results of operations, and

financial condition.

*A significant portion of our bookings and revenue are denominated in

foreign currencies, and our financial results are exposed to changes in

foreign exchange rates.*

A significant portion of our business is denominated and transacted in

foreign currencies, which subjects us to foreign exchange risk. We offer

integrated payments to our Hosts and guests in over 40 currencies.

Revenue could be negatively impacted by currency fluctuations. Generally

speaking, U.S. dollar strength adversely impacts the translation of the

portion of our revenue that is generated in foreign currencies into the

U.S. dollar. For the year ended December 1, 2022, approximately 50% of

our revenue was denominated in currencies other than U.S. dollars, which

adversely impacted total revenue by 6%. We also have foreign exchange

risk with respect to certain of our assets, principally cash balances

held on behalf of Hosts and guests, that are denominated in currencies

other than the functional currency of our subsidiaries, and our

financial results are affected by the remeasurement and translation of

these non-U.S. currencies into U.S. dollars, which is reflected in the

effect of exchange rate changes on cash, cash equivalents, and

restricted cash on the consolidated statements of cash flows.

Furthermore, our platform generally enables guests to make payments in

the currency of their choice to the extent that the currency is

supported by Airbnb, which may not match the currency in which the Host

elects to get paid. In those cases, we bear the currency risk of both

the guest payment as well as the Host payment due to timing differences

in such payments. We may also risk currency rate and logic confusion by

Hosts or guests if they do not understand the currency shown.

In the first quarter of 2023, we initiated a foreign exchange cash flow

hedging program to minimize the effects of currency fluctuations on

revenue. However, hedging transactions may not successfully mitigate

losses caused by currency fluctuations, and our hedging positions may be

partial or may not exist at all in the future. While we have and may

choose to enter into transactions to hedge portions of our revenue and

balance sheet exposures in the future, it is impossible to predict or

eliminate the effects of foreign exchange rate exposure.

*We may have exposure to greater than anticipated income tax

liabilities.*

Our income tax obligations are based in part on our corporate operating

structure and intercompany arrangements, including the manner in which

we operate our business, develop, value, manage, protect, and use our

intellectual property, and determine the value of our intercompany

transactions. The tax laws applicable to our business, including those

of the United States and other jurisdictions, are subject to

interpretation and certain jurisdictions are aggressively interpreting

their laws in new ways in an effort to raise additional tax revenue from

companies such as Airbnb. The taxing authorities of the jurisdictions in

which we operate may challenge our methodologies for valuing developed

technology or intercompany arrangements, which could increase our

worldwide effective tax rate and materially adversely affect our results