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10
We webcast our earnings calls and certain events we participate in or host with members of the investment
community on the investor relations section of our corporate website. Additionally, we provide notifications of news or
announcements regarding our financial performance, including SEC filings, investor events, and press and earnings
releases, on the investor relations section of our corporate website. Investors and others can receive notifications of press
releases and SEC filings by signing up for email alerts. Investors and others should note that we also use social media to
communicate with the public about our company, our services and other issues. It is possible that the information we
post on social media could be deemed to be material information. Therefore, we encourage investors, the media, and
others interested in our company to review the information we post on the social media channels listed on the investor
relations section of our corporate website. Further corporate governance information, including our corporate
governance guidelines, board committee charters and code of business conduct and ethics, is also available on the
investor relations section of our corporate website under the heading “Corporate Governance.”
Any references to our corporate website address in this Annual Report on Form 10-K are intended to be inactive
textual references only. None of the information contained on our website is part of this Annual Report on Form 10-K or
incorporated by reference into this report or any other report or document we file with the SEC.
Item 1A. Risk Factors
In addition to the other information set forth in this Annual Report on Form 10-K, you should consider carefully
the risks and uncertainties described below, which could materially adversely affect our business, financial condition and
results of operations.
Risks Relating to our Business
If Internet search engines continue to modify their methodologies, traffic to our online properties could decline
significantly. If we are unable to successfully drive traffic to our online properties, our business, financial condition
and results of operations would be adversely affected.
In order for our businesses to grow, we must attract new visitors to our online properties and retain our existing
visitors. We depend on various Internet search engines, such as Google, Bing and Yahoo!, to direct a significant amount
of traffic to our online properties, including online properties that we host for our content channel customers. Our
Content & Media properties are particularly dependent on search referral traffic. For the year ended December 31, 2015,
based on our internal data, a majority of the traffic directed to eHow and Livestrong.com came directly from Internet
search engines and more than half of the traffic from search engines came from Google. Changes in the methodologies
or algorithms used by search engines to display results could cause our online properties to receive less favorable
placements or be removed from the search results. Internet search engines could decide that content on our online
properties, or the size and placement of ad units displayed on webpages hosting our content, is unacceptable or violates
their policies. Internet search engines could also view changes made to our online properties unfavorably, leading to
lower search result rankings and a decrease in search referral traffic.
In addition, search engine providers typically display, together with organic search results, content and links that
may divert traffic from the pages referenced in the organic search results, including paid search results and content and
links that the search engine provider selects and displays in response to the key words used in specific search queries.
Accordingly, even if we rank highly in organic search results, traffic to our properties may be reduced as a result of paid
search results and other content included on the search results page generated by a search query.
Google, Bing and Yahoo! regularly deploy changes to their search engine algorithms. Since 2011, we have
experienced fluctuations in the total number of Google search referrals to our online properties. During 2013, we
experienced several negative changes in Google referrals to our Content & Media properties that, in the aggregate, were
larger in magnitude than those we had previously experienced. Beginning in 2014, Bing and Yahoo! began to implement
similar changes to their search engine algorithms. The changes to search engine algorithms by Google, Bing and Yahoo!
have resulted in, and may continue to result in, substantial declines in traffic directed to our Content & Media properties,
particularly eHow, which has contributed to significant revenue declines from our Content & Media properties. Any