Expedia 2013 Annual Report Download - page 27

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negatively impacted by the adoption of new payment methods, the emergence and innovation of new technology
platforms, including smartphones and tablet computers, and our global expansion, including into markets with a
history of elevated fraudulent activity. If we are unable to effectively combat the use of fraudulent credit cards on
our websites or if we otherwise experience increased levels of disputed credit card payments, our results of
operations and financial positions could be materially adversely affected.
Our stock price is highly volatile.
The market price of our common stock is highly volatile and could continue to be subject to wide
fluctuations in response to factors such as the following, some of which are beyond our control:
• Quarterly variations in our operating and financial results;
• Operating and financial results that vary from the expectations of securities analysts and investors,
including failure to deliver returns on technology or emerging market marketing investments;
• Changes in expectations as to our future financial performance, including financial estimates by
securities analysts and investors;
• Rating agency credit rating actions or pronouncements;
• Reaction to our earnings releases and conference calls, or presentations by executives at investor and
industry conferences;
• Changes in our capital structure;
• Changes in market valuations of other internet or online service companies;
• Changes in search industry dynamics, such as key word pricing and traffic, or other changes that
negatively affect our ability to generate traffic to our websites;
• Announcements of dividends or changes in the amount or frequency of our dividends;
• Announcements of technological innovations or new services by us or our competitors;
• Announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships,
joint ventures or capital commitments;
• Loss of a major travel supplier, such as an airline or hotel chain;
• Changes in the status of our intellectual property rights;
• Lack of success in the expansion of our business model geographically;
• Significant claims or proceedings against us or adverse developments or decisions in pending
proceedings;
• Additions or departures of key personnel;
• Rumors or public speculation about any of the above factors; and
• Price and volume fluctuations in the stock markets in general.
Volatility in our stock price could also make us less attractive to certain investors, and/or invite speculative
trading in our common stock or debt instruments.
We may experience constraints in our liquidity and may be unable to access capital when necessary or
desirable, either of which could harm our financial position.
We are accumulating a greater portion of our cash flows in foreign jurisdictions than previously and any
repatriation of such funds for use in the United States, including for corporate purposes such as acquisitions,
stock repurchases, dividends or debt refinancings, would likely result in additional U.S. income tax expense. In
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