TripAdvisor 2011 Annual Report Download - page 5

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Table of Contents
Cautionary Note Regarding Forward-Looking Statements
This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform
Act of 1995, principally, but not only, in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.” We caution investors that any forward-looking statements in this report, or which management may make
orally or in writing from time to time, are based on management’s beliefs and on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result”
“should,” “will,” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements.
Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by
known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those anticipated, estimated or projected
by the forward-looking statements. We caution you that, while forward-looking statements reflect our good faith beliefs when we make them,
they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. We expressly
disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events or otherwise.
Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they
are made, to anticipate future results or trends.
Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those
expressed or implied by forward-looking statements include, among others, the following:
The risks set forth above are not exhaustive. Please refer to the section entitled “Part I, Item 1A. Risk Factors.” Moreover, we operate in a
very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict
all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in any forward-
looking statements. Given these risks and uncertainties,
investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our
quarterly reports on Form 10-Q for future periods and current
1
•
If we are unable to continue to increase visitors to our websites and to cost
-
effectively convert these visitors into repeat users or
contributors, our advertising revenue could decline.
•
Our businesses could be negatively affected by changes in search engine algorithms and dynamics, or search engine
disintermediation.
•
Declines or disruptions in the travel industry could adversely affect our businesses and financial performance.
•
We derive substantially all of our revenue from advertising and any significant reduction in spending by advertisers could harm our
business.
•
We rely on a relatively small number of significant advertisers and any reduction in spending by or loss of those advertisers could
seriously harm our business.
•
We rely on the value of our brand and consumer trust in our brand, and the costs of maintaining and enhancing brand awareness are
increasing.
•
We face competition from companies and websites that collect travel-related content, which could divert traffic from our websites
causing financial harm to us.
•
We are dependent upon the quality of traffic in our network to provide value to online advertisers, and any failure in our quality
control could have a material adverse effect on the value of our websites to our advertisers and adversely affect our revenue.