TripAdvisor 2012 Annual Report Download - page 11

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:
• 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.
• If we are not able to successfully expand our social integration and member acquisition efforts with
social media, including Facebook, Twitter and other social sharing platforms, our ability to grow and
maintain engagement with our user base could be negatively impacted.
• 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, as a result of global economic conditions or otherwise,
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.
• Changes we make to our business model, including a transition to a hotel metasearch display, may
impact our advertising revenue in ways that we do not expect, and the timing of these transitions may
be longer than expected.
• We rely on a relatively small number of significant advertisers, including Expedia, 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, including through social and traditional media, 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.
• Some of our customers, including some of our click-based advertising partners, are also our
competitors, and the consolidation of our competitors and our partners may affect our competitiveness
and partner relationships.
• 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.
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