TripAdvisor 2012 Annual Report Download - page 34

Other risks faced by us as a result of our international operations, including our operations in China,
include:
• Political instability;
• Threatened or actual acts of terrorism;
• Regulatory requirements, including the Foreign Corrupt Practices Act and newly enacted U.K. Bribery
Act, data privacy requirements, labor laws and anti-competition regulations;
• Ability to comply with additional U.S. laws applicable to U.S. companies operating internationally as
well as local laws and regulations;
• Diminished ability to legally enforce contractual rights;
• Increased risk and limits on enforceability of intellectual property rights;
• Possible preferences by local populations for local providers;
• Restrictions on, or adverse consequences related to, the withdrawal of non-U.S. investment and
earnings;
• Currency exchange restrictions, particularly conversion of the U.S. dollar into Chinese renminbi;
• Restrictions on repatriation of cash as well as restrictions on investments in operations in certain
countries;
• Financial risk arising from transactions in multiple currencies;
• Slower adoption of the Internet as an advertising, broadcast and commerce medium in certain of those
markets as compared to the United States;
• Difficulties in managing staffing and operations due to distance, time zones, language and cultural
differences; and
• Uncertainty regarding liability for services, content and intellectual property rights, including
uncertainty as a result of local laws and lack of precedent.
We depend on our key personnel.
Our future success depends upon the continued contributions of our senior corporate management. In
particular, the contributions of Stephen Kaufer, our President, Chief Executive Officer and a director, are critical
to our overall management. Our future success will depend on the performance of our senior management and
key employees. We cannot ensure that we will be able to retain the services of these key personnel or any other
member of our senior management or key employees, the loss of whom could seriously harm our business. We
do not maintain any key person life insurance policies.
In addition, competition remains intense for well-qualified employees in certain aspects of our business,
including software engineers, developers, product management and development personnel, and other technology
professionals. Our continued ability to compete effectively depends on our ability to attract new employees and
to retain and motivate existing employees. If we do not succeed in attracting well-qualified employees or
retaining or motivating existing employees, our business would be adversely affected.
Changing laws, rules and regulations and legal uncertainties may adversely affect our business or financial
performance.
Our business and financial performance could be adversely affected by unfavorable changes in or
interpretations of existing laws, rules and regulations or the promulgation of new laws, rules and regulations
applicable to us and our business, including those relating to the Internet and online commerce, Internet
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