TripAdvisor 2013 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.
• Declines or disruptions in the travel industry, as a result of global economic conditions or otherwise,
could adversely affect our businesses and financial performance.
• As we derive substantially all of our revenue from advertising, any significant reduction in spending by
advertisers could harm our business.
• As we rely on a relatively small number of significant advertisers, including Expedia and Priceline (and
their subsidiaries), any reduction in spending by or loss of those advertisers could seriously harm our
business.
• Growth in the use of TripAdvisor through smartphones as a substitute for use on personal computers
and tablets may negatively affect our revenue and financial results.
• 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 advertisers, and any
failure in quality control could have a material adverse effect on the value of our websites to our
advertisers and adversely affect our revenue.
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
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