TripAdvisor 2013 Annual Report Download - page 36

established effective control of our Chinese businesses through a series of agreements, future developments in
the interpretation or enforcement of Chinese laws and regulations or a dispute relating to these agreements could
restrict our ability to operate or restructure these businesses or to engage in strategic transactions.
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 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.
The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified
personnel in the future, could harm our business.
Our future success depends upon the continued contributions of our senior corporate management and other
key employees. In particular, the contributions of Stephen Kaufer, our President and Chief Executive Officer, are
critical to our overall management. We cannot ensure that we will be able to retain the services of these
individuals, and the loss of one or more of our key personnel 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.
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