TripAdvisor 2014 Annual Report Download - page 21

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11
x Vacation Rentals. We offer individual property owners and property managers the ability to list their properties available
for rental and connect with travelers using a subscription-based fee structure or a free-to-list, commission per booking
based option. Our vacation rental inventory currently includes full home rentals, condos, villas, beach rentals, cabins,
cottages, and many other accommodation types. These properties are listed across a number of platforms, including
TripAdvisor Vacation Rentals, U.S.-based FlipKey (which includes the Vacation Home Rentals site that was acquired
during 2014), and our European-based Holiday Lettings and Niumba businesses.
Substantially all of our revenue from our Other segment is included in subscription-based, transaction and other revenue.
Financial Information about Reportable Segments and Geographic Information
For the years ended December 31, 2014, 2013 and 2012 our two most significant advertising partners, Expedia and Priceline,
each accounted for more than 10% of our consolidated revenue and combined accounted for 46%, 47% and 48% of our consolidated
revenue, respectively. This concentration of revenue is recorded in our Hotel segment for these reporting periods. As of December 31,
2014 and 2013, Expedia accounted for 15% and 14%, respectively, of our total accounts receivable.
Financial information related to our two reportable segments and geographic information required herein is contained in
“Note 16 — Segment and Geographic Information,” in the notes to our consolidated financial statements.
Employees
As of December 31, 2014, we had approximately 2,793 employees. Of these employees, approximately 1,292 were based in the
United States. We believe that we have good relationships with our employees, including relationships with employees represented by
international works councils or other similar organizations.
Seasonality
Expenditures by travel advertisers tend to be seasonal. Historically, our strongest quarter has been the third quarter, which is a
key travel research period, with the weakest quarter being the fourth quarter. However, adverse economic conditions or continued
growth of our international operations with differing holiday peaks may influence the typical trend of our seasonality in the future.
Additional Information
Company Website and Public Filings
We maintain a corporate website at www.tripadvisor.com. Except as explicitly noted, the information on our website, as well as
the websites of our various brands and businesses, is not incorporated by reference in this Annual Report on Form 10-K, or in any
other filings with, or in any information furnished or submitted to, the SEC.
We make available, free of charge through the Investor Relations section of our website, our Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to
Sections 13(a) or Section 15(d) of the Exchange Act as soon as reasonably practicable after they have been electronically filed with, or
furnished to, the SEC.
Code of Ethics
We post our code of business conduct and ethics, which applies to all employees, including all executive officers, senior
financial officers and directors, on our corporate website at www.tripadvisor.com. Our code of business conduct and ethics complies
with Item 406 of SEC Regulation S-K and the rules of NASDAQ. We intend to disclose any changes to the code that affect the
provisions required by Item 406 of Regulation S-K, and any waivers of the code of ethics for our executive officers, senior financial
officers or directors, on our corporate website.
Item 1A. Risk Factors
You should consider carefully the risks described below together with all of the other information included in this Annual
Report as they may impact our business, results of operations and/or financial condition. The risks and uncertainties described below
are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial
may also impair our business, results of operations or financial condition. If any of the following risks occur, our business, financial
condition, operating results and cash flows could be materially adversely affected.